Wells Fargo IB Generalist or Citi Capital Markets
I'm currently debating between the two because IB generalist would give more exit opps but citi is a bigger, and better rep, and I had better relationships with people/culture at citi. But not sure if I want to lock myself into markets specifically early on as SA
Take Citi, can always recruit or internally lateral to investment banking for full time. Would highly recommend going for LevFin or ABTF.
Based on the most helpful WSO content, here's what you need to consider:
Exit Opportunities: Wells Fargo's IB generalist program might provide broader exit opportunities compared to Citi's Capital Markets program. Citi's Capital Markets roles, while prestigious, may limit your exposure to traditional IB functions like M&A or coverage, which are often more aligned with private equity or other buy-side exits. However, Citi's reputation and network can still open doors, especially if you're in a strong group.
Reputation and Brand: Citi is a larger, globally recognized institution with a stronger brand in investment banking. This could be advantageous for long-term career growth and networking opportunities.
Culture and Fit: You mentioned having better relationships and a preference for Citi's culture. This is a significant factor, as enjoying your work environment can greatly impact your performance and overall experience.
Specialization vs. Generalist: Wells Fargo's generalist program allows you to explore different areas within IB, which is beneficial if you're unsure about your long-term career path. On the other hand, Citi's Capital Markets program might lock you into a more specialized role early on, which could be a drawback if you're still exploring your interests.
Location and Group Placement: Wells Fargo's IB program might place you in Charlotte or other non-NYC locations, and group placement could extend beyond traditional IB functions. Citi's Capital Markets program, especially if in NYC, might offer a more centralized and prestigious experience.
If you're leaning towards flexibility and broader exit opportunities, Wells Fargo's IB generalist program might be the better choice. However, if you value the stronger brand, better culture fit, and are comfortable with the specialization in Capital Markets, Citi could be the way to go.
Sources: Wells Fargo IBD 2019 SA Offer vs Citi Superday, Citi or CS?, 2017 Commercial/Corporate Banking Bonuses, Wells Fargo vs. UBS, Stifel FT IB Versus Wells Fargo Corporate Banking
Would not do cap markets roles. Especially if the group does not hold pen on the modeling, it seriously limits your exits.
does this apply to all cap markets roles? I did hear Citi's DCM was very good
Citi’s DCM is very good. Great hours and culture supposedly, but no modeling.
I think the only capital market groups that model are going to be infrastructure advisory and CMBS originations.
Cap markets' roles generally do not model. Caveat that there are a few groups that will, but I was previously in a LF role at a BB, and all the cap markets roles do is push paper, comps, PowerPoint, etc. Not technical at all. Really depends on what you want to do, but if you want to lateral to PE I would focus on going to a group that will give you exposure to modeling. Have spoken with a couple of different HH's and they are aware that cap markets' roles don't model. Of course, you can learn how to "model" on the side and via peak frameworks, etc., but it's not the same as being deep in an approval or valuation process for an actual deal. Was a big reason why I lateraled.
Got it, thank you, that's super helpful
Citi’s DCM is very good. Great hours and culture supposedly, but no modeling.
I think the only capital market groups that model are going to be infrastructure advisory and CMBS originations.
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