Appendix

Where Investment Banking Came From

In This Chapter

arrow Understanding the history of investment banking

arrow Seeing how modern investment products evolved from the financial innovations of centuries ago

arrow Appreciating the critical role investment banking has played in human history

arrow Comprehending the interwoven history of investment banks and traditional banks

Investment banking may seem like a modern innovation, but that's not the case at all. Many of the financial products and services pitched by investment banks today trace their history back to the days of maritime commerce during the age of the Renaissance.

That's right: Investment banking existed even before the high-speed computers and cellphones that the profession is so closely associated with today. The profession of investment banking arose out of the long-standing need of investors to find interesting opportunities to get a return on their money, and dreamers and merchants to get money to make their businesses a reality.

Understanding the historical background of investment banking may seem like a massive waste of time. ...

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