LATAM investment banking? Top groups? How to break in?
I was wondering more about Latam banking coverage groups. It’s talked about the least of all coverage groups. Does anyone have any experience with it? Which banks have the best Latam groups both BB and EB? Is there anyway to differentiate yourself in interviews for LatAm banking? Like should I learn Spanish and double major or minor in it? Is there any other way to convey interest? Are there better opportunities outside of IB for Latam?
I believe top LatAm banks are in Brazil, with Itaú BBA and BTG Pactual being the largest locals. In Chile you have Larraín Vial and probably others but I don't know much. In Argentina you have some pretty small local investment banks, as the economy is shitty. The best one (IMO) is Columbus, which is advising on several restructurings, including the local government's one.
I'm probably missing some in each country, but those are (at least to me) the most well-known.
And then of course you have each of the BB's offices in some of the countries.
JPM has M&A in Argentina, GS has a tiny office and Lazard too. I believe MLBofA and MS also have offices in Argentina.
Long answer short, if you're by any means interested in doing IB in LatAm, learn Portuguese, go to Brazil and don't you dare go to Argentina.
So, I can't really comment on Brazil, like the other poster, but given the current situation there I would say that is not exactly where I would want to be. Secondly, almost every BB has a LatAm coverage arm, and many of them are located in NY. Citi has historically been very active in the region, and I know JPM has a significant presence as well. The other poster also left out important Spanish players like BBVA and Santander, which typically have different names in the different countries they operate in (meaning a quick google search might show them to be smaller than some Brazil specific banks, but on the whole they are much larger).
And lastly (keep in mind this is just anecdotal, and not to discourage you at all), I am white but have been learning Spanish for ~3 years seriously. I consider myself fluent, and I did not study Spanish in college. I did however live with Latin roommates for 3 years. I speak much better Spanish than anyone I have met that did a Spanish degree, and generally even if somehow your degree gets you to a decent level of fluency (most don't), it will be hard to be a cultural fit. Even after living with Latin guys for 3 years, I don’t think I’d stand a chance in that department. My friend that currently works in JPM's LatAm coverage group (he is Latino, and born/raised in Latin America) told me that the other interns were all foreign students from LatAm studying in the US. If it is truly a goal of yours to work in LatAm, I'm sure you can do it, but just know it will probably be a grind to get there, though to the right person that could be rewarding in and of itself.
Edit: if anyone thinks what I said in the above is not the reality of LatAm IB, then just type LatAm Investment Banking into LinkedIn and look at the names and profiles of the people that come up...
Do I have to live in Latin America?In Brazil or Argentina? I was going to recruit for NY internships and just demonstrate interest in Latam? I would like to at least intern in NY. I’d prefer to work for a Latam group at a BB.
No, in fact like I said NY is where most coverage groups are located as far as I know. But you do have to speak Spanish, Portuguese, or both. And you can’t just be C2 proficient, you need to really be fluent to even get a look.
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