Epstein Secrets

Professor, School of Law University of Colorado USA Almir Guilherme Chief Financial Officer Petroleo Brasileiro SA Brazil Barbassa Petrobras Lionel Barber Editor The Financial Times United Kingdom Roger Barnett Chairman and Chief Executive Officer Shaklee Corporation USA Nicholas Barr Professor

ess School Merck & Co. Inc. Harvard Kennedy School Mariinsky Theatre Heidrick & Struggles Sberbank Adimab Inc. Welt am Sonntag Synopsys Inc. UniCredit Renault-Nissan Alliance Mashreqbank PSC Al-Ghurair Group of Companies Royal Media Services USA USA Indonesia USA Hong Kong SAR Germany Un

Professor. School of Law University of Colorado USA Almir Guilherme Barbassa Chief Financial Officer Petroleo Brasileiro SA Brazil Petrobras Lionel Barber Editor The Financial Times United Kingdom Roger Bamett Chairman and Chief Executive Officer Shaklee Corporation USA Nicholas Barr Professor

o the United Nations. Geneva Aart J. de Geus Chairman and Chief Executive Officer Synopsys Inc. USA Federico Ghizzoni Chief Executive Officer UniCredit Italy Carlos Ghosn Chairman and Chief Executive Officer Renault-Nissan Alliance France Abdul Aziz Al Ghurair Chief Executive Officer Mashreqb

Professor. School of Law University of Colorado USA Almir Guilherme Barbassa Chief Financial Officer Petroleo Brasileiro SA Brazil Petrobras Lionel Barber Editor The Financial Times United Kingdom Roger Bamett Chairman and Chief Executive Officer Shaklee Corporation USA Nicholas Barr Professor

o the United Nations. Geneva Aart J. de Geus Chairman and Chief Executive Officer Synopsys Inc. USA Federico Ghizzoni Chief Executive Officer UniCredit Italy Carlos Ghosn Chairman and Chief Executive Officer Renault-Nissan Alliance France Abdul Aziz Al Ghurair Chief Executive Officer Mashreqb

lsewhere. To paraphrase Winston Churchill, it will not be the end of the universal bank, but it will most certainly mark the beginning of the end. Lionel Barber: editor, Financial Times Page I 2 of 2 EFTA00598425

and endings In 2013 most universal banks will continue to narrow their focus. UBS will concentrate on wealth management. Others will follow RBS and UniCredit in exiting or rebalancing their investment-heavy equities business. Another casualty will be infrastructure lending, which is toxic under the Basel