I work in ECM coverage at a large foreign bank (although more like MM sized in the U.S). The industry I cover is split up into ECM, DCM, CB, and IB within the CIB (normal), but here's the thing: we don't do M&A or advisory work.
I found out recently that the MD of the IB team has negotiated it so that half of all business within the ECM and DCM teams goes onto his book, but I for the life of me can't figure out what his team does. He has a number of analysts etc. supporting him, are they just churning out pitch books all day every day for no reason? Does he just meet with clients everyday to discuss business that he won't even be working on, but getting credit for?
Are any other banks like this? Help me figure this out.