They provide a valuation, put together a pitch book, shop the company around and close the deal.
I'd guess the author would argue that those services are not, strictly speaking, financial.
You could easily enough split up a deal like that between a pure financial institution and some sort of consultant/agency for corporate A&M, and it wouldn't really look or work any differently.
The consultant would provide you with an actual service and the bank would just move assets around. That's just twiddling some bits, these days; the bank's part of the job could be done by computer. The bank could just be a computer, really. As the author puts it, "it creates nothing."
I don't know if I agree with that point of view or not, but I think I understand where he's coming from.
I'd guess the author would argue that those services are not, strictly speaking, financial.
You could easily enough split up a deal like that between a pure financial institution and some sort of consultant/agency for corporate A&M, and it wouldn't really look or work any differently.
The consultant would provide you with an actual service and the bank would just move assets around. That's just twiddling some bits, these days; the bank's part of the job could be done by computer. The bank could just be a computer, really. As the author puts it, "it creates nothing."
I don't know if I agree with that point of view or not, but I think I understand where he's coming from.