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
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.