How Many Bankers Can You Squeeze Into Sao Paulo?

With fees tight, a slew of foreigners vie for Latin business

Investment bankers making the 11-hour journey from New York to Sao Paulo used to be able to get some work done on the plane. Not anymore. "The flights are filled with your competition," says Alberto J. Verme, managing director at Salomon Smith Barney. They've all piled into Latin America chasing what they hoped would be a rich lode of new business.

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