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Depends on the shop/group.
Luckily, a natural check on the moral hazard of backstabbing (if it does exist in your group) is the reality that it's extremely difficult to get through the analyst stint all by yourself. So hopefully people realize that early on and aren't d*cks to each other.
That goes for the lower levels. Of course, at the senior levels, what may be "backstabbing" to one person might be slightly aggressive jockeying for position on a deal to someone else. But banks do favors for each other too, and woe is he who pisses off too many people up and down the Street.
When business starts drying up, the knives come out in force.
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