Investment Bankers / Brokers

skylineGTRlover · 20 Dec 2015 at 12:22

dowie said:
Sales and trading isn't investment banking and you'll find those roles within commercial banks like RBS, HSBC etc.. too. You could be trading FX options for example... it has nothing to do with investment banking.

Investment banking is concerned with raising capital through issuing new securities, advising on mergers and acquisitions etc..

Sales + traders + structurers are all involved in the process of issuing new securities. Majority of IB rev comes from these FO divisions...

But I understand your point, traditionally, the term Investment Banker was given to some one who was involved with raising/managing the capital of businesses - I agree on that. However, now in the industry if you work in FO and you are a revenue generating desk... you work in the IB, you are an Investment Banker. Though, if you are a trader / sales then you tell people within the industry that's what you do. As normal people don't understand ****... try explaining what a stochastic vol modeller does to the general public. Yet it underpins majority of the pricing which is used to issue new securities. I for one would not want to be considered as the Corp finance boy by the traders, corp finance boys have 0 quants skill... usually get harassed and bullied - and generally spend 120 hours being personal shoppers and power point, excel monkies. On the other hand, Sales + Trading is where the action is. The client schmoozing and the fast gung-ho pace is what makes you tick.

Anyway, it's stupid to argue about the technicalities of the definition. Clearly the purpose of this was just to meet some cool people and share our experiences. I take you are not involved in this industry, what do you do?

londonbairn said:
IB = Corporate Finance, Transaction Banking, Wealth Management etc (mainly originators/sales)
Markets/Securities = Debt, Equities etc (mainly trading/sales)

But people use IB to mean all of the above anyway.

Yeh that's true, but tbh just writing IB saves a lot of time explaining to people who just don't have a clue. TBH IB is a simple, easy job to explain... on the other hand explaining the Markets/Securities job, instantly makes people think you are the devil. I've had times when people have questioned my integrity and sanity.

Housey · 20 Dec 2015 at 12:29

The socks question is important.

skylineGTRlover · 20 Dec 2015 at 12:37

Housey said:
The socks question is important.

Yup, bright red ones one most days.

Housey · 20 Dec 2015 at 12:47

omar1 said:
Yup, bright red ones one most days.

It seems the cool kids (read wannabe/pretend bankers) have taken to a no socks regime of late so I needed to check this as it is very important. Do you have one of those bright blue suits and tight trousers?

SPG · 20 Dec 2015 at 13:14

Well no offence but I automaticly think ******.

Have a nice day.

coolsurfer · 20 Dec 2015 at 14:13

Investment bankers are market makers last I heard?

They trade time for a business card titled "Vice President".

neoboy · 20 Dec 2015 at 14:47

The term is so muddled everyone just uses the blanket term investment banking for anything other than retail banking. Not to mention that most of general public thinks that all investment banking is, is a guy cold calling rich people to sell them duff stock or looking to break down companies for personal gain.

skylineGTRlover · 20 Dec 2015 at 15:50

Yeh VP is a good position. Can't wait to become an associate level first... Requires a lot of work. Prime broking is fun, but it's dying out. FICC traders are a dying breed too... And wearing no socks is absolute gross. I have a blue suit, mostly wear navy and then get dress down Friday's.

But seriously ... Is there any one here that could share their experiences? I think the nepotism is rife in this industry still.

Housey · 20 Dec 2015 at 15:59

Job titles are not worth the paper they are written on these days.

Hades · 20 Dec 2015 at 16:00

VP are two a penny in IB.

Mr^B · 20 Dec 2015 at 16:03

"I work in Cross Asset Derivatives"

What does that actually mean? What would a typical day be like?

skylineGTRlover · 20 Dec 2015 at 16:05

Sigh, so no one has anything constructive to say. What do you lot do anyway?

Mr^B · 20 Dec 2015 at 16:17

I don't know what you do, so can't really be constructive until you tell me.

I work for a Hedge Fund.

peterwalkley · 20 Dec 2015 at 16:20

omar1 said:
Sigh, so no one has anything constructive to say. What do you lot do anyway?

You are really in the wrong place here. This is mostly a tech forum. Try somewhere like Big Mike's or networking the old fashioned way.

There are likely people in the industry, but as you are finding out the hard way, the hours are bonkers and someone you can learn from coming here in their rare downtime isn't going to want to talk about work with a stranger on the internet. Especially when they could be from a competitor.

I'm surprised the level of abuse from GD is so low. A couple of years ago the GD villagers would have been stalking you with pitchforks, torches, silver bullets, crosses, holy water and garlic all to hand.

skylineGTRlover · 20 Dec 2015 at 16:20

Just working hard hoping to make money.

Mr^B · 20 Dec 2015 at 16:38

Sounds ghastly. I've had a few colleagues go to and come from investment banking (on the IT side, which is where I am), none of them particularly enjoyed it.

What sort of money have you been promised for you to put up with all that?

skylineGTRlover · 20 Dec 2015 at 16:43

Mr^B said:
Sounds ghastly. I've had a few colleagues go to and come from investment banking (on the IT side, which is where I am), none of them particularly enjoyed it.

What sort of money have you been promised for you to put up with all that?

I think it's best I change that post... for obvious reasons. To be honest Mr^B... I really don't know.

Friends around me (similar age and experience), who were able to join some decent programs are on around 50,000 as starting analysts. Their bonuses will be nice too this year due to the resurgence of deal making, and in about 1 years time they will be on around 80-100k before bonus.

I have no idea what I will be doing, the uncertainty is what motivates me to keep working so that I can find a certain path. As ridiculous as that may sound...

Narj · 20 Dec 2015 at 16:44

Mr^B said:
Sounds ghastly. I've had a few colleagues go to and come from investment banking (on the IT side, which is where I am), none of them particularly enjoyed it.

Depends who you work for.

AndrewNR · 20 Dec 2015 at 16:45

Bishie said:
Blue Horseshoe loves Anacott Steel.

Am I doing it right?

Went long on oranges on Friday. Going short on apples tomorrow.

sports_brah · 20 Dec 2015 at 19:09

omar1 said:
Yeh VP is a good position. Can't wait to become an associate level first... Requires a lot of work. Prime broking is fun, but it's dying out. FICC traders are a dying breed too... And wearing no socks is absolute gross. I have a blue suit, mostly wear navy and then get dress down Friday's.

But seriously ... Is there any one here that could share their experiences? I think the nepotism is rife in this industry still.

Everyone is a damn VP, it has got no meaning at all haha.

PB is definitely changing as well. Competition is extremely fierce and clients are extremely demanding. Process improvement seems to be the name of the game there. Additionally, a lot of jobs are being moved across to India. Obviously all the BO (Settlements, recs, cash) has gone out there already, but a lot of MO jobs are also going.

On the plus side, lots of companies (Barclays, Deutsche etc) have left the realm after not being successful, so once the focus on cost reduction is over, it should pick up a bit. The fed interest rates will help bring a bit of positivity as well.

What sort of experience are you looking to hear about? Are you trying to find the path that you wish to push down? Are you pursuing qualifications (CFA etc)?

Investment Bankers / Brokers

Thug