Comments (97)

  • Analyst 1 in Consulting
Jan 25, 2022 - 12:27am

you think a citi analyst could get an MBB offer?

(this is a joke, it's lighthearted trash talk, please do not flame me, you are all precious and valid for choosing banking uwu)

  • Associate 3 in IB-M&A
Jan 20, 2022 - 5:05pm

I'll play. in london. pay was shit relative to other banks. many people unhappy. people will begin leaving in feb.

  • Senior VP in S&T - Other
Jan 20, 2022 - 5:41pm

See, part of me wants to stay and hope a shitload of other people leaving leads to them getting the message, because there is a lot of stuff I like about my spot.

The other part says that I'll be tagged as a guy willing to accept shitty comp and just get fucked forever.

  • Analyst 2 in IB - Cov
Jan 21, 2022 - 2:20am

Good luck lateraling everybody ! 

Jan 23, 2022 - 10:11pm
InvestmentBonkers42, what's your opinion? Comment below:

I mean ... the culture definitely has its perks. Most groups are only in the office 3 days per week. It's shocking what that option to take 4 days at home per week can do for your sanity, even if you are working long hours from home. That said, there can certainly be some unpleasant people - just as at every bank - but frankly I think it leans more on the chill culture.

In exchange, we haven't had such great performance on the ecm side of banking lately - not as much M&A or IPO work as we'd like (although we dominated the SPAC wave, everyone knows that's just a fad). And bonus payout was low, given our wallet was lower than it was with peers on the street.

  • Associate 3 in IB - Gen
Jan 22, 2022 - 2:23am

I had 3 weird interview experiences:

1) It was supposed to be a 2 hour superday that ended up being 3-4 hours. They all kept on asking the same question, and after my 4th interview there was really nothing to talk about. The last guy I talked to had a really bad cross eye, and he didn't bother walking me down to the elevator.

2) Towards the end of the call two interviewers ask me if there are any questions, and I asked a few. Then one interviewer asked, do you have any questions for me? I was thinking to myself um wtf you guys just asked that, and I said I do not. They laughed it off but I don't think they liked that answer. I definitely dodged a bullet there.

Funniest
Jan 21, 2022 - 8:01am
Smoke Frog, what's your opinion? Comment below:

I love how people pretend it's just so easy to move from bank to bank, like it's no big deal.

Bad bonus at Citi? Just move to goldman or bofa and show Citi seniors you just won't stand for six figure bonuses! Yea that will really show them!

It's easy to get a new job in this market! Just apply online and you should have an offer within days!

  • Analyst 3+ in IB - Gen
Jan 21, 2022 - 9:19am

This just my experience, but I applied last year after a crap bonus and after a simple behavioral interview I got an offer at my current bank the next week. I don't think this year will be too different, we have already had 2 juniors jump in the last few weeks to other banks. It's just this weird job market, if you're a junior and unhappy with your bonus it's likely you already have several recruiters trying to message you on linkedIn so entering a new processes is as easy as replying and sending updated resume.

  • Senior VP in S&T - Other
Jan 21, 2022 - 9:28am

I mean, it's probably harder than a lot of people make it sound when venting on a forum, but it's also easier than you make it sound. Pay is all relative, they could be 8 figure bonuses, that wouldn't make it harder to lateral if other banks were paying more.

It's one thing to say people shouldn't act like their life is ending if they got paid only $300k instead of $500k. Yes, they are still quite well off, monetarily, relative to the general population. But that doesn't mean that if the same job is available down the street for $500k they shouldn't try to get it.

Jan 21, 2022 - 9:31am
scottsmithsonian, what's your opinion? Comment below:

much easier than pre-COVID too given zoom interviews / people avoiding hiring those without in-office experience (experienced hires have a huge edge over new analysts now more than before, even if it's a marginal benefit)

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  • Analyst 2 in IB-M&A
Jan 21, 2022 - 1:14pm

I get three emails a day about job vacancies in IB. A quick glance through LinkedIn and I can find at least two dozen job openings for IB in my city. Thanks to Zoom interviews you can speak to competitors from the comfort of your own home without your current employer noticing. It's honestly never been easier to lateral.

Jan 21, 2022 - 1:17pm
Smoke Frog, what's your opinion? Comment below:

You understand many of us work in finance and have been moving around during the pandemic.

it's really not that simple to just move around. You still have to get the interviews and succeed.

and on top of that, once you move you're locked in for at least a year at a new place. You can't just keep hopping around.

of course it's not impossible to move around, I just think it's hilarious when people make it seem like it's the easiest thing in the world to do. And if I ever get a resume where a junior has moved around a lot, I just pass on the candidate.

  • Analyst 2 in IB - Cov
Jan 22, 2022 - 1:31am

Cannot agree more...it's not that easy to move around.

You all know that "hey it's a hot job market" and "sorry we cannot proceed with you even if you are a top 3 shortlist because we have 200 applicants for 1 lateral spot". 

  • Associate 1 in IB - Gen
Jan 22, 2022 - 9:30pm

It legitimately is pretty easy in most years with decent or good markets, and it's been extremely easy lately. There's a ton of musical chairs movement after bonuses hit with people from grindy "prestigious" banks leaving the industry or going somewhere more chill and people from lower tier banks gunning for those open spots. Lateraling from bank to bank is a significantly easier and less stressful process than MBA recruiting. 

You're acting like this is some unheard of thing. It happens literally every year. 

  • Associate 3 in IB-M&A
Jan 21, 2022 - 12:55pm

Understand total comp at MS in London wasnt very good either

  • Prospect in IB-M&A
Jan 21, 2022 - 11:11pm

Really hoping people start leaving/ lateralling successfully. More pay bumps in IB should equate to more pay bumps in PE. In the MFs of the world that is. People go buyside for other reasons too (better wlb etc.). WSO and Litquidity got to make a movement again lol.

On a side note, business wise there's a lot banks/ financial services can do to keep retention high without increasing pay too. More vacation days that are fully OOO, better work on mental health esp for juniors, office perks, etc. I'm not an expert, just suggesting things.

Jan 22, 2022 - 12:40pm
brettwatson, what's your opinion? Comment below:

Please just pay us more... I don't need a hour long HR meeting on mental health scheduled during my lunch break. Office perks are great if there something you'd use, its never something you'd use....

  • Prospect in IB-M&A
Jan 22, 2022 - 8:48pm

I agree with that. I just meant some packages for mental health like how you get dental and healthcare benefits. It'd be good to have something like having the option to visit a psychologist of your choice once every two weeks or sth. OR even a meditation room in the office. Might seem abstract but I've seen some funds buyside shops do it. 

  • VP in IB-M&A
Jan 22, 2022 - 2:05am

Maybe it's level specific. I know associates are the most difficult to hire atm.

I had multiple job offers as a senior associate from EBs and BBs this past year. It was very easy as long as you knew the basics. I made a few mistakes and still got a few roles. I declined all but a couple included promotions.

But again, it's that easy right now. JPM / other BBs are struggling for talent so much they're tapping into QofE groups.

  • Associate 3 in IB - Cov
Jan 22, 2022 - 1:53pm

Do you mind sharing what the lateral interview process was like at the senior associate level? Specifically what level of technicals you went through and any model tests? Guessing it would be industry specific but curious to hear how your experience was. Thanks in advance.

Most Helpful
  • VP in IB-M&A
Jan 22, 2022 - 2:14pm

Sure. I did minimal prep for these.  Limited technicals and no modeling tests, but very focused on the VP role. I was also very transparent and admitted leadership mistakes and major lessons learned. I definitely was feeling them out just as much they were feeling me out and wasn't afraid of losing out on the opp - I would tell them I'd want to come in as a VP since I got the nod at my current firm but I'd be new to that role. I said while I feel like I've mastered the Assoc role, I don't know what I don't know but I don't make the same mistakes twice. How would they mentor me as I transition to VP - want to make sure I have the support to develop. Big questions are why leaving, etc. 

  • EB - No technicals and all behavioral/deal related. Discussed my deals, my career path, why leave as Senior Assoc if I'm really getting promoted. Where do I see my career going and how I would support the MDs as second chair. 5 virtual meetings and got a VP offer
  • BB - 1 technical meeting but asked WACC / depr questions from another associate - I teased him for getting the short end of the stick for having to do this with me. After 3 questions told me that he didn't want to proceed as he was busy and told me to expect more meetings. 8 other behavioral / deal / fit. Had to speak with the head of the group, which was an hour and a half. All virtual. Toughest process but was still relatively easy to interviews in the past - just a lot of talking. Senior Assoc offer + verbal guarantee to VP
  • Upper MM / EB - Simple technicals but similar experience to the above EB. 1 technical stumped me with an MD and I never got it right. She would move on and I would keep saying - I want to talk through that technical some more. She would give me hints but I never got it. I asked friends who never knew it either. Wish I remembered the question. This just led to the next MD asking some simple technicals but didn't boot me out of the process. Senior Assoc offer + verbal guarantee to VP
  • Up and coming industry specific MM - They gave me an offer after speaking to 5 MDs. Was like the EB. Got a VP offer

I was deep in a few other processes but they were all behavioral before I dropped out. Demand for associates is crazy right now. I will say I either got a lot of love or none (e.g, GS / JPM). The rest of the BBs / EBs were tripping over for a senior associate.

Technicals were also more "why" driven - I was being asked to teach in some ways to demonstrate that I could train juniors.

  • Associate 1 in IB - Gen
Jan 23, 2022 - 8:24am

Even after you leave, you still receive the 401k match the next March for whatever you accrued. I left last year and still have my 401k open with them until this match hits in March, then I'll roll the balance

  • Intern in IB - Gen
Jan 23, 2022 - 10:05am

How bad were these bonuses? Thought they gave 60-90 for IB which seems decent as a bulge 

Jan 23, 2022 - 12:05pm
bankinthetank, what's your opinion? Comment below:

60-90 is pretty bad lol. On a 150 base, 60 (210k total) is basically the same as what you get in your first year of consulting. Imagine making the same as consultants with all those extra hours. I'd quit on the spot.

  • Intern in IB - Gen
Jan 23, 2022 - 12:51pm

Oh I meant bonuses as an analyst w/ the 100 base. Totally agree 60-90 would not cut it as an associate 

Jan 23, 2022 - 12:15pm
ResumeAttached, what's your opinion? Comment below:

Speaking as a Citi associate in a large coverage group, it's going to be a tough next few weeks/months for the seniors & MDs in the firm. They are in for a rude awakening. I know for a fact in my group that over half the associates, at a minimum, from my class year alone will be gone by the end of February. Would expect more defections across the bank at the junior levels through Q1.

Jan 24, 2022 - 2:41pm
ResumeAttached, what's your opinion? Comment below:

From my knowledge, it's pretty spread out across those exit ops as well as PE, startups, etc.. Have people going a number of different routes and I wouldn't say there is one particular path that stands out. 

  • Intern in IB-M&A
Jan 23, 2022 - 2:35pm

Can someone just explain what the fuck is happening to Citi? How come they're struggling so much? People leaving and bad pay must be the symptom of a bigger problem

Jan 23, 2022 - 10:05pm
InvestmentBonkers42, what's your opinion? Comment below:

From my understanding as an N1, there wasn't enough focus on retaining talent at the higher levels. We then lost a good number of our rainmakers (see: our entire healthcare group exiting to SVB) so now we have new people coming in (from Goldman, of course) across the bank to try and make it rain again, but it's taking them a hot sec to get up and running.

Jan 23, 2022 - 11:10pm
Circlesanddots, what's your opinion? Comment below:

I was in the market late last year for a senior associate role and spoke to a few banks. Despite its BB pedigree, Citi honestly struck me as weird. Had 5+ Zoom meetings with junior and senior bankers over the course of several weeks. I could tell they were desperate for talents, yet they completely flunked selling their culture, other than just "hey, we are Citi, the 800lb gorilla". Ended up declining the offer. 

Agree with most of other posts. Lateral is relatively easier these days for those that can get their stories together. Limited technical (didn't get any from a handful of banks that I spoke to) and mostly focused on behavioral/deal/leadership. 

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  • 1
  • Summer Associate in IB - Cov
Jan 24, 2022 - 10:56am

Starting FT at Citi in a couple months and having mixed feelings. Seriously considering making some reach outs to other banks I interviewed with to see their situation. 

Jan 24, 2022 - 11:01am
OwwMyFeelings, what's your opinion? Comment below:

That's a tough situation. At the A1 level, the pay disparity isn't probably going to be enough to move the needle toward jumping ship immediately, and you'd likely have more success with a full year under your belt so that they don't have to train you.

Unless you hear about something, I wouldn't reach out actively and kill your chances early for a future lateral. People will remember you and you'll want to be very polished when you engage with them.

  • Summer Associate in IB - Cov
Jan 24, 2022 - 11:39am

Helpful feedback - thank you. Am trying to see a year at Citi as an opportunity to learn banking in a (relatively) lower pressure environment before making a jump to an independent advisory firm. Telling myself that the pay disparity is secondary for the first year.  

  • Analyst 2 in IB-M&A
Jan 24, 2022 - 12:40pm

Any thoughts on a long-term career in banking? My MD just quit for an EB and wondering if I should do the same. FWIW he comes from a distinguished banking dynasty with successive generations of family members having worked in the financial industry. Pretty much for the last 300+ years he and all of his ancestors have worked in banking. Wondering if I should do the same or just do the usual 2+2+MBA and fuck off to corp dev?

Jan 24, 2022 - 8:29pm
cmf225, what's your opinion? Comment below:

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Feb 17, 2022 - 4:04pm
musclemonkey, what's your opinion? Comment below:

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