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Name two characteristics of the investment banking industry that constitute a barrier to entry to new investment banks in the industry. Relying on the Porters

Name two characteristics of the investment banking industry that constitute a barrier to entry to new investment banks in the industry. Relying on the Porters five forces framework for your analysis, briefly explain (i) why these characteristics constitute a barrier to entry to potential new players and (ii) how these characteristics affect the industry profitability.

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