The latter was a huge global operation, owning hundreds of aircraft and exploiting a taxation arbitrage as well as know-how about the demand and supply conditions in the aviation industry.
As a result of these ongoing upheavals, we are witnessing substantial institutional changes, in which some long-standing financial institutions have either failed, sought government assistance, or were forced to merge with other institutions. What were the major U.S. investment banks have essentially disappeared, such as by merging with bank holding companies or becoming bank holding companies themselves.