I read the statement below on a firms website just now. What exactly does this firm do? Please someone explain the details to me, because I don't understand exactly what a broker-dealer does, and I don't understand what underwriting and sales are within this context. (I have googled these terms. I'm still not completely sure what they do, that's why I came to you knowledgeable folks.)
"We are an investment bank and broker-dealer, that specializes in underwriting and sales."
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Underwriting refers to the underwriting process of debt/equity offerings. These can be either IPOs or follow-own offerings. Sales, I believe, would be S&T, because the firm is a broker dealer. I can't be more specific than that though, as I am unsure as to what firm you're talking about.
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