Thain: Retail now more important at Merrill

John Thain tells the WSJ that, "I think Merrill Lynch is known for its client focus and its wealth-management businesses. We are still going to have a trading component to our business, but it is not going to be of the same nature."

And investment banks are pulling back from riskier businesses.

Blogger note: It's the same old, same old. Firms make a ton trading and creating products on the institutional side, then lose a ton, then go back to focusing on retail. Then they begin making tons on the the institutional side again ... and the cycle repeats.