Corporate Banking exit opps?
Planning to switch from IB to Corporate Banking to have a better WLB. I really don't care about IB's 'prestige' anymore. The work is boring (BB Coverage in NYC), my mental health has plummeted over the past ~6 months. I'm planning to have an internal transfer within my bank to the Corporate Banking department. However, I don't plan on staying in Corporate Banking till I'm 40 and becoming an MD. Curious to hear what kind of exits do Corp. Bankers get. Would appreciate it if you could provide examples from your friends & colleagues and also include bank name/type, position (AN, ASO, VP) when they left CB.
Is 40 an average age of MD in Corporate Banking?
Curious as well. I’m in CB, just got promoted to VP but I’m bored out of my mind. The pay is solid and I work no more than 45 hours a week but the work is extremely boring.
I honestly have not seen a ton of people exit since the WLB is so good.
how is the work boring, isnt it modeling and credit application? Just want to know
I’m not modeling. I’m in a sales role.
Is modeling really that exciting? wtf
I guess once you start climbing the ranks, it becomes a Sales job (which I guess makes it more fun (?) lavish dinners with clients etc.). Also without naming your bank, could you share your pay at each level and how many years you spent going from AN -> ASO and ASO -> VP. Would be a great value add for this thread. Many thanks
What is An1 An2 pay for Corporate Banking at BBs? Anyone have an idea of bonus on top of the $85k An1 base?
I worked at a larger balance sheet bank in CB. Not a BB but a bank with a balance sheet that puts them just outside them. Analyst 1 I got 80 base, 25 bonus, 12 sign on and analyst 2 I got 85 base, 45 bonus and then analyst 3 I was expecting 90 base, 60 bonus. I’m assuming with the associate bump I could’ve done close to 200 as an associate 1 but never heard someone throw out numbers for associate pay. I left for an IB gig in my 3rd year in CB. I’m assuming BB pay is similar or a little more. The hours were like 60/week on average with some weeks that were busy that required late night and weekends and when it was slow we would leave at like 4/5pm but 60/week would be average I say. It’s a good gig with the pay / hours
Those numbers seem highly for CB. Know a couple associates that got 120 + 30-40k bonus at a BB that houses CB & IB together
Hi mate, could you dm me? An intern in cb and would like to ask you a couple of questions. Thanks.
Did you face challenges switching to IB? Currently work in big 4 public accounting as a third year. Close to receiving an offer as an analyst in a MM CB, long term goal is to end up in MM IB. Weighing my options as if taking a MM CB role or potentially switching to FDD group at big 4 is better for my goal.
Also the pay mentioned higher up in the bread by that VP sounds low to me. It all depends what kind of bank you’re at. If you’re at a shop where they house CB/IB together and the main focus of CB is to be driving capital markets fees (not just lend and collect some deposits) then pay will be closer to IB but with a discount on the bonus
Juniors from my group that did leave went to corp dev or pe. I would say a majority stayed though due to the pay and hours especially as you keep moving up. Treasury is another Corp role that makes sense since the CB’ers main contact / point man will be the treasurer
corporate banking to PE? didn't know that was doable. Maybe credit funds?
It’s possible, with the right connections and hustle. But not the easiest route. I forget what type of funds they went to
Ive heard of people going to private credit firms as well, not sure if its been mentioned already
People that go to private credit funds likely have modeling experience. So I'd make sure your CB group offers that.
Does that mean it depends on if youre in a coverage group at a bank that combines Corporate & investment banking?
can someone explain banks that combine CB and IB
I’m going to try but maybe someone else has a better way to word it.
Some banks will literally call it the Corporate & Investment Bank. The biggest difference in my eyes is that banks that combine it have higher expectations of the CB relationship managers, i.e. should be driving larger fees through pushing to be Lead or at least Bookrunner on capital markets and be pushing for lead or tier 1 JLA in bank groups. There will be more expectations to be able to be strategic with companies. You’re not running with buy/sell side processes but there were times when we put together buyside pitches and did research on potential targets and financing alternatives to talk with the company
While other banks will split it out and CB there is basically like commercial banking but for larger clients. You’re focusing more on lending + deposits (and whatever ancillary business your bank offers). Typically I would say these are the small to mid-size balance sheet banks. They’re a much cheaper model, paying people less and they don’t need a large syndication desk because they’re always participants in deals and not leading. You’re not strategically pitching, you probably don’t really even have that much junior support and if they do the role is more of that of a credit analyst. Underwriting, portfolio management that that type of stuff. If you have a capital markets desk then you’re probably just taking bond tips at the junior co-mgr levels
I think there’s gray areas and in between on this but how I thought about it when I worked in CB
thank you that kind of made sense. so lets say you are an analyst at a CIB, is your work going to be centered around CB tasks or IB task
Non-BB CB analyst base salary was 85k + 10k signing bonus. I heard bonus was around 30k
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