Hello guys so I have been interested in Corporate Banking over IBD for a while now and want to know more about it. I have a chance to join IBD from audit this year (ikr unbelievable) but I still feel like I prefer the work at corporate banking from what I have heard. However, there is little to no proper info out there.
For those of you who have been exposed to Corporate Banking please let me know your experiences particularly with J.P. Morgan, Wells Fargo and HSBC in NY and London. No one ever talks about HSBC and their quite huge.
1. What're the teams like
2. Salary and bonus
3. What do VPs and MDs make I have heard 200k all in at the above banks from internet forums but people I have met at those firms say it is untrue and is much higher at that level.
4. Average hours per day (very interested in this) is it ever similar to an IBD sweatshop.
5. Random bits of info you think we should know
*they're
Bump
1. Similar teams to IBD, split up by an industry coverage vertical (e.g., healthcare, industrials) or regional based (e.g., Northeast, West)
2. For a bank that has its CB division within Corporate & Investment Banking umbrella base salary is same at analyst level with a 50% or so haircut on bonuses vs IB. All-in analysts will go roughly $120k/$130k/$155k
3. VP Base depends on bank but likely $175-225k. All-in for a VP is $250-325k. MD base is somewhere between 250-350k. Most MDs likely clear north of $500-600k in normal years, with potential for more.
4. Hours at analyst level are relaxed compared to IB. Expect 50-60 hours to be the norm
5. Overall, CB is a great long-term plan if you value work-life balance, find the debt markets interesting, and still want to be paid well.
Your 5th point is why I want to get into Corporate Banking. It seems like a much better lifestyle than IBD where the sacrifices you make often make the money less worth it
Former CB analyst and was going to say the exact same thing
How easy was the switch from CB to IB for you?
I'd just like to add that if you are an MD at a BBB, you can definitely clear a million, especially if you're close to relationships.
I personally know a MD Corp Banker at JPM that cleared 1.5 million last bonus season.
A lot of money to be made in CB.
Any idea what associate comp is like? base and bonus
Corp banking isn't the solution to wanting out of IB. Culture in most CB groups has become much worse given dealflow and so many reporting tasks added all the time. Not the work life perfection people might think
Second this. Worth noting as well as an Analyst or Associate in CB (bundled into CIB), you’re working with IB on their deals. Lot of interaction with them and occasional asks from their seniors can create a big work load for you. So the increase in pay for CIB instead of an unaffiliated commercial bank, is made because your responsibilities are much greater.
Second this. I was not aware of the amount of internal work/administrative tasks I had to do before going in - could get really boring and mundane at times I often think of why I’m doing this Ops job as a banker
From my experience, credit roles (whether it's corporate banking or private credit) have a lot more administrative work than other areas of finance. Just a lot of reporting / regulatory / records requirements.
Getting killed this week (for Corporate Banking standards). Deal flow is insane right now
What does getting killed in CB standards look like? Is that 80-90 hours or more like ~70? I’ve heard typical hours are 50-60, is that true?
Means Sat + Sun on a deal that isn't that hard but every person wants to opine on and question it because there is 0 strategy
agreed.
I can’t even find corporate banking jobs online. Citi, BAML, and JPM in Chi?
BBB CB seats are challenging to come by unless recruited out of school.
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