CITI Sales and Trading

Hi, I have a full time offer at Citi for sales and trading and wanted to know if anyone was familiar with the program. I know that it is a rotation and wanted to know if anyone know how it stacked up against others in terms of prestige and compensation. I really like the people I met but am deciding whether or not to make the switch from banking. I did an IBD internship this summer and have 3 offers from BB firms for IBD. I think I would definitely be happier in S&T but wanted to find out more about Citi S&T. Any advice would be greatly appreciated.

 
Best Response
<span class="keyword_link"><a href="//www.wallstreetoasis.com/company/citigroup">Citi</a></span> is a great bank. That said, in S&amp;T they tend to have more of a focus on flow <span class="keyword_link"><a href="//www.wallstreetoasis.com/finance-dictionary/trading-overview">trading</a></span>. From what I've heard from the people I know at <span class="keyword_link"><a href="//www.wallstreetoasis.com/company/citigroup">Citi</a></span>, their bonuses on the S&amp;T side for new grads (analysts and associates, stub bonus and/or first full-year bonus) tend to be lower than the rest of the street.

The summers rotate across equities and fixed income, sales and trading for your summer. Then even if you did your summer there, all full-timers rotate again, and can do so for up to 5 months. I'm not going to lie to you--rotating sucks, and Citi rotates more than any other bank on the street. So that's one drawback.

 

I had no idea Citi had a PE business, whenever I Google Citi Private Equity, I find PE solutions Citi pitches to their private bank clients - that sounds like WM - that's not what you're talking about right, because, in terms of exit ops, WM seems, even though its subjective as hell, like a huge step down from S&T.

 

A lot of BS in some of the posts above; such as Citi having bigger balance sheet. It is not necessarily true - speak with their funding guys and how they feel about HSBC's balance sheet size. At times you have a bigger balance sheet but so many restrictions you can't do much, check with repo desks.

There's a lot going on with capital charge that will force banks (or is already) to rethink on the way they risk capital and participate in trades. If you really want to do S&T a good idea will be to accept Citi is a good brand and will allow you to explore S&T well. From there you build your skill set and move on to what you really want to do.

In terms of rotation it is not necessarily bad. You will get to know people and understand products better.

Citi has quite a few desks that are well regarded. They've done well in FX, credit (esp. HY) and rates. Haven't heard great things about commodities or structured credit there. I'm not talking about this or last years rankings but focusing more on past few years as it's more logical that way.

Just like any bank there will be some desks where you life will be shitty in the beginning with too much pressure. So don't make your decision based on one-off negative statements.

 

any update on this? i have S&T final round in NYC and have received mostly fit/general market questions for 1st and 2nd rounds. I have no idea what to expect for the superday. Would appreciate any feedback.

 
NYguy07:
Citi S&T gave out offers on the spot. If you haven't heard than you have been wait listed

I was there on the 2/23 superday, got the offer on the spot which is how they have been doing it lately... good luck though, let me know if you get it as well!

 

Yeah I got a call today informing me that I was still "under consideration" for now, but a final decision would be reached by next Friday. Guess I can't really expect much at this point...

 
NY718:
has anyone heard from the London office?

I was there on the 23rd. haven't herd. They haven't told anyone. Hr told me that the person who approves offers like quit or something and they had to get everything approved via someon else which is slow....who knows??

 

Hey man, first off congrats! Don't question how you got it, but be thrilled because that is pretty awesome. I have nothing to offer in terms of advice, but I checked through the company database, and there are a pretty good number of entries on SA S&T interviews, so I would really suggest checking those out (as well as FT interviews).

 

Yes, thats correct they paid for me to take a train there. There were 8 total interviewees and each of us had 5-6 interviews total from what I heard from talking to the others that were about 20-30 minutes.

 

I had the October 17th. Haven't heard back.. they had said we would know by the end of this week.

"Many are stubborn in pursuit of the path they have chosen, few in pursuit of the goal" - Nietzsche
 

I went through the process a couple years ago. Things might have changed (but I doubt it). Usually after the super days, everyone goes to a boardroom and comment/rank everyone. I went through 7 SA super days. 5 FT super days. If they absolutely loved you, expect a call that day (of super day) or next day. If they say expect to hear back by (insert day) you will likely recieve a rejection by that day or the next day. If they haven't reached out to you, it means they might be working out numbers, waiting to hear back from offers they have extended, etc.

 

More focused on technicals. The level of questions will be more dependent on your experience. Did you work in IB, ER, AM or S&T this summer?

Robert Clayton Dean: What is happening? Brill: I blew up the building. Robert Clayton Dean: Why? Brill: Because you made a phone call.
 

sorry for the late reply. yeah, i have an offer for the trading track of their s&t program. i won't know which desk i'll be placed on until i start.

my deadline hasn't passed yet but it's coming up pretty soon. i'm also considering positions at prop shops like trillium, sig, etc., as well as Asset Management roles at other bulge bracket banks. what's your take among these options? thanks!

 

@ gordongekko111: i'm not a math major but i did take quite a few math and statistics classes. the best advice (if i am in any position to give advice) to getting a trading internship/full-time job is to know the markets really well. pick a company/market/sector/commodity/rate/etc. and follow it closely on a daily basis. i feel knowing the markets well and actually enjoying following the markets is just as important if not more important in landing a job/internship in trading. just my opinion though

@ jgl12345usa: what other offers were you considering and were you there on the superday on friday, october 10th?

 

Can any of you guys give anymore details about Citi's energy trading desk in Houston? Curious to know what you guys mean by "building a huge energy desk". Do they currently have an energy trading desk there? How much larger are they making it? In light of the current government bailout, is Citi going to continue their energy trading plans?

 

It makes no sense to talk about core strength in the context of S&T for Citi as their Asia S&T program is a one-year rotational program.

How does it help knowing they're top 5 in FX/rates globally if you can't be sure you'll end up on those desks at the end of your rotation?

If you have a specific question on the process, let me know the location (HK/SG) and interviewers and I will fill you in on insights from my interview experience.

 

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