What are Truist's hours like for analysts in a coverage group? They don't seem to lead many major deals, so I'm thinking that the hours would be better than an NYC BB IB. Culture obviously differs from group to group, but any insights on what it is like in the ATL office would be great. I have some friends which are headed to Truist, but they are all either in lev fin, or headed there this summer so I cannot really gain much insight from them.
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Bump
It sucks! Summered there and they don't lead shit but consider themselves a peer to the real shops so they work you like them.
Used to work at STRH/Truist in ATL, now work at an EB in NYC. The group I worked with was great, and I had an overall positive experience. Like any IB analyst job, you’re going to work a lot during certain times, but never are you getting consistently crushed for months at a time (70-80 hours weekly on average). Generally had the opportunity to take weekend trips, go out, etc. The pay also goes very far in ATL/CLT. The deals are not as interesting, but if you’re not as concerned with mega fund exits, it’s a good place to be.
Negatives: giant company that would rather sling credit cards than invest in the investment bank. Tech is dreadful, spent most of my time waiting for files to open. Huge bureaucracy that makes it hard to get anything down. Truist merger was extremely painful but hopefully they’ve worked all that out by now.
What was your lateral process like?
Would love to hear about your experience lateraling
Heard that tech in CLT is sweaty and in office all week - don't know this firsthand just what I've heard
Agree with the above. When I was there, the tech was terrible, the pay was meh, the hours were generally good but always group dependent and MD dependent, way too much internal work (approval memos, client planning) and general market update pitches that go no where (decks that require tons of boring comps work and M&A profiles for companies that will end up choosing JPM / GS as their advisor anyways), and the merger was a disaster (basically everyone I worked with left within a year of it closing)
Did you recruit to PE directly from Truist?
I work there and what above said about the work is spot on
How’s the real estate group?
Bump
Bonus numbers come out yet?
It’s pretty much the same answer every time this is asked.
If you want to be in ATL, then it’s one of the best and biggest places in town. They comp well compared to the street, and pay junior staff in Atlanta the same as NYC despite LCOL. You will be well paid for a standard IB lifestyle that is not as bad as an EB/BB, but still 70-80 hours a week.
If you want to be pretty much anywhere else, it’s a MM Regional bank that is OK at best. There are a ton of better options in NYC, CHI, CLT, Houston, etc.
All that said, it’s fine it’s your only offer and exit opportunities are solid to mid tier PE shops. Exit ops are better in the South.
How much turnover is there in the capital markets group?
I currently work at Truist TMT in Atlanta. Michael Carter is the new head of IB (as of ~Aug-21) and has been making significant investments into senior hires across the board as part of a broader strategy to put key bankers in place for when economic activity opens, Truist is well suited to capitalize in the long-term. He's done this before at RBC and is replicating this model here. I will say after being here for ~2 years, it's refreshing to see the heritage seniors being forced out with new hungry talent. Say what you will about Truist but based on the hires made and internal improvements in CIB, Truist has room to grow to the upside. Now, whether or not you're wanting to take the time to work here and watch the growth is another question and a personal decision.Same comp for your year across the board, despite location. Hours this year have been pretty chill at times (depends on your staffings) but we've been slammed since Thanksgiving with the arrival of our new group head and MDs. CLT's office is in the new Truist high-rise, and here in ATL we're (for some odd reason) relocating from Buckhead (financial center for ATL) to the Battery, which is outside the perimeter. Although slightly more convenient for sr. bankers who live nearby, it's just as far away (~1hr) from the airport, no high-caliber restaurants nearby, no public transpo for teammates who commute. All to be said in extremely opposed to the move and will likely move offices near term to avoid the Battery.Hopefully this answers your question.Base comp as follows:ANL: (100/105/110)ASO: (175/200/225)
What are hours like for associates and VPs? What % of your work is capital markets?
CBD Buckhead is dead and our current space is horrible. Also the majority of senior bankers live in Buckhead/Vinings/Sandy Springs so the Battery will be more convenient.
Theres no reason for us to be strategically located anywhere because it is not really a client facing office. Bankers are out with their clients; clients aren’t usually in with their bankers. When clients do come around, I think the office with a view into Truist Park will be cool.
my $0.02 - im obviously a fan of the move
Companies position their office space to attract talent. A decade ago Buckhead was the crown jewel of Atlanta. Today it’s turned into another hood of Atlanta. Perhaps car break-ins, petty theft, robberies, shootings in Lenox mall, are ok with you provided the career benefits of Truist, but I know it’s absolutely a deal-breaker for others. Their jobs often get very few applicants, even the high-paying roles and I have no doubt this is a major reason.
The fact is the Perimeter/Battery Area is the next up and coming place, and a place that juniors will desire to be. With the move Truist will start attracting quality talent again (plus keeping their seniors safe).
The Battery is cool but the popular areas are south of buckhead, not north. I know a lot of people at Truist and they’re all furious over the move. Majority of younger bankers live in buckhead, Virginia highlands, or Inman park, which are all south of their current office.
Wait you don't think the jobs get many applicants?
Sorry, seems from below you're saying yes. And it's largely bc of location that there is an issue getting applicants?
Deleted.
What's the situation like in Houston?
Any teams outside of Truist HC / TMT are great. Comp in line with street and great WLB. Culture is good and you will get decent deal experience without working during the weekend. HC have great exits and historically place decent into PE too. TMT is split into Technology and Media/Telecom. Technology is in line with the rest of Truist IB culture. MT from what I heard is brutal since they got a new group head. I heard the guys in the CLT office work like crazy. Their CLT office is now the powerhouse and the junior folks there are pretty sharp. Friend from their Atlanta office told me that despite working the hardest in Truist, they’re cutting their dinner stipend. Going to be a lot of turnover in their NY and SF office because they can always go somewhere else.
Wait wait they’re cutting our dinner stipend ??
What makes you think the junior folks there are?? Not to be combative, truly wondering. And how come easier exit from SF or NY, or just for obvious reason?
There’s a lot of option for people in NY and SF, just look at the current tenor of the junior folks there. And most people don’t stay long term at Truist. I think CLT and ATL bankers are more willing to stay long term. I believe the dinner stipend is only a TMT issue, I’m not sure. Just information that I got from a friend that works there.
HC doesn't sound too bad from your description though
.
Were you in Charlotte beforehand?
Also work in this group, you think the % of useless juniors is that high?
My friend who left said that they have too many MBA associates. So, nothing gets done.
Tons of Truist -> Roark
So there gonna be layoffs?
That's the question, seems kind of unlikely though
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