Investment Banking � Capital Markets

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					Investment Banking – Capital Markets
Manish Shrijit Vishal

Role of Investment Banks

Investors

Financial Intermediaries
Insurance Companies, Mutual Funds, Banks

Corporations

Industry Structure
IBD
Capital Markets

Others
Private equity Hedge funds

Equity

Fixed Income

Securitised Products

Roles and Jobs - Desks
Stocks Research Bonds Funds of Funds

Trading Sales

Players
• • • • • • • • Barclays Capital Deutsche Bank Goldman Sachs HSBC JP Morgan Lehman Merrill Lynch Morgan Stanley

Culture Issues
• • • • • • Small Teams - Socialisation Individualistic Culture Highly Performance Oriented Tough Competition Intensive Work Limited Client Interaction – depends on the Desk • Relatively Flat Hierarchy – “egalitarian”

Career Progression
MD

SVP/Director VP Associate
Analyst

Work – Life Balance

Geographical differences
• Experiences vary from company to company even at the same location • London
– Not too competitive – Slightly formal; dressing – Holidays and work hours respected

• New York
– More competitive – More money / more expenses 

• Hong Kong
– Low taxes – Chinese competition

• Tokyo
– Less taxes/most expensive – Japanese are crazy about Indian food

Questions ?
**Disclaimers: Many opinions are based on second hand knowledge and might be harmful to career