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Banks act as payment agents by conducting checking or current accounts for customers, paying cheques drawn by
customers on the bank, and collecting cheques deposited to customers' current accounts. Banks also enable
customer payments via other payment methods such as Automated Clearing House (ACH), Wire
transfers or telegraphic transfer,EFTPOS, and automated teller machine (ATM).
Banks borrow money by accepting funds deposited on current accounts, by accepting term deposits, and by issuing
debt securities such as banknotes and bonds. Banks lend money by making advances to customers on current
accounts, by making installment loans, and by investing in marketable debt securities and other forms of money
Banks provide different payment services, and a bank account is considered indispensable by most businesses and
individuals. Non-banks that provide payment services such as remittance companies are normally not considered as
an adequate substitute for a bank account.
Banks can create new money when they make a loan. New loans throughout the banking system generate new
deposits elsewhere in the system. The money supply is usually increased by the act of lending, and reduced when
loans are repaid faster than new ones are generated. In the United Kingdom between 1997 and 2007, there was a
big increase in the money supply, largely caused by much more bank lending, which served to push up property
prices and increase private debt. The amount of money in the economy as measured by M4 in the UK went from
750 billion to 1700 billion between 1997 and 2007, much of the increase caused by bank lending. [15] If all the banks
increase their lending together, then they can expect new deposits to return to them and the amount of money in the
economy will increase. Excessive or risky lending can cause borrowers to default, the banks then become more
cautious, so there is less lending and therefore less money so that the economy can go from boom to bust as
happened in the UK and many other Western economies after 2007

Banks offer many different channels to access their banking and other services:

Automated Teller Machines

A branch is a retail location

Call center

Mail: most banks accept cheque deposits via mail and use mail to communicate to their customers, e.g. by
sending out statements

Mobile banking is a method of using one's mobile phone to conduct banking transactions

Online banking is a term used for performing multiple transactions, payments etc. over the Internet

Relationship Managers, mostly for private banking or business banking, often visiting customers at their
homes or businesses

Telephone banking is a service which allows its customers to conduct transactions over the telephone
with automated attendant or when requested withtelephone operator

Video banking is a term used for performing banking transactions or professional banking consultations via a
remote video and audio connection. Video banking can be performed via purpose built banking transaction
machines (similar to an Automated teller machine), or via a video conference enabled bank branch clarification

DSA is a Direct Selling Agent, who works for the bank based on a contract. Its main job is to increase the
customer base for the bank.

Types of banking

Retail banking
Retail banking is when a bank executes transactions directly with consumers, rather than corporations or other
banks. Services offered include savings and transactional accounts, mortgages, personal loans, debit cards,
and credit cards. The term is generally used to distinguish these banking services from investment
banking, commercial banking or wholesale banking. It may also be used to refer to a division of a bank dealing with
retail customers and can also be termed as Personal Banking services.
In the US the term Commercial bank is used for a normal bank to distinguish it from an investment bank. After the
great depression, through the GlassSteagall Act, the U.S. Congress required that banks only engage in banking
activities, whereas investment banks were limited to capital markets activities. This separation was repealed in the
1990s. Commercial bank can also refer to a bank or a division of a bank that mostly deals with deposits and loans
from corporations or large businesses, as opposed to individual members of the public (retail banking). Retail

banking aims to be the one-stop shop for as many financial services as possible on behalf of
retail clients. Some retail banks have even made a push into investment services such as
wealth management, brokerage accounts, private banking and retirement planning. While
some of these ancillary services are outsourced to third parties (often for regulatory
reasons), they often intertwine with core retail banking accounts like checking and savings
to allow for easier transfers and maintenance.

Typical products offered by a retail bank include:

Transactional accounts

Checking accounts (American english)

Current accounts (British english)

Savings accounts

Debit cards

ATM cards

Credit cards

Traveler's cheques


Home equity loans

Personal loans

Certificates of deposit/Term deposits

In some countries, such as the US, they may also offer more specialised accounts such as:

Sweep accounts

Money market accounts

Individual Retirement Accounts (IRA's)

Sub-types of retail banks

Community development bank are regulated banks that provide financial services and credit to underserved
markets or populations.

Private Banks manage the assets of high-net-worth individuals.

Offshore banks are banks located in jurisdictions with low taxation and regulation. Many offshore banks are
essentially private banks.

Savings banks accept savings deposits.

Postal savings banks are savings banks associated with national postal systems.

Commercial banking
A commercial bank is a type of bank that provides services such as accepting deposits, making business loans, and
offering basic investment products.
Commercial bank can also refer to a bank or a division of a bank that mostly deals with deposits and loans from
corporations or large businesses, as opposed to individual members of the public (retail banking).
In the US the term commercial bank was often used to distinguish it from an investment bank due to differences in
bank regulation. After the great depression, through the GlassSteagall Act, the U.S. Congress required that
commercial banks only engage in banking activities, whereas investment banks were limited to capital
markets activities. This separation was mostly repealed in the 1990s. The name bank derives from
the Italian word banco "desk/bench", used during the Renaissance era by Florentine bankers, who used to make their
transactions above a desk covered by a green tablecloth.[1] However, traces of banking activity can be found even in
ancient times.
Some have suggested, the word traces its origins back to the Ancient Roman Empire, where moneylenders would set
up their stalls in the middle of enclosed courtyards called macella on a long bench called a bancu, from which the
words banco and bank are derived. As a moneychanger, the merchant at the bancu did not so much invest money as
merely convert the foreign currency into the only legal tender in Rome that of the Imperial Mint.[2]

The role of commercial banks

Commercial banks engage in the following activities:

processing of payments by way of telegraphic transfer, EFTPOS, internet banking, or other means

issuing bank drafts and bank cheques

accepting money on term deposit

lending money by overdraft, installment loan, or other means

providing documentary and standby letter of credit, guarantees, performance bonds, securities underwriting
commitments and other forms of off balance sheet exposures

safekeeping of documents & other items in safe deposit boxes

sales, distribution or brokerage, with or without advice, of: insurance, unit trusts and similar financial
products as a financial supermarket

cash management and treasury

merchant banking and private equity financing

traditionally, large commercial banks also underwrite bonds, and make markets in currency, interest rates,
and credit-related securities, but today large commercial banks usually have an investment bank arm that is
involved in the aforementioned activities

Commercial banks perform many functions. They satisfy the financial needs of the sectors such as agriculture,
industry, trade, communication, so they play very significant role in a process of economic social needs. The
functions performed by banks, since recently, are becoming customer-centred and are widening their functions.
Generally, the functions of commercial banks are divided into two categories: primary functions and the secondary
functions. The following chart simplifies the functions of commercial banks.
Commercial banks perform various primary functions, some of them are given below:

Commercial banks accept various types of deposits from public especially from its clients, including saving
account deposits, recurring account deposits, and fixed deposits. These deposits are payable after a certain time

Commercial banks provide loans and advances of various forms, including an overdraft facility, cash credit,
bill discounting, money at call etc. They also give demand and demand and term loans to all types of clients
against proper security.

Credit creation is most significant function of commercial banks. While sanctioning a loan to a customer,
they do not provide cash to the borrower. Instead, they open a deposit account from which the borrower can
withdraw. In other words, while sanctioning a loan, they automatically create deposits, known as a credit creation
from commercial banks.

Along with primary functions, commercial banks perform several secondary functions, including many agency
functions or general utility functions. The secondary functions of commercial banks can be divided into agency
functions and utility functions.
The agency functions are the following:

To collect and clear cheque, dividends and interest warrant.

To make payments of rent, insurance premium, etc.

To deal in foreign exchange transactions.

To purchase and sell securities.

To act as trustee, attorney, correspondent and executor.

To accept tax proceeds and tax returns.

The utility functions are the following:

To provide safety locker facility to customers.

To provide money transfer facility.

To issue traveller's cheque.

To act as referees.

To accept various bills for payment: phone bills, gas bills, water bills, etc.

To provide merchant banking facility.

To provide various cards: credit cards, debit cards, smart cards, etc.

Types of loans granted by commercial banks

Secured loans
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan,
which then becomes a secured debt owed to the creditor who gives the loan. The debt is thus secured against the
collateral in the event that the borrower defaults, the creditor takes possession of the asset used as collateral and
may sell it to regain some or all of the amount originally lent to the borrower, for example, foreclosnted a portion of the
bundle of rights to specified property. If the sale of the collateral does not raise enough money to pay off the debt, the
creditor can often obtain a deficiency judgment against the borrower for the remaining amount. The opposite of
secured debt/loan is unsecured debt, which is not connected to any specific piece of property and instead the creditor
may only satisfy the debt against the borrower rather than the borrower's collateral and the borrower.
A mortgage loan is a very common type of debt instrument, used to purchase real estate. Under this arrangement,
the money is used to purchase the property. Commercial banks, however, are given security - a lien on the title to the
house - until the mortgage is paid off in full. If the borrower defaults on the loan, the bank would have the legal right to
repossess the house and sell it, to recover sums owing to it.

Unsecured loan
Unsecured loans are monetary loans that are not secured against the borrower's assets (no collateral is involved).
There are small business unsecured loans such as credit cards and credit lines to large corporate credit lines. These
may be available from financial institutions under many different guises or marketing packages:

bank overdrafts

corporate bonds

credit card debt

credit facilities or lines of credit

personal loans

A corporate bond is a bond issued by a corporation. It is a bond that a corporation issues to raise money in order to
expand its business. The term is usually applied to longer-term debt instruments, generally with a maturity date falling
at least a year after their issue date. (The term "commercial paper" is sometimes used for instruments with a shorter
Sometimes, the term "corporate bonds" is used to include all bonds except those issued by governments in their own
currencies. Strictly speaking, however, it applies only to bonds issued by corporations, not to bonds of local
authorities and supranational organizations.

Private banking is banking, investment and other financial services provided by banks to private individuals who
enjoy high levels of income or invest sizable assets. The term "private" refers to customer service rendered on a
more personal basis than in mass-market retail banking, usually via dedicated bank advisers. It does not refer to
a private bank, which is a non-incorporated banking institution.
Private banking forms an important, more exclusive, subset of wealth management. At least until recently, it largely
consisted of banking services (deposit taking and payments), discretionary asset management, brokerage, limited tax
advisory services and some basic concierge-type services, offered by a single designated relationship manager.
Taking a largely passive approach to financial decision making, most clients trust their private banking relationship
manager to get on with it. Private banking is the way banking originated. The first banks in Venice were focused on
managing personal finance for wealthy families. Private banks became known as Private to stand out from the retail
banking & savings banks aimed at the new middle class. Traditionally, Private Banks were linked to families for
several generations. They often advised and performed all financial & banking services for families. Historically,

private banking has developed in Europe (see the List of private banks). Some banks in Europe are known for
managing assets of some royal families. The assets of the Princely Family of Liechtenstein is managed by LGT
Group (founded in 1920). The assets of the Dutch royal family is managed by MeesPierson (founded in 1720). The
assets of the British Royal Family is managed byCoutts (founded in 1692).[1]
Historically, private banking has been viewed as a very exclusive niche that only caters to high-net-worth
individuals (HNWIs) with liquidity over $2 million, though it is now possible to open private banking accounts with as
little as $250,000 for private investors. An institution's private banking division provides services such as wealth
management, savings, inheritance, and tax planning for their clients. A high-level form of private banking (for the
especially affluent) is often referred to aswealth management. For private banking services clients pay either based
on the number of transactions, the annual portfolio performance or a "flat-fee", usually calculated as a yearly
percentage of the total investment amount.[2]
"Private" also alludes to bank secrecy and minimizing taxes through careful allocation of assets, or by hiding assets
from the taxing authorities. Swiss and certainoffshore banks have been criticized for such cooperation with individuals
practicing tax evasion. Although tax fraud is a criminal offense in Switzerland, tax evasion is only a civil offence, not
requiring banks to notify taxing authorities.[3]
In Switzerland, there are many banks providing private banking service.[4] From Congress of Vienna in 1815
Switzerland has remained neutral including the time of two World Wars. After World War I, the former nobles
of Austro-Hungarian Empire moved their assets to Switzerland for fear of confiscation by new governments.[5]During
World War II, many wealthy people, including Jewish families and institutions, moved their assets into Switzerland to
protect them from Nazi Germany. However, this transfer of wealth into Switzerland had mixed and controversial
results, as beneficiaries had difficulties retrieving their assets after the war.[6] After World War II, in east Europe,
assets were again moved into Switzerland for fear of confiscation by communistic governments. Today, Switzerland
remains the largest offshore center, with about 27 percent ($2.0 trillion) of global offshore wealth in 2009, according
to Boston Consulting Group.[7] (Offshore wealth is defined as assets booked in a country where the investor has no
legal residence or tax domicile)

Private Banking Rankings

According to Euromoney's annual Private banking and wealth management ranking 2013, which consider, amongst
other factors, assets under management (AUM), net income and net new assets, global private banking assets under
management grew just 10.8%YoY (compared with 16.7% ten years ago).
"Best private banking services overall 2013". This table displays results of one category of the Private banking

Rank 2013


Rank 2012


Credit Suisse




Deutsche Bank


Merrill Lynch Wealth Management


BNP Paribas


Goldman Sachs


UBS took the top spot in Euromoney's 2013 survey for "Best private banking services overall 2014.





Bank of America


AUM (US$bn)





Wells Fargo



Morgan Stanley



Credit Suisse



Royal Bank of Canada






Deutsche Bank



BNP Paribas








JPMorgan Chase








Goldman Sachs












Julius Br




Northern Trust




Bank of New York Mellon


Lombard Odier & Cie









Value proposition
Most Private Banks define their value proposition along one or two dimensions, and meet the basic needs across
others. Some of the dimensions of value proposition of a private bank are parent brand, one-bank approach,
unbiased advice, strong research and advisory team and unified platform. Many banks leverage the parent brand
to gain a clients trust and confidence. These Banks have a strong presence across the globe and present private
bank offerings as a part of the parent group. One Bank approach is where private banks offer an integrated
proposition to meet clients personal and business needs. Since Private Banking concerns understanding a clients
need and risk appetite, and tailoring the solution accordingly, few banks define their value proposition along this
dimension. Most modern private banks follow an open product platform, and hence claim their advice is unbiased.
They believe there is no incentive to push proprietary products, and the client gets the best of what they offer. A few
banks claim to have a strong advisory team that reflects in the products they offer the client. A couple of banks
also define their value proposition on their unified platform, their ability to comply with all regulations, yet serve the
client without restrictions.

Product platform
Open architecture product platform is where a private bank distributes all the third party products and is not restricted
to selling only its proprietary products. Closed architecture product platform is where the bank sells only its
proprietary products and does not entertain any third party product. These days the needs of the clients are so
diverse that it is practically impossible for a bank to cater to those needs by its proprietary products alone. Clients
today demand the best of breed products and most banks have to follow an open architecture product platform where
they distribute products of other banks to their clients in return for commission.

Fee structure
Different Banks charge their clients in different ways. There are banks that follow the transactional model where the
client is not charged any advisory fee at all. The banks thrive totally on the commissions they get by distributing third
party products. There are other private banks that follow a hybrid model. In this model, the bank charges a fixed fee
for certain products and advisory fee for the rest. Some of the other banks are totally advisory driven and charge the
clients a percentage of AUM (e.g. 0.75% of entire AUM). A few banks offer both a transactional model and an
advisory model. The clients choose what suits them. A recent industry trend is towards the advisory fee model,
because margins on commissions may go down in the future.

Lead generation
Lead Generation is a vital part in the Private banking business. Various banks go about in different ways to acquire
new clients. While some banks rely heavily on their wholesale banking referrals there are a few other that have strong
tie ups with their Retail and Corporate banking divisions. Most banks do have a revenue sharing mechanism in place
within divisions. It is either a onetime charge to the division or an annuity that the division gets for a client referral.
Many banks believe that the primary source of leads must be client referrals. A client would refer his/her friends when
he/she is satisfied with the service provided by the private bank. Generating a good number of leads through client
referrals shows the good health of the private bank.

Investment banking
An investment bank is a financial institution that assists individuals, corporations, and governments in
raising capital byunderwriting or acting as the client's agent in the issuance of securities (or both). An investment
bank may also assist companies involved in mergers and acquisitions and provide ancillary services such as market
making, trading of derivativesand equity securities, and FICC services (fixed income instruments, currencies,
and commodities).
Unlike commercial banks and retail banks, investment banks do not take deposits. From 1933 (GlassSteagall Act)
until 1999 (GrammLeachBliley Act), the United States maintained a separation between investment banking and
commercial banks. Other industrialized countries, including G8 countries, have historically not maintained such a
separation. As part of the DoddFrank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act of
2010), Volcker Rule asserts full institutional separation of investment banking services from commercial banking.
There are two main lines of business in investment banking.

The "sell side" involves trading securities for cash or for other securities (e.g. facilitating transactions,
market-making), or the promotion of securities (e.g. underwriting, research, etc.).

The "buy side" involves the provision of advice to institutions concerned with buying investment services.
Private equity funds, mutual funds, life insurance companies, unit trusts, and hedge funds are the most common
types of buy side entities.

An investment bank can also be split into private and public functions with an information barrier which separates the
two to prevent information from crossing. The private areas of the bank deal with private insider information that may
not be publicly disclosed, while the public areas such as stock analysis deal with public information.

Organizational structure
Investment banking is split into front office, middle office, and back office activities. While large service investment
banks offer all lines of business, both "sell side" and "buy side", smaller sell-side investment firms such as boutique
investment banks and small broker-dealers focus on investment banking and sales/trading/research, respectively.
Investment banks offer services to both corporations issuing securities and investors buying securities. For
corporations, investment bankers offer information on when and how to place their securities on the open market, an
activity very important to an investment bank's reputation. Therefore, investment bankers play a very important role in
issuing new security offerings.[2]

Core investment banking activities

Investment banking has changed over the years, beginning as a partnership form focused on underwriting security
issuance, i.e. initial public offerings (IPOs) andsecondary offerings, brokerage, and mergers and acquisitions, and
evolving into a "full-service" range including securities research, proprietary trading, andinvestment management. In
the modern 21st century, the SEC filings of the major independent investment banks such as Goldman
Sachs and Morgan Stanley reflect three product segments: (1) investment banking (fees for M&A advisory services
and securities underwriting); (2) asset management (fees for sponsored investment funds), and (3) trading and
principal investments (broker-dealer activities including proprietary trading ("dealer" transactions) and brokerage
trading ("broker" transactions)).[3]
In the United States, commercial banking and investment banking were separated by the GlassSteagall Act, which
was repealed in 1999. The repeal led to more "universal banks" offering an even greater range of services. Many
large commercial banks have therefore developed investment banking divisions through acquisitions and hiring.
Notable large banks with significant investment banks include JPMorgan Chase, Bank of America, Credit
Suisse, Deutsche Bank, Barclays, and Wells Fargo. After the financial crisis of 20072008 and the subsequent
passage of the Dodd-Frank Act of 2010, regulations have limited certain investment banking operations, notably with
the Volcker Rule's restrictions on proprietary trading.[2]
Sales and trading
On behalf of the bank and its clients, a large investment bank's primary function is buying and selling products. In
market making, traders will buy and sell financial products with the goal of making money on each trade. Sales is the
term for the investment bank's sales force, whose primary job is to call on institutional and high-net-worth investors to
suggest trading ideas (on a caveat emptor basis) and take orders. Sales desks then communicate their clients' orders
to the appropriatetrading desks, which can price and execute trades, or structure new products that fit a specific
need. Structuring has been a relatively recent activity as derivatives have come into play, with highly technical and

numerate employees working on creating complex structured products which typically offer much greater margins
and returns than underlying cash securities. In 2010, investment banks came under pressure as a result of selling
complex derivatives contracts to local municipalities in Europe and the US.
The equity research division reviews companies and writes reports about their prospects, often with "buy" or "sell"
ratings. Investment banks typically have sell-side analysts which cover various industries. Their sponsored funds or
proprietary trading offices will also have buy-side research. While the research division may or may not generate
revenue (based on policies at different banks), its resources are used to assist traders in trading, the sales force in
suggesting ideas to customers, and investment bankers by covering their clients. Research also serves outside
clients with investment advice (such as institutional investors and high net worth individuals) in the hopes that these
clients will execute suggested trade ideas through the sales and trading division of the bank, and thereby generate
revenue for the firm. Research also covers credit research, fixed income research, macroeconomic research, and
quantitative analysis, all of which are used internally and externally to advise clients but do not directly affect revenue.
All research groups, nonetheless, provide a key service in terms of advisory and strategy. There is a potential conflict
of interest between the investment bank and its analysis, in that published analysis can affect the bank's profits.

Front and middle office

Risk management
Risk management involves analyzing the market and credit risk that an investment bank or its clients take onto their
balance sheet during transactions or trades. Credit risk focuses around capital markets activities, such as loan
syndication, bond issuance, restructuring, and leveraged finance. Market risk conducts review of sales and trading
activities utilizing the VaR model and provide hedge-fund solutions to portfolio managers. Other risk groups include
country risk, operational risk, and counterparty risks which may or may not exist on a bank to bank basis. Credit risk
solutions are key part of capital market transactions, involving debt structuring, exit financing, loan
amendment, project finance, leveraged buy-outs, and sometimes portfolio hedging. Front office market risk activities
provide service to investors via derivative solutions, portfolio management, portfolio consulting, and risk advisory.
Well-known risk groups in JPMorgan Chase, Goldman Sachs and Barclays engage in revenue-generating activities
involving debt structuring, restructuring, loan syndication, and securitization for clients such as corporates,
governments, and hedge funds. J.P. Morgan IB Risk works with investment banking to execute transactions and
advise investors, although its Finance & Operation risk groups focus on middle office functions involving internal, nonrevenue generating, operational risk controls.[6][7][8] Credit default swap, for instance, is a famous credit risk hedging
solution for clients invented by J.P. Morgan's Blythe Masters during the 1990s.

Middle office
This area of the bank includes treasury management, internal controls, and internal corporate strategy.
Corporate treasury is responsible for an investment bank's funding, capital structure management, and liquidity
risk monitoring.

Financial control tracks and analyzes the capital flows of the firm, the finance division is the principal adviser to senior
management on essential areas such as controlling the firm's global risk exposure and the profitability and structure
of the firm's various businesses via dedicated trading desk product control teams. In the United States and United
Kingdom, a financial controller is a senior position, often reporting to the chief financial officer.
Internal corporate strategy tackling firm management and profit strategy, unlike corporate strategy groups that advise
clients, is non-revenue regenerating yet a key functional role within investment banks.
This list is not a comprehensive summary of all middle-office functions within an investment bank, as specific desks
within front and back offices may participate in internal functions.[11]

Back office
This involves data-checking trades that have been conducted, ensuring that they are not wrong, and transacting the
required transfers. Many banks have outsourced operations. It is, however, a critical part of the bank.

Global size and revenue mix

In terms of total revenue, SEC filings of the major independent investment banks in the United States show that
investment banking (defined as M&A advisory services and security underwriting) only made up about 15-20% of total
revenue for these banks from 1996 to 2006, with the majority of revenue (60+% in some years) brought in by
"trading" which includes brokerage commissions and proprietary trading; the proprietary trading is estimated to
provide a significant portion of this revenue.[3]
The United States generated 46% of global revenue in 2009, down from 56% in 1999. Europe (with Middle East and
Africa) generated about a third while Asian countries generated the remaining 21%.[15]:8 The industry is heavily
concentrated in a small number of major financial centers, including City of London, New York City, Frankfurt, Hong
Kong and Tokyo.
According to estimates published by the International Financial Services London, for the decade prior to the financial
crisis in 2008, M&A was a primary source of investment banking revenue, often accounting for 40% of such revenue,
but dropped during and after the financial crisis.[15]:9 Equity underwriting revenue ranged from 30% to 38% and fixedincome underwriting accounted for the remaining revenue.[15]:9
Revenues have been affected by the introduction of new products with higher margins; however, these innovations
are often copied quickly by competing banks, pushing down trading margins. For example, brokerages commissions
for bond and equity trading is a commodity business but structuring and trading derivatives has higher margins
because each over-the-counter contract has to be uniquely structured and could involve complex pay-off and risk
profiles. One growth area isprivate investment in public equity (PIPEs, otherwise known as Regulation D or
Regulation S). Such transactions are privately negotiated between companies andaccredited investors.

Banks also earned revenue by securitizing debt, particularly mortgage debt prior to the financial crisis. Investment
banks have become concerned that lenders are securitizing in-house, driving the investment banks to pursue vertical
integration by becoming lenders, which is allowed in the United States since the repeal of the Glass-Steagall Act in

Top 10 banks



Fees ($m)


JP Morgan Chase



Bank of America Merrill Lynch



Goldman Sachs



Morgan Stanley






Deutsche Bank



Credit Suisse






Wells Fargo



RBC Capital Markets