Anyone have any insight on the lev fin group at Citizens Bank? I'm curious as to how the group is structured given that it seems to sit within a commercial bank.
Would also be helpful to understand how the detachment from RBS is affecting the group.
Thanks in advance.
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I do have insight- currently working within the Commercial Bank at Citizens. Lev Fin is a good group- a lot of deal work and ability to move up within the organization. Lots of exposure to Capital Markets Group. If offered a position with Citizens Lev Fin- I would recommend taking it.
Suz- Can you give any insight into hours, comp, dealflow, etc?
Sure- hours range from 40-60. Generally closer to 60. Comp for analysts ranges from $70-$95 Associates $80-$100. Portfolio Managers $100-$180. Bonus structure is not as defined as other banks but generally expect about 10%-20% of base. You will be working on all types of deals- with PE groups and also will usually be part of a deal team and almost always working on live deals- first year analysts may not get client face time depending on deal team but will get face time with senior execs in the company. It's a great place to launch a career. If anyone is looking or has an offer- feel free to PM me.
Sorry- meant to say hours are usually more like 40- the 60 figure is if there is a tight deadline and is not the norm.
What does associate translate to in the bank hierarchy – AVP? Does Capmkts leverage transactions off the commercial/corporate balance sheet or their own? Weekend work? What type of backgrounds does your group look for in lateral hires – IB, fixed income credit, etc? Thanks
At Citizens- AVP/VP , ect. are slightly grey areas. I've seen PMs as officers up to SVP (very rare). But basically Associate=AVP (i.e. You could be an associate with an AVP title). Cap markets (to the best of my knowledge based on the interactions I've had with them) uses the comer/corp balance sheet. Weekend work is variable. I have only worked 2 weekends in the past year. But I don't screw around- and have a family and life outside of work. We look for people who understand the business of commercial banking- deal structure/negotiating experience/ decent modeling skills/ strong finance and accounting / basic regulatory understanding (Basel I & II) personality plays a part too- need to be able to deal with tight deadlines multiple internal clients and attorneys. Hope that's helpful!
is leveraged lending on the same pay scale as traditional commercial banking? does CFG adjust comp to reflect the nature of the position as capmkts-focused?
I think LL gets a bit more- bonuses are also higher.
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