BofA Enterprise Credit Clarification
Posting in IB forum since corporate/commercial banking don't have their own forums.
I was wondering if anybody had any clarification on what BofA's Enterprise Credit program is? Is it a Commercial Banking role? Is it client facing or only underwriting? Would appreciate any color.
Bump
Bump
Yeah EC has both RM and underwriting roles. When you work in commercial banking, you start by learning the ropes of credit and how to make and manage a loan - that's called underwriting. When you build experience doing that, then you move to relationship management, where you convey those concepts to clients in simple ways to address their problems. As an intern, you'll probably get as much exposure as you ask/push for, including some RM related work if you're lucky.
Commercial banking is an excellent place to learn and start a career.
Sorry I’m a little late but he hit the nail on the head. They make it sound more complicated than it is, EC is commercial/corporate banking. I did the 2022 intern program and start full time next month. I loved it. Money’s good, deals and clients are big enough to be interesting, and you’ll have your nights and weekends off.
May i ask what's the difference between EC and Global Corporate Banking?
Valid question, apologize for late reply. Each bank is organized differently but for BofA
GCIB: M&A, capital markets, corporate relationship management, EC underwrites any product held on balance sheet, has intern program
Enterprise credit: underwrites and monitors all the credit products (loans and lines of credit) for companies and large corporations. Industry groups (CRE, healthcare, energy, retail, etc). Your clients can be in GCIB GCB or BB. Has intern program.
Global commercial banking: mainly relationship management with MM companies, as EC does the underwriting. Does not have intern program.
business banking: small business relationship management. There’s a small business credit team in EC that works with them. Does not have intern program.
wealth management (private bank and Merril): high and ultra high net worth clients, has intern program
trading and research: trading desks and market/equity research, has intern program
treasury: transfers, corporate bank accounts, ACH, has intern program
consumer: checking, savings, credit cards, home loans, does not have intern program.
Other intern programs include strategy and tech (thing full stack, software, app)
Could you please describe the full-time compensation as well as benefits for this role?
Pay for campus hires is as follows:
Sign on bonus: $5k
Salary: $75k / $80k (after stub bonus in February) / $85k... and then promotion cycle
Bonus: Stub bonus $5k-$7k / Full year bonus 2x stub (possibly)
If not hired in the campus program (i.e. lateral hire) base pay of $90k which is seen on job postings. Unfortunately do not have any insight on bonus levels and salary raises.
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