Barclays vs Citi NYC
Which would be better for private equity exits, weathering a recession, culture etc? Any and all advice is much appreciated if you have knowledge on these firms and how they compare.
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Culture: heavily group dependent; overall BarCap Exits: heavily group dependent; BarCap has more consistency Recession: Citi since BarCap is Euro, but both should be fine
Second this. Although, Citi has been doing well in recent years
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what groups would you consider top at Citi?
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bump
Citi easily unless you get guaranteed Barc NatRes or power
This is outdated info regurgitated off of wso lol
It's not. I have contacts at both places. Keep telling yourself that Barc is stronger than Citi lmao
lmao if Citi was that much better then why do they try to poach interns at the same time as rbc
You do realize that's a good thing right? Thanks for helping my argument. They are both getting talent and aggressively growing. Moelis, PJT, Gugg have been doing the same strategy for the last few years now and look at them. European banks are just moving away from IB. It doesn't necessarily mean they are failing, but they see more profitable endeavors in PWM rather than transaction advisory. UBS is a prime example. RBC's transaction advisory has grown more in the last 3 years than Barc has in the last 10, literally. Citi and BAML continue to be huge players in the last few years. What is happening now with North American banks, particularly RBC, is what happened in the early 2000s with European banks. The pendulum is swinging back to the other end and you sir are on the bad of end of it. Good luck
Pretty incredible hearing an incoming summer intern speak confidently about the dynamics of investment banking in the early 2000s. Any other bits of wisdom you can share?
Yes, what else would you like to hear. I'm being serious. I am young, fresh, and have all the time in the world to endlessly research such things. You on the other hand? Not so much, back to turning comments son.
Barclays sold its U.S. wealth management business to Stifel a few years ago and they're highly focused on investment banking. Their investment bank has its most key hub in NYC (lehman makes barc IBD more american vs european). Barclays beat Citi for total IB revenue in 2019 within the U.S.(combination of all products). Yes, UBS and CS are trying to focus on PWM. RBC is nowhere near Barclays nor will it ever be. It's pretty obvious you're at Citi, so I'm sorry you got suckered into signing so early at a mid tier BB known for hellish conditions with mediocre exit opps outside of M&A/IND.
Barclays is better if you want PE, Citi is going to be better if you want to pursue a long-term career in IB(stable, american). Culture is generally going to be better at Barclays, but it's group by group. I would go to the firm where you have a relationship in a top group.
Is it because Barclay's does its modeling in house within the industry coverage groups? I know some groups at Citi do their own modeling (industrials, EnP, etc.) so I'd argue that if you're at a top group at Citi PE exits are better than top groups at BarCap. But if you're not at a top group at Citi, then you're better off being at BarCap.
Has nothing to do with modeling, my fund takes tons of kids from Morgan Stanley and they don't inhouse m&a. Just a general comment from what I've seen.
How is CS and Jefferies NYC?
My fund wouldn't hire from Jefferies to be honest.
Which banks make the cut?
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