ML and Citi - What are they known for?
What are the good desks in these shops (for example DB is know for fixed income in general, JP is known for commodities)? I'm writing out cover letters and I'm not really sure what these firms are best at.
Also if you know, I'm not sure about the following banks either: B of A, Lazard Capital Markets, Wachovia, HSBC, RBS.
I think DB is best known for FX. JP is a big high yield player (GS/MS command a huge lead over everyone else in commodities. GS acquired Commodities Corporation some years back and then vaulted ahead of everyone)
I associate Citi with mortgage trading and exotic fixed income products (unsurprising, considering their Salomon Brothers heritage), although I believe JPMorgan is credited with the innovation of the CDO circa 2001.
Merrill is known for being able to place tons of equity through its retail brokerage unit. I think they picked up some prestige in credit derivatives because of Barry Wittlin a few years ago but I think this reputation has suffered following ML's recent writedowns.
I always though DB had very solid FI trading across the board and that JP was very good in commodities.
So ML isn't known for anything in FI?
WRITEDOWNS!
that would be great to put in a cover letter
I tend to think of BofA and Wachovia as banks who leverage their way onto equity deals via their balance sheet. If they are on a companies term or revolver, they are likely to get some love on any equity deals. I guess you could call them full service firms, say you like the fact that they are one stop shops that can meet all of a client's needs.
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