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No, not necessarily. If it's S&T most likely they will label it as such. Global markets mostly has everything to do with originating, structuring/pricing, arranging, etc. to the markets. For example, on the equities side, equity linked origination may or may not be in the IBD or GM, but ECM is. On the debt side, GM can include origination, syndicated finance, and the distribution desks (high yield or otherwise).

 

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