Understanding Investment Banking Essentials

Hello friends, I hope you are doing really well. So in today's video we will understand what investment banking is all about in detail and it is not something you know which you get to know very easily. So I will let you complete the journey, the entire journey that how investment banking works, what is the main difference, what are the key profiles in investment banking, what will you do in that profile over a long run. what all are the skills required and what not so just let's dive into this video and enrich ourself with this knowledge right so what we are going to cover we'll first cover what is the basic difference between commercial bank and investment bank i have seen basis my experience that a lot of students quite confused between commercial bank and investment bank so today i will bring that clarity apart from that what are the various functions and floors in ib you have heard that in investment banking, debt is also being worked, in investment banking, demerger is also being worked, IPO is also being worked. In investment banking, front office roles are there, middle office roles are there, back office roles are there. So what are those roles, how are they, for which roles you should target, everything will cover. Apart from that, we will also see that what are the different classifications within the investment banking. That you know, what are the different types of investment banking and what are the classifications. And Finally, what are the different roles for you? Who are the different employers? What is the salary you can expect? And definitely at the last and the most important is the skill which is required for getting a job in investment banking. So let's start this journey without any further delay. So whenever you're talking about a commercial bank, you have to keep two things in mind. Any regulated entity, definitely when I am saying a regulated entity or entity which has been regulated by RBI, if it is accepting the deposit plus giving a loan, then it is a commercial bank. Whether it is scheduled commercial bank, not scheduled commercial bank, not a purpose of today's discussion for sure. So accept deposit is one primary function. Let me just thicken it a bit more. So accept deposit is first function. Giving loan is another function and definitely to facilitate their customers, they are offering multiple services like for example, RTGS, NEFT or bank guarantees or letter of credit and whatnot. So these are all ancillary services but the main service of a commercial bank is to accept deposits and giving loans. So basically, from here, give loan to people at 10, 12, 15% and take deposit from people at 5 to 7%. So the spread in between that is their profit. We all know that, right? But when it comes to investment banking, the game changes completely, right? So in investment banking, I will go through a very basic go through. Then we have an in-depth slide on each of the aspects, right? So we will cover everything in detail. Like for example, first of all, in investment banking, there is an investment banking division. Now this is the core division which most of the time is your dream. That we people, you know... Mergers and acquisitions, demergers and whatnot. So that thing is catered here in the investment banking division. After that, there is equity capital markets. Definitely, you must have understood by name that it has to do with two things. First is capital market and within capital market, it has to do something with equity. So we will understand in detail what equity capital market is. After that, the third and foremost function, I would say. One of the primary function of an investment bank is conducting research. Right. So research basically what it does is, again, we'll understand in depth. So I just don't want to break the chain right now. Third is, fourth is debt syndication. So definitely, you can understand by looking at the name that one is related to debt and debt has to be syndicated. Now syndicate means facilitating your client to take debt, right, to raise debt. So basically raise money through debt. And Fifth is trading and brokerage. We'll understand whether it is a proprietary trading. You must have heard the name again and again that proprietary trading desk or what it is. And wealth and asset management. So let's start one by one. We'll first start with investment banking division. If you look at investment banking division, then definitely organization to organization, culture to culture can differ that there will be something else in Kotak, JP, or Goldman. But broadly, these things happen. Means name can be something else. But broadly, these things happen. Like for example, I would say that... Say we are Kotak, just for sake of example, we are Kotak Investment Bank and we got Infosys, Infi came to us that they want to acquire a company which is core into data analytics. So Infosys came and asked Kotak to help me find a target which works in data analytics. So basically, this is not a vertical integration, it is a horizontal integration. Those who have studied Mergers and Acquisitions know that this is a horizontal integration. Why? Because Infosys, which is already doing the work of software development, they now want to spread their scope of work to data analytics also. So rather than starting a completely new setup, they want a mature company which is already playing in this field and by buying it, They'll just incorporate into within Infosys. So, when it comes to Kotak, the first thing which Kotak has to do, just wait a minute, the first thing which Kotak has to do is target scouting. Right. Infosys is explained in detail What kind of company do you want? Do you want a company situated in India or abroad? What kind of work they are doing? Which territory they are catering to? Are they serving the Indian territory or the UK or US? So all these things are called profiling by Infosys which is our main acquirer company or potentially acquirer company Now tell us more about the target, what type of target do you want? After that, the entire team goes on target scouting and they definitely come up with 3, 4, 5 different companies. There are 5 companies which exactly fit the profile which Infosys has told us. After this, even before they take another step ahead, there is a primary due diligence. This is a little different from financial due diligence. There is a primary due diligence. In primary due diligence, it is seen that the 4 or 5 companies which I have scouted, the target companies which I have identified, are they actually worthy of consideration? Are they worthy of spending the rest of the time, spending the rest of the activities? Like for example, from the business point of view, these 4 companies have been shortlisted. But it was found that one of the companies is like this. Okay, maybe just... Imagine that there are 4 listed companies. Just for the sake of simplicity. A company which has a market cap of 2000 crores. But when I did primary due diligence on its balance sheet. Then I came to know that there is a contingent liability of 6000 crores. Now I would like to say something in a minute. If you are watching this video. And you still don't know what is contingent liability. Then pause it and immediately google it. I would want you to come to a certain level. After that. So you know. The same thing, the same formula. You have to be motivated. I'll take, I'll prompt you to take actions. That's it, right? So, in primary due diligence, if I come to know that contingent liability is three times or even equivalent to my market cap, it's a big red flag for me. Whenever a government's letter or a high court order comes, that pay a penalty of 6,000 crores. Definitely, if it is parked in contingent liability, then liability can be crystallized at any time. It can be due at any time. So, At that point of time, the company will go corrupt, bankrupt within a single day. So, the objective of primary due diligence is to filter those companies on a primary basis. When the company is covered in primary due diligence, then its valuation is conducted. Valuation is conducted means its analysis is done. Actually, how much money will this company be worth? How many million dollars will it be worth? How many billion dollars will it be worth? Now, you have to understand. For example, L&T is a tech company and it had to acquire Mindtree, which it did. Though it was a hostile acquisition, but still. So, if it was a friendly acquisition, it is not like that you can sit at the table with Mindtree and say, how much will it sell? 1000 crores? No, no, 1000 is less, do 1100. It will say, no, 1100 is too much, do 1050. So, things won't go like this. It's a professional setup. There, considering its actual cash flows, future growth, what are the risks around that growth in the future, what are the inherent risks of the business, considering all those things, a primary figure comes out, which is called business valuation. We will make a video on this in detail. Once that has been done, and it is understood that The target he gave me was that I want to buy a company that has a valuation of Rs.1000-1500 crores. Now I came to know that one of the four companies had already been released because of its contingent liability. Now one of the three companies has been released because its valuation is more than Rs.1500 crores. So my client doesn't have that much budget. So now I have to focus on these two companies. I get to know this from the valuation. So now I have to do the main work on two companies. And the biggest task will be financial due diligence. Right. What does financial due diligence mean? That the company, listen carefully. The company's financial statements, i.e. income statement, balance sheet, cash flows, schedule to accounts, footnotes. Okay. Those which are presented, given to you, whether they are saying the exact same thing, what they used to say. Like, I'll simplify it. Like for example, Majorly, you will check the quality of the earnings. What does it mean? It means that the majority of revenue generated by the company is not generated by a single client. For example, a US company is giving me 90% of the revenue of my company. If the arrangement is over, then the revenue of my company will drop by 90%. Similarly, I will check the quality of my debtors. It is not happening that the company is continuously on a year-on-year basis, quarter-on-quarter basis is reporting sales. But that sale is not converting into cash. When I am saying it is not converting into cash, it means that you are doing business, you are selling goods, you are selling services, but the other person is not giving you cash. So you are forced to park the debtor as a debtor. It is again a red flag for us. So in financial due diligence, believe me, in-depth, in the debt, this thing's... After this, once the financial due diligence is okay, that financially everything is fine, then comes to legal due diligence. What will happen in legal due diligence? According to corporate law, the company is not doing non-compliance. If the company is exporting services, so whether they are following all the law of the land, basically it is seen that the company is operating where the land of the law is in the spirit of word and spirit. Then, The second last process is deal negotiation. What happens in deal negotiation? In deal negotiation, there are two companies. Primarily, investment banking will talk to both the companies. That we have a client and they are interested to acquire your company. So, are you interested? So, first of all, you are not ready to sell. Most of the cases, for example, these two companies have said yes. That we can consider this. Tell us more. Talk to us. Then after some time, finally when it comes to the finalization stage, then they are shaked. Infosys and this data analytics company. Then 3 people sit on the table. 4 people sit, I would say. Infosys investment banker which is Kotak. Infosys, second party. Third party is our data analytics company. And fourth party is the investment banker of that data analytics company. You have to remember that Kotak can't become the investment banker of both. This conflict of interest will arise. I cannot serve the buyer and seller at the same time. It's not like there is any regulation but there is no practice in the industry. What will happen in the deal negotiation? You can acquire whatever you want. Do it easily. But will it be a full cash deal? Like how Byju's acquired Akash. Full cash. Take 1 billion dollar 7000 crore rupees and put the money on the table. and give it to me are you acquiring money? are you acquiring in full equity? means in full equity means all my shareholders they will get Infosys share in return of my company's share if this is the case then what will be its exchange ratio? I will get 1 share of Infosys for 5 shares. 5 means 5 shares of Data Analytics company. I will get 1 share of Infosys. I will get 4 shares of Infosys for 10 shares. Whatever it is. So this exchange ratio is also very critical. In the coming videos, we will cover this in detail. How to decide the exchange ratio? What impact can it have? So what is the prerequisite to decide the exchange ratio? Here, in an ideal situation, the deal is announced. Once the negotiation has been freezed, They announce that Infosys is interested in acquiring one of the prominent data analytics companies. This is the only announcement. The name of the target company is not mentioned. Although both the papers have been signed. After this, there are some regulatory approvals like NCLT, SEBI etc. Just in case if you are acquiring listed companies, then exchange approval is required. If you are acquiring your competitor, then CCI, Competition Authority of India, their approval is required. So, all these work till this stage. And the last work that investment banks usually do is tax compliance. You must have heard that such profiles are M&A taxation. So what do they do? They basically do the post-mortem of entire deal from the perspective of tax compliances. I have told you this in a very broad and short video. We will bring a video on deal life cycle where we will talk end-to-end about how a deal actually runs through. I have told you this in a very broad step. Now, the second functionality is That is equity capital markets. Now what does equity capital markets basically do? Number one, one is IPO. You all know IPO means primary markets. Company is raising equity for the first time from the public. Either from the public, usually IPO is said to be from the public. I am going to the public to take money. In that case, usually you will see that investment bank is IPO's. book running lead manager. Book running lead manager. Okay. He can also do this work that he became the manager of IPO. Can he underwriting the IPO? Absolutely. An investment bank can underwrite. What does underwriting mean? Basically, sell an insurance to the company that brought the IPO. If your interest rate is so high, If I am not subscribed, I will subscribe the difference. This means that if your IPO is not subscribed by 90%, then I will subscribe whatever the difference is. If after IPO, only 80% is subscribed, then I will subscribe for 10%. How is its fee decided? Definitely, its fee will depend on only one thing. What is the probability of full subscription? If the probability is less, then I will charge more money. Because if tomorrow if there is no full subscription, then the investment bank will have to deposit its money in that IPO. We will understand about IPO in detail. You can tell me in the comment below if you want me to make any video on any of the topic in detail. Then comes FPO. What does FPO means? Follow on public offer. Here both the first and second are public offers. Means I am going to the public. There is only such a difference between FPO and IPO that FPO brings such a company. which is already listed in the market like if you see recently Ruchi Soya's FPO came in the market Ruchi Soya Patanjali Group basically not Ruchi Soya I would say Patanjali Group Patanjali Group brought their IPO in the market so challenges are relatively less compliance is relatively less in FPO because if your IPO has already come successfully you are present in the market your stock is in the exchange Company is listed and you are already doing thousands of compliance. Private placement basically means that the company came to me to raise funds. But I don't want to do this compliance. That I list my stock in the stock market. If it is listed in NSE, BSE then there will be a listing agreement. It has 50-100 clause. Compliance of every clause. About small things, you know exchange. Intimate, I can't do all this, it's very simple. Do one thing, bring money from the big people, so that whatever problem you have, you can talk to me directly. So what happens in this case, investment bank, QIBs, qualified institutional buyers, FIAs, HNI's, they go to them, they say there is a company, it wants to fundraise, are you getting it done? It is very similar to private equity. It is very similar but there is a minor difference. We will cover that when we talk about private equity. But you understand that in equity capital market, there are two things, capital market and equity. Whatever work will be done related to these two, and these three functionalities that I have told you, these are just present. This is not an exhaustive list. Whatever work will be done, for example, if you come to an investment bank, you can say that do capital structure planning. equity capital structure planning help us to improve our ROE return on equity do these assignments come to investment bank? yes they come day in day out they will come and they will handle the team of equity capital market now The third is research. I already told you it is one of the most prominent department. It is a very big department. This is one of the department on which there is a lot of backing. Reason being, you can do research in two ways. First, you are doing research for your clients. First, you are doing research for your clients. And second, all your departments. You are doing research for them also. The research report you have taken out that Kotak Mahindra Bank Investment Bank What is the view on the steel industry? He took out a paper. Kotak thinks, the research team of the investment bank thinks that in the next 10 years, steel will grow from CAGR and achieve this much market cap or business size. A report like this was published. A steel acquisition was done by the investment banking division. or consult any steel company or if there is a trading desk, they have to do a big investment or trade related to steel so they will rely on these reports so definitely one is that from the perspective of your HNI clients, investment bank HNI clients on behalf of whom investment bank trades means they are managing their money they are investing money on their behalf in the stock market So they will use the research reports to entice. Why do research reports are taken out to buy this stock? How true is that? I mean, how effective is that? That is a different matter of argument or debate. But what do those people do? They basically publish a research report. They will circulate it within their closed network. And they entice their customers to buy that particular share. If it's a buy rating or sell that particular share. It's a sell rating. and hold that particular share if it's a hold rating. What is the advantage of this? Definitely, research is paid in some places and freebies are also available in some places. But the brokerage that comes, you did research and bought it, how much did you buy? You bought shares worth 100 crores. buy shares of 100 crore rupees and get 0.08% or 0.8% brokerage because in a brokerage account of 20 rupees, he will not sit with a portfolio of 1500 or 2000 crores he will not give it to Zerodha most of the time the big investors take directly membership from NSE means Jhunjhunwala, Rakej Jhunjhunwala sir or any other big investor or big trader They won't rely on Motilal Oswal or any other broker. Give 10 lakhs for NIC membership, 20-25 lakhs for BAC membership, and that's it. That's how research team helps them. It could help the client and it could help the other divisions within investment banking. Now, the next is wealth management. Right now, this is relatively new. You all know that wealth management already existed. It seems very exciting. That I want to become a wealth manager. It seems very exciting to students. So, what actually happens? Okay. So, the first thing that happens in this is family office. Understand it a little carefully. What does family office mean? You understand. Let's talk about Ambani family. Mukesh Dhirubhai Ambani. Akash Mukesh Ambani. Mukesh Dhirubhai Ambani is good in doing business. You need to understand. He is a very good businessman. One of the best businessmen even the entire world has ever witnessed. There was nothing when his father left him and he has created everything from that very small sum of distribution. He literally proved himself. They can compound money through business. But you understand, they know how to do business. They know how to sell oil. They know how to sell jewelry. They know how to sell petrol. They know how to sell mobile data. Okay. But investment of money, that's a different ballgame altogether. You understand? There is Godrej's family office, there is Kirloskar's family office, there is Adani's family office. You name that one family, you know, there is Wadiya's family office, there is Mahindra's family office, there is Kotak's family office. What does family office mean? Uday Kotak could be a good banker, but he is not a good wealth manager. You need to understand. You have to take that decision, you have Rs. 1500 crore with you, idle. Which company you should invest in? Hey, Kotak... Talk about Uday Kotak sir or Mukesh Ambani. If they were good stock pickers, then they wouldn't have made their own 5-10 crore portfolio. Have you ever heard of Uday Kotak? Search it after the video. What are the holdings of Rakesh Jhunjhunwala sir? Or Mukul Mahavir sir? And what are the holdings of Uday Kotak against him? You won't find any. It's not an investment. They definitely have promoters. So what do they do? They open their family offices. Opened a family office, which means opened an entity. In that entity, recruited skilled people. And now, these skilled people have only one job. Only one job. To manage the wealth of Kotak family of 10,000 crores. That's it. Only this job. Okay. So usually, family office can be given to any investment bank to manage. Or they will manage it independently. So I have covered both aspects. What is estate planning? Estate planning is a very simple fund. Remember when Dhirubhai Ambani passed away. What happened? There was a fight between two brothers. There was a fight between the two brothers. I will take oil. I will take telecom. I will take energy. Blah blah blah. What happened after that? KV Kamath. who was ICICI top boss at that point of time and Ram Jethmalani one of the top lawyers our country has ever seen these two became mediators in between and they were given the responsibility to distribute the wealth the estate amongst both of the brothers in a fair way a lot of money is involved, do you understand? they are not fighting for some peanuts It's not a fight for 25-50 crores. It's literally a fight for an empire. Today, if you see Godrej, Godrej has crores and crores worth of land only. Land bank is worth crores of rupees. Like billions of dollars of land bank. If you want to distribute this, it is not something that you sit on paper and say, okay, you keep this, you keep this, you keep this. It's not happening like that. Retirement planning is not so popular in India as of now. But in the US, it is very, very popular. In US, very popular means who will do retirement planning? Will the person who is doing small jobs in the bank go to the investment bank? Brother, you understand one thing, if anyone is coming to the investment bank, then he is already a HNI. He is already a corporate. Usually HNIs come, do my retirement planning. After certain point of time, I don't want to work. So you have to arrange everything that my lifestyle should not decrease once I stop working. This is the basic motivation behind retirement planning. Private trusts. What does private trust mean? Private trust basically means, I will explain it with a real-life example. So basically, you must know Jackie Shroff. When he was in his golden days, when Jackie da is in his golden days, he just parked 100 crore rupees. Again, I am taking an example. Figure is not right. 100 crore rupees, what he has done, he has sent 100 crore rupees to Switzerland. And this happened in actual. And in Switzerland, he created a trust. Trust created in the name of Tiger Stroph Welfare Trust. Now what is the work of this trust? The work of this trust is that Tiger Shroff and this happened like 10-15 years back when Tiger Shroff was not independently earning or was not a big name in the industry. No one even knew him at that point of time. So what do we do? A trust of 100 crore rupees is made and Kotak Mahindra Bank, Kotak Investment Bank says that you have to manage this trust. Okay, the only objective of this trust is the welfare of Tiger Shroff. That's it. Trust means not serving the public. This is a private trust, not a public trust. Okay. So what will they do? Until Tiger Shroff or beneficiary of the trust is not capable enough, not competent enough to handle the amount, then what will they do? Will they keep this amount idle? No. They will invest this amount wisely and generate a return over a period of time. That trust is made in the name of a 12 year old child. Now we have 6 years, 7 years, 8 years, whatever is written in the trust, whatever is written in the trust deed, that it will be 21 years or 18 years or 19 years at that point of time, give him this wealth. Okay, so by then the work of wealth management will be done by investment banking team. Okay, and wealth management team. After that, transfer of that wealth. that now Tiger and the beneficiary is competent enough, he has done his MBA from Harvard, he has already started his business, or he has met all the requirements which are in the trust deed. Then this wealth will be transferred to the beneficiary and the work of investment bank will be finished. I am again telling you, private trust concept is not that popular in India, but it will grow as... the count of billionaires will grow in India. So this is one of the booming sectors or booming side of investment banking where growth is still there. Investment banking is one of those sites. Because all the things I have told you, Charo, relatively it's very new. It's very new. Okay. Now, this is the thing that what are the divisions in investment banking. We will cover this in detail. These are 4-5 divisions. Okay. Now, Roles in IB. Okay. What are the roles in IB? So basically, you all will get enticed, you all will get excited by listening that sir, I have to work in front office. Okay. Now understand one thing. In investment banking, the front office roles are not like the one you saw in Hrithik Roshan's funda. It is not like that. Front office means anything where you are directly talking to the client and representing the client. Meaning when you... mergers and acquisitions, when you are in investment banking division, M&A team you are going to meet the client. What are your requirements? You are meeting directly with Infosys CFO you are meeting directly with Infosys board in confidential meeting that you have to find target tell me what is your target and you are keep on reporting to them. Wherever your contact with client is done wherever your final delivery is Whatever work you have to do, if the client gets the final delivery, then you are into front office job. Understood? Very simple. Very plain. Vanilla. I have explained it in a very easy way. Wherever you have done your interaction, your delivery, final delivery to the client. Okay? On behalf of firm. On behalf of investment bank. You are working in front office. Okay? In this, if I say trading. that trading is also one of the aspects of investment banking. So, the trader, those who are interacting with the outside world, what is the outside world? Outside world is the market, the stock market. So, on behalf of the firm, he is representing the firm by sitting at that terminal. If I will punch the order, it is not punched by me, it is punched by my bank, my investment bank. That is the front office role. I hope it is very clear now. This question will be asked in the interview directly. What do you mean by front office, middle office, back office? Okay. Please make sure that after watching this video, you keep making notes on it. I will try to put this PPT in the description below. And definitely if you want, and if you are still staying, then you should do one thing immediately. Subscribe quickly. Okay. So that we get motivation and we keep making good videos for you. Okay. So this is my front office job. Now, the middle office is Basically anyone who's assisting the front office people in order to get their work done. Who can it be? Like financial modeling team. Like in M&A case, in merger acquisition, research team. Absolutely. Is this a middle office team? Absolutely. This is a middle office team. When that research team independently, if you are in that section of the research team, who independently deals with the client, issues research reports to the client, you can say that I am in the front office. But now, if M&A team says that we have to work on a merger acquisition related to golf, on a merger acquisition related to golf industry, search, research on golf industry. Report to us what is its prospect in Asia. So in that case, they are offering their services to the front office team. Okay. Market outlook. Tell me. There is a trader too. Trader says, give me market outlook. Like for example, markets open at 9.30 in India. 9.15, 9.30. Usually traders reach their desk by 8, 8.15, 8.30. 30 minutes before the trading happens. At that time, they only get an A4 sheet. What happens in that A4 sheet? There is a complete synopsis. What happened in the night? What happened since the market closed yesterday? How did the world market behave? How did the crude price behave? How did the commodities behave? They get a glance. Who is doing this? Right? So, middle office is facilitating front office in order to complete their duties. The third and most important is back office. Usually, not necessarily, usually people don't like back office job. But it's not like that. And can I switch from front office to back office or middle office? Again, it depends on the company. But in back office, usually the front office and middle office will have a recording. Mostly accounting work will be done. Mostly tax compliances work will be done. Mostly other regulations. Regulatory complaints will be done. All this work, that both front office and middle office, okay, our business and my IB, my investment bank, these three can run their business smoothly. Okay, the regulatory guidelines in the realm of regulation, can run their business while staying in its four corners, that responsibility is of back office. Okay, they do accounting. Most of the time, you must have seen that hedge fund accounting roles are very important. Hedge Fund Accounting roles are usually offered to Chartered Accountants, CFA students. Hedge Fund Accounting. All this is done by back office. I hope this is very clear. Now, I have missed two things which I will cover from here. I would say yes, I have missed these two things. Debt Syndication and Trading and Brokerage. Let me explain. So, basically you understand. What is the work of debt syndication? You understand, I know you are very well educated and very well aware individual So if you want to take a small loan, small loan means you want to take a home loan of 50 lakhs or 1 crore rupees, say for example So you can directly approach to the branch manager, you can ask what are the requirements, what documents you need He will tell me to give you aadhar card, PAN card, give me a salary slip of last 6 months, give me property papers, photocopy everything and give the entire file to him So you can get a period of time time if you are eligible they will give you the loan right this process is easy why this process is easy number one it's a retail loan number two the amount is very less it's we are only talking about one crores but if your company wants a loan of 1000 crores then you feel like you will go to the nearest sbi branch in your city you will go there you will tell the manager that my company is okay who makes shoes i want a loan of 1000 crores he will stand up from the table that sir what are you talking about 1000 crore loan. This much loan is not distributed in my entire branch. Okay. So this is not how you know things work in the real life in the corporate world. So usually what happens is this is handled very delicately and very professionally. They usually hire an investment bank in between. That brother I want 1000 crore loan. Now it is your responsibility. And I want it in this rate and in this rate range. Okay. This also happens. You understand. What. If you are going to take a small loan, then you have more negotiating power or if you are going to take a big loan, then you have more negotiating power. If you are taking a loan of 1000 crores from the bank, then you can ask them to give a discount of 1% or 2% on the interest rate. Definitely you can. But if you are going to take a home loan of 50 lakhs or 1 crore, you are not even bothered. No, this does not happen. The rate written will be the rate. I do not have to do this. Plus, So that is one advantage of debt syndication if you go through investment bank. Plus there are high chances. What we have seen in history, Vijay Mallya, we have seen PNB scam which was of Nirav Modi, which was of Gitanjali Gems. In that case, today there is a condition that no one bank is ready to assume the risk. This means that you will get 1000 crores but not one bank. You will get 5 banks. 200-200 crores. So what they are doing? They are distributing their risk. This is called consortium. Consortium of loan. And there is a consortium leader in this. Its whole process is different. So basically in debt syndication, debt raising or debt servicing related, any corporate level work is done in debt syndication. It's a very very very very niche. I would say a highly highly niche kind of a role. And if you have that passion, that you have an amazing passion for debt markets, then you should go for it. Trading and brokerage. These are two different things. Number one, I start with brokerage. Brokerage means that I am suggesting something to my client and my client is trading through me. So I am getting brokerage. Simple thing is, when you go to zerodha and punch the trade, then zerodha is a platform for you to punch the trade, to enter into the trade, to buy the stock, to sell the stock. Against that, you pay 20 rupees per leg per transaction to zerodha. 24 by 20 for sale. That is brokerage aspect. This is the same in all other banks, same in investment banks. Quantum can be small because if you directly go and tell Morgan Stanley that take my 4 lakhs, my brokerage account, The security guard will make you run away. That brother go from here. It doesn't happen here. That means you have literally 100, 500 crores, 1000 crores. So we open a brokerage account. Trade in it. Okay. And. The last thing is trading. When I am saying trading, there is a difference between brokerage and trading. When you are trading in brokerage, you are trading on behalf of the client. Your main objective is to earn brokerage. What are you doing in trading? The idle fund that you have in trading. Sir, I have idle fund. How will it come? The commission you have earned from top to bottom in all these things. Whatever you have earned, right? Definitely you have distributed it. You must have distributed money in salary value. But after that you will have money, not that you will not have money. For example, there is an investment banking which has a 1,000 crore rupees idle fund. So what they will do? They will give this fund or some amount of this fund to trading desk. That tomorrow trading, generate only 0.5% return per day kind of a thing. That's a huge return ideally, 0.5% return per day, it's like unsustainable return. If I am talking about 0.5% per day, then I am saying that you are making Rs. 1000 crore, Rs. 5 crore daily. No matter what. Okay. So, give me this much return. Okay, now what happens is, will there be rules and regulations? Absolutely. It is documented to the trader that this is my risk profile, this is my investment memorandum. You don't have to work outside this. Okay. You don't have to work outside this. And there are some stocks which are blacklist. Which are the blacklist stocks? Infosys. Because I am working for Infosys. I know this deal is going to happen. So I cannot trade Infosys. So these things are very important for a trader. Usually you will see that trading is one of the most riskiest sector within investment bank. The most risky function of investment bank is trading. Somewhere big investment banks are trading. That the trader made a mistake at that point of time. Blundered something. Operational error. Or he took trades outside the investment memorandum. You see. The LTCM. Long term capital management. Where they have a movie by calling margin. Margin call. I hope you all have seen it. But those who haven't seen it. Do watch it. What happened over there. They have shorted the stocks like anything. They had sold it. And suddenly. there was change in interest rate due to that cold war happening between russia and this again it's a different topic altogether and then margin call and they have to literally shut the entire fund so this always happens this is one of the most risky job is it called proprietary trading in india in india investment banks proprietary this is called proprietary trading what does proprietary mean for itself proprietary business my own business so what does trading mean for proprietary trading proprietary trading means I am trading for myself. So sir, if I take 100 crore rupees and I am trading, can I say that I am doing proprietary trading? You were trading with 50 rupees, now you are doing proprietary trading. When it is said as a trading desk, I am running a trading desk. This means that you have made a system. You are not a discretionary trader and you are not trading alone. You have made a system and you have hired people to trade on your behalf. That they will trade all day but they will trade only what is in the system. The rules and regulations that you have made. Does proprietary trading exist in India? Yes, it does. There are many people who trade in India. Can investment banks trade in India? Yes, they can. They can trade in India as well as outside India. They can trade directly in forex as well. There are many other things. So, with these things, I covered what are the divisions. and what are the major roles in investment banks. Now we will jump with the classification. What are the types of investment banks? The first type is BBB. It is called triple B. Bulge Bracket Bank. Bulge Bracket Bank means they are like the global leaders when it comes to investment banking. JP Morgan, Goldman, Morgan Stanley What is the advantage of working here? The biggest advantage is that you will get to work in big deals Okay? That is a direct acquisition of 16 billion dollars 16 billion dollar acquisition Whose acquisition was in 16 billion dollars? Walmart acquired Flipkart Okay? So you get the chance to work on such transactions You are working with one of the finest brains in the country You are the most You are working among the most intelligent people. That is again, Sangh Sangh, the same Sanghat, the same Rangat work. You will also get a little polished. What is the main disadvantage? The main disadvantage is that the things that happen here, are highly systematic. Highly systematic means, everyone's work is distributed. This team will only do research, this team will only do target searching, this team will only do valuation, this team will only do financial due diligence, this team will only do legal due diligence, this team will only do negotiation and this team will only do eminent taxation. So if you are involved in eminent taxation in Goldman, then you will never have any idea what exactly is happening in the rest of the functions. Because they maintain a Chinese wall between each functionality. The person who is doing the research doesn't know for which target he is doing the research. Which company, which client he is doing the research for. Okay. The person who is doing the target scout doesn't know what result he got in the research. He is just told that your work is to scout the target. The person who is doing the valuation doesn't know what result he got in the due diligence. So everything is separated. You will be part of that deal cycle. But you will never get a view in an overall entirety. Okay. And as far as the matter is concerned, they are one of the highest paying job, you know, employers, definitely. They are very big people, they have a lot of money. Usually, if you look at it from the Indian context, and I am talking about a fresher, then anywhere between 11 lakhs to 14 lakhs, sometime up to 18-19 lakhs. This kind of package they usually offer. Okay, it's not like if it's 11 lakhs, then they start fighting that I am offering 10 lakhs. I was told 11 lakhs in a YouTube video, it doesn't happen. depend on how the market situation is basically demand supply if someone is not getting demand immediately he will hire someone for 14-18 lakhs instead of 11 lakhs money is never a constraint it's a capitalist industry they don't have any lack of money elite investment banking firms elite investment banking firms means there are big companies but they are so specialized like for example Rothschild Evercore, Lazard these people have so much expertise that they are literally serving to only one sector I am the boss and number two they usually work in absolute silence you will see that they don't do much work of shining like gold man is doing report again and again they focus with their client So what is the advantage of this client? They got the quality of a bulge bracket bank. The quality of the bulge bracket bank is given in the delivery. But the pricing is very less. They definitely charge a little less than the big bracket banks. Big bulge banks. And here a client gets personalization. That is one thing. If you are talking about salary here, then I know it's very shocking. But I have personally seen that these elite firms often offer more money than Bulge Bracket Bank. I have seen people getting a package of 20 lakh rupees as starting package for a fresher I am talking about. It can start from 8-9 lakh rupees in the lower side. And I am talking about these are not Indian firms. These are out of India, foreign firms basically or presence in India. regional firms are not there so between 8 lakh to 20 lakh rupees for a fresher depend on profile depend on the demand and supply depend on you know what is your expertise everything is like you know subjective now regional IB firms regional IB firms like for example Northern Arc Capital Evindus Capital Veda Capital these are Indian firms these are firms made in India these are very small firms usually deal size is very small deal size is almost less than 1 billion it is very rare that a regional IB firm is handling a deal of 1 billion dollars very rare like once in a blue moon kind of a situation ok what is the biggest advantage if you are starting your career with a regional IB firm that there is this function defined in the burles bracket that you will do research, you will do this, you will do negotiation, you will do valuation Here, it doesn't happen literally. Here, if you are part of a deal, you are part of a deal. So, you will start your work from here and you will end your work over here. From doing research to making a deal announcement, you will be aware of everything in every aspect. And you will be literally be actively participating in that. Why does this happen? Number one, relatively they have very less staff strength. A regional IB firm, what I have seen personally is that it works with 5 people. means there are 2 partners, 3,4, this is too small but yes, it is only this much, there are 3,4 partners they have 3,4,5 directors under them and with them there are 2,3,3 people who are working so basically if a regional IB firm is working on a deal so it is literally, you know, on a particular deal not more than 4,5 people are working so if 4 people have to work then division of labour is practically not possible ok, there will be someone who is lagging and to support him, other people will come so you know how it works Here your exposure will be very good. That is why I always recommend my students and my mentees to start their career with a regional IB firm rather than just don't go behind the name. This is there. If you have taken entry here once, then this is also possible for you and this is there. You can take this level of confidence that you can handle a deal alone. After that, you will see how much money you get from Goldman, how much money you get from Morgan Stanley. Okay. Again, I am repeating this. Money is no constraint for them. You will get as much money as you ask for. Subject to that you are a right talent and you are putting something of good worth on the table. You keep something on the table. You will say crore rupees. You will get a salary of crore rupees. Okay. And there is one more. Big four firms. This is relatively new. The four big four, EY, KPMG, Deloitte, PwC, these people have opened their investment banking arms. They have to say that for whom we are auditing, where we know literally the entire board end to end, so why just lose this sector? When we know everything, who is the CFO, where does he play golf, where does he do parties, everything they know. We have to make such a good relation when you are doing business with them. They basically think why should we lift them? Why should we leave the revenue generated by investment banking? Now they have started it. You can see that EY's investment banking is very popular in India. They are doing it very aggressively. Here also you will get the knowledge similar to regional IB firms. These are also the type of regional IB firms that behave when it comes to investment banking. Globally, it may not be that strong but it depends on the region. In India, EY is the strongest when it comes to IB. Very rare I have heard that KPMG has any deal. They do close, it's not that much. But not as strong dominance as EY. It's possible that EY has, you know, Philippines has strong dominance now. Philippines has Deloitte. Singapore has KPMG. So it depends. There is no one global leader like here. There are only three biggest banks in the world. Like IB. So it doesn't happen here. That's how. If you look at their salaries, they are mostly the same. The irony in regional IB firms is that they offer anything from 4 lakhs to 12-13 lakhs. Sir, you just said that there is no money constraint. So they don't have any money constraint either. But they just want to test the water. It is said that first touch the water and then dip it in it. that it is not too hot or too cold. So, after offering a package of 4 lakh rupees, first, it is tested that the person we are hiring, you need to understand, okay? They are working in a very small team size. Their team size is very small. They cannot afford a mishiring. There should not be any wrong person. Wrong person, one fish, full pond, and blah blah blah. You know that, right? So, for that thing, they are very cautious. And that's why they don't... offer directly 12-13 lakhs package. I am not saying that you will get 4 lakhs. 4 lakhs is like a minimal amount. Like a student of mine recently has graduated from one of the universities in Rajasthan. And normal like BA economics kind of a guy. Normal graduation, no professional certification. And currently he is working in one of the regional IB firms and drawing a package of 4 lakh rupees. There was another student who started with 5 lakh rupees and Worked there for 1.5 years and now directly made a jump to 14 lakh rupees. Do you understand why I said there is no constraint of the package? If you have the right knowledge, if you keep the thing that he wants on the table, then believe me, he will not say that we will offer you 30% of your last salary. Everything will get released. Meaning from 4 to 14, you can just assume how many times he took a jump. It happens all the time. But if you are a chartered accountant or a CFA level 2 or 3 graduate, you usually get up to 6 lakhs. Similarly, if you are a big 4 and you want to maintain a name, you get a salary of 8-9 lakhs and you go up to 11 lakhs. But not more than that. 11 is like a cap. Exceptional cases can always happen. If you have an IAR or you know... Extraordinary individual hai. But that's like outlier. One in a million kind of a stuff. Okay. Now, how you can become an investment banker? That is most important thing. Humne sab samajh liya ki investment banking kaise hota hai, kya hota hai, you know, kya roles hai, kya functionality hai. But real question aata hai ki aap investment banker kaise ban sakte ho. Kya yeh wakai mein itna easy hai, jitna easily main hai, yeh aapko samjaya hai. Okay. And main isme aapki kaise madad kar sakta ho. Okay. So, don't worry. Just wait for our videos which will come in future and keep subscribing up some and description please join the telegram group free but we don't usually put it on YouTube sessions join the telegram group in the description below and Definitely will be there to help you. If. If you are still watching this video. If you are still watching this video. And you have not subscribed yet. It is a sin. And you know how to get in touch with me. I have my presence on LinkedIn. I have my presence on Instagram. You can just message me. And I will be there to reply you. So this is Parth Verma. And thank you so much for your time. I will see you in the next video.

what all are the skills required and what not so just let's dive into this video and enrich ourself with this knowledge right so what we are going to cover we'll first cover what is the basic difference between commercial bank and investment bank i have seen basis my experience that a lot of students quite confused between commercial bank and investment bank so today i will bring that clarity apart from that what are the various functions and floors in ib you have heard that in investment banking, debt is also being worked, in investment banking, demerger is also being worked, IPO is also being worked. In investment banking, front office roles are there, middle office roles are there, back office roles are there. So what are those roles, how are they, for which roles you should target, everything will cover.

Apart from that, we will also see that what are the different classifications within the investment banking. That you know, what are the different types of investment banking and what are the classifications. And Finally, what are the different roles for you? Who are the different employers?

What is the salary you can expect? And definitely at the last and the most important is the skill which is required for getting a job in investment banking. So let's start this journey without any further delay.

So whenever you're talking about a commercial bank, you have to keep two things in mind. Any regulated entity, definitely when I am saying a regulated entity or entity which has been regulated by RBI, if it is accepting the deposit plus giving a loan, then it is a commercial bank. Whether it is scheduled commercial bank, not scheduled commercial bank, not a purpose of today's discussion for sure. So accept deposit is one primary function. Let me just thicken it a bit more.

So accept deposit is first function. Giving loan is another function and definitely to facilitate their customers, they are offering multiple services like for example, RTGS, NEFT or bank guarantees or letter of credit and whatnot. So these are all ancillary services but the main service of a commercial bank is to accept deposits and giving loans. So basically, from here, give loan to people at 10, 12, 15% and take deposit from people at 5 to 7%. So the spread in between that is their profit.

We all know that, right? But when it comes to investment banking, the game changes completely, right? So in investment banking, I will go through a very basic go through.

Then we have an in-depth slide on each of the aspects, right? So we will cover everything in detail. Like for example, first of all, in investment banking, there is an investment banking division. Now this is the core division which most of the time is your dream.

That we people, you know... Mergers and acquisitions, demergers and whatnot. So that thing is catered here in the investment banking division. After that, there is equity capital markets.

Definitely, you must have understood by name that it has to do with two things. First is capital market and within capital market, it has to do something with equity. So we will understand in detail what equity capital market is. After that, the third and foremost function, I would say. One of the primary function of an investment bank is conducting research.

Right. So research basically what it does is, again, we'll understand in depth. So I just don't want to break the chain right now.

Third is, fourth is debt syndication. So definitely, you can understand by looking at the name that one is related to debt and debt has to be syndicated. Now syndicate means facilitating your client to take debt, right, to raise debt.

So basically raise money through debt. And Fifth is trading and brokerage. We'll understand whether it is a proprietary trading.

You must have heard the name again and again that proprietary trading desk or what it is. And wealth and asset management. So let's start one by one. We'll first start with investment banking division. If you look at investment banking division, then definitely organization to organization, culture to culture can differ that there will be something else in Kotak, JP, or Goldman.

But broadly, these things happen. Means name can be something else. But broadly, these things happen. Like for example, I would say that... Say we are Kotak, just for sake of example, we are Kotak Investment Bank and we got Infosys, Infi came to us that they want to acquire a company which is core into data analytics.

So Infosys came and asked Kotak to help me find a target which works in data analytics. So basically, this is not a vertical integration, it is a horizontal integration. Those who have studied Mergers and Acquisitions know that this is a horizontal integration.

Why? Because Infosys, which is already doing the work of software development, they now want to spread their scope of work to data analytics also. So rather than starting a completely new setup, they want a mature company which is already playing in this field and by buying it, They'll just incorporate into within Infosys. So, when it comes to Kotak, the first thing which Kotak has to do, just wait a minute, the first thing which Kotak has to do is target scouting.

Right. Infosys is explained in detail What kind of company do you want? Do you want a company situated in India or abroad?

What kind of work they are doing? Which territory they are catering to? Are they serving the Indian territory or the UK or US? So all these things are called profiling by Infosys which is our main acquirer company or potentially acquirer company Now tell us more about the target, what type of target do you want?

After that, the entire team goes on target scouting and they definitely come up with 3, 4, 5 different companies. There are 5 companies which exactly fit the profile which Infosys has told us. After this, even before they take another step ahead, there is a primary due diligence.

This is a little different from financial due diligence. There is a primary due diligence. In primary due diligence, it is seen that the 4 or 5 companies which I have scouted, the target companies which I have identified, are they actually worthy of consideration?

Are they worthy of spending the rest of the time, spending the rest of the activities? Like for example, from the business point of view, these 4 companies have been shortlisted. But it was found that one of the companies is like this.

Okay, maybe just... Imagine that there are 4 listed companies. Just for the sake of simplicity.

A company which has a market cap of 2000 crores. But when I did primary due diligence on its balance sheet. Then I came to know that there is a contingent liability of 6000 crores.

Now I would like to say something in a minute. If you are watching this video. And you still don't know what is contingent liability.

Then pause it and immediately google it. I would want you to come to a certain level. After that.

So you know. The same thing, the same formula. You have to be motivated.

I'll take, I'll prompt you to take actions. That's it, right? So, in primary due diligence, if I come to know that contingent liability is three times or even equivalent to my market cap, it's a big red flag for me.

Whenever a government's letter or a high court order comes, that pay a penalty of 6,000 crores. Definitely, if it is parked in contingent liability, then liability can be crystallized at any time. It can be due at any time.

So, At that point of time, the company will go corrupt, bankrupt within a single day. So, the objective of primary due diligence is to filter those companies on a primary basis. When the company is covered in primary due diligence, then its valuation is conducted.

Valuation is conducted means its analysis is done. Actually, how much money will this company be worth? How many million dollars will it be worth? How many billion dollars will it be worth?

Now, you have to understand. For example, L&T is a tech company and it had to acquire Mindtree, which it did. Though it was a hostile acquisition, but still. So, if it was a friendly acquisition, it is not like that you can sit at the table with Mindtree and say, how much will it sell?

1000 crores? No, no, 1000 is less, do 1100. It will say, no, 1100 is too much, do 1050. So, things won't go like this. It's a professional setup. There, considering its actual cash flows, future growth, what are the risks around that growth in the future, what are the inherent risks of the business, considering all those things, a primary figure comes out, which is called business valuation. We will make a video on this in detail.

Once that has been done, and it is understood that The target he gave me was that I want to buy a company that has a valuation of Rs.1000-1500 crores. Now I came to know that one of the four companies had already been released because of its contingent liability. Now one of the three companies has been released because its valuation is more than Rs.1500 crores.

So my client doesn't have that much budget. So now I have to focus on these two companies. I get to know this from the valuation. So now I have to do the main work on two companies.

And the biggest task will be financial due diligence. Right. What does financial due diligence mean? That the company, listen carefully. The company's financial statements, i.e. income statement, balance sheet, cash flows, schedule to accounts, footnotes.

Okay. Those which are presented, given to you, whether they are saying the exact same thing, what they used to say. Like, I'll simplify it.

Like for example, Majorly, you will check the quality of the earnings. What does it mean? It means that the majority of revenue generated by the company is not generated by a single client.

For example, a US company is giving me 90% of the revenue of my company. If the arrangement is over, then the revenue of my company will drop by 90%. Similarly, I will check the quality of my debtors.

It is not happening that the company is continuously on a year-on-year basis, quarter-on-quarter basis is reporting sales. But that sale is not converting into cash. When I am saying it is not converting into cash, it means that you are doing business, you are selling goods, you are selling services, but the other person is not giving you cash. So you are forced to park the debtor as a debtor.

It is again a red flag for us. So in financial due diligence, believe me, in-depth, in the debt, this thing's... After this, once the financial due diligence is okay, that financially everything is fine, then comes to legal due diligence. What will happen in legal due diligence?

According to corporate law, the company is not doing non-compliance. If the company is exporting services, so whether they are following all the law of the land, basically it is seen that the company is operating where the land of the law is in the spirit of word and spirit. Then, The second last process is deal negotiation.

What happens in deal negotiation? In deal negotiation, there are two companies. Primarily, investment banking will talk to both the companies.

That we have a client and they are interested to acquire your company. So, are you interested? So, first of all, you are not ready to sell.

Most of the cases, for example, these two companies have said yes. That we can consider this. Tell us more.

Talk to us. Then after some time, finally when it comes to the finalization stage, then they are shaked. Infosys and this data analytics company.

Then 3 people sit on the table. 4 people sit, I would say. Infosys investment banker which is Kotak. Infosys, second party. Third party is our data analytics company.

And fourth party is the investment banker of that data analytics company. You have to remember that Kotak can't become the investment banker of both. This conflict of interest will arise. I cannot serve the buyer and seller at the same time.

It's not like there is any regulation but there is no practice in the industry. What will happen in the deal negotiation? You can acquire whatever you want.

Do it easily. But will it be a full cash deal? Like how Byju's acquired Akash. Full cash.

Take 1 billion dollar 7000 crore rupees and put the money on the table. and give it to me are you acquiring money? are you acquiring in full equity? means in full equity means all my shareholders they will get Infosys share in return of my company's share if this is the case then what will be its exchange ratio? I will get 1 share of Infosys for 5 shares.

5 means 5 shares of Data Analytics company. I will get 1 share of Infosys. I will get 4 shares of Infosys for 10 shares.

Whatever it is. So this exchange ratio is also very critical. In the coming videos, we will cover this in detail. How to decide the exchange ratio?

What impact can it have? So what is the prerequisite to decide the exchange ratio? Here, in an ideal situation, the deal is announced. Once the negotiation has been freezed, They announce that Infosys is interested in acquiring one of the prominent data analytics companies.

This is the only announcement. The name of the target company is not mentioned. Although both the papers have been signed.

After this, there are some regulatory approvals like NCLT, SEBI etc. Just in case if you are acquiring listed companies, then exchange approval is required. If you are acquiring your competitor, then CCI, Competition Authority of India, their approval is required. So, all these work till this stage.

And the last work that investment banks usually do is tax compliance. You must have heard that such profiles are M&A taxation. So what do they do? They basically do the post-mortem of entire deal from the perspective of tax compliances.

I have told you this in a very broad and short video. We will bring a video on deal life cycle where we will talk end-to-end about how a deal actually runs through. I have told you this in a very broad step. Now, the second functionality is That is equity capital markets. Now what does equity capital markets basically do?

Number one, one is IPO. You all know IPO means primary markets. Company is raising equity for the first time from the public.

Either from the public, usually IPO is said to be from the public. I am going to the public to take money. In that case, usually you will see that investment bank is IPO's.

book running lead manager. Book running lead manager. Okay. He can also do this work that he became the manager of IPO. Can he underwriting the IPO?

Absolutely. An investment bank can underwrite. What does underwriting mean? Basically, sell an insurance to the company that brought the IPO. If your interest rate is so high, If I am not subscribed, I will subscribe the difference.

This means that if your IPO is not subscribed by 90%, then I will subscribe whatever the difference is. If after IPO, only 80% is subscribed, then I will subscribe for 10%. How is its fee decided? Definitely, its fee will depend on only one thing.

What is the probability of full subscription? If the probability is less, then I will charge more money. Because if tomorrow if there is no full subscription, then the investment bank will have to deposit its money in that IPO. We will understand about IPO in detail. You can tell me in the comment below if you want me to make any video on any of the topic in detail.

Then comes FPO. What does FPO means? Follow on public offer.

Here both the first and second are public offers. Means I am going to the public. There is only such a difference between FPO and IPO that FPO brings such a company. which is already listed in the market like if you see recently Ruchi Soya's FPO came in the market Ruchi Soya Patanjali Group basically not Ruchi Soya I would say Patanjali Group Patanjali Group brought their IPO in the market so challenges are relatively less compliance is relatively less in FPO because if your IPO has already come successfully you are present in the market your stock is in the exchange Company is listed and you are already doing thousands of compliance.

Private placement basically means that the company came to me to raise funds. But I don't want to do this compliance. That I list my stock in the stock market. If it is listed in NSE, BSE then there will be a listing agreement. It has 50-100 clause.

Compliance of every clause. About small things, you know exchange. Intimate, I can't do all this, it's very simple. Do one thing, bring money from the big people, so that whatever problem you have, you can talk to me directly.

So what happens in this case, investment bank, QIBs, qualified institutional buyers, FIAs, HNI's, they go to them, they say there is a company, it wants to fundraise, are you getting it done? It is very similar to private equity. It is very similar but there is a minor difference. We will cover that when we talk about private equity.

But you understand that in equity capital market, there are two things, capital market and equity. Whatever work will be done related to these two, and these three functionalities that I have told you, these are just present. This is not an exhaustive list. Whatever work will be done, for example, if you come to an investment bank, you can say that do capital structure planning.

equity capital structure planning help us to improve our ROE return on equity do these assignments come to investment bank? yes they come day in day out they will come and they will handle the team of equity capital market now The third is research. I already told you it is one of the most prominent department. It is a very big department.

This is one of the department on which there is a lot of backing. Reason being, you can do research in two ways. First, you are doing research for your clients. First, you are doing research for your clients. And second, all your departments.

You are doing research for them also. The research report you have taken out that Kotak Mahindra Bank Investment Bank What is the view on the steel industry? He took out a paper. Kotak thinks, the research team of the investment bank thinks that in the next 10 years, steel will grow from CAGR and achieve this much market cap or business size. A report like this was published.

A steel acquisition was done by the investment banking division. or consult any steel company or if there is a trading desk, they have to do a big investment or trade related to steel so they will rely on these reports so definitely one is that from the perspective of your HNI clients, investment bank HNI clients on behalf of whom investment bank trades means they are managing their money they are investing money on their behalf in the stock market So they will use the research reports to entice. Why do research reports are taken out to buy this stock? How true is that? I mean, how effective is that?

That is a different matter of argument or debate. But what do those people do? They basically publish a research report. They will circulate it within their closed network. And they entice their customers to buy that particular share.

If it's a buy rating or sell that particular share. It's a sell rating. and hold that particular share if it's a hold rating.

What is the advantage of this? Definitely, research is paid in some places and freebies are also available in some places. But the brokerage that comes, you did research and bought it, how much did you buy? You bought shares worth 100 crores. buy shares of 100 crore rupees and get 0.08% or 0.8% brokerage because in a brokerage account of 20 rupees, he will not sit with a portfolio of 1500 or 2000 crores he will not give it to Zerodha most of the time the big investors take directly membership from NSE means Jhunjhunwala, Rakej Jhunjhunwala sir or any other big investor or big trader They won't rely on Motilal Oswal or any other broker.

Give 10 lakhs for NIC membership, 20-25 lakhs for BAC membership, and that's it. That's how research team helps them. It could help the client and it could help the other divisions within investment banking. Now, the next is wealth management. Right now, this is relatively new.

You all know that wealth management already existed. It seems very exciting. That I want to become a wealth manager.

It seems very exciting to students. So, what actually happens? Okay. So, the first thing that happens in this is family office.

Understand it a little carefully. What does family office mean? You understand.

Let's talk about Ambani family. Mukesh Dhirubhai Ambani. Akash Mukesh Ambani. Mukesh Dhirubhai Ambani is good in doing business. You need to understand.

He is a very good businessman. One of the best businessmen even the entire world has ever witnessed. There was nothing when his father left him and he has created everything from that very small sum of distribution.

He literally proved himself. They can compound money through business. But you understand, they know how to do business. They know how to sell oil.

They know how to sell jewelry. They know how to sell petrol. They know how to sell mobile data. Okay.

But investment of money, that's a different ballgame altogether. You understand? There is Godrej's family office, there is Kirloskar's family office, there is Adani's family office.

You name that one family, you know, there is Wadiya's family office, there is Mahindra's family office, there is Kotak's family office. What does family office mean? Uday Kotak could be a good banker, but he is not a good wealth manager. You need to understand. You have to take that decision, you have Rs. 1500 crore with you, idle.

Which company you should invest in? Hey, Kotak... Talk about Uday Kotak sir or Mukesh Ambani. If they were good stock pickers, then they wouldn't have made their own 5-10 crore portfolio. Have you ever heard of Uday Kotak?

Search it after the video. What are the holdings of Rakesh Jhunjhunwala sir? Or Mukul Mahavir sir?

And what are the holdings of Uday Kotak against him? You won't find any. It's not an investment.

They definitely have promoters. So what do they do? They open their family offices. Opened a family office, which means opened an entity. In that entity, recruited skilled people.

And now, these skilled people have only one job. Only one job. To manage the wealth of Kotak family of 10,000 crores. That's it.

Only this job. Okay. So usually, family office can be given to any investment bank to manage. Or they will manage it independently.

So I have covered both aspects. What is estate planning? Estate planning is a very simple fund.

Remember when Dhirubhai Ambani passed away. What happened? There was a fight between two brothers.

There was a fight between the two brothers. I will take oil. I will take telecom.

I will take energy. Blah blah blah. What happened after that? KV Kamath.

who was ICICI top boss at that point of time and Ram Jethmalani one of the top lawyers our country has ever seen these two became mediators in between and they were given the responsibility to distribute the wealth the estate amongst both of the brothers in a fair way a lot of money is involved, do you understand? they are not fighting for some peanuts It's not a fight for 25-50 crores. It's literally a fight for an empire. Today, if you see Godrej, Godrej has crores and crores worth of land only. Land bank is worth crores of rupees.

Like billions of dollars of land bank. If you want to distribute this, it is not something that you sit on paper and say, okay, you keep this, you keep this, you keep this. It's not happening like that. Retirement planning is not so popular in India as of now.

But in the US, it is very, very popular. In US, very popular means who will do retirement planning? Will the person who is doing small jobs in the bank go to the investment bank? Brother, you understand one thing, if anyone is coming to the investment bank, then he is already a HNI.

He is already a corporate. Usually HNIs come, do my retirement planning. After certain point of time, I don't want to work.

So you have to arrange everything that my lifestyle should not decrease once I stop working. This is the basic motivation behind retirement planning. Private trusts. What does private trust mean?

Private trust basically means, I will explain it with a real-life example. So basically, you must know Jackie Shroff. When he was in his golden days, when Jackie da is in his golden days, he just parked 100 crore rupees.

Again, I am taking an example. Figure is not right. 100 crore rupees, what he has done, he has sent 100 crore rupees to Switzerland.

And this happened in actual. And in Switzerland, he created a trust. Trust created in the name of Tiger Stroph Welfare Trust.

Now what is the work of this trust? The work of this trust is that Tiger Shroff and this happened like 10-15 years back when Tiger Shroff was not independently earning or was not a big name in the industry. No one even knew him at that point of time.

So what do we do? A trust of 100 crore rupees is made and Kotak Mahindra Bank, Kotak Investment Bank says that you have to manage this trust. Okay, the only objective of this trust is the welfare of Tiger Shroff.

That's it. Trust means not serving the public. This is a private trust, not a public trust. Okay. So what will they do?

Until Tiger Shroff or beneficiary of the trust is not capable enough, not competent enough to handle the amount, then what will they do? Will they keep this amount idle? No. They will invest this amount wisely and generate a return over a period of time.

That trust is made in the name of a 12 year old child. Now we have 6 years, 7 years, 8 years, whatever is written in the trust, whatever is written in the trust deed, that it will be 21 years or 18 years or 19 years at that point of time, give him this wealth. Okay, so by then the work of wealth management will be done by investment banking team. Okay, and wealth management team. After that, transfer of that wealth.

that now Tiger and the beneficiary is competent enough, he has done his MBA from Harvard, he has already started his business, or he has met all the requirements which are in the trust deed. Then this wealth will be transferred to the beneficiary and the work of investment bank will be finished. I am again telling you, private trust concept is not that popular in India, but it will grow as...

the count of billionaires will grow in India. So this is one of the booming sectors or booming side of investment banking where growth is still there. Investment banking is one of those sites. Because all the things I have told you, Charo, relatively it's very new. It's very new.

Okay. Now, this is the thing that what are the divisions in investment banking. We will cover this in detail.

These are 4-5 divisions. Okay. Now, Roles in IB.

Okay. What are the roles in IB? So basically, you all will get enticed, you all will get excited by listening that sir, I have to work in front office. Okay.

Now understand one thing. In investment banking, the front office roles are not like the one you saw in Hrithik Roshan's funda. It is not like that. Front office means anything where you are directly talking to the client and representing the client.

Meaning when you... mergers and acquisitions, when you are in investment banking division, M&A team you are going to meet the client. What are your requirements?

You are meeting directly with Infosys CFO you are meeting directly with Infosys board in confidential meeting that you have to find target tell me what is your target and you are keep on reporting to them. Wherever your contact with client is done wherever your final delivery is Whatever work you have to do, if the client gets the final delivery, then you are into front office job. Understood? Very simple. Very plain.

Vanilla. I have explained it in a very easy way. Wherever you have done your interaction, your delivery, final delivery to the client.

Okay? On behalf of firm. On behalf of investment bank. You are working in front office.

Okay? In this, if I say trading. that trading is also one of the aspects of investment banking. So, the trader, those who are interacting with the outside world, what is the outside world?

Outside world is the market, the stock market. So, on behalf of the firm, he is representing the firm by sitting at that terminal. If I will punch the order, it is not punched by me, it is punched by my bank, my investment bank. That is the front office role.

I hope it is very clear now. This question will be asked in the interview directly. What do you mean by front office, middle office, back office?

Okay. Please make sure that after watching this video, you keep making notes on it. I will try to put this PPT in the description below.

And definitely if you want, and if you are still staying, then you should do one thing immediately. Subscribe quickly. Okay.

So that we get motivation and we keep making good videos for you. Okay. So this is my front office job. Now, the middle office is Basically anyone who's assisting the front office people in order to get their work done. Who can it be?

Like financial modeling team. Like in M&A case, in merger acquisition, research team. Absolutely.

Is this a middle office team? Absolutely. This is a middle office team.

When that research team independently, if you are in that section of the research team, who independently deals with the client, issues research reports to the client, you can say that I am in the front office. But now, if M&A team says that we have to work on a merger acquisition related to golf, on a merger acquisition related to golf industry, search, research on golf industry. Report to us what is its prospect in Asia. So in that case, they are offering their services to the front office team.

Okay. Market outlook. Tell me.

There is a trader too. Trader says, give me market outlook. Like for example, markets open at 9.30 in India.

9.15, 9.30. Usually traders reach their desk by 8, 8.15, 8.30. 30 minutes before the trading happens.

At that time, they only get an A4 sheet. What happens in that A4 sheet? There is a complete synopsis.

What happened in the night? What happened since the market closed yesterday? How did the world market behave? How did the crude price behave?

How did the commodities behave? They get a glance. Who is doing this? Right? So, middle office is facilitating front office in order to complete their duties.

The third and most important is back office. Usually, not necessarily, usually people don't like back office job. But it's not like that.

And can I switch from front office to back office or middle office? Again, it depends on the company. But in back office, usually the front office and middle office will have a recording. Mostly accounting work will be done.

Mostly tax compliances work will be done. Mostly other regulations. Regulatory complaints will be done. All this work, that both front office and middle office, okay, our business and my IB, my investment bank, these three can run their business smoothly.

Okay, the regulatory guidelines in the realm of regulation, can run their business while staying in its four corners, that responsibility is of back office. Okay, they do accounting. Most of the time, you must have seen that hedge fund accounting roles are very important. Hedge Fund Accounting roles are usually offered to Chartered Accountants, CFA students. Hedge Fund Accounting.

All this is done by back office. I hope this is very clear. Now, I have missed two things which I will cover from here.

I would say yes, I have missed these two things. Debt Syndication and Trading and Brokerage. Let me explain.

So, basically you understand. What is the work of debt syndication? You understand, I know you are very well educated and very well aware individual So if you want to take a small loan, small loan means you want to take a home loan of 50 lakhs or 1 crore rupees, say for example So you can directly approach to the branch manager, you can ask what are the requirements, what documents you need He will tell me to give you aadhar card, PAN card, give me a salary slip of last 6 months, give me property papers, photocopy everything and give the entire file to him So you can get a period of time time if you are eligible they will give you the loan right this process is easy why this process is easy number one it's a retail loan number two the amount is very less it's we are only talking about one crores but if your company wants a loan of 1000 crores then you feel like you will go to the nearest sbi branch in your city you will go there you will tell the manager that my company is okay who makes shoes i want a loan of 1000 crores he will stand up from the table that sir what are you talking about 1000 crore loan. This much loan is not distributed in my entire branch.

Okay. So this is not how you know things work in the real life in the corporate world. So usually what happens is this is handled very delicately and very professionally. They usually hire an investment bank in between.

That brother I want 1000 crore loan. Now it is your responsibility. And I want it in this rate and in this rate range.

Okay. This also happens. You understand. What. If you are going to take a small loan, then you have more negotiating power or if you are going to take a big loan, then you have more negotiating power.

If you are taking a loan of 1000 crores from the bank, then you can ask them to give a discount of 1% or 2% on the interest rate. Definitely you can. But if you are going to take a home loan of 50 lakhs or 1 crore, you are not even bothered.

No, this does not happen. The rate written will be the rate. I do not have to do this.

Plus, So that is one advantage of debt syndication if you go through investment bank. Plus there are high chances. What we have seen in history, Vijay Mallya, we have seen PNB scam which was of Nirav Modi, which was of Gitanjali Gems. In that case, today there is a condition that no one bank is ready to assume the risk.

This means that you will get 1000 crores but not one bank. You will get 5 banks. 200-200 crores. So what they are doing?

They are distributing their risk. This is called consortium. Consortium of loan.

And there is a consortium leader in this. Its whole process is different. So basically in debt syndication, debt raising or debt servicing related, any corporate level work is done in debt syndication.

It's a very very very very niche. I would say a highly highly niche kind of a role. And if you have that passion, that you have an amazing passion for debt markets, then you should go for it.

Trading and brokerage. These are two different things. Number one, I start with brokerage. Brokerage means that I am suggesting something to my client and my client is trading through me.

So I am getting brokerage. Simple thing is, when you go to zerodha and punch the trade, then zerodha is a platform for you to punch the trade, to enter into the trade, to buy the stock, to sell the stock. Against that, you pay 20 rupees per leg per transaction to zerodha. 24 by 20 for sale.

That is brokerage aspect. This is the same in all other banks, same in investment banks. Quantum can be small because if you directly go and tell Morgan Stanley that take my 4 lakhs, my brokerage account, The security guard will make you run away. That brother go from here.

It doesn't happen here. That means you have literally 100, 500 crores, 1000 crores. So we open a brokerage account.

Trade in it. Okay. And.

The last thing is trading. When I am saying trading, there is a difference between brokerage and trading. When you are trading in brokerage, you are trading on behalf of the client.

Your main objective is to earn brokerage. What are you doing in trading? The idle fund that you have in trading.

Sir, I have idle fund. How will it come? The commission you have earned from top to bottom in all these things. Whatever you have earned, right?

Definitely you have distributed it. You must have distributed money in salary value. But after that you will have money, not that you will not have money.

For example, there is an investment banking which has a 1,000 crore rupees idle fund. So what they will do? They will give this fund or some amount of this fund to trading desk. That tomorrow trading, generate only 0.5% return per day kind of a thing. That's a huge return ideally, 0.5% return per day, it's like unsustainable return.

If I am talking about 0.5% per day, then I am saying that you are making Rs. 1000 crore, Rs. 5 crore daily. No matter what. Okay.

So, give me this much return. Okay, now what happens is, will there be rules and regulations? Absolutely. It is documented to the trader that this is my risk profile, this is my investment memorandum. You don't have to work outside this.

Okay. You don't have to work outside this. And there are some stocks which are blacklist.

Which are the blacklist stocks? Infosys. Because I am working for Infosys.

I know this deal is going to happen. So I cannot trade Infosys. So these things are very important for a trader.

Usually you will see that trading is one of the most riskiest sector within investment bank. The most risky function of investment bank is trading. Somewhere big investment banks are trading.

That the trader made a mistake at that point of time. Blundered something. Operational error.

Or he took trades outside the investment memorandum. You see. The LTCM. Long term capital management.

Where they have a movie by calling margin. Margin call. I hope you all have seen it. But those who haven't seen it. Do watch it.

What happened over there. They have shorted the stocks like anything. They had sold it.

And suddenly. there was change in interest rate due to that cold war happening between russia and this again it's a different topic altogether and then margin call and they have to literally shut the entire fund so this always happens this is one of the most risky job is it called proprietary trading in india in india investment banks proprietary this is called proprietary trading what does proprietary mean for itself proprietary business my own business so what does trading mean for proprietary trading proprietary trading means I am trading for myself. So sir, if I take 100 crore rupees and I am trading, can I say that I am doing proprietary trading? You were trading with 50 rupees, now you are doing proprietary trading. When it is said as a trading desk, I am running a trading desk.

This means that you have made a system. You are not a discretionary trader and you are not trading alone. You have made a system and you have hired people to trade on your behalf.

That they will trade all day but they will trade only what is in the system. The rules and regulations that you have made. Does proprietary trading exist in India?

Yes, it does. There are many people who trade in India. Can investment banks trade in India?

Yes, they can. They can trade in India as well as outside India. They can trade directly in forex as well. There are many other things. So, with these things, I covered what are the divisions.

and what are the major roles in investment banks. Now we will jump with the classification. What are the types of investment banks? The first type is BBB. It is called triple B.

Bulge Bracket Bank. Bulge Bracket Bank means they are like the global leaders when it comes to investment banking. JP Morgan, Goldman, Morgan Stanley What is the advantage of working here? The biggest advantage is that you will get to work in big deals Okay? That is a direct acquisition of 16 billion dollars 16 billion dollar acquisition Whose acquisition was in 16 billion dollars?

Walmart acquired Flipkart Okay? So you get the chance to work on such transactions You are working with one of the finest brains in the country You are the most You are working among the most intelligent people. That is again, Sangh Sangh, the same Sanghat, the same Rangat work.

You will also get a little polished. What is the main disadvantage? The main disadvantage is that the things that happen here, are highly systematic. Highly systematic means, everyone's work is distributed.

This team will only do research, this team will only do target searching, this team will only do valuation, this team will only do financial due diligence, this team will only do legal due diligence, this team will only do negotiation and this team will only do eminent taxation. So if you are involved in eminent taxation in Goldman, then you will never have any idea what exactly is happening in the rest of the functions. Because they maintain a Chinese wall between each functionality. The person who is doing the research doesn't know for which target he is doing the research. Which company, which client he is doing the research for.

Okay. The person who is doing the target scout doesn't know what result he got in the research. He is just told that your work is to scout the target.

The person who is doing the valuation doesn't know what result he got in the due diligence. So everything is separated. You will be part of that deal cycle. But you will never get a view in an overall entirety. Okay.

And as far as the matter is concerned, they are one of the highest paying job, you know, employers, definitely. They are very big people, they have a lot of money. Usually, if you look at it from the Indian context, and I am talking about a fresher, then anywhere between 11 lakhs to 14 lakhs, sometime up to 18-19 lakhs.

This kind of package they usually offer. Okay, it's not like if it's 11 lakhs, then they start fighting that I am offering 10 lakhs. I was told 11 lakhs in a YouTube video, it doesn't happen. depend on how the market situation is basically demand supply if someone is not getting demand immediately he will hire someone for 14-18 lakhs instead of 11 lakhs money is never a constraint it's a capitalist industry they don't have any lack of money elite investment banking firms elite investment banking firms means there are big companies but they are so specialized like for example Rothschild Evercore, Lazard these people have so much expertise that they are literally serving to only one sector I am the boss and number two they usually work in absolute silence you will see that they don't do much work of shining like gold man is doing report again and again they focus with their client So what is the advantage of this client?

They got the quality of a bulge bracket bank. The quality of the bulge bracket bank is given in the delivery. But the pricing is very less. They definitely charge a little less than the big bracket banks.

Big bulge banks. And here a client gets personalization. That is one thing.

If you are talking about salary here, then I know it's very shocking. But I have personally seen that these elite firms often offer more money than Bulge Bracket Bank. I have seen people getting a package of 20 lakh rupees as starting package for a fresher I am talking about. It can start from 8-9 lakh rupees in the lower side. And I am talking about these are not Indian firms.

These are out of India, foreign firms basically or presence in India. regional firms are not there so between 8 lakh to 20 lakh rupees for a fresher depend on profile depend on the demand and supply depend on you know what is your expertise everything is like you know subjective now regional IB firms regional IB firms like for example Northern Arc Capital Evindus Capital Veda Capital these are Indian firms these are firms made in India these are very small firms usually deal size is very small deal size is almost less than 1 billion it is very rare that a regional IB firm is handling a deal of 1 billion dollars very rare like once in a blue moon kind of a situation ok what is the biggest advantage if you are starting your career with a regional IB firm that there is this function defined in the burles bracket that you will do research, you will do this, you will do negotiation, you will do valuation Here, it doesn't happen literally. Here, if you are part of a deal, you are part of a deal. So, you will start your work from here and you will end your work over here.

From doing research to making a deal announcement, you will be aware of everything in every aspect. And you will be literally be actively participating in that. Why does this happen?

Number one, relatively they have very less staff strength. A regional IB firm, what I have seen personally is that it works with 5 people. means there are 2 partners, 3,4, this is too small but yes, it is only this much, there are 3,4 partners they have 3,4,5 directors under them and with them there are 2,3,3 people who are working so basically if a regional IB firm is working on a deal so it is literally, you know, on a particular deal not more than 4,5 people are working so if 4 people have to work then division of labour is practically not possible ok, there will be someone who is lagging and to support him, other people will come so you know how it works Here your exposure will be very good.

That is why I always recommend my students and my mentees to start their career with a regional IB firm rather than just don't go behind the name. This is there. If you have taken entry here once, then this is also possible for you and this is there. You can take this level of confidence that you can handle a deal alone.

After that, you will see how much money you get from Goldman, how much money you get from Morgan Stanley. Okay. Again, I am repeating this. Money is no constraint for them. You will get as much money as you ask for.

Subject to that you are a right talent and you are putting something of good worth on the table. You keep something on the table. You will say crore rupees. You will get a salary of crore rupees. Okay.

And there is one more. Big four firms. This is relatively new. The four big four, EY, KPMG, Deloitte, PwC, these people have opened their investment banking arms. They have to say that for whom we are auditing, where we know literally the entire board end to end, so why just lose this sector?

When we know everything, who is the CFO, where does he play golf, where does he do parties, everything they know. We have to make such a good relation when you are doing business with them. They basically think why should we lift them?

Why should we leave the revenue generated by investment banking? Now they have started it. You can see that EY's investment banking is very popular in India. They are doing it very aggressively. Here also you will get the knowledge similar to regional IB firms.

These are also the type of regional IB firms that behave when it comes to investment banking. Globally, it may not be that strong but it depends on the region. In India, EY is the strongest when it comes to IB. Very rare I have heard that KPMG has any deal.

They do close, it's not that much. But not as strong dominance as EY. It's possible that EY has, you know, Philippines has strong dominance now.

Philippines has Deloitte. Singapore has KPMG. So it depends.

There is no one global leader like here. There are only three biggest banks in the world. Like IB.

So it doesn't happen here. That's how. If you look at their salaries, they are mostly the same. The irony in regional IB firms is that they offer anything from 4 lakhs to 12-13 lakhs. Sir, you just said that there is no money constraint.

So they don't have any money constraint either. But they just want to test the water. It is said that first touch the water and then dip it in it.

that it is not too hot or too cold. So, after offering a package of 4 lakh rupees, first, it is tested that the person we are hiring, you need to understand, okay? They are working in a very small team size.

Their team size is very small. They cannot afford a mishiring. There should not be any wrong person.

Wrong person, one fish, full pond, and blah blah blah. You know that, right? So, for that thing, they are very cautious. And that's why they don't...

offer directly 12-13 lakhs package. I am not saying that you will get 4 lakhs. 4 lakhs is like a minimal amount. Like a student of mine recently has graduated from one of the universities in Rajasthan.

And normal like BA economics kind of a guy. Normal graduation, no professional certification. And currently he is working in one of the regional IB firms and drawing a package of 4 lakh rupees.

There was another student who started with 5 lakh rupees and Worked there for 1.5 years and now directly made a jump to 14 lakh rupees. Do you understand why I said there is no constraint of the package? If you have the right knowledge, if you keep the thing that he wants on the table, then believe me, he will not say that we will offer you 30% of your last salary. Everything will get released. Meaning from 4 to 14, you can just assume how many times he took a jump.

It happens all the time. But if you are a chartered accountant or a CFA level 2 or 3 graduate, you usually get up to 6 lakhs. Similarly, if you are a big 4 and you want to maintain a name, you get a salary of 8-9 lakhs and you go up to 11 lakhs. But not more than that. 11 is like a cap.

Exceptional cases can always happen. If you have an IAR or you know... Extraordinary individual hai. But that's like outlier.

One in a million kind of a stuff. Okay. Now, how you can become an investment banker? That is most important thing.

Humne sab samajh liya ki investment banking kaise hota hai, kya hota hai, you know, kya roles hai, kya functionality hai. But real question aata hai ki aap investment banker kaise ban sakte ho. Kya yeh wakai mein itna easy hai, jitna easily main hai, yeh aapko samjaya hai. Okay. And main isme aapki kaise madad kar sakta ho.

Okay. So, don't worry. Just wait for our videos which will come in future and keep subscribing up some and description please join the telegram group free but we don't usually put it on YouTube sessions join the telegram group in the description below and Definitely will be there to help you. If. If you are still watching this video.

If you are still watching this video. And you have not subscribed yet. It is a sin. And you know how to get in touch with me.

I have my presence on LinkedIn. I have my presence on Instagram. You can just message me.

And I will be there to reply you. So this is Parth Verma. And thank you so much for your time.

I will see you in the next video.

Transcript for:Understanding Investment Banking Essentials

Transcript for:
Understanding Investment Banking Essentials