Global Commercial Banking?
I was scanning through my university's job website and one of the positions that you could apply for was global commercial banking.
I tried asking around and looking it up myself but came up short on information of what this actually pertains of.
Our Business:
Global Commercial Banking (GCB) serves more than 100,000 business banking and more than 30,000 middle-market clients through dedicated client teams who provide seamless delivery of the bank’s full capabilities, including investment banking and M&A, wealth and investment management, integrated credit and treasury solutions, and international banking services
GCB consists of six core businesses including:
• Middle Market
• Business Banking
• Specialized Industries
• Commercial Real Estate Banking
• Bank of America Business Capital
• Dealer Financial Services
Overview of Summer Analyst Role:
Summer Analysts are provided corporate experiences with one of the six core business within Global Commercial Banking.
Responsibilities include:
• Performing various financial analyses
• Conducting comprehensive and in-depth company and industry research
• Preparing presentation and other materials
• Managing several projects at once and working effectively as an individual and as part of a team
Qualifications:
• Rising senior with outstanding academic qualifications
• A track record of superior performance in extracurricular and professional activities
• Strong quantitative/analytical skills, attention to detail and client focus
• Strategic and creative thinking; distinguished written and oral communications skills
• Assertiveness, initiative, leadership, strong work ethic, team focus
• Ability to learn quickly and take on new responsibilities
• Dedication to building a career in the investment banking industry
I read all of that but I still don't quite get it. Is it really still "ibanking" as the last line states and the description states that it caters business banking services and to middle market clients even though it says commercial banking.
This is from B of A global commercial banking. Is it similar to Citigroup GTS?
Or is it more like DCM?
It is commercial banking.
Commerical banking - Retail - Middle Market - Corporate
Within Middle and Corporate - Cash Management - Public Banking - Trade Services - Loan Syndication - Etc
IB/Trading/Etc are all separate. Citi GTS is a close comparison.
Doesn't Citi GTS focus on the same thing but internationally? It seems like BofA's presence isn't as international as Citi is. Even though there is a "global" attached to the description, is BofA's focus mainly in the U.S?
Might have a global focus, but if you end up doing corporate banking or middle market something you will be in the USA. I think the global aspect pertains to the reach of the bank, not necessarily what you will be doing for work.
End of the day it isn't going to be anything like IB. That doesn't mean it isn't a good career choice, just make sure you know what you are getting yourself into.
What does commerical banking arms of banks for companies entail of? Is it just giving loans out to F500 companies and middle market companies?
Each bank is going to be different. Generally you have Small Business which is up to 100K. Then you have Middle Market which is 100K-2Mill. Corp is 2mill and above.
Mom and Pop hardware store - Small Buss Medium Size manufacture - Mid Market Nike - Corp
Mid to Corp you can do a lot. You can be in the lending arm where you are a credit analysts/loan officer/relationship manager. You could be in Payments/Cash Management which is really advisory services for Middle/Corp customers. You know when you pay your cable bill and it goes to a PO Box. That is a Cash Management service. You could be in Trade services where you would set up FX transactions, letters of credit for freight, etc. There is loan syndication for larger companies (think corp banking). Public banking focuses on cities, etc. A lot of stuff within the commercial banking realm.
Money is decent. It has been said before, but I will repeat it. Salary is pretty comparable to IBD up until mid associate/VP level, then you have a separation. This is a more 9-5 type job, but can get a hectic.
Is it really true that pay of a first or second-year analyst in corporate banking is roughly the same as in IBD? I have no clue but I am just wondering as I would assume a postgraduate job in corporate banking would entail much less sacrifices in terms of lifestyle.
aka corporate banking aka transaction banking
Base salary is going to be about equal. Bonuses will be a little less. Like I said, salary begins to break away fairly soon. You have more of a life doing commercial banking, less ultimate earning potential. Base salary 60-70K.
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