Corporate Development Teams and Investment Banks?
It might be a dumb question, but I was always curious about why large corporations hire multiple investment banks as advisors on deals, especially since many of these companies have corporate development/strategy teams, usually filled with ex-investment bankers. I get that it is good practice to have an outside opinion, but what is the point of having a corporate development team if you are always going to pay banks to serve in similar roles/duties anyways?
It's kind of like how a F500 management team probably already knows what they want to do strategically but still hire management consultants to come in and have it be validated as a good idea.
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