خرید و دانلود نسخه کامل کتاب Corporate and Investment Banking: Preparing for a Career in Sales, Trading, and Research in Global Markets – Original PDF

1 The Global Market business is huge in almost every dimension. It intermediates an estimated $250 trillion in global funds.1 An approximate one-quarter of a million employees work on trading floors (some populated by around 5000 traders) in financial centers around the world.2 Bonus pay- ments, the variable part of employees’ compensation, on Wall Street alone are in excess of $30 billion in 2017, 3 of which Global Markets accounts for a significant part. Earnings (or net income), globally, are probably to the tune of $50–60 billion, exceeding that of the (as of 2019) most-valued (i.e., capitalized) publicly traded company in the world, Microsoft. Global Markets units of major universal banks service large corporations and financial institutions with respect to traded assets, derivatives and struc- tured products. Financial institutions are institutional investors that include governments, asset managers, pension funds and hedge funds. Traded assets are pretty much anything that can be bought and sold in the financial mar- kets, including stocks, bonds, currencies, credit products and commodities. Derivatives and structured products are contractual agreements that syn- thetically create financial claims. To better serve financial institution, Global Markets is divided into sales, trading and research. Sales has the client-facing function of identifying and serving institutional clients’ needs, trading cre- ates a marketplace for assets by standing ready to buy and sell, and research aims at providing analysis and insight that facilitates the clients’ investment process.