GS BJ vs Citi HK

hyz027's picture
Rank: Chimp | 12

I am IBD summer internship Offer from GS BJ and Citi HK. Would really like to hear some perspectives from someone who's worked in the banking industry before in HK. In the future I would like to work in China mainland, either PE or some in-house M&A team. I need to make the decision really soon.

Comments (23)

Feb 24, 2016

If you have no problem working in Mainland China, there is no marginal upside to going to Citi HK over GSGH. GSGH is where you should be.

Feb 24, 2016

Thank you for your reply. My main concern is if GSGH is as prestigious since it's located in Beijing. Also I am not sure about the work split b/t HK and BJ team. Do you have any information on that?

Feb 24, 2016

Yes. GSGH will have contact in the deal process with most of the business that involves China. Consensus is that for GS, emphasis at jr level for China-related deals is being shifted from HK to BJ.

Regarding prestige, yes HK is a more "prestigious" finance hub than BJ and most banks' China JV counterparts reflect that (UBSS<UBS, First Capital<JPM). Usually the proxy for "prestige" can be reflected in pay. GSGH is the only BB JV in Beijing (AFAIK) that pays global pay. This should be enough to tell you that anyone who knows anything about China IB will not give you a reputational discount if you go to GSGH ASSUMING your career is in China.

That said I turned down GSGH because I am uncertain of whether I want to be in China forever, I hate Beijing (health problems), and because I know that my product is M&A, and GSGH deal pipeline (even now) is ECM DCM focused. But if u don't mind what product (blank slate) and you want to stay in China, I think GSGH is a no-brainer at this pt....

Feb 24, 2016

The thing is I did an M&A summer internship in HK and I really like M&A and HK. ok I will try to think it thru. Thank you!

Feb 25, 2016

Why would anyone want to be in bj? I'd go to HK for sure

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Feb 24, 2016

I dont want to pass an opportunity to have GS on my resume plus BJ is a great place to live except for the environment issues.

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Feb 25, 2016

Before you choose - do check with juniors that are working there. The challenge at times with the APAC offices, especially HK / Shanghai / Beijing is that those teams spend most of their time translating work done by the sector and M&A teams from London or NYC! I know my firms HK IBD team finds themselves in that situation all the time and even more so for our Beijing team.

Feb 24, 2016

I don't know what kind of firm does this. Most BBs I know have dedicated back office translation teams for this kind of stuff. Unless there's a special circumstance (e.g. Tight deadline) FO staff will not do heavy lifting translation work for their own offices, let alone overseas offices...

Feb 24, 2016

They do but the BO usually do the work really slowly therefore they let lots of junior analysts esp interns to do those translation.

Feb 25, 2016
scroogemcduck:

I don't know what kind of firm does this. Most BBs I know have dedicated back office translation teams for this kind of stuff. Unless there's a special circumstance (e.g. Tight deadline) FO staff will not do heavy lifting translation work for their own offices, let alone overseas offices...

That's like saying "Every BB has a creative services team and analysts don't have to charts and slides"

The so-called "special circumstance" is actually most of the time. The truth is that the translation services will still require lots of proof reading from someone who understands the context of the situation. On top of that, to say you don't do heavy lifting translation work for overseas offices is even more ridiculous - if it was produced in the HK office, they'd do it straight into Chinese and not require translation in the first place.

Time is not something that is in abundance...let alone f*** ups from a 3rd party.

Feb 24, 2016

Thanks for reminding. I also met this kind of situation in my last internship in HK. You mind PM me which bank you work at? The thing is that I asked them and it's really just standard answer. They won't say that they do translation all the time.

Feb 25, 2016

Actually GS BJ pays better than GS HK because they want to match the after-tax income. I see no reason to choose Citi HK since GS BJ/HK is essentially one team (with a bit different focus). But I heard you'd better not show your interest in HK during ur internship if you want a return offer.

Feb 24, 2016

I think the pay is the same (from my internship offer letter). What's the different focus you just mentioned? Also where did you get your information? Many thanks.

Feb 25, 2016

I was talking about all-in package for full-time associate. I got info from current associate there. BJ definitely focuses more on China related deals while HK spends significant time for other Asian counties. I heard they will staff people cross regions for deals.

Feb 26, 2016

it's the end of march how have you still not decided

Feb 24, 2016

HR told me she had one more headcount and since I never replied whether I would take the offer she wanted to confirm if I am still open to the position.

Feb 24, 2016

Its February also...

Feb 26, 2016

oh haha that's what i meant... so you've probably already signed with one of them (it sounds like you signed with GSGH to me)? If that's the case, it'd be absolutely ridiculous to go back on the GSGH commitment to go to Citi.

Lemme guess, you've got a buddy at Citi pulling you towards Citi? Don't listen to him/her -- word on the street is, citi is shitty

Oct 6, 2016

Citi never sleeps

Observe. Learn. Share.

May 19, 2017
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