Which should I take?
BB Corp debt team, truly is middle office. Rarely travel to meet with clients, but mostly financial analysis of existing portfolio and write up of new deals. Just frustrating because modeling/writeup is for risk approval. Really doesn't matter that much. To make things worse the group was recently reorganized to fall under the risk umbrella vs IB.
RBS is front office on a syndication desk. Seems more exciting. Worried about 84% UK government ownership of RBS. Do UK pay regulations affect US operations? Exit ops? PE possible?
Is this for an internship? Because right now is internship time, but it was my understanding that RBS doesn't assign you to a particular desk before you get there. Either way, definitely take RBS. I know someone who interned on their syndication desk last summer and he said it was a very good experience- pitching, modeling, client exposure. Certainly light years ahead of middle office anywhere. I spoke with some bankers during recruiting, and my understanding is that their IBD (they call it Global Banking & Markets, GBM) is doing pretty well. I wouldn't think UK pay restrictions could affect you if you work in the U.S. Speaking of pay, they pay 70k base, and mid-bucket bonus last year was 40k. Not too shabby, especially vs. middle office somewhere else.
I have heard good things from RBS and front office is front office - it is not middle office, so if you want to work in front office then start out in it, it is easier going from front office position to another one at BB than from MO to FO
.... but to be more specific to your situation, the position at BB is as you say - semi middle office - in that case, I would suggest you go with which ever position interests you more, but personally, I would find the RBS position to be more fulfilling
Is corporate debt products truly MO, sounds like a different division in the bank that's FO. Anyways take RBS and don't look back, your exit opps are better regardless of your pay at RBS.
RBS
always front office over back
but why syndications, can u move to another group like coverage IBD?
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