That's the theory. However, that wall doesn't really exist in practice at any bank that provides both equity research services and investment banking services.

That's the theory. However, that wall doesn't really exist in practice at any bank that provides both equity research services and investment banking services. The entire reason for offering both services is the comflict of interest. "No conflict, no interest". source: I used to be an analyst in the equity research department at a broker dealer.