Bulge bracket

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Bulge bracket banks are the world's largest global investment banks, serving mostly large corporations, institutional investors and governments. The descriptor "bulge bracket" comes from the way investment banks are listed on the "tombstone", or public notification of a financial transaction, where the largest advisors on investment banking operations (mergers, acquisitions, IPOs, or debt issuance) are listed first. The designation of a bulge bracket bank is primarily based on the bank's financial advisory business, as opposed to sales and trading.

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