So I came upon an article (link posted below) that states that Goldman Sachs, probably I'm assuming along with other firms, really derive their profits from proprietary trading, not investment banking. If this is true, why is it that on forums like these, investment banking seems to be the most sought after division/group? Is it simply the skillset that working in that division gives you?
If proprietary trading is the real money maker within a place like Goldman and Morgan Stanley or what have you, what specific divisions are these groups in? For example, would Goldman Sachs Asset Management (GSAM, under IMD) be the real cash cow of the firm?
I've also mentioned people on here speak about the Special Situations Group within Goldman (SSG), and that being housed under securities (I believe?). Thus, is proprietary trading, housed all over the place within a company like Goldman?
Anyone about to shed light on this would be great.
Being interested in becoming a fund manager in the long run, I'm trying to figure out the best career path and learning experience available. I've continued to be pointed towards Investment banking (M&A) by people familiar with the industry, but if there's somewhere else I should go I'll focus my energy there.