HSBC corporate broking v MUFG IBD (opinions pls)
I am currently choosing between graduate schemes at HSBC and MUFG in London. At HSBC I would be within the corporate broking (IBD) team, with a possibility for a rotation after my programme finishes into another IBD division. The role at MUFG is x3 IBD rotations (with one within coverage banking but yet to be confirmed which departments). Would be great to get some opinions on what the better position would be for a career within IBD, with a long term goal of moving over to buy-side.
Seems like MUFG 100%. Corporate broking seems like Corporate banking kinda, but from what I've read definitely is not as good as just doing straight IBD at MUFG. Cheers
It 100% is not like corporate banking. It's sometimes a subset of ECM. In the UK corporate brokers are coverage type bankers in other parts of the world insofar they "own" the UK corporate relationships and advise them on various IBD (usually equity related) stuff.
Honestly I wouldn't take MUFG - they don't do M&A (big on lending and PF) so you will have to complete the 18 months and then try to re-recruit as an A1 in M&A.
Change your username.
interned at HSBC at a team that worked a lot with corp broking team and was offered opportunity to join this team - they are alright people (there is a great director, who was supreme to work for, the staffer is alright too, as are the seniors - a certain associate was extremely condescending and frankly was a bit racist (not to mention they were pretty shit but seniors liked them so i guess that made them safe), a certain vp is a complete dick and after working with them made me not want to join the team, it was that bad) There were some good VPs / associates but they left to other banks. The work they do is all relationship management eg looking at a company and reviewing what their peers are doing eg how exceptional expenses are reported or what disclosures are made about X etc, listening to earnings calls and working with the UK ER / S&T teams, looking at share holder registers and doing investor targeting, doing the UK market slides for any ecm or m&a deal, No modelling at all and all qualitative work for the most part. Not an execution team - in 2020/21 was the fastest growing area in in HSBC and grew massively with something like 30 broking clients. A good spot to be in to ride the wave but you would have a hard time trying to move into an execution team further down the line as exit opps are normally investor relations and thats about it. If you want an easy role that still pays IBD salary, this is the one - this is a very good team in terms of being good at what it does as well. Be warned, culture is a big deal in this team too.
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