HK SA offer: Barcap(EM rates) VS UBS(equity derivatives) VS DB
Hey guys, do u know any information about these three positions? Appreciate if u can post ur opinion of the comparison. All of these are based in HK
Barcap: two 5-week rotational programs, the first is EM rates trading desk, which mainly covers fx CNY, TWD and their interest-rates.
UBS: non-rotational equity derivatives trading
DB: CIB Markets rotational.
I consider myself as a quantitative person and have a relative strong sensitivity to figures. Personally speaking, trading FX, rates and derivatives are all interesting (maybe because I am not so familiar with these as u guys since i am from a non-biz background)
Please feel free to share your opinions. Thanks for ur input in advance.
when did you get the offer from DB? I guess you are the one who ate my freaking lunch... jk jk... congratz DB, if I was you. Strong in both FX and rates...
DB HK is good too but I would take Barcap EM rates if you are sure about doing fixed income. Barcap is one of the best rates desks in Asia.
Are all these positions in Hong Kong, specifically the FICC desks? I know that Deutsche Bank's FICC operations in general are out in Singapore, do you know if there are specific FICC desks that are located in Hong Kong?
If you're into fixed income I'd go with Barcap, and if you want FX I'd go with Deutsche Bank. And if either one of these desks is located in Hong Kong I'd go with that, but that's personal opinion.
DB ain't no slouch in rates.
I'd go for DB cause they have a better overall program.. unless you're absolutely sure you want EQD or NDF trading.
Go with DB HK.
Barcap HK S&T had 15 interns last year, offered 6 (I believe, maybe 7) at the end of the summer, and the offers didnt go out until October (you would wait 6 weeks after the internship to be notified if you get an offer). I ended up signing on full time with another BB before they even gave out offers (Imagine that, I did a first round, final round, got an offer, accepted an offer, and returning offers still hadn't gone out)
Btw, the EM Rates desk is managed by Patrick Law, a guy who would not give you any time of his day.
Oh and Barcap S&T does not participate with the accelerated interview cross recruiting with the other HK BBs, which means you will be facing an uphill battle if you don't get an offer from the 50% offer rate because most BBs in HK fill up their class via cross recruiting.
Also, don't believe any thing that HR (yukiko/crystal/kristy) promises you. People who were offered in sales and were told that they would be placed in sales when they were offered ended up in trading. A guy who applied for trading and was told that he would be doing trading ended up doing a rotation in equity derivative strategy and a rotation in equity research.
Lastly, you might sit on the opposite side of the building far far away from your desk. For the first rotation last year, 90% of the class was sitting with the backoffice side of the building, away from their front office desks. The problem is you sit so far away from your desk that it's really hard for you to listen in on calls and your team wouldnt go through the trouble to find you when they need you, while you are working on your desktop on the other side of the building. A bunch of us would just pull a chair to sit with their desk but you become so unproductive because you wont have a computer on the other side and other people get annoyed when they come back and realize that you are using their seats.
Word of advice: Stay away
My cousin did an SA with them this past summer too and would agree with most of the assessments of their offer rate, program structure, arrangements unfortunately, although to a lesser degree. She however disagree with this poster's assessment of Patrick Law.
15 interns the entire summer class? or just those recruited from Asia? Thats tiny.
Just in case someone might think that I am saying these things out of bitterness, I am not. These are all verifiable facts except for my opinion on Patrick Law.
Oh and I have met a lot of brilliant and helpful colleagues during my time and definitely learned a lot. The issue is really the structure/organization of the program and the extremely incompetent HR.
^^Thanks a lot for dropping that knowledge. Can you talk a little more about the "cross recruiting accelerated interviews" that you mentioned? What do you mean by Barcap doesn't participate in it? Are these recruiting events actually public among all the HK BBs and does the BB you're interning at know that you're actively recruiting with other firms for full-time over the summer? Is that likely to hurt you for getting a return offer if you participate?
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