First of all, if someone tells you that you are an "investment bank" in the mainland, then this person belongs to the investment banking department of the headquarters of a securities company.
Secondly, the investment banking department. In China, commercial banks and securities companies actually have this department because of their separate operations, but they have the same name and do different things.
Under separate operation, the investment banking department of commercial banks has moderate natural risks, while the investment banking department of securities firms can do more business risks, and the risk of investing in stocks is better than fixed income, right? Fixed income is also bonds, and domestic corporate bonds and corporate bonds are also repaid. The latter is less risky than the former and is generally aimed at central enterprises or large state-owned enterprises. The investment banking department of commercial banks mainly deals in corporate bonds with low risk in fixed-income securities, as well as urban investment bonds and local government bonds. The investment banking department of a securities company does not make bonds, but only equity projects, and the fixed income department is responsible for bonds.
Specifically, the following part is my detailed answer before.
This "investment bank" is not another "investment bank", so don't confuse the concepts.
Investment banks and securities companies, namely investment banks and securities companies. Abroad, the investment banking giant is called Bulge Bracket BB for short. These BB's are familiar names, such as Goldman Sachs, Morgan Stanley, Morgan Stanley, Morgan Stanley, JPMorgan Chase, Bank of America Merrill Lynch, DB (Deutsche Bank), UBS (UBS for short), Credit Suisse (Credit Suisse for short), investment banking department of Citigroup and so on. Some small-scale investment banks are called "boutique investment banks", which are characterized by "specialization" and "tailor-made services for corporate customers" and are called "boutique or elite boutique" abroad. They often position themselves as orientation according to the actual development needs of customers, help design targeted mergers and acquisitions, raise funds, introduce strategic funds, expand their scale and develop stronger competitiveness.
The financial system of developed countries in Europe and America is a mixed financial system of "big finance". Under this system, "investment banks" can be divided into:
1. Independent investment banks: such as Goldman Sachs, Morgan Stanley, First Boston and Nomura, Japan.
2. Commercial banks and universal banks.
Bank): The former mainly means that commercial banks engage in commercial banking and investment banking business through mergers and acquisitions, equity participation or the establishment of their own subsidiaries. This form of investment bank is very typical in Britain, Germany and other countries. The latter is engaged in investment banking and general commercial banking. These two types of banks include JPMorgan Chase, Deutsche Bank and ABN Bank of America.
(ABN-AMRO Bank), Swiss Bank (Union Bank
Switzerland), Credit Suisse first
CSFB Boston).
This paper mainly discusses "independent investment banks", which are divided into investment banking department, direct investment department and equity department according to the division of departments.
Research, asset management, fixed income, sales and transactions, mergers and acquisitions.
Acquisition, bulk brokerage business, etc. Besides, we are familiar with Morgan.
Stanely), JPMorgan Chase, UBS (United
Swiss bank) and so on. In addition to the above departments, there are traditional retail banking services, including traditional commercial banking services such as deposits and loans for public and private businesses.
In China, due to the different financial systems, financial institutions in various fields (insurance, banking and investment) can engage in relatively independent business. For example, the state has strict restrictions on the investment direction of insurance funds of insurance companies. In principle, these funds are not allowed to participate in financial markets that are too risky. Specifically, the fixed income department (risk) accounts for the largest proportion (about 60%) of the asset management business department with insurance companies as the background. As far as high-risk businesses such as stocks and funds are concerned, many investment directions are strictly limited due to the constraints of supervision and policies, such as the total investment of stocks and some funds with relatively high stocks, the amount invested in real estate, and the total investment in creditor's rights. Of course, besides the securities industry, we can also find similar examples in other branches of the financial industry. Taking the banking industry as an example, the bond market investment and trading involved in the financial market department and investment banking department of the bank only allow a small proportion of investment in bonds and bills with high credit risk, and most of the business is limited to low-risk areas such as national debt, central bank bills, local government bonds and policy financial bonds. The above restrictions on investment targets and investment amounts of different domestic financial institutions indicate that financial institutions such as insurance companies and commercial banks cannot conduct investment business like securities companies and fund companies, and conversely, domestic securities companies and funds cannot conduct deposit and loan business like commercial banks, all of which reflect China's national conditions and the particularity of the financial system.