What does a long-term career look like at a good M&A group (JPM, MS, MOE, etc.) vs. coverage? You don't own any of the primary relationships, so is your dealflow (as you get to MD+) pretty much tied to what coverage brings in? I don't understand why bankers would choose to remain in this group and what the seniors are even doing on a day-to-day if they don't own the client relationships.
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