投资银行的职能与分工

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What is Investment Banking?

Patrick Fearon

Autumn 2012

© Patrick Fearon 2012

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© Patrick Fearon 2012IB Grenoble 20122This year we have split the Banking and Finance Lecture into two:

First Session What is Investment Banking?

Second Session What Careers in Banking and Finance

are available outside Investment

Banking?

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© Patrick Fearon 2012IB Grenoble 20123In the Investment Banking lecture this morning we will be looking at:

Corporate Finance

–Financial Advisory

–Advice on M&A

–Private Equity

–Debt Capital Markets Origination (DCM)

–Equity Capital Markets Origination (ECM)

FICC

–Sales & Trading

–Research

Equities

–Sales & Trading

–Research

Support Functions

–Finance

–Compliance

–Risk (Market, Credit, Operational)

–Audit

–Operations

Skills and Opportunities required in Banking

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© Patrick Fearon 2012IB Grenoble 20124In the “Careers in Finance Outside Investment Banking” lecture this afternoon we will look at: Why you might look at a career outside of Investment Banking

Investment Banking careers that can be done outside Investment Banks

–FICC

–Equities

–M&A

–Private Equity

Wealth Management

–Private Banking

–Institutional Asset Management

Corporate Lending

–Project Finance

–Leveraged Finance

–Syndicated Lending

–Some of the active Corporate Lending Banks you might consider

Retail Banking

–Domestic and International

Audit

Governmental Banks

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© Patrick Fearon 2012IB Grenoble 20125Contents of this morning’s lecture Which are the various pisions of an Investment Bank? What do those pisions do?

What would a graduate do in each of those pisions? What skills and personality traits are the banks looking for?

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An Overview of Investment Banking © Patrick Fearon 2012

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© Patrick Fearon 2012IB Grenoble 20127What does an Investment Bank look like?Securities

Services

Trading &

Principal

Investments Investment Banking Asset & Wealth Management Corporate

Functions

Source: http://doc.guandang.net/careers www.prospect.ac.uk Debt

Equities

Goldman Sachs International

Sales & Trading and Principal

Investments

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© Patrick Fearon 2012IB Grenoble 20128But Investment Banks do not all look alike

Corporate

Functions

Source: http://doc.guandang.net JP Morgan Chase: A Commercial Bank that has expanded into Investment Banking

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© Patrick Fearon 2012IB Grenoble 20129Investment Banking

The Commercial Banks that have expanded

into Investment Banking

versus

The Traditional Investment Banks

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© Patrick Fearon 2012IB Grenoble 201210The Commercial/Investment Banks versus the Traditional Investment Banks

The Commercial/Investment Banks:

–What were they?

–What are they today?

Highly capitalised and therefore

Able to underwrite and lend significant amounts

Able to lend their own money

Have developed or acquired Investment Banking skills –Who are they?

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© Patrick Fearon 2012IB Grenoble 201211The Commercial/Investment Banks versus the Traditional Investment Banks

The Traditional Investment Banks

–

How have they changed?–

How successful have they been in beating off the challenge of the Commercial Banks?–

To what extent have they had to expand into commercial banking to compete?–Who are they? Who is left?

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© Patrick Fearon 201212IB Grenoble 2012This distinction is becoming historical The traditional US Investment Banks are now required to structure themselves as bank holding companies Increasingly they will be competing for deposits and lending money

And the governments are legislating against “casino banking” which will limit their trading activities

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© Patrick Fearon 2012IB Grenoble 201213Investment Banking

Be careful,

“Investment Banking” means different things to

different people.

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© Patrick Fearon 2012IB Grenoble 201214Different definitions of ‘Investment Banking’

Financial Advisory

Advice on M&A

Corporate Lending

Loan Syndication

Debt Capital Markets Origination

Equity Capital Markets Origination

Debt Capital Markets Sales & Trading

Equity Capital Markets Sales & Trading

Debt Capital Markets Research

Equity Capital Markets Research JP Morgan

Morgan Stanley Credit Suisse Investment Banking Investment Banking Corporate Institutional Institutional Sales & Trading Research

Source: Banks’ own websites

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© Patrick Fearon 2012IB Grenoble 201215Different definitions of Investment Banking -Summary

How a bank defines Investment Banking reflects

–the personality of the bank

–the power groups or profit centres within the organisation

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© Patrick Fearon 2012IB Grenoble 201216How to understand the culture of an Investment Bank

Look at the website/Annual Report/recruiting material

Network to understand the culture Understand how the bank was put together

–

e.g. UBS: merger of UBS/SBC/Warburg/Phillips & Drew –

Citi: merger of Salomon/Schroder’s/Citibank/Smith Barne …… 此处隐藏：3048字，全部文档内容请下载后查看。喜欢就下载吧 ……