What are the different desks at your bank?
Wondering if someone could chime in on the different desks that their bank has and what might be an example of a type of transaction that might go on for the desk. Trying to learn a little about what different desks are out there and what kind of clients you might have.
For example:
Cash Equities: A Large hedge fund calls you up and says they want to sell their 1 BN position in company XXX?
Interest Rate Derivatives: A large mutual fund calls you and says they need to hedge for interest rate risk for an insurance company they have invested in?
Any insight would be great.
How to learn about different desks, products? (Originally Posted: 04/15/2012)
Hi everyone, I will starting my S T internship at a BB this upcoming June and I would love ti if you guys could tell me how I could prepare for this, in terms of how to advance my knowledge, etc.. I would also love to know how to learn about different desks. COuld anyone tell me in detail what some in structuring would do on a daily basis? I heard only math geniuses would dare going into that desks? For the trading desks: there are cash, derivates and ETFs There are also the distribution desks ( sales) and management (risk management, strategy), which I am not very interested in since i heard the latter is like MO/BO work? could anyone elaborate in this. Moreover, what does someone in the prime brokerage desk does? Is it just operations work for hedge funds?
I know that that's alot of questions but I know that choosing the right desks is very critical. Does anyone have any advice to know which desk is suitable for you.
Thanks,
So I assume you're only looking at Equities?
The answer to your main question is simple: the best way to learn about these desks is to go visit. Email one of your contacts at the banks (preferably an alum), tell them you want to check out some desks, and hopefully they should be able to set you up for a day of desk visits. The most important thing for any desk is the people, not the product. This is good advice for your case, because it seems from the way you listed basically every desk in equities that you have no idea what you want to do.
Also: no, you don't have to be a math genius by any standard to do structuring, though you should be comfortable with quick, basic math for S&T in general. Prime brokerage handles stock lending and other services for institutional clients. But seriously - Wikipedia that shit.
Hi, Thanks for your reply. I did wikipedia, and read alot on everything. Trust me, I had to have certain kind of knowledge to land that offer ( months of reading researching and networking). However, choosing a desk is a totally different story since I never trade before. right now at the moment I am interested in derivatives trading, but how can i know that the desk is suitable for me? I lived far away frm NYC so it might be possible for me to go and have a tour before the internship starts. I am reaching out and talking to many people at the firm to get a sense of what they are like. I hope that this is enough? So for you traders out there, why did you choose your product? How did your interest spark start? Are there any good books you recommend to know more about your products? THanks
Demographics of Different Divisions? (Originally Posted: 06/13/2015)
When you look at IBD, sales , trading, research, AM, private wealth, etc. which tend to be the most male-heavy? Which tend to be more or less white? Which tend to be younger and older?
Gut says S&T is a young, white man's game, IBD is a little older, research is a little more Asian. Thoughts?
No real reason for any of this, just seems like an interesting topic.
LOOOOL, would love to see how the results come in.
I think as a whole, the bigger banks (BB's, global banks), its more spread out across the board. MM's and EB's seem to have more Caucasian males. (can't confirm as a whole, but my buddy works within the global industrials group at a MM, and he told me it was like a frat house.)
I get that impression too. I think in BBs, white men are kinda overrepresented and Asian men are WAY overrepresented. MMs and the buy-side overall tend to white men way overrepresented.
Broken down by numbers here's a rough guess: General population= 33% white men, 3% Asian men (both Indian and East Asian) BBs=50% white men, 25% Asian men MMs, Buy-Side, boutiques=85% white men, 10% Asian men
PWM: Either extremely waspy or extremely Jewish.
My experience at a BB: S&T: White (70%), Asian (20%), Other (10%) IBD: White (50%), Asian (35%), Other (15%)
Asians include both Indian and East Asians and Others are Blacks, Latinos, Native Americans, and other foreigners.
Can't say much regarding Research as I don't interact with ERs often enough.
.
(Big Four) White (80%), Asian (10%), Other (10%) By gender Below manager, M:35% F:65% Manager and above, M: 97% F:3% (All males are white)
One thing is absolutely certain: quant division 90% asian from Jersey City
Different desks, different personalities (Originally Posted: 02/25/2007)
Hey guys, just wanted to know your thoughts on the different trading desks you encounter in your Banks. This is for fun so dont take it too seriously
Mortgages: the original "BSD's", surly, mostly male and white (except the quants who are either russian or asian)
Corporates/HY: not as anal as 1., know how to have a good time, good looking sales girls
EM: Hilarious, good looking international girls, friendly in general, REALLY know how to have a good time.
Equities: no clue
Muni's: most really old men
IBer's: Well spoken, have a kind of affected way of expressing themselves, amazing stamina, not as intense as the guys on the desks.
can you elaborate on the high yield?
most fun are usually fx spot...
agreed with Jimbo. generally (cash) equity, fx, bond sales tend to be those with the highest proclivity towards partying, outgoing personalities etc..
same with some (cash) traders or vanilla rates etc. these also tend to get pissed off with greater ease. tough to work under them likely.
exotics people, being more quantitative etc tend to be calmer and less prone to partying..geekier.
Different departments' influence on each other (Originally Posted: 06/29/2009)
I have a contact who is a senior analyst in equity research at a BB. How much pull/influence can he help me with getting a SA interview for IB?
depends how senior, and to what extent he is willing to go to bat for you. I was in a similar situation, and my content was very senior, and he did go to bat for me, and I got an interview in another division. However, with other MDs, they claimed they could only help within their division.
I'm in the same position. I have several contacts through family connections in trading, but am more interested in corporate finance/M&A. Can anyone provide insight on this?
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