What is Corporate Banking like at JPM/BAML/Citi?
Just wanted to get some updated thoughts and insights into Corporate Banking at the above banks, especially since CB at these 3 banks specifically doesn’t get talked about. I had a few questions:
- I’ve heard these are the top 3 banks, so is the work at these banks interesting?
- What does comp/hours worked look like?
- Is it possible to exit into private credit or would I have to go to IB first?
- How is corporate banking as a long term career?
- If you work in CB at JPM/BAML/Citi, are you happy? Do you see yourself moving?
Appreciate any input!
Bump
Bump
bump
1. It's heavily dependent on the group. With the new CIB model that most of the balance sheet banks operate under, the work delegated and the subsequent responsibilities aren't consistent. Some groups don't model at all, other's hold the pen on the model and serve more of a LevFin function. If your group does model and works in tandem with IB then the work can be interesting to some degree, but outside of modeling/general credit underwriting it's all internal compliance junk and it's extremely boring.
2. Same base salary as IB but a cut on the bonus. Hours often keep up with IB. In my opinion it's not a good deal. What happens in these CIB groups is that you end up working ~70 hour weeks but get a much smaller bonus. You work IB hours without IB pay and exit ops. If you're doing 60 hour weeks consistently, it's best to just do IB because the bank is ripping you off.
3. Possible if your group models. Very hard if you don't.
4. It's a decent place to be if you climb the ranks, but there's simply better options out there with alternatives like private credit.
5. Not really due to a combination of the above. Historically, analysts in my group have rarely made it past two years because they jump ship to IB, PE, CD, PC etc the moment they get and don't look back.
Hey, thanks for the comprehensive response, super helpful.
You mentioned that analysts in your group have historically left for other roles. What do those exits look like, especially IB, PE, and PC? For example for IB, do they exit to reputable shops like other BBs, good MMs, internal transfer, etc or are they small boutiques?
Also, I do want to give CB a shot since I genuinely am interested and haven’t actually worked yet. However, I do also want to make good money (going into banking after all lol), do you have any idea about comp after the analyst years? Tbh corporate banking at one of these banks seems to be a good place to be if maximizing comp but not exactly working IB is the goal.
Thanks so much again for the insights!
Nostrum vel omnis alias beatae explicabo enim suscipit. Numquam sit fuga ullam quam ullam.
Voluptas voluptatibus autem et et sed sit nesciunt. Fugiat odio quis natus repudiandae. Laudantium esse itaque sunt porro quia nihil quaerat. Qui dolor nobis deserunt eveniet atque minima. Magnam alias ullam optio voluptates eligendi asperiores veniam.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...