What are the Product Groups in Investment Banking?

Investment banking can be divided into several product groups, each of which focuses on a specific area of the business:

1. Corporate finance: This product group focuses on helping companies raise capital through the sale of securities (such as stocks or bonds) to the public or to other companies. This can include initial public offerings (IPOs) and follow-on offerings.

2. Mergers and acquisitions (M&A): This product group focuses on advising companies on mergers, acquisitions, and other strategic transactions. Investment bankers in this group help clients evaluate potential deals, negotiate terms, and structure transactions.

3. Sales and trading: This product group focuses on buying and selling securities on behalf of clients or for the investment bank's own account. Investment bankers in sales and trading work to identify and capitalize on market opportunities and manage risks.

4. Capital markets: This product group focuses on helping companies raise capital in the debt markets by underwriting and issuing bonds. Investment bankers in this group also help companies structure and issue other types of debt, such as commercial paper and structured finance products.

5. Research: This product group produces analysis and recommendations on stocks, bonds, and other securities. Research analysts in this group provide insights and forecasts to help clients make informed investment decisions.

6. Wealth management: This product group provides financial planning and asset management services to high net worth individuals and institutions.

Investment bankers in this group work with clients to develop investment strategies and manage their wealth.