Citi GSP?
Anyone have any insight into group culture/work/hours/exit. Would be super helpful. Seems niche wanna know how it stacks up to others.
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They work very hard and a lot. A couple different verticals you can go down. Think A1 bonus last year lagged IB by $10k (top bucket IB vs top bucket GSP)
Is GSP structured similarly to IBD?
No, it's a product group. You don't have things like "GSP TMT", "HC GSP" or whatever. You're exposed to various different sectors. The different asset classes covered usually are stuff like Auto ABS, Consumer ABS, RMBS, Trade Finance ABS (albeit not as much anymore).
I think the group in America does a bit of aviation ABS, but I don't know much more on the NYC. But I can talk about GSP more broadly:
Type of work is as you'd expect in a capital markets group, you're doing PowerPoints, Excel scrubbing. But also you need to be adept on being able to read legal documents, thinking a bit creatively... It's dealing with ABS, loads of stuff you can do with that. US Solar ABS I think is something the group's looking into.
The people tend to be more technical. Loads of people from Engineering, Math, Physics backgrounds because by nature of the product, you are going to be doing structuring. This is a pretty technical skill (which I sucked at lol). People are generally very into the product (as it's a bit niche), so it tends to be a quite "intellectual" group, does that make sense?
Python is always an advantage for GSP, and advanced Excel skills are a MUST!
It's an investment banking product group, but you don't work capital markets hours because a lot of the work is private warehouse financing. So you'd be in at like 8am-9am, and can go home at like 19.30 or something like that. Live deal (public securitization) can see you in the office past 21.00. Personally I didn't see that many late nights.
Pay is the same as IBD ($110k NYC)
A lot of people who join this group tend to stay in the group as bankers, but if you want to look at exit opps then I suppose private credit funds and stuff? I know someone went to securitized products at Apollo
Hope this helps
Can someone talk on the group's exit opps & hours?
Hours can be tough during Fed announcements due to ties to macro movements. Benchmark priced off interpolated yield curve, so lots of clients look to originate at once before rate hikes, resulting in big movement. Stay on top of macro trends in this line of work! Exit opps in this field include similar buy-side roles and potentially PE/IB, although the latter can be more challenging to break into.
Would it be easy to switch from GSP to a coverage/M&A group? And what are private equity exits like from this group?
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