Top Investment Banks
Investing banks offer various financial services, including M&A advisory, equity capital markets, and debt capital markets. Their clients include businesses and high-net-worth individuals.
Investment banks have access to resources and data that regular banks don’t, which means they can offer their clients a wide range of services not found at a traditional bank.
Goldman Sachs has been in business since 1869 and is one of the world’s top investment banks. It is known for helping companies raise money through initial public offerings and mergers and acquisitions. It also offers securities brokerage services and other financial services to corporations, financial institutions, governments, and individual clients worldwide.
The bank’s primary revenue sources are selling equity and fixed-income securities, investment banking, and private wealth and asset management. It also serves a large client base of governments and other institutions in the United States.
As an investment bank, Goldman Sachs advises corporate and institutional customers on various transactions, including mergers and acquisitions (M&A), divestitures, restructurings, spin-offs, and financings. In addition, it acts as a market maker in equity and fixed-income securities, including the principal dealer in the United States Treasury security market.
In addition, it provides debt and equity capital markets, equity research, fixed-income sales and trading, foreign exchange, and global commodities and risk management products and services. It operates through two segments: Asset Management and Securities Services.
It also has a comprehensive software platform called SecDB, which traders use to calculate prices and manage risk in the stock market. It was a key tool during the 2007 subprime mortgage crisis.
Although Goldman’s IPOs and M&As are cyclical, it has tried diversifying its revenue streams through other business units. Its consumer banking unit, branded Marcus, is an example of this strategy.
Despite its efforts, the Marcus brand hasn’t taken off, and Goldman has been losing money in this line of business. In the first nine months of 2022, the company reported a loss of $3 billion in its consumer banking operation.
Goldman has split its consumer banking operations into a new platform solutions division in a major reorganization. It will no longer operate a traditional consumer credit card business, launched in 2016 under the name Marcus. Its other business units, such as GreenSky and Apple credit cards and digital corporate cash management, will be reorganized under the platform solutions division.
Morgan Stanley offers various services, including capital markets, investment banking, research, trading, and financial advisory. Its clients include corporations, governments, and institutions worldwide.
As an investment bank, Morgan Stanley helps companies raise funds by issuing stocks and bonds. It also provides various financial advisory services like equity research and market analysis.
The company also operates a wealth management division that manages a large portfolio of assets for high-net-worth individuals. The firm offers services through various channels, including brokerage firms, banks, and independent financial advisors.
With its specialized expertise in securities and capital markets, the company’s global investment bank can advise on mergers and acquisitions, initial public offerings, IPOs, and other strategic transactions. It also provides consulting and financial services to government agencies.
Another area where the firm stands out is its global commodities trading. Its professionals specialize in energy and metals trading. They offer their clients various options, from futures to physical products, commodity derivatives, and currency trading.
Its asset management business includes a wide range of products in equities, fixed income, real estate, private equity, and alternative investments. Its clients are primarily high-net-worth individuals and institutional investors.
In addition, it also offers financial planning services through its LifeView Advisor and Personal Wealth Advisor. These tools help financial advisors evaluate their client’s goals and develop an investment strategy to reach them.
Moreover, the company has a large content library comprising hundreds of thousands of pages of information, ranging from investment strategies to market research and analyst insights. To make it easier for wealth management personnel to locate relevant information, Morgan Stanley has developed a machine learning program that can automatically search through its vast content library and find the most relevant answers.
The company’s wealth management business added $135 billion in customer assets during the third quarter. A significant boost in the broker-led and self-directed channels drove the increase. The asset gain was more than double the $71 billion in client balance “flows” that the firm had tallied in the second quarter and a 160% rise over the year-to-date.
Bank of America
Bank of America offers various banking and investing products, including checking and savings accounts, personal and business loans, and mortgages. It also has a solid online presence and a highly rated mobile app, making it an ideal choice for consumers looking for a full-service bank with easy access to branches and ATMs nationwide.
Its 4,100 branches cover 37 states and D.C. It has about 16,000 ATMs, more than most other major banks. Its digital experience is strong, with a simple website and an excellent mobile app to help customers manage their accounts and pay bills.
Unlike competitors, Bank of America doesn’t charge fees for using other banks’ ATMs or credit cards. However, its low rates on certificates of deposit (CD) and savings accounts can limit its appeal to some consumers.
The bank’s Preferred Rewards program provides perks like loan rate discounts and ATM fee rebates. It also lets customers avoid monthly account maintenance fees on savings and checking accounts.
Customer service is available through phone, email, and live chat. Bank of America also has a phone number for customers with technical questions or needs. Its website has an FAQ section and a specialized page for reporting a debit card lost or stolen.
In addition, it’s a member of the Global ATM Alliance, which reduces foreign exchange conversion and ATM withdrawal fees for some international bank users.
This is a great option for travelers who often purchase abroad without paying foreign currency conversion or other ATM fees. However, it’s a limited feature, and you’ll still have to pay foreign currency conversion fees on ATM cash advances or credit card withdrawals.
Another good option is the Advantage SafeBalance checking account, which features a checkless account and no overdraft fees. It also comes with free checks and a debit card to help customers stay within their balances.
If you’re looking for a new bank, it’s worth shopping for the best deal. Bankrate’s team of experts analyzes each institution’s deposit product offerings and rates them accordingly.
Evercore is one of the top investment banks globally, with an outstanding track record of advising on large-cap transactions. Top Investment Banks Since its inception, the firm has advised on over US$4.7 trillion in mergers, acquisitions, and restructurings.
Evercore provides M&A advisory services to various clients, including corporations, private equity firms, and financial institutions. It provides advice on strategic and financial restructuring, capital raising services, and institutional equities.
The company’s M&A group advises on various corporate transactions, including mergers and acquisitions, tender offers, asset purchases, and leveraged buyouts. It evaluates targets, provides valuation analysis, and proposes financial and strategic alternatives. It also assists in negotiating and closing these deals.
Its strategic and financial restructuring advisory business helps companies, creditors, shareholders, and investors resolve financial distress. It provides advice on the structure, financing, and pricing of these transactions and assistance in negotiating and completing them.
This is an important service to customers, as it can help them avoid bankruptcy or other financial crises that can wipe out companies and result in significant loss of shareholder value. Moreover, it can help them navigate these crises by providing board and management teams with independent judgment and expertise.
The firm offers a competitive salary and benefits package to attract top talent. In addition, it is one of the few investment banking firms to offer a TA Associate Program for traditionally underrepresented minority candidates (Black, Hispanic, and Native American) who want to pursue careers in investment banking and private equity.
The TA Associate program allows qualified students to gain early exposure to investment banking and private equity careers while enjoying the opportunity to be part of a highly regarded firm. The program includes a full tuition scholarship, career development support, and leadership training.
In 2014, Evercore ranked third in merger advisory revenue among all North American-based firms. It was also the top independent firm by fee volume.
Evercore’s capital markets business advises on equity financing, primarily through initial public offerings and convertible bonds. Its department performs macro and fundamental research on various sectors, including technology, communications, healthcare, and energy.