What do investment bankers actually do?
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- Опубліковано 3 сер 2023
- You asked, and the Good Work Investigative News Team answered. Even if you didn’t ask, the Good Work Investigative News Team still answered. That’s just how good we are.
Thanks to Dunkin’, the official sponsor of getting Good Work out of bed in the morning (this is real).
Thanks to the following intrepid souls for their help with this investigation: Steph Mui, founder of PIN and former JPMorgan I-banker; Liam Killingstad, SVP at SHEPERD therapeutics and former Goldman I-banker; Sonali Basak, lead Wall Street correspondent at Bloomberg TV and writer for Bloomberg news; and Theresa Moriarty and Spencer Wright, who both have partners who are investment bankers.
Follow Steph: / stephmui
Follow Liam: / liamkillingstad
Follow Sonali: / sonalibasak
Follow Theresa: / tmolynn
Follow Spencer: / speezytaughtme
Video by Dan Toomey and Henry Stockwell
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What do investment bankers actually do? - Комедії
We have now fully investigated investment banking. What should we cover next?
Equity research
Whatever you decide to do, keep making these, they are hilarious
CFOs!
Why are stock traders so crazy?
Project management or senior engineering at a bloated big tech company!
I love how the *random investment banker* takes a selfie with Dan but he’s not distracted at all and continues on his investigation 🕵️♂️
Cracked me up so hard with how non-chalant Dan was about that
thats New York
Always stay focused brothers!! 😆😆
Ask for your money
@@TsarOfRusslol
This guy is a content genius. Best new series on UA-cam in a long while. I hope the people at Morning Brew are giving him the kudos he deserves.
I do this for journalistic integrity and nothing more. Also money.
Agreed. One of the only things i look forward to watching on youtube
@@wkxxnewslocal give this man a raise!!
I mean given they rebranded the morning brew channel to good work last year I think they’re fairly bought in :p
I swear !!! I started at the investment banker video but now im going to watch them all from here
I wonder if these interviewees know what they're getting into beforehand
I'm sure they are. You have to be dumb not to do research on the news source you are provided comment to beforehand.
The group that mostly got blurred out probably didn't, but maybe the others did
Considering that 90% of i-bankers are subscribed to morning brew, they prob at least know who Dan was lol
Some of them reappear in other videos so a few are and others aren't
I hope not. Lol.
I like how even the Investment Bankers have a hard time explaining what they do
Correction, hard time explaining what they do honestly without being fired or sued
Is it so hard to say that they help companies raise capital and broker corporate transactions such as mergers and acquisitions?
@@thesnackbandit murders and executions?
It’s simple: they either help investors find companies to invest in or they help companies raise money through finding private investors or through IPOs. They are the middlemen of investors and investees
@@fishdeeck71 Yes. No idea why this is so difficult for so many to understand.
I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my inherited portfolio of about $2.5m. I’m used to just buying and holding assets which doesn’t seem applicable to the current rollercoaster market plus inflation is catching up with my portfolio. I’m really worried about survival after retirement.
True, I mostly just buy and hold stocks, but my portfolio has been mostly in the red for quite awhile now. Unfortunately to be able to make good gains, you’ll need to be consistent and restructure your portfolio frequently.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
My partner’s been considering going the same route, could you share more info please on the advisor that guides you?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Colleen Rose Mccaffery” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
I did the lump sum buy at first, 125k into SCHD, 75k TSLA, 25k VYM, 25K VUG. Now I'm dca buying roughly 2k every week of whatever is on sale, and looking to add more tech positions to my portfolio. I'm looking to hold long term 15 - 20 years, so hopefully my lump sum buy in doesn't bite me in the ass long term.
In the past weeks, my "unexciting" index funds provided me with over $6,000 in dividends, giving me the option to spend without selling shares. Currently, I've opted to reinvest the dividends to acquire additional index funds for future growth.
I was self-managing my portfolio but suffered heavy losses in 2022 and i knew i couldn't continue like that, so i consulted a fiduciary advisor. By restructuring and diversifying my $1.2M portfolio with dividend-paying stocks and ETFs, Mutual funds and REITs, I significantly boosted my portfolio, achieving an annualized gain of 28%.
Interesting. I appreciate the implementation of ideas and strategies that result to unmeasurable progress. Being heavily liquid, I'd rather not reinvent the wheel, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
Sonya Lee Mitchell is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
5:06 "You guys hot in the vest or just the chest and not your arms" 🤣 Dan's pivot game is so good
"nahhh dude" loll
That was good banter. Haha
I have never seen this man before in my life but wow the production quality is higher than I expected
My dude stone cold reporting with a random guy taking a selfie with him. True Journalism. 02:18
I love how this channel has been covering all my potential career options (IB/ VC/ consulting) Now you just need to cover equity research and I'm all set to choose a path solely based on your videos 😂
Please keep us posted on how this goes for you
You poor soul
it’s still not too late to become a metro train driver i believe in you
Equities research is pretty interesting as far as jobs go
No disrespect but try sth useful instead
Investment bankers work with something called Mergers and Acquisitions, which is essentially companies buying other companies. Banks earn lucrative fees and interest by providing lending facilities to the M&A.
These are very complex transactions involving law firms, banks, proxy firms and advising firms.
Hopefully that was somewhat clear!
They are basically paid for lending the stress involved in running the business
Not at all, thanks!
I thought they worked in Murders and Executions, according to a documentary put out in 2000.
This man is a corporate baddie. Straight up.
At 7:12 I completely lost it, with those introductory cards on display and his pointed expressions at the lady.
I wish he showed the full interview with the ex-goldman sachs analyst instead of skipping around. It sounded really interesting.
Should be a clip on a companion channel. All the cool kids are ding those second 'clip' channels now. But we all know that Dan's not cool, so scratch that idea.
Just found this channel and it's like a deeper look at capitalism but in the same format as Channel 5 news. I love it.
“Capitalism is when, uhh, banks exist.”
I know leftoids aren’t usually the brightest, but seeing them whine about things that don’t exist is so funny to me. No wonder so many of them are mentally ill.
So it’s basically management consulting. Got it.
its consulting all the way up
yes, but with underwriting. A boring but quite important distinction.
Don’t lump IB in with those buzzword bongos. At least investment bankers know they do.
but what is management consulting?
No it isnt. You actually have to know how to dissect the accounting to reveal how the company operates. Consulting is just bunch of kids playing with powerpoint.
Investing in the stock market has HISTORICALLY provided higher returns than other forms of investment. According to Morningstar, the average annual return for the S&P 500 index, which measures the performance of 500 large-cap stocks, was approximately 10% from 1926 to 2020.
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are alot of wealth transfer in this downtime if you know where to look.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
That preparatory sip edit at 4:18 is why I love this channel... it's the little things!
It's a classic move by now. :)
I was just looking for this comment. I swear - so well thought!
It's allways good to see how people making exorbitant amounts of money struggle to explain what they even do. It's almost liek there is something wrong with this system
0:11 is the most I have seen Dan Toomey smile in a Good Work video. Maybe he's not AI after all
He is like a teacher who is teaching in a sarcastic vibe but students aren't able to understand the sarcasm instantly 🙂
The introduction of a Bitcoin ETF marks a groundbreaking moment in the cryptocurrency world, merging digital currencies with traditional investment methods. This innovation could stabilize Bitcoin prices and broaden its appeal to a wider range of investors, potentially increasing demand and value. At the heart of this evolution is Sarah Jennie Davis, whose deep understanding of both cryptocurrency and traditional trading has been instrumental. Her holistic approach to investment and commitment to staying abreast of market trends make her an invaluable ally in navigating this new era in cryptocurrency investment
The wisest thought that is in everyone's minds today is to invest in different income flows that do not depend on the government, especially with the current economic crisis around the world. This is still a good time to invest in gold, silver and digital currencies (BTC, ETH... Stock)
How please I'm pretty new and feel I have much to learn, I would appreciate if you show me how to go about it?
She is really a good investment advisor. I was privileged to attend some of her seminars. That is how I started my crypto investment
I have heard about her excellent trading expertise in CNBC news, guess she's more popular in United States
YES!!! That's exactly her name (Sarah Jennie Davis) so many people have
recommended highly about her and am just starting with her from Brisbane Australia
As a former associate IB is: completely admin. People use excel but not as much because everything is done via their softwares. You just need to know excel just to double check that the software matches your manual model. Now with AI it is automated. IB is about sales and admin. You need to know someone to get you in. That’s it.
Networking is enough?
Fk i hate networking, I have bad social anxiety and communication skills. But I want a job in finance as FA / FP&A
It sounds like a dating /social recruitment . Basically frat life part 2
what other finance careers do you suggest other than banking?
@@erickburgess4718 Private Equity
To some, he might be the "Good Work" guy, but he'll always be Dan Toomey.
As an investment banker who also got bullied in high school and doesn’t call $150,000 a buck fifty, I feel very out of place and look forward to reverting back to a poor person some day.
I'll buy you a Rolex if you get me into IB
@@cbboiii1100bro just lie and fluff the hell out of ur resume. Follow that by being the dominant person each round of interviews and u will fit in with the next person working alongside u
Switch to big law. Everyone was bullied in HS.
😂why would you want to revert if you put in the work to escape said poverty?
In light of the recent disruptions in the banking sector, what are the tactical shifts that investment bankers are implementing to ensure their clients' portfolios remain secure? I'm interested in learning about the adaptive measures they're taking to weather these challenging economic times.
In response to the fluctuations within the banking sector, investment bankers are probably expanding their focus to include a wider range of asset classes and are reevaluating their current approaches to risk management. They might be exploring alternative investments or considering more conservative positions to protect against volatility. Additionally, they could be closely monitoring market trends and regulatory changes to proactively adjust client portfolios, ensuring they can respond swiftly to safeguard investments from the unpredictable nature of the industry's current state.
Absolutely! i agree, diversifying and reassessing risk is key. Given your knack for seeing opportunities in market fluctuations, this might be a familiar strategy during these times. It's also a good moment to consider the role of dividends in your portfolio and I believe using an investing advisor is a terrific idea as they can provide a steady income stream even when market prices are volatile.
Well, I've been researching advisors lately because the market news I've been seeing hasn't been that positive. Who is the individual who helped you, and is he or she still around?
The decision on when to pick an Adviser is a very personal one. I take guidance from ‘Vivian Carol Gioia‘ to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.
I appreciate the information. After conducting my own research, it is evident that your advisor is highly skilled and knowledgeable. I have reached out to her via email and scheduled a phone call. I am impressed by her expertise and eagerly looking forward to our conversation.
investment banker guys (5:02) are truly fascinating, like they're literally a walking caricature of the finance vest unfunny chad dudebro but they're so cocksure and un self-aware that they still go out of their way to interject themselves not realizing that they appear more ridiculous than the guy in a trench coat they're mocking
You get bullied by a finance major in college or something?
Can't people just be outgoing in public in a video? Is that a crime or sth?
I think you're reading too much into that interaction
It is a nice jacket though
Why did you think there was any mocking going on there?
The jacket makes the investigations more credible and authoritative... Would he even be accepted in investigative circles without the jacket? No!
its real
clothing have their own stat effects on the character wearing them and alter speech check options
Making the vest guy translate what he called “a buck” into the real dollar amount for the rest of us was a real nice touch 😂
It’s PACKED with so many subtle jokes I love this series and Dan Toomey
Imagine you and your friend each have your own Lego sets. On their own the lego sets are really fun, but they could be more fun and you could build them bigger if you and your friend put them together.
Investment banks create the instructions for putting the two lego sets together
Are you a management consultant, cause that’s the worst metaphors I’ve heard
Nice
Googling entered the chat
Or was Google bribed to remove the information out of existence
@@AugustusCheeser what would the query be? You tried to be witty, but the comment is straight up dumb
@@AugustusCheeser this the least pretentious comment I’ve seen
This whole series is a masterpiece! (It’s actually really useful knowledge packed into a very entertaining format - brilliant)
Exactly, but most people downplay the roles of financial planners until burnt by there mistakes. Productivity is optimized and keeping up to date strategies and analysis makes it more lucrative. I've been able to navigate the volatilities and scaled up 880k from 220k with professional guidance.
As the child of an investment banker, I still don't know what my dad does for work.
Genuinely cannot understand why this is so confusing to so many. "Raising capital and transaction advisory" covers it very well.
@@thesnackbanditya but that doesn’t mean shit, what exactly does that look like
@@thesnackbandit Because these are meaningless buzzwords
Ask to explain the role on a daily routine basis - most jobs are easy to explain. Investment banking is not.
@@johnnyt190well basically they don’t invest. They set up the bidding process for a company to be sold at the highest value by connecting multiple interested parties. For cap raises they put multiple banks against each other/investors to give the best terms on a financing (interest rate, covenants, etc)
It’s similar to an auction house but for companies. Where after the sale, the investment bank get a % fee, often millions.
@@asoton957 They are not meaningless buzzwords, most people do not have the humility to admit that you simply have not done the research to understand what they mean. It is not so complicated (to understand the function). Imagine you are a private company looking to raise capital to develop a new product or expand into a new market. How should you raise capital? Debt or equity? What kind of debt (mezzanine, senior etc.) and what yield? What is the cost of capital for the firm? How do you price a share offering? Remain private or list publicly? How will share dilution impact current shareholders? Will future cashflows support the cost of financing? How do you market your company to raise capital from investors? How do you access a network of private investors? Is it compliant with laws? The investment bank will answer all of these questions and raise capital for the company for a hefty fee. It’s tough work and it generates a lot of value. There’s more too, when it comes to transaction advisory like mergers and acquisitions (check out Microsoft’s ongoing acquisition attempt of Activision), which you can all find within 20 minutes of research. Within an investment bank, there are also other front office functions like AM, Corporate finance advisory, S&T, PWM, Equity research and more. None of this information is difficult to access. I think the problem is equally that people are too lazy to do this research or simply don’t care enough to do so.
"dozens of my hs bullies are chained to ergonomic chairs staring at excel cracked out on prescription stimulants" hahahaha
I kept replaying minute 0:33 because I just enjoy the reactions of the three girls who are passing by
The second a stranger got his attention mans folded like a paper chair, but then went ahead and took advantage of the moment. Actual professional work.
This man is singlehandedly making jump cutting cool again
You didn't have to do Credit Suisse that dirty at 0.42, SAVAGE😂😂
This man is peak comedy and entertainment and severely underrated ❤ never disappoints
And education. I have honestly learned a lot lol
From the little insight I have into ibanking at big firms, I feel like this video did not quite capture the awfulness of the industry for entry level workers so I thought I’d add. Back in 2013 an intern looking to place full-time at Bank of America basically died because of exhaustion and not taking care of himself. A friend of mine was ibanking out of college starting at 7 am and getting home at 11 pm. She was absolutely miserable, but held on because of the prospect of promotion and advancement after 2 years. 10/10 would recommend other career paths
11? Sounds like healthy hours for IB
Sounds like a graduate student's work-life balance.
is that bad ? I already work in banking but in the risk operations department and my goal was to switch to investments because i really love everything related to stock analysis and I already manage my own funds andso far I'm into that career path but I had no idea about the schedule, at risk operations my boss even gets mad at me when he finds out I was working over time
I really hope that the dude in the stereotypical vest at 0:30 wasn’t planned or staged 😂
I mean, its america, probably not staged
it's ridiculously common.
@@Incroachment I know, it just seemed too convenient for the video that I actually laughed as soon as I saw it.
I work at an investment bank, they literally sell those vests in the office
@@moazim1993😂😂🤣
Reading a 4 page article ❌
Scrolling through videos and shorts for hours ✔️
Highlights:
0:15-0:16 - Crispy page flip transition
0:45-0:48 - Ghost revolving door
1:31-1:33 - Hang in there
1:50-1:52 - The crispiest page turn transition yet
2:17-2:21 - Dan's biggest fan
4:17-4:21 - What?
4:25-4:27 - Excuse me?
4:33-4:37 - DRINK IT!
7:01-7:03 - Relief, sponsored by Dunkin
8:01-8:03 - The page turn transition to end all page turn transitions
8:31-8:40 - Dog
Thank you.
Thanks👍
You forgot "Credit Suisse. Jk. Lol" around 0:41
I will forever appreciate this channel, you’ve helped me and my family a lot, your videos, advice and lessons are inspirational helpful to us,
I now earn every week. You’re such a blessing to this generation, we all love you
I will love to be your friend dear as well as sharing some i dears which you're benefiting.
Okay but is not luck, is all about having good investment plans most of all trading with a trust worthy expert.
Watching professional trading videos and most especially connecting with the right person the digital world is full of in unreal people I met some of them during my success journey. I felt same way when I started especially when you use demo account you might be winning but when you put in real money you start losing I understand and I pass through it all. I’m very happy I’m profitable now.
Hey how good are your earnings I will like to get some insights into trading thank you.
Currently i can attest to the fact that I
make $18,300 weekly through trading
which is more better then my monthly salary job. Trading becomes my passive
income.
I can relate to all you said becaus am facing similar thing right now.
Congratulations I wish you more success.
"So translate to poor people...", That part killed me 😂😂😂
I've been binging every upload from this channel lately, love the work!
Was that gang of chumps’ interview really spontaneous? Outstanding work. Love the series. My wife has been working for investment banks for almost 20 years and I have no f*cking idea what she does, nor do I really care. Sounds boring af
2 decades and you still dont know😂😂😂💀
You're a terrible husband if you really are like that
Lmfao
I think the best investment anyone can make is to invest in Real Estate. I started investing in rental units a couple of years ago and now I own over 100 units. Adding value to properties is the best thing we can do as investors. I would not invest in things I can't control.
I've been thinking about whether I should hire a financial advisor. Are there any real benefits to it, or is it just an added expense? I'm stuck in between investing in real estate and investing in stock and bonds. Which way should i go?
Actually, using a financial advisor can be incredibly beneficial. They can help you create a personalized financial plan tailored to your goals and risk tolerance and also provide valuable insights and advice on investment strategies, retirement planning, and tax optimization.
Yes it can be beneficial. Just shop around for the lowest fee. Both investment options are great.
I need a reputable Financial expert on real estate and stocks with long-term growth and investment prospects. I have discovered that making such excellent decisions requires a deep understanding of the market.
Without a sure, having the appropriate strategy is essential. My portfolio, which is ideally suited for each market season, recently saw a 100% increase from the beginning of the year. My CFP and I are aiming for a seven-figure ballpark figure, but it might take until Q3 2024.
Do CPA’s next you gotta cover all the main players in the financial world.
That's pretty straightforward...make sure companies or individuals aren't breaking any tax laws, and advise them on how to reduce their tax burden.
@@mitchellsteindlerthat’s like not at all just what they do there’s like a million different things they do and all of it is weird. Like they might do assurance or tax or advisory or consulting.
@@Unknown-ig9yj sure, every job title has many things they do and many things they can do
@@mitchellsteindlerso then would you agree that it’s a nuanced position and could use a funny comical video skit on it???? Lol that’s the professions he’s covered so far, people know the name but don’t know what they do just like a CPA. You just admitted yourself that they can do a wide range of things, so I guess it’s not very straightforward.
Even Dan couldn’t make that video entertaining. I fell asleep after reading the P of CP….zzzz.
i love your videos! they’re informative yet so fun. i love the self criticising captions
good work doesn't miss. Good work with the videos!
this guy is a content machine! Keep pumping out new videos please
We praise almost everything about this channel, but wearing that jacket in the hot American summer (even for NY) is no mean feat. 🔥
New to this channel, it is my first video and you almost got me in the beginning. Just thought it was an actual news. Went through your channel, was still confused until read your About section lolololololol.
"out of his depth" was the most relatable part of this video
So, in simple words, investment bankers help companies get money from people and make sure everyone is happy with the deal.
People use the term very lightly but nice to see this explainer video.
Tech is full of powerpoints and meetings too. They just don't expect you to wake up at 6 am :)
The random guy taking a selfie mid sentence was iconic
Some of the best stuff on youtube right now
Great content! Literally the new way of news media
Holy moly! The ending!! Cant get anyore impactful than this!😂😅🎉
You are my favorite investigative reporter.
Dan,
you and modernMBA are the only people who has made my journey thru business management bachelor tolerable.
You are hilarious my guy. Never laughed so hard. Great content!
In summary,
The government has bureaucrats, a market has bankers
this is peak journalism.
Ngl I still don’t think I know what an investment banker does
Username checks out
They make money
0:32 Love the reaction from the women passing by on the right, they knew you were spitting pure facts😂
I’ve been waiting this episode for a long time
This was a great recommendation by UA-cam, Subscribed!!!
Thanks Dan !! It was a hilarious but pinpoint introduction to investment banking to me. 😂
OMG I love these. It's as if the writers of The Naked Gun took over Bloomberg TV.
I love watching good work while i'm supposed to be working
I wasn't interested in investment banking but the video was interesting enough I learned about investment banking.
Please never stop making these forever Dan. Do you have a Patreon?
I wonder how he gets connections with these people. Is he spamming every account in LinkedIn? 😂 I love this series so much. Keep them coming, good work!!
The hot in your chest but not in your arms vest comment is criminally underrated
I've been waiting for this video for so long
I saybit again. Your content is GOLD dude 😂 Very impressive and entertaining!
Your content is absolutely awesome and you seem to get better at it
I subscribed right away. And I loved it.
Nahh this is the best channel on youtube now
The production value on this just makes it more hilarious 😂
My takeaway is that I need an iced coffee. Clearly helps when you’re trapped listening to nonsense in a meeting
Incredibly thought out video, funny, great quips under the names, 10/10 keep it up
This is so fucking good. One of my favorite channels. Please keep it up! This channel is bound to blow up!
Best documentary I’ve seen in a while
Really unique coverage, well done vid. I worked a bit for one of the investment bank outside of USA location. My supervisor was pretty chill compared to his colleagues, but his boss was just relentless. when he happened to see me not staring at the screens, typing or doing other productive things, I'd get scolded. It was an interesting but draining experience, definitely not for me. But yeah if you all want to get that sky high pay n do not mind much of life-work balance, go for it. I've seen many only stay for around 5 years, quit n pursue career in more relaxed environment.
Thanks for reminding me that I didn't make a mistake by not going into IB, everything ends, no job guarantees your employment or the future of your career, might as well try to do the things you actually want to do
Yea I heard they treat you like a slave there. I am majoring in information systems and I hope that field doesn’t have boring or stupid people😅
Great content, please keep ‘me coming!
I love this channel and this is only the first one i've watched
This video is incredible for so many reasons
The interview subtitles are always golden 😂
"Great job, UA-cam wizard! You've managed to unravel the mystery of those snazzy investment bankers in a way even my cat could understand. Kudos for keeping it simple, snappy, and suitably hilarious!" 🎉😄
pajeet
Brooo the subtle things spread across the whole video..!! Chef's kiss golden ong.🤣🤣
I appreciate your work. It’s informative and entertaining with a 90s voice 😅
This entire series is just a list of jobs I don’t want
6:15 I love listening to her, she speaks so clearly and well put together