Monkeys who jumped from CB --> IB
I'm interested to hear experiences from those who made the jump from Corporate Banking at a BB (GS/JPM/MS) and then into IB (BB/EB)? If so, which skillsets are transferrable/completely different and what were some surprises you had along the way?
One more question: if you're a Corporate & Investment Banking Analyst, does that guarantee a mixed role or are you just a corporate banker in a full service investment bank?
To start, GS and MS do not have full service corporate banks I believe. The top players in the space are Citi/JPM/BoFA. I made the jump from one of these bank's CIB divisions into M&A and I would say the most transferrable skills came from my experience in LBO/acquisition financings. I worked very closely with the IB coverage/levfin/sponsors teams to pick apart the model that the sponsor gave us (specifically the debt paydown section). You'll also help out with the credit committee memos, which are fairly long decks that contain detailed analysis on the borrower. Overall, the experience in credit has definitely helped a good amount with my time in IB. Being able to understand a company's capital structure kind of differentiates me from the other IB guys. The excel and powerpoint reps also helped a fair bit as well.
Oops, my bad for the mistake about the BB.
Many thanks for the reply. So, the closest to IB shore from CB waters would be most probably LevFin IB? I’m also guessing that from a CB background you’d do well in DCM as well, being fluent in analyzing capital structures?
Apologies if I’m miles off with my assumptions, so far a mere Pearl & Rosenbaum textbook monkey prospect with no real banking experience. (I’m still learning - candidly put!)
Yep - you're exactly right. LevFin and DCM would be a relatively easy move if you wanted to go that route. A lot of my CB colleagues also just went straight into the buyside (specifically private credit), so you have optionality there as well.
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