A lexicon of executive lingo
Meaning: the group of investment banks currently thought of as the international heavy-hitters. This nickname surfaced in the shakeups and shakeouts following the financial crisis. Investment banking saw realignments and new acquisitions, such as the purchase of Noble, a mid and small-cap (serving investors such as family-owned firms and private individuals) bank by stockbrokers Execution. This added a corporate finance arm to Execution's existing research, sales and trading operations to create a stand-alone investment bank with capabilities that might qualify it for the prestigious (but unofficial) bulge-bracket status. The expression originally referred to the name of the leading bank (aka the bookrunning manager) in an underwriting syndicate promoting a new offer. On the published notification (known as the tombstone) and prospectus, this bank's title appears in larger typeface and therefore 'bulges out' beyond the standard margins within which the other names appear.
Send your buzzwords, jargon and new and exotic usages to tony.thorne@kcl.ac.uk
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