Wholesale bank specialized in advisory and intermediation business of fixed and variable income securities. It does not deal with retail business and generally has few offices. In the United States, an investment bank specializes in the intermediation of securities (stocks, bonds, commercial paper, and the like) and does not accept deposits or grant loans, although it does guarantee the placement of bond issues. In Great Britain, an investment bank has similar functions and also carries out traditional wholesale banking business with large customers.
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