Exit opps from Truist?
I'm recruiting for Banking and had a first round with Truist. Honestly went to one of their OCR presentations and found it to be a pretty cool bank. I'm not sure about the exits though. I've heard pay is street level but other than that I don't know much. How does it compare to Raymond James, Stephens, Piper Sandler, HSBC etc? I'm not a 100% sure about PE but definitely want to keep it as an option. How does it place into MBA? Also is it realistic for me to do junior summer at Truist and then recruit FT at HL, Jefferies or some EB/BB or lateral within the first few months of full time. Is there a place for a structured products/public finance investment banker to get into PE. What are the exits from those groups
I messed up this recruiting cycle by being a bit lazy. I didn't really network with anyone other than going to OCR presentations. I ended up getting interviews from Raymond James, Rothschild, Truist, Greenhill, and Guggenheim but I fucked up all of those except Truist(which was the last one I gave) because I hadn't started preparing my technicals. I have been grinding that now and gave a great first for Truist and my interviewer said he will push for me. Other than that i have been networking extensively with Wells Fargo so hopefully that should work out. Any tips for cracking the super day for Truist because I really need to land an offer? A lot of my friends at my school have already landed great offers so I need something lol.
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any insight would be appreciated
I work at Truist. It would be completely feasible to recruit elsewhere after doing an internship with Truist (I almost did this). Keep in mind that you will have to pay back your signing bonus if you leave within 1 year.
From what I’ve seen, exit opps to PE are just okay and are more heavily weighted towards southeast and LMM/MM firms but still possible to go elsewhere.
Not sure about structured products exits but generally speaking levfin and select coverage groups are pretty solid
I'll answer what I can:
Pay is slightly below street (100 vs 110), supposedly make it back in bonus but I always discount bonus when comparing pay. Will matter more if you're outside the South, you'll make more than that difference back in cost of living if you're in Atlanta.
More Atlanta and South-focused if you're looking at PE, MM or LMM. Some great firms, but not names that students are likely to know of.
Yes you can do an internship and lateral elsewhere FT. EB/ top BB probably not, but certainly other MM and BB. Lateral first few months of full-time is unlikely, this isn't a COVID market anymore and jobs are sparse.
What takes you to the end will be the same as anywhere else. Mastery of basic technicals, great "why" answers, basic resume checks, good personality. "Why Truist" is as important as any other "why x bank."
Why do you say BB / Top EB not likely? (An1 @ truist looking to lateral)
My apologies, I meant lateral (re-recruit is the more accurate word) out of internship. Just going to be a tough move considering how competitive those spots are and how much an SA's resume is just school, GPA, and bank name.
I think it's a bit different once you have actual full-time experience and deals you can speak to. Plenty of examples on LinkedIn of STRH/Truist analysts lateraling.
Focus on your second round & getting more first rounds before thinking about exits from a place you don’t even have a super day for yet
Definitely doing that but I just wanted to know more about the bank in general because I'm very interested in it
If you really want PE, best path from Truist is to lateral to a (Rothschild, Greenhill, Guggenheim) or similar/better caliber firm and recruit from there. There’s a lot of good aspects to truist IB but PE exits isn’t one of them. If this is what you want, get your M&A reps, get your 1-2 years in, and get out of truist and go to a firm that regularly places analysts into MM or UMM PE firms every year.
Would Truist place into southern PE firms(for example Roark) or places like Ares?
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