Truist’s Strengths in IB?
Curious to know what groups at Truist are well known and/or possibly up and coming. If anyone in any of their groups could speak to how they’re doing in terms of growth that would be appreciated. Also, how does management view CIB?
Curious
Weak in everything m&a related. Have an OK lev fin group, but don't lead many marquee financings.
Work there and this is correct
Which office, wondering about WLB
They recently added an MD in sponsors from CS, who was supposedly pretty solid. Should be an improvement there.
Maybe it has changed in the last couple years since I worked there, but historically the sponsors group does not do any modeling.
Any idea on what comp/WLB is like for the sponsors group? I’ve heard there’s a few banks across the street that don’t do any modeling like Truist
The sponsor team still don’t do any modeling. And one MD doesn’t make a difference. TMT and HC are still their top groups. TMT seems to get some buy side M&A deals but never seen them work on any sell side. My old roommate who was in their telecom team said it was very sweaty. He left and went to BB. Based on his buddy still at the firm, things are still pretty bad there.
Where did he end up?
TMT and HC are strongest coverage groups like others have said. Outside of those, industrials has historically performed well also.
LevFin is the strongest product group. They also recently brought back a junior M&A-only team that mainly seems to work on deals sourced from commercial bank.
Culture has improved since merger, not sure about strength of exit opps but doesn’t seem like a bad place to be a career banker given the MDs they’ve recently headhunted from CS, Goldman, Wells, etc.
All this from roommate so take it with a grain of salt.
Freaking roommate
Do you or your roommate think there will be more emphasis by head of CIB to flesh out the M&A team and bring more experienced bankers on?
Top 3 lev fin shop.
If you're going to work at an IB group within a predominantly commercial bank (ie, Truist) you are going to want to be in any group debt related. Levered lending, DCM, etc. Not the place to do M&A / ECM
Could you explain your rationale for this?
Their main asset on the Investment Banking side is lending capability and thus large balance-sheet, primarily commercial driven banks tend to lend themselves (no pun intended) best to DCM mandates. There's a big difference though between getting in on massive DCM mandates because you have a lot of lending capacity, as opposed to winning over M&A business because you're the best advisor. Think of Truist as the opposite of an EB. They aren't known as the sharpest advisors in the room on stuff like M&A or RX, but have massive lending capacity & do a ton of huge DCM deals.
Any word on potential for layoffs?
Dudes been all over asking lol haven’t heard anything along those lines yet.
I’ve heard it’s not off the table
Interesting could you elaborate perhaps
Heard today they canned some more senior people and a handful of juniors
apparently a decent handful of associates who had gotten early promo as part of retention deals
Maybe just trying to make myself feel better but apparently very rare for them to lay off analysts
Not necessarily. Multiple analysts were laid off in 2019-2020 post merger and re-org within CIB. From what I can tell most teams are pretty lean though so not sure where there’s fat to cut.
Curious about energy group. Any info is appreciated.
I think layoffs are unlikely. All the seniors (Tom Hackett, Michael Carter, Jim Pirouz) are really pushing a growth story around the Securities business. The basic gist is that Truist as a whole is double the size of SunTrust and BB&T, but the Securities business is not (mostly SRTH).
In practice, they're hiring a bunch of senior bankers to build out the TMT group (brought in the Wells Fargo team recently), Sponsors, and so on. It would be a very weird choice to cut a bunch of juniors to save costs while spending a ton on seniors across several groups.
But hey, wouldn't be Truist if they didn't make counterproductive and conflicting decisions lol.
With the GS layoffs at the senior level do you think there is a high probability Truist will attempt to catch them? It seems like a good opportunity…
Yep this happened
This aged well
Hey - was wondering if you're still at Truist and if you'd pm me. Have a few questions.
Coverage runs 100% of M&A at Truist, with the capital markets groups (DCM, ECM, LevFin) running 100% of their respective deals.
The best groups for MM M&A reps over the last 3 years have been Healthcare and Industrials by far followed by TMT and FIG. Obviously they aren’t leading the league tables but if someone takes an offer at Truist, those groups will get deals on your resume.
Worth pointing out that LevFin is only in Atlanta whereas other groups are spread between all of the offices (mostly Atlanta and NYC).
Do you know what cities Industrials and Healthcare sit aside from NYC? I know Tech is moving to Miami and Media and Telecom will likely be in Atlanta and NYC.
industrials is in chicago
Source: I work at Truist
I'm in TMT and sometimes unsure where it gets this rep from. But maybe I'm comparing it to other banks
How has your experience been in the group?
Consumer is probably the weakest coverage group along with FIG. I know someone who spent 3 years in consumer and didn’t close any M&A or left lead LevFin deals.
Consumer team is probably the best place to be for WLB, people are generally very nice to work with. And, I was told that juniors are paid the same as any other team. It’s truly a lifestyle group.
WLB is very rough at Truist TMT and HC. Worked at TMT before lateraling to a top MM (WB,HL,Jeff). WLB is much more manageable at my current firm because we don’t do a bunch of buyside M&A or pitches last minute. Back at Truist I have often worked 6-7 weeks without any protected weekend. Protected weekend isn’t enforced and group dependent. The experience also varies, if you’re top analyst or associate, then they will work you to the bones. And, they usually leave after few years and go somewhere better. Generally saying people are good to work with but the few exceptions will make your life miserable.
Could you PM me? Would like to ask you more questions about your TMT experience at Truist
What subsector within TMT?
Totally agree with that though, way too much emphasis on that "top" person almost to make selves feel more like a legit bank. F the rest of the class even ones marginally "worse" seems to be the mentality. And the miserable people like you said are straight up brutal. Like serious pieces of shit. And no one cares because it's Truist and they either feel lucky to have the decent employee or everyone is on their way out or the seniors just don't care. So these people stick around (partly bc they can't leave or are too tonedeaf to see that staying isn't that great)
Mind if I PM you? I’m currently one of the analysts on TMT at Truist getting absolutely wrecked and the idea that the WLB would be better at a bank that actually closes deals is something I’d like to learn more about
Why not read this site for 5 minutes instead
bump
Bump. Would love to know more about M&A at Truist. Is it a good summer internship?
Happy to talk about my time there, send me a dm
Hi - would you mind dm'ing me too? Have a few questions.
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