Using inverse photoemission and photoemission we have found that the b
ulk band structure becomes discretized in highly perfect thin-film str
uctures containing alternating layers of a ferromagnet and a noble met
al. In noble metal layers on ferromagnets we find such discrete quantu
m well states as the Fermi level, which exhibit traits connecting them
with oscillatory magnetic coupling. The magnetic oscillation period i
s determined by the periodicity of their 'envelope' wavefunction