Corporate banking on the rise?
Just curious how comp is and how people like corporate banking. In the past 3 months I have seen more WSO posts on corporate banking than ever before. Debating if it’s worth it to switch over from IB for better WLB.
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Fuck them other guys 🎶
I even gave em a chance to decide
Corporate Banking is one of the best finance gigs there are. Not too many areas in finance where you'll find the same level of comp and strong work life balance.
I've seen a couple of IB folks move to CB and never look back.
the work is boring as hell though
Sometimes it can be, but making six figs starting, coupled with becoming a millionaire by VP years if you manage cash properly, all while enjoying your 20s is a win full stop.
Yeah I’m not going to lie Corp Banking wlb is pretty nice. I’ve never worked in IB but the way our bank is structured we essentially handle IB coverage as well because there are no dedicated IB coverage teams, just product (I work at a large multinational balance sheet bank/non-BB)
My starting comp as analyst is 6 figures, lower than IB though. Bonus is 20-40%. Work can be painfully boring but we remain busy given we are a little more recession proof than IB products.
I am planning on making a move to an EB next (been networking heavily and have a good chance) but truthfully, sometimes I think if that’ll be a right move given I work like 60-65 hours a week. Anyways, happy to answer any questions anyone may have on CB.
Can you provide more details on your networking process?
Nothing you haven’t heard before. Targeting school alumni, other analysts/associates hoping to get eventual intros to VPs, people with the same ethnic background as me (total population is less than 15 million worldwide, so pretty tight-nit community), and people who worked the same previous jobs/similar experiences.
Thanks for the reply. I’m thinking of making a similar move so helpful perspective. What’s been your approach to technical preparation?
Are you jewish?
How did you break in?
Networking. Wouldn’t have this job if I wasn’t referred by the person whom I networked with. I also have a strong credit background with formal training. Strong credit fundamentals is essential for a job in CB. And also, a little bit of luck
SMBC?
Hey, what are the timelines for CB full time recruiting? Would it be too late for me to break into if i’m a rising senior right now? Thank you!
Now is actually a good time, CB at a BB is typically slightly later than IB recruiting. I would say most FT roles are open for apps now until October
What months does summer analyst recruiting start?
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Corp banking is a decent career at banks where it is separate from IB, but be careful of those banks that group "Corporate & Investment Banking". You are often working 70+ hours - so not much improvement on hours but a huge paycut from IB. You do retain some exits (mostly credit-focused gigs) but I wouldn't say CB is the golden land. Their junior turnover is still pretty damn high.
This exactly, especially where some include Capital Markets in the mix, so you've got the potential to work pretty long hours regardless.
Don't walk in blind into teams, I've seen tons of others do this and regret it. Ask what the culture and hours are like to save you the hassle. Your typical sweaty IB Coverage teams are also sweaty in CB.
Perfect for me since I want Credit / Debt exits later, and picked a team where my hours are insanely good lol.
I've observed at banks where corporate and investment banking is grouped together, that corporate bankers make far more comp.
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People complain about the work in IB being boring / administrative....corporate banking is significantly worse from that regards. It's a good career gig though, stable, well-paid etc. The comp is comparable at the analyst level but quickly widens as you become more senior. Ultimately, traditional corporate banking is a cost center so they're not going to comp them like coverage MDs.
Interesting. When is it to late for investment bankers to jump over to corporate banking?
You will always be able to jump to CB. The door never closes.
Boring, zero prestige, and low pay LOL
I work in CB in CIB at a large BS bank. Honestly it's a pretty sweet gig, 105 base bonus is 50. 8:30 - 6:30 and weekends off. People are nice and super flexible. Lots of PTO just a great time. Been here 7 months never been yelled at, never pulled an all nighter and never had any issues taking time off
Is this for Industry Coverage / Relationship team, or more product?
Bonus seems great for CB, was this last year too?
Most likely Coverage
A1 in corporate banking at large BS bank. CB is placed under Corporate and Investment Banking and is more of the relationship/coverage team. Pay is slightly less, but not huge difference at the junior level. Work is interesting, not too boring at all (depending on coverage team) for example, FIG or Institutional coverage is more technical and less admin than corporates. My bank also offer rotations into IBD for 6-months on a grad scheme, which some people switch to full time or come back to CB for the better culture and wlb. I think great area to start if you are less technical, less sweaty or just want to start as a product generalist and then specialise into IB product later. For me and given my background, it was easier to get my foot in the door through the CB internships than IB. Unsure what it is like at other banks though.
Can u dm since your anon?
Sounds like you’re at HSBC
or at Wells Fargo?
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