The Groups

Each bank is organized into a few major groups; the client relationship ones like Financial Sponsors and Corporate Finance (the Pimps), and the Product Groups like M&A and Leveraged Finance (the Whores). The corporate finance groups meet with clients and promise them anything under the sun to get their hands on a deal. Once they do, they bring in the product groups to come and clean up their mess.

2 fundamental truths at work here:
1) Every group will need another at some point in time
2) Every group thinks that all groups other than their own are incompetent and lazy