Offer help - Appreciate some help

I'd appreciate some help with making the following choice:

London FT offers for RBS rates structuring vs HSBC structuring & trading (rotational programme)

My thoughts currently:

Why RBS? Very strong in rates, at least in the UK. Really like the culture.

Why not RBS? Previous uncertainty over profits.

Why HSBC? As I have no previous banking experience, their rotational programme is appealing. It rotates across roles (structuring and trading) as well as desks, which is useful for me as I'm interested in both roles. Really like the culture here as well.

Why not HSBC? May end up at a desk I don't like, when I'd be happy with RBS rates.

Any help is appreciated. Feel free to rip into my thought processes as long as it's constructive.

Thanks

11 Comments
 

If you think you want to trade, I'd do HSBC, if not, then RBS if you like the rates side.

Jack: They’re all former investment bankers who were laid off from that economic crisis that Nancy Pelosi caused. They have zero real world skills, but God they work hard. -30 Rock
 
Best Response

Thanks for the feedback. People I have talked to seem to have very polarised views on this choice, which is interesting but a little confusing. Anyways here's why I'm currently leaning towards RBS:

  1. RBS is very strong in London and in Europe for rates, HSBC is less dominant in any particular product area in London. Though it is strong in EM, I am working in London for the foreseeable future.
  2. Although I haven't fully decided between structuring and trading yet, it shouldn't be difficult for me to switch to trading at RBS especially on a desk with so much flow. I have spoken to RBS structurers who have indeed traded their own products.
  3. Though a rotational programme may provide me with insight into which product I prefer, there's no guarantee I'll end up somewhere I like, whereas I'll be happy with RBS rates.
  4. I'd get responsibility quicker at RBS whereas at HSBC there may be a "lost year" in terms of career progression, though arguably it may be a worthwhile year to find out exactly what I want to do.

Tbh, I can't be making a bad decision going one way or the other, I'm thankful for the offers that I have, so I'm just happy to hear some views from other people, especially if they feel any one of the above points is just plain wrong.

Thanks

 

I think it might be more difficult to transition from structuring to trading than they might suggest, but I don't know the desk to be fair.

Jack: They’re all former investment bankers who were laid off from that economic crisis that Nancy Pelosi caused. They have zero real world skills, but God they work hard. -30 Rock
 

If you like the people and culture of the rate structuring desk, go with RBS. In this business, many times you will see the biggest jump in comp from switching firms. At the entry levels, your comp will be in-line across the board. Go where you can progress fast enough (and this is a function of how much the people on the desk like you and are willing to mentor/give you responsibility) so that you can start naming your price.

 

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