What exactly do investment bankers do?

[HONORLIONS]

<p>

Helping companies raise funds (underwriting IPOs, help in selling bonds, etc.) and advising companies on mergers (or acquisitions). Other jobs involve proprietary trading, which is basically trading with the firm’s own assets.

</p>

<p>When IBers help companies raise funds with bonds and whatnot, are you advising others on what to buy (if so, who?), or is Goldman Sachs itself buying bonds and stocks and whatnot?</p>