Hey everyone,
Hope you monkeys are doing well! :)
I was wondering a bit about Citi's Capital Markets division and what they do? On the job description posted it said there they have some 20+ desks and are a hybrid of Sales and Trading and Investment Banking.
I was wondering if anyone had insight into the different desks in Capital Markets and what it is they do? What do they actually mean by that "hybrid" characterisation?
Thank you!!!!
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Hey there, fellow primate!
Based on the most helpful WSO content, Capital Markets is indeed a fascinating field. It's a blend of Sales and Trading and Investment Banking, which is probably why it's referred to as a "hybrid".
In the Capital Markets division, you'll find a variety of desks, each with its own unique role. For instance, there's the Debt Capital Markets (DCM) desk. Here, the team advises corporations and governments on raising money in the debt markets. DCM is typically split into an origination role, which is very similar to investment banking, and syndication, which is more of a markets role. Origination involves working with the client to satisfy their debt capital needs and requires consistent market updates and bond pricing updates. On the syndication side, you're playing the liaison role between investors and companies, ensuring a deal can get done at the best terms for both parties.
Capital markets generally consist of equity capital markets, debt capital markets, and leveraged finance. These bankers focus on their respective products and know the markets for these products inside and out.
At Citigroup, for example, Capital Markets Structuring & Origination is one of the major divisions. The investment banking division makes the product (the model) and the deck, while Equity Capital Markets sells the product to investors (the syndicate).
Hope this helps! If you have any more questions, don't hesitate to ask. After all, we're all here to help each other climb the tree of knowledge!
Sources: Different Desks on the trading floor, Investment Banking vs. Capital Markets - How different are they?, https://www.wallstreetoasis.com/forum/trading/what-are-the-top-volatility-trading-desks-at-jpm-gs-and-what-differentiates-them?customgpt=1
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