Balance Sheet Banks vs Boutiques
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Quick breakdown. Balance sheet banks versus boutiques. Balance sheet banks can use their own
capital. They lend money, underwrite debt and equity, and finance deals
directly. That’s why they dominate large, complex transactions. Boutiques do not
use their own balance sheet. They focus purely on advisory. Mergers,
acquisitions, restructurings. No lending. No underwriting. Just advice.
Balance sheet banks sell capital and advice. Boutiques sell advice only.
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