Switch from IB to corporate banking (intern)
During my SA stint at a UMM/BB, I found the work to be boring and tedious with a competitive, back-stabbing culture. Is it possible to switch into corporate banking for a full-time role?
I don’t mind the hours of IB but find the work demoralizing, which is compounded by the competitive environment.
Just this week, my analyst was angry at me for pointing out a mistake in the presence of one of his archenemies (an analyst who sits next to us). I was only trying to flag the issue before it was sent up the ladder. The same analyst spent the week attempting to mislead me on deliverables for which he was not even a part of. He later told me to be “more coachable” as a senior walked by.
Last Friday night, I was ordered by a new associate (via phone call) to create an entire CIM by Monday, so I spent the weekend attempting to create a perfect CIM based on precedents from the drive. I worked day and night on the CIM and printed it for review on Monday. The associate and his buddies laughed (turns out he was not serious about the assignment and insisted that he only asked for two slides) and threw my draft in the garbage.
I knew IB can be sweaty but wasn’t expecting such a competitive / challenging environment. The other interns suggested that I tell the staffer that I’m not interested in IB and ask if she could refer me to corporate banking during the mid-summer review. She seemed quite surprised when I told her and encouraged me to ask HR about openings at the end of the summer. Did bringing this up jeopardize my chance at a return offer and ability to recruit ft for corporate banking roles? My friend in another group clowned me for “basically telling the staffer that I don’t want a return offer.”
Also, can anyone provide any insight on corporate banking? I find finance / capital interesting and enjoy working in excel. I also like to research and learn about business / industries. I still find IB interesting and don’t mind the hours at all, but the work is kind numbing, I cannot handle the work environment. Is corporate banking any less competitive?
Unfortunately OP, your experience isn't the 'norm', but it isn't rare at all. Seen a few of these stories recently. Working in banking is all about b*llshit politics, probably why ex-Goldman's are so successful in politics. To start, yes you've said you aren't interested in a return offer to the staffer, so your chances at a return are basically 0. In this market probably not the best idea, but if you can convert to CB / better for your mental health it's all worth it.
I'm an AN in CB, so I hope my info can help:
1) In terms of work environment/hours, it really depends on what shop you join on how different it is. Assuming you stay at your bank / another BB, the work will come under CIB, so you will be expected to work longer hours than 9-5pm, heard some cases of 12 hour days, but no where near IB levels.
2) CB is less competitive in culture IMO - most people don't have one foot out of the door/planned exit opps like IB, so nobody is trying to constantly one-up each other. Definitely feels more collegiate.
3) My shop was very active in getting me to standard technically, but most importantly out to see clients within the first 1/2 weeks. The exposure you get to learn business/industries from CFOs truly gives you a different experience.
4) Work is often referenced as being more numbing than IB, since you're not on the 'sexy' M&A deal, but handling their credit facilities, and helping organise any fee-generating business such as hedging, debt issuance or cash management. Up to you where you find that interesting.
To be honest, it just sounds like you are in an incredibly toxic group... I have never heard of interns being treated this badly by a group of juniors...
If you enjoy financing and capital, maybe try looking at Capital Markets? Might be more of your cup of tea. It's still investment banking, but it's originating and executing financing solutions, from equity, to bonds, to syndicated bank loans. Less competitive environment there too.
The desk presentations that IB teams give whenever they are trying to recruit people to join them is always highlighting "Exits" etc., that's not the case in Capital Markets - people don't generally look for exits, rather they look to build long-term careers.
Corporate banking is also a good gig, but eventually the role you're growing into is to become a Relationship Manager. If you like financing and product more, then Capital Markets is a better route (long term).
Your group sounds toxic. Even the other interns giving you absolutely terrible advice to increase their own return chances?? I would switch firms. Start networking now. I would be pretty surprised if you get a return offer given what you said, so phone it in for the next few weeks and focus on networking elsewhere.
CB is much of the same and you're taking a tiny haircut on hours (think 60-70, definitely not 9-5) for a huge haircut in comp. ECM/DCM as mentioned above is a great idea, still IB but the people aren't as crazy since they tend to stick around longer. It doesn't hurt to ask HR at the end of the internship about these roles, but I would prioritize outside firms so you are ready for FT recruiting which starts immediately after internships end. At my firm you must get a return offer in your group to move internally, so the lateral option may not be open to you.
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