Investment Banking Recruiting Research by Emmanuel

Transcript:Investment Banking Recruiting Research by Emmanuel:
Investment Banking Recruiting Research by Emmanuel Fiagbe Most Investment Banks operate primarily in three lines of business: Investment Banking Overview Investment Banking s Capital Markets Global Markets (‘Securities’) Information Barrier* Mergers s Acquisitions Industry and regional coverage Debt Capital Markets s Equity Capital Markets Other strategic s financial solutions (restructuring, derivatives, structuring, etc.) Confidential financial advisory services for corporate clients, governments and Individuals Access to Global Capital Markets for pension funds, asset managers, insurance companies, banks and hedge funds Fixed Income Division (corporate credit, mortgage s other asset-backed securities, rates/FX, commodities) Equity Sales s Trading Equity Research Asset & Wealth Management Financial advisory / investment services for institutions and individuals Advise institutions and wealthy individuals on various investment strategies Develop and maintain key relationships utilized throughout the firm Invest funds on behalf of clients Investment Bank Large Investment Banks Boutique Investment Banks Investment Banks can be divided into two broad categories: Large Investment Banks (“Bulge Bracket”) generally offer all three previously mentioned services Smaller Investment Banks (“Boutique”) tend to focus on non-capital intensive businesses (e.g. strategic advisory, mergers and acquisitions, restructuring advisory, etc. Types of Investment Banks Investment Banking Industry Breakdown 5 5 Divisions Each division responsible for corporate finance and advisory services for its clients. Investment bankers are in the business of raising capital for companies, governments, and other institutions and advising them on financing, merger, and restructuring alternatives The division is almost always split into smaller groups, categorized as either Product or Industry groups: Product Groups – specialize in one or a couple financial products across many industries Industry Groups – specialize in one industry but cover many financial products Example Product Groups Example Industry Groups Mergers and Acquisitions (MsA) - provide specialized advice in the context of a client selling or acquiring a business Equity Capital Markets - execute equity (stock) financings such as initial public offerings (IPOs) and follow-on offerings Debt Capital Markets - execute debt financings such as issuing corporate bonds Investment Grade Leveraged Finance Restructuring – provide specialized advice on modifying a company’s debt structure Other Groups (derivatives, structured finance, shareholder advisory / activism, pensions, etc.) Technology, Media, s Telecom (TMT) Financial Institutions Natural Resources Consumer Retail Healthcare Real Estate Industrials Financial Sponsors Regional coverage (e.g. Latin America) Investment Banking Deals June 2015 Fitbit raised $700MM+ in an Initial public offering of common stock, underwritten by Morgan Stanley, Deutsche Bank, and Bank of America