Hey all,
I was wondering if anyone had any insight as to how the culture at Citi London is? Particularly on their capital markets desks.
Was also wondering what desks in Capital Markets would be the best in terms of exposure, work, and return offers?
Thank you! :)
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Hey! Interned with the desk in recent years and here are my two cents on it:
1. DCM: 50+ folks. Great MD&D interaction. 8/10 culture. SA work is pretty dull ngl but it obviously depends on how proactive you are when it comes to asking for work.
2. ECM: 50+ folks. LOT of juniors. Laid back culture with a lot of team events 8.5/10. Work is interesting as equities is intuitive to understand and you get to work on a lot of decks but hardly anything to do with modelling.
3. Loans: 20-30 folks. Underrated culture 9/10. Really nice people. Very international team. Work is pretty engaging and it is not affected a lot by the current environment. So maybe you will work on a few TLA deals.
4. LevFin: 20-30 folks. Team has expanded recently at the analyst and associate level. Culture is much better now 7.5/10. Work is pretty technical and intense when markets are good. Really intense end of internship project.
5. Broking: Do not know much since that team sits with the UK IB team I believe. The only thing I know is that it is not a very international team.
Overall, when it comes to return offers, the rate will stay pretty much the same across teams. More than 90% got offers in 2020 and 21 and from what I have heard that number came crashing down to ~60% in 2022 (probably because they overhired in the boom of 2021). I think they will trim down their SA intake this year and maybe the return offer rate will stay the same or increase a bit. Hope this helps.
Wow, thank you so much!! That's really detailed, I appreciate it a lot. Just curious, how many people were in your SA class? I was speaking to interns last year and they had like 26 or something and had some 40% return rate I read.
If I'm not mistaken, it was 12 offers out of 25 last summer, so relatively low offer rate. That being said, expect a smaller cohort this year across CMO, so it'll be in your hands, provided you put yourself in the position to be offered a full time role.
No worries! Intern class was around 20 folks. Most of us got the offer.
What's your class size this year?
Thanks! I'm not sure yet, but I'll find out today I think!
Looks like around 12 or 13 interns... That's pretty low for a division with like 140+ people right haha, esp. compared to last year, year before, and your year..
+ only 30 interns in the IBD team compared to 60 (or so) last year. Good thing they've adjusted the class size rather than have a constant class but then have to decrease return offer rates (cough, JPM)
I would actually take it in a positive way. If they have trimmed down the intern class to around the number of FTs last year, I’m pretty sure the retention rate is not going to be bad like last year.
Just make sure you grind it out at networking when the team allocation happens. Reach out to folks who give presentations for each team. Double down on the top 2 preferences by reaching out to as many folks as possible including analysts, associates, and the staffer(s). Try to reach out to last year’s summer analyst to gain an extra perspective (optional).
I’m sure it will be a great experience for you regardless of the team you join :) All the best
what kind of work do you as an intern in the DCM team? How does the final project work? Thanks
Interested as well!
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