This classic guide has been revised to provide a crystal-clear view of how investment banking works in the post-financial-crisis landscape Written in accessible, easy-to- understand language, Investment Banking Explained provides a solid foundation in the history, key terms, structures, and strategies of this complex, ever-expanding, and critically important industry. Everything you need to identify structures, strategies, and operational aspects of investment banking is here, along with deep dives into of the operations of the world's most successful firms. The only book of its kind written by a seasoned investment banking practitioner, it breaks the business down into its respective specialties—from traders, brokers, and analysts to relationship managers, hedgers, and retirement planners--illustrating how each contributes to the industry as a whole. Nearly every chapter has been heavily updated and/or revised. New topics including the 2008 crisis, subprime, trenching securitization of mortgage loans, and startup financing; the book also has brand-new case studies on M&A, finalizing deals, asset management, and trading.