If you were to walk around one of the investment banks that occupy the skyscrapers of Manhattan at midnight, you would see an industry that hasn’t changed very much in the last 25 years. A room full of smart, hardworking 24 to 34 year olds with advanced degrees from top universities would likely be staring into computers, searching for data in a PDF file, pasting the data into an Excel model, and transferring the charts from these Excel models into a PowerPoint deck. The next morning their managers will use these decks to persuade a company to hire the bank to help them find a buyer or a target.