Corporate Broking UK Equity Capital Markets - Citi
Wondering if anyone could provide any insight into the Corporate Broking UK Equity Capital Markets division at Citi. I am struggling to come to terms with how it fits in within investment banking. If anyone could provide any insight in terms of day to day work, where it fits in etc that would be great. Thanks in advance :)
You're in at seven AM keeping your clients abreast of market conditions - you are a banker-lite on retainer, so you'll do quite a bit of everything. Say, if you have a mining client, you might be sending them a daily Bloomberg pull of aluminium prices. If the CFO is meeting a major shareholder, you may be asked to benchmark working capital vs. peers. If it gets too tough, you ask a sector banker for help. In the event that your client wants to do something in the capital markets, you are a go between - particularly for ECM, but the brunt of the leg work gets done. By the product bankers. Additionally, you're tasked with maintaining the relationships with the client. There will be lunches.
Exits to buy side aren't great, but the people you're working with are less nerdy and genuinely more friendly than normal bankers. And you're probably not working weekends. You don't model. You do schmooze.
The rest of the bankers sort of look down on you, but sort of are jealous. You have friends and meaningful relationships outside of the office, you're better looking and healthier than the sector bankers. You have good banter and make friends quickly. You are a loss leader for the bank - but you can help the abrasive / socially inept industrials associate present his model in a way that makes your firm humanised. What syndicate is to the asset managers, you are to the FTSE500 companies you cover.
Apologies for digging up an old thread, but maybe someone seeing this will know: what actually is the difference then between corporate brokers and coverage bankers?
Thanks cityknight for the detailed post. So am I correct in saying that corporate broking effectively bridges the transactional and advisory services? It seems this is a largely UK based dept. Do you have any opinion on why this is/ whether it is likely to appear in US and elsewhere. Thanks again
Repellendus soluta dignissimos minima dicta facere aut. Autem enim atque velit quaerat. Eos rerum quam a sit voluptatem. Non in est facere. Est laboriosam et consequatur architecto nesciunt est. Et quia voluptatem libero sed.
Dolorem aut quia nesciunt. Consequuntur fugit consequatur fugiat id quia modi quas. Rerum commodi quas harum reprehenderit.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...