Exit Opps with Trusit Leveraged Finance TMT team?

I'm curious to hear about overall WLB as an analyst, and possible exit opps. I'm sure the opps won't be as good relative to other banks but the combination of Lev Fin and TMT gives me hope a MM PE exit opportunity is possible whilst still retaining some form of sanity.  

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Comments (35)

Jun 12, 2021 - 6:44pm

If Truist LevFin does their own modeling (rather than Truist Coverage doing the modeling), your exit ops will be ok. LMM and MM PE possible. If Truist LevFin doesn't do their own modeling, you'll be down a very important skill. I wouldn't assume they do their own modeling unless you know for sure. Plenty of BBs have their levfin teams to be set up for mostly credit analysis and structuring, while coverage does the modeling. Other BBs have levfin do it all.

  • Analyst 3+ in CorpStrat
Jun 12, 2021 - 7:24pm

Will agree that Truist does not have insane exit ops but LMM PE and Corp Dev jobs (excluding super sexy companies like FAANG) are definitely doable. Friends there have better WLB than most other banks. Good luck!

  • Intern in IB - Gen
Jun 13, 2021 - 1:16am

Could you give any insight into which group or just office region (NYC, CLT, ATL) has the good WLB? Thank you

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Jun 13, 2021 - 11:36am

Yes, WLB at truist as a whole is better, but this does not apply to TMT Levfin. I worked in this group and every other group in the bank (besides maybe TMT coverage) did not want to work our hours. You will have barely any weekends off in TMT LevFin and generally hate your life.

OP - please do not listen to this poster

  • Analyst 3+ in CorpStrat
Jun 14, 2021 - 4:30pm

Yeah, I think it's common knowledge that any TMT group (and to a lesser extent, healthcare) is getting crushed rn. Sorry, I should've specified that. The office I was referring to is the Atlanta office, but none of my friends are in the TMT group there.

Jun 12, 2021 - 9:44pm

With the merger LevFin does their own modeling (AFES group now with LevFin) so the exit ops will better moving forward. A quick linkedin search of their TMT Credit Delivery (PM?) team and you'll see people have exited to LMM and MM PE as well as corporate strat/dev jobs at some F500s. So I'm assuming TMT LevFin will have pretty decent exits to MM PE. TMT is a strong group at Truist, and LevFin is the bank's main revenue driver. As for work life balance, TMT has been crushed with deal flow for the past couple months and with strong capital markets activity I'd imagine WLB isn't as cushy as it probably was in the past.  

  • Summer Associate in IB - Ind
Jun 12, 2021 - 10:24pm

How are the exits for associates? Also how's their wlb in normal times?

  • Analyst 2 in IB - Ind
Jun 13, 2021 - 11:16am

You will not have any WLB in levfin. Was one of the sweatiest groups when I was there. It's Truists bread and butter product but the large balance sheet banks still dominate that space (JPM, BoA, Citi, WF) but Truist does get some lead deals. LMM PE or Corp dev in the southeast is doable. Yes AFES combined with levfin during restructuring (AFES is basically a credit/risk/underwriting group for HY deals while Portfolio Management was our credit delivery for IG deals). When I was there, coverage did all the modeling for deals. AFES or PM would do there own models for the credit approval processes but the actual model for buyers/investors was done by coverage in my group

  • Intern in IB - Gen
Jun 14, 2021 - 5:12pm

Do you know if the merger with AFES will change the modeling reps Truist LevFin gets now, as suggested by the other commenter?

Jun 13, 2021 - 11:33am

Please do not join Truist TMT LevFin. I worked in this exact group and cannot say enough bad things. If you want to retain your sanity, this is precisely the worst group in the entire bank you can join.

Please PM me and I can give you more details. DO NOT join this group.

  • Intern in IB - Gen
Jun 14, 2021 - 5:09pm

Think you gotta expand more on this than just telling us it's the "worst group" considering LevFin should be Truist's strongest group... Just unhappy about how much you had to work?

  • Analyst 2 in IB - Ind
Jun 14, 2021 - 9:01pm

Was in coverage not levfin but yes levfin was a pretty soul crushing group. When you combine the deal work along with the endless pitches you do at STRH/Truist and all the internal work you do it's pretty frustrating. And it's just not pitches on an actual potential deal, it's constant relationship building type meetings where the coverage bankers are just bringing the levfin partner with them to continue to build their relationship with the company and so they aren't forgotten when it' time to issue and put together a bond lineup, then to make these meetings worthwhile and actually have something to say you pitch a ton of random M&A ideas with industry updates, market updates, illustrative financing scenarios, etc just for the client to never open the book because they don't need the random shit you're selling (nor do they care because they have JPM, BoA, Citi and other larger banks in their bank groups and who they actually pay most of the fees to and award the good business too). Our levfin partner was constantly on the road all week for pitches, and levfin because they were so busy always got their pages over to us super late (ie MD in meetings all day, then eats dinner, then catches up on emails, then sends comments on the next pitch at 11pm/12am then you finally get to turn late that night and early next morning to get the thing across the finish line). Then it's rinse and repeat for the next handful of pitches. You do this every week for 2 years and then STRH skimps you on bonus or like this year unexpectedly fires a small handful of levfin analysts during the restructuring, then yes you became jaded and tell no one to work there

Jun 13, 2021 - 6:18pm

Know a few people who used to work at STRH who exited into PE and so I'm assuming the exits are relatively similar. LMM PE is doable. Some MM PE is doable, typically on the lower end of the scale (in terms of AUM). The closer you stick to the Southeast, the better your opportunities are. Have seen a few people go to Accel-KKR

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