How does regional coverage work?
I signed for an internship at a BB (i'm from continental Europe) in London, and will be placed in a regional coverage team that focusses on transactions outside of London. My questions are:
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Why is this team located in London instead of the region? Though I prefer London, I do not understand the reasoning behind it, isn't client contact more difficult? And does this mean you get to fly over more often in senior positions?
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What do regional teams typically do? Is this M&A/CM/IPO's/etc
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W/L balance in coverage teams?
1) senior preference and if the firm does not have a presence in the region, also if you have to meet people in the coverage team it's easier if you are in London but I agree that it makes little sense in general
2) M&A/ECM/DCM/LevFin unless you are directly placed into a team that only does one i.e. DCM CEEMA.
3) varies depending on the team - but in line with what you'd expect in IB.
Cheers, thank you! How are teams like these perceived in terms of exit ops/skills that you learn/"prestige" compared to other teams? Also, how difficult is it to make an internal move from this team to an industry coverage team?
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