Truist / STRH
What are the strongest groups at Truist? I can't find any recent posts. I realize that Levfin is one of their better groups but what about coverage?
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Worked previously at Truist/STRH. Yes, if you want any decent deal experience, LevFin is the best option. M&A recently merged with coverage, so there is no M&A group anymore. Probably the best two coverage groups would be HC and TMT. Aside from those, you will not get very good deal experience at the bank. And even in those groups, it’s not the greatest experience for an analyst.
Word to the wise, though, stay away from Truist. From just about everyone I’ve talked to across the bank, the merger has been a nightmare and the upper management has messed up every major decision they could. In LevFin, they combined the group with Acquisition Finance and then laid off 7 analysts in LevFin and some from the other group. They then offered the laid off analysts positions in other groups at the bank that were less understaffed than Levfin, illustrating the inefficiencies of STRH decision making. From my sources, I have heard they underpaid bonuses recently and don’t even allow for comped dinners (might have just changed recently). Essentially, the management is so obsessed with meeting the cost synergy target that they are severely hurting the future of the bank in the process. All in all, it seems like there has been high levels of incompetency throughout the organization, as evidenced by the many analysts and associates that have voluntarily left the bank this year.
One final note is don’t be lured in thinking you’ll have better work-life balance at Truist. In any of the groups I just mentioned (i.e. the groups you want to be in), you’re going to work like a dog. I worked every Saturday and Sunday for close to two months straight one time. I’m sure there are banks with much worse culture than Truist, but don’t expect a significant improvement.
The above poster is spot on. I was at STRH/Truist and left because of the merger. I got a call one day that I was getting moved to a coverage group I had 0 interest in being in during the multiple stages of restructuring (I got no say in what group I got to be in, just a 2 minute call that I have been moved and I start today in the other group). I left for a much better MM shop and have been much happier. 2.5 years and 0 closed sell sides at Truist and 0.5 years at my new shop and will close my first sell side in a month or so (along with multiple other mandates we’ve won and I’m working on). As said above, there are some groups where you definitely get worked just as hard as any other bank and even then the deal experience could be lacking.
Management really hasn’t been able to get out of their own way in terms of integrating the Corporate & Investment Bank. It’s resulted in a revolving door of bankers. Unfortunately it’s not a surprise to me that Truist is focusing their decisions around costs. They were always cheap when I was there. STRH was obsessed with their “efficiency ratio” which basically meant they didn’t invest in anything that would make analysts lives easier or more comfortable. Print shop took much longer to be established than other banks, no graphics team, the IT/technology sucked, as said above no meal stipend during wfh (some analysts expensed meals in the beginning COVID and a member of the senior management for CIB sent a long email to the analysts saying how we shouldn’t be expensing meals and that’s only a luxury while you are at the office and that we are at home working so we can cook dinner...what a joker), they will find any reason to skimp on bonuses (also heard bonuses were light this year for associates on up, anecdotally my first year as an analyst I was told I was operating as a 4 in my review but would be given a 3 in my reviews and that was my bucket for my bonus, when I asked my group head and more senior analysts about it they said they just don’t give first years 4 typically because they haven’t had enough time at the bank to prove themselves so no matter if you work harder and do a better job than other first years you will probably all get the same bonus...so frustrating - I did get a 4 my second year but honestly just very annoying that they really needed to skimp on a few grand). The senior management is a group of ex BofA guys and there seems to be a clear in group and out group for MDs. There’s some bankers in the out group that are just given a hard time and are not liked by the senior management. This creates a huge amount of internal politics that funnels down to the analysts as bankers are basically spending as much time trying to position themselves internally to senior management as they are working with clients which means tons of internal requests for MDs that want information on call stats, call notes, messaging of internal memos for management, constant updated info on clients, etc. And don’t get me started on “client planning”...what a joke and waste of time.
But to answer your question, yes healthcare and TMT are probably the two best right now, but will still be a big mix of capital markets work so wouldn’t expect to be constantly working on and closing on sellsides like you would at other MM shops. What sellside deals there are will be gobbled up by the more senior analysts.
I really appreciate the insight. Did you end up staying in Atlanta or did you move?
Moved out of Atlanta
So many great points here that I forgot to make in my post. It’s honestly impressive how badly Truist has been run recently. When I left, it felt like I was escaping a sinking ship.
Your points about client planning, the broken bonus rating system, and the internal politics from the ex-BoA guys brought back bad memories. Happy to hear you’re away from Truist and actually getting some decent experience!
How is the energy group?
Hope you’re on to greener pastures as well! The funny part was since I started my career there, I just thought that most banks were run like this...
what about new york office?
New York office is much smaller than Atlanta. Northeast Corp Banking, which might have integrated into different groups due to restructuring, used to sit there. ECM, Healthcare, and some TMT people sat up there too. For the most part, though, Atlanta is where the vast majority of IB teams sit and where the power of the investment bank is centralized
Didn't realize Truist was such a circus. Was considering it because I'm considering Atlanta, but if the deal flow is that bad, I'm thinking I'll pass. If TMT and HC are the top coverage groups, is deal flow at least solid there? Working on sell-sides for 2.5 years and closing 0 deals is rather shocking.
Would you say their LevFin group is any better in terms of deals? They seem to be much more debt focused
Primarily a debt shop so levfin is a good group. Culture/hours were rough. In my experience, our coverage team did all the modeling and levfin was there for pricing/terms/structure. They combined their levfin and AFES groups to make a larger levfin group so not sure what things are like post restructuring. You still have the larger balance sheet banks leading the majority of the deals but STRH gets some lead debt deals here and there
What is Client Planning??
Questions that need answers lol. Have a first round set up for next week
A slow form of torture that Truist management makes you do each summer for no apparent or obvious reason
Where did you end up?
TMT has some serious POS in it at all levels. It’s kind of shocking from the juniors.
some of the intensity that goes into the BS projects is stunning.
Which firm did you land at?
Seeing “client planning” gave me the chills. I worked at STRH for a couple of years and would spend 2 months on this every year. Biggest waste of time - I honestly can’t believe they still do it.
Any word on their REIB team?
Any insight to their industrials/automotive group?
About to start my analyst stint there this July... apparently I’m hearing that management intends to move a bunch of their new analysts to the Charlotte office? Not sure how true that is
You rank your preferences and are placed based on that to my understanding. It should have already happened.
Not sure how true that is unless they plan to move the groups out there. When I was there it was reiterated that Atlanta would continue to be the main office for IB. You can’t really move just new analysts into a different city without moving the rest of the group. Would be a weird dynamic but with STRH management who knows, they were kinds of say one thing and do another when I was there
Also if you’re not siloed into healthcare or TMT, where can you reasonably expect to go following your analyst stint (i.e. A to A, lateral to larger bank, LMM PE)?
Also curious about the exit opps for the LevFin analysts
To be honest, exit opps to PE are tough no matter the group. At Truist, you don’t see the majority of an analyst class going to PE. Realistically, you’ll see about 1/4 become associate, 1/4 move on to buy side, 1/4 go corporate, 1/4 go to better bank. It’s possible to go to PE in LevFin and most coverage groups, but it’s significantly tougher than most banks. You likely won’t have much deal experience to talk about, so you’ll need to really craft your story and also be selective where you apply.
At a time when CS, Baird, William Blair, and HL all gave analysts 15k+ and all Truist analysts got were dinners back, it doesn't seem equitable. Rumor has it that one Truist analysts got a 15k retention bonus when they were going to leave for another job. Nothing for the rest of the IB though.
Even RJ handed out some good extra pay. Not Truist though, they’ll give you a pat on the back and tell you to keep working on the all important client planning
RBC gave everyone a 10k pay bump. Guggenheim gave analysts 15-30k raise retroactive from January.
.
Truist just gave a $15K spot bonus to all IB employees VP and below.
Anything on base raises for analysts or associates?
bump
I'm not 100% sure on base raises for Analysts, but just heard from multiple sources that work at Truist that Analysts just got 6 figure bonuses.
How is the TMT team?
Bump bump
TMT team is strong depending on what subvertical you get
What subvertical would you consider to be the strongest?
TMT is not strong. Ton's of pitching to clients, few to no deals closed. Horrible culture where analysts are grinded to a nub.
Coming from someone who worked there.
Talked with someone who currently works there and it has gotten better. Pay is also finally on par with street
Lol as someone who left recently. No pay is not street, but you’re in Atlanta so lower COL and taxes make up for that
Pay is definitely below street. I worked in TMT at Truist and I agree with Conor. Bad group to join. Maybe slightly more deal flow than rest of bank but still tons of pitches and shitty culture. People across Truist TMT for the most part are, for lack of a better word, assholes
Where did you end up?
Corp dev at a sponsor backed company. Most colleagues traded up to BB's with a weird amount still in banking.
Don't know who this person who currently works there, but they are lying to your face.
Has SA2022 recruiting started for Truist ?
Out of the three, would LevFin, Healthcare coverage, or TMT coverage give the best exits to PE or GE?
Yes, superdays already happened and they have sent out offers. I believe it will open up again at some point, though-- definitely check with recruiters
LevFin
What are the strongest equity research groups? How is ER at Truist?
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