UNIVERSAL BANKS

Who they are:

JP Morgan Chase
Bank of America
Citigroup
DeutscheBank
Barclays
UBS
Credit Suisse
HSBC
Standard Chartered

What they do:

Take Deposits
Make loans to individuals and businesses
Gather capital for businesses (capital markets)
o Underwriting: equity capital markets
o Underwriting: debt capital markets
Trade securities for own account (diminished by regulation Volcker Rule)
Broker securities for customers
Make markets in some securities (diminished by regulation Volcker Rule)
Provide cash management for businesses (Treasury Services)
Originate and trade in derivative contracts
Advise businesses on mergers and acquisitions (M&A)
Through affiliates, manage assets for institutions and individuals
Publish research on companies
Publish research on markets

Types of jobs at Universal Banks:

Front office (Client Facing) ($$$)

Investment banker advisors
Loan officers
Capital Markets bankers
Traders
Research analysts

Middle Office (relate to client business but generally do not interact)($$)

Risk management
Legal & Compliance

Back Office (operations jobs)($)

Accounting

1
 Technology
Securities trade processing

PURE INVESTMENT BANKS

Who they are:

Goldman Sachs
Morgan Stanley
Jeffries & Co
Lazard
Evercore Partners
BNP Paribas
Lots of small regional firms

What they do:

The principal difference between these companies and Universal Banks is they do
not rely on deposit-taking for funding, and generally do not loan money

Pure investment banks do most of the other functions of the Universals; varies
from company to company some emphasize advisory work; others emphasize
asset management or brokerage

MUTUAL FUNDS

Who they are:

Fidelity
Schwab
T Rowe Price
Vanguard no job listed
Black Rock
Many Universal Banks have mutual fund affiliates

What they do:

Gather money from (typically) retail investors and some institutions

Investment minimums are very low
Investors may withdraw their money at any time (usually)
Pooled money is invested in public companies
Investor interests in the fund are marked-to-market daily
Fee structures are relatively low-cost to investors

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 Mutual funds offer an easy way for small investors to gain exposure to the
stock market with diversification, small minimums, low investment costs and
professional management

Types of jobs at Mutual Funds:

Marketing (the fund)

Portfolio Managers
Most of the mid-office and back-office jobs at Universal Banks

HEDGE FUNDS

Who they are:

George Soros
Carl Icahn
Bill Ackman (Pershing Square)
Daniel Loeb (Third Point Capital)
David Tepper (Apaloosa)
Ken Griffith (Citadel)
John Paulson (Paulson & Co)

What they do:

Gather money from (typically wealthy) investors and institutions

Invest money on a pooled basis in (usually) publicly-traded securities,
usually on short-term basis
Invest both long (bet price goes up) and short (bet price goes down)
Earn a fee for investing money, typically 2% of assets under management
plus 20% of all market gains above a specified percentage fee structures
vary and can be more complex
Active in equity and debt markets
New strategy: activist investing
Hedge funds have significant short-term financing needs; historically relied
on investment banks for financing

Types of jobs at Hedge Funds:

Fund marketers (raise investor money)($$$)

Portfolio managers (set and execute investment strategy for pooled
funds)($$$)
Internal research analysts ($$)
All the middle office and back office jobs at Universal Banks sometimes
these are outsourced to professional service firms ($ - $$)

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PRIVATE EQUITY FUNDS

Who they are:

Blackstone Group (Steve Schwartzmann)

Kohlberg Kravis & Roberts
Apollo Management
Clayton Dubilier & Rice
Silverlake Partners
TPG Capital

What they do:

Gather money from (typically wealthy) investors and institutions

Invest money on a pooled basis in (usually) private companies, usually on a
long-term basis (typically 7 to 10 years)
Earn a fee for investing successfully fee structures vary

Types of jobs at Private Equity firms

Fund marketers (raise investor money)($$$)

Portfolio managers (set and execute investment strategy for pooled
funds)($$$)
Internal research analysts ($$)
All the middle office and back office jobs at Universal Banks sometimes
these are outsourced to professional service firms ($ - $$)

Writing to ask you kindly what is your HR department email, or where I can find
available jobs in Clayton, Dubilier & Rice? I will appreciate your reply to this
address.

Thanks!