European banks in the US in Fixed Income area
So I'm thinking about moving to NY... How are the big European banks generally doing in the US? I'm interested particularly in the Fixed Income area. I know that they (e.g. BarCap, DB) are not as strong as in London, but are they gaining momentum in the US or are they stagnating?
They are actually doing very well. Especially because they tend to be more focused on derivatives and structured products than some of their US counterparts. What I specifically mean is that DB and Barcap have focused on those areas as the bulk of their business, versus maintaining a reliance on cash, flow trading, like at Citi or JPM. Places like Barcap and DB are where much of the most innovative work is happening these days (in addition to Goldman and Morgan Stanley, of course, who are doing well pretty much across the board). From my experience, UBS and CS are lagging behind Barcap and DB in those areas, but UBS and CS are probably stronger in more traditional underwriting and M&A areas. But if you want to be at a place that is doing the most innovative structuring and marketing work, Barcap and DB are great places to be. Just make sure you look at the culture, as well, because those two firms could not be more differnet from that point of view....
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