Citizens Bank??
Does anyone have any insights on Citizens Bank? Is this a good place to work, or would you suggest continuing to look for other opportunities at other banks?
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Have a friend from college there. Similar to fifth Third, BB&T and regions. They do middle market lev fin and acquired a few M&A shops in the last 5 years or so but don’t really have a well known rep yet since they’re relatively new in terms of investment banking. Citizens is also Royal Bank of Scotland’s American arm that spun out about 10 years ago
Based on what your friend has told you/what you know, do you think accepting an offer there would be a dead-end? It seems like it offers some good experience that would help in lateralling sometime down the line?
Depends on what you want to do after banking. PE prospects are similar to the aforementioned places but culture and comp are really strong
Damn they already handed out offers today after the superday?
RIP I haven't heard back so assuming I got dinged as well
Is this for another group or DCM? I had DCM yesterday
I look at Citizens at more of a commercial bank. Good experience for levfin but not a traditional investment bank as you might think about. As another poster said they have been acquiring some MM M&A shops which makes sense (i.e. they lend to a lot of LMM companies so might as well try to leverage those relationships with MM M&A professionals). Only shop I'm familiar with that they acquired is Bowstring Advisors which has a good rep in my opinion (lots of ex RH/STRH senior bankers there). But if were talking just Citizens then it's a fine commercial bank. Occasionally see them getting small co-mgr bond tips I feel like but really no capital markets desk to speak of. An ok place to get some levfin experience but wouldn't confuse it with other investment banks. Regions is a good comp and BB&T pre-SunTrust merger. All those places are mainly lenders that just focused on lending and deposits
I have no intentions of going into PE, would that change anything? I'm more interested in transferring to a DCM group at a BB some point in the future, would this make Citizens a good starting point?
I would say avoid at all costs, I have a friend who worked there and although he enjoyed his time, exit opps and lateral opportunities were extremely difficult to come by. You're better off taking a 10 person shop as you would get more valuable experience. As mentioned above, most people see it as a commercial bank with very little value.
To follow up on this, they just acquired a small, no name software boutique that does LMM deals. They're doubling down on playing on the lower end of the MM.
I’ve met a lot of the Atlanta team and you won’t find a better culture in investment banking. They also pick and choose most of their deals, so less pitching.
Does anyone know what their compensation looks like?
Have you heard anything back?
Citizens Capital Markets is a rapidly growing team, recently acquiring DH Capital and JMP Group. The Capital Markets Group is the investment banking arm of Citizens and is made up of three sub groups: Debt Capital Markets, M&A, and Corporate Finance. The Capital Markets team is PRIMARILY spread out between Charlotte, Boston, and NY. Comp is a little bit below street, but still very competitive with other MM banks.
The DCM team is the most active team in terms of deal flow and is more of a LevFin team than DCM. The team isn't trading or executing bonds, but instead, executing private and public debt issuances with sponsors and directly with borrowers.
M&A team execute and advise the M&A process. Industry groups include Gaming & Leisure, Healthcare, Consumer, Tech & Communication, Transportation & Logistics, and more. The gaming & leisure team is a very good team at Citizens from what I hear.
Corp Fin team are the sell side bankers that originate a lot of the deals for the M&A and DCM team. This team is a little confusing on what they do but ik they're pretty heavily involved in the deal process.
Overall, the Citizens Capital Markets group has a great run way for growth and a very good work culture that cares about its employees.
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