Upcoming Citi Corporate banking Superday
Hey, I have an upcoming Citi corporate banking superday next week. I'm trying to get some information on how they usually run, but basically only come across the IBD version of the superday. Does anyone know if they are quite similiar? I guess that I'll be asked more on debt/equity financing.
Any insights would be appreciated
The superday will be a split between behavioral and technical.
For the behavioral portion, have a good reason why Corporate Banking. They might also ask you the difference between CB and IB, why not IB etc.Things to keep in mind: * Corporate banking is a relationship/anchor product group that helps bring in more capital markets business * Working with the various teams within the bank to downsize risk while servicing deals is more interesting to you rather than IB where you are focused solely on execution which creates more risk. * The bank is in the business of selling money, and risk regulation and restrain are fundamental to the whole process, and might be something you enjoy. * In a CB role, you’re also more likely to interact with clients at a more junior level, and you've always enjoyed client focused roles * Broadly speaking - Corporate Banking is focused on managing the finances of a business, while Investment Banking is focused on growing the business (Through acquisitions, Mergers, or the raising of capital) * Corporate Banking is a sales platform to the broader investment banking product suite
Heads up, if you want a better life-style, it depends on the group. If this is a BB with CB within IB, CB and IB will work VERY closely together. Same floor, same hours etc. For my incoming summer, I was told my CB has comparable hours to IB, it will be heavy on the modeling, I need to be very well versed on accounting and finance, and need to be able drill into the business understand its revenue drivers, cost structures, potential competitors, its stage in the life-cycle, the quality of its growth and the necessary reinvestment needed to maintain the growth.
For the technical aspect, know your accounting, and know your finance. Understand credit analysis. You might get questions on valuation (DCF etc.). This links helped me a lot (I can't link as I am a new user): sellsidehandbook. com/careers/corporate-banking sellsidehandbook. com/interview/corporate-banking-interview-questions
Know your relevant ratios for corporate banking, that relate to liquidity, solvency, and risk in general. Examples: * Liquidity: Current Ratio, Quick Ratio, Operating CFs to Current Liabilities * Solvency: Leverage Ratio (Debt to Equity), Net Debt/EBITDA, Interest Coverage ratio etc.
Know your 5C's, different type of covenants, the different type of debt available and the potential capital structure. For example: Bank Loans (Term Loan's A/B), Subordinate debt etc. This link will help: macabacus. com/valuation/lbo/capital-structure
Honestly, anyone can find that information online if they are dedicated. What separates you from everyone else is the fit, your interest and your ability to remain calm. I recommend that in-between your interviewers rotating in the super-day, if possible, take a moment, close your eyes, and just focus on your breathing. Remain calm. You've made it this far, you're a quality candidate. Just be friendly and polite.
Ask them intelligent questions through the process. I try not to force this, and just ask them about their job, and naturally questions come up. CB is actually very interesting. You get to work with some many different product groups, from M&A to S&T's derivative desk etc. It's not a back up for IB. I use to think that way, until networking, and realizing the potential value add to my skills. I got very lucky that my group is busy, small and does interesting work. I'll have to spread comps, but more likely to have more interesting work to speak to if I want to lateral to IB FT.
Pro-Tip: Learn who will interview you, where they went to school etc. I bring a folder with an extra resume for each potential interviewer, and a short cheat sheet with a list of potential questions, and info on my interviewers. I also always come 30 minutes early to my interview like a weirdo, and try and strike up a conversation with my interviewers if/when they walk past. I want to get to know the people I'm working with too. Obviously do this with caution.
what reasons would you choose CB over IB if the hours were the same? no offense or anything of course, just the natural question.
To clarify: Hours are similar when in a crunch (Working on a live deal with IB) but you’ll almost never have to pull an all-nighter (You shouldn’t do this in IB tbh), and output is more manageable/predictable. Most of my senior staff are ex-IB guys who wanted something more reasonable, and seem to be more understanding. Culture is group and firm dependent but from my interviews for CB/IB, outside of MS and RBC, I’d take CB over IB culture.
I wanted to keep his/her expectations realistic. You’ll be doing 9-12 hour days regularly in a busy group under IB/CB. Fortunately, that small gap gives me enough time to go the gym 5 times a week, read a book, and get my 7 hours of sleep.
Thanks a lot for your insight! You seem to be quite similiar to me in terms of preferred workstyle (being able to read a book and going to the gym often). I'll keep you guys updated on how it went. Cheers!
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