Abstract
Investment banking changed dramatically during the 20-year period preceding the global financial crisis, as market forces pushed banks from their traditional low-risk role of advising and intermediating to a position of taking considerable risk for their own account and on behalf of clients. These activities exposed the industry to significant shocks during the financial crisis. As a result, the investment banking landscape looks very different today than it did prior to 2007. A few notable developments include Goldman Sachs and Morgan Stanley’s conversion to bank holding companies, JPMorgan Chase’s acquisition of Bear Stearns, Lehman Brothers’ bankruptcy filing, and Merrill Lynch's sale to Bank of America. This chapter examines the postfinancial crisis investment banking industry, focusing on the key businesses and roles of investment banking firms.
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