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... lity to make money.

The top tier is the front office.

These people are like nobles in the medieval era.

They meet clients directly, propose deals, and take commissions.

Since investment banks' clients are corporations, there’s always an opportunity to make money.

In good times, they suggest M&A for expansion; in bad times, they recommend stock issuance for securing funds.

The next tier is the middle office.

These people support the nobl ...

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