I worked in NYC this summer and have been recently in touch with people from Citi IB NY M&A. I was wondering if anyone can provide more color on this group's rep, exit ops, work culture / hours, and business school placement. I heard it's a strong group, but don't really know much more. Thanks in advance.
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It's good. If you are at Citi, you want to be in M&A, M&T, Industrials, or financial sponsors. If you are in M&A, you will mostly be working with M&T and Industrials. It's mostly a toss-up on which group does the execution as the industry groups usually originate the deals, so M&A's exposure is dependent on the coverage's capacity / competence.
PE placement opportunities between those groups do not very wildly. It's more up to the individual at that point. From what I've heard, mid BB (such as Citi) has not placed into MF territory for a while, but there are good opportunities in MM PE. You will have deals to speak about if you are in any of those groups.
Power, real estate, and energy (Houston) is also strong, but less traditional. Power / real estate do not get as much attention as they are less traditional and a lot smaller, deal throughput is lower.
To give you an idea, industrials, M&T, and energy have probably originated ~80% of the M&A deals YTD, so group placement is very important at Citi. Tech, consumer product, retail, healthcare, and fig have not done much.
I know a Citi energy guy who went to Carlyle, so "not placed into MF territory for a while" is objectively wrong.
RE, energy, and power are different games
Terrible hours, apparently it's the worst out of all bb's, too many deals not enough analysts
M&A - Citigroup - any good w/o the balance sheet? (Originally Posted: 11/06/2007)
Citigroup - M&A - is it all staple financing?
This is just flat out wrong. Currently, they are able to staff a junior and senior analyst on each deal for mentorship. Additionally, they would just pass off more to coverage groups. Your comment does not make sense.
last I heard Citi was still a single company, meaning that they still have access to their balance sheet. What the h*ll are you talking about. FYI, Citi M&A is great.
I wasn't talking about a possible Citi breakup. jw if Citi would still be considered a good M&A advisor without the balance sheet..that's all.
even the M&A team doesn't feed into PE MF? i feel like they would be pretty strong / decent
Nope. If you are in a group that has decent deal flow at a bank, you will have the same opportunities as the other groups with decent deal flow at the bank. There is zero reason why this would not be true if you think critically.
You may have some groups that appear to place better at first glance, but it is important to also realize the extent that self-selection is factored in.
Only exception is niche groups like real estate / power / energy.
I think the alumni of the group has some impact too. Do you know which industrials verticals are the top ones? Also how does their RE group compare? I've heard it described as top 3 along with JPM and BAML
Citi M&A is obviously not at the level of groups like MS M&A but it is still a strong group in a mid-tier BB, and it goes without saying that you will get looks from most places you want as long as you have the right fit (group performance, gpa, school, etc.). For one, I've seen multiple killer placements to MF from Citi so I'm not entirely sure where the post above is coming from.
Post links? From what group? If you have seen that, it likely to credit at the MF, not PE.
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