Corporate Banking vs. Private Banking
Had received offer for Corporate Banking and Private Banking (combined) spring week at Barclays. They cancelled due to corona and will start fasttracking around June.
They're first going to give us an online session to learn more about each division to help us decide which we want to be interviewed for, but I was curious about some vain-ass shit and was wondering if anyone could tell me if my conceptions are wrong!
In my mind:
Corporate Banking:
+ More "deals" / IBD vibe -- does CB work closely with IBD on every deal?
- Harder lifestyle/hours -- how many in London?
+ More "clout"
- More $$$ -- how much in London?
+ Better exits
Private Banking:
+ Easier lifestyle/hours -- how many in London?
- Less clout
- Less $$$ -- how much in London?
- Worse exits
I'm leaning towards Private Banking banking atm, but I think that's contigent on whether it would JUST be relationship management or not, because I'm interested in investment management also. ((Ik going for an AM role would make the most sense for that,, but obviously that's not in consideration here.))
Would appreciate any help and insight and affirmation/shooting-down of my notions! (Doesn't have to be specific to Barclays)
Each role is entirely different from one another. Private banking will be more similar to retail banking. Difference being pb clients are considered afluent.
i see. what about the investment management side of private banking? how would that compare to being at an AM firm?
Depends on the firm. At some big BBs, the Private Bankers just convey most of the portfolio creation and strategies from the analysts that do all of the real finance work. The private bankers would just deal with the relationship management aspect of the value chain. At other shops, private bankers would do some analysis and have analysts below doing work that support the private bankers' views.
a little late to the party. but im working in a pvt bank that has great internal mobility if you wanna move from a r/s job to an investment job to a leding or cap markets etc etc. hit me up if you wanna chat!
Could you give more details about the corporate banking? Pretty broad.
Not sure you would be on deals.
i would love to, but unfortunately i don’t know a lot rn bc the programme was cancelled. i get that “CB” can be different at every bank, and i’m not sure rn if CB is “within” IB at Barclays.
could you provide some insight into what it would be like in either case?
Corporate banking is all deals. It works hand in hand with IB to provide needed financing such as TLAs, TLBs, RCFs, standby LOCs, bridges, etc. IB does the regular advisory we all know about, but like coverage groups between IB and CB work together on the same deals—the function is just different. So to say CB doesn’t entail “deals” is plain wrong.
that sounds good. how would i go about finding out which banks' "corporate banking" is really that or actually more like commercial banking? how do you tell?
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