A comprehensive overview of investment banking for professionals and students The investment banking industry has changed dramatically since the 2008 financial crisis and the fallout from the Lehman Brothers bankruptcy. Three of the top five investment banks in the United States have disappeared, while Goldman Sachs and Morgan Stanley have converted to commercial banking charters. This Third Edition of The Business of Investment Banking provides updated coverage and discusses new market opportunities for professionals to advance their careers and for students seeking to enter this intensely competitive field. The recent financial regulation overhaul, including the Dodd-Frank legislation, is having a significant impact on what investment banks do and how they undertake those activities, while the Volcker rule has shaken up trading desks everywhere. This new edition updates investment banking industry shifts in practices, trends, regulations, and statistics Includes new chapters on BRIC, as Brazil, Russia, India, and China now account for a quarter of the global economy Explains the shift in the listing of securities in various financial centers around the world, and how major exchanges compete for the same business This new edition, reflecting the current state of the investment banking industry, arrives in time to better serve professionals looking to advance their careers and students just beginning theirs.