Every BB has one and they seem to be chaired by ex-bankers who I assume have deep relationships with clients. But once they get the 'head' title, what does their day-to-day look like?
Are they on pitches? Do they help with M&A or are they just figureheads?
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Similar to a CEO -- they aren't out there pitching business (sometimes brought to pitches to show the client you're committed to "delivering the firm"), they're in charge of managing revenue for the division, meeting with potential new hires, meeting with the CEO and board of directors, looking into new growth opportunities and evaluating which are worthwile, etc.
They're a GM for the division with overall P&L and budget responsibility.
They set the strategy and vision for where the divison should be in the future - with respect to market forces. Including deciding which industry groups to invest into vs to get out of, which markets to enter or exit and what offering mix the division should have etc.
They hire senior bankers to build out teams, where necessary.
They also manage the day-to-day ops of the IBD franchise including thinking of ways for teams to work better/more efficiently etc
Basically "CEOs" of the division that report up to the CEO of the overall firm (or regional CEO or whichever structure is in place).
Some IB heads still are quite involved with dealmaking - depends on the individual.
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