UBS Leveraged Finance Credit, Morgan Stanley TMT Credit, or RBC Capital Markets TMT Corporate Banking

Currently in an associate position with the Swiss BB firm - in the leveraged underwriting (credit) function. Have offer from Morgan Stanley for TMT credit, and offer from RBC Capital Markets in Corporate Banking in TMT.

Trying to decide which is better place to be - RBC is front office in a bank that's been growing fast and moving up in the rankings. UBS and MS are obv the more prestigious firms working on the more important deals.

Job at RBC will be similar in day to day to UBS - modeling, due diligence, commitment memos, but also will be involved in pitches and client facing.

Longer-term goal is to be in TMT IB or Lev Cap Markets.

Background is TMT at ratings agency in NYC and South East Asia.

Comments (8)

Apr 20, 2011

Definitely not RBC - why go from IBD to corp banking? Unless lifestyle is an issue.

Obviously UBS has had its share of issues in the last little bit. MS, however, while carrying a stronger brand, has also had comp issues and does have a smaller BS than UBS.

If the ultimate goals are TMT IB/Lev Cap Mkts, obviously the MS gig has that exact mix does it not?

Also, where are these for? UK? US? Apac?

Apr 20, 2011

Thanks analyst for hire. Jobs are in NYC.

Both the MS and UBS jobs are more middle office like - working directly on the deals but from the stand point of underwriting the transactions and approving the commitment and sell down / hold of the banks capital. Not origination.

RBC has been growing rapidly - and has really transformed its business in the last few years. The plus would be the pay is great, the bank is very healthy, and it is client facing and closer to the origination and execution of deals than the UBS and MS jobs. Plus the team seems strong.

Do you still think MS and UBS slots are better, even though the jobs themselves are less desirable?

Apr 20, 2011

By "middle office" like, it sounds like credit risk or portfolio management?

If so, and given your seeming inclination to it, then RBC is probably better.

Apr 21, 2011

Corporate banking as opposed to corporate finance? Might not be terrible experience - at least it's more of an origination and FO position.

Not sure it makes sense to lateral to another firm's credit group if you're already in a credit group. Is there an opportunity to move into IBD at your firm? Does your firm post internal job postings (believe it's required but not sure)?

Apr 21, 2011

People have moved from credit to IBD - had an opportunity recently but didnt satisfy the firms tenure period in my current capacity. That said - there are also people who have been stuck.

The RBC job would be structuring securities, modelling, etc. but more focused on revolvers and term loans - not cap markets.

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Apr 21, 2011

i never knew Royal Bank of Scotland had corporate banking.

Apr 16, 2016

i never knew Royal Bank of Scotland had corporate banking.

RBC= Royal Bank of Canada
They've really done a great job building up the entire US platform.

Apr 21, 2011