A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any form of financial instrument, even though the underlying legal and regulatory regime may not have such a broad definition. In some jurisdictions the term specifically excludes financial instruments other than equities and fixed income instruments. In some jurisdictions it includes some instruments that are close to equities and fixed income, e.g., equity warrants.
An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment banks, who also arrange for the shares to be listed on one or more stock exchanges. Through this process, colloquially known as floating, or going public, a privately held company is transformed into a public company. Initial public offerings can be used to raise new equity capital for companies, to monetize the investments of private shareholders such as company founders or private equity investors, and to enable easy trading of existing holdings or future capital raising by becoming publicly traded.
Investment banking pertains to certain activities of a financial services company or a corporate division that engages in providing advisory-based services on financial transactions for clients, such as institutional investors, corporations, and governments. Traditionally associated with corporate finance, such a bank might assist in raising financial capital by underwriting or acting as the client's agent in the issuance of debt or equity securities. An investment bank may also assist companies involved in mergers and acquisitions (M&A) and provide ancillary services such as market making, trading of derivatives and equity securities, FICC services or research. Most investment banks maintain prime brokerage and asset management departments in conjunction with their investment research businesses. As an industry, it is broken up into the Bulge Bracket, Middle Market, and boutique market.
Financial services are economic services tied to finance provided by financial institutions. Financial services encompass a broad range of service sector activities, especially as concerns financial management and consumer finance.
Bulge bracket banks are the world's largest multi-national investment banks, serving mostly large corporations, institutional investors and governments. The term "Bulge Bracket" comes from the way investment banks are listed on the "tombstone", or public notification of a financial transaction;, where the largest advisors on investment banking operations are listed first. The term is primarily related to the financial advisory side of the business, as opposed to sales and trading.
J.P. Morgan & Co. is an American financial institution specialized in investment banking, asset management and private banking founded by financier J. P. Morgan in 1871. Through a series of mergers and acquisitions, the company is now a subsidiary of JPMorgan Chase, one of the largest banking institutions in the world. The company has been historically referred to as the "House of Morgan" or simply Morgan. For 146 years, until 2000, J.P. Morgan specialized in commercial banking, before a merger with Chase Manhattan Bank led to the business line spinning off under the Chase brand.
The First Boston Corporation was a New York–based bulge bracket investment bank, founded in 1932 and acquired by Credit Suisse in 1988. After the acquisition, it operated as an independent investment bank known as CS First Boston until 2006, when the company was fully integrated into Credit Suisse. In 2022, Credit Suisse revived the "First Boston" brand as part of an effort to spin out the business.
Bache & Company was a securities firm that provided stock brokerage and investment banking services. The firm, which was founded in 1879, was based in New York, New York.
Harris, Forbes & Co. was an investment banking affiliate of Harris Bank incorporated in 1911. Harris, Forbes firm was acquired by Chase National Bank in 1930 to form Chase Harris, Forbes. Just two years later, in 1932, the firm was dissolved after the passage of the Glass–Steagall Act in 1932. Chase transferred what remained of its securities business to the Bank of Boston's newly formed First Boston Corporation, buttressing that firm's early municipal bond department.
Renaissance Capital is an emerging and frontier markets focused investment bank founded in 1995 in Russia. The firm has offices in Moscow, London, New York, Lagos, Nairobi, Cairo and Nicosia.
Paul V. Scura was the former executive vice president and head of the investment bank of Prudential Securities, a subsidiary of Prudential Financial, from 1986 to 2000. He was responsible for the firm's efforts in the areas of mergers and acquisitions, restructuring and reorganization, private finance, high-yield finance and all international and US investment banking. Scura also sat on the business review committee and was a member of the firm's operating council. He was a voting member of the investment committee of four separate private equity funds and Prudential Securities merchant banking fund, Prudential-Bache Interfunding. In February 1998, he joint ventured with the former EMI/Capitol Music chairman Charles Koppelman for musicians to cash in on music royalties.
Hambrecht & Quist (H&Q) was an investment bank based in San Francisco, California noted for its focus on the technology and Internet sectors. H&Q was founded by Bill Hambrecht and George Quist in California, in 1968.
Wachovia Securities was the trade name of Wachovia's retail brokerage and institutional capital markets and investment banking subsidiaries. Following Wachovia's merger with Wells Fargo and Company on December 31, 2008, the retail brokerage became Wells Fargo Advisors on May 1, 2009 and the institutional capital markets and investment banking group became Wells Fargo Securities on July 6, 2009.
Prudential Securities, also formerly known as Prudential Securities Incorporated (PSI), was the financial services arm of the insurer, Prudential Financial. In 2003, Prudential Securities was merged into Wachovia Securities, a division of Wachovia Bank.
James Bainbridge Lee, Jr. was an American investment banker, notable for his role in the development of the leveraged finance markets in the U.S. in the 1980s. He is widely credited as the architect of the modern-day syndicated loan market. At the time of his death, Lee was vice chairman of JPMorgan Chase & Co. and a member of the bank's executive committee. He was also Co-Chairman of JPMorgan's investment bank.
Harold L. Stuart was a prominent American financier of the early 20th century, and founder of the investment firm Halsey, Stuart & Co.
United States v. Morgan, 118 F. Supp. 621, more commonly referred to as the Investment Bankers Case was a multi-year antitrust case brought by the United States Justice Department against seventeen of the most prominent Wall Street investment banking firms, known as the Wall Street Seventeen.
Harris, Hall & Co. was a midwestern investment banking firm headquartered in Chicago. The firm was spun out from Harris Bank and would later merge with Dean Witter & Co. in 1953.
Philadelphia financier Jay Cooke established the first modern American investment bank during the Civil War era. However, private banks had been providing investment banking functions since the beginning of the 19th century and many of these evolved into investment banks in the post-bellum era. However, the evolution of firms into investment banks did not follow a single trajectory. For example, some currency brokers such as Prime, Ward & King and John E. Thayer and Brother moved from foreign exchange operations to become private banks, taking on some investment bank functions. Other investment banks evolved from mercantile firms such as Thomas Biddle and Co. and Alexander Brothers.
Mizuho Americas was established on July 1, 2016 as a US bank holding company, as the American corporate and investment banking arm of the Tokyo-based Mizuho Financial Group.
