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#1: What are investment banks & what do investment banks do?
An investment bank is a financial services company that acts as an intermediary in financial transactions between governments or corporations. An investment bank is usually involved: When a startup company prepares for its launch of an initial public offering (IPO), investment banks raise capital and issue securities. When a corporation merges with a competitor, investment banks advise buyers and sellers on valuation, negotiation, structuring of transactions, as well as procedures and implementation. As a broker or financial adviser to source deals and raise capital by borrowing money or issuing stock. Investment banks and investment bankers act as advisors to corporations and governments, rather than interacting with individual investors. Investment banks assist their clients in raising capital, provide financial advisory services, and assist in the process of mergers and acquisitions (M&A). Mergers and acquisitions are one of the most important services that investment banks offer. Some of the general roles and responsibilities in M&A include: Market and sell companies Find potential investment opportunities Negotiate deals with businesses and investors Recommend the best terms and timing for a capital raise Market debt or equity issuance to investors The broad categories of M&A deals are sell-side and buy-side, and targeted deals and broad buy-side deals. In targeted deals, the buyer and seller are often in communication, or a company wants to focus on just a few likely buyers or sellers. In broad buy-side deals, investment bankers may show a company dozens of prospective buyers and sellers in the market. Depending on whether they are on the buy-side or sell-side of M&A deals, on the day to day, most investment bankers are largely responsible for: Creating different operational cases and deal scenarios for each company, such as different purchase prices, cost synergies, and mixes of equity and debt. Building valuations and valuation models. For example, company A will trade at a higher multiple than Company B after it acquires it for reasons X, Y, Z. Meet with clients, prepare offers, run financial projections, and work on pitch books that help generate new clients.
#2: How do investment banks make money?
Investment banks usually make money from the process of connecting buyers and sellers in different markets. They usually charge commissions on trades, correlating to the size and prestige of the bank. Sometimes banks will provide underwriting services for fees as well.
#3: What are the common investment bank products?
Investment banks are commonly found managing mergers and acquisitions (M&A), restructuring, and leveraged finance. Asset management - Oversee investments for companies and governments. Equity research and advising - Research and analyze the market to provide financial advisory services to companies and governments. Mergers and acquisitions - Assist in the merger and acquisition process for maximum return. Sales and trading - Intermediation for the buying, selling, and trading of securities between businesses and investors. Underwriting - The process of accepting financial risk in the form of loans, insurance, or securities in exchange for a fee.
#4: How do investment banks compete with each other?
Generally speaking, investment banks compete in the same way many service industries do: Attempting to attract new clients Incentivize clients to choose their services over the services of other investment banks Attracting the best talent They typically do so with the non-price competition strategy: leveraging their reputation and experience to promise the best service possible. Reputation is based on: Performance of analyst recommendations Debt offering capabilities Distributional abilities Market making prowess Pricing accuracy Past deals Additional incentives to attract clients include lower fees and more optimistic recommendations.
#5: How do investment banks differ from commercial banks?
Commercial banks typically make money from interest on loans and fees, and are tasked with: The holding and movement of money Accepting deposits Making loans Safeguarding assets Working with the general public and businesses Investment banks specifically work with large corporations and institutional investors in advisory financial transactions.
#6: How do investment banks source deals?
Deal sourcing is an important part of investment banking. Deal sourcing is the process of generating actionable opportunities, and maintaining strategic relationships to continue to do business and increase profit. Because of the vast sums of money that banks often deal in, investment bankers often use different methods of lead generation and deal sourcing than what you might expect. Marketing and other forms of sourcing are not always sufficient, instead, networking and other methods are often used. Traditionally, an investment bank could spend hours conducting a comprehensive screen of target industry using traditional. Investment bankers can face cumbersome and time-consuming preparation of industry landscapes due to the process of collecting business data from multiple disparate online websites. A minimum of several hours could be spent on a single project, searching through Google to guess for competitors and similar businesses to your portfolio companies, and test and laboriously check permutations of emails. Because of the time consuming nature of this work there are a variety of third party tools which can significantly streamline the process of gathering, synthesizing, or extrapolating useful information. For example below are a few of the ways that Sourcescrub helps investment banks use new school deal flow tactics to improve deal sourcing and improve advisory relationships outside of traditional strategies: Conference Preparation Quickly identify the best investment opportunities by tapping into 30,000+ conferences, buyers guides, lists, and industry coverage lists within our platform. If you find a list we don't have, leverage our team of 500+ researchers and get it scrubbed on-demand. Post-Deal Marketing Amplify marketing efforts by efficiently identifying competitive businesses in the sector as well as contact details for key decision-makers. Target Market Analysis Enhance investment banking deal sourcing and identify strategic buyers and Sponsor coverage. There are many other companies and tools on the market that focus on streamlining various aspects of deal sourcing, all with a focus on saving time for origination teams.
#7: What are the job roles in an investment bank?
Most of the jobs at an investment bank involve bankers. Most of the investment banker positions are analysts and associates. Both roles act as intermediaries and advisors to businesses, raise capital, match buyers and sellers to facilitate the trading of securities, and assist in mergers and acquisitions. You can roughy breakdown most investment banks into four main departments: Private equity M&A Underwriting Venture capital Investment bank M&A teams can typically be further broken down into a hierarchy of roles and responsibilities: Analyst Associate Vice President Managing Direct Analyst The analyst is an entry level position that is responsible for much of the legwork that goes into sourcing and executing transactions. This includes: Composing PowerPoint presentations and Excel models Organizing files and information Performing industry research Taking notes on calls and meetings Tracking and recording sourcing and execution activity Associate As the next rung up from analyst, investment banking associates usually fulfill the roles of supervisor or project manager to analysts in performing their tasks, while also dealing more with clients and executives. The associate is responsible for: Checking the analysts' work Coordinating the creation of PowerPoint presentations Talking to clients and executing on day-to-day transaction tasks Vice President The vice president supports business development efforts and manages deal execution. They help handle communications with clients and prospective investors, and take the lead on messaging for pitch books and deal marketing efforts. Managing Director The managing director is responsible for business development and sourcing deals, as well as helping guide deal execution. Most of a managing director's time is spent building relationships, meeting with potential clients, and staying current with industry and transaction trends.
#8: What divisions make up an investment bank?
Investment banks often group themselves by industry. This is based on their clientele or departmental specialization. Common industry groups include: Energy and utilities Consumer and retail Financial institutions Healthcare Industrial Natural resources Real estate, gaming, and lodging Technology, media, and telecom
#9: What are the top investment banks?
The "top" investment banks are usually considered the bulge bracket investment banks (BBs), which are the largest banks that operate in all regions and offer all the typical services an investment bank does. Investment banks are typically ranked into three tiers based on their size. Size is defined by several criteria, including but not limited to: Revenue Global reach Number of employees Product categories Number of services Assets under management (AUM) Number and value of deals made Tier 1 Tier one consists of the overall "largest" investment banks: JPMorgan Chase Goldman Sachs Citigroup best Morgan Stanley Bank of America Tier 2 Tier two consists of large to "mid sized" investment banks: Deutsche Barclays Credit Suisse UBS Tier 3 Tier three consists of the smaller of the large investment banks: HSBC BNP Paribas Société Générale Beyond the top three tiers, there are hundreds of investment banks globally. There are multiple categories and ways of categorizing investment banks, the main ones include, but are not limited to: Bulge bracket banks (BBs) Regional boutique banks (RBs) Elite boutique banks (EBs) Middle market banks (MMs)
#10: What role do investment banks play in the economy?
In many economies, governments and companies both rely on investment banks to raise money by sourcing deals with investors and other companies. This is commonly known as adding liquidity to the market. Liquidity benefits the economy primarily due to the injection of funds it provides. For this service, investment bankers reap the rewards of being intermediaries or middlemen. With their help, financial development becomes more efficient, and businesses everywhere benefit.