BAML / Citi Credit Risk
Hey wanted to get more info on how Credit Risk functions at Citi / BAML
Questions:
1) Is it similar to how JPM Credit Risk functions? Or is there more of a skew towards process and portfolio management? Who holds the pen on committee papers, models, etc. ?
2) How is comp like? Base should be the same as IB? What is a typical bonus %?
3) What are exits like? I know that in the other Credit risk threads that have said that exits include private debt, credit AM, etc. / or going to the IB teams? How much of a disadvantage is a credit risk person at versus IB folk for buyside (debt opportunities), and how possible it is to lateral to the IB groups from credit risk at these banks - are they known for mobility?
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disadvantage?
As in I've heard that Lev Fin / M&A would still have a leg up on credit-oriented buyside roles even when compared to someone who focusses on credit risk
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1) There are several types of roles in credit risk: - Relationship management - 100% relationship management and you get no modeling experience whatsoever. - Quants - manage models run stress tests - Compliance/legal/regulatory risk - analyze mostly qualitative risks - standard credit risk guys - they perform the financial analysis, draft memos, and use the other teams as help
Make sure you know which credit risk position you're interviewing for.
3) I can't speak about comp, but I know you can easily lateral inside Citi from credit risk to IB, or wherever you want as long as you're a good employee. Citi's culture for internal movement is great.
Warning - JPM has moved and is in the process of moving most of its credit risk division to Plano, Texas. I'm not sure if other banks will do the same but it might be something to think about for your future.
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