Operations is a group that all investment banks have to handle mundane administration work (not too far off from glorified secretary)
Try this:
Front Offce = The trader/investment banker/asset manager/client facing-revenue generating role. The guy responsible for making money to support himself and all the support people below.
Middle Office = The MO guy monitors the trader, making sure he doesn’t go overboard on the risk taking, making sure the valuation is accurate (if the securities are not very liquid). checking the profit and loss calculations.
Back Office = Reporting. Making sure the reported gains/losses are properly recorded either to the accountants, or the firm’s books. knows and follows regulatory rules and requirements.
Operations (also back office) = checking cash has moved correctly between different financial institutions that have been used, verifiying account numbers and making sure i’s are dotted and t’s are crossed. Quite mundane work not too far from working on the assembly line. The car chassis comes over, you screw in your bolt. chassis moves away. Another chassis comes over, screw in your bolt…