Well-known risk groups in JPMorgan Chase, Morgan Stanley, Goldman Sachs and Barclays engage in revenue-generating activities involving debt structuring, restructuring, syndicated loans, and securitization for clients such as corporates, governments, and hedge funds. According to the Financial Times , in terms of total advisory fees for the whole of , the top ten investment banks were: [28] Many of these firms belong either to the Bulge Bracket upper tier , Middle Market mid-level businesses , or are boutique investment banks specialized businesses. Research also covers credit research, fixed income research, macroeconomic research, and quantitative analysis, all of which are used internally and externally to advise clients. An investment bank can also be split into private and public functions with a Chinese wall separating the two to prevent information from crossing. By Baiju Kalesh. As an industry it is broken up into the Bulge Bracket upper tier , Middle Market mid-level businesses...