Corporate Banking > Analyst

Business Description

Our Corporate Banking program spans three businesses within Corporate and Investment Banking: The Corporate Bank (CB), the National Corporate Bank (NCB), and Global Portfolio Management (GPM). Associates and Analysts joining Corporate Banking have exposure to all of these businesses within the different industry groups. Read on to learn more about the businesses:

The Corporate Bank

What is the The Corporate Bank?
The Corporate Bank, which is part of our Global Banking Business, acts as Citi's primary point of customer contact with a selective group of the world's leading corporations and financial institutions. CB bankers are the Relationship Managers who build and grow our long-term relationships with these global “blue chip” clients. Our bankers orchestrate the delivery of Citi's vast global product platform and develop integrated financing strategies, by acting as a primary point of contact through which our clients utilize our extensive corporate finance capabilities around the world. Through these efforts, our bankers solve our clients' most complex global banking needs. As a result, the CB is acknowledged as the world's leading global corporate banking group.

What service do we provide to our clients?
The CB works with Citi's Investment Banking, Capital Markets, and Global Transaction Services divisions globally to develop creative solutions for our clients across the full spectrum of corporate finance products, such as: fixed income, derivatives, securitization, structured products, FX, asset based finance and transactional services. This collaboration enables the CB to lead debt financings, structure bank loans, provide advice on optimizing capital structure and risk management strategies, and assist clients in global treasury management. At the same time, the CB assists the Global Portfolio Management division in the management of the bank's risk portfolio and is tasked with maximizing revenue and returns. In short, by combining their long-term customer relationships with deep industry knowledge and a comprehensive understanding of Citi's global product platform, CB bankers serve as their clients' most trusted and global financial service providers.

What product/groups do we cover?
The CB industry groups are:

• Global Consumer and Healthcare
• Global Financial Institutions
• Global Industrials
• Global Technology, Media and Telecommunications
• Global Power, Energy, Chemicals and Mining

Global Portfolio Management (GPM)

What is Global Portfolio Management?
GPM proactively manages the combined loan portfolios of Citi Corporate and Investment Banking, from an analytical, approval and monitoring perspective. The group aims to maximize returns and increase the liquidity of the portfolios through the intelligent and strategic use of capital.

What service do we provide to our clients?
By enhancing our balance sheet strength with capital markets knowledge and expertise, GPM provides Citi with a unique competitive advantage. GPM seeks to efficiently allocate capital in an effort to preserve Citi's balance sheet strength. Our services enable clients to meet their business objectives, and we work in parallel with our CB, NCB and product partners to provide unique and powerful customer solutions. We are supported by a vast global network of industry and product specialists in a variety of markets, each serving jointly to deliver an advanced understanding of an industry's underlying drivers to clients and transactors. With a developed knowledge of the global competitive landscape of major industries, GPM ensures that meaningful solutions are provided to Corporate and Investment Banking customers.

What product/groups do we cover?
GPM is organized along industry and market lines similar to that of the Corporate Bank, with teams in the U.S., Europe and Japan. GPM professionals can be assigned to specific industry portfolios, broken down into the following business segments:

GPM Portfolio Groups

• Global Consumer and Healthcare
• Global Financial Institutions
• Global Industrials
• Global Technology, Media and Telecommunications
• Global Power, Energy, Chemicals and Mining

Additional GPM Portfolio groups include Leveraged Portfolio and Structured Portfolio Management.

National Corporate Bank

What is the National Corporate Bank?
Similar to the CB, the National Corporate Bank (NCB) acts as Citi's primary point of customer contact with clients domiciled in North America. Our client universe centers around corporate clients and financial institutions with annual revenue or market capitalizations above $500MM (and not covered by the CB).

NCB bankers are the Relationship Managers who originate and develop long-term relationships with clients within this target universe. Our primary focus is on the development of new client relationships. As such, our bankers orchestrate the delivery of Citi's vast global product platform and develop integrated financing strategies, by acting as a primary point of contact through which our clients utilize our extensive corporate finance capabilities around the world. Through these efforts, our bankers solve our clients' most complex global banking needs.

What service do we provide to our clients?
The NCB works with Citi's Investment Banking, Capital Markets, and Global Transaction Services divisions globally to develop creative solutions for our clients across the full spectrum of corporate finance products such as fixed income, derivatives, securitization, structured products, FX, asset-based finance and transactional services. This collaboration enables the NCB to lead debt financings, structure bank loans, provide advice on optimizing capital structure and risk management strategies, and assist clients in global treasury management. At the same time the NCB assists the Global Portfolio Management division in the management of the bank's risk portfolio and is tasked with maximizing revenue and returns. In short, by combining their long-term customer relationships with deep industry knowledge and a comprehensive understanding of Citi's global product platform, NCB bankers serve as their clients' most trusted and global financial service providers.

What product/groups do we cover?
The NCB industry groups are:

• Consumer and Healthcare
• Financial Institutions
• Industrials
• Technology, Media and Telecommunications
• Power, Energy, Chemicals and Mining 

 

Roles of an Analyst

The Global Corporate Bank collaborates with Investment Banking, Capital Markets, and Global Transaction Services to develop creative solutions for our clients across the full spectrum of corporate finance products such as fixed income, derivatives, securitization, structured products, FX, asset based finance and transactional services.

To give you a better understanding of what you can expect if you join the Global Corporate Bank, below are the main tasks they undertake.

Company / Industry Research:
Analysts are typically given a portfolio of 15-20 clients. As the coverage Analyst, you are responsible for gaining a strong understanding of your clients' business and financial performance by utilizing a number of available resources. Such resources include publicly filed financials, Citivision (Citi's in-house information and market data portal), Bloomberg, rating agency reports, equity research reports, industry publications, marketing presentations, etc. You will be responsible for monitoring news and events pertaining to your clients and their industries as well as providing daily updates to your Bankers. You will become well educated and versed in your clients’ business models and their respective industries. These industries include, but are not limited to, Consumer & Healthcare, Financial Institutions, Industrials, Technology, Media & Telecommunications, Power, Energy, Chemicals, Metals & Mining, Real Estate, Real Estate and US Leveraged

Modeling:
An Analyst is responsible for building the model used to forecast the client's operating and financial performance. The aim of these projections is to 1) identify if the cash flows that the Company generates are sufficient to repay its maturing debt obligations; 2) sensitize the cash flows to identify periods of potential distress resulting from exogenous variables (e.g. major economic downturn, price spikes, acquisitions, divestitures, etc); and 3) perform valuation (i.e. DCF, enterprise value, etc.) and 4) loan/value coverage calculations. As the owner of the model, you will need to present and articulate these assumptions and your projection analysis to Senior Bankers and Risk Managers. From your modeling task, you will develop a keen understanding of the client's operations and capital structure, industry trends and industry cycles, and the ability to model different financing structures.

Annual / Quarterly Reviews:
One of the most vital roles of an Analyst is to perform periodic reviews of the clients' financial and operating performance, covenant compliance, pending litigation, management strategy, and competitive position within its peer group. Our clients are all unique and, therefore, require an in-depth level of analysis to understand the drivers of profitability and the implication of the capital structure decisions. The frequency of reviews increases as the client becomes more of a credit concern. For example, clients that are in bankruptcy, or on the verge of bankruptcy, require frequent reviews and due diligence calls with the company's management to closely monitor the client’s ability to maintain adequate liquidity to service its obligations and to comply with its financial covenants. Importantly, the periodic reviews serve as a comprehensive analysis for Senior Bankers and Risk Managers to be used in upcoming approvals. As an Analyst, you are the sole author behind the analysis that is conducted for each client in your portfolio.

Deal Approvals:
As a pertinent member of a deal team, Analysts are called upon to work in conjunction with Senior Bankers to seek approval for and assist in executing deals on behalf of clients. Your responsibilities will include the creation of an approval memo which will focus on the deal’s key terms and conditions and analyze the client's ability to service and repay its debt. You will interact regularly with our product partners in Fixed Income, Investment Banking, Structured Products, etc., in addition to legal counsel (both internal and external) developing the ability to understand the deal structure and to ensure it is properly documented and approved.

Client Meetings / Pitches / Due Diligence Process:
As a member of the client team, the Analyst will be asked to prepare client presentations supporting Bankers in developing innovative solutions to meet the clients’ needs and may accompany Bankers to bank meetings from time to time. Additionally, when a deal is "live", the Analyst will have the opportunity to participate in deal conference calls and due diligence sessions between the client and Citi team. Importantly, the Analyst will be responsible for preparing insightful questions to ask the client in order to fully understand their business and other deal-related issues. Bank meetings and due diligence sessions offer the opportunity to represent Citi in front of a client and to build relationships in the business community.

Portfolio Management:
As one of the most crucial functions within the Corporate Bank, the Analyst is exposed to a myriad of responsibilities aimed to preserve the integrity of Citi's capital resources and to mitigate our exposure to our clients' credit facilities. While engaged in transactions, you will also be involved in risk mitigation discussions with Senior Bankers and Portfolio Managers. Importantly, you will work with the Senior Banker to analyze the underlying business rationale/strategy for every deal that is conducted.
The Analyst will be responsible for creating both Business and Industry reviews for Senior Management on the global risks for the portfolio as well as to highlight key trends in the market. The Analyst will research the fundamentals of the key industry trends and risk issues and develop the ability to succinctly convey his/her thoughts and opinions to the Risk Managers and Bankers.

Our Programs

Full time Analyst

The Corporate Banking Analyst program runs for two years with the potential for an extension to a third year for high performing Analysts. The program integrates the Analysts into the Global Portfolio Management (GPM), Corporate Banking (CB) and National Corporate Banking (NCB) businesses within Citi Corporate & Investment Banking. Analysts are placed in an intensive, two-month training program with modules on financial reporting, financial statement analysis, valuation and cash flow modeling, capital markets and the economy, structuring and credit risk analysis. The program is delivered by a combination of highly reputable practitioners in the industry, university professors, bankers and resident experts from Citi. Analysts complete the program with a tool kit of skills to use once they begin in their respective groups. Importantly, as Analysts, you continually go through additional training to enhance your product knowledge, risk analysis skills, accounting knowledge, valuation and modeling abilities. During your two-year tenure, you will have had the opportunity to work with Senior Bankers and Risk Managers to further hone your technical skills in risk and valuation analysis and your qualitative skills in industry and writing analysis. As an integrated team member to Corporate Banking, the development of your skills is of the utmost importance to your learning experience and your career progression. Citi is committed to providing its Analysts with every opportunity available to make your time here a true learning experience.

The Analyst Training program is approximately ten weeks in duration and provides the specific skills and knowledge needed to succeed at Citi. Our programs our interactive and Analysts work in teams on case studies. The training program will cover:

• Overview of the Corporate Banking business
• Financial Accounting and Corporate Finance
• Modeling and computer training
• Capital Markets Economics and Risk Analysis

Additionally, the training provides an understanding of the product and industry groups with whom you will work. Classes are taught by a combination of consultants, university professors and banking professionals.

Summer Analyst 

The Corporate Banking Summer Analyst Program is a ten-week internship that offers the Analyst work experience in the Global Portfolio Management (GPM), Corporate Bank (CB) and/or the National Corporate Banking (NCB) businesses within Citi Corporate and Investment Banking.

Specifically, the summer program is structured to build technical skills in the context of our business including risk review and the structuring of corporate deals. The summer program is designed for you to see if a career in Corporate Banking is the right path for you upon graduation.

Our calendar of events is developed to create frequent networking and socializing opportunities Additionally, we have a weekly Distinguished Speaker Series, allowing our senior management professionals to host discussions and question/answer sessions. The Mentor Programs enable you to develop a professional rapport with senior and junior professionals who can offer their experience, knowledge, and guidance throughout the summer.

Four days of intensive classroom training in New York covering:

• An overview of the corporate banking business
• Accounting, finance, and corporate finance
• Computer and information resources
• Industry overviews 

Who we are looking for

Key Attributes of a Corporate Banking Analyst

• Team player who works well with others
• Strong writing, analytical, communication, and presentation skills
• Working knowledge of Microsoft Word, Excel, and PowerPoint
• Ability to break down large amounts of data into concise, easy to understand formats
• Ability to quickly and accurately find information upon a Banker / Manager’s request
• Ability to take on demanding responsibilities while juggling multiple tasks at one time
• Previous coursework, experience, or interest in Finance, Accounting, and Economics

Recruitment Process

Full Time Analyst

Citi Corporate and Investment Banking begins the formal full-time recruiting process in early September in the form of an on-campus presentation. All students are invited to attend this event to learn more about the culture, the business, and the people at Citi. Following that, job descriptions are posted through university career centers. After all resumes have been collected, a closed, targeted list of first round interview candidates is compiled. First round interviews take place on campus in mid to late September and successful interviewees subsequently go through either a second round interview or move directly to Super Day in October. Citi on campus interviews are typically 30 minutes; Super Days typically consist of four to five 30-minute interviews. Offers are given as soon after Super Day as possible.

Summer Analyst

Citi Corporate and Investment Banking begins the formal full-time recruiting process in January in the form of an on-campus presentation. All students are invited to attend this event to learn more about the culture, the business, and the people at Citi. Following that, job descriptions are posted through university career centers. After all resumes have been collected, a closed, targeted list of first round interview candidates is compiled. Two-on-one interviews take place on campus in January/February after which offers are made as soon as possible.
Below is an outline of the recruitment process from application received to offer:

Stage 1: Application is reviewed by Campus Recruitment and the Business

Stage 2: First round on-campus interview
              2:1 competency based interviews

Stage 3: Final round interviews
              Four to Five 1:1 competency based interviews with a combination of Managing Directors, Directors, Vice Presidents and Associates

Stage 4: Offer extended by business; follow up by Campus Recruitment

Please note: Final round interviews take place in the office where the position is located (i.e. if applicant is interviewing for a position in NY, the final round will take place in the NY office).
To be considered for the recruiting process you must apply online. Please also apply through your university's Career Services Office. Only applications submitted through both systems will be considered.

Where

Geographical Opportunities in the US include:

• Atlanta, GA
• Chicago, IL
• Houston, TX
• Los Angeles, CA
• New York, NY
• San Francisco, CA

Our People

Joronne Jeter BS / University of Rochester Managing Director

Describe the most memorable experience you've ever had at Citi.

The most memorable experience that I have had to date required that I relocate to Mexico City and manage two large corporate bank industry teams. I originally joined Citi 19 years ago because of its global footprint and its corporate client coverage model. When I was presented with my first international assignment—I jumped at the chance. I didn’t speak a foreign language at the time but, felt that as long as I was committed to learning the language; I could accept the challenge. I knew that in part by being able to converse freely in Spanish, I would have a better chance to replicate the success in Mexico that I had achieved in the U.S. In addition to acquiring new language skills it was also clear that I would need a lot of support from senior management, colleagues, and of course my clients to make this venture a success. Because I received wonderful support at all levels, we were able to execute some very innovative transactions with our client base in Mexico which stretched across other countries in Latin America. We were able to carry that momentum through the acquisition of Banamex in 2001. Mexico continues to play a very important role in the company’s strategy for Latin America.

What do you consider Citi's competitive edge?

I am the Co-Head of the North American Chemicals department within the Global Corporate Bank. I believe Citi’s competitive edge is found in the quality of the banking professionals at every level. Citi continues to lead with a global platform but the banking business is built on trust and relationships. Our clients across the globe count on us to provide and execute some of the most complex and innovative solutions in the market which allow us to serve our clients in ways that no one else can. The quality of professionals throughout the organization is the “Best in Class” in the market place and our clients are in the best position to benefit from such a partnership.

How would you describe your team and the people you work with?

I would describe the team as a family of very positive, individualistic and energetic professionals. Collectively, we’ve established a standard for delivering the firm to our client base that requires a contribution of our time, and expertise. Our clients view certain of our core competencies as being critical in the way that they run their business and make decisions. We believe that every member of the team is important and by pooling our valuable resources, we stand a clear chance to succeed in the eyes of our clients.

What other groups do you liaise with regularly within the Firm?

I liaise regularly with all of my product partners from global loans, investment grade and high yield debt, derivatives, foreign exchange, mergers and acquisitions, equity and equity derivatives, cash management, project finance, and structured trade on behalf of my corporate clients. I also participate in various internal committees focused on training diversity issues and recruitment.

What non-work related activities do you get involved in through Citi (community, mentoring, charity)?

There are many non-work related activities that I am involved with but they all have one theme in common--children. I am a proud board member of The CityKids Foundation which was founded in 1985 by Laurie Meadoff. CityKids is a non-profit multicultural youth organization located in New York City. CityKids believes that in order to solve the problems facing our youth today, we must empower them with tools in order to create change. CityKids accomplishes its mission through a variety of free, in-school, after-school and weekend educational, artistic and leadership developmental programs aimed at allowing these young people to become agents for positive social change. Basically, we want these kids to set the example through their leadership, and in turn take an active role in improving their lives and communities. When I joined the board of CityKids in December 2005, I quickly realized that Citi, through The Citi Foundation, was also involved with the career and college prep programs at CityKids. Citi, once again,was playing a key role in the community. I look forward to continuing to work with other Citi professionals to support the great work already begun by The Citi Foundation.

How has Citi supported your career development?

Citi has been a wonderful place to build my career over the past 19 years. The firm has given me opportunities and responsibilities that have allowed me to grow as a professional and to effect change within the organization. I have spent time in Mexico, London and Houston, and feel that I have been able to play a leadership role in driving business momentum in every geography with my client base.

What do you enjoy doing outside work?

I spend a lot of time with my daughters, family, church family and friends, but feel very passionate about the various organizations that I support. When I have a free moment, I tend to enjoy photography and look forward to publishing my photographs later this year.