Citi GTS - How is pay and hours?
as far as I know, this is the corporate banking division of Citi, correct? What are the pay, hours, and exit ops like coming from GTS?
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GTS stands for Global Transaction Services.... and it has nothing to do with the corporate banking arm... it's more focused on cash management services, security services (guarantees, share registre, etc). And also may involve some loan products (such as ACC, ACE, Asset Backed Finance, etc). In terms of the hours and pay, I really have no idea. If you are expecting to learn modeling or any other skill set you would get from IB, forget about it. It has nothing to do with it... Hope this helps.
Well, I think you have said this quite appropriately. GTS-like businesses are nothing to do with a typical analyst job. You will be doing financial reporting, finance, process management and other functions -- but you will NOT be doing models (or bottles, for that matter). The hours will be better, the pay will be worse and the prestige just won't be there.
http://www.jpmorgan.com/tss/WssHome/Securities_Services/1114735358205
http://www.jpmorgan.com/tss/Home/Treasury_Services/1102086506985
These links should show you that these organizations are legit; but its not investment banking as glorified on these boards.
Good luck mate!
Well, I think you have said this quite appropriately. GTS-like businesses are nothing to do with a typical analyst job. You will be doing financial reporting, finance, process management and other functions -- but you will NOT be doing models (or bottles, for that matter). The hours will be better, the pay will be worse and the prestige just won't be there.
http://www.jpmorgan.com/tss/WssHome/Securities_Services/1114735358205
http://www.jpmorgan.com/tss/Home/Treasury_Services/1102086506985
These links should show you that these organizations are legit; but its not investment banking as glorified on these boards.
Good luck mate!
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The time is now, seize the day ...
Financial reporting?? that sounds like accounting..
GTS is definitely legit since it's the revenue powerhouse for Citi generating 50% of its annual profit..
I just accepted this GTS SA offer, but im not so sure what are my responsibilities.. I know I will either be working with the client sales management group or the client delivery group..
Sounds like treasury services e.g. cash management, notional pooling...
Pay would be same base as IBD, but obviously nowhere near the bonus level. That said, bonuses in IBD are nowhere near the bonus levels of years past.
Hours are fantastic. You'd be looking at 8am-6pm days (variable depending which division you're in) and no weekends. Overall, you'd be choosing a work/life balance over driving a porshche at age 30.
Exit ops would be along the lines of Treasurer, VP of Finance, etc. Or simply being promoted up the ranks.
is it possible to leverage a summer internship in GTS to FT IBD at all? Which of the two areas (Treasury and Trade Solutions & Security and Fund Services) would give me a more relevant experience?
Well, anything's possible, but its not very likely. If you are taking this job with the assumption that you'll be able to get into IBD, don't take the job. Neither of the groups will give you the experience particularly relevant to IBD. If you can find your way into the sales group, you may be able to work on pitches, but more importantly, your bosses will have relationships that could be beneficial for you, if you manage your relationship well. From a technical perspective, working in a Risk group is probably as sexy as the work will get, but still, not that applicable to IBD.
As Jay said, you will not go from GTS to IBD. That being said, GTS has been one of Citi's brigther spots over the past two years, growing faster than any other business. Unless you are deciding between an IBD or S&T offer at another top firm (and I am assuming you are not since you didn't have the intelligence to do enough research to find out that GTS is not corporate banking...), GTS is not a bad place to end up. You will probably make more on a hourly basis than the bankers this year anyway.
I leveraged a sophomore GTS internship into an IBD junior internship and now i'm FT IBD. It can definitely happen.
this is considered "corporate banking." I believe deutsche calls it global transaction banking.
The world has changed. And we must change with it.
At Citi, this is entirely different then Corporate Banking. Please understand the differences between firms. These are two seperate divisions. Corporate Banking may do revolving credit facilities, equipment loans, etc. and GTS actually helps the firm with money management services including the occasional loan. Once again, in Citi - these are two different divisions. According to the website:
The Global Transaction Services group provides cash management for general businesses and financial institutions worldwide, as well as comprehensive solutions for trade finance and securities and custodial services. The group makes full use of the Citi network, which spans over 100 countries, to provide not only services to meet the everyday needs of clients, but also comprehensive tailor-made settlement solutions.
As a side note, Corporate Banking and Investment Banking are now merged units - although this really hasn't impacted anything except client coverage.
Does anyone know if first-year analysts at Citi GTS receive bonuses? I just got an offer and I know what the base salary is, but I was hoping that there might be a bonus too. It doesn't look nice to ask the recruiter straight away because I just got my offer a few days ago.
Thanks!
Yes there's a bonus...For first year, about 20%
Don't do back office.
I have a colleague that was a SA analyst for BB treasury in his junior year. Now he just accepted an offer at the same bank in their leveraged finance group.
I've interned with Citi GTS in the past, granted it was during the academic year in a non-NYC office (Boston, SF, Chicago, etc).
You'll be working a lot with ops, and tax. I was placed with fund accounting. Definitely not an easy transition to banking. Can be done if it's not a junior summer internship, otherwise you're probably stuck in that role.
Umm I don't think thats how the NY office works, Client sales and delivery group actually work with clients most of the time and its mostly a Sales and product specialist position according to my mentor. He says a lot of work involves calling and receiving calls, so I need strong verbal skills. Local offices might do something different, plus a part-time internship, they probably wont let you interact with important clients. At least I think they wont pay us that high just for doing accounting work..
What are the people at Citi GTS like? I'll be joining them this July. I'm afraid I wasn't too impressed by the people who interviewed me. They asked too many stupid personality questions, and didn't test my knowledge at all. Moreover, they all seemed kind of dull, uninteresting, boring and not very intelligent. On the other hand, they were very nice, which is of course a rare asset on wall street. Any advice from a GTS current or alum would be great!
This isn't a front office IB position. Hence why you received nothing but fit questions. GTS is more of an advisory type position. I would refrain from judging them or calling them ignorant. If you were the sharpest knife you would of gotten a position at an IB instead of this.
@ AnthonyD1982
You're right, I did in fact shoot for an IB position. But as I'm sure you know, getting a job esp in this environment is less about how smart you are and more about knowing the right people and networking your way in. But of course, I should refrain from judging. Just wondering if you've worked at GTS or have had any experience with them.
Why insult the people who you are requesting a job from? If they're underqualified, what does that make you?
They might not be underqualified, just that I did not get the best first impression. But you're right, I'm the one who needs the job. They don't need me.
Question:
Debating taking an offer from Citi GTS. It would be in their sales group and I would come in at Senior Associate. Does anyone have an idea of what base salary would look like? Thanks
bump =D
bump
Citi GTS is the place to be (Originally Posted: 01/10/2010)
Headline story today in the WSJ:
http://online.wsj.com/article/SB126317001431624045.html?mod=WSJ_hpp_sec…
Doe this make the GTS analyst program more desirable than most IB analyst positions?
GTS includes a lot of treasury management, cash management, Trade services, IE not front office IB positions. I think it is a much better area to be in as compared to operations, but it is not front office IB which is highly sought after. Trade financing is pretty interesting (LOC,SLOC,etc). Citi really competes with HSBC in that space.
leverages commercial banking business, one of the fastest growing businesses out there, not just Citi, but Citi has gotten alot of positive reps in the media for the GTS growth that's something like +60% last year if I remember correctly.
GTS at other large banks if you are interested in working in that area"
http://www.us.HSBC.com/1/2/3/business/other/trade-services
http://gbm.RBS.com/psp/public/pagebuilder.aspx?page=gp2320
https://www.wellsfargo.com/inatl/trade_svcs/
I knew some people at HSBC that did Trade Financing. Pretty interesting.
No.
How much lower is the comp in Citi's GTS, and JPM's T&SS compared to IBD?
Are GTS at Citi and T&SS at JPM the same thing?
You get 60k base and 5k bonus. This only widens at the VP and MD level where bankers pull in 500k or 1 mil and you get 120k to 200k.
Bonus is more like 15-18k
As a GTS summer alum, i can definitely say that it is a great place to work. That said, there are definitely some differences between GTS analysts and IBD analysts.
Money: IBD - $60-70, full bonus GTS - same base as IBD, 1/4 to 1/3 the bonus
Banker Exposure: IBD - huge groups limited exposure to senior bankers GTS - huge groups limited exposure to senior bankers
Client Exposure: IBD - often exposure to C-level execs GTS - rare exposure to CFO, most exposure to treasuers and finance directors, etc.
Duration/Exit Ops: IBD - the classic 2-year program with buy-side exit ops GTS - more of a career than a limited program. exit ops could include working in finance at a F500, becoming a treasurer on the corporate side, etc. There's not really much of a skillset that can translate to the PE/HF world
Hours: IBD - you know GTS - definitely 9-6 with limited work on weekends.
On the last of the internship we had to create a presentation to market GTS to prospective college kids. The bottom line is you would choose GTS over IBD for the work-life balance.
^^ this was about 3 years ago, before Citi tanked, so things may have changed...
True, Citi is not as great anymore.
1styearBanker, Base/sign on is def.. in line with IBD for JPM TSS 70K base/10k sign on, I'll settle for 1/3 of IBDs bonus for the next 3 years of my life before B-school
I hope you also settle for Rutgers Bschool and a crappy no-career switch when your resume has back office on it. You'll likely go back to back office and stay there making 200k as a MD while I'm a partner in a PE shop. Later son.
By the way, 10,000 out of 60.000 is not 1/3. I used generous numbers too because I still think its still 5k for back office. Learn some fucking math (oh wait you won't that's why you're in CTS or w/e the fuck u call it)
ok...
& I was talking about the 18K I just rounded up by 2k
GTS is an Asset Management, trade and treasuries, business analysis type of position. Thats not a back office, you are interacting with clients over 100 countries including public sector government treasuries. I have some friends who leveraged from GTS to IB with no issues, plus, the pays are really good for a first year analyst, I believe it was 60k base+ 15-20k bonus. hours are like 9-6.. I don't know where you got the 10k from. its actually more than a 1st year IB on a hourly basis.
I don't think this guy even know what he is talking about? what a slip through if someone hired him. Just do well in whatever you are doing and stop being cocky!
I assume you are just a troll, because there's no way you are like this in reality. Someone with these dipshit views could not actually have friends or be happy.
If you are a troll, then nice job choosing a name. Makes the content of your post that much funnier.
Your friends who leveraged GTS to IBD were FT, or SA?
He was SA GTS - FT IBD, its not uncommon if your goal is to become an investment banker.
Good to know, I actually accepted a FT offer from JPM T&SS which is Citi GTS's competition in the liquidity/ cash management/trade finance/securities lending. I'm hoping to get a position in the new global corporate bank unit which is a joint venture between TSS and the IB. I hope to use my experience there to eventually get into the IBD.
I don't think you can compare GTS to IBD.
What are SA and FT short for?
Summer analyst and full time.
My bad, thank you!
I'll be joining Citi GTS as FT this July, but ideally wanted to be in IB. The Citi GTS program is two-years long. Just wondering how long I should wait before even trying to transfer to IB. Of course, I don't want to piss of my MD in this recession.
"Citi Unit Grows -- With Feds' Help "
I hope I'm not the only one who finds that funny.
Just for those who are making the Citi GTS and JPM TSS comparison above: they are essentially the same divisions, yes, but if given the chance would go for Citi GTS since it is much wider in scope (hence larger range of opportunities for internal mobility etc), GTS is hugely present across 100+ countries which also gives the geographic mobility one may look for a year or so into the grad programme. JPM obviously has a better brand name but JPM views its TSS division as a middle office one whilst Citi has clearly placed emphasis on GTS (even more so in the past couple of years where GTS was the only division bringing in revenue!) as though its front office - placing it under the ICG (Institutional Client Group) etc.
Overall Citi GTS vs JPM TSS --- > pick Citi GTS!
Things are already picking up for Citi..
To everyone on this post and future posts, lets get something really clear.
GTS, TSS, what the hell ever, they are completely different and separate areas. FO/MO/BO only matters when you are talking about investment banking. GTS is a sales/advisory/client managementt role. Has nothing to do with banking, you're not going to be modeling/DCF'ing/Comp'ing/ whatever. GTS is cool in its own right and a decent job, but you are not going to make the kind of money bankers do. This is not meant to shit on GTS, I worked in GTS a while ago, but this is simply to clarify what the hell people are talking about.
For all the junior members reference, unless you are at a WSO convention or something no one is going to know what the hell a FO/MO/BO is. Furthermore, if you are not FO then you are BO. This shit about trying to cling on to banking when you aren't being a banker is pathetic. Just be happy you have a job and roll with it.
Citi GTS Associate Program (Originally Posted: 10/26/2010)
From the Citi website it says:
"Associates are placed within one of the GTS business areas; Client Sales Management, Product Management. The type of position and deliverable vary for each Associate according to placement and business need."
Does anyone have any more in-depth knowledge of the types of associate roles within the GTS umbrella? I come from a commodity/macro type trading background and would really appreciate any extra info shared here.
The roles are all mostly product management type of roles, doing a lot of business analyst role. Under GTS there are the typical product management, client facing roles, and operations. If you are thinking of trading role, this isnt the place for you.
Thanks KB for the reply. Any idea of typical comp.?
Not sure about comp...should be ball parking at least 60K base, don't expect a high bonus...maybe 10-20%
Ouch...
I have GTS experience and was offered 70K plus bonus at a large bank a while ago. All in comp for Y1 would of been 80-90K total. Not bad for a 9-5 jobs. Typical flow would be towards a GTS relationship manager or maybe product management. There comp would be 90K or more for base plus a good amount for sales bonus.
It isn't the same associate as in banking. Shit, Macy's has Sales Associates, but that doesnt mean they went to Wharton and make 200K a year.
This doesn't seem to make much sense...
Look it's your GTS program not your IBD or S&T program at Citi. 70K as associate in GTS is typical and not that bad. First off are you undergrad or MBA?
I got my MBA 5 months ago. Do you work as an associate at Citi or are you talking out of your ass? Both are honest questions given your online disposition...
Didn't mean to be a dick, sorry.
Basically associate in GTS=analyst. Most places just call people associates. 60-65k plus modest bonus is common on GTS. I was offered 70K plus bonus (in regional market), but I also have experience. Your all in comp for Y1 will probably be 70ish, but you will be working only 60 hour a week as compared to banking.
First thing you will need to do is wipe your face.
70 k is not bad for a back office gig.
gts has analyst and associate so they are not the same.
analyst is usually 60k so that doesnt make much sense
Not every bank has this distinction.
GTS is not BO. It is FO, but in an entirely different business unit.
60-65K for an MBA is kind of low, but you really don't need an MBA for this career. My MSF played no role in my offer, just my previous experience. This is kind of a trade type career where experience trumps education.
Like Anthony said above not all distinguish between Associate/Analyst. In research you would start as Associate first. So don't call me a dumbass. And it was a question to you...not to make you look like an ass. RESPECT the advise you get don't tear other people apart!
My apologies if your question (undergrad vs. MBA) was genuine. I just figured that you were being facetious given that everybody knows (or should know) the general differences between Analyst level positions and Associate level positions.
Not all start on analyst level. In transaction service at big4 you would start as associate, no such thing as analyst.
Can anyone help describe these Citi GTS departments? (Originally Posted: 05/06/2011)
I will be interning in Citi's GTS NYC offices during the summer. My intention is to be in a front office position and be able to work as closely as possible to Citi's clients.
I will be able to chose my top 3 options out of this list. Does anyone know which group would offer the best front office opportunities?
Cash Management (Receivables, Liquidity & Investments, Payments, Commercial & Prepaid Cards and Information Services)
Trade (Trade Services and Trade Finance)
Securities and Fund Services (Fund Services, Investment Administration Services, Global Custody, Securities Finance, Clearing & Settlement, Direct Custody, Agency & Trust and Depositary Receipts)
Thanks
bak office back office and back offce
bak office back office and back offce
I think Trade might be your best bet...I am not sure about the specifics, but it sounds like you would at least have contact with traders. The other two sound like internal accounting/compliance.
Citi GTS - Any information or experience? (Originally Posted: 03/04/2007)
Does anyone have information or experience with this part of Citi's IBD?
GTS is not part of Citi's Global Banking division. It is a seperate department under it's own division, Global Transaction Services. Citi's website provides a detailed explanation - http://www.Citigroup.com/citigroup/oncampus/d/cib/qp24.htm
GTS is a subdivision of Corp and Investment banking.
http://www.transactionservices.citigroup.com/transactionservices/homepa…
Do you have any personal experience with GTS? Any comparable departments?
hglimore is right that GTS is not apart of Global Banking. Global Banking at Citi consists of Corporate Banking and Invesment Banking. Although, GTS is apart of the Corporate and Investment Bank, it is completely separate from I-Banking.
I understand that, I was just saying GTS falls under the "Corporate and IBanking" division at Citi. Anyways, nomenclature aside, can you or anyone else give me some insight into the department besides whats on the website?
It's going to be hard to find someone on this board in GTS because it is a very new program. It is however the fastest growing business within the bank. I don't think it's necessarily a front office position. From my understanding they provide services to companies that facilitate international transactions. It's not as "sexy" as corporate finance. I think it's more a strategy business.
Citi GTS - New analysts this year? (Originally Posted: 11/04/2009)
What is the pay like over there for the new analysts this year? Is it same as IBD - 70k?
Don't they tell you when you get the job?
60
60k? Damn lower than I thought.
GTS analysts obviously don't work IBD hours but considering that GTS consistently brings in huge revenues for Citi you'd think that bump up pay for them as well. Guess not..?
yea, 60 is what i've heard. signing bonus too
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