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.

 
Most Helpful

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

 

Omnis unde et nihil odit molestias saepe veniam ullam. Vitae alias tempore sint quo porro ut mollitia. Molestiae earum ut at nobis quo saepe.

Career Advancement Opportunities

April 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. New 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

April 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

April 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

April 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (87) $260
  • 3rd+ Year Analyst (14) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (205) $159
  • Intern/Summer Analyst (146) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
kanon's picture
kanon
98.9
6
CompBanker's picture
CompBanker
98.9
7
dosk17's picture
dosk17
98.9
8
GameTheory's picture
GameTheory
98.9
9
numi's picture
numi
98.8
10
Kenny_Powers_CFA's picture
Kenny_Powers_CFA
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”