Key Banc Investment Banking & Equity Research

PM me. i worked there last year.

PM me also if you need more info

USB and PNC don't have I-banks; where would the overlap be? There is always talk of consolidation amongst banks, the JPM/CITI>STI was the big rumor last year.

Harris Williams is a competitor so there is that aspect but besides that not too much overlap

I guess there is some overlap in the BlackRock/Victory space also.. It is de minimis though, KBCM has probably 10-20x more employees than Harris Williams.

Yeah, just curious... who told you someone was going to buy out Key?

They are the country's 19th largest bank and are improving their financial condition... It would be a huge buyout and chances are there'd be lots of rumors around it.

Victory Capital arm or M&A? Interviewed there. PM w/ questions.

There are lots of rumors, there were multiple articles about how TD bank was going to make an offer between 10-11 dollars per share. Google it. At least one analyst was quoted as saying that "a deal is not far-fetched by any means" and listed other interested parties like PNC and US bank. This buy out would be for all of key, not just kbcm (so overlap or no overlap is besides the point). The heart of the deal would be the huge Midwestern footprint gained from the deal from a retail banking perspective.

EDIT:

Link: http://www.forexyard.com/en/news/KeyCorp-shares-rise-on-report-of-deal-…

Still probably a longshot but always worth a concern. Someone dropped some serious money on $10 calls lately in the not so distant future so there are plays out there anticipating a move. I think mooney will not want to sell off though once she officially gets the reigns, plus shareholders won't go for a $10-$11 offer since they feel it is undervalued (which it probably is).

I interned at KBCM after my junior year in college. So obviously my opinion is a bit dated, but it was a great experience. They're a solid MM firm, and as I think I've said in another thread, full of a lot of very bright people who just don't want to do the NYC lifestyle. Some of the best MM PE professionals I've ever met have backgrounds at Key.

Hours are pretty typical for the middle market - 90 hour weeks were not uncommon at all, but people did occasionally escape for a dinner date or Saturday on the lake. Exit ops are also pretty typical for MM IB - your most likely outcome is MM PE with a little bit of networking.

Good MM bank, tend to pay slightly below market for base(~$60k 1st year analyst base), hear bonuses are significantly less than other BB banks. Hours are on the good side, depending on the group. Their M&A group in Cleveland works some very long hours. Industry groups are good, Industrial is very strong, and rebuilding their Energy group.

You get a cool little gold key to wear. Nuff said.

I interned there in different capacities for about a year and half - people are nice and generally pretty laid back, non-egotistic, etc. They've got smaller offices in Chicago, NYC, and SF, but most analysts (rotational or direct placement) are usually in Cleveland, which is the catch. Flat out, Cleveland sucks. Honestly, if you've got other offers I'd seriously consider those, but M&A, Energy, and Industrial are very solid as has been stated already. Should mention though that M&A is quite small now and several senior M&A bankers jumped ship last year...not sure exactly why.

Heard from a former intern and current analyst that salaries have been bumped up to $70k in the past year. Bonuses will not match BB for sure. In the $15-$25k range I believe but don't quote me. You'll save a shit ton of money living in Cleveland though so it evens out. PM me if you want more info about interviews, lifestyle, whatevs.

Fluff,

Not sure if you are still looking for info on Key ER, but I'd be happy to help out with what I know.

Prestige-Considering it is ER, prestige completely depends on your analyst. The best analysts, obviously, have the best relationships with other funds and clients, which is where most of your exit options will be, especially if you are moving in as an associate. The industrial teams, especially those covering packaging and auto, typically receive high marks from clients.

Work-Going off of prestige a bit, it's a little more important to look at the work you're doing. At Key, the teams are typically one analyst and one associate, which means everyone is working on everything. You'll get good modeling experience while still having the opportunity to have a lot of client interaction, especially during earnings season. More importantly, you'll get a lot of one on one team with your analyst, which is the best way to really figure out with sell-side ER is what you're looking for.

Comp-It will obviously vary on your qualifications. A lot of the associates have their MBA's and CFA's.

Culture-Excellent. Truly a tremendous group of people to work with. People are always willing to help each other out, and there are no superficial hierarchies to face. Most of the guys hang out together outside of the office, and there is an appropriate amount of jabbing and jarring going on. On the hand, everyone understands that the small size of teams can sometimes mean a lot of work in a little time, so people have a really good understanding of when to bother you and when to let you grind your work out.

This is probably a little more broad than you were looking for, but I hope it helps

I think for first years - it's 30k on top of the 60k base. This is for Cleveland I believe. I think it will move up much closer to the street level as a 2nd year, but will still always be below street.

Sounds bad relative to a BB bonus, but having lived in Cleveland, honestly, you can live like a king in Cleveland on just 60k, so that extra bonus is really just for saving or blowing away. Granted, it's Cleveland so take that into consideration.