Prospects were bleak for European steelworkers in the 1980s. Overcapacity and cheaper competitors destroyed many of their jobs.

Premonitions of similar structural decline haunt investment bankers.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.