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It depends. Product floors (i.e. DCM/ECM/LevFin) are structured like a traditional trading floor. It's very open and loud relative to M&A/coverage floors. It is not uncommon for analysts to be sitting next to associates and VPs on product floors. People don't have as much privacy.
M&A/Coverage floors are incredibly quiet with floor plans that resemble "cubicles." Some groups have integrated bullpens (analysts+associates) while others have analyst-only bullpens. There are pros and cons to both setups.
For 99% of banks: low cubicles (5 feet tall at best) with a massive, depressing open floor, and there are rows of small offices by the windows for MDs. Assistants might take higher cubicles. Head/partner takes the corner office. You work on the floor until you're a VP. You take a shared office when you make Director.
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