Comments (5)

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  • Analyst 2 in IB-M&A
Jan 14, 2022 - 1:53pm

Former Citi Industrials analyst here who lateraled to an EB so I can provide some insight. I've heard good things about the culture at CS FSG, and Citi Industrials is huge so it really depends on your subvertical and MD. Personally I had a great MD who cared about us analysts but I also know of some MDs who are terrible to work for. For deal flow it's about whether you want the coverage experience or not. At Citi you'll get your fair share of debt deals as Citi's a huge balance sheet bank. M&A exposure is OK, but likely not better than CS FSG and definitely as not as good as you'd think, and a large reason why I lateraled was because I wanted better M&A exposure. Citi gets a fair share of its M&A credit through financing, which is a story the M&A league tables doesn't tell but is exposed through financial statements (ex. Citi's advisory revenue for FY-21 was even less than JEF, a much smaller firm). Exits from industrials are OK, but from what I've heard from friends likely worse than CS FSG.

Overall, go Citi if you're very interested in industrials or if you want a holistic coverage experience. Go CS if you want better exits.

  • Intern in IB-M&A
Jan 14, 2022 - 4:51pm

Out of curiosity, is advisory revenue a better proxy for "true" M&A deal flow and a better representation of M&A exposure because advisory revenue can show if the firm actually did advisory work vs just got credit?

  • Analyst 2 in IB - CB
Jan 16, 2022 - 7:46pm

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