Corporate Banking
Hi everyone, I'm currently going to be doing my junior year internship in a corporate and commercial banking rotational program where l'Il get to work on and gain experience in a lot of different sectors of banking under the corporate umbrella. Im wondering how different this role would be from a corporate banking role that combines corporate and investment banking and in terms of comp and experience would it be worth it for me to lateral from corporate and commercial into another bank that does corporate banking under corporate and investment banking?
Corporate banking at smaller regional banks (usually falls under commercial banking) involves working on smaller deals. As a result, the diligence and analysis you do isn’t that rigorous or deep because the bank will be invited into the syndication to be a participant. They’re usually on “easier” deals that the BBs lead and they don’t serve as agent or left lead at all because they can’t offer the advisory that a CIB bank can and have less capital to allocate and aren’t willing to take risk.
However, they have superb WLB and it’s a solid gig, subject to a slight discount in pay from a CIB bank. You can definitely lateral into CIB later on, will just take networking and some luck.
I see, that makes sense. And how do firms like PNC and Capital One compare to bigger ones like JP, BoFA, Citi, etc. Are they relatively similar in experience and pay or is there a big difference? And how would you go about lateraling into a bigger bank if I am interning at one of the first banks.
PNC is a step below JPM/WF/Citi/BOA but they're still solid as they have LevFin and DCM desks. Capital One just has mostly commercial banking lending. I've seen kids quit and lateral to one of the banks above as soon as their rotational training program ends lol, they have retention problems because of that.
Both pay less but it's not a significant discount. As far as lateraling into CIB I would start networking and watch the job postings for when the banks post full time analyst slots for the next year.
I have a friend at C1
Its largely group dependent. Some of the busier groups work next to ib so you will be working longer hours naturally. They’re largely in the middle market space and actually do some lead left deals every now and then. Its a good role, pay is surprisingly not that far off from BB (~20% discount)
They acquired triple tree and have been trying to build out their internal IBD group as well
Would add HSBC to your list. HSBC’s corporate banking coverage teams sit within the Global Banking division (CIB). Relatively strong franchise in the US (CB, DCM, LevFin). M&A is abysmal, though. #22 on league tables
Have heard anecdotally that HSBC CIB is moving to retreat from the US market. Any truth to that?
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