What is the toughest part of being a coverage banker? From a technical modelling perspective, I have always thought that M&A modelling is handled by the M&A group while ECM takes care of capital raises.
So do coverage bankers focus mostly on the relationship-building aspect of the business and perhaps have some kind of input into the work done by M&A / ECM groups.
P.S. I am not in banking so some of my questions might sound silly but would appreciate any insight