Do any boutique banks have S&T departments?
I’ve been trying to figure out where to start networking to try to set myself up for a role in S&T, and it seems like all the roles are at BB banks. Do any small banks have S&T desks? I just don’t want to miss out on a potential place to make contacts just because I overlooked it.
Not really, by definition sales and trading requires a large balance sheet given post-GFC regulation. A small bank may have an execution team for the clients that are already with them, usually in their AM/WM division, and call it sales and trading, but in terms of having a structured program and dedicated trading floors across products, no. Plus, there are plenty of banks with S&T programs that if you prepare correctly should be able to land a role. I can think of all BB's (9) + Jefferies, BNP Paribas, Nomura, RBC, HSBC, Societe Generale, TD, and probably a few that I'm forgetting but trust me you will have your hands full recruiting with just these, no sense looking for some random 17th firm.
Outside of the ones Monty has listed, here is a list of 20 something primary dealers :
https://www.newyorkfed.org/markets/primarydealers
BB's take up a majority of market share in FICC though some smaller banks. Some of these places have specialized areas that they focus on and hit above their weight class so to speak. Example would be BNP in derivatives and exotics, natwest in rates and fx, Jeffries in credit & EMHope this helps, GL
You can also loon into prop firms and the new crypto market makers have analyst programs too.
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