Throughout a career at Morgan Stanley there are many opportunities for investment bankers to Interface with capital markets professionals.

This interaction starts with a joint training program, exposure to departments within fixed income and Equity Sales and Trading also training for the Registered Representative Exam

Later in investment banking career, a rotation into the Capital Market Services Department will provide constant and continual interaction with salespeople and traders during competitive bids, new issue pricing.

And new product development in fact in many functional specialty groups, the distinction between investment banking sales and trading has almost disappeared The Junk Bond, Mortgage Finance, Corporate Hedging, Commercial Paper, and Interest Rate Swap Groups all have joint investment banking and sales and trading units that are physically located on the trading floor.

All new hires into investment banking can assume that there will be significant interaction with capital markets professionals during their careers.

Hopefully, this publication will prove useful in providing information on Morgan Stanley and our approach to the investment banking business.

However, one thing that does not show up easily on paper is the culture or the personality of the Firm.

These very significant factors can only be fully sensed and judged through personal contact in the interviewing process and, where applicable, in discussions with former employees now at the Harvard Business School.

To gain further insight into Morgan Stanley we suggest reviewing our publication entitled. A Perspective on Morgan Stanley,” a copy of which is available in the Placement Office.

Over 225 Corporate Finance professionals make up Paine Webber’s investment banking team.

The majority of these bankers work out of Paine Webber’s new world headquarters building in New York. The remaining professionals are based in our Corporate Finance offices in six other major U.S. and overseas cities.

1. Boston (11)

2. London (7)

3. San Francisco (7)

4. Chicago (61

5. Los Angeles (4)

6. Dallas (2)

II. How many specialty groups comprise the division and how many people in each sector?

Paine Webber’s Corporate Finance Division consists of client and product banking groups.

Approximately 150 client bankers, in nine areas offer investment banking services to the following industries:

1. Commercial Banks

2. Communications

3. Energy

4. Health Care

5. Industrial

6. Non-Bank Financial Institutions

7. S&L’s and Mortgage Banking

8. Transportation

9. Utilities

Paine Webber’s 75 product bankers offer specific expertise and experience in 11 product and transaction areas:

1. High Yield

2. Leveraged Buyout

3. Mergers and Acquisitions

4. Project Finance

5. R & D Partnerships

6. Real Estate

7. Currency and Interest Rate Swaps

8. Private Placements

9. New Product Development

10. Syndicate

11, Capital Transactions

Client and product bankers work closely to bring together a specialized understanding of particular industry group needs with thorough product knowledge.

Together they contribute to Paine Webber’s successes in structuring innovative solutions to clients’ complex financing problems.

111. What is the size of the investment banking division now compared to three years ago?

In three years, the size of Paine Webber’s training program Division has grown by almost 70%. Because of the expanding opportunities in the capital markets worldwide, as well as Paine Webber’s ongoing commitment to being a major participant in those capital markets, the number of our investment banking professional has grown to 225 today. From L3L1 in September of 1982