Group placement process coming up for interns and I am looking to learn more about the NY tech team.
Do they collaborate with SF team? Is NY restricted to certain verticals? Is there software in NY? Deal flow? Culture? Exits?
Want to hear an unbias perspective.
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Based on the insights gathered from Wall Street Oasis, the collaboration between Citi's NY and SF tech teams appears to be quite strong, with a significant amount of cross-office staffing and project collaboration. This dynamic is partly driven by leadership connections, as the head of CS IB, who used to run the SF tech team and is now based out of NY, remains engaged with projects in the SF office. This has fostered an expectation of collaboration across offices.
Regarding specialization, while there's a general trend in the industry for tech groups to focus on specific end-markets based on their geographic location (e.g., NY for fintech, Chicago for industrial tech), Citi's tech teams in NY and SF seem to have a decent amount of overlap in their work. This suggests that the NY team is not strictly limited to certain verticals, including software, which is a significant part of the tech landscape.
As for deal flow, culture, and exits, the context provided doesn't offer specific details about the NY tech team. However, considering the overall performance and strategic hires mentioned for the Citi SF tech team, and the collaborative nature between SF and NY, it can be inferred that the NY team is also positioned well within the tech banking landscape. The culture at Citi, in general, is highlighted as being committed to employees and fostering a supportive environment.
Exits for analysts, particularly from the SF team, have been impressive, with 50% of analysts exiting to major firms like Thoma Bravo, Silver Lake, KKR, Bain, and Carlyle. While this information specifically pertains to the SF team, the collaborative nature between SF and NY, along with the strategic positioning of Citi's tech teams, suggests that the NY team could offer strong exit opportunities as well.
In summary, Citi's NY tech team appears to be well-integrated with the SF team, not strictly limited to certain verticals, and likely benefits from a strong deal flow, supportive culture, and solid exit opportunities, similar to their SF counterparts.
Sources: Citi SF Tech Team and Other Crazy Growth, TMT Investment Banking (NYC) BB, Citi Tech SF Superday Help, SF Tech Banking Rankings, Citi Tech IB - Most Underrated Group in SF?
Bump also curious.
Think the group is pretty bad. Pretty sure in the most recent round they just axed a couple MDs and had layoffs at other levels. Doesn’t seem like deal flow is strong based on internal deal announcements. Heard culture was pretty bad. No clue on exits.
For reference I work in NY in a different coverage group.
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Lol trying to keep it relative to my options. Any insight on how they compare to other Citi coverage groups?
Used to be at Citi in another coverage group and worked across their tech team on a few deals while I'm on the buy-side, so have a bit of insight into their culture / deal flow / exits.
The tech / TMT team is cross-staffed across NY and SF so people can work from either office, and verticalized down to the analyst level across software, internet, semiconductors, fintech, IT services, comms, etc. This means that deal flow and experience is highly dependent upon which sub-group you place into during their "verticalization" process, which takes around 6 months after you start full-time.
Out of the sub-groups, software is by far their best and strongest group in terms of deal flow and PE exits, but is absolutely horrible culture-wise and consistently works till 4/5am on live deals. If you want to do software, would highly recommend the SF office instead of NY since their main rainmakers sit in SF and that's where most of their deal flow comes from. Depending on the MD, they also tend to focus exclusively on M&A, which can be both good and bad depending on what you want. Exits-wise, their software team has sent analysts to pretty much all of the top tech PE firms, such as Silver Lake, Thoma Bravo, Permira, Vista Equity, Hg Capital, and Elliott Management PE.
Deal flow and exits wise, the other sub-groups are much weaker than the software team. The internet team almost never work on M&A, and is basically an ECM team, so their WLB is much better than software. Similarly, the semiconductors team has limited deal flow, which is fair since it's hard to do M&A in an industry that's so highly regulated and consolidated. The IT services team doesn't seem to be on many deals either, but have heard the culture is good.
So to summarize, if you're optimizing for deal-flow and PE exits, would recommend joining their software team and work out of SF. You will hate your life for 2 years but you'll learn a ton. Otherwise, the other sub-groups seem to have better WLB if that's what you're looking for.
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