ER - IB relationship
I’m about to start in ER and I’m wondering if anyone can provide context about the relationship between ER and IB teams at your bank.
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Not much overlap. Sometimes the IB guys take some of the market research/data that the ER guys write and puts it into a couple of client slides on broad sector overview. Maybe some interaction when they’re doing an M&A deal with a company that your analyst covers.
They work together for IPOs - ER writes like a factual report and works with IB on a reasonable valuation I think. Apart from that, IB makes annoying research requests and not much else.
Very helpful, thanks fellas.
Not much overlap other than breaking the law together.
These are shenanigans that us juniors will never know but have been a part of.
I remember one name we were IPO on, we were gonna go neutral in the initiation. Two days before the report were gonna go out, my boss told me he changed mind and wanted it to make it a buy. So I shrank the investment negatives section and slapped some multiple that's crazier than it was already crazy at neutral rating.
Sh*t like that is where I suspect he got some pressure by IB side to "make it a buy cuz we wanna do some bit-ness with them down the road."
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