Global Transaction Banking at DB

Hey IBDnoMad, I was actually in the exact same boat as you a few years ago - tried out everywhere for IBD internships and ended up with a Global Transaction Banking internship at a BBIB. I'll try and help you out as best as I can:

"1/ Will GTS SA experience at a BB give me a shot at BB IBD SA in the next recruiting cycle, if I do a Master? What is my chance like?"

1) The only real advantage of having done the Transaction Banking internship when it comes to applying for IB SA roles will be having another piece of work experience and a brand name on your CV. The work is completely unrelated and more than likely a lot of IBers won't even recognise or understand what transactional banking is (I had to continually explain in my interviews what it was!). Corporate Finance experience at a Big 4 accounting firm or boutique IB will be viewed much more favourably than a GTB internship. However, depending on your marks, other work exp, and ECs you can definitely use this experience to get another SA role in IBD, and that is exactly what I was able to do.

"2/ GTS SA --> IBD Full time (Boutique/MM/BB) straight after graduation, possible?"

2) This is also a possibility, you'll encounter exactly the same problems as I mentioned in (1) above, but its not out of the question if your marks are good enough.

"3/Start working at GTS after graduation then lateral to IBD, better option?"

3) This is the least likely option in my opinion, having worked in Transactional Banking I can say that the work is COMPLETELY different to IBD and there will be almost no chance of ever lateraling across without many steps in between. For example I know of one person who was able to go Transactional Banking BBIB -> Corporate Banking in the same BBIB -> IBD Analyst at an elite boutique IB, however after their 4 years experience they had to start right back down at the bottom. If your end goal is IBD I really wouldn't recommend starting as a grad in GTB.

"4/ If I can't break into IB, is GTB a worthwhile career? (I know it is nothing like IBD, but anyway here we are)"

4) GTB is a perfectly respectable career, it's just very different to IBD. I'll briefly compare them below: - Work/Life Balance: much, much, much less hours in GTB, it's rare to be working consistently past 6-7pm unless you have a big sales tender, however there will at times be meetings and phone calls taking place at odd hours of the night due to time zones. - Salary: Pay is also quite good in GTB; base salary is not too much lower than IBD base, however don't expect a bonus, nor should you expect salary progression anywhere near the rate of IBD. - Job Security: GTB is fairly insulated from economic cycles, especially in the current market where BBIBs are cutting jobs left, right and centre. Companies will always need banks to help them send, receive and process payments even in the middle of a recession. - Work: the work you'll be doing in GTB is not particularly exciting, nor is it overly stimulating. You'll never find your work being mentioned in newspaper.

Overall GTB is more of a long term career, to make big money you'll have to really spend some time climbing up the ladder. Exit options aren't too great either, depending on what part of GTB you're in you could leave into a client's treasury team, you could go into a generic company sales/relationship management role or you could go into a generic corporate product management role. Prestige and salary is nowhere near the level of IBD, however work/life balance is very good and if you're not the kind of person who worries about prestige and wearing Armani suits, then you'll probably enjoy it far more than IBD.

Overall I honestly think you should go into the internship with an open mind, I thoroughly enjoyed my team and my summer, I made good money and had plenty of time after work to hang out with friends and go to the gym. Just don't expect it to open doors in PE/HF or IBD roles.