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We use these in corporate banking and IB at my bank. They really just supplement internal presentation work, tracking earnings/comps, they can do DCF's (though I have never asked them to), and other easy analyst/associate work that can be time consuming.
The idea is to free up time for analysts/associates to focus on specific deals. They don't touch client related work (at least for us), so in corporate banking they will never underwrite or assist in the underwriting for a new deal. It is mostly high level/market level stuff.
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