Equity-Linked and Hybrid Barclays

Sounds like the equity-linked convertibles and derivatives group. Sits within ECM at most banks. I’ll be joining one this summer at another BB so I can fill you in.

Highly technical (black-scholes) but very product-specific so exits are very limited. Great for internal mobility if you see that in your future since you’re exposed to both sides of the capital structure (unlike any other CM group).

Hours are usually less than banking but worse than the rest of ECM. Pay (at least at junior level) is same as traditional banking groups. Have heard market start to 10-11pm on most days with ~1 day on weekends.

Heard a few one-offs of analysts going to specific hedge funds but definitely not PE. This isn’t a group you join for exits, at least in my opinion. Still, seems like a great group if you don’t plan on going buy side and want a more manageable lifestyle. Unlike regular ECM groups, converts tends to generate more revenue and have more complete product ownership so pay remains more parallel to banking throughout the senior ranks whereas traditional ECM senior pay wanes vs IB (fees get split too many ways).

Hope that helps