Got an offer from Citi's Capital Markets, but don't know which group would be best in terms of:
1. marketing myself for IBD FT recruiting
2. deal flow
Here's the list of Groups:
Equity Capital Markets
Leveraged Finance (shit hit the fan)
Global Securitized Products
Global Loans Capital Markets
Global Structured Solutions
Industrial Fixed Income Capital Markets
Derivatives Solutions
Financial Institutions Fixed Income Capital Markets
Global Loans Capital Markets (Latin America)
Liability Management
Global Structured Credit Products (Structuring)
Global Structured Credit Products (Syndicate/Trading)
Money Markets Origination
Suggestions?
Is it an internship offer?
Ind. FI or Lev Fin. Stay away from structured products and ECM.
Wouldn't go with lev. fin right now. Either go for industrial fixed income or financial institutions fixed income. Derivative solutions might also be good.
I had a lev fin internship last summer. The analysts seeemed to think that it was one of the best desks to start on because the skills you walk away with transfer easily across businesses. The deal flow was slow but that meant I had extra one-on-one time with my mentor. The hours were much longer than global loans and sales and trading (I had friends in both), but the learning curve was steep so it was well worth the time.
last summer levfin was slowing down, but still open...credit crisis hit full on after that; my understanding is that those groups are basically completely dead and have no deal flow...
don't go into levfin right now. i can't say what is active right now since i don't know, but i would guess financial institutions isn't a bad area to be in
If you are marketing yourself for IBD recruiting, are you going to cross out all the S&T roles?
Ideally, LevFin would be the choice, because at many banks, it is classified as a product group of IBD. However, I seriously doubt you will have an interesting and worth-while experience.
Last summer, interns were leaving work by 6-7 pm because of the credit crunch, and the markets are in an even more horrible position now.
This is a SA Internship offer. S&T doesn't quite interest me as much as IBD, so yes - cross out all the S&T roles.
FT IBD Analysts told me to go into the following 1. ECM (even though there's no deal flow, very marketable experience b/c equity, debt, convert experience) 2. Industrial FI 3. Fin Institutions FI
Why should I not think about structured products/solutions? Are those very unique products tailored to each deal? (less marketability) With the downturn, is the probability of deals coming into the esoteric debt product groups slim?
Also, what are the hours like in CapMarkets?
How well positioned will I be for FT IBD Recruiting?
As has been said, I'd stay away from Leveraged Finance, though I don't necessarily agree with not thinking about ECM as rmcm44 suggests. Credit markets will likely stabilize (things have already somewhat improved there) by the summer and this would be great to have on your resume if you don't plan on going back to Citi FT. I am slightly concerned about that group for Citi, but I wouldn't cross it off your list as an SA.
Agree about Derivatives. Obviously this group's strategy/product offering has changed quite a bit the past twelve months but securitization work is excellent experience and there is certainly deal flow to be done there.
Just my two cents, but congrats on the offer and good luck with your decision.
So I've narrowed it down to the following:
I'm really leaning toward ECM since I'll get experience on equities, fixed income, and convertibles. The group also works hand in hand with IBD, so I'll get a glimpse of what those guys are doing.
Please comment if you beg to differ with my opinions.
..
Best Citi Capital Markets CMO group? (Originally Posted: 04/02/2009)
What are good groups with good exit opportunities?
hands down
The world has changed. And we must change with it.
do they do their own LBO modeling cornelius? im sure they mostly do corporate high yields but when they get the occasional LBO are they in charge over the IBD?
No all the modeling is done by the banking side of the business. There leveraged finance team all got destroyed with departures and layoffs over the last year or year and half
Second that^
Industrial FI ripped shit up past 2Q
rather than that, not much there.
double post delete pls
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