I searched the forum and didn't see any recent info on Corporate Banking.
Anyone work in CIB at a BB? From what I gather comp is below on the bonuses but work/life is significantly better then IB. However, exit opps are significantly lower.
Anyone have any updated opinions / thoughts? specifically at the associate level.
thanks
I just want to clarify that there is a distinction between Commercial vs. Corporate (though some banks treat them similarly, true corporate should be in the Investment Bank). Corporate Banking (under the CIB umbrella) is in a different pay-scale from Commercial Banking.
As an analyst in a true CIB role, you should easily clear 6 figures as a first year analyst. Also, hours can easily be in the 60-70 range.
As to the comment above, Corp/Commercial banking are very different. Primarily in prestige/pay/exit opps, however, the work is very similar. This is due to Commercial being more relationship driven and Corporate requiring more financial analysis (since Commercial primarily deals with small private clients and Corporate often deals with large public clients).
I myself work in Corporate, and have seen numerous quality exits. However, all of them have been credit related. For ex, Mezzanine, LevFin, Financial Sponsors, Direct Lending, FI trading desk, Credit Research at an institutional asset management shop, even a MM PE shop (although this is very rare). Laterals within the bank to IB are also quite common (although your work experience is often discounted when this occurs).
Pay and hours worked are not that far off from IB if you are at an FI that has the CB and IB divisions under the same umbrella. If they are separate, then you are often paid considerably less and work considerably less.
Long story short, try to get in CB at a bank where it is under the same umbrella as IB (Citi for example), and you will be fine. Pay will be good, hours will be decent, and exits will be decent.
Hope that helps!
Where CB and IB are under same umbrella, base salary can be the same with lower bonus in CB, all depends how the bank structures it.
No corporate or commercial banking job is really the same, structures, hours, comp vary widely across banks. In some banks the hours while better than IB are by no means cushy (i.e. 60-70 hours and pay is a modest discount to IB) whereas in other shops could be closer to 50 hours and analysts are making 80-100k between A1-A3.
Good experience comes when your bank is actively leading transactions and structured similar to IBD (A1-3/As1-3)
In a good group corporate banking analysts/associates will develop solid skills in modeling, financial analysis, running a process, and structuring deals.
There are also two sides to corporate banking:supporting coverage bankers in generating business (via pitch books and marketing materials) or credit underwriting. Depending on the bank, corporate banking can either run the relationship and utilize investment bankers as product partners, can serve as a product partner to IB, or be the only coverage arm if the bank does not have a built IBD and just does loan syndications/gets co-manager roles in capital markets transactions.
As far as exits go, the broadest tend to be at the junior banker level. Its not uncommon for high performing analysts to move to roles in investment banking, capital markets, syndications, etc. The exposure they gain to functioning as part of a structured process, analytical skills, and attention to detail are very applicable and transferrable. Once you hit the VP level, exits tend to narrow (same thing at other banks, debt fund, work for a client, corporate finance in related roles)
Pay varies widely as well, I know people with 10 years of work experience making 150k all in, 6 years making 180k, 10 years making 250k, 4 years making 80k, 3 years 120k. All depends on the bank you work at and its structure.