Differences between corporate banking divisions?
Hi everyone, I know there have been plenty of topics about what makes corporate banking different from IBD, and it seems like this is the career for me. I am going to be a junior at a semi-target (that mostly gets recruited for IBD) and just want to know what the differences are in hours and pay between the corporate banks.
I have a friend who is working this summer for WF CB doing 9-7 M-F with no weekends, and he says full time pay is comparable to WF IBD, with fewer bonuses. Is this similar for other places like Citi, BAML, TD, SunTrust, HSBC, and RBC? Are certain corporate banks like JPM better in terms of exit opps (credit, mezz funds) but worse with hours?
Thanks a lot!
WF CB is 65k base with a $5k signing bonus and ~5-10k bonus first year. It is way less than WF IBD. The hours may be a little steep for an intern though. I know a few interns in WF CB, and I think they force them to leave at 4 or 5.
Sounds like it's pretty varied across banks - a friend of mine interned at Citi CB and worked till 10-11 pm on weekdays and had some weekend work also.
I think Wells is on the low-end. I have heard similar things from BoA and JPM. I think these banks pay quite a bit more though. I guess it is a lifestyle trade-off.
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