What do investment bankers actually spend most of their long working hours doing?

Investment bankers often complain about having to spend so much time at work, but it isn't very clear to me which aspect of the job actually takes most time (and effort). In terms of percentages, what do you do most of the time at work? 

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It’s usually the fact that you have multiple work streams with near term deadlines and need to commit 2-3 hours for each assignment. Then there’s meetings / check ins that waste time, then there’s the assortment of surprise urgent tasks that need to be DONE RIGHT NOW and throw you out of any flow you had on the other assignments. Before you know it it’s midnight and your dumbass associate is still asking for updated on when he can review.

 

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