It was not until 1999 that the American Financial Services Act allowed bank holding companies to engage in securities underwriting, trading, mutual fund business and insurance business without restrictions. Therefore, most investment banks with financial holding relationships are behind banking giants. The profitable business of investment banks mainly has two aspects:
I. For-profit business:
1. Primary market maker-securities underwriting business, such as corporate IPO.
2 secondary market matching-including self-operated and brokerage business.
3. Trading with own funds-including speculation and arbitrage.
4. Corporate restructuring-including expansion/reduction of scale, ownership and control, etc.
5. Financial engineering
6. Other profitable businesses-including consulting, investment management, commercial banking, venture capital, consulting business, etc.
Support services: including market research, clearing services, information services, etc.
Three systems of international investment banks:
1. American investment banks, such as Merrill Lynch, Goldman Sachs and Morgan Stanley, are the so-called Big Three Wall Street Securities.
2. British commercial banks and European comprehensive banks
3. Japan's comprehensive securities companies-such as Nomura, Daiwa, Ritian, etc.
As early as 1920s-1930s, with the development of capital market, western investment banks had begun to take shape. Up to now, the investment banks ranked in the top 10 according to the total amount of financing in the stock market are always oligarchs with assets of hundreds of billions of dollars.
Until/very
In Dublin, there are nearly 60 foreign investment banks (Citigroup, Merrill Lynch, JPMorgan Chase, Zurich Bank and Bell), including Irish Investment Bank.
Stearns has); In addition, European and American investment banks have set up branches in other parts of Europe, with more than 30 companies (including HSBC and KBC). ) Do business in Ireland.
However, due to the small scale of Dublin securities market, investment banks have relatively little room for IPO and self-operation. Therefore, do not consider finance.
Both The Times and CNBC Europe have "ignored" the Dublin stock market. however
For our students who are keen on investment banking, it is a good place to exercise and accumulate practical experience (Ireland is also short of talents in this field).
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The international investment industry started late, and the Shanghai stock market was born in 1990.
It was not until 1995 that the first investment bank with an international model-China International Finance Corporation (a Hong Kong-listed subsidiary of China Construction Bank) was established.
1998, the first truly joint venture investment bank, Industrial and Commercial East Asia (ICBC and Bank of East Asia, the largest private independent bank in Hong Kong), jointly acquired NatWest, an old British investment bank.
Securities established in the Asia-Pacific business); In 2002, Bank of China invested heavily in listing in Hong Kong as "Bank of China International Securities Company".
The main business of these three investment banks is only the IPO of domestic enterprises listed on the main board and Growth Enterprise Market, while domestic enterprises need to rely on foreign investment banks as "market makers" for the time being if they want to list in London or new york.
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With the economic growth of China, foreign investment banks are optimistic about the unopened capital market. At present, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission have strict requirements for foreign capital to enter the capital market and are cautious.
Therefore, the way for foreign investment banks to enter is limited to direct investment through QFII, monopolizing the overseas listing business and joint ventures of Chinese enterprises, but it is obviously a rush to recruit.
Because this door will always be open, which is both a challenge and an opportunity.
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Guo Zhong-an investment elite worthy of China people's pride. 1960 was born in Shanghai and graduated from Tongji University in the early 1980s.
Then I went to MIT to continue my master's degree in civil engineering. 1990 I graduated from MIT with a doctorate in economics and joined the World Bank.
After working as an analyst for 5-6 years, he joined Macquarie Bank in Singapore in 1995 as the co-head of the company's financial department, and joined Morgan Stanley in 1997.
Morgan Stanley is currently the chief economist in Asia. As early as 1997, he predicted the economic bubbles in Thailand, Indonesia and other countries. It was not until the outbreak of the Asian financial turmoil that people thought of his analysis.
He also predicted the bubble of Nasdaq network concept stocks, and no one believed him before the stock market crash. Now, he is helping Stanley expand his business in China.
Sun Yonghong-1994 graduated from Harvard MBA and worked in Goldman Sachs for 8 years. He is currently the vice president of JPMorgan Chase, and also a leading figure of Chinese in the investment field.
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Industry is a good direction for studying economics, finance, accounting, mathematics and other majors. Investment banks with CFA, AMCT, ACCA, CIMA and other certificates will give you very challenging jobs;
Don't miss the Master of Finance. It is best to go to the top five accounting firms with ACA ACA and CPA certificates. Investment banks want people who "play" with capital operation. Although they led Merrill Lynch to regain its glory,
Stanley O 'Neill, called "the devil" by Wall Street, is an accountant.
Dublin, Ireland is not an international financial center, so big investment banks will not focus on this business. But there is a small coincidence that the heads of investment banks at the helm of Wall Street are all Irish.
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Business is hard work, and it is a challenging industry regardless of salary. Personally, I think it's just "paranoia" about it. There is a saying: 360 lines, no matter what you learn,
Love a line and do a good job. This is one of the necessary mentality of employment. The real meaning of the iron rice bowl is not to eat in one place all your life; The significance of the golden rice bowl lies not in how high the salary is, but in the fact that you can eat anywhere all your life.