How does regional coverage work?
I signed for an internship at a BB (i'm from continental Europe) in London, and will be placed in a regional coverage team that focusses on transactions outside of London. My questions are:
Why is this team located in London instead of the region? Though I prefer London, I do not understand the reasoning behind it, isn't client contact more difficult? And does this mean you get to fly over more often in senior positions?
What do regional teams typically do? Is this M&A/CM/IPO's/etc
W/L balance in coverage teams?
1) senior preference and if the firm does not have a presence in the region, also if you have to meet people in the coverage team it's easier if you are in London but I agree that it makes little sense in general
2) M&A/ECM/DCM/LevFin unless you are directly placed into a team that only does one i.e. DCM CEEMA.
3) varies depending on the team - but in line with what you'd expect in IB.
Cheers, thank you! How are teams like these perceived in terms of exit ops/skills that you learn/"prestige" compared to other teams? Also, how difficult is it to make an internal move from this team to an industry coverage team?
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