Citi London vs Lazard regional office
Hi,
What would you guys pick for a summer intern: Citi in London (ibd) or Lazard at one of their offices in continental Europe? In terms of reputation I'm leaning towards Lazard (although I don't know how good their regional offices are). However, in terms of working conditions (mostly pay), Citi is way better (with Laz I could at best not lose money on my intern). Money is definitely not my main concern, reputation mostly is, but if they're close then it could play a role. Any advice is appreciated.
I would 100% go for Citi. I don't think boutiques have the same reputation in Europe as they do in the US. Also, London is usually seen as a better office than Continental Europe.
The Citi desk at Canary Wharf is where its EMEA operations are hq'd. Tons of boots on the ground there but still retains a good culture (from what I've seen and heard). Name brand of Citi may hold more weight when compared to Lazard. If your primary concern is reputation then I'd shoot for Citi. If the SA positions goes well for you and you end up FT on the London desk then there aren't many opportunities out of your reach. I will say that Lazard probably has better pay although the culture is a little more "cut throat" (keep what you kill, do numbers or your out). Deal flow (sovereign advisory as well as capital advisory) is nice on both so you'll have dirt under your fingernails at the end of the summer either way.
Just for reference, what are you currently trying to do post-undergrad? M&A?
I'd also do Citi London - 1) you will intern there, sure but 2) if you really want to, you'll be able to network with other bankers in London during your internship, and could set yourself up well to move to another bank FT in London if you want to.
Reading too much. My point is London is better than regional office, and even if you personally would prefer to work for a firm like Lazard over Citi, being in London will make networking for other London opportunities etc possible. Nothing wrong with Citi at all
How do you think Citi compares with the other BB banks in terms of reputation? My only concern is that I heard that they're sometimes ridiculed for having so much consumer banking activities and for being so large in size.
People do not make fun on Citi banking activities. Citi is the best in class for corporate banking and other banks and bankers know that. Second, why are you obsessed by prestige? Dude, you have to choose between Lazard and Citi, not Goldman and UniCredit. Going back to your question, all in all probably Lazard have more prestige but, given your decision criteria, I assume you are one of those than wants to go to KKR or BX after two years. If this is the case, being in London is your best / only chance. Also, even if you are looking for an international career, I would start in London any time. That said, if you are looking for tombstones, Lazard has some continental offices that close a lot of deals each year.
Could you expand a bit on Citi being the best for corporate banking? If I'm not mistaken, I understand that CB in different banks have different functions, and the banks that have a CB division similar to what Citi CB does are the likes of JP and HSBC. Would you say Citi has a better CB division than does JP or HSBC? Could you elaborate? Thank you!
Since the turn of the century (or at least since they absorbed Salomon) Citi has been the number one bond house in the world. This adds muscle to their corporate banking division and, in my opinion, makes it stronger than that of JP and HSBC.
if this has recently changed then somebody correct me
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