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Investment Banking - Equity • Bank of America (Merrill Lynch, Country Wide) • Goldman Sachs (Bank Holding) • JP Morgan Chase (Bear Stearns and Wa.Mutual) • Morgan Stanley (Bank Holding) • Wells Fargo Securities (Wachovia) • UBS (United Bank of Switzerland) • Lehman Bros. (Bankrupt)
Careers in Investment Banking • Financial Analyst • Investment Banking A. Mergers and Acquisition (Compensation) B. Equity Financing (Compensation) i. Private placement ii. IPO and secondary placement C. Corporate financing i. Funding for expansion and working capital D. Capital markets i. New issues, commercial paper, bonds, muni bonds E. Trading i. Equities, bonds, currencies F. Ratings Analysis i. Moody's and Standard and Poor’s
Investment Banking Titles • Analyst • Associate • Managing Director – client relations • Senior Bankers • Vice Presidents • Advisor • Trader • Administrative Assistance
Brokerage Firms (Broker or Analyst) • Dean Witter (Morgan Stanley) • Edward Jones • John Hancock, brokerage and insurance • UBS • Wedbush • A.G. Edwards Inc. • Jefferies Group Inc. • Kohlberg Kravis Roberts & Co • Smith Barney (and Salomon) • Cruttenden & Co.
Arbitrage/Speculator • Spot • Forwards • Futures • Swap • Commodities • Hedge Funds • Raw Materials • Currency
Exchange Markets • New York Stock Exchange • Foreign Exchange (New York) • The NASDAQ Stock Market • Chicago Stock Exchange Stock • Chicago Commodities Exchange • Chicago Derivative Exchange ( i.e. options, interest rates, futures and currency) • Brokers, Dealers (take inventory) and market makers
Commercial Banking • Bank of America – 2.2 trillion in assets • JPMorgan Chase Bank - about 2.2 trillion • Wells Fargo Bank • Citibank – about 2.0 trillion • U.S. Bank • National City Bank
Commercial Banking Careers • Loan Officer • Mortgage Consultant • Vice President • Branch Manager • District Manager • Security Analyst - IS • President • Chief Financial Officer
Corporate Finance • Chief Financial Officer • Treasury: cash management, investments (ZBA) and credit • Financial analyst • Budget analyst • Board of Directors • Chairman or President (eventually)