Regarding finance: Sure, M&A + IPO makes the lion's share of money for an investment banking (IB) division, but this overlooks the markets division (trading). From 1995 to 2007, the year-on-year growth in profits was simply astonishing for FICC (fixed income, credit, commodities). Part of that growth was due to increased borrowing (and, hence, leverage), and part was an increase in investable dollars, chasing returns. IB needs hardly any tech, but markets needs endless amounts of it. Also, it is intentional that I didn't mention equities trading in my previous paragraph; it didn't become such a giant profit center for global investment banks until after the 2008 Global Financial Crisis, due to new rules for risk limits.