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<li id="toc-Early_history" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Early_history"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1</span> <span>Early history</span> </div> </a> <ul id="toc-Early_history-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_developments" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Further_developments"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.2</span> <span>Further developments</span> </div> </a> <ul id="toc-Further_developments-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Organizational_structure" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Organizational_structure"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Organizational structure</span> </div> </a> <button aria-controls="toc-Organizational_structure-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Organizational structure subsection</span> </button> <ul id="toc-Organizational_structure-sublist" class="vector-toc-list"> <li id="toc-Core_investment_banking_activities" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Core_investment_banking_activities"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Core investment banking activities</span> </div> </a> <ul id="toc-Core_investment_banking_activities-sublist" class="vector-toc-list"> <li id="toc-Front_office" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Front_office"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1.1</span> <span>Front office</span> </div> </a> <ul id="toc-Front_office-sublist" class="vector-toc-list"> <li id="toc-Corporate_finance" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Corporate_finance"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1.1.1</span> <span>Corporate finance</span> </div> </a> <ul id="toc-Corporate_finance-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Sales_and_trading" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Sales_and_trading"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1.1.2</span> <span>Sales and trading</span> </div> </a> <ul id="toc-Sales_and_trading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Research" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Research"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1.1.3</span> <span>Research</span> </div> </a> <ul id="toc-Research-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Middle_office" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Middle_office"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1.2</span> <span>Middle office</span> </div> </a> <ul id="toc-Middle_office-sublist" class="vector-toc-list"> <li id="toc-Risk_management" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Risk_management"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1.2.1</span> <span>Risk management</span> </div> </a> <ul id="toc-Risk_management-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Back_office" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Back_office"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1.3</span> <span>Back office</span> </div> </a> <ul id="toc-Back_office-sublist" class="vector-toc-list"> <li id="toc-Technology" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Technology"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1.3.1</span> <span>Technology</span> </div> </a> <ul id="toc-Technology-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Other_businesses" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Other_businesses"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Other businesses</span> </div> </a> <ul id="toc-Other_businesses-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Industry_profile" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Industry_profile"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Industry profile</span> </div> </a> <button aria-controls="toc-Industry_profile-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Industry profile subsection</span> </button> <ul id="toc-Industry_profile-sublist" class="vector-toc-list"> <li id="toc-Global_size_and_revenue_mix" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Global_size_and_revenue_mix"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Global size and revenue mix</span> </div> </a> <ul id="toc-Global_size_and_revenue_mix-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Top_10_banks" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Top_10_banks"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Top 10 banks</span> </div> </a> <ul id="toc-Top_10_banks-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Financial_crisis_of_2007–2008" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Financial_crisis_of_2007–2008"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Financial crisis of 2007–2008</span> </div> </a> <ul id="toc-Financial_crisis_of_2007–2008-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Criticisms" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Criticisms"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Criticisms</span> </div> </a> <button aria-controls="toc-Criticisms-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Criticisms subsection</span> </button> <ul id="toc-Criticisms-sublist" class="vector-toc-list"> <li id="toc-Conflicts_of_interest" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Conflicts_of_interest"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.1</span> <span>Conflicts of interest</span> </div> </a> <ul id="toc-Conflicts_of_interest-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Compensation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Compensation"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.2</span> <span>Compensation</span> </div> </a> <ul id="toc-Compensation-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Investment banking</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 44 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-44" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">44 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-af mw-list-item"><a href="https://af.wikipedia.org/wiki/Beleggingsbankwese" title="Beleggingsbankwese – Afrikaans" lang="af" hreflang="af" data-title="Beleggingsbankwese" data-language-autonym="Afrikaans" data-language-local-name="Afrikaans" class="interlanguage-link-target"><span>Afrikaans</span></a></li><li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D9%85%D8%B5%D8%B1%D9%81_%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1%D9%8A" title="مصرف استثماري – Arabic" lang="ar" hreflang="ar" data-title="مصرف استثماري" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/%C4%B0nvestisiya_bank%C4%B1" title="İnvestisiya bankı – Azerbaijani" lang="az" hreflang="az" data-title="İnvestisiya bankı" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%98%D0%BD%D0%B2%D0%B5%D1%81%D1%82%D0%B8%D1%86%D0%B8%D0%BE%D0%BD%D0%BD%D0%BE_%D0%B1%D0%B0%D0%BD%D0%BA%D0%B8%D1%80%D0%B0%D0%BD%D0%B5" title="Инвестиционно банкиране – Bulgarian" lang="bg" hreflang="bg" data-title="Инвестиционно банкиране" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Banc_d%27inversi%C3%B3" title="Banc d'inversió – Catalan" lang="ca" hreflang="ca" data-title="Banc d'inversió" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Investi%C4%8Dn%C3%AD_banka" title="Investiční banka – Czech" lang="cs" hreflang="cs" data-title="Investiční banka" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Investeringsbank" title="Investeringsbank – Danish" lang="da" hreflang="da" data-title="Investeringsbank" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Investmentbank" title="Investmentbank – German" lang="de" hreflang="de" data-title="Investmentbank" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%95%CF%80%CE%B5%CE%BD%CE%B4%CF%85%CF%84%CE%B9%CE%BA%CE%AE_%CF%84%CF%81%CE%AC%CF%80%CE%B5%CE%B6%CE%B1" title="Επενδυτική τράπεζα – Greek" lang="el" hreflang="el" data-title="Επενδυτική τράπεζα" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Banca_de_inversi%C3%B3n" title="Banca de inversión – Spanish" lang="es" hreflang="es" data-title="Banca de inversión" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%A8%D8%A7%D9%86%DA%A9%D8%AF%D8%A7%D8%B1%DB%8C_%D8%B3%D8%B1%D9%85%D8%A7%DB%8C%D9%87%E2%80%8C%DA%AF%D8%B0%D8%A7%D8%B1%DB%8C" title="بانکداری سرمایه‌گذاری – Persian" lang="fa" hreflang="fa" data-title="بانکداری سرمایه‌گذاری" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Banque_d%27investissement" title="Banque d'investissement – French" lang="fr" hreflang="fr" data-title="Banque d'investissement" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-gu mw-list-item"><a href="https://gu.wikipedia.org/wiki/%E0%AA%87%E0%AA%A8%E0%AB%8D%E0%AA%B5%E0%AB%87%E0%AA%B8%E0%AB%8D%E0%AA%9F%E0%AA%AE%E0%AB%87%E0%AA%A8%E0%AB%8D%E0%AA%9F_%E0%AA%AC%E0%AB%87%E0%AA%A8%E0%AB%8D%E0%AA%95%E0%AA%BF%E0%AA%82%E0%AA%97" title="ઇન્વેસ્ટમેન્ટ બેન્કિંગ – Gujarati" lang="gu" hreflang="gu" data-title="ઇન્વેસ્ટમેન્ટ બેન્કિંગ" data-language-autonym="ગુજરાતી" data-language-local-name="Gujarati" class="interlanguage-link-target"><span>ગુજરાતી</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%ED%88%AC%EC%9E%90%EC%9D%80%ED%96%89" title="투자은행 – Korean" lang="ko" hreflang="ko" data-title="투자은행" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%86%D5%A5%D6%80%D5%A4%D6%80%D5%B8%D6%82%D5%B4%D5%A1%D5%B5%D5%AB%D5%B6_%D5%A2%D5%A1%D5%B6%D5%AF" title="Ներդրումային բանկ – Armenian" lang="hy" hreflang="hy" data-title="Ներդրումային բանկ" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%A8%E0%A4%BF%E0%A4%B5%E0%A5%87%E0%A4%B6_%E0%A4%AC%E0%A5%88%E0%A4%82%E0%A4%95%E0%A4%BF%E0%A4%82%E0%A4%97" title="निवेश बैंकिंग – Hindi" lang="hi" hreflang="hi" data-title="निवेश बैंकिंग" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Perbankan_investasi" title="Perbankan investasi – Indonesian" lang="id" hreflang="id" data-title="Perbankan investasi" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Banca_d%27investimento" title="Banca d'investimento – Italian" lang="it" hreflang="it" data-title="Banca d'investimento" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%91%D7%A0%D7%A7_%D7%94%D7%A9%D7%A7%D7%A2%D7%95%D7%AA" title="בנק השקעות – Hebrew" lang="he" hreflang="he" data-title="בנק השקעות" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-kn mw-list-item"><a href="https://kn.wikipedia.org/wiki/%E0%B2%AC%E0%B2%82%E0%B2%A1%E0%B2%B5%E0%B2%BE%E0%B2%B3_%E0%B2%B9%E0%B3%82%E0%B2%A1%E0%B2%BF%E0%B2%95%E0%B3%86%E0%B2%AF_%E0%B2%AC%E0%B3%8D%E0%B2%AF%E0%B2%BE%E0%B2%82%E0%B2%95%E0%B2%BF%E0%B2%82%E0%B2%97%E0%B3%8D_(%E0%B2%AC%E0%B3%8D%E0%B2%AF%E0%B2%BE%E0%B2%82%E0%B2%95%E0%B3%8D)" title="ಬಂಡವಾಳ ಹೂಡಿಕೆಯ ಬ್ಯಾಂಕಿಂಗ್ (ಬ್ಯಾಂಕ್) – Kannada" lang="kn" hreflang="kn" data-title="ಬಂಡವಾಳ ಹೂಡಿಕೆಯ ಬ್ಯಾಂಕಿಂಗ್ (ಬ್ಯಾಂಕ್)" data-language-autonym="ಕನ್ನಡ" data-language-local-name="Kannada" class="interlanguage-link-target"><span>ಕನ್ನಡ</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Investicin%C4%97_bankininkyst%C4%97" title="Investicinė bankininkystė – Lithuanian" lang="lt" hreflang="lt" data-title="Investicinė bankininkystė" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%98%D0%BD%D0%B2%D0%B5%D1%81%D1%82%D0%B8%D1%86%D0%B8%D1%81%D0%BA%D0%B0_%D0%B1%D0%B0%D0%BD%D0%BA%D0%B0" title="Инвестициска банка – Macedonian" lang="mk" hreflang="mk" data-title="Инвестициска банка" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Perbankan_pelaburan" title="Perbankan pelaburan – Malay" lang="ms" hreflang="ms" data-title="Perbankan pelaburan" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Investeringsbank" title="Investeringsbank – Dutch" lang="nl" hreflang="nl" data-title="Investeringsbank" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E6%8A%95%E8%B3%87%E9%8A%80%E8%A1%8C" title="投資銀行 – Japanese" lang="ja" hreflang="ja" data-title="投資銀行" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Investeringsbank" title="Investeringsbank – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Investeringsbank" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-uz mw-list-item"><a href="https://uz.wikipedia.org/wiki/Investitsiya_banki" title="Investitsiya banki – Uzbek" lang="uz" hreflang="uz" data-title="Investitsiya banki" data-language-autonym="Oʻzbekcha / ўзбекча" data-language-local-name="Uzbek" class="interlanguage-link-target"><span>Oʻzbekcha / ўзбекча</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Bank_inwestycyjny" title="Bank inwestycyjny – Polish" lang="pl" hreflang="pl" data-title="Bank inwestycyjny" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Banco_de_investimento" title="Banco de investimento – Portuguese" lang="pt" hreflang="pt" data-title="Banco de investimento" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%98%D0%BD%D0%B2%D0%B5%D1%81%D1%82%D0%B8%D1%86%D0%B8%D0%BE%D0%BD%D0%BD%D1%8B%D0%B9_%D0%B1%D0%B0%D0%BD%D0%BA" title="Инвестиционный банк – Russian" lang="ru" hreflang="ru" data-title="Инвестиционный банк" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sa mw-list-item"><a href="https://sa.wikipedia.org/wiki/%E0%A4%A8%E0%A4%BF%E0%A4%B5%E0%A5%87%E0%A4%B6_%E0%A4%AC%E0%A5%88%E0%A4%82%E0%A4%95%E0%A4%BF%E0%A4%82%E0%A4%97" title="निवेश बैंकिंग – Sanskrit" lang="sa" hreflang="sa" data-title="निवेश बैंकिंग" data-language-autonym="संस्कृतम्" data-language-local-name="Sanskrit" class="interlanguage-link-target"><span>संस्कृतम्</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Investment_bank" title="Investment bank – Simple English" lang="en-simple" hreflang="en-simple" data-title="Investment bank" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-ckb mw-list-item"><a href="https://ckb.wikipedia.org/wiki/%D8%A8%D8%A7%D9%86%DA%A9%DA%A9%D8%A7%D8%B1%DB%8C_%D9%88%DB%95%D8%A8%DB%95%D8%B1%DA%BE%DB%8E%D9%86%D8%A7%D9%86" title="بانککاری وەبەرھێنان – Central Kurdish" lang="ckb" hreflang="ckb" data-title="بانککاری وەبەرھێنان" data-language-autonym="کوردی" data-language-local-name="Central Kurdish" class="interlanguage-link-target"><span>کوردی</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Investointipankki" title="Investointipankki – Finnish" lang="fi" hreflang="fi" data-title="Investointipankki" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Investmentbank" title="Investmentbank – Swedish" lang="sv" hreflang="sv" data-title="Investmentbank" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%AE%E0%AF%81%E0%AE%A4%E0%AE%B2%E0%AF%80%E0%AE%9F%E0%AF%8D%E0%AE%9F%E0%AF%81_%E0%AE%B5%E0%AE%99%E0%AF%8D%E0%AE%95%E0%AE%BF%E0%AE%AF%E0%AE%BF%E0%AE%AF%E0%AE%B2%E0%AF%8D" title="முதலீட்டு வங்கியியல் – Tamil" lang="ta" hreflang="ta" data-title="முதலீட்டு வங்கியியல்" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target"><span>தமிழ்</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B8%A7%E0%B8%B2%E0%B8%93%E0%B8%B4%E0%B8%8A%E0%B8%98%E0%B8%99%E0%B8%81%E0%B8%B4%E0%B8%88" title="วาณิชธนกิจ – Thai" lang="th" hreflang="th" data-title="วาณิชธนกิจ" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-tg mw-list-item"><a href="https://tg.wikipedia.org/wiki/%D0%91%D0%BE%D0%BD%D0%BA%D0%B8_%D1%81%D0%B0%D1%80%D0%BC%D0%BE%D1%8F%D0%B3%D1%83%D0%B7%D0%BE%D1%80%D3%A3" title="Бонки сармоягузорӣ – Tajik" lang="tg" hreflang="tg" data-title="Бонки сармоягузорӣ" data-language-autonym="Тоҷикӣ" data-language-local-name="Tajik" class="interlanguage-link-target"><span>Тоҷикӣ</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Yat%C4%B1r%C4%B1m_bankas%C4%B1" title="Yatırım bankası – Turkish" lang="tr" hreflang="tr" data-title="Yatırım bankası" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%86%D0%BD%D0%B2%D0%B5%D1%81%D1%82%D0%B8%D1%86%D1%96%D0%B9%D0%BD%D0%B8%D0%B9_%D0%B1%D0%B0%D0%BD%D0%BA" title="Інвестиційний банк – Ukrainian" lang="uk" hreflang="uk" data-title="Інвестиційний банк" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Ng%C3%A2n_h%C3%A0ng_%C4%91%E1%BA%A7u_t%C6%B0" title="Ngân hàng đầu tư – Vietnamese" lang="vi" hreflang="vi" data-title="Ngân hàng đầu tư" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-wuu mw-list-item"><a href="https://wuu.wikipedia.org/wiki/%E6%8A%95%E8%B5%84%E9%93%B6%E8%A1%8C" title="投资银行 – Wu" lang="wuu" hreflang="wuu" data-title="投资银行" data-language-autonym="吴语" 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dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Type of financial services company</div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-Globalize plainlinks metadata ambox ambox-content ambox-globalize" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="Globe icon." src="//upload.wikimedia.org/wikipedia/commons/thumb/b/bd/Ambox_globe_content.svg/48px-Ambox_globe_content.svg.png" decoding="async" width="48" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/bd/Ambox_globe_content.svg/73px-Ambox_globe_content.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/bd/Ambox_globe_content.svg/97px-Ambox_globe_content.svg.png 2x" data-file-width="350" data-file-height="290" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">The examples and perspective in this article <b>may not represent a <a href="/wiki/Wikipedia:WikiProject_Countering_systemic_bias" title="Wikipedia:WikiProject Countering systemic bias">worldwide view</a> of the subject</b>.<span class="hide-when-compact"> You may <a class="external text" href="https://en.wikipedia.org/w/index.php?title=Investment_banking&action=edit">improve this article</a>, discuss the issue on the <a href="/wiki/Talk:Investment_banking" 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.sidebar-list-title-c{padding:0 0.4em;text-align:center;margin:0 3.3em}@media(max-width:640px){body.mediawiki .mw-parser-output .sidebar{width:100%!important;clear:both;float:none!important;margin-left:0!important;margin-right:0!important}}body.skin--responsive .mw-parser-output .sidebar a>img{max-width:none!important}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><table class="sidebar nomobile nowraplinks hlist"><tbody><tr><th class="sidebar-title"><a href="/wiki/Financial_market_participants" title="Financial market participants">Financial market participants</a></th></tr><tr><th class="sidebar-heading"> Organisations</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Credit_union" title="Credit union">Credit unions</a></li> <li><a href="/wiki/Development_finance_institution" title="Development finance institution">Development finance institution</a></li> <li><a href="/wiki/Insurance" title="Insurance">Insurance companies</a></li> <li><a class="mw-selflink selflink">Investment banks</a></li> <li><a href="/wiki/Investment_fund" title="Investment fund">Investment funds</a></li> <li><a href="/wiki/Pension_fund" title="Pension fund">Pension funds</a></li> <li><a href="/wiki/Prime_brokerage" title="Prime brokerage">Prime brokers</a></li> <li><a href="/wiki/Trust_company" title="Trust company">Trusts</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Terms</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Angel_investor" title="Angel investor">Angel investor</a></li> <li><a href="/wiki/Bull_(stock_market_speculator)" title="Bull (stock market speculator)">Bull (stock market speculator)</a></li> <li><a href="/wiki/Finance" title="Finance">Finance</a></li> <li><a href="/wiki/Financial_market" title="Financial market">Financial market</a></li> <li><a href="/wiki/Financial_market_participants" title="Financial market participants">Participants</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a></li> <li><a href="/wiki/Personal_finance" title="Personal finance">Personal finance</a></li> <li><a href="/wiki/Public_finance" title="Public finance">Public finance</a></li> <li><a href="/wiki/Bank" title="Bank">Banks and banking</a></li> <li><a href="/wiki/Financial_analyst" title="Financial analyst">Financial analyst</a></li> <li><a href="/wiki/Financial_planner" title="Financial planner">Financial planner</a></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">Financial regulation</a></li> <li><a href="/wiki/Fund_governance" title="Fund governance">Fund governance</a></li> <li><a href="/wiki/Stock_Market" class="mw-redirect" title="Stock Market">Stock Market</a></li> <li><a href="/wiki/Super_angel" title="Super angel">Super angel</a></li></ul></td> </tr></tbody></table> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of a series on <a href="/wiki/Financial_services" title="Financial services">financial services</a></td></tr><tr><th class="sidebar-title-with-pretitle" style="background:#efefef;padding:0.4em;"><a href="/wiki/Bank" title="Bank">Banking</a></th></tr><tr><td class="sidebar-image"><span class="skin-invert" typeof="mw:File"><a href="/wiki/File:Community_Noun_project_39956.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8d/Community_Noun_project_39956.svg/120px-Community_Noun_project_39956.svg.png" decoding="async" width="120" height="126" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8d/Community_Noun_project_39956.svg/180px-Community_Noun_project_39956.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8d/Community_Noun_project_39956.svg/240px-Community_Noun_project_39956.svg.png 2x" data-file-width="56" data-file-height="59" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Types of banks</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Advising_bank" title="Advising bank">Advising</a></li> <li><a href="/wiki/Banq_(term)" class="mw-redirect" title="Banq (term)">Banq</a></li> <li><a href="/wiki/Bulge_bracket" title="Bulge bracket">Bulge bracket</a></li> <li><a href="/wiki/Central_bank" title="Central bank">Central</a></li> <li><a href="/wiki/Commercial_bank" title="Commercial bank">Commercial</a></li> <li><a href="/wiki/Community_development_bank" title="Community development bank">Community development</a></li> <li><a href="/wiki/Cooperative_banking" title="Cooperative banking">Cooperative</a></li> <li><a href="/wiki/Credit_union" title="Credit union">Credit union</a></li> <li><a href="/wiki/Custodian_bank" title="Custodian bank">Custodian</a></li> <li><a href="/wiki/Depository_bank" title="Depository bank">Depository</a></li> <li><a href="/wiki/Development_finance_institution" title="Development finance institution">Development</a></li> <li><a href="/wiki/Direct_bank" title="Direct bank">Direct</a></li> <li><a href="/wiki/Export_credit_agency" title="Export credit agency">Export credit agency</a></li> <li><a class="mw-selflink selflink">Investment</a></li> <li><a href="/wiki/Industrial_loan_company" title="Industrial loan company">Industrial</a></li> <li><a href="/wiki/Merchant_bank" title="Merchant bank">Merchant</a></li> <li><a href="/wiki/Bulge_Bracket#Middle_Market" class="mw-redirect" title="Bulge Bracket">Middle market</a></li> <li><a href="/wiki/Money_center_bank" title="Money center bank">Money center</a></li> <li><a href="/wiki/Mutual_savings_bank" title="Mutual savings bank">Mutual savings</a></li> <li><a href="/wiki/Neobank" title="Neobank">Neobank</a></li> <li><a href="/wiki/Offshore_bank" title="Offshore bank">Offshore</a></li> <li><a href="/wiki/Participation_banking" title="Participation banking">Participation</a></li> <li><a href="/wiki/Payments_bank" title="Payments bank">Payments</a></li> <li><a href="/wiki/Postal_savings_system" title="Postal savings system">Postal savings</a></li> <li><a href="/wiki/Private_bank" title="Private bank">Private</a></li> <li><a href="/wiki/Public_bank" title="Public bank">Public</a></li> <li><a href="/wiki/Retail_banking" title="Retail banking">Retail</a></li> <li><a href="/wiki/Savings_bank" title="Savings bank">Savings</a></li> <li><a href="/wiki/Savings_and_loan_association" title="Savings and loan association">Savings and loan</a></li> <li><a href="/wiki/Universal_bank" title="Universal bank">Universal</a></li> <li><a href="/wiki/Wholesale_banking" title="Wholesale banking">Wholesale</a></li> <li><a href="/wiki/Bank_holding_company" title="Bank holding company">Bank holding company</a></li></ul> <i><a href="/wiki/Lists_of_banks" title="Lists of banks">Lists of banks</a></i></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Bank_account" title="Bank account">Accounts</a> <b>·</b> <a href="/wiki/Bank_card" title="Bank card">Cards</a></div><div class="sidebar-list-content mw-collapsible-content hlist"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal; display:block;margin-top:0.15em;"> Accounts</th></tr><tr><td class="sidebar-content" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Christmas_club" title="Christmas club">Christmas club</a></li> <li><a href="/wiki/Deposit_account" title="Deposit account">Deposit</a></li> <li><a href="/wiki/Money_market_account" title="Money market account">Money-market</a></li> <li><a href="/wiki/Savings_account" title="Savings account">Savings</a></li> <li><a href="/wiki/Time_deposit" title="Time deposit">Time deposit (Bond)</a></li></ul> <a href="/wiki/Transaction_account" title="Transaction account">Transaction (checking / current)</a></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal; display:block;margin-top:0.15em;"> Cards</th></tr><tr><td class="sidebar-content" style="padding-top:0.15em;"> <ul><li><a href="/wiki/ATM_card" title="ATM card">ATM</a></li> <li><a href="/wiki/Credit_card" title="Credit card">Credit</a></li> <li><a href="/wiki/Debit_card" title="Debit card">Debit</a></li> <li><a href="/wiki/Credit_card#Prepaid_cards" title="Credit card">Prepaid</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Funds transfer</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Cheque" title="Cheque">Cheque</a></li> <li><a href="/wiki/Payment_card" title="Payment card">Card</a></li> <li><a href="/wiki/Electronic_funds_transfer" title="Electronic funds transfer">Electronic</a> <ul><li><a href="/wiki/Electronic_bill_payment" title="Electronic bill payment">Bill payment</a></li> <li><a href="/wiki/Mobile_payment" title="Mobile payment">Mobile</a></li></ul></li> <li><a href="/wiki/Wire_transfer" title="Wire transfer">Wire</a> <ul><li><a href="/wiki/Real-time_gross_settlement" title="Real-time gross settlement">RTGS</a></li> <li><a href="/wiki/Net_settlement" title="Net settlement">NS</a></li></ul></li> <li><a href="/wiki/Automated_clearing_house" title="Automated clearing house">ACH</a></li> <li><a href="/wiki/Instant_payment" title="Instant payment">Instant payment</a></li> <li><a href="/wiki/Giro_(banking)" title="Giro (banking)">Giro</a></li> <li><a href="/wiki/SWIFT" title="SWIFT">SWIFT</a> <ul><li><a href="/wiki/Correspondent_account" title="Correspondent account">Correspondent account</a></li></ul></li> <li><a href="/wiki/CLS_Group#Operations" title="CLS Group">CLS</a></li> <li><a href="/wiki/Cross-Border_Interbank_Payment_System" title="Cross-Border Interbank Payment System">CIPS</a></li> <li><a href="/wiki/SPFS" title="SPFS">SPFS</a></li> <li><a href="/wiki/BRICS_PAY" title="BRICS PAY">BRICS PAY</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Terms</div><div class="sidebar-list-content mw-collapsible-content hlist"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><td class="sidebar-content" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Asset" title="Asset">Asset</a> <ul><li><a href="/wiki/Asset_allocation" title="Asset allocation">allocation</a></li> <li><a href="/wiki/Asset_and_liability_management" title="Asset and liability management">management</a></li></ul></li> <li><a href="/wiki/Automated_teller_machine" class="mw-redirect" title="Automated teller machine">Automated teller machine</a></li> <li><a href="/wiki/Bad_debt" title="Bad debt">Bad debt</a></li> <li><a href="/wiki/Bank_regulation" class="mw-redirect" title="Bank regulation">Bank regulation</a></li> <li><a href="/wiki/Bank_secrecy" title="Bank secrecy">Bank secrecy</a></li> <li><a href="/wiki/Capital_appreciation" title="Capital appreciation">Asset growth</a></li> <li><a href="/wiki/Capital_asset" title="Capital asset">Capital asset</a></li> <li><a href="/wiki/Cash" title="Cash">Cash</a></li> <li><a href="/wiki/Climate_finance" title="Climate finance">Climate finance</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a></li> <li><a href="/wiki/Disinvestment" title="Disinvestment">Disinvestment</a></li> <li><a href="/wiki/Diversification_(finance)" title="Diversification (finance)">Diversification (finance)</a></li> <li><a href="/wiki/Eco-investing" title="Eco-investing">Eco-investing</a></li> <li><a href="/wiki/Economic_bubble" title="Economic bubble">Economic bubble</a></li> <li><a href="/wiki/Economic_expansion" title="Economic expansion">Economic expansion</a></li> <li><a href="/wiki/Enterprise_value" title="Enterprise value">Enterprise value</a></li> <li><a href="/wiki/Enterprise_risk_management" title="Enterprise risk management">Enterprise risk management</a></li> <li><a href="/wiki/Environmental_finance" title="Environmental finance">Environmental finance</a></li> <li><a href="/wiki/Environmental,_social,_and_governance" title="Environmental, social, and governance">ESG</a></li> <li><a href="/wiki/Ethical_banking" title="Ethical banking">Ethical banking</a></li> <li><a href="/wiki/Finance" title="Finance">Financial</a> <ul><li><a href="/wiki/Financial_analysis" title="Financial analysis">analysis</a></li> <li><a href="/wiki/Financial_analyst" title="Financial analyst">analyst</a></li> <li><a href="/wiki/Financial_asset" title="Financial asset">asset</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">economics</a></li> <li><a href="/wiki/Financial_engineering" title="Financial engineering">engineering</a></li> <li><a href="/wiki/Financial_forecast" title="Financial forecast">forecast</a></li> <li><a href="/wiki/Financial_plan" title="Financial plan">plan</a></li> <li><a href="/wiki/Financial_planner" title="Financial planner">planner</a></li> <li><a href="/wiki/Financial_services" title="Financial services">services</a></li></ul></li> <li><a href="/wiki/Fractional-reserve_banking" title="Fractional-reserve banking">Fractional-reserve banking</a></li> <li><a href="/wiki/Full-reserve_banking" title="Full-reserve banking">Full-reserve banking</a></li> <li><a href="/wiki/Fundamental_analysis" title="Fundamental analysis">Fundamental analysis</a></li> <li><a href="/wiki/Growth_investing" title="Growth investing">Growth investing</a></li> <li><a href="/wiki/Hedge_(finance)" title="Hedge (finance)">Hedge (finance)</a></li> <li><a href="/wiki/Impact_investing" title="Impact investing">Impact investing</a></li> <li><a href="/wiki/Investment_advisory" title="Investment advisory">Investment advisory</a></li> <li><a href="/wiki/Investment_management" title="Investment management">Investment management</a></li> <li><a href="/wiki/Islamic_banking_and_finance" title="Islamic banking and finance">Islamic banking</a></li> <li><a href="/wiki/Loan" title="Loan">Loan</a></li> <li><a href="/wiki/Mathematical_finance" title="Mathematical finance">Mathematical finance</a></li> <li><a href="/wiki/Mobile_banking" title="Mobile banking">Mobile banking</a></li> <li><a href="/wiki/Money_creation" title="Money creation">Money creation</a></li> <li><a href="/wiki/Pension_fund" title="Pension fund">Pension fund</a></li> <li><a href="/wiki/Private_banking" title="Private banking">Private banking</a></li> <li><a href="/wiki/Sustainability" title="Sustainability">Sustainability</a></li> <li><a href="/wiki/Sustainable_finance" title="Sustainable finance">Sustainable finance</a></li> <li><a href="/wiki/Speculation" title="Speculation">Speculation</a></li> <li><a href="/wiki/Statistical_finance" title="Statistical finance">Statistical finance</a></li> <li><a href="/wiki/Strategic_financial_management" title="Strategic financial management">Strategic financial management</a></li> <li><a href="/wiki/Stress_test_(financial)" title="Stress test (financial)">Stress test (financial)</a></li> <li><a href="/wiki/Structured_finance" title="Structured finance">Structured finance</a></li> <li><a href="/wiki/Structured_product" title="Structured product">Structured product</a></li> <li><a href="/wiki/Toxic_asset" title="Toxic asset">Toxic asset</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Related topics</div><div class="sidebar-list-content mw-collapsible-content hlist" style="padding-bottom:0;"> <ul><li><a href="/wiki/Asset_pricing" title="Asset pricing">Asset pricing</a></li> <li><a href="/wiki/Bond_(finance)" title="Bond (finance)">Bond (finance)</a></li> <li><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a></li> <li><a href="/wiki/Cost_of_capital" title="Cost of capital">Cost of capital</a></li> <li><a href="/wiki/Equity_(finance)" title="Equity (finance)">Equity (finance)</a></li> <li><a href="/wiki/Ethical_banking" title="Ethical banking">Ethical banking</a></li> <li><a href="/wiki/Exchange_traded_fund" class="mw-redirect" title="Exchange traded fund">Exchange traded fund</a></li> <li><a href="/wiki/Finance" title="Finance">Financial</a></li> <li><a href="/wiki/Financial_law" title="Financial law">law</a> <ul><li><a href="/wiki/Financial_market" title="Financial market">market</a></li> <li><a href="/wiki/Financial_market_participants" title="Financial market participants">participants</a></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">regulation</a></li> <li><a href="/wiki/Financial_risk" title="Financial risk">risk</a></li> <li><a href="/wiki/Financial_system" title="Financial system">system</a></li></ul></li> <li><a href="/wiki/History_of_banking" title="History of banking">History of banking</a></li> <li><a href="/wiki/List_of_banks_(alphabetical)" title="List of banks (alphabetical)">List of banks</a></li> <li><a href="/wiki/Market_risk" title="Market risk">Market risk</a></li> <li><a href="/wiki/Personal_finance" title="Personal finance">Personal finance</a></li> <li><a href="/wiki/Public_finance" title="Public finance">Public finance</a></li> <li><a href="/wiki/Security_(finance)" title="Security (finance)">Security (finance)</a></li> <li><a href="/wiki/Share_(finance)" title="Share (finance)">Shares</a></li> <li><a href="/wiki/Sustainable_development_goals" class="mw-redirect" title="Sustainable development goals">Sustainable development goals</a></li> <li><a href="/wiki/Systematic_risk" title="Systematic risk">Systematic risk</a></li> <li><a href="/wiki/Systemic_risk" title="Systemic risk">Systemic risk</a></li> <li><a href="/wiki/Time_value_of_money" title="Time value of money">Time value of money</a></li> <li><a href="/wiki/Too_big_to_fail" title="Too big to fail">Too big to fail</a></li> <li><a href="/wiki/Too_connected_to_fail" title="Too connected to fail">Too connected to fail</a></li> <li><a href="/wiki/Watered_stock" title="Watered stock">Watered stock</a></li></ul> <ol><li class="mw-empty-elt"></li></ol></div></div></td> </tr><tr><td class="sidebar-below hlist"> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, 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title="Portal"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/16px-Symbol_portal_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/23px-Symbol_portal_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/31px-Symbol_portal_class.svg.png 2x" data-file-width="180" data-file-height="185" /></a></span> <a href="/wiki/Portal:Banking" class="mw-redirect" title="Portal:Banking">Portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Banking" title="Template:Banking"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Banking" title="Template talk:Banking"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Banking" title="Special:EditPage/Template:Banking"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p><b>Investment banking</b> is an advisory-based <a href="/wiki/Financial_service" class="mw-redirect" title="Financial service">financial service</a> for institutional investors, corporations, governments, and similar clients. Traditionally associated with <a href="/wiki/Corporate_finance" title="Corporate finance">corporate finance</a>, such a bank might assist in raising <a href="/wiki/Financial_capital" title="Financial capital">financial capital</a> by <a href="/wiki/Underwriting" title="Underwriting">underwriting</a> or acting as the client's <a href="/wiki/Agency_law" class="mw-redirect" title="Agency law">agent</a> in the <a href="/wiki/Issuer" title="Issuer">issuance</a> of debt or equity <a href="/wiki/Security_(finance)" title="Security (finance)">securities</a>. An investment bank may also assist <a href="/wiki/Company" title="Company">companies</a> involved in <a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">mergers and acquisitions</a> (M&A) and provide ancillary services such as <a href="/wiki/Market_maker" title="Market maker">market making</a>, trading of <a href="/wiki/Derivative_(finance)" title="Derivative (finance)">derivatives</a> and <a href="/wiki/Stock" title="Stock">equity securities</a>, FICC services (<a href="/wiki/Fixed_income" title="Fixed income">fixed income</a> instruments, <a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">currencies</a>, and <a href="/wiki/Commodity" title="Commodity">commodities</a>) or research (macroeconomic, credit or equity research). Most investment banks maintain <a href="/wiki/Prime_brokerage" title="Prime brokerage">prime brokerage</a> and <a href="/wiki/Asset_management" title="Asset management">asset management</a> departments in conjunction with their <a href="/wiki/Securities_research" title="Securities research">investment research</a> businesses. As an industry, it is broken up into the <a href="/wiki/Bulge_Bracket" class="mw-redirect" title="Bulge Bracket">Bulge Bracket</a> (upper tier), <a href="/wiki/Bulge_Bracket#Middle_Market" class="mw-redirect" title="Bulge Bracket">Middle Market</a> (mid-level businesses), and <a href="/wiki/Boutique_investment_bank" title="Boutique investment bank">boutique market</a> (specialized businesses). </p><p>Unlike <a href="/wiki/Commercial_bank" title="Commercial bank">commercial banks</a> and <a href="/wiki/Retail_bank" class="mw-redirect" title="Retail bank">retail banks</a>, investment banks do not take <a href="/wiki/Deposit_account" title="Deposit account">deposits</a>. The revenue model of an investment bank comes mostly from the collection of fees for advising on a transaction, contrary to a commercial or retail bank. From the passage of <a href="/wiki/Glass%E2%80%93Steagall_Act" class="mw-redirect" title="Glass–Steagall Act">Glass–Steagall Act</a> in 1933 until its repeal in 1999 by the <a href="/wiki/Gramm%E2%80%93Leach%E2%80%93Bliley_Act" title="Gramm–Leach–Bliley Act">Gramm–Leach–Bliley Act</a>, the <a href="/wiki/United_States" title="United States">United States</a> maintained a separation between investment banking and commercial banks. Other industrialized countries, including <a href="/wiki/G7" title="G7">G7</a> countries, have historically not maintained such a separation. As part of the <a href="/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act" title="Dodd–Frank Wall Street Reform and Consumer Protection Act">Dodd–Frank Wall Street Reform and Consumer Protection Act</a> of 2010 (<i>Dodd–Frank Act of 2010</i>), the <a href="/wiki/Volcker_Rule" title="Volcker Rule">Volcker Rule</a> asserts some institutional separation of investment banking services from commercial banking.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>All investment banking activity is classed as either "sell side" or "buy side". The "<a href="/wiki/Sell_side" title="Sell side">sell side</a>" involves trading securities for cash or for other securities (e.g. facilitating transactions, market-making), or the promotion of securities (e.g. underwriting, research, etc.). The "<a href="/wiki/Buy_side" title="Buy side">buy side</a>" involves the provision of advice to institutions that buy investment services. <a href="/wiki/Private_equity" title="Private equity">Private equity</a> funds, <a href="/wiki/Mutual_fund" title="Mutual fund">mutual funds</a>, <a href="/wiki/Life_insurance" title="Life insurance">life insurance</a> companies, <a href="/wiki/Unit_trust" title="Unit trust">unit trusts</a>, and <a href="/wiki/Hedge_fund" title="Hedge fund">hedge funds</a> are the most common types of buy-side <a href="/wiki/Legal_entity" class="mw-redirect" title="Legal entity">entities</a>. </p><p>An investment bank can also be split into private and public functions with a <a href="/wiki/Chinese_wall" title="Chinese wall">screen</a> separating the two to prevent information from crossing. The private areas of the bank deal with private <a href="/wiki/Insider_information" class="mw-redirect" title="Insider information">insider information</a> that may not be publicly disclosed, while the public areas, such as stock analysis, deal with public information. An advisor who provides investment banking services in the United States must be a licensed <a href="/wiki/Broker-dealer" title="Broker-dealer">broker-dealer</a> and subject to <a href="/wiki/U.S._Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission">U.S. Securities and Exchange Commission</a> (SEC) and <a href="/wiki/Financial_Industry_Regulatory_Authority" title="Financial Industry Regulatory Authority">Financial Industry Regulatory Authority</a> (FINRA) regulation.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_banking&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Early_history">Early history</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_banking&action=edit&section=2" title="Edit section: Early history"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/Dutch_East_India_Company" title="Dutch East India Company">Dutch East India Company</a> was the first company to issue <a href="/wiki/Bond_(finance)" title="Bond (finance)">bonds</a> and <a href="/wiki/Share_(finance)" title="Share (finance)">shares</a> of <a href="/wiki/Stock" title="Stock">stock</a> to the general public. It was also the first <a href="/wiki/Publicly_traded_company" class="mw-redirect" title="Publicly traded company">publicly traded company</a>, being the first company to be <a href="/wiki/Listing_(finance)" title="Listing (finance)">listed</a> on an official <a href="/wiki/Stock_exchange" title="Stock exchange">stock exchange</a>.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Further_developments">Further developments</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_banking&action=edit&section=3" title="Edit section: Further developments"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/History_of_investment_banking_in_the_United_States" title="History of investment banking in the United States">History of investment banking in the United States</a></div> <p>Investment banking has changed over the years, beginning as a partnership firm focused on underwriting security issuance, i.e. <a href="/wiki/Initial_public_offering" title="Initial public offering">initial public offerings</a> (IPOs) and <a href="/wiki/Secondary_market_offering" title="Secondary market offering">secondary market offerings</a>, <a href="/wiki/Brokerage_firm" class="mw-redirect" title="Brokerage firm">brokerage</a>, and mergers and acquisitions, and evolving into a "full-service" range including <a href="/wiki/Securities_research" title="Securities research">securities research</a>, <a href="/wiki/Proprietary_trading" title="Proprietary trading">proprietary trading</a>, and <a href="/wiki/Investment_management" title="Investment management">investment management</a>.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> In the 21st century, the SEC filings of the major independent investment banks such as <a href="/wiki/Goldman_Sachs" title="Goldman Sachs">Goldman Sachs</a> and <a href="/wiki/Morgan_Stanley" title="Morgan Stanley">Morgan Stanley</a> reflect three product segments: </p> <ol><li>investment banking (mergers and acquisitions, advisory services, and securities underwriting),</li> <li>asset management (sponsored investment funds), and</li> <li>trading and principal investments (broker-dealer activities, including proprietary trading ("dealer" transactions) and brokerage trading ("broker" transactions)).<sup id="cite_ref-Rhee2010_6-0" class="reference"><a href="#cite_note-Rhee2010-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup></li></ol> <p>In the United States, commercial banking and investment banking were separated by the <a href="/wiki/Glass%E2%80%93Steagall_legislation" title="Glass–Steagall legislation">Glass–Steagall Act</a>, which was repealed in 1999. The repeal led to more "<a href="/wiki/Universal_bank" title="Universal bank">universal banks</a>" offering an even greater range of services. Many large commercial banks have therefore developed investment banking divisions through acquisitions and hiring. Notable full-service investment banks with a significant investment banking division (IBD) include <a href="/wiki/JPMorgan_Chase" title="JPMorgan Chase">JPMorgan Chase</a>, <a href="/wiki/Bank_of_America" title="Bank of America">Bank of America</a>, <a href="/wiki/Citigroup" title="Citigroup">Citigroup</a>, <a href="/wiki/Deutsche_Bank" title="Deutsche Bank">Deutsche Bank</a>, <a href="/wiki/UBS" title="UBS">UBS</a> (Acquired <a href="/wiki/Credit_Suisse" title="Credit Suisse">Credit Suisse</a>), and <a href="/wiki/Barclays" title="Barclays">Barclays</a>. </p><p>After the <a href="/wiki/Financial_crisis_of_2007%E2%80%9308" class="mw-redirect" title="Financial crisis of 2007–08">financial crisis of 2007–08</a> and the subsequent passage of the <i>Dodd-Frank Act of 2010</i>, regulations have limited certain investment banking operations, notably with the Volcker Rule's restrictions on proprietary trading.<sup id="cite_ref-Morrison_7-0" class="reference"><a href="#cite_note-Morrison-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>The traditional service of underwriting security issues has declined as a percentage of revenue. As far back as 1960, 70% of <a href="/wiki/Merrill_Lynch" class="mw-redirect" title="Merrill Lynch">Merrill Lynch</a>'s revenue was derived from transaction commissions while "traditional investment banking" services accounted for 5%. However, Merrill Lynch was a relatively "retail-focused" firm with a large brokerage network.<sup id="cite_ref-Morrison_7-1" class="reference"><a href="#cite_note-Morrison-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Organizational_structure">Organizational structure</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_banking&action=edit&section=4" title="Edit section: Organizational structure"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Core_investment_banking_activities">Core investment banking activities</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_banking&action=edit&section=5" title="Edit section: Core investment banking activities"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Investment banking is split into <a href="/wiki/Front_office_(finance)" class="mw-redirect" title="Front office (finance)">front office</a>, <a href="/wiki/Middle_office" title="Middle office">middle office</a>, and <a href="/wiki/Back_office" title="Back office">back office</a> activities. While large service investment banks offer all lines of business, both "sell side" and "buy side", smaller sell-side advisory firms such as <a href="/wiki/Boutique_investment_bank" title="Boutique investment bank">boutique investment banks</a> and small broker-dealers focus on niche segments within investment banking and sales/trading/research, respectively. </p><p>For example, <a href="/wiki/Evercore" title="Evercore">Evercore (NYSE:EVR)</a> acquired ISI International Strategy & Investment (ISI) in 2014 to expand their revenue into research-driven equity sales and trading.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>Investment banks offer services to both corporations issuing securities and investors buying securities. For corporations, investment bankers offer information on when and how to place their securities on the open market, a highly regulated process by the SEC to ensure transparency is provided to investors. Therefore, investment bankers play a very important role in issuing new security offerings.<sup id="cite_ref-Morrison_7-2" class="reference"><a href="#cite_note-Morrison-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Front_office">Front office</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_banking&action=edit&section=6" title="Edit section: Front office"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><i>Front office</i> is generally described as a <a href="/wiki/Revenue" title="Revenue">revenue</a>-generating role. There are two main areas within front office: investment banking and markets.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <ul><li>Investment banking involves advising organizations on mergers and acquisitions, as well as a wide array of capital raising strategies.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup></li> <li>Markets is divided into "sales and trading" (including "structuring"), and "research".</li></ul> <div class="mw-heading mw-heading5"><h5 id="Corporate_finance">Corporate finance</h5><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_banking&action=edit&section=7" title="Edit section: Corporate finance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <table class="wikitable floatright" width="250"> <tbody><tr style="text-align:center;"> <td>Corporate Finance transactions<sup id="cite_ref-icaew_12-0" class="reference"><a href="#cite_note-icaew-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td> <ul><li><a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">Mergers and acquisitions</a> (M&A), and demergers involving <a href="/wiki/Private_company" class="mw-redirect" title="Private company">private companies</a>.</li> <li>Mergers, demergers and takeovers of <a href="/wiki/Public_company" title="Public company">public companies</a>, including <a href="/wiki/Listing_(finance)#Delisting" title="Listing (finance)">public-to-private</a> deals.</li> <li><a href="/wiki/Management_buy-out" class="mw-redirect" title="Management buy-out">Management buy-outs</a>, buy-ins or similar of companies, divisions or subsidiaries—typically backed by <a href="/wiki/Private_equity" title="Private equity">private equity</a>.</li> <li>Equity issuance by companies, including the listing of companies on a recognised stock exchange by way of an <a href="/wiki/Initial_public_offering" title="Initial public offering">initial public offering</a> (IPO) and the use of online investment and share-trading platforms; the purpose may be to raise capital for development or to restructure ownership.</li> <li>Financing and structuring <a href="/wiki/Joint_venture" title="Joint venture">joint ventures</a> or <a href="/wiki/Project_finance" title="Project finance">project finance</a>.</li> <li>Raising <a href="/wiki/Infrastructure_debt" title="Infrastructure debt">infrastructure finance</a> and advising on <a href="/wiki/Public-private_partnerships" class="mw-redirect" title="Public-private partnerships">public-private partnerships</a> and <a href="/wiki/Privatisation" class="mw-redirect" title="Privatisation">privatisations</a>.</li> <li>Raising capital via the issuance of other forms of equity, debt, <a href="/wiki/Hybrid_security" title="Hybrid security">hybrids of the two</a>, and related securities for the refinancing and <a href="/wiki/Restructuring" title="Restructuring">restructuring of businesses</a>.</li> <li>Raising <a href="/wiki/Seed_capital" class="mw-redirect" title="Seed capital">seed</a>, <a href="/wiki/Startup_company#Investing_rounds" title="Startup company">start-up</a>, development or expansion capital.</li> <li>Raising capital for specialist corporate investment funds, such as private equity, <a href="/wiki/Venture_capital" title="Venture capital">venture capital</a>, debt, real estate and infrastructure funds.</li> <li><a href="/wiki/Secondary_market_offering" title="Secondary market offering">Secondary equity issuance</a>, whether by means of private placing or further issues on a stock market, especially where linked to one of the transactions listed above.</li> <li>Raising and <a href="/wiki/Debt_restructuring" title="Debt restructuring">restructuring private corporate debt</a>, or debt funds.</li></ul> </td></tr></tbody></table> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Corporate_finance#Investment_banking" title="Corporate finance">Corporate finance § Investment banking</a>, and <a href="/wiki/Financial_analyst#Investment_Banking" title="Financial analyst">Financial analyst § Investment Banking</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Independent_advisory_firm" title="Independent advisory firm">Independent advisory firm</a> and <a href="/wiki/Boutique_investment_bank" title="Boutique investment bank">Boutique investment bank</a></div> <p><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a> is the aspect of investment banks which involves helping customers raise <a href="/wiki/Funding" title="Funding">funds</a> in <a href="/wiki/Capital_market" title="Capital market">capital markets</a> and giving advice on <a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">mergers and acquisitions</a> (M&A);<sup id="cite_ref-icaew_12-1" class="reference"><a href="#cite_note-icaew-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> transactions in which capital is raised for the corporation include those listed aside.<sup id="cite_ref-icaew_12-2" class="reference"><a href="#cite_note-icaew-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> This work may involve, i.a., subscribing investors to a security issuance, coordinating with bidders, or negotiating with a merger target. A <a href="/wiki/Pitch_book" title="Pitch book">pitch book</a>, also called a confidential information memorandum (CIM), is a document that highlights the relevant financial information, past transaction experience, and background of the deal team to market the bank to a potential M&A client; if the pitch is successful, the bank arranges the deal for the client.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>Recent legal and regulatory developments in the U.S. will likely alter the makeup of the group of arrangers and financiers willing to arrange and provide financing for certain highly leveraged transactions.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading5"><h5 id="Sales_and_trading">Sales and trading</h5><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_banking&action=edit&section=8" title="Edit section: Sales and trading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Sales_and_trading" title="Sales and trading">Sales and trading</a></div> <p>On behalf of the bank and its clients, a large investment bank's primary function is buying and selling products.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p><p><i>Sales</i> is the term for the investment bank's sales force, whose primary job is to call on institutional and high-net-worth investors to suggest trading ideas (on a <a href="/wiki/Caveat_emptor" title="Caveat emptor">caveat emptor</a> basis) and take orders. Sales desks then communicate their clients' orders to the appropriate <a href="/wiki/Trading_room" title="Trading room">trading rooms</a>, which can price and execute trades, or structure new products that fit a specific need. Sales make deals tailored to their corporate customers' needs, that is, their terms are often specific. Focusing on their customer relationship, they may deal on the whole range of asset types. (In distinction, trades negotiated by market-makers usually bear standard terms; in <a href="/wiki/Market_maker" title="Market maker">market making</a>, traders will buy and sell financial products with the goal of making money on each trade. See under <a href="/wiki/Trading_desk" class="mw-redirect" title="Trading desk">trading desk</a>.) </p><p><i>Structuring</i> has been a relatively recent activity as derivatives have come into play, with <a href="/wiki/Structurer" title="Structurer">highly technical and numerate employees</a> working on creating complex <a href="/wiki/Structured_product" title="Structured product">structured products</a> which typically offer much greater margins and returns than underlying cash securities, so-called "yield enhancement". In 2010, investment banks came under pressure as a result of selling complex derivatives contracts to local municipalities in Europe and the US.<sup id="cite_ref-IB_FT_17-0" class="reference"><a href="#cite_note-IB_FT-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p><p><i>Strategists</i> advise external as well as internal clients on the strategies that can be adopted in various markets. Ranging from derivatives to specific industries, strategists place companies and industries in a quantitative framework with full consideration of the macroeconomic scene. This strategy often affects the way the firm will operate in the market, the direction it would like to take in terms of its proprietary and flow positions, the suggestions salespersons give to clients, as well as the way <a href="/wiki/Structurer" title="Structurer">structurers</a> create new products. </p><p>Banks also undertake risk through <a href="/wiki/Proprietary_trading" title="Proprietary trading">proprietary trading</a>, performed by a special set of traders who do not interface with clients and through "principal risk"—risk undertaken by a trader after he buys or sells a product to a client and does not hedge his total exposure. Here, and in general, banks seek to maximize profitability for a given amount of risk on their balance sheet. Note here that the <a href="/wiki/FRTB" class="mw-redirect" title="FRTB">FRTB</a> framework has underscored the distinction between the "<a href="/wiki/Trading_book" class="mw-redirect" title="Trading book">Trading book</a>" and the "<a href="/wiki/Banking_book" class="mw-redirect" title="Banking book">Banking book</a>" - i.e. assets intended for active trading, as opposed to assets expected to be held to maturity - and market risk <a href="/wiki/Capital_requirements" class="mw-redirect" title="Capital requirements">capital requirements</a> will differ accordingly. </p><p>The necessity for numerical ability in sales and trading has created jobs for <a href="/wiki/Physics" title="Physics">physics</a>, <a href="/wiki/Computer_science" title="Computer science">computer science</a>, <a href="/wiki/Mathematics" title="Mathematics">mathematics</a>, and <a href="/wiki/Engineering" title="Engineering">engineering</a> <a href="/wiki/PhD" class="mw-redirect" title="PhD">PhDs</a> who act as <a href="/wiki/Quantitative_analysis_(finance)#Front_office_quantitative_analyst" title="Quantitative analysis (finance)">"front office" quantitative analysts</a>. </p> <div class="mw-heading mw-heading5"><h5 id="Research">Research</h5><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_banking&action=edit&section=9" title="Edit section: Research"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Financial_analyst" title="Financial analyst">Financial analyst</a>, <a href="/wiki/Quantitative_analyst" class="mw-redirect" title="Quantitative analyst">Quantitative analyst</a>, and <a href="/wiki/Economic_analyst" class="mw-redirect" title="Economic analyst">Economic analyst</a></div> <p>The <a href="/wiki/Securities_research" title="Securities research">securities research</a> division reviews companies and <a href="/wiki/Securities_research" title="Securities research">writes reports</a> about their prospects, often with "buy", "hold", or "sell" ratings. Investment banks typically have <a href="/wiki/Sell-side_analyst" title="Sell-side analyst">sell-side analysts</a> which cover various industries. Their sponsored funds or proprietary trading offices will also have buy-side research. Research also covers <a href="/wiki/Credit_risk" title="Credit risk">credit risk</a>, <a href="/wiki/Fixed_income" title="Fixed income">fixed income</a>, <a href="/wiki/Macroeconomic" class="mw-redirect" title="Macroeconomic">macroeconomics</a>, and <a href="/wiki/Quantitative_analysis_(finance)" title="Quantitative analysis (finance)">quantitative analysis</a>, all of which are used internally and externally to advise clients; alongside "Equity", these may be separate "groups". The research group(s) typically provide a key service in terms of advisory and strategy. </p><p>While the research division may or may not generate revenue (based on the specific compliance policies at different banks), its resources are used to assist traders in trading, the sales force in suggesting ideas to customers, and investment bankers by covering their clients.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> Research also serves outside clients with investment advice (such as institutional investors and high-net-worth individuals) in the hopes that these clients will execute suggested <a href="/wiki/Trade_idea" title="Trade idea">trade ideas</a> through the sales and trading division of the bank, and thereby generate revenue for the firm. </p><p>With <a href="/wiki/MiFID_II" class="mw-redirect" title="MiFID II">MiFID II</a> requiring sell-side research teams in banks to charge for research, the business model for research is increasingly becoming revenue-generating. External rankings of researchers are becoming increasingly important, and banks have started the process of monetizing research publications, client interaction times, meetings with clients etc. </p><p>There is a potential conflict of interest between the investment bank and its analysis, in that published analysis can impact the performance of a security (in the secondary markets or an initial public offering) or influence the relationship between the banker and its corporate clients, and vice versa regarding <a href="/wiki/Material_non-public_information" class="mw-redirect" title="Material non-public information">material non-public information</a> (MNPI), thereby affecting the bank's profitability.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> See also <a href="/wiki/Chinese_wall#Finance" title="Chinese wall">Chinese wall § Finance</a>. </p> <div class="mw-heading mw-heading4"><h4 id="Middle_office">Middle office</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_banking&action=edit&section=10" title="Edit section: Middle office"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>This area of the bank includes <a href="/wiki/Treasury_management" title="Treasury management">treasury management</a>, internal controls (such as Risk), and internal corporate strategy. </p><p><a href="/wiki/Corporate_treasury" class="mw-redirect" title="Corporate treasury">Corporate treasury</a> is responsible for an investment bank's funding, capital structure management, and <a href="/wiki/Liquidity_risk" title="Liquidity risk">liquidity risk</a> monitoring; it is (co)responsible for the bank's <a href="/wiki/Funds_transfer_pricing" title="Funds transfer pricing">funds transfer pricing</a> (FTP) framework. </p><p><a href="/wiki/Internal_control" title="Internal control">Internal control</a> tracks and analyzes the capital flows of the firm, the finance division is the principal adviser to senior management on essential areas such as controlling the firm's global risk exposure and the profitability and structure of the firm's various businesses via dedicated trading desk <a href="/wiki/Product_control" title="Product control">product control</a> teams. In the United States and United Kingdom, a <a href="/wiki/Comptroller" title="Comptroller">comptroller</a> (or financial controller) is a senior position, often reporting to the chief financial officer. </p> <div class="mw-heading mw-heading5"><h5 id="Risk_management">Risk management</h5><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_banking&action=edit&section=11" title="Edit section: Risk management"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Financial_risk_management#Banking" title="Financial risk management">Financial risk management § Banking</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Bank#Capital_and_risk" title="Bank">Bank § Capital and risk</a>, <a href="/wiki/Treasury_management#Banks" title="Treasury management">Treasury management § Banks</a>, <a href="/wiki/Quantitative_analysis_(finance)#Risk_management" title="Quantitative analysis (finance)">Quantitative analysis (finance) § Risk management</a>, and <a href="/wiki/Financial_analyst#Middle_office" title="Financial analyst">Financial analyst § Middle office</a></div> <p>Risk management involves analyzing the <a href="/wiki/Market_risk" title="Market risk">market</a> and <a href="/wiki/Credit_risk" title="Credit risk">credit risk</a> that an investment bank or its clients take onto their balance sheet during transactions or trades. </p><p>Middle office "Credit Risk" focuses around capital markets activities, such as <a href="/wiki/Syndicated_loan" title="Syndicated loan">syndicated loans</a>, bond issuance, <a href="/wiki/Restructuring" title="Restructuring">restructuring</a>, and leveraged finance. These are not considered "front office" as they tend not to be client-facing and rather 'control' banking functions from taking too much risk. "Market Risk" is the control function for the Markets' business and conducts review of sales and trading activities utilizing the <a href="/wiki/Value_at_risk" title="Value at risk">VaR model</a>. Other Middle office "Risk Groups" include country risk, operational risk, and counterparty risks which may or may not exist on a bank to bank basis. </p><p>Front office risk teams, on the other hand, engage in revenue-generating activities involving debt structuring, restructuring, <a href="/wiki/Syndicated_loan" title="Syndicated loan">syndicated loans</a>, and securitization for clients such as corporates, governments, and hedge funds. Here "Credit Risk Solutions", are a key part of capital market transactions, involving <a href="/wiki/Structured_finance#Structure" title="Structured finance">debt structuring</a>, exit financing, loan amendment, <a href="/wiki/Project_finance" title="Project finance">project finance</a>, <a href="/wiki/Leveraged_buy-out" class="mw-redirect" title="Leveraged buy-out">leveraged buy-outs</a>, and sometimes portfolio hedging. The "Market Risk Team" provides services to investors via derivative solutions, <a href="/wiki/Portfolio_manager" title="Portfolio manager">portfolio management</a>, portfolio consulting, and risk advisory. </p><p>Well-known "Risk Groups" are at <a href="/wiki/JPMorgan_Chase" title="JPMorgan Chase">JPMorgan Chase</a>, <a href="/wiki/Morgan_Stanley" title="Morgan Stanley">Morgan Stanley</a>, <a href="/wiki/Goldman_Sachs" title="Goldman Sachs">Goldman Sachs</a> and <a href="/wiki/Barclays" title="Barclays">Barclays</a>. J.P. Morgan IB Risk works with investment banking to execute transactions and advise investors, although its Finance & Operation risk groups focus on middle office functions involving internal, non-revenue generating, operational risk controls.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Credit_default_swap" title="Credit default swap">credit default swap</a>, for instance, is a famous credit risk hedging solution for clients invented by J.P. Morgan's <a href="/wiki/Blythe_Masters" title="Blythe Masters">Blythe Masters</a> during the 1990s. The Loan Risk Solutions group<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> within Barclays' investment banking division and Risk Management and Financing group<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> housed in Goldman Sach's securities division are client-driven franchises. </p><p>Risk management groups such as credit risk, operational risk, internal risk control, and legal risk are restrained to internal business functions — including firm balance-sheet risk analysis and assigning the trading cap — that are independent of client needs, even though these groups may be responsible for deal approval that directly affects capital market activities. Similarly, the <i>Internal corporate strategy</i> group, tackling firm management and profit strategy, unlike corporate strategy groups that advise clients, is non-revenue regenerating yet a key functional role within investment banks. </p><p>This list is not a comprehensive summary of all middle-office functions within an investment bank, as specific desks within front and back offices may participate in internal functions.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Back_office">Back office</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_banking&action=edit&section=12" title="Edit section: Back office"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The back office data-checks trades that have been conducted, ensuring that they are not wrong, and transacts the required transfers. Many banks have outsourced operations. It is, however, a critical part of the bank.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (February 2016)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading5"><h5 id="Technology">Technology</h5><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_banking&action=edit&section=13" title="Edit section: Technology"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Every major investment bank has considerable amounts of in-house <a href="/wiki/Software" title="Software">software</a>, created by the technology team, who are also responsible for <a href="/wiki/Technical_support" title="Technical support">technical support</a>. Technology has changed considerably in the last few years as more sales and trading desks are using electronic processing. Some trades are initiated by complex <a href="/wiki/Algorithms" class="mw-redirect" title="Algorithms">algorithms</a> for <a href="/wiki/Hedge_(finance)" title="Hedge (finance)">hedging</a> purposes. </p><p>Firms are responsible for compliance with local and foreign government regulations and internal regulations. </p> <div class="mw-heading mw-heading3"><h3 id="Other_businesses">Other businesses</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_banking&action=edit&section=14" title="Edit section: Other businesses"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><b>Global transaction banking</b> is the division that provides cash management, <a href="/w/index.php?title=Securities_Services&action=edit&redlink=1" class="new" title="Securities Services (page does not exist)">securities services</a> (including custody and securities lending etc.) to institutions. <a href="/wiki/Prime_brokerage" title="Prime brokerage">Prime brokerage</a> with hedge funds has been an especially profitable business, as well as risky, as seen in the <a href="/wiki/Bank_run" title="Bank run">bank run</a> with <a href="/wiki/Bear_Stearns" title="Bear Stearns">Bear Stearns</a> in 2008.</li> <li><b><a href="/wiki/Investment_management" title="Investment management">Investment management</a></b> is the professional management of various securities (<a href="/wiki/Stock" title="Stock">stocks</a>, <a href="/wiki/Bond_(finance)" title="Bond (finance)">bonds</a>, etc.) and other assets (e.g., <a href="/wiki/Real_estate" title="Real estate">real estate</a>), to meet specified investment goals for the benefit of investors. Investors may be institutions (<a href="/wiki/Insurance_companies" class="mw-redirect" title="Insurance companies">insurance companies</a>, <a href="/wiki/Pension_fund" title="Pension fund">pension funds</a>, <a href="/wiki/Corporation" title="Corporation">corporations</a> etc.) or <a href="/wiki/Private_investors" class="mw-redirect" title="Private investors">private investors</a> (both directly via investment contracts and more commonly via <a href="/wiki/Investment_fund" title="Investment fund">investment funds</a> e.g., <a href="/wiki/Mutual_fund" title="Mutual fund">mutual funds</a>). The investment management division of an investment bank is generally divided into separate groups, often known as <a href="/wiki/Wealth_management" title="Wealth management">private wealth management</a> and <a href="/wiki/Private_banking" title="Private banking">private client services</a>.</li> <li><b><a href="/wiki/Merchant_banking" class="mw-redirect" title="Merchant banking">Merchant banking</a></b> can be called "very personal banking"; merchant banks offer capital in exchange for share ownership rather than loans, and offer advice on management and strategy. Merchant banking is also a name used to describe the private equity side of a firm.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> Current examples include <a href="/wiki/Defoe_Fournier_%26_Cie." title="Defoe Fournier & Cie.">Defoe Fournier & Cie.</a> and JPMorgan Chase's <a href="/wiki/One_Equity_Partners" title="One Equity Partners">One Equity Partners</a>. The original <a href="/wiki/J.P._Morgan_%26_Co." title="J.P. Morgan & Co.">J.P. Morgan & Co.</a>, <a href="/wiki/Rothschild_%26_Co" title="Rothschild & Co">Rothschilds</a>, <a href="/wiki/Barings" class="mw-redirect" title="Barings">Barings</a> and <a href="/wiki/Warburgs" class="mw-redirect" title="Warburgs">Warburgs</a> were all merchant banks. At the present date, a LionTree, an independent investment and merchant bank originally became a "merchant bank" was the British English term for an investment bank.</li></ul> <div class="mw-heading mw-heading2"><h2 id="Industry_profile">Industry profile</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_banking&action=edit&section=15" title="Edit section: Industry profile"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The investment banking industry can be broken up into <a href="/wiki/Bulge_Bracket" class="mw-redirect" title="Bulge Bracket">Bulge Bracket</a> (upper tier), <a href="/wiki/Bulge_Bracket#Middle_Market" class="mw-redirect" title="Bulge Bracket">Middle Market</a> (mid-level businesses), and <a href="/wiki/Boutique_investment_bank" title="Boutique investment bank">boutique market</a> (specialized businesses) categories. There are various <a href="/wiki/Trade_association" title="Trade association">trade</a> associations throughout the world which represent the industry in <a href="/wiki/Lobbying" title="Lobbying">lobbying</a>, facilitate industry standards, and publish statistics. The International Council of Securities Associations (ICSA) is a global group of trade associations. </p><p>In the United States, the <a href="/wiki/Securities_Industry_and_Financial_Markets_Association" title="Securities Industry and Financial Markets Association">Securities Industry and Financial Markets Association</a> (SIFMA) is likely the most significant; however, several of the large investment banks are members of the <a href="/wiki/American_Bankers_Association" title="American Bankers Association">American Bankers Association</a> Securities Association (ABASA),<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> while small investment banks are members of the National Investment Banking Association (NIBA). </p><p>In Europe, the European Forum of Securities Associations was formed in 2007 by various European trade associations.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> Several European trade associations (principally the London Investment Banking Association and the European SIFMA affiliate) combined in November 2009 to form the <a href="/wiki/Association_for_Financial_Markets_in_Europe" title="Association for Financial Markets in Europe">Association for Financial Markets in Europe</a> (AFME).<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p><p>In the <a href="/wiki/Securities_industry_in_China" title="Securities industry in China">securities industry in China</a>, the <a href="/wiki/Securities_Association_of_China" title="Securities Association of China">Securities Association of China</a> is a self-regulatory organization whose members are largely investment banks. </p> <div class="mw-heading mw-heading3"><h3 id="Global_size_and_revenue_mix">Global size and revenue mix</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_banking&action=edit&section=16" title="Edit section: Global size and revenue mix"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Global investment banking revenue increased for the fifth year running in 2007, to a record US$84 billion, which was up 22% on the previous year and more than double the level in 2003.<sup id="cite_ref-IFSL2010_30-0" class="reference"><a href="#cite_note-IFSL2010-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> Subsequent to their exposure to United States <a href="/wiki/Subprime_lending" title="Subprime lending">sub-prime</a> securities investments, many investment banks have experienced losses. As of late 2012, global revenues for investment banks were estimated at $240 billion, down about a third from 2009, as companies pursued less deals and traded less.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> Differences in total revenue are likely due to different ways of classifying investment banking revenue, such as subtracting proprietary trading revenue. </p><p>In terms of total revenue, SEC filings of the major independent investment banks in the United States show that investment banking (defined as M&A advisory services and security underwriting) made up only about 15–20% of total revenue for these banks from 1996 to 2006, with the majority of revenue (60+% in some years) brought in by "trading" which includes brokerage commissions and proprietary trading; the proprietary trading is estimated to provide a significant portion of this revenue.<sup id="cite_ref-Rhee2010_6-1" class="reference"><a href="#cite_note-Rhee2010-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>The United States generated 46% of global revenue in 2009, down from 56% in 1999. Europe (with <a href="/wiki/Middle_East" title="Middle East">Middle East</a> and <a href="/wiki/Africa" title="Africa">Africa</a>) generated about a third, while Asian countries generated the remaining 21%.<sup id="cite_ref-IFSL2010_30-1" class="reference"><a href="#cite_note-IFSL2010-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 8">: 8 </span></sup> The industry is heavily concentrated in a small number of major financial centers, including <a href="/wiki/New_York_City" title="New York City">New York City</a>, <a href="/wiki/City_of_London" title="City of London">City of London</a>, <a href="/wiki/Frankfurt#Economy_and_business" title="Frankfurt">Frankfurt</a>, <a href="/wiki/Hong_Kong" title="Hong Kong">Hong Kong</a>, <a href="/wiki/Singapore" title="Singapore">Singapore</a>, and <a href="/wiki/Tokyo" title="Tokyo">Tokyo</a>. The majority of the world's largest <a href="/wiki/Bulge_Bracket" class="mw-redirect" title="Bulge Bracket">Bulge Bracket</a> investment banks and their <a href="/wiki/Investment_management" title="Investment management">investment managers</a> are headquartered in New York and are also important participants in other financial centers.<sup id="cite_ref-NYCWorld'sLargestInvestmentBankingCenter_32-0" class="reference"><a href="#cite_note-NYCWorld'sLargestInvestmentBankingCenter-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> The city of London has historically served as a hub of European M&A activity, often facilitating the most capital movement and <a href="/wiki/Corporate_finance" title="Corporate finance">corporate restructuring</a> in the area.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> Meanwhile, Asian cities are receiving a growing share of M&A activity. </p><p>According to estimates published by the <a href="/wiki/International_Financial_Services_London" title="International Financial Services London">International Financial Services London</a>, for the decade prior to the financial crisis in 2008, M&A was a primary source of investment banking revenue, often accounting for 40% of such revenue, but dropped during and after the financial crisis.<sup id="cite_ref-IFSL2010_30-2" class="reference"><a href="#cite_note-IFSL2010-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 9">: 9 </span></sup> Equity underwriting revenue ranged from 30% to 38%, and fixed-income underwriting accounted for the remaining revenue.<sup id="cite_ref-IFSL2010_30-3" class="reference"><a href="#cite_note-IFSL2010-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 9">: 9 </span></sup> </p><p>Revenues have been affected by the introduction of new products with higher <a href="/wiki/Margin_(finance)" title="Margin (finance)">margins</a>; however, these innovations are often copied quickly by competing banks, pushing down trading margins. For example, brokerages commissions for bond and equity trading is a commodity business, but structuring and trading derivatives have higher margins because each <a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">over-the-counter</a> contract has to be uniquely structured and could involve complex pay-off and risk profiles. One growth area is <a href="/wiki/Private_investment_in_public_equity" title="Private investment in public equity">private investment in public equity</a> (PIPEs, otherwise known as Regulation D or Regulation S). Such transactions are privately negotiated between companies and <a href="/wiki/Accredited_investor" title="Accredited investor">accredited investors</a>. </p><p>Banks also earned revenue by securitizing debt, particularly mortgage debt prior to the financial crisis. Investment banks have become concerned that lenders are securitizing in-house, driving the investment banks to pursue <a href="/wiki/Vertical_integration" title="Vertical integration">vertical integration</a> by becoming lenders, which has been allowed in the United States since the repeal of the Glass–Steagall Act in 1999.<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Top_10_banks">Top 10 banks</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_banking&action=edit&section=17" title="Edit section: Top 10 banks"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/List_of_investment_banks#Largest_full-service_investment_banks" title="List of investment banks">List of investment banks § Largest full-service investment banks</a>, and <a href="/wiki/Bulge_Bracket#Membership" class="mw-redirect" title="Bulge Bracket">Bulge Bracket § Membership</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:270_Park_Avenue_(WTM_by_official-ly_cool_100).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/56/270_Park_Avenue_%28WTM_by_official-ly_cool_100%29.jpg/220px-270_Park_Avenue_%28WTM_by_official-ly_cool_100%29.jpg" decoding="async" width="220" height="293" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/56/270_Park_Avenue_%28WTM_by_official-ly_cool_100%29.jpg/330px-270_Park_Avenue_%28WTM_by_official-ly_cool_100%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/56/270_Park_Avenue_%28WTM_by_official-ly_cool_100%29.jpg/440px-270_Park_Avenue_%28WTM_by_official-ly_cool_100%29.jpg 2x" data-file-width="1536" data-file-height="2048" /></a><figcaption>Many of the largest investment banks, including <a href="/wiki/JPMorgan_Chase" title="JPMorgan Chase">JPMorgan Chase</a>, belong to the <a href="/wiki/Bulge_Bracket" class="mw-redirect" title="Bulge Bracket">Bulge Bracket</a>. </figcaption></figure> <p>According to <i><a href="/wiki/The_Wall_Street_Journal" title="The Wall Street Journal">The Wall Street Journal</a></i>, in terms of total M&A advisory fees for the whole of 2020, the top ten investment banks were as listed in the table below.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> Many of these firms belong either to the <a href="/wiki/Bulge_Bracket" class="mw-redirect" title="Bulge Bracket">Bulge Bracket</a> (upper tier), <a href="/wiki/Bulge_Bracket#Middle_Market" class="mw-redirect" title="Bulge Bracket">Middle Market</a> (mid-level businesses), or are elite <a href="/wiki/Boutique_investment_bank" title="Boutique investment bank">boutique investment banks</a> (independent advisory investment banks). </p> <table class="wikitable"> <tbody><tr valign="top"> <th>Rank </th> <th>Company </th> <th>Ticker </th> <th>Fees ($bn) </th></tr> <tr valign="top"> <td align="center">1. </td> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/United_States" title="United States"><img alt="United States" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></a></span></span> <a href="/wiki/Goldman_Sachs" title="Goldman Sachs">Goldman Sachs</a> </td> <td>GS </td> <td align="right">287.1 </td></tr> <tr valign="top"> <td align="center">2. </td> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/United_States" title="United States"><img alt="United States" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></a></span></span> <a href="/wiki/Morgan_Stanley" title="Morgan Stanley">Morgan Stanley</a> </td> <td>MS </td> <td align="right">252.2 </td></tr> <tr valign="top"> <td align="center">3. </td> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/United_States" title="United States"><img alt="United States" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></a></span></span> <a href="/wiki/JPMorgan_Chase" title="JPMorgan Chase">JPMorgan Chase</a> </td> <td>JPM </td> <td align="right">208.1 </td></tr> <tr valign="top"> <td align="center">4. </td> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/United_States" title="United States"><img alt="United States" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></a></span></span> <a href="/wiki/Bank_of_America_Merrill_Lynch" class="mw-redirect" title="Bank of America Merrill Lynch">Bank of America Merrill Lynch</a> </td> <td>BAC </td> <td align="right">169.9 </td></tr> <tr valign="top"> <td align="center">5. </td> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/United_Kingdom" title="United Kingdom"><img alt="United Kingdom" src="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/23px-Flag_of_the_United_Kingdom.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/35px-Flag_of_the_United_Kingdom.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/46px-Flag_of_the_United_Kingdom.svg.png 2x" data-file-width="1200" data-file-height="600" /></a></span></span> <a href="/wiki/Rothschild_%26_Co" title="Rothschild & Co">Rothschild & Co</a> </td> <td>ROTH </td> <td align="right">94.6 </td></tr> <tr valign="top"> <td align="center">6. </td> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/United_States" title="United States"><img alt="United States" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></a></span></span> <a href="/wiki/Citigroup" title="Citigroup">Citi</a> </td> <td>C </td> <td align="right">91.8 </td></tr> <tr valign="top"> <td align="center">7. </td> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/United_States" title="United States"><img alt="United States" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></a></span></span> <a href="/wiki/Evercore" title="Evercore">Evercore</a> </td> <td>EVR </td> <td align="right">90.3 </td></tr> <tr valign="top"> <td align="center">8. </td> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/Switzerland" title="Switzerland"><img alt="Switzerland" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/08/Flag_of_Switzerland_%28Pantone%29.svg/16px-Flag_of_Switzerland_%28Pantone%29.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/08/Flag_of_Switzerland_%28Pantone%29.svg/24px-Flag_of_Switzerland_%28Pantone%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/08/Flag_of_Switzerland_%28Pantone%29.svg/32px-Flag_of_Switzerland_%28Pantone%29.svg.png 2x" data-file-width="512" data-file-height="512" /></a></span></span> <a href="/wiki/Credit_Suisse" title="Credit Suisse">Credit Suisse</a> </td> <td>CS </td> <td align="right">90.2 </td></tr> <tr valign="top"> <td align="center">9. </td> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/United_Kingdom" title="United Kingdom"><img alt="United Kingdom" src="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/23px-Flag_of_the_United_Kingdom.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/35px-Flag_of_the_United_Kingdom.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/46px-Flag_of_the_United_Kingdom.svg.png 2x" data-file-width="1200" data-file-height="600" /></a></span></span> <a href="/wiki/Barclays" title="Barclays">Barclays</a> </td> <td>BCS </td> <td align="right">71.7 </td></tr> <tr valign="top"> <td align="center">10. </td> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/Switzerland" title="Switzerland"><img alt="Switzerland" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/08/Flag_of_Switzerland_%28Pantone%29.svg/16px-Flag_of_Switzerland_%28Pantone%29.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/08/Flag_of_Switzerland_%28Pantone%29.svg/24px-Flag_of_Switzerland_%28Pantone%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/08/Flag_of_Switzerland_%28Pantone%29.svg/32px-Flag_of_Switzerland_%28Pantone%29.svg.png 2x" data-file-width="512" data-file-height="512" /></a></span></span> <a href="/wiki/UBS" title="UBS">UBS</a> </td> <td>UBS </td> <td align="right">65.9 </td></tr></tbody></table> <p>The above list is just a ranking of the advisory arm (M&A advisory, syndicated loans, <a href="/wiki/Equity_(finance)" title="Equity (finance)">equity</a> capital markets, and <a href="/wiki/Debt" title="Debt">debt</a> capital markets) of each bank and does not include the generally much larger portion of revenues from <a href="/wiki/Sales_and_trading" title="Sales and trading">sales & trading</a> and <a href="/wiki/Asset_management" title="Asset management">asset management</a>. Mergers and acquisitions and capital markets are also often covered by <i>The Wall Street Journal</i> and <a href="/wiki/Bloomberg_L.P." title="Bloomberg L.P.">Bloomberg</a>. </p> <table style="margin:0; border:none;"><tbody><tr><td style="border:none; padding:0;"><div class="notheme barbox" style="overflow-x: auto;"> <div style="border:1px solid silver; font-size:88%; padding:0.4em; width:400px; background: white; color: black;"> <table style="text-align:left; border-collapse:collapse; width:100%;"> <tbody><tr style="background:#DDD"><th style="text-align:center;" colspan="5">Global market share of revenue of leading investment<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup></th></tr> <tr style="font-size:88%; height:4px;"> <td colspan="2" style="padding:0 4px; text-align:left;">institutions</td> <td style="width:100px; text-align:left;"></td> <td style="padding:0 4px; width:1em; text-align:right;"></td> <td style="padding:0 4px; text-align:right;">percentage</td> </tr> <tr> <td colspan="2" style="padding-right:0.4em; padding-left:0.4em"><a href="/wiki/JPMorgan_Chase" title="JPMorgan Chase">JPMorgan Chase</a></td> <td style="border-left:solid 1px silver;border-right:solid 1px silver;"><div style="background:red; width:81px; overflow:hidden"> </div></td> <td colspan="2" style="min-width:3em;padding-left:0.4em; text-align:right">8.1</td> </tr> <tr> <td colspan="2" style="padding-right:0.4em; padding-left:0.4em"><a href="/wiki/Goldman_Sachs" title="Goldman Sachs">Goldman Sachs</a></td> <td style="border-left:solid 1px silver;border-right:solid 1px silver;"><div style="background:green; width:69px; overflow:hidden"> </div></td> <td colspan="2" style="min-width:3em;padding-left:0.4em; text-align:right">7.2</td> </tr> <tr> <td colspan="2" style="padding-right:0.4em; padding-left:0.4em"><a href="/wiki/Bank_of_America_Merrill_Lynch" class="mw-redirect" title="Bank of America Merrill Lynch">Bank of America Merrill Lynch</a></td> <td style="border-left:solid 1px silver;border-right:solid 1px silver;"><div style="background:blue; width:65px; overflow:hidden"> </div></td> <td colspan="2" style="min-width:3em;padding-left:0.4em; text-align:right">6.1</td> </tr> <tr> <td colspan="2" style="padding-right:0.4em; padding-left:0.4em"><a href="/wiki/Morgan_Stanley" title="Morgan Stanley">Morgan Stanley</a></td> <td style="border-left:solid 1px silver;border-right:solid 1px silver;"><div style="background:orange; width:61px; overflow:hidden"> </div></td> <td colspan="2" style="min-width:3em;padding-left:0.4em; text-align:right">5.8</td> </tr> <tr> <td colspan="2" style="padding-right:0.4em; padding-left:0.4em"><a href="/wiki/Citi" class="mw-redirect" title="Citi">Citi</a></td> <td style="border-left:solid 1px silver;border-right:solid 1px silver;"><div style="background:yellow; width:58px; overflow:hidden"> </div></td> <td colspan="2" style="min-width:3em;padding-left:0.4em; text-align:right">5.3</td> </tr> <tr> <td colspan="2" style="padding-right:0.4em; padding-left:0.4em"><a href="/wiki/Credit_Suisse" title="Credit Suisse">Credit Suisse</a></td> <td style="border-left:solid 1px silver;border-right:solid 1px silver;"><div style="background:fuchsia; width:46px; overflow:hidden"> </div></td> <td colspan="2" style="min-width:3em;padding-left:0.4em; text-align:right">4.5</td> </tr> <tr> <td colspan="2" style="padding-right:0.4em; padding-left:0.4em"><a href="/wiki/Barclays" title="Barclays">Barclays</a></td> <td style="border-left:solid 1px silver;border-right:solid 1px silver;"><div style="background:aqua; width:43px; overflow:hidden"> </div></td> <td colspan="2" style="min-width:3em;padding-left:0.4em; text-align:right">4.3</td> </tr> <tr> <td colspan="2" style="padding-right:0.4em; padding-left:0.4em"><a href="/wiki/Deutsche_Bank" title="Deutsche Bank">Deutsche Bank</a></td> <td style="border-left:solid 1px silver;border-right:solid 1px silver;"><div style="background:brown; width:34px; overflow:hidden"> </div></td> <td colspan="2" style="min-width:3em;padding-left:0.4em; text-align:right">3.2</td> </tr> <tr> <td colspan="2" style="padding-right:0.4em; padding-left:0.4em"><a href="/wiki/UBS" title="UBS">UBS</a></td> <td style="border-left:solid 1px silver;border-right:solid 1px silver;"><div style="background:silver; width:24px; overflow:hidden"> </div></td> <td colspan="2" style="min-width:3em;padding-left:0.4em; text-align:right">2.2</td> </tr> <tr> <td colspan="2" style="padding-right:0.4em; padding-left:0.4em"><a href="/wiki/RBC_Capital_Markets" title="RBC Capital Markets">RBC Capital Markets</a></td> <td style="border-left:solid 1px silver;border-right:solid 1px silver;"><div style="background:purple; width:22px; overflow:hidden"> </div></td> <td colspan="2" style="min-width:3em;padding-left:0.4em; text-align:right">2.2</td> </tr> <tr><td colspan="5" style="padding:5px; text-align:left;">(as of December 2017)</td></tr> </tbody></table> </div> </div></td></tr></tbody></table> <div class="mw-heading mw-heading2"><h2 id="Financial_crisis_of_2007–2008"><span id="Financial_crisis_of_2007.E2.80.932008"></span>Financial crisis of 2007–2008</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_banking&action=edit&section=18" title="Edit section: Financial crisis of 2007–2008"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/Financial_crisis_of_2007%E2%80%932008" class="mw-redirect" title="Financial crisis of 2007–2008">financial crisis of 2007–2008</a> led to the collapse of several notable investment banks, such as the bankruptcy of <a href="/wiki/Lehman_Brothers" title="Lehman Brothers">Lehman Brothers</a> (one of the largest investment banks in the world) and the hurried fire sale of <a href="/wiki/Merrill_Lynch" class="mw-redirect" title="Merrill Lynch">Merrill Lynch</a> and the much smaller <a href="/wiki/Bear_Stearns" title="Bear Stearns">Bear Stearns</a> to much larger banks, which effectively rescued them from bankruptcy. The entire financial services industry, including numerous investment banks, was bailed out by government taxpayer funded loans through the <a href="/wiki/Troubled_Asset_Relief_Program" title="Troubled Asset Relief Program">Troubled Asset Relief Program</a> (TARP). Surviving U.S. investment banks such as Goldman Sachs and Morgan Stanley converted to traditional bank holding companies to accept TARP relief.<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> Similar situations have occurred across the globe with countries rescuing their banking industry. Initially, banks received part of a $700 billion TARP intended to stabilize the economy and thaw the frozen credit markets.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> Eventually, taxpayer assistance to banks reached nearly $13 trillion—most without much scrutiny—<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> lending did not increase,<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> and credit markets remained frozen.<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> </p><p>The crisis led to questioning of the investment banking <a href="/wiki/Business_model" title="Business model">business model</a><sup id="cite_ref-timesUK_43-0" class="reference"><a href="#cite_note-timesUK-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> without the regulation imposed on it by Glass–Steagall.<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Neutral_point_of_view" title="Wikipedia:Neutral point of view"><span title="This statement is possibly biased. (June 2012)">neutrality</span></a> is <a href="/wiki/Talk:Investment_banking" title="Talk:Investment banking">disputed</a></i>]</sup> Once <a href="/wiki/Robert_Rubin" title="Robert Rubin">Robert Rubin</a>, a former co-chairman of Goldman Sachs, became part of the <a href="/wiki/Clinton_administration" class="mw-redirect" title="Clinton administration">Clinton administration</a> and deregulated banks, the previous conservatism of underwriting established companies and seeking long-term gains was replaced by lower standards and short-term profit.<sup id="cite_ref-mt-bubble_44-0" class="reference"><a href="#cite_note-mt-bubble-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> Formerly, the guidelines said that in order to take a company public, it had to be in business for a minimum of five years and it had to show profitability for three consecutive years. After deregulation, those standards were gone, but small investors did not grasp the full impact of the change.<sup id="cite_ref-mt-bubble_44-1" class="reference"><a href="#cite_note-mt-bubble-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> </p><p>A number of former Goldman Sachs top executives, such as <a href="/wiki/Henry_Paulson" title="Henry Paulson">Henry Paulson</a> and <a href="/wiki/Ed_Liddy" title="Ed Liddy">Ed Liddy</a>, were in high-level positions in government and oversaw the controversial taxpayer-funded <a href="/wiki/Bank_bailout" class="mw-redirect" title="Bank bailout">bank bailout</a>.<sup id="cite_ref-mt-bubble_44-2" class="reference"><a href="#cite_note-mt-bubble-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> The TARP Oversight Report released by the <a href="/wiki/Congressional_Oversight_Panel" class="mw-redirect" title="Congressional Oversight Panel">Congressional Oversight Panel</a> found that the bailout tended to encourage risky behavior and "corrupt[ed] the fundamental tenets of a <a href="/wiki/Market_economy" title="Market economy">market economy</a>".<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup> </p><p>Under threat of a <a href="/wiki/Subpoena" title="Subpoena">subpoena</a>, Goldman Sachs revealed that it received $12.9 billion in taxpayer aid, $4.3 billion of which was then paid out to 32 entities, including many overseas banks, hedge funds, and pensions.<sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> The same year it received $10 billion in aid from the government, it also paid out multimillion-dollar bonuses; the total paid in bonuses was $4.82 billion.<sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> Similarly, Morgan Stanley received $10 billion in TARP funds and paid out $4.475 billion in bonuses.<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Criticisms">Criticisms</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_banking&action=edit&section=19" title="Edit section: Criticisms"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/List_of_corporate_collapses_and_scandals" title="List of corporate collapses and scandals">List of corporate collapses and scandals</a></div> <p>The investment banking industry, including boutique investment banks, have come under criticism for a variety of reasons, including perceived conflicts of interest, overly large pay packages, cartel-like or oligopolistic behavior, taking both sides in transactions, and more.<sup id="cite_ref-greedmerchant_50-0" class="reference"><a href="#cite_note-greedmerchant-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> Investment banking has also been criticized for its opacity.<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> However, the lack of transparency inherent to the investment banking industry is largely due to the necessity to abide by the non-disclosure agreement (NDA) signed with the client. The accidental leak of confidential client data can cause a bank to incur significant monetary losses. </p> <div class="mw-heading mw-heading3"><h3 id="Conflicts_of_interest">Conflicts of interest</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_banking&action=edit&section=20" title="Edit section: Conflicts of interest"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Conflicts of interest may arise between different parts of a bank, creating the potential for <a href="/wiki/Market_manipulation" title="Market manipulation">market manipulation</a>, according to critics. Authorities that regulate investment banking, such as the <a href="/wiki/Financial_Conduct_Authority" title="Financial Conduct Authority">Financial Conduct Authority</a> (FCA) in the <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a> and the <a href="/wiki/U.S._Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission">SEC</a> in the <a href="/wiki/United_States" title="United States">United States</a>, require that banks impose a "Chinese wall" to prevent communication between investment banking on one side and equity research and trading on the other. However, critics say such a barrier does not always exist in practice. <a href="/wiki/Independent_advisory_firm" title="Independent advisory firm">Independent advisory firms</a> that exclusively provide corporate finance advice argue that their advice is not conflicted, unlike <a href="/wiki/Bulge_bracket" title="Bulge bracket">bulge bracket</a> banks. </p><p>Conflicts of interest often arise in relation to investment banks' equity research units, which have long been part of the industry. A common practice is for equity analysts to initiate coverage of a company to develop relationships that lead to highly profitable investment banking business. In the 1990s, many equity researchers allegedly traded positive stock ratings for investment banking business. Alternatively, companies may threaten to divert investment banking business to competitors unless their stock was rated favorably. Laws were passed to criminalize such acts, and increased pressure from regulators and a series of lawsuits, settlements, and prosecutions curbed this business to a large extent following the 2001 stock market tumble after the <a href="/wiki/Dot-com_bubble" title="Dot-com bubble">dot-com bubble</a>. </p><p><a href="/wiki/Philip_Augar" title="Philip Augar">Philip Augar</a>, author of <i>The Greed Merchants</i>, said in an interview that, "You cannot simultaneously serve the interest of issuer clients and investing clients. And it’s not just underwriting and sales; investment banks run proprietary trading operations that are also making a profit out of these securities."<sup id="cite_ref-greedmerchant_50-1" class="reference"><a href="#cite_note-greedmerchant-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> </p><p>Many investment banks also own retail brokerages. During the 1990s, some retail brokerages sold consumers securities which did not meet their stated risk profile. This behavior may have led to investment banking business or even sales of surplus shares during a public offering to keep public perception of the stock favorable. </p><p>Since investment banks engage heavily in trading for their own account, there is always the temptation for them to engage in some form of <a href="/wiki/Front_running" title="Front running">front running</a>—the illegal practice whereby a broker executes orders for their own account before filling orders previously submitted by their customers, thereby benefiting from any changes in prices induced by those orders. </p><p>Documents <a href="/wiki/Under_seal" title="Under seal">under seal</a> in a decade-long lawsuit concerning <a href="/wiki/EToys.com" title="EToys.com">eToys.com</a>'s IPO but obtained by <i>New York Times'</i> Wall Street Business columnist <a href="/wiki/Joe_Nocera" title="Joe Nocera">Joe Nocera</a> alleged that IPOs managed by Goldman Sachs and other investment bankers involved asking for <a href="/wiki/Kickback_(bribery)" title="Kickback (bribery)">kickbacks</a> from their institutional clients who made large profits flipping IPOs which Goldman had intentionally undervalued. Depositions in the lawsuit alleged that clients willingly complied with these demands because they understood it was necessary to participate in future hot issues.<sup id="cite_ref-Nocera_52-0" class="reference"><a href="#cite_note-Nocera-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> <i><a href="/wiki/Reuters" title="Reuters">Reuters</a></i> Wall Street correspondent <a href="/wiki/Felix_Salmon" title="Felix Salmon">Felix Salmon</a> retracted his earlier, more conciliatory statements on the subject and said he believed that the depositions show that companies going public and their initial consumer stockholders are both defrauded by this practice, which may be widespread throughout the IPO <a href="/wiki/Finance_industry" class="mw-redirect" title="Finance industry">finance industry</a>.<sup id="cite_ref-Salmon_53-0" class="reference"><a href="#cite_note-Salmon-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> The case is ongoing, and the allegations remain unproven. </p><p>Nevertheless, the controversy around investment banks intentionally underpricing IPOs for their self-interest has become a highly debated subject. The cause for concern is that the investment banks advising on the IPOs have the incentive to serve institutional investors on the buy-side, creating a valid reason for a potential conflict of interest.<sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> </p><p>The post-IPO spike in the stock price of newly listed companies has only worsened the problem, with one of the leading critics being high-profile venture capital (VC) investor, Bill Gurley.<sup id="cite_ref-55" class="reference"><a href="#cite_note-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Compensation">Compensation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_banking&action=edit&section=21" title="Edit section: Compensation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Investment banking has been criticized for the enormous pay packages awarded to those who work in the industry. According to Bloomberg Wall Street's five biggest firms paid over $3 billion to their executives from 2003 to 2008, "while they presided over the packaging and sale of loans that helped bring down the investment-banking system".<sup id="cite_ref-3billion_56-0" class="reference"><a href="#cite_note-3billion-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> </p><p>In 2003-2007, pay packages included $172 million for Merrill Lynch CEO <a href="/wiki/Stanley_O%27Neal" title="Stanley O'Neal">Stanley O'Neal</a> before the bank was bought by Bank of America, and $161 million for Bear Stearns' <a href="/wiki/James_Cayne" title="James Cayne">James Cayne</a> before the bank collapsed and was sold to JPMorgan Chase.<sup id="cite_ref-3billion_56-1" class="reference"><a href="#cite_note-3billion-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup>Such pay arrangements attracted the ire of <a href="/wiki/Democratic_Party_(United_States)" title="Democratic Party (United States)">Democrats</a> and <a href="/wiki/Republican_Party_(United_States)" title="Republican Party (United States)">Republicans</a> in the <a href="/wiki/United_States_Congress" title="United States Congress">United States Congress</a>, who demanded limits on executive pay in 2008 when the U.S. government was bailing out the industry with a $700 billion financial rescue package.<sup id="cite_ref-3billion_56-2" class="reference"><a href="#cite_note-3billion-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> </p><p>Writing in the <a href="/wiki/Global_Association_of_Risk_Professionals" title="Global Association of Risk Professionals">Global Association of Risk Professionals</a> journal, Aaron Brown, a vice president at Morgan Stanley, says "By any standard of human fairness, of course, investment bankers make obscene amounts of money."<sup id="cite_ref-greedmerchant_50-2" class="reference"><a href="#cite_note-greedmerchant-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_banking&action=edit&section=22" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Alternative_investment" title="Alternative investment">Alternative investment</a></li> <li><a href="/wiki/Boutique_investment_bank" title="Boutique investment bank">Boutique investment bank</a></li> <li><a href="/wiki/Devolvement" title="Devolvement">Devolvement</a></li> <li><a href="/wiki/Independent_advisory_firm" title="Independent advisory firm">Independent advisory firm</a></li> <li><a href="/wiki/Investment_Banking_Exam" title="Investment Banking Exam">Investment Banking Exam</a></li> <li><a href="/wiki/List_of_investment_banks" title="List of investment banks">List of investment banks</a></li> <li><a href="/wiki/Traditional_investments" title="Traditional investments">Traditional investments</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_banking&action=edit&section=23" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.investopedia.com/terms/i/investment-banking.asp">"Investment Banking Definition"</a>. <i><a href="/wiki/Investopedia" title="Investopedia">Investopedia</a></i>. 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Retrieved <span class="nowrap">23 October</span> 2010</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Financial+Times&rft.atitle=UniCredit+municipal+deal+nullified&rft.date=2010-10-22&rft.au=Rachel+Sanderson&rft_id=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F0fb16d54-de18-11df-88cc-00144feabdc0%2Cdwp_uuid%3Deddfd4e0-4bc3-11da-997b-0000779e2340.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInvestment+banking" class="Z3988"></span></span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.finra.org/rules-guidance/key-topics/research-analyst-rules/faq">"Research Rules Frequently Asked Questions (FAQ) | FINRA.org"</a>. <i>www.finra.org</i><span class="reference-accessdate">. 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Morgan"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130319012103/http://www.jpmorgan.com/pages/jpmorgan/investbk/solutions/riskmgmt">Archived</a> from the original on 2013-03-19<span class="reference-accessdate">. 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Retrieved <span class="nowrap">2013-02-23</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=J.P.+Morgan+%26%23124%3B+Business+areas+%E2%80%93+Finance&rft_id=http%3A%2F%2Fcareers.jpmorgan.com%2Fstudent%2Fjpmorgan%2Fcareers%2Fus%2Fbusiness%2Ffinance&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInvestment+banking" class="Z3988"></span></span> </li> <li id="cite_note-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-23">^</a></b></span> <span class="reference-text">Barclays Risk Loan <a rel="nofollow" class="external free" href="http://www.barcap.com/client-offering/investment-banking.html">http://www.barcap.com/client-offering/investment-banking.html</a> <a rel="nofollow" class="external text" href="https://archive.today/20130407181316/http://www.barcap.com/client-offering/investment-banking.html">Archived</a> 7 April 2013 at <a href="/wiki/Archive.today" title="Archive.today">archive.today</a></span> </li> <li id="cite_note-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-24">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20180707170827/http://www.goldmansachs.com/what-we-do/securities/prime-brokerage/risk-mgmt-and-financing.html">"Goldman Sachs | Prime Brokerage – Risk Management and Financing"</a>. 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Retrieved <span class="nowrap">23 February</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Goldman+Sachs+%7C+Prime+Brokerage+%E2%80%93+Risk+Management+and+Financing&rft_id=http%3A%2F%2Fwww.goldmansachs.com%2Fwhat-we-do%2Fsecurities%2Fprime-brokerage%2Frisk-mgmt-and-financing.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInvestment+banking" class="Z3988"></span></span> </li> <li id="cite_note-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-25">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.goldmansachs.com/careers/divisions/finance/">"Goldman Sachs | Finance"</a>. <i>Goldman Sachs</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220201000705/https://www.goldmansachs.com/careers/divisions/finance/">Archived</a> from the original on 2022-02-01<span class="reference-accessdate">. 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Retrieved <span class="nowrap">29 January</span> 2008</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Merchant+Banking%3A+Past+and+Present&rft_id=http%3A%2F%2Fwww.fdic.gov%2Fbank%2Fanalytical%2Fbanking%2F2001sep%2Farticle2.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInvestment+banking" class="Z3988"></span></span> </li> <li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20120704040429/http://www.aba.com/ABASA/Pages/default.aspx">"ABA Securities Association"</a>. July 4, 2012. Archived from <a rel="nofollow" class="external text" href="http://www.aba.com/ABASA/Pages/default.aspx">the original</a> on 2012-07-04.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=ABA+Securities+Association&rft.date=2012-07-04&rft_id=http%3A%2F%2Fwww.aba.com%2FABASA%2FPages%2Fdefault.aspx&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInvestment+banking" class="Z3988"></span></span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.finextra.com/news/fullstory.aspx?newsitemid=16436">Investment banking trade associations join forces in Europe</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130206004054/http://www.finextra.com/news/fullstory.aspx?newsitemid=16436">Archived</a> 2013-02-06 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. Finextra.</span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20160801060908/http://www.afme.eu/About/History.aspx">"History – About – AFME (Association for Financial Markets in Europe)"</a>. Archived from <a rel="nofollow" class="external text" href="http://www.afme.eu/About/History.aspx">the original</a> on 1 August 2016<span class="reference-accessdate">. Retrieved <span class="nowrap">16 September</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=History+%E2%80%93+About+%E2%80%93+AFME+%28Association+for+Financial+Markets+in+Europe%29&rft_id=http%3A%2F%2Fwww.afme.eu%2FAbout%2FHistory.aspx&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInvestment+banking" class="Z3988"></span></span> </li> <li id="cite_note-IFSL2010-30"><span class="mw-cite-backlink">^ <a href="#cite_ref-IFSL2010_30-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-IFSL2010_30-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-IFSL2010_30-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-IFSL2010_30-3"><sup><i><b>d</b></i></sup></a></span> <span class="reference-text">International Financial Services London. (2010). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110810042856/http://www.thecityuk.com/assets/Uploads/Banking-2010.pdf">BANKING City Business Series</a></span> </li> <li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text">(15 September 2012). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150710233226/http://www.economist.com/node/21562925">Dream turns to nightmare</a>. <i><a href="/wiki/The_Economist" title="The Economist">The Economist</a></i>.</span> </li> <li id="cite_note-NYCWorld'sLargestInvestmentBankingCenter-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-NYCWorld'sLargestInvestmentBankingCenter_32-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMcKinsey_&_Company_and_the_New_York_City_Economic_Development_Corporation" class="citation web cs1">McKinsey & Company and the New York City Economic Development Corporation. <a rel="nofollow" class="external text" href="http://www.nyc.gov/html/om/pdf/ny_report_final.pdf">"Sustaining New York's and the US' Global Financial Services Leadership"</a> <span class="cs1-format">(PDF)</span>. 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Retrieved <span class="nowrap">14 March</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Reuters&rft.atitle=Where+banks+really+make+money+on+IPOs&rft.date=2013-03-11&rft.aulast=Salmon&rft.aufirst=Felix&rft_id=http%3A%2F%2Fblogs.reuters.com%2Ffelix-salmon%2F2013%2F03%2F11%2Fwhere-banks-really-make-money-on-ipos%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInvestment+banking" class="Z3988"></span></span> </li> <li id="cite_note-54"><span class="mw-cite-backlink"><b><a href="#cite_ref-54">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLeeTaylorWalter1999" class="citation journal cs1">Lee, Philip J.; Taylor, Stephen L.; Walter, Terry S. (1999). <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2676228">"IPO Underpricing Explanations: Implications from Investor Application and Allocation Schedules"</a>. <i>The Journal of Financial and Quantitative Analysis</i>. <b>34</b> (4): 425–444. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2307%2F2676228">10.2307/2676228</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0022-1090">0022-1090</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Journal+of+Financial+and+Quantitative+Analysis&rft.atitle=IPO+Underpricing+Explanations%3A+Implications+from+Investor+Application+and+Allocation+Schedules&rft.volume=34&rft.issue=4&rft.pages=425-444&rft.date=1999&rft_id=info%3Adoi%2F10.2307%2F2676228&rft.issn=0022-1090&rft.aulast=Lee&rft.aufirst=Philip+J.&rft.au=Taylor%2C+Stephen+L.&rft.au=Walter%2C+Terry+S.&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F2676228&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInvestment+banking" class="Z3988"></span></span> </li> <li id="cite_note-55"><span class="mw-cite-backlink"><b><a href="#cite_ref-55">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.mckinsey.com/capabilities/mckinsey-digital/our-insights/if-youre-going-to-build-something-from-scratch-this-might-be-as-good-a-time-as-in-a-decade">"Venture capitalist Bill Gurley on start-ups and economic uncertainty | McKinsey"</a>. <i>www.mckinsey.com</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2024-02-28</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.mckinsey.com&rft.atitle=Venture+capitalist+Bill+Gurley+on+start-ups+and+economic+uncertainty+%7C+McKinsey&rft_id=https%3A%2F%2Fwww.mckinsey.com%2Fcapabilities%2Fmckinsey-digital%2Four-insights%2Fif-youre-going-to-build-something-from-scratch-this-might-be-as-good-a-time-as-in-a-decade&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInvestment+banking" class="Z3988"></span></span> </li> <li id="cite_note-3billion-56"><span class="mw-cite-backlink">^ <a href="#cite_ref-3billion_56-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-3billion_56-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-3billion_56-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text">Tom Randall and Jamie McGee, <a rel="nofollow" class="external text" href="https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aGL5l6xOPEHc">"Wall Street Executives Made $3 Billion Before Crisis (Update1)"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150924150308/http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aGL5l6xOPEHc">Archived</a> 2015-09-24 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, Bloomberg, 26 September 2008.</span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_banking&action=edit&section=24" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Fleuriet Michel Investment Banking Explained: An Insider's Guide to the Industry <a href="/wiki/McGraw-Hill_Education" class="mw-redirect" title="McGraw-Hill Education">McGraw-Hill</a> New York NY 2008 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-07-149733-6" title="Special:BookSources/978-0-07-149733-6">978-0-07-149733-6</a>.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCartwrightSchoenberg,_Richard2006" class="citation journal cs1">Cartwright, Susan; Schoenberg, Richard (2006). <a rel="nofollow" class="external text" href="https://dspace.lib.cranfield.ac.uk/bitstream/1826/3570/1/Thirty_Years_of_Mergers_and_Acquisitions_Research-2006.pdf">"Thirty Years of Mergers and Acquisitions Research: Recent Advances and Future Opportunities"</a> <span class="cs1-format">(PDF)</span>. <i><a href="/wiki/British_Journal_of_Management" title="British Journal of Management">British Journal of Management</a></i>. <b>17</b> (S1): S1–S5. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2Fj.1467-8551.2006.00475.x">10.1111/j.1467-8551.2006.00475.x</a>. <a href="/wiki/Hdl_(identifier)" class="mw-redirect" title="Hdl (identifier)">hdl</a>:<a rel="nofollow" class="external text" href="https://hdl.handle.net/1826%2F3570">1826/3570</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:154230290">154230290</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=British+Journal+of+Management&rft.atitle=Thirty+Years+of+Mergers+and+Acquisitions+Research%3A+Recent+Advances+and+Future+Opportunities&rft.volume=17&rft.issue=S1&rft.pages=S1-S5&rft.date=2006&rft_id=info%3Ahdl%2F1826%2F3570&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A154230290%23id-name%3DS2CID&rft_id=info%3Adoi%2F10.1111%2Fj.1467-8551.2006.00475.x&rft.aulast=Cartwright&rft.aufirst=Susan&rft.au=Schoenberg%2C+Richard&rft_id=https%3A%2F%2Fdspace.lib.cranfield.ac.uk%2Fbitstream%2F1826%2F3570%2F1%2FThirty_Years_of_Mergers_and_Acquisitions_Research-2006.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInvestment+banking" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHarwood2006" class="citation journal cs1">Harwood, I. A. (2006). "Confidentiality constraints within mergers and acquisitions: gaining insights through a 'bubble' metaphor". <i>British Journal of Management</i>. <b>17</b> (4): 347–359. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2Fj.1467-8551.2005.00440.x">10.1111/j.1467-8551.2005.00440.x</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:154600685">154600685</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=British+Journal+of+Management&rft.atitle=Confidentiality+constraints+within+mergers+and+acquisitions%3A+gaining+insights+through+a+%27bubble%27+metaphor&rft.volume=17&rft.issue=4&rft.pages=347-359&rft.date=2006&rft_id=info%3Adoi%2F10.1111%2Fj.1467-8551.2005.00440.x&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A154600685%23id-name%3DS2CID&rft.aulast=Harwood&rft.aufirst=I.+A.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInvestment+banking" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRosenbaum,_JoshuaJoshua_Pearl2009" class="citation book cs1">Rosenbaum, Joshua; Joshua Pearl (2009). <i>Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions</i>. Hoboken, NJ: <a href="/wiki/John_Wiley_%26_Sons" class="mw-redirect" title="John Wiley & Sons">John Wiley & Sons</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-44220-3" title="Special:BookSources/978-0-470-44220-3"><bdi>978-0-470-44220-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Investment+Banking%3A+Valuation%2C+Leveraged+Buyouts%2C+and+Mergers+%26+Acquisitions&rft.place=Hoboken%2C+NJ&rft.pub=John+Wiley+%26+Sons&rft.date=2009&rft.isbn=978-0-470-44220-3&rft.au=Rosenbaum%2C+Joshua&rft.au=Joshua+Pearl&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInvestment+banking" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFStraub2007" class="citation book cs1">Straub, Thomas (2007). <i>Reasons for Frequent Failure in Mergers and Acquisitions: A Comprehensive Analysis</i>. Wiesbaden: Deutscher Universitätsverlag. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-3-8350-0844-1" title="Special:BookSources/978-3-8350-0844-1"><bdi>978-3-8350-0844-1</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Reasons+for+Frequent+Failure+in+Mergers+and+Acquisitions%3A+A+Comprehensive+Analysis&rft.place=Wiesbaden&rft.pub=Deutscher+Universit%C3%A4tsverlag&rft.date=2007&rft.isbn=978-3-8350-0844-1&rft.aulast=Straub&rft.aufirst=Thomas&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInvestment+banking" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFScott2008" class="citation book cs1">Scott, Andy (2008). <i>China Briefing: Mergers and Acquisitions in China</i> (2nd ed.). <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-3642149184" title="Special:BookSources/978-3642149184"><bdi>978-3642149184</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=China+Briefing%3A+Mergers+and+Acquisitions+in+China&rft.edition=2nd&rft.date=2008&rft.isbn=978-3642149184&rft.aulast=Scott&rft.aufirst=Andy&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInvestment+banking" class="Z3988"></span></li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output 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title="Preferred stock">Preferred equity</a></li> <li><a href="/wiki/Second_lien_loan" title="Second lien loan">Second lien debt</a></li> <li><a href="/wiki/Senior_debt" title="Senior debt">Senior debt</a></li> <li><a href="/wiki/Secured_loan" title="Secured loan">Senior secured debt</a></li> <li><a href="/wiki/Shareholder_loan" title="Shareholder loan">Shareholder loan</a></li> <li><a href="/wiki/Stock" title="Stock">Stock</a></li> <li><a href="/wiki/Subordinated_debt" title="Subordinated debt">Subordinated debt</a></li> <li><a href="/wiki/Warrant_(finance)" title="Warrant (finance)">Warrant</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em; text-align:left;">Transactions<br /><span class="nobold">(terms/conditions)</span></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em;"><a href="/wiki/Public_offering" title="Public offering">Equity offerings</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/At-the-market_offering" title="At-the-market offering">At-the-market offering</a></li> <li><a href="/wiki/Book_building" title="Book building">Book building</a></li> <li><a href="/wiki/Bookrunner" title="Bookrunner">Bookrunner</a></li> <li><a href="/wiki/Bought_deal" title="Bought deal">Bought deal</a></li> <li><a href="/wiki/Bought_out_deal" title="Bought out deal">Bought out deal</a></li> <li><a href="/wiki/Corporate_spin-off" title="Corporate spin-off">Corporate spin-off</a></li> <li><a href="/wiki/Direct_public_offering" title="Direct public offering">Direct public offering</a></li> <li><a href="/wiki/Equity_carve-out" title="Equity carve-out">Equity carve-out</a></li> <li><a href="/wiki/Follow-on_offering" title="Follow-on offering">Follow-on offering</a></li> <li><a href="/wiki/Greenshoe" title="Greenshoe">Greenshoe</a> <ul><li><a href="/wiki/Reverse_greenshoe" class="mw-redirect" title="Reverse greenshoe">Reverse</a></li></ul></li> <li><a href="/wiki/Initial_public_offering" title="Initial public offering">Initial public offering</a></li> <li><a href="/wiki/Pre-IPO" title="Pre-IPO">Pre-IPO</a></li> <li><a href="/wiki/Private_placement" title="Private placement">Private placement</a></li> <li><a href="/wiki/Public_offering" title="Public offering">Public offering</a></li> <li><a href="/wiki/Rights_issue" title="Rights issue">Rights issue</a></li> <li><a href="/wiki/Seasoned_equity_offering" title="Seasoned equity offering">Seasoned equity offering</a></li> <li><a href="/wiki/Secondary_market_offering" title="Secondary market offering">Secondary market offering</a></li> <li><a href="/wiki/Underwriting" title="Underwriting">Underwriting</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em;"><a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">Mergers and<br />acquisitions</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Buy_side" title="Buy side">Buy side</a></li> <li><a href="/wiki/Contingent_value_rights" title="Contingent value rights">Contingent value rights</a></li> <li><a href="/wiki/Control_premium" title="Control premium">Control premium</a></li> <li><a href="/wiki/Demerger" title="Demerger">Demerger</a></li> <li><a href="/wiki/Divestment" title="Divestment">Divestment</a></li> <li><a href="/wiki/Drag-along_right" title="Drag-along right">Drag-along right</a></li> <li><a href="/wiki/Management_due_diligence" title="Management due diligence">Management due diligence</a></li> <li><a href="/wiki/Managerial_entrenchment" class="mw-redirect" title="Managerial entrenchment">Managerial entrenchment</a></li> <li><a href="/wiki/Mandatory_offer" title="Mandatory offer">Mandatory offer</a></li> <li><a href="/wiki/Minority_discount" title="Minority discount">Minority discount</a></li> <li><a href="/wiki/Pitch_book" title="Pitch book">Pitch book</a></li> <li><a href="/wiki/Pre-emption_right" title="Pre-emption right">Pre-emption right</a></li> <li><a href="/wiki/Proxy_fight" title="Proxy fight">Proxy fight</a></li> <li><a href="/wiki/Post-merger_integration" title="Post-merger integration">Post-merger integration</a></li> <li><a href="/wiki/Sell_side" title="Sell side">Sell side</a></li> <li><a href="/wiki/Shareholder_rights_plan" title="Shareholder rights plan">Shareholder rights plan</a></li> <li><a href="/wiki/Special-purpose_entity" title="Special-purpose entity">Special-purpose entity</a></li> <li><a href="/wiki/Special_situation" title="Special situation">Special situation</a></li> <li><a href="/wiki/Squeeze-out" title="Squeeze-out">Squeeze-out</a></li> <li><a href="/wiki/Staggered_board_of_directors" class="mw-redirect" title="Staggered board of directors">Staggered board of directors</a></li> <li><a href="/wiki/Stock_swap" title="Stock swap">Stock swap</a></li> <li><a href="/wiki/Super-majority_amendment" class="mw-redirect" title="Super-majority amendment">Super-majority amendment</a></li> <li><a href="/wiki/Corporate_synergy" title="Corporate synergy">Synergy</a></li> <li><a href="/wiki/Tag-along_right" title="Tag-along right">Tag-along right</a></li> <li><a href="/wiki/Takeover" title="Takeover">Takeover</a> <ul><li><a href="/wiki/Reverse_takeover" title="Reverse takeover">Reverse</a></li></ul></li> <li><a href="/wiki/Tender_offer" title="Tender offer">Tender offer</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em;"><a href="/wiki/Leverage_(finance)" title="Leverage (finance)">Leverage</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Debt_restructuring" title="Debt restructuring">Debt restructuring</a></li> <li><a href="/wiki/Debtor-in-possession_financing" title="Debtor-in-possession financing">Debtor-in-possession financing</a></li> <li><a href="/wiki/Dividend_recapitalization" title="Dividend recapitalization">Dividend recapitalization</a></li> <li><a href="/wiki/Financial_sponsor" title="Financial sponsor">Financial sponsor</a></li> <li><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Leveraged buyout</a></li> <li><a href="/wiki/Leveraged_recapitalization" title="Leveraged recapitalization">Leveraged recapitalization</a></li> <li><a href="/wiki/High-yield_debt" title="High-yield debt">High-yield debt</a></li> <li><a href="/wiki/Private_equity" title="Private equity">Private equity</a></li> <li><a href="/wiki/Project_finance" title="Project finance">Project finance</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em; text-align:left;"><a href="/wiki/Valuation_(finance)" title="Valuation (finance)">Valuation</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Accretion/dilution_analysis" title="Accretion/dilution analysis">Accretion/dilution analysis</a></li> <li><a href="/wiki/Adjusted_present_value" title="Adjusted present value">Adjusted present value</a></li> <li><a href="/wiki/Associate_company" title="Associate company">Associate company</a></li> <li><a href="/wiki/Business_valuation" title="Business valuation">Business valuation</a></li> <li><a href="/wiki/Conglomerate_discount" title="Conglomerate discount">Conglomerate discount</a></li> <li><a href="/wiki/Cost_of_capital" title="Cost of capital">Cost of capital</a> <ul><li><a href="/wiki/Weighted_average_cost_of_capital" title="Weighted average cost of capital">Weighted average</a></li></ul></li> <li><a href="/wiki/Discounted_cash_flow" title="Discounted cash flow">Discounted cash flow</a></li> <li><a href="/wiki/Economic_value_added" title="Economic value added">Economic value added</a></li> <li><a href="/wiki/Enterprise_value" title="Enterprise value">Enterprise value</a></li> <li><a href="/wiki/Fairness_opinion" title="Fairness opinion">Fairness opinion</a></li> <li><a href="/wiki/Financial_modeling" title="Financial modeling">Financial modeling</a></li> <li><a href="/wiki/Free_cash_flow" title="Free cash flow">Free cash flow</a> <ul><li><a href="/wiki/Free_cash_flow_to_equity" title="Free cash flow to equity">Free cash flow to equity</a></li></ul></li> <li><a href="/wiki/Market_value_added" title="Market value added">Market value added</a></li> <li><a href="/wiki/Minority_interest" title="Minority interest">Minority interest</a></li> <li><a href="/wiki/Mismarking" title="Mismarking">Mismarking</a></li> <li><a href="/wiki/Modigliani%E2%80%93Miller_theorem" title="Modigliani–Miller theorem">Modigliani–Miller theorem</a></li> <li><a href="/wiki/Net_present_value" title="Net present value">Net present value</a></li> <li><a href="/wiki/Pure_play#Pure_play_method" title="Pure play">Pure play</a></li> <li><a href="/wiki/Real_options_valuation" title="Real options valuation">Real options</a></li> <li><a href="/wiki/Residual_income_valuation" title="Residual income valuation">Residual income</a></li> <li><a href="/wiki/Stock_valuation" title="Stock valuation">Stock valuation</a></li> <li><a href="/wiki/Sum-of-the-parts_analysis" title="Sum-of-the-parts analysis">Sum-of-the-parts analysis</a></li> <li><a href="/wiki/Tax_shield" title="Tax shield">Tax shield</a></li> <li><a href="/wiki/Terminal_value_(finance)" title="Terminal value (finance)">Terminal value</a></li> <li><a href="/wiki/Valuation_using_multiples" title="Valuation using multiples">Valuation using multiples</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/List_of_investment_banks" title="List of investment banks">List of investment banks</a></li> <li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Outline_of_finance" title="Outline of finance">Outline of finance</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox authority-control" aria-label="Navbox" style="padding:3px"><table class="nowraplinks hlist navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Help:Authority_control" title="Help:Authority control">Authority 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