Westpac Institutional Bank (Australia)
Hey guys,
The BB's in Australia are in a virtual hiring freeze at the moment (every single bb taking less than 5 except Macbank) so I'd pretty much given up on banking for now. I've received a couple of offers to do tax consulting at the big 4 accounting firms which I was very happy with, but suddenly out from nowhere I get offered a graduate position in Westpac Institutional Bank. The job description is as follows (My offer is in the CIB stream, 2 rotations in CIB and 1 in DCM/Hastings):
http://www.westpacinfo.com.au/graduates/wib_gener…
The type of work you might do within CIB, Equities and DCM/Hastings includes:
CIB:
Analyse the performance of customers and prospective customers, determine if they are a risk or an asset, and prepare reports on your findings
Assist in writing sector review and strategy papers
Assist customers in their trade, foreign currency and payment transactions and debt solutions
Participate in client visits and take an active role in client deliverables
Assess market and economic factors and identify business risks
Work on live deals with Relationship Managers and product specialists
DCM/Hastings:
Be involved in bid preparation and deal execution
Analyse projects using financial models and results for key transactions
Assist in the preparation of pitch documents
Undertake due diligence for key transactions
Assist in the preparation of credit requests
Maintain the client service model, including pricing updates, deal summaries and call programs
It seems from the above that DCM role is the closest to what one does at an ib. CIB is organised into industry groups but are the roles in CIB similar to what IB industry groups do at all?
Westpac is one of the "big 4" commercial banks in Australia. They are very strong in debt but rarely compete with the pure ib's in M&A. Does DCM involve much financial modelling and company valuations?
Many thanks
Probably not a huge lot of modelling or valuation, but its likely that you will do some.
The DCM group sounds like a Debt Products group. I know that the guys in our debt team do a lot of structuring and placement with the Big 4 banks, and I'd imagine that you would be doing something similar at Westpac.
You won't be doing the M&A work that you'd get in an IB, purely because Westpac don't do a lot of advisory or principal work.
The debt team are an integral part of execution, and you'll likely get a lot of exposure to different deals and sectors which will be interesting.
Outside of the IBs over here the big 4 banks and corporate finance divisions of the accounting firms are probably the best place to get some exposure in the finance industry. Westpac have a good reputation too, if that counts for anything.
Thanks for your advice geetarjoe. Do product groups such as DCM get much direct client contact or do they usually work with what's provided to them from the industry groups?
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