Citi: Is Loans & LevFin different from classic LevFin?

Based on the most helpful WSO content, there is a distinction between "Loans & LevFin" and "classic LevFin" at Citi or other banks. Here's how they typically differ:

1. Loans & LevFin:

   • This team often focuses on the lending side, including underwriting and syndicating loans.
   • The work may involve preparing internal credit applications, ensuring the bank's ability to commit to deals, and managing the loan syndication process.
   • Analysts in this group might spend more time on credit analysis and deal execution related to loans rather than broader capital markets activities.

2. Classic LevFin:

   • This group is more aligned with the broader leveraged finance function, which includes structuring and executing high-yield bond issuances and leveraged loans.
   • Classic LevFin teams often handle origination, pricing, and syndication strategy, working closely with sponsors and borrowers.
   • The role tends to be more modeling-intensive and involves deeper engagement in structuring deals, especially for private equity-backed transactions.

At Citi, or any other bank, the distinction often comes down to the focus on loans (credit-focused) versus a broader leveraged finance role (capital markets and structuring-focused). If you're aiming for private equity exits or roles requiring strong modeling skills, classic LevFin might provide better preparation. However, Loans & LevFin could be a great fit if you're interested in credit analysis and lending-focused roles.

Sources: LevFin in London, Investment Banking vs. Capital Markets - How different are they?, Lev Fin Outlook & Best Groups 2020, JPM Lev Fin vs. BAML Lev Fin, Joining LevFin and FSG at this point in the cycle