I am currently in a TMT coverage group and my job title is Corporate Banking Analyst. My team primarily handles the relationship coverage aspect for the client, and with that, partners with various product partners throughout the bank to facilitate that. Is this different from IB coverage?
I would appreciate clarification on this, as well as what my possible exit opps are from this role. Thank you
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Basically the two coverage teams will be focused on originating different products with the support of specialists. CB typically are also responsible for the on-going risk (credit, ESG, reputational) and profitability of a relationship.
In CB you’re covering day-to-day operational needs, it’s balance sheet lending (RCF, TL, ABL), plus cash management, trade finance, risk management (FX, IRS, Inflation, Commodities). Potentially pensions, car leasing, insurance as well.
In IB, the focus will be more strategic advisory, often engaging with investors on behalf on the client. For example, DCM (IG, HY, SPG, debt advisory), ECM (Corporate Broking, Rights Issues, Private Placements), and M&A advisory.
Depending on the setup of your bank there might be some crossover. For example, some CBs will also be pushing the DCM products because they don’t have IB coverage.
My coverage group regularly connects with IB product partners so what is the point of these two job functions existing?
Too firm specific to say. Depends on the depth of each coverage team.
Sure there can be some duplication, but ultimately there’s value in having IB coverage that’s more specialised and focused. Therefore freeing up CB coverage to focus on their relevant product areas.
They cover two different sets of products. There are also independent investment banks that don’t do any corporate banking and independent commercial banks that don’t do any investment banking. A lot of the time the corporate banking lending relationships will support more revenue to the investment bank because often reward their lenders with IB fees.
IB pays more but has much worse hours and analysts are exit focused. CB is more of a career position.
Are exits similar?
No. Not even close. Corporate bankers are expected to stay and be promoted. It’s much more of a normal career where “exits” aren’t a concept
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