Citi vs Credit Suisse? (s&t summer internship)
pros & cons of either one? have offers at both
edit: I have no preferences about desk
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Citi's analyst program is 2x 1y rotations after which you will be promoted to associate or asked to leave. Take that as you will. Some find comfort in knowing where they will be "permanently" after their summer internships, while others enjoy the flexibility of the Citi program. Citi also dominates CS in most facets of FICC, and the current regulatory framework favors American banks over their European counterparts.
thanks for the detail. :)
It somewhat depends on the desk...
Citi is really solid in macro as well as some equity spaces. Credit Suisse is pretty solid on fixed income and equity. I'd take Citi just because the culture seems great there (had a buddy intern there last summer) and there's a better chance of getting a better desk. That being said, congrats on both and can't go wrong w/ either!
what would you guys say are the best desks are GS?
If it’s fixed income, go Citi. They do mass volume, and IG there is stupid strong.
Citi v CS S&T NY (Originally Posted: 12/16/2013)
Hi, just got an offer from both places in NY . I know Citi has a very high FT offer rate, not sure about CS (but I really like the people there). Both are rotational programs in Equities and FI. Advice?
Citi; Credit Suisse just laid off a bunch of FI people.
Thanks, TraderDaily. Anyone else?
Both are great SA spots, and even if you don't get FT offer, you'll get interviews anywhere you want for FT. I would say whichever one you liked more should be how you choose (which sounds like CS)
I would choose Citi. I've had some interaction with both firms and I felt that Citi had a much better culture(although this is based off of my own personal preferences). They're also stronger in most FICC products and seem to be doing quite well overall. CS may be stronger in equities (not entirely sure), but equities at Citi certainly isn't bad and I've also heard that CS overall isn't doing too well. I also know someone who didn't get a FT offer at CS and he said that they weren't hiring much, but of course that statement may be biased since he didn't get an offer. The only thing I know for sure is that Citi is better at FICC, everything else is based mostly from what I've heard from other people so take it with a grain of salt
Citi over CS any day of the week. Things to compare:
2013 Trading Revenues so far Q3 revenues-specifically Citi FICC has done much better than CS FICC (although FICC in general has done poorly) Michael Corbat>Brady Dougan. Remember how Citi was when Vikram was in charge? Corbat's done a good job. Basel III requirements-Citi has already met them and CS has to comply with Swiss requirements now too (which are higher) CS top desks are like equities or electronic sales trading. If thats your bank's top desk your bank has some issues bro
Btw i was between the same spot you are in but have decided to continue playing the game with GS/JPM so some perspective may help. I would take GS/JPM over Citi/CS any day of the week as well.
I would also say go with Citi. I know several people who summered at Citi and CS over the past two years. Roughly half of the CS kids got FT offers and they've gone through several waves of layoffs. Most of them are sharp kids, but the mood there is a bit depressing.
The kids at Citi - about 80% of the ones I knew got offers and I know the firm did a LOT of FT hiring this year. With that said, I heard the summer class wasn't particularly bright at Citi this year but that was just 1 person's opinion.
This has been discussed to death. Go where you like the people better, that's where you'll learn the most and that's what actually matters in order for you to succeed. If you really liked the people in CS go for it.
In the instance where the two firms are relatively equal and the only thing that separates them is culture, it's very fair to pick a place based on where you like the people. This isn't really one of those cases considering regulation/offer rates/job security/etc. I'm sure you've seen it first hand. Some of the insights provided by people might be helpful to nuttynut.
I agree that firms need to be comparable, but between 8-10 firms (including CS and C) it doesn't matter, at least for S&T. People really don't care that much about name. You have no idea what's going to happen, it's the same thing as people choosing the "hot desk" of the moment. These are people that chose CDO trading in Lehman in 07. Basically what derivs said, there's no way to predict where both these firms will be in 5 years. I don't really think you can predict changes in regulation and their effect on firms either. Offer rates change every year, in my firm it was like 85% one year and 20% the next. Most firms decide the headcount on the last week of the internship (approximately), so they have no idea how many people they are going to hire, so imagine the odds of you knowing. Same thing goes for job security. Maybe Citi will decide to get out of fixed income in 6 months and cut every single trader, where would that leave you? My point is if you choose the right people (it's not only about getting along with them) you will learn A LOT more. You wouldn't believe the difference. And everyone knows who the good interns are, we have email chains, and they meet and interview them if they don't like their interns, so the really good people generally get a job. If worse comes to worse and you don't, having the people you worked with pull strings for you, introduce you to their friends, recommend you and having all that technical knowledge when interviewing will make all the difference in the world. But hey, just my opinion, I might be wrong.
its a coin flip where any individual bank will be by the time you will be in a place to make decent money.
Thanks everyone!
Summer Analyst - Citi S&T vs. CS IBD (Originally Posted: 02/03/2012)
I have an offer from Citi S&T, but I'm on the waitlist (on hold) for CS IBD. Should I tell CS that I have an offer pending? If I get both, which one should I go with?
Is it possible to transition to IBD full time after an S&T summer analyst position?
Background: Non-target student, very hardworking and lucky to get an offer.
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