How are regional banks (think PNC, KeyBank, Truist) viewed by acquisitions teams in repe, especially those at larger repe firms? Currently a second year underwriter in a balance sheet group and would like to make the jump to acquisitions in the next few years.
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I've done this jump. Not overly difficult, but the larger well established firms won't look at you as much. You'd be better off staying focused on more local players.
Good to know the route is available. Given that you've already done this, any advice you have for recruiting/ interviews at the more regional firms?
These banks are generally well respected, making a move to the principal side is very doable. If you want to target the very "top" tier, you should plan on an MBA or even MSRE/D, that would pair very well with this experience. If you stay in the regional space where your bank dominates, you should be very good to go overall (still may want to use the a grad degree as a bump, but far less necessary).
I'm currently mostly looking at NYUs master in re program. Does location tend to matter more for something like that or is it more irrelevant (eg: go to a master in re program in the Northeast if I ultimately want to end up in NYC.
I generally say going to a masters program in the city/region you want to work is the best strategy. Obviously, NYU is in NYC, so if you want to end up in NYC it's an obvious choice (along with Columbia). If you went to MIT or Georgetown, I'm you would get plenty of interviews in NYC (just a quick train ride).
The reason it can help is the bulk of the alumni network tends to be in the region (in fairness, all the schools listed above have national/international networks as they are all top tier brands, so maybe better to compare to true regional programs like University of Florida or University of Utah). If you want to work on the west coast, USC becomes an obvious school. Texas has Rice, UT-Austin, etc.
PNC is not a regional bank.
None of them are - 2 of the top 10 and 3 of the top 20 largest banks in the country. A truly "regional" bank would have some difficulty moving to repe but all of these have some name recognition and do the deals/volume that should be attractive at most places.
They are "regional" from a depository relationship side, I think he means the sub-class of banks beneath the large national set like (BofA, Citi, JP Morgan, Wells Fargo, etc.). As that is nature of the comp set listed.
Just out of curiosity, how would you say Wells Fargo compares to PNC for exit opportunities? I have internship offers from both WF for investment banking and PNC for capital markets
If you asked me the top 3 banks that come to mind when someone says regional those would be the first 3 names I think of.
Is CIT Group viewed well?
Yes, they have a very good real estate lending group, HQ in NYC. Overall CIT Group is a viewed more as a specialized lender, but I think they are a full service bank, just not as consumer focused as others.
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