PNC Capital Markets

Hi fellow monkeys, I am interested in finding out more information on PNC Capital Markets. Any insight on culture, groups, hours, comp, exit opps, etc.? There seems to be a lack of / stale information for one of the largest balance sheet banks in the US.

-Thanks

14 Comments
 

what do you want to know specifically? They are in the process of finalizing a huge acquisition of BBVA USA, to become one of the largest US banks under the BB. They lead more middle market type deals as left lead, as right-lead will get involved in much bigger deals for fees, but also do direct lending deals, partnering w/ the likes of HPS, TCW, etc. in a bifurcated unitranche (much like Capital One + HPS do), or holding the ABL Revolver / Revolver. Happy to dive in more. Experience + exit ops the same as lev fin / lev fin capital markets in other threads.

 

Do you know if PNC Liquidity and Capital segment is good? Im not sure why it is under capital markets. seems more like a treasury function. Is it the same pay as the other CM groups?

 
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Keep in mind this might change with the acquisition of BBVA. I’m posting as intern for anonymity, but I’m currently working in industry with 3 YOE.

Base pay: $85/90/95k

Signing bonus: $15k with a one year clawback

EOY bonus: depends on the group

ALM

Investment Portfolio Management / PNCIP

  • the buyside office of the bank, but I don’t think you get to actually trade here for a while. They like really technical guys from schools like Carnegie Mellon. Bonuses probably $10-15k. Modeling of ABS/MBS/etc

Capital and Liquidity Management

  • more reporting ish. Liquidity side sounds like funding, capital sounds boring (CCAR). Bonuses probably less than $10k.

Capital Markets Group (CMG)

FX

Derivatives

  • both of my friends in FX and derivatives were more on the sales side. They loved it

Fixed Income / Structured Products

  • MBS/ABS, and some secondary trading

Financial Institutions Group

  • not really a true coverage group, basically relationship managers for other products in CMG
  • bonuses here aren’t great, they’re losing a lot of people to better lateral opportunities

Debt Capital Markets

Loan Syndications

  • IG syndicated revolvers etc. bonuses are good, hours not as bad as street. Mostly Pittsburgh, some Philly

Fixed Income

  • you won’t get this group as an SA or first year. They like to hire within the bank - mostly IG primary issuance with some high yield stuff

ABF

Structuring

Origination

  • don’t know much about ABF other than bonuses of $45k or so as Analysts and that they split into structuring and origination. Pittsburgh, Philly, NYC. Street hours - my friends were in until probably midnight on average, with some longer nights

They have a syndicate group too but very small

 

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