What are the different phases in the investment banking process?

One of my friends told me that his company is currently in "Phase C" in the investment banking process. I've never heard of the term "Phase C". I was just wondering was it something that he made up to make me feel ignorant or was it something that I'm actually not familiar with?

I never heard of that either! He may be in what they call phase C in their training of him! I was an investment banker and registered principal for many a year

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