What is the organizational structure of investment banks?

First, there are three main organizational forms of modern investment banks, namely partnership system, mixed company system, modern joint-stock company system and financial holding company system. \x0d\ II. Partnership refers to a for-profit organization in which two or more partners enter into a partnership agreement, * * * jointly contribute capital, operate in partnership, * * * enjoy the benefits, * * * bear the risks, and bear unlimited joint and several liabilities for the debts of the partnership. A partnership enterprise is an unincorporated enterprise, which can be operated by all partners or some partners, and the other partners only contribute capital and are responsible for their own profits and losses; \x0d\ Thirdly, the mixed company system refers to a larger capital or company formed by the merger of capital or companies that are not closely related in function. In the process of diversified production and operation, investment banks are important targets of being acquired or merged into mixed companies. The main motivation of these M&A activities is to expand the business scale of the parent company. In this process, investment banks gradually began to change from partner system to modern company system. \x0d\ IV. The modern joint-stock company system means that two or more investors (shareholders) contribute to establish and form a legal person, which can operate independently and be responsible for its own profits and losses, and enjoy rights and bear responsibilities for the property jointly contributed by * * * *; \x0d\ Fifth, the financial holding company system refers to the holding group established to adapt to the mixed operation of the financial industry, which is composed of shareholders of financial institutions such as commercial banks, securities companies and investment banks, and can also better adapt to the mode of separate operation and supervision.