S&T Rates Trading
If you have an offer from MS/Citi/Barclays should you try and apply at GS/JPM if you want to do Rates trading?
Or is that risk too high/the time spent not worth it?
What's the industry view on this?
ms rates is dogshit. citi rates is probably on par with goldman. havent heard barc. I personally wouldnt.
I think the ranking goes goldman -> citi -> jpm -> barc -> ms
Why would you say MS is so bad?
they are a traditional equities shop. Their trading arm used to be Smith Barney ( Citi’s equities arm) expanded. They’re now still trying to build out in FI
Think on rates options they are actually very good no? Also MS it appears to me like MS rates exits surprisingly well for its standing
yeah think so too, anything derivs related it's fine. And the brand pulls into HFs very well. I think the way they trade is structured a bit differently where they measure relative return contrary to measuring raw PnL but idk
no rates options at ms is one of the worst on the street. the whole rates group is on a tight leash by management
people exit because they dont get paid. risk adjusted, rates options should be one of the best paid places on the whole trading floor. agree with other commenter that rates at ms is on a tight leash.
doubt you're going to find full time openings at gs/jpm on rates
Can confirm you cannot get a analyst role at gs rates right now (I just wrapped up SA there)
I'm talking about Internship applications anyway. Then converting that.
Isn’t internship applications long over?
canadian kid just got fully time analyst to rates from internal transfer from calgary SA
does not count as historically Calgary interns have placed to NY desks, kid just got really lucky with the rates desk and them taking him
Does it differ between us and Europe?
It is true that GS/JPM is better than previous banks you've mentioned but its only worth it if ur recruiting for new grad position given u have return offer from these banks. For experienced lateralling from C/B/ms to those to sit there for additional 2,3 years is not really time efficient.
Anyway ur gonna recruit for new grad for macro HFs and props no? Reapllying for new grad roles for GS/JPM doesnt really take significant marginal amount of time for prep so just apply
Thanks for the insight, only got an internship offer so far, UK internship apps open right now. That's why I'm asking
I see. Then there's even lesser reason not to apply for GS JPM given ur only a student
Lots of noise in this thread. There are good & bad desks at each of those banks, so the "rates" business at one bank is not universally better than other banks. There are desks at each of the names that I would rank above counterparts elsewhere.
Also, desk ranking does differ in US vs Europe vs Asia.
thanks for that input, probably the most objective opinion so far
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