FSG
I can't tell how my non-US bank is structured. I was hired for a summer internship and received a FT offer, but I want to better understand what trajectory I will be on if I accept.
Our group is branded as an FSG group (within FIG so FI's are also our clients) however most of our deals involve acq finance, project finance, bridge loans, ABL, Refi's, sprinkled in with a few DCM bond and LBO deals.
Our group is branded by stating we offer the full suite of investment banking/corporate banking/capital markets, but I just want to see if my role is really corporate banking or if these are the kind of deals most FSG groups conduct.
In my research I can't really wrap my head around the true distinction between DCM/Lev Fin/Corporate banking and I want to understand if my role is misbranded (really corporate banking), or this is standard FSG work. Also, my group is purely relationship and product teams handle all the deal execution, so I am worried about future exits.
The group's branding makes no sense. If it sits in FIG and sponsors are clients, you're more likely looking at sponsor-level deals (e.g. PE firm acquiring a smaller one) rather than portfolio deals (e.g. LBOs).
DCM has nothing to do with sponsors. No LBO is getting an investment-grade rating. Maybe a knowledge overlap with Levfin because both deal with debt, but Levfin is non-investment grade so rarely (if ever) would the two teams have major overlap.
True sponsors groups are working deals with sponsor portcos and portco target companies (bolt-ons). I personally don't know of any bank in which the sponsors team sits under a major coverage/product group.
Check out mergersandinquisitions.com for more specific info on each group.
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