Vault.com Career Guide to Investment Banking
Tom Lott and the Staff at Vault.com
1999 edition
Contents page
Overview of Investment Banking 1
The Industry 3
Chapter 1: What is an Investment Bank? 5
Chapter 2: Commercial Banking, Investment Banking, and Asset Management 17
Commercial Banking vs. Investment Banking 17
The Buy-Side vs. the Sell-Side 20
Chapter 3: The Equity Markets 23
Chapter 4: The Fixed Income Markets 31
Chapter 5: Trends in the Investment Banking Industry 41
Chapter 6: Stock and Bond Offerings 45
Chapter 7: Mergers and Acquisitions, Private Placements and Reorganizations 49
The Jobs 53
Chapter 1: Corporate Finance 55
Section One: The Players 56
Section Two: The role of the players 59
Section Three: The Typical Week in Corporate Finance 68
Chapter 2: Institutional Sales and Trading (S&T) 77
Section One: TradingThe Basics 79
Section Two: Executing a Trade 84
Section Three: TradingThe Players 89
Section Four: TradingThe Routine 92
Section Five: SalesThe Basics 96
Section Six: The Institutional SalesThe Players 98
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Section Seven: Private Client Services (PCS) 103
Chapter 3: Research 107
Section One: The Players and the Product 108
Section Two: Three Months in Research 116
Section Three: ResearchThe Ties that Bind 121
Chapter 4: Syndicate: The Go-betweens 125
Leading Employers 131
A.G. Edwards 132
Allen & Co 138
Banc of America Securities 144
BancRobertson Stephens 150
Bear Stearns 156
Bowles Hollowell Conner 164
Broadview International 170
Brown Brothers Harriman & Co 176
CIBC World Markets 182
Credit Suisse First Boston 190
D.E. Shaw & Co. 198
Deutsche Banc Alex. Brown 204
Donaldson, Lufkin & Jenrette 210
Goldman Sachs & Co. 218
Hambrecht & Quist 226
Jefferies & Co. 232
J.P. Morgan 238
Lazard Freres & Co. 246
Legg Mason 252
Lehman Brothers 256
Merrill Lynch 262
Morgan Keegan 268
Morgan Stanley Dean Witter 272
Paine Webber 278
Peter J. Solomon Company 284
Prudential Securities 290
Raymond James Financial 296
Salomon Smith Barney 302
SG Cowen 308
TD Securities 314
U.S. Bancorp Piper Jaffray 320
Warburg Dillon Read 326
Wasserstein Perella 332
Appendix 339
Basic Accounting Concepts 341
Glossary 347
Recommended Reading 355