Pierre Pourquery

Why a record quarter (Q126) does not settle the structural question, and what the decline of Rome can tell us about the trajectory of capital markets Executive Summary The first quarter of 2026 was, by any reasonable measure, an excellent quarter for the Wall Street franchises. JP Morgan posted record market revenue of $11.6 billion, up 20% year on year. Goldman Sachs reported its second-highest quarterly revenue ever, with record equities trading of $5.33 billion and investment banking...

Executive summary The regulatory breakthrough that changes everything After years of institutional exile, cryptocurrency and stablecoins are poised for mainstream adoption by traditional banks. This is driven by a fundamental shift in the U.S. and global regulatory frameworks. The problem: prohibitive cost of capital Basel Committee capital rules imposed a punitive 1,250% risk weighting on crypto assets, making them economically impossible for banks. A simple example: a $1 million crypto...

A manifesto for a 10x model of advisory: powered by technology, grounded in humanity Introduction This paper follows my previous reflection on how AI represents both the greatest opportunity and the greatest threat for the consulting industry—and how most consulting firms today are failing their own people. The consulting model as we know it is reaching its limits. Fees have grown disproportionate to impact, internal processes have become bureaucratic, and the human element that was once the...