BofA Corporate Banking
Hi all
I’ve been looking for info on Corporate Banking Group at BofA. Appreciate there is some info on Corporate Banking at BBs with the idea that Citi is best on street when it comes to Corporate Banking but was wondering about BofA.
how prestigious is it? what about comp? internal mobility?
also is there a possibility to transition to MBB after few years ?
talked to someone there who told me they were doing a lot of interesting job including ratings advisory, merger models for acquisition financing but not sure how it is really there ...
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"also is there a possibility to transition to MBB after few years ?"
Are you trolling?
Bump
Hi, not familiar with corporate banking but if you’re referring to corporate broking I can provide some insight:
corporate brokers are appointed to companies listed on the LSE and are essentially the companies main relationship / point of contact for anything. It could range from ‘hi please can you find out why our stock has dropped 5% today’ i.e who’s been selling their stock and why.. to ‘we’re thinking of buying this company please can you assess the accretion’. It’s a very relationship driven role so if you have a sales personality / like the idea of building relationships and being a sales man then this could be a good role for you. Although it’s a very challenging role as a large part of the role is discussing regulatory matters with the client, it is more legal orientated and you have to know all the regulations and requirements of the markets (and in case you don’t know already there’s is an incredibly large amount of regulations so there’s a lot to remember which makes the role more challenging than other teams) so if you find the idea of reading documents, regulations and legal work boring then this is something else to consider.
Being a corporate broker means you’re the eyes and ears of the market to these companies, and due to this you have to be in earlier than other times, you should be in by 8am.
You do get exposure to modelling I.e merger models and the occasional DCF, however you’ll never touch an LBO and you’ll rarely build operating models so for modelling learning a sector or M&A team is better.
Exit ops are very similar to an ECM banker, although usually people in corporate broking stay in it for the long term it’s not a role which people use for the exit compared to sector/m&a teams which 90% of people use for the exit. But it’s still possible to move into traditional exit ops if you come from a bulge bracket team, but less common.
Comp at the junior end (associate and analyst): base salaries are the same as traditional IBD although bonuses might be slightly lower on average and if your corporate broking team has a very good year then bonuses will probably be the same as traditional IBD.
Regarding your point for MBB, I would say if you have the strategic / analytical mindset of a consultant then it will be possible as long as you’re coming from a bulge bracket corporate broking team (BAML is fine) but I would start networking ASAP if you wanna move into consulting as breaking into MBB is very difficult.
thanks
no one for corporate banking at baml?
Corporate banking is a great group to start off in if you can't find an IB offer. Once you prove your worth in corp banking, it's easy to switch into a different group.
As someone who worked with Corp Banking a lot, it's very much relationship focused and debt financing focused (since most deals Companies do are debt financed/much more of a need for debt than equity financing)
Any Corp Banking job at a BB, from a prestige standpoint, will be looked at the same. Citi/BAML/JPM/GS/etc.
Comp will be slightly less than true IB. Salaries are the same, but you'll most likely only receive 50% salary bonus (vs 75%+). You'll work a similar amount (definitely 100+ hour weeks) but it'll be slightly less than IB.
With Corporate Banking, you are the face to Public/Private companies with any produce that you can offer to the client. If the client wants ratings advisory, equity financing, M&A ideas, debt financing, etc, they'll let you know so that you can pull in the right produce/industry team to give their special expertise.
The models for acquisition financing occurs when the M&A specific team is too slammed or if the deal is too small to make big splashes in the bank. You won't need to know how to do a full merger model, but a cash flow debt paydown anaylsis, which well help set you up very well for either the leveraged finance group or a PE exit.
A lot of great things are learned in corporate banking and shouhld be treated with just as much respect as IB.
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