Culture and Best Groups at Truist?
Know they recently had a pay raise and feel like most of the shit they got on this site was because of comp. What are the best groups at truist and what are the lifestyle and exits for those groups like?
Also interested
Truist is mostly a debt shop that likes to lean on their balance sheet so LevFin is busy. It's mostly right lead stuff rather than left lead but will occasionally get some left lead stuff on financing. For coverage, always thought Tech & Services and Industrials were the better groups. Since I left, there has been a lot of banker turnover during the merger so not really sure how things shake out now. Culture is what you expect for a southern bank. Better than most, but it's still investment banking so some groups have extremely long hours and will be like any other sweatshop. Exits are a mixed bag. Some analysts leave for better experience, a decent amount do corp dev type stuff, a smaller group do LMM PE and a decent amount stay on as associates. I believe they hired a guy from RBC to head up the IB. To be honest, I was never really impressed with the old leadership so some new blood is probably good
What did you see associates exiting to?
Bump
Truist is at the bottom of MM. I understand they have hired a lot people with no banking experience since they were desperate, but let's start using WSO search function.
One insight I can give is, as someone started in LevFin, Truist does ZERO leveraged financing. Yes you saw it right, ZERO. What they do it revolver, which is day and night compared to leveraged loans. So stop saying "oh their LevFin must be strong" anytime you see a bank with balance sheet. The places for actual top-notch LevFin experience are CS, JEF and etc.
Also search why some banks don't put levered risk on their BS.
Uh as someone who was with Truist LevFin, this is super not true. They definitely work on term loans and LBO financing, even if a lot of stuff is just right-lead revolver refinancings
Do you understand the difference of writing an internal memo vs. doing DD to put risk on your BS, intern?
They've had a ton of turnover, but Industrials and Business Services were the best groups under BB&T. I'm not sure if the leads are still there, but those are their two most competitive MM groups. The rest are a notch below typical MMs.
Think SunTrust provided the bulk of the IB
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