Citizens M&A Advisory Thoughts?
Does anyone have any input on Citizens M&A platform? Specifically in their Atlanta and Cleveland offices? How would it compare to a KeyBanc or Fifth Third experience at the associate level, as well as exits on the analyst level. Have offers for all three lateraling from a smaller non balance sheet MM.
Thanks in advance…
I like their future prospects more than the others based on the research I've done. They are placing a lot of important on growing IBD.
What's the pay for the three?
Citizenship a1 base is 110
My information on the firms is a bit outdated, but generally I would rank them as Fifth Third < Citizens < KeyBanc. At the analyst level, none of the banks exit extremely well, but you should have a good shot at LMM PE from Key and Citizens. I have also seen many analysts trade up to larger/better brand IBs from Key and Citizens. In terms of the Cleveland and Atalanta offices, Cleveland is the legacy Western Reserve Partners and Atlanta is the legacy Bowstring Advisors. Citizens has acquired like 5 different boutiques to form M&A Advisory, and as far as I am aware, it has not been a seamless integration yet (I could be wrong here). At the associate level, I would expect it to be a similar experience at all 3 banks, Regional MM IBs are typically pretty similar. Key and Fifth Third give you the benefit of capital market experience if you are joining a coverage group, where Citizens will be only M&A. Not sure what pay looks like at Citizens or Fifth Third for associates, but Key is 175/200/225. Key's strongest groups are Industrials and M&A (Healthcare is their strongest, but Cain is separate from the rest of KBCM), but they are also the heaviest on hours. If you plan on being a career banker, choose the bank that had the best cultural fit for you. If you plan on exiting banking, Key has the best brand for Cleveland, Citizens if you would prefer Atlanta.
This is a good post. Key definitely has the best deal flow (quality) among the three. I'd take Citizens over Fifth Third. Citizens seems more stable and is less balance sheet-oriented. Fifth Third changes its strategic direction every couple of years (see its legacy lev fin practice). While IB may be in favor now, as soon as the market turns, the bank will likely stop investing and start cutting.
Appreciate the detailed response. Would there be a big difference in exits and experience being in a coverage group at Key vs. M&A at Citizens? Probably the most curious about those two items.
I think it depends on the coverage group at Key you would be joining and what your interests are. As I stated above, Industrials is the best coverage group at Key and tends to have the best exits. If you are interested in M&A, then you will get some good reps in Industrials and Real Estate at Key, the other coverage groups have little to no M&A deal flow (excluding Healthcare and Tech, which are separate from the rest of KBCM and do M&A in house rather than with the M&A group. Renewables has been doing more M&A and handles the modeling and CIM while M&A handles the process). So experience wise, you will get a lot of exposure to debt products in a coverage group at Key, while also getting M&A experience depending on the group; Citizens is all M&A obviously. Hours are probably similar if you are joining Key Industrials or Real Estate, lighter if Consumer/Financial Services/Financial Sponsors.In terms of exits, I would imagine a coverage group would have better exits to corp. fin roles in that industry. Another factor is geography. In Cleveland (and the midwest), I would say Key edges out Citizens M&A. If you're interested in Atlanta/the South and that's where your Citizens offer is, then Citizens definitely wins based on geography. If you are looking to move to New York/Chicago/SF/other large cities, it's probably a tie between the 2 and would require a good amount of networking. If you could provide some more info on what your career goals/interests are, it could make the question easier to answer.
Citizens is a hill I will die on. I grew up through that organization and it's served me well throughout my 25 years in banking. I disagree that you won't exit well. I know people who spent a stint in Cleveland and they are making quite a name for themselves in NYC. Not only are you not a number- you are well trained- have decent work life balance. I would take a Citizens offer over a more prestigious place due to the real skills your will obtain without working yourself to death.
Just curious. Were you an MD in banking before taking a VP role in Venture Capital?
Any inclination as to what their best M&A industry sectors are for Cleveland vs. Atlanta? Saw a few are catered regionally towards CLE (industrials, consumer, etc.) while the rest are mostly driven in ATL.
Bump. Curious as well. Any info on citizens' (western reserve) office would be much appreciated!
I know bankers from all 3 I'd take the Citizens offer. They seem have the best WLB and comp is on par if not better than the others you mentioned.
I'd also recommend taking Atlanta over Cleveland for your mental well-being.
Fifth Third = Citizens = KeyBanc imo.
Charlotte > Atlanta > Cleveland (Subjective opinion)
If the Fifth Third offer is in Charlotte, I would probably lean towards that. But permitted you personally like Atlanta then I wouldn't say working for Citizens in that market is any less of an opportunity. KeyBanc is a great bank, but CLE sucks.
Not OP, but any idea about key and citizens in Cleveland? Key is larger deals and name, but M&A and coverage are split, whereas citizens is only M&A.
Any idea? Good question OP
Citizens bought JMP which is an established MM firm, makes it better than the others
Citizens varies a lot office to office given that they are essentially made up of different investment banks. I know Bowstring and DH Capital both part of Citizens do fairly well, probably competes at the Truist / Wells level on some M&A. However, I will personally do Key in Cleveland for comps and better COL. I just don't know how well Citizens pay and pure advisory shops probably need to cut headcount soon. So for job safety, I will probably do Key. Wouldn't even consider Fifth Third. Apparently directors at Fifth Third pays less than senior associate at my shop.
Citizens is not pure advisory
Referring mainly to Bowstring which is the best out of the Citizens franchise. It's pure advisory.
Well now they own JMP who is a full service MM bank and pretty solid
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