Bulge Bracket Strategy/M&A Teams?

Recently heard about teams like Morgan Stanley's Firm Strategy & Execution group and Goldman's Firmwide Strategy group. From my initial research they seem to do internal M&A and  corporate strategy work. Know there are a few existing threads on these groups, but was hoping to get an updated view. Would anyone be able to provide some color on what these teams really do, their recruitment process, comp, and career progression?

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