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, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now