Citi LevFin - How is the group doing?
How is Citi's LevFin group? How does it rank compared to some of their other groups?
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No firsthand knowledge, but I've seen people on hear saying that Citi LevFin is strictly execution (ie Capital Markets), so not as modeling-intensive as a typical LevFin group. Perhaps someone can confirm.
Ah interesting. Any idea which groups have the highest deal flow?
I'm sure you'd be busy in LevFin as Citi was 4th in the high yield league tables for 2011, you just probably won't be running LBO models there if it is indeed strictly a capital markets group.
Everyone seems to speak highly of Citi M&A. Oil & Gas is reasonably well-regarded, though I don't know how busy they've been, most of that group is in Houston but they have a few people in NY.
Citi's Healthcare group is also pretty solid (was on the ESRX-MHS merger last year)
Citi brought on Tom Cole as co-head of Lev Fin a year and a half ago. Pretty senior rainmaker who actually brings in clients while being in a product group. I think his expertise mixed coupled with Citi's balance sheet will be a good mix.
Citi Leveraged Finance 2012: prestige, deal flow, exit opportunities for FT? (Originally Posted: 03/01/2012)
How are they doing in 2012? Would appreciate commentary/thoughts from other people in the industry on this group in terms of prestige, deal flow, exit opportunities for FT, etc.
Thanks!
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Stay away...
Would appreciate some elaboration... how does it stack up as an opportunity for a Summer Analyst? FT?
Citi Leveraged Finance (Originally Posted: 12/09/2012)
Any insight into Citi's Lev Fin division and how the recruiting process is structured? Is it possible to apply to both Citi DCM and IBD (if so, would it lessen my chances for either)? Also how does it compare to other lev fin groups on the street?
Huge balance sheet so pretty strong cap markets groups (and LevFin). Not sure how it works at city, but at many others Levfin is part of IBD while at some it is part of capital markets groups. You'll just have to check. If they are separate then recruiting is probably done separately as well- doesn't hurt to apply to both.
LevFin is in capital markets at Citi. They see a ton of transactions but don't do any modeling to my knowledge. I think the exit ops are fairly strong, but it's a sweatshop.
Citigroup Lev Fin - How is the group regarded across the street? (Originally Posted: 12/13/2006)
How is the Leveraged Finance group at Citi regarded across the street? Anyone know? Thanks!
They should be good since they have big BS, but they're not highly regarded. Try JPM DB or CS. Much more respected
You've gotta be kidding, right? Have you seen their numbers this year? DB and CS aren't in the same universe. By far, JPM, Citi and BofA are the dominant lev fin firms. DB and CS...that's a good one.
I'm pretty sure that Citi's lev fin doesn't do any of the modeling. So no, it's not a good place to be.
The big B/S banks dominate in sheer volume. But alot of what they do is leveraged corporate lending (and I use the term "leveraged" loosely since alot of these facilities pose very little extra risk to the financial health of the company). Don't get me wrong, these banks have great lev fin groups and still get their hands on some high yield, LBO's, 2nd and 3rd liens, etc. But I can see why someone would say that despite lower volume firms like DB and CS are "more respected" because for example 75% of DB's lev fin activity is sponsor-backed. And at the end of the day, you'd rather be working on a 3bn LBO with sub, 2nd lien, etc. than a 3bn 3.5x secured revolver/TL A for some F500 company.
You're partially right. Even though Citi, JPM, BAS don't have the % of Sponsor deals or weak double-B credits as a CS or GS, doesn't mean they do any less of those deals (they probably do more). It's just that corporate deals are their bread and butter, and they're going to get every nickel and dime they can get in the market. Look at all the blockbuster deals this year, and all of them have JPM, BAS, or Citi on them.
If you had a choice to join a group in Citi's Capital Markets program which would you pick. For the best learning experience and exit ops:
Equity Capital Markets:
Equity Syndicate Equity Origination Initial Public Offerings (IPOs) Follow-on Offerings Equity-Linked Securities (Convertibles) Corporate Equity Derivatives Corporate Restructurings (Carve-outs and Spin-offs) Fixed Income Capital Markets
Asset Backed Finance Asset Based Finance Asset Finance Group Commercial Mortgage Finance Credit Derivatives Derivatives Solutions Export & Agency Finance Financial Institutions Capital Markets Global Loans Capital Markets Global New Products Global Portfolio Optimization Global Securitized Markets Global Structured Credit Products Global Structured Solutions Industrial Capital Markets Infrastructure & Energy Finance Latin America Capital Markets Leveraged Finance Liability Management Money Markets Origination Mortgage Finance Student Loan Finance
Citigroup's Lev Fin is under Fixed Income Capital Markets. How is their FSG? Do they do their modeling?
FSG at Citi is called Financial Entreprenuers (FEG). It's one of the best groups to be in in the IBD, and from what I've heard they do alot of the heavy lifting modeling-wise.
Hmm..from what I've been told, capital markets doesn't have really broad exit opps. But, the upside is that the hours are better than IB (I've heard you get out around 8pm unless you're in lev fin), so staying on to associate is not a bad idea.
I think Corporate Restructurings (Carve-outs and Spin-offs) might be a good choice, assuming it's similar to the restructuring work that I'm thinking of (a la Blackstone etc). I hear restructuring has great exit opps into distessed debt hedge funds.
Infrastructure & Energy Finance is supposed to be really interesting, although I'm not sure about the exit opps. IPOs might be a good choice. I would probably stay away from the securitized products side of fixed income capital markets (asset backed finance, etc.) since I believe that area is pretty narrow.
IPO work should have the worst hours after lev fin.
On the Infra & Energy note above, there are exit opps in that industry, especially now that those two industries are booming. Some of the biggest up & coming funds out their are infra funds, and I know of an associate going from Citi's IEF group to a large infra PE fund.
Also, as for general exit ops from the product side, the switch to the buyside is not as obvious as it is from an industry group, but there are definitely ops. Since you're a specialist you'll be more likely to get a job in some kind of specialized buyside operation, be it structured finance or a quant fund or a distressed debt fund, and less likely to get into a fund who's bread and butter is pure equity valuation or business operations/management. In general, I think you get more business/strategy exposure in IBD, and more finance/quantitative exposure in cap mkts. Depends on your preference.
Citi LevFin - Considering lateraling (Originally Posted: 11/12/2010)
Hey guys, considering lateraling (NYC) Any colour on Citi LevFin's culture and hours? Also wondering about exit opps -- its obviously not top of the street, but how difficult is it to jump to the buyside? More interested in credit funds than PE, but that may change... Thanks
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