I apologize if this is a stupid question, but I have searched and researched this topic before. Whenever I talk to an investment banking MD who comes to speak, all I ever hear is talk of M&A and deals. I never hear about IPO's and following the market in IB job descriptions. But then I go to trading presentations, and there is always a defined line between banking and trading. I never hear about ECM. I've read many articles on mergers and inquisitions to answer most of my questions, but he focusses on m&a work. Can someone tell me what the key differences between a banker dealing with the markets and a trader are? I assume that bankers structure an IPO and traders have no interactions with the companies themselves, they just buy and sell the instruments they are told to sell.
The reason I ask this question is that I have heard some people lump capital markets with trading, and I don't understand why. If someone could help me, I'd appreciate it. This is not a troll post.
I've read that article a couple of times. It answers nothing about my question of the difference between trading at a BB and capital markets at a BB. I don't care about the Q and A written up by the guy who writes M&I, he admits in several of his interviews that he knows very little about the details of CM and S&T. What I was looking for is that i'd like someone to explain to me why i've seen posts on this site that equate the two. There are obvious differences, but is ECM just less common? Everyone at wharton strives for m&a because they want to do pe down the road, but why does no one speak of ECM AT ALL. That's what I'd like to know.
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