Quote:
Originally Posted by Buffalo Jim
Those huge Wall Street Salaries and Bonuses are at " Investment Banking Firms " not Commercial Banks such as Chase , Citi , Bank of America .
Investment Bankers are the " Realtors " of businesses . They take companies from Private Companies to Publicly Traded Companies .
When two Piublic Companies wish to merge or when one Public Company wishes to outright purchase another each side must hire an Investment Banking Firm to opine on the structure of the proposed deal to represent the interests of the shareholders . Much more complicated and involved than you might think .
These firms only hire the best and the brightest from the best Undergrad and MBA schools in the US . The major work is done by these young employees who literally work 16 hours a day and often 7 days per week . It is an " up or out " dog eat dog work environment . Very very few last long enough to make Partner which is where the huge bonuses are handed out . The large majority of the young workforce last only 2 to 3 years max .Then they are replaced by brand new degreed eager beavers .
These are not the banks that deal with the general public . However a few of the major money-center commercial banks do have an Investment Banking Division but it is a far cry from the activities of the Commercial Banking activities and salary / compensation structure .
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Did you deduce the job description from some information source? If you dig down through the reports from the New York State Comptroller you will find that the persons included totaled nearly 170,000 employees of many kinds of firms. If you don't think Chase et al are not heavily into these activities you are naïve. They are sector 523 workers and you have that industry sector to thank for the packaging of subprime loans that crashed the economy.
Industries in the Securities, Commodity Contracts, and Other Financial Investments and Related Activities subsector group establishments that are primarily engaged in one of the following: (1) underwriting securities issues and/or making markets for securities and commodities; (2) acting as agents (i.e., brokers) between buyers and sellers of securities and commodities; (3) providing securities and commodity exchange services; and (4) providing other services, such as managing portfolios of assets; providing investment advice; and trust, fiduciary, and custody services.