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It’s definitely viewed as a cost center by the banks. It’s been “dying” for ~20 years since Spitzer’s global settlement so it will probably be around for a while, but don’t expect your bonus to match your colleagues in the investment banking group. Still, it’s interesting work, the hours are less brutal than banking, and it can open doirs to good opportunities on the buy side.
Why would you think equity research is a dying career? The same could be about the research side for IB
If Equity Research is dying then all hedge funds cease to exist