There are a bunch of employees that work at investment banks, and there is an enormous focus on the investment banking and M&A groups' employees - the "bankers."
But what about the rest, probably more than 50% of employees that do stuff that are tangentially related - everything from equity research, equity capital markets, sales and trading, various specific products, brokerage related people, middle office/back offices, some of whom rarely interact with the "business" functions.
For the purpose of a fruitful discussion, let's leave the obviously unrelated functions like HR, mail room employees, custodial staff, etc aside.
Do these people all refer to themselves as "bankers?" Do you consider them "bankers?"
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ECM is. The others are not.
To put it into perspective I once heard that 70% of GS employees are non revenue producing.
I mean an "investment bank" tends to have a plethora of components which include traditional IB advisory/underwriting work but also things like Research or S&T which usually fall under the broker-dealer of the banking entity.
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