Corporate Banking > Associate

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 Associate

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.

Credit Analysis: The Associate develops a deep understanding of Citi credit policies and procedures. The Associate is an active contributor to the credit assessment of the client. An Associate clearly articulates the internal and external impact of transactions, the potential risks, the mitigants and the economic returns. Associates and Analysts work closely together to manage the credit assessments and technical analyses of a corporate client and deal transactions. An Associate is responsible for the accuracy and detail of the figures in cash flow models.

Global Project Management: An Associate is a global coordinator of Citi resources. An Associate works with everyone on the coverage team from Analysts to Managing Directors, inside and outside the Global Corporate Bank, in order to maintain consistency in approach to the overall client relationship. The Associate is involved with identifying financial solutions for existing corporate clients. An Associate understands how to effectively manage the global network by building relationships with multiple product groups and regional offices. Associates are expected to develop a broad knowledge of all financial product offerings through interaction with various product groups in order to determine clients’ global needs.

Client Relationship: The Associate is regarded as an active contributor to the client coverage team. An Associate works on the portfolios of approximately 20 - 25 clients and becomes a point person internally and externally, frequently interfacing with clients. An Associate must hone his or her knowledge of client organization in order to participate in marketing and deliver solutions for clients. Associates stay current on client performance through equity and fixed income research, regulatory filings, corporate publications, earnings calls, industry publications and direct client interaction. Associates initiate and receive calls from key treasury personnel.

Client Meetings: Associates frequently attend client meetings. Not only is this an excellent way to understand the needs of our clients, but it is also a way to make contacts and build working relationships. In these meetings, Associates also have the opportunity to observe senior bankers delivering presentations to clients and start to develop their own presentation delivery skills. The Associate contributes to and finalizes materials for client meetings. With time, Associates are asked to lead client meetings themselves. While initially challenging, the experiences with clients can be both educationally and professionally rewarding.

Training & Mentoring: Associates take the lead in training the Analysts. The better trained the Analysts are, the more efficient and productive they can be, which is valuable for the deal team as a whole. Analysts look to the Associates for guidance and support, and you will find these relationships to be very personally rewarding.

Associates work toward building a base of knowledge regarding their clients, the industry and a multitude of products to eventually lead client discussions and create financial solutions. With experience from client interaction and transactions, the Associate becomes prepared for more senior roles on the coverage team.

Our Programs

The Summer Associate Program is designed to introduce you to the businesses under the Corporate Banking umbrella, including Global Portfolio Management (GPM), Corporate Banking (CB) and National Corporate Banking (NCB) within Citi Markets & Banking. You will be placed into one of our industry groups for the duration of the internship, but will have full access to learn about the other groups in the program during the course of the summer.

Summer Associates are integrated as full-time team members under the guidance of their seniors and undertake responsibilities within most aspects of the group's business. Typically, Associates will be assigned to cover various accounts. After completing significant analysis on their clients, Associates work with the portfolio manager and banker to identify any client-related issues. During the summer program, Summer Associates will develop financial and risk analysis skills, learn about portfolio management and risk/return issues, and begin to develop product knowledge and client relationship skills. Tasks that you will be asked to work on include annual/quarterly reviews, deal approvals, portfolio management and marketing.

In addition, to further enhance your knowledge of our organization and personnel, throughout the summer you will participate in a mentor program, attend a variety of social functions, and will have opportunities to interact with our senior professionals. In the past, we have invited more than 90 percent of our Summer Associates to join the Firm full-time.

Your internship will begin with a two-day training program designed and taught by some of the top professionals in the business, who will share their on-the-job experience, insight and knowledge. The two-day training program is designed to equip you with the skills necessary to perform like a full-time Associate for the duration of the internship, usually 10 – 12 weeks.

The practical training sessions cover topics including: annual review training, stand-alone model training, and industry overviews. The technical training enables you to learn how to use our proprietary valuation, capital structure models and information systems. Our junior bankers are on hand to offer practical advice on their experiences in working with colleagues, interacting with clients and co-advisors, often on multiple, simultaneous projects.

Summer Diaries

Name: Chiza Vitta
Group: National Corporate Bank
School: Columbia Business School

Week 1 & 2

Summer Associates for the Corporate Bank started on the Tuesday after Memorial Day. There were nine of us, seven of whom would be working in the New York office in Tribeca. I remembered some of my fellow summers from the interview process, so we caught up over breakfast while mingling with full time associates and some of the HR staff. Throughout the next three days, we met various professionals who worked at the bank, including our associate mentors. They gave us a lot of guidance regarding what we should key in on to have a successful summer. We were encouraged to be inquisitive, and to learn as much as we could about what Citi did as a whole. The introductions were alternated with training sessions covering everything from statement analysis, to a technical training primer of Citi’s IT systems, to a credit risk overview. Late Thursday I went to my assigned office for the first time, and was introduced by an associate to the bankers on my floor. I prepared for Friday, which would be the first full day in my group.

Shortly after I started, my Director mentor pulled me into a pitch for a company that was planning to execute a share repurchase. I shadowed the associate and analyst on the deal team, and the following week I sat in on a call as representatives from the Investment Bank, Capital Markets and Credit Risk presented our proposal for the client. I spent the remainder of the second week getting comfortable with Citi’s systems and processes, and exploring Tribeca during lunch. As part of the program we were granted free membership to the fitness center in the building and I hope to start using it next week.

A good number of networking activities were scheduled during our first two weeks. My associate class spent an hour over lunch with the head of the Corporate Bank. We discussed his vision for the Corporate Bank as well as our experiences so far. We also had a reception later on in the week at a restaurant near the office.

Week 3 & 4

My group, the National Corporate Bank (NCB), focuses on mid-market clients. I am now attending regular staff meetings and getting a sense for the goals and challenges that the NCB faces. I have started working with some of the documents that are part of the regular workflow, including analyzing credit agreements and writing informational memos. Bankers stop by whenever they have assignments and they walk me through what they expect and any resources that might be helpful. The analysts have been a great help and it has been a good way for me to learn.

I recently transitioned from my initial deal team onto two other projects that have provided exposure to the loan products that Citi offers, as well as the foreign exchange and treasury management solutions Citi is able to provide. I also attended two bank meetings one of which involved a private equity sponsor. The bank meetings offer a unique opportunity to hear top executives speak about their companies and field questions. I met a classmate who was interning at another bank and we compared notes on our summer experiences so far.

We kicked off our Distinguished Speakers Series that would be going on throughout the summer, with a visit from the Director of Corporate Citizenship who spoke about Citi’s efforts in the area of Corporate Social Responsibility.

I have now charted the quickest route between home and the office, figured out what I like best for breakfast from the cafeteria, and all in all settled into a routine. Things are beginning to get busy.

While I was only able to attend the tail end of the welcome reception for the second wave of interns, I reconnected with other members of my associate class and we had a fair amount to talk about relating to our summer experiences so far.

Week 5 & 6

One of the analysts in my group arranged for the summer interns in the group to visit the Sales & Trading floor. I got to listen in on calls as traders assessed market conditions and eventually committed to proceeding with a bond issue. I was surprised to see how different the culture, norms and procedures of another part of the bank could be.

The Distinguished Speaker Series continues. They have included the head of the Global Transactions Services group which has been wildly successful this year. He provided his candid opinion about the type of skills and attitude required to excel on Wall Street - above all he stressed working with the best finance professionals possible.

Since my last assignment I have worked on an Approval Memo related to a shareholder activist in a proxy fight, and I recently joined a team on a tight deadline for a new client. We are preparing to pitch to them in a couple of weeks. There’s a lot to be done.

Week 7 & 8

The Co-Head of the Global Investment Bank spoke to us this week, and having graduated from the MBA program I was attending, I was also invited to join him for lunch along with other bankers and interns associated with our school. It was interesting to note that his career on Wall Street started as a summer intern.

In the next two-week span I made my first day trip to present to an out-of-state client. I actually flew out twice; first for a due diligence session, and second as part of a team hosting a lenders' meeting.

The NCB is unique in that in addition to having smaller clients it is a relatively new group. As a result, the NCB is very entrepreneurial, bankers do a lot of prospecting, and the environment is very fluid. My favorite part has been having the opportunity to listen and speak to various executives, including founding officers, about their companies.

There have been a lot of headlines in the financial publications recently about the liquidity crunch. I had attended the lenders' meeting associated with one of the placements that was subsequently pulled. It is instructive to read the stories with an insider’s perspective.

I had my mid-summer review this week. I went out for lunch with the banker who assessed me, and we talked about her career path. Later that afternoon, we were joined by a member of the recruiting team and we went over the feedback my team had submitted about their experiences working with me. It had only been six weeks, but I was fortunate to have already worked with a significant number of the NCB bankers.

Week 9 & 10

I’ll be at Citi for two more weeks, but for many of my fellow associates this is their last day. The bankers have been making sure to reach out to answer any final questions, and likewise, we are seeking out those who might provide perspectives of specific personal interest.

HR has further facilitated the communications by scheduling an array of activities, including farewell dinners, as well as additional installments in the Speaker Series that have included the CEOs of Markets & Banking as well as the CEO of Citi, Chuck Prince. As expected, much of the conversation continues to center around the volatility and scarce liquidity in the markets.

I started my internship at Citi focused on applying my technical finance skills. While a technical aptitude is indispensable, I have been surprised by how crucial an interpersonal intelligence can be. The ability to create, manage and maintain relationships is a quality I consistently see in the most successful people here at the bank. These types of realizations have made my summer experience an invaluable one.

Week 11 & 12

I’ve had my end-of-summer review and I have a goodbye lunch scheduled with the team on my last day. The past twelve weeks have been a rich experience, not only professionally but also personally, thanks to the people I've met, as well as the new friendships I have forged in fellow summer interns.

Having been in a different industry before, my internship has provided a much-needed glimpse into what a finance career in New York entails. I am taking away many insights that can only be gained through experience working in the industry.

Who we are looking for

This program is for candidates who have completed one year toward their MBA. Our professionals come from a variety of backgrounds, and as a company, we emphasize individuality. These qualities are reflected in the diverse talents and backgrounds of our Associates.

Recruitment Process

Citi Markets & Banking begins the formal full-time MBA recruiting process during the first semester 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 throughout 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 January. Following successful first round interviews, candidates move onto either second round interviews or directly to Super Day. 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.

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.

Below is an outline of the recruitment process from application received to offer for a Summer Associate position:

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

Stage 2: Students are selected for closed list to interview or by bidding for an open interview slot

Stage 3: First-round on-campus interview 
              2:1 competency based interviews

Stage 4: Final-round interviews
              Three to Five 1:1 or 2:1 competency-based interviews with a combination of Managing Directors, Directors, and Vice Presidents

Stage 5: Offer extended by business; follow-up by Campus Recruitment

Please note: Final-round interviews will take place on-campus except for candidates based in New York City.

Where

Geographical Opportunities in the U.S. include:

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

International rotational opportunities are available on a limited basis.

Our People

Anna Fairclough University of the West Indies- BS Accounting (1996); MBA Columbia Associate

If asked about your career at a dinner party, how would you describe it?

I currently work in the National Corporate Bank, which was launched in 2005 as a new unit under the Corporate Bank as part of its target market expansion initiative. In a nutshell, I'm responsible for originating business across the various sectors I cover, which include Financial Institutions, Industrials, Healthcare and Telecommunications. This entails working with several product partners across the Firm including among others, Capital Markets, Investment Banking, Global Transaction Services and Asset Back Securitization.

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

In my three years at Citi, I have been fortunate enough to work with some of the most driven and talented people in the industry. They have such diverse backgrounds and have a wealth of experience in the business. Several people I have worked with have been at Citi for a number of years, in various positions all over the world. They are then able and willing to mentor and pass on their knowledge to junior staff members. This makes your experience at Citi that much more fulfilling.

How do you apply your degree to what you're doing now?

I have an undergraduate degree in Accounting and an MBA in Finance and International Business. My academic training has definitely prepared me for a career at Citi. It has provided me with the analytical and technical skills needed to succeed in my job, which has been strengthened further by my experience with financially distressed companies. It helps to have a strong foundation in accounting/finance before starting but even if you do not, through its training programs, Citi ensures that they provide you with the necessary skills to be successful.

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

In my first year at Citi, I participated in the Global Portfolio Management mentoring program as a mentee. In my following year, I was then asked to be on the program committee. This program pairs analysts and associates with senior staff. It allows you to form a strong relationship with senior managers. Being on both sides of this program has made me appreciate the people here at Citi even more: their willingness to give of their time and experience to those who are new to the company, as well as provide guidance in their career choices. It's truly a phenomenal program, which enables you to form lifelong bonds with people who look out for your best interest. I now participate in the mentoring program for Citi's summer analysts and associates and I'm on the recruiting team for Columbia University.

Describe your experience in your specific training program.

The Corporate Banking training program is typically three months long. At first I thought, this feels like an additional semester of school. It was an intensive program that was very challenging and a bit stressful at times. However, it provides you with the necessary tools to succeed in your job. It also encourages teamwork and you develop a certain level of camaraderie with your classmates. Once you complete the program, these classmates become part of your growing network of people at Citi who you can turn to at any point in time.

If you could have dinner with anyone (past or present) who would it be and why?

Having had the pleasure of observing Jessica Palmer in meetings and presentations, she would be my first and easiest choice to dine with. Though Ms. Palmer retired from her position as Head of Risk Management for Global Markets and Banking at Citi, she still remains, in my eyes, a role model for anyone in the financial services industry. Not only is she a perennial professional but incredibly likeable and respected by colleagues and clients alike.

Daljeet Lamba Director

What do you consider Citi's competitive edge?

Without a doubt the ability to offer "one-stop" shopping to our clients. The Firm is unparalleled in terms of its service offerings and by leveraging our capabilities we can and are executing large, multi-product complex financings for our clients.

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

They are smart, intelligent and work well as a unit which is critical to delivering the best service to our clients. Citi has a vast product offering and without help from your peers you cannot even begin to scratch the surface.

Michael Quadrino Cornell University; Degree: Bachelor of Science Vice President

What do you enjoy doing outside work?

I enjoy collecting (and drinking) wine. My collection is predominately New World wines from California and Australia, but I have recently started to enjoy wines from France. It is a hobby that is not only very enjoyable, but has also proven very useful in many business situations.

If asked about your career at a dinner party, how would you describe it?

Exciting and invigorating. There is no such thing as a typical day in investment banking.

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

The Best! I have been at Citi for over seven years. Our people are the best and the brightest.

What about your career excites you the most - gets you out of bed in the morning?

Being in the middle of marquee transactions others can only read about in the Wall Street Journal.

What do you consider Citi's competitive edge?

Our edge is our global scale and depth of product offerings. We are a total solutions provider as much as an investment bank.

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

As a member of Citi's Financial Sponsors Group, I work across all industries and products. I tend to spend a good deal of time with Leverage Finance, working on leveraged buyouts.

What skills have you found to be the most useful in your position?

Other than finance and accounting, strong communication skills are by far the most important attribute of a successful investment banker. If the lines of communication are blurred, everything else suffers.

Sabrina Washington Georgetown University - BS; University of North Carolina at Chapel Hill - MBA Associate

What do you consider Citi's competitive edge?

International footprint and diverse talented staff.

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

Citi is an exciting place to work because of the depth of globally experienced and financially savvy individuals who work within the organization, and its ability to retain this talent. The imagine of Wall Street and financial services is one of high turnover. No matter which department or group, you will find employees who have been with the organization for multiple years. More importantly, they are willing to mentor and pass on their knowledge to junior staff members.

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

The focus of the coverage teams in the Corporate Bank is to identify financial solutions, transcending any one product, to meet our customers’ global needs. Associates are expected to develop a broad knowledge of all Citi’s financial product offerings. I interact with my counterparts throughout Citi as a result of the breadth of transactions we can provide to corporate clients, but more specifically those executed on behalf of Global Financial Institutions. This would include but is not limited to originating and executing accelerated share repurchases, securitizations, hybrid securities, acquisition financings and derivative transactions.

How do you apply your degree to what you're doing now?

An MBA coupled with the Associate training program, an intense 13-week program, gives you the tools necessary to hit the ground running and to know when to ask questions. I regularly participate in brainstorming sessions that relate to concepts that I studied in business school in my corporate finance and accounting classes – from capital management and dividend policy to reducing cost of capital and economic return on capital. From powerpoint to modeling, these skills are necessary and are well utilized.

Describe your experience in your specific training program.

The Corporate Banking training program is typically three months long. It was an intensive program that can be challenging and stressful. It also encourages teamwork and you develop a certain level of camaraderie with your peers.

Where do you see yourself in five years?

I hope to work internationally for the Corporate Bank.

What do you enjoy doing outside work?

Just learned how to scuba dive. Looking forward to putting my certification into action around the world.