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This is a loose analogy, but bankers are like real estate agents. They do M&A, IPOs, Capital Raises, and a few other things. In an M&A deal, they could represent the buyer or the seller and only get paid when the deal closes. They get paid so much because they make a percentage of each deal they close. There is a heavy focus on 'deal flow,' without which they don't make any money. At the end of the day it is a sales job, much more than consulting is. They are always on the hunt for the next transaction. Between deals, bankers work on a lot of pitch books (akin to consulting proposals). So the successful bankers make a lot of money because they sell like crazy (rain makers). The rest get pushed out pretty fast.
What do we do and why do we get paid at all?
They are bankers that make investments...
... they also go to cry in the bathroom all the time.
EY1 “investment bankers” refers generally to those who work in the investment banking division (IBD) of a bank. Sales and trading is separate and apart
Thanks Cog! Really good answer.
Nice Cog! Thread closed.
On the work life balance aspect, they also treat weekend like its normal work days, though thats changing
I read the post and first reply with Jerry Seinfeld’s voice
Importantly, brokering a deal also means sourcing funding whether it’s leverage for an acquirer, equity issue for an IPO, or a bunch of other stuff. And structuring the deal optimally across those funding vehicles
Cog - you’re missing the whole other side of I banking. Trading desks such have numerous instruments they manage from options, bonds/derivatives to investing before IPOs go down with high net worth clients. For example Goldman was 1 investor of 500 in Facebook allowed by regulations but their $$s represented thousands of their top clients.
Point is most of an I-Bank is not out selling or building ppt decks
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