Do back office people know they are back office?
So there's this group called Securities and Fund Services at Citi. From reading the website it sounds like ops to me. Would this be BO/MO?
http://www.Citigroup.com/transactionservices/home/securities_svcs/index.jsp
Furthermore, do the people that work there know that? It seems like they strut around thinking they are bankers.
Securities Services (and Fund Services) is simply another line of business--- like the IB is. In other words, they have FO functions, MO functions, and BO functions-- they focus mostly on Custody, Funds, Escrow, Clearance and Collateral Management, and Treasury Services (cash management and liquidity--moving money around, or holding client money on their balance sheet to make more money). This LOB doesn't typically make the same revenues at the IB LOB does at a BB, but they do make revenue
But no, many of the people in that LOB are in fact front office. Not sure where you're getting the strutting part, but I've seen that with a select few in many different spaces at a BB--it's really a matter of group culture and personal complexes.
thanks for this, would strategy and bus managment in this LOB be considered FO? and what are exit ops?
Depends on the strategy group, and what you consider business management. Core strategy (like TSS Strategy, IB, Strategy, AM Strategy, Corporate Strategy) is considered FO-- mostly consist of ex- McKinsey and Bain folks, as well as former i-bankers. If by business management, you mean finance and planning roles, to be honest, I'm not entirely sure-- those would be in whatever category you'd consider core finance to be in. I'd imagine there'd be some business management roles that would be front office, but perhaps not all...FO becomes very open to interpretation when you're talking about other LOBs besides the IB.
People who work back office think of it as a job and just go home and do other things at the end of the day. Bankers live at work and miss out on everything else in life, therefore pride and obnoxiously shitting on everyone who is non banking is essential to make yourself feel well.
Honestly, no one other than bankers actually give a shit about the BO/MO/FO division.
Gotta agree on that second point to some extent-- sales and trading relies more heavily on BO/MO functions, so they value those a bit more. Although I think the more perspective/exposure a banker has about what's actually going on in the rest of a BB, the less the hierarchy means to them-- I'm inclined to say that most of the people on this site, especially those who are trying to find entry opportunities, for better or for worse, just don't have that perspective.
old thread is old
I was in MO and Ant is absolutely spot-on.
It seems family (e.g. their newborn kids) was most important to the people I worked with this past summer.
^^^Ant, couldn't have said it better myself.
I believe that Global Transaction Services (GTS), which is the headline on the website is basically a back office function at Citi. There might be some front office people there, as some others pointed out, but believe me back office people know that they are back office.
Employees anywhere don't get their information on what is back office from their company's official website. And everyone working at a bank understands the FO/MO/BO. Why would anyone think otherwise?
It is actually front office! They are working with corporate clients and are managing their cash flows. Example: Burger King has to collect its cash from all over the world and pay it into their bank accounts every day (nobody wants to have unused cash laying around) - so GTS would help them by doing that and shift their money to the right account (they must have thousands of them), invests unsused funds in the money market for them and makes sure that the sum x is available exactly the day that it is needed.
From what I heard from Bankers it is a pretty important field of business at the moment as it is a core product for corporate clients and brings in steady recurring fees
Yes, GTS is an important part of a corporate bank. I don't know the nature of their work in detail, but the impression that I got from the people I know there is that it is not front office. Honestly, like many others have mentioned here, to make the distinction for the sake of it is a bit douchey. So let's all just be friendly and if there is someone here that works in GTS please enlighten us.
No matter FO/MO/BO you should just be happy you got a job in this environment
Couldn't agree more Tony.
"Furthermore, do the people that work there know that? It seems like they strut around thinking they are bankers."
Why should bankers strut it? Or anyone? All people deserve to be treated with respect. A title or a job doesn't make you a better/more worthy person. Stop the hating! Sure if you have a very prestigious job and worked hard to get it, congratulations. But be a gentleman.
Tip: It is said that the hallmark of a gentleman is that he treats everyone with courtesy.
Thank you Ash_Nash. Nice to see a mature poster provide input every so often.
I talked to recruiters at my college's career fair before, and both were BB. Asked one of them about the chances of getting into IBD from a non-target vs Ivies, feedback received was " Everyone has an equal chance, no matter what school, country, background you are from". Asked another about the mobility from BO to FO, reply given:" What is BO?" Note that the first one hiring personal banker, the second one hiring operations.
I dunno, even MDs talk about "back office retards fucking things up."
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