Investment Banking at 50,000 Feetposted by John Spacey, February 08, 2011
Investment Banking is a complex business domain. Here's a bird's eye view.
Investment banks large and small are split into front office, middle office and back office.
Front OfficeFront Office is made up of the client facing departments that drive revenue. This includes sales and marketing functions.
Front offices have departments that are aligned to a particular industry and departments that service one product area.
Trading and research are also considered front office.
Middle OfficeMiddle Office is made up of control and strategy functions.
Back OfficeBack Office is made up of operations and technology. Many investment banks invest heavily in proprietary systems that are viewed as competitive advantages.
Unlike many industries that view technology as a cost — investment banks tend to view technology as revenue generating.
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