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
a        ac
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