Capital Markets Structuring & Origination > Analyst

Business Description

What is Capital Markets Structuring & Origination?

The Capital Markets Structuring & Origination groups (Fixed Income Currency & Commodities Capital Markets and Equity Capital Markets) originate, structure and execute new capital raisings in the global capital and loan markets. Capital Markets Structuring and Origination houses a broad range of product specialists who work with both our Sales & Trading desks and the corporate finance professionals in the Investment Banking and Corporate Banking divisions.

The Capital Markets Structuring & Origination space is subdivided into integrated client coverage groups and specialized product groups. Our origination coverage officers provide advice and execution expertise on raising capital in the global equity and fixed income currency & commodity markets to corporations, financial institutions, and sovereign entities seeking to raise capital throughout the world. Our product specialists expand the range of capital markets tools available to clients by developing tailored solutions to meet clients' capital-raising goals. We work with our colleagues in Investment Banking to identify clients who need to access the equity or fixed income markets and then subsequently structure, position, value and market offerings of securities, loans, and structured instruments.

What service do we provide to our clients?

We provide our clients with real-time market knowledge and technical structuring expertise that allows them to make optimal capital raising, hedging and risk-management decisions. We are experts in financial instruments ranging from money market products, investment-grade and high-yield corporate and sovereign bonds, high-grade and leveraged loans, preferred and hybrid securities, initial public offerings and follow-on offerings of common stock, convertibles and equity-linked securities to currencies, swaps, options, collateralized debt obligations (CDOs), asset-backed securities and structured new products.

Our massive global platform and depth of experience, combined with our international institutional and retail distribution networks, product innovations and capital commitment, have consistently produced a leading flow of business from both domestic and international corporate clients and a reputation that no other firm can match.

What product/groups do we cover?

Equity Capital Markets:

• Equity Capital Markets (ECM)
• Professionals in Equity Capital Markets originate and execute a broad range of strategic equity solutions for Citi's corporate and financial sponsor clients. Ideally positioned within the Global Corporate and Investment Bank, ECM maintains an integral working relationship with both the Investment Banking and Sales & Trading divisions. This gives ECM a unique, both-sides-of-the-equation vantage point that offers the best of both worlds: we bring together issuers and investors through the origination, structuring, and distribution of a variety of equity products.

 

• Equity Syndicate
• Equity Origination
• Initial Public Offerings (IPOs)
• Follow-on Offerings
• Equity-Linked Securities (Convertibles)
• Corporate Equity Derivatives
• Corporate Restructurings (Carve-outs and Spin-offs)

 

Fixed Income Currency & Commodities Capital Markets:

• Asset-Based Finance
• We are a highly specialized loan product group that provides senior bank debt products to non-investment grade borrowers for a variety of purposes: working capital, acquisitions, turnarounds, growth financing, reorganizations and debtor-in-possession financing. In the simplest terms, asset-based finance is a financing structure that is based on the inherent value of a company's assets: accounts receivable, inventory, property, plants and equipment. Asset-based finance transactions are often structured around significant capital raising/restructuring events by the borrower.

• Asset Finance Group
• We are in the business of originating, structuring and executing complex financings with a focus on discreet assets. We provide our clients with seamless, integrated financing solutions for "Big Ticket" assets on a global basis through the sourcing and placement of equity and debt. Assets financed include renewable energy assets, energy facilities, aircraft, ships, manufacturing facilities and real estate. We develop and grow our investor distribution capabilities for our clients across all key markets. We also intermediate, underwrite and invest as necessary within risk and return parameters acceptable to the firm. An integrated business team approach across product and geographic boundaries is employed, providing the professional and technical expertise to consistently provide leading edge solutions to our clients.

• Commercial Mortgage Finance
• Our clients are large and mid-sized banks and finance companies that originate prime, alternative and sub-prime residential mortgage loans and small balance commercial mortgage loans. We purchase and/or structure and underwrite securitizations of these loans for our principal business and our clients as well as develop innovative financing solutions for clients. Our group, which includes banking, structuring and sales and trading, is based in New York City with additional salespeople in London and Tokyo.

• Credit Derivatives
• We use structured finance technologies to structure and trade innovative derivative products that allow institutional investors to efficiently access or hedge exposure to a range of financial instruments including Leverage Loans, IG and HY Corporate Credit. We are also a leading market maker in the global suite of Credit-Correlation Index products. The Citigroup derivatives business is at the cutting edge of the fastest growing area in the financial markets, and we are continuously looking to expand our trading, structuring, risk management, and distribution capabilities. We have coordinated offices in New York, Tokyo, Hong Kong and London and are part of Global Structured Credit Products.

• Derivatives Solutions
• We work with corporate clients across every industry to help them assess and quantify their market risks. We then advise them on various ways to eliminate or mitigate these risks using derivatives, namely, interest rate derivatives, foreign exchange derivatives, and credit derivatives. We then execute these transactions in the Capital Markets on behalf of our clients. We work with other groups, such as Structured Products, Pensions, and New Products to implement derivative strategies into complex financial structures. Our primary offices are located in New York, Chicago, and Toronto.

• Export & Agency Finance
• We are a leading arranger of credit-enhanced structured financings solutions for sovereign and corporate clients exclusively in the emerging markets. Our product solutions manage risk through credit and political risk arbitrage provided by our primary investor base, which includes Export Credit Agencies, Multilateral Banks and Bilateral Government Agencies. These solutions include the arranging and underwriting of financings in different debt markets related to capital expenditure projects (full recourse or limited recourse) as well as acquisition financing and refinancing transactions. We also provide export financing advice for the firm's clients. The advice relates to clients in developed and emerging market countries engaged in global trade, capital projects and cross-border investments. We have structure finance transactors located in New York, London, Frankfurt, Tokyo, Mumbai and Hong Kong, with regular coverage of all regions in the world

• Global Loans Capital Markets
• We are a leading global arranger and underwriter of loan products for high-grade issuers in all industries worldwide, for general corporate purposes and for acquisition financing. As a core product within the global fixed-income platform, we are a primary liaison for market, pricing and structural trend analysis, and work together with our investment and corporate banking colleagues to provide integrated financing solutions. We are based in New York, London and Hong Kong, with regular global coordination between offices and professionals in Asia, Europe and Latin America.

• Global New Products
• We develop innovative capital raising solutions for the world's leading sovereign issuers, corporations, and financial institutions. Our client solutions involve hybrid securities (instruments that exhibit qualities of both debt and equity), structured notes with embedded derivatives, and synthetic, repackaged investments. Our business has grown considerably over the last year, with expansion into new jurisdictions throughout the globe and increasing deal flow in several business sectors. We have designed new financial products that meet the capital and financing needs for borrowers based in thirty-two countries, have been denominated in eight different currencies, and have been sold to investors in Asia, Europe, Japan, Latin America, Oceania and the US. Our professionals based in New York work primarily with clients located in North America and Latin America, those based in London work with clients in Europe, Africa, and the Middle East, those based in Hong Kong work with clients in the Asia Pacific region, and those based in Sydney work with issuers in Australia and New Zealand.

• Global Securitized Products
• Our primary focus is to structure and execute securitizations of consumer and commercial financial assets, including credit cards, student loans, commercial loans, automobile loans, leases and esoteric cash flows such as royalty and franchise payments and movie revenues. Our transactions are executed both in the capital markets and through our off-balance sheet commercial paper conduit. We also advise clients on balance sheet management through securitization, execute principal finance transitions, including acquisition of portfolios that meet our risk criteria, and provide warehouse financing. Our clients include most major finance companies and major banks in the US as well as a growing number of small specialty finance companies in the US and abroad. The group is supported by structuring, research, trading, sales and syndicate professionals. Members of our securitization team are located in New York, Hong Kong, London, Seoul, Sydney and Tokyo. Salomon was one of the founding firms in securitization, and we are one of the top securitization groups on Wall Street.

• Global Structured Credit Products
• We use structured finance techniques and credit derivative products to create structured debt vehicles that enable investors to realize arbitrage opportunities on fixed income assets, and provide credit risk solutions to investment portfolios for leading financial institutions and corporate clients in order to address changing regulatory requirements or enhance liquidity. Our integrated group operates globally with offices in New York, London and Hong Kong and dedicated salespeople for all major international markets.

• Global Structured Solutions
• We are dedicated to bringing structured finance solutions and private placements to the fixed income markets, including the originating, structuring and placement of such securities on a global basis across all industries. These securities provide solutions to the complex corporate finance problems facing our clients by combining structuring, risk transfer and execution expertise with in-depth knowledge of regulatory, tax, rating agency and accounting treatments. Transactions result in the structuring and placement of senior debt, mezzanine and equity to sophisticated institutional investors. Transactions require the integration of efforts across multiple product platforms. In addition to wide industry coverage, we have a deep client base operating throughout the world. We are based in New York with representatives in London, Dublin, Sydney and Hong Kong.

• Industrial Capital Markets
• Our team provides strategic advice to some of the world's largest and most influential multinational corporations as they navigate the public and private fixed income and derivatives markets. Our clients operate in nearly every sector from traditional industrial corporations to utility and energy service providers and media and technology companies. We are at the forefront of the fixed income market, providing our clients with real time market information and analysis. Working as a team with Investment Banking and Fixed Income Sales & Trading, we gain access to both sides of the information pipeline and are involved in strategic dialogue ranging from new issue conditions to M&A advisory and capital restructurings. We help our clients identify, analyze and solve complex risk exposures through the use of hedging techniques and various derivative instruments. Our teams operate out of New York, Chicago, London, Frankfurt, Hong Kong, Tokyo and Sydney. We've been the #1 Underwriter in Investment Grade debt for several years running, commanding over 20% market share.

• Infrastructure & Energy Finance
• We provide strategic and financial advice and arrange and underwrite structured financings for clients in the infrastructure and energy sectors. These sectors include: power, oil & gas, transportation, public-private infrastructure-defense and health, telecommunications, metals and industrial infrastructure. Advisory services include strategic advice, mergers and acquisitions, privatization, ratings advisory, valuations and financial advisory, including project finance advice. We arrange and underwrite financings in the bank and bond markets related to limited recourse acquisitions and projects (greenfield or brownfield), as well as arrange commodity finance, agency finance, local currency finance and mezzanine and equity fundings. We operate globally with offices located in New York, London, Hong Kong and Australia

• Latin America Debt Markets
• Our team originates and executes international debt transactions for Latin American and Caribbean-based clients. We maintain a fluent dialogue with both sovereign and corporate issuers across a wide range of industries. Throughout the deal origination and execution process we work closely with our Investment Banking Division and Sales & Trading desks, gathering market intelligence and providing debt financing advisory related to potential M&A and leveraged finance deals. Additionally, we execute liability management transactions for our clients, including debt exchanges and tender offers. We cover all regions, with dedicated coverage of every country in Latin America. We're based in New York, and work with syndicate desks in New York, London, Hong Kong and Tokyo. Spanish or Portuguese proficiency required. In the past years our team has consistently been ranked the top underwriter of Latin America international debt.

• Leveraged Finance
• Along with investment and corporate banking, we work with clients rated below investment grade to access the fixed- and floating-rate capital markets. We structure, arrange and assist in the execution of public and private high-yield bond offerings, leveraged loan facilities, mezzanine capital and bridge loan facilities for clients in all major industries, and raise debt capital to finance corporate growth, acquisitions, leveraged buyouts (LBO), recapitalizations and refinancing. We operate globally with offices located in New York, London and Hong Kong.

• Liability Management
• We work with corporate and sovereign issuers based in all regions of the world to restructure and optimize their debt portfolios. We continue to dominate debt-restructuring activity, after having established liability management as a separate Wall Street discipline in the early 1980s. In the current market environment, we provide an ever expanding and important service to the client base. We are based in New York and London.

• Money Markets Origination
• We are the U.S. component of Citigroup's global commercial paper business, which originates and structures short-term investment-grade fixed income securities for financial institutions and corporate issuers across all industries. Access to the commercial paper market provides unsecured issuers with funding needed for a wide variety of uses, including bridge and M&A financings, stock repurchases and general working capital purposes. In addition to coverage of unsecured issuers, we originate, structure and market securitized vehicles funded in the asset-backed commercial paper market by banks and other financial institutions, as well as a few corporations.

• Mortgage Finance
• Our clients are large and mid-sized banks and finance companies that originate prime, alternative and sub-prime residential mortgage loans and small balance commercial mortgage loans. We purchase and/or structure and underwrite securitizations of these loans for our principal business and our clients as well as develop innovative financing solutions for clients. Our group, which includes banking, structuring and sales and trading, is based in New York City with additional salespeople in London and Tokyo.

 

Roles of an Analyst

To give you a better understanding of what you can expect if you join the Capital Markets division, we asked for some input from our current Analysts. Here they describe the main tasks they undertake.

Roles an Analyst may undertake in Capital Markets Structuring & Origination:

Market Analysis: Citi's ability to provide in-depth analysis and expertise of each financial market and product is a critical element to our competitive advantage. Capital Markets Analysts gather and present to senior managers and our clients timely information on the various markets. Analysts work with numerous software applications, external data providers (Bloomberg, Reuters, etc.), and in many cases interact directly with the salespeople and traders active in that market. As Analysts develop within their roles, they should begin to understand the dynamics behind the different financial markets, and expand their views on the outlook for those markets.

Pricing Analysis: Whichever product is being considered, we must compete with other banks on pricing. Clients are naturally attracted to the firm offering to raise funding for them at the lowest cost. However, Citi risks both its franchise and sometimes its own capital every time it recommends pricing to a client. Pricing levels are reached differently for each product, but most often Analysts are responsible for reviewing comparable transactions and supplying salient information to senior professionals who will present pricing levels to the client.

Investor Communications: Critical to the success of every capital raising or corporate transaction is understanding the views and needs of investors. Whether it's notifying institutions on a new issue of equity or gauging the appetite for a raising of debt, CMSO professionals play a pivotal role liaising with investors. Our clients rely on us to complete their deals successfully and efficiently; communicating with potential investors helps us gain insight into the level of demand for an offering and the sensitivities surrounding the price. Specific to Equity Capital Markets, Analysts also talk to current shareholders regarding their opinions on a company's performance and strategy. Analysts are a line of communication between senior management and the company owners.

Presentation Preparation: In addition to performing Market Analysis, Issue Pricing and Investor Communication, an Analyst must synthesize this information in an easy-to-understand manner for the client. While an Associate may design the pages and flow of a presentation, the Analyst is responsible for researching and processing the underlying data and organizing the group's thoughts and ideas into a professional document presentable to a CEO or head of state.

Coordination: Each project has multiple work streams, deadlines and deliverables that must be managed. Analysts help coordinate such tasks with internal and external working teams (such as legal counsel) and the client. Additionally, Analysts work with Associates to prepare internal administrative tasks, such as internal memorandums. One example is a “Commitment Committee”/“Credit Approval” memorandum that internally notifies the senior management and credit chain that seeks approval to commit Citi's capital to a client, whether to underwrite a new issue or serve as an ongoing lending participant. Also, as we work in regulated markets, much of the requisite controls and compliance work rests squarely with Analysts.

Our Programs

Citi's Capital Markets Structuring & Origination division is comprised of over 25 different groups, many of which are hybrids between Investment Banking and Sales & Trading. This unique mix of groups is closely aligned with the fixed income and equities markets to provide innovative products and liquidity for our clients. The Capital Markets Structuring & Origination Full-Time Analyst program is typically a 2-year program, however, many of our analysts are asked to spend a third year with us. After that third year, there is the option to ultimately go on to pursue the Associate program.

Capital Markets Structuring & Origination Responsibilities:

• Primary contact for GRB / IBD professionals on fixed income products
• Manages overall fixed income relationship and dialogue with corporate clients
• Originates, markets, structures and executes fixed income transactions
• Demonstrates ways to limit interest rate and credit risk through the use of derivatives 

Capital Markets Structuring & Origination in North America has two programs you can apply for:

• Full Time Analyst Program
• Summer Analyst Internship Program

Full Time Program
The Full Time Analyst Program commences in July with a five-week intensive training program. Your formal training begins with orientation and induction sessions, providing an overview of Citi and specifically Markets and Banking. You will have the opportunity to meet representatives from the teams that make up the Capital Markets division. Finally, we take a few weeks to prepare Capital Markets Structuring & Origination Analysts for the securities industries licenses, NASD Series 7 and Series 63.

This comprehensive program is designed to cover the following fundamental aspects of the Analyst role:

• Understand key roles in the financial markets
• Obtain an overview of the most important financial products
• Enhance confidence when extracting and assimilating financial information
• Build robust financial models
• Learn the fundamentals of equity and debt valuation
• Develop technical skills (Excel, PowerPoint, Bloomberg etc)

Over the course of the Training Program, Analysts attend Networking Events with each CMSO group in order to determine which groups are of interest to them and may provide the best fit. The summer culminates with Analysts in the Generalist Pool taking part in group-specific interviews. The only pre-placed Analysts in CMSO are former Summer Analysts who have received a direct offer back to their group. All other analysts are placed into the Generalist Pool and partake in the group-specific interview process.

Summer Internship
The Summer Analyst Internship Program commences with a one-week internsive training program. This begins with orientation and induction sessions during the first day that provide an overview of Citi and specifically our Markets and Banking Division.

Summer Analysts will then complete a four-day program of classroom training, which will be carried out by skilled instructors drawn from within the business. This comprehensive program is designed to cover the following fundamental aspects of the Summer Analyst role:

• Basic accounting and finance skills
• Fundamentals of valuation
• Citi's library and information services
• External information systems e.g. Bloomberg
• Important financial products commonly used

Prior to the start of the program, candidates will be given the chance to network and learn about the different groups. Based on skill-sets, Placement Interviews, and candidate and business preferences, Summer Analysts are placed in one business group for the entirety of the summer.

Speakers, luncheons, and group events provide Summer Analysts with an overview of the other areas of Capital Markets Structuring & Origination, and CMB as a whole. Because we serve as the critical liaison between the Investment Bank and Sales & Trading divisions of the Firm, an understanding of the roles played by Investment Bankers, Salespeople and Traders is critical to our success. Therefore, we schedule events throughout the summer to allow Capital Markets Structuring & Origination Summer Analysts to interact with not only one another, but also with Summer Analysts in Investment Banking and Sales & Trading.

Our calendar of events for the summer showcase the best of what our cities have to offer. Additionally, we have a weekly Distinguished Speaker Series, allowing our senior management professionals to host discussions and answer questions. The CMSO-specific Mentor Program enables you to develop a professional rapport with senior and junior professionals who can offer their experience, knowledge, and guidance throughout the summer.

Summer Diaries

Name: Yaron Naymark
Group: Mortgage Finance
School: University of Florida

Weeks 1 & 2

From my first day as a Summer Analyst, I began to understand why this program is one of the best summer programs on the street. There is no doubt in my mind as to why Citi is an industry leader in almost every league table for every product or service provided by banks. Throughout the first three days of training, we learned more about the role of banks in financial markets than most people do in a whole semester of studying finance. Different people from different groups came in to speak with us to give us a general understanding about what their particular group does. They taught us about different products that are used on a day to day basis by every large bank in order to fill certain needs such as hedging, originating, underwriting, valuation, and much more. We were provided with financial calculators, financial terminology dictionaries, and other materials to help teach us financial theory. After every speaker, we were put into teams and had quizzes that tested our knowledge in a fun, yet competitive way. After the last day of training, a bunch of us decided to get together after work to celebrate the start of a great summer.

When the first week ended, we were all anxious to start doing “real” work with our group already. The first week with our group was kind of slow. Most of the analysts gave us small tasks to do to see if they could trust us with simple things. I spent much of this time reading up on my group’s product, asking questions, and getting up to speed about the ongoing deals that the group was engaged in. Overall, it was a successful week. I got to meet most of the people in the group, and I definitely learned a lot about my product area.

Weeks 3 & 4 

Weeks three and four were the two most important weeks of the summer with regards to my group. This was the period where analyst and associates started trusting me with some serious work. My group expected me to finish this work promptly, but with precision as well. Several of the deals under way were marketing during this period and buyers of the securities we were going to issue wanted specific information about the assets (mortgages) that were going to back these securities. Since every investor has a different model to value our issued bonds, I needed to fill in templates for these investors with their requested information. This is an important task since this is work that leaves the firm and represents our numbers to the investors. Additionally, during these weeks, I started working on several weekly comps for our group. These comps are used to help mark or value the residuals we hold to our deals. These marks are important because they represent the bread and butter of the group’s business. Much of the group’s profits come from these residuals. I was also in charge of getting legal documents signed and executed for our deals in progress. There are numerous contracts and documents that need to be signed for every deal and without them, a deal cannot close. Other responsibilities I had were updating powerpoint presentations before they were shown to clients, creating league tables, graphs, charts, and other instruments to convey information on these presentations, getting marketing materials printed, setting up conference rooms for client events, and making sure food, projectors, laptops and other equipment was there when it needed to be. Overall, during these two weeks, I actually began to feel like a part of the group. Work that was given to me hesitantly at first was now being given to me happily and I was very excited to be this involved and so close to the deals.

During week four, we also had a networking event at Marquee. This event was a lot of fun but also gave me the opportunity to meet different people throughout the firm. These events are invaluable since meeting these individuals allows us to learn what different areas of the bank do.


Weeks 5 & 6

Weeks five and six have come so quickly that it is tough to believe half of the summer is over already. My mid-summer review went very well and I found that the advice given to me was very helpful in my development of an effective and productive Summer Analyst. During these weeks, I felt that I was given more responsibility than was originally trusted to me. During this time, I was asked to make a presentation, illustrating Citi’s assumptions for a margin call that we were making on a client’s warehouse line. Basically, the collateral that they had used to secure a line of credit lost value and we needed to collect money in order to secure our position. This presentation was very important because it needed to be accurate and informative enough to convince our client that the margin called was reasonable. During this time, I was asked to create a new comp to help estimate expected future cash flows from our equity pieces, or residuals.

I have also really come to appreciate our weekly lunch presentations along with the speaker series. All of the information presented during these events has given me a broader sense of understanding about the firm’s values, culture, and role within banking and capital markets. 

Weeks 7 & 8

These past few weeks have been extremely interesting from a learning standpoint. There has been a lot of activity in the news and marketplace that has had significant effects on my group’s product. It is a very exciting to open the newspaper and read articles about events that you worked with directly. Although market conditions have turned less favorable for certain products, I have learned so much by working during these times. I have spent many hours analyzing underlying collateral characteristics and performance for many deals that our group has been responsible for, which has helped me build a more sound understanding of how the product is created and how it works. Other than being very busy, I have still been very impressed with the distinguished speaker series. The speakers’ perspectives on the careers, markets, Citi, and other topics are very interesting to hear. I am really looking forward to hearing Chuck Prince and Michael Klein in the next two weeks.


Weeks 9 & 10

I believe that my overall contribution to the firm and group has been relatively significant throughout the summer. Since the group only had two full time analysts for most of the summer, I was responsible for many important tasks. I proved myself to be trustworthy during the first few weeks, which paid off in the long run. Overall, the firm has really impressed me this summer. The quality of people here is extremely high and that makes a big difference both on the bottom line, and the work/learning environment. Although I held Citi in high regards before I was part of the analyst program, I can honestly say that I now know why it is one of the most respected firms on the street. I think this summer was a great learning experience and provided me with a great deal of opportunities (both educational and networking). I really enjoyed the social events, the speaker series, and meeting all of the people in the program.

Name: Frederick Leggett
Group: Equity Capital Markets
School: Georgetown University

Weeks 1 & 2

The first day on the desk was a mix of excitement and frustration. I sit down at my desk, with two screens and a “phone” (looking more like something out of StarTrek) staring back at me. We (four summer interns) awkwardly look around the floor, wondering what it is we’re exactly supposed to do. An Analyst took the time to introduce himself and showed us a few assignments he was working on. I am blown away by his blinding speed in excel and powerpoint. I am given a few tasks and fumble around on the keyboard, attempting to create a simple pie chart.  Three hours later, I show the results to an Analyst who quickly catches a flaw and recreates the pie in 2 minutes. I listen to a call and while I can pick up a few details here and there, the speed and language of the conversation have me quickly filling up a notebook with questions. Excitement sets in as my appetite is whetted by different types of deals and products. At the same time, frustration sets in as I am eager to contribute and wait to be staffed

The first few weeks play out in a similar fashion, and I am eventually staffed in the Technology group and shadow a third year Analyst, who begins to show me the ropes. As I get exposed to the different types of deals and products, I gradually get more involved in the work, taking on more responsibility.

Training was a great opportunity to meet the other interns and get a better idea of how Capital Markets fits into Citi as a whole. I thought that training was the perfect length; friends who worked at other firms spent over a week in training. To me, this seemed like an inefficient use of time as I realized that most of the learning occurred on the desk. There were plenty of opportunities during training to meet the other interns. As training was set up as a series of quizzes based on team effort, I quickly felt the team coming together as our competitive spirit emerged. Almost everyone is very approachable, and I make a trip to the desk during training with another intern to meet everyone we will be working with.

Being from Manhattan, it is great to be home and work in the city I love. The first few weeks have been pretty low-key, so I am able to explore different venues during the week and catch up on some of the tourist attractions I never bothered visiting.

Weeks 3 & 4

By weeks three and four, the logistics are starting to fall into place. I begin to pick up the lingo and jump on every call I can to soak up as much as possible. I quickly crank out a pricing for multiple convertible debt structures and carefully check each number before handing the results over to a Managing Director, thinking “wow, I didn’t even know how a convert was structured a few weeks ago”. I learn something new everyday, whether it be the structure of a mandatory convert or a little trick in excel. The third year Analyst I have been working with is leaving soon for Associate training, and then I will have to report directly to the VP of Technology. While I have been learning a lot every moment, I wonder how I can possibly fill those shoes after four weeks on the desk.

I have been working mostly up to this point on convertible debt pitches. This is surprising as I expected to be working more with Equity; however, I find the coverts engrossing as there are many different structures and possibilities that are new and innovative. This involves pricing terms, creating cost of capital graphs, and organizing precedent deals into a presentation that will ultimately be used by the MD to pitch to a client. Other responsibilities include updating daily information concerning the tech space that can also be used to keep a pulse on the general market and specifically the tech market.

I have been working mainly with the third year Analyst in Tech, but whenever I have downtime I try to talk to other Analysts and see if I can help with anything. Very often, Analysts in other pods will have tasks for me. In this way, I feel that I am contributing to the group as a whole. During Monday morning meetings, everyone from the group will convene in the conference room and discuss the past week’s activities. The Co-Heads of the group consistently stress communication between groups and working together to realize synergy. I feel that this really plays out on a day-to-day basis. Whenever someone is stuck, there is no hesitation to shout over the desk to ask a question. Whenever I am stuck, I turn around and ask whoever is available.

I meet with my junior mentor for lunch. He is very laid back, and I feel very comfortable opening up to him about my experience so far. My senior mentor has been traveling most of the summer but being back in the city this week, I got to meet with him. Both my mentors help me to step back and voice my feelings and opinions of my experience so far while offering suggestions and possible solutions to any concerns or problems I have encountered.

I have had some exposure to the Managing Director in converts, but still mostly work with the third year Analyst; however, I am assured that after she leaves, I will be reporting directly to the VP.

Weeks 5 & 6 

In weeks five and six, the third year Analyst is now gone and so I am solely responsible for Analyst work in the Tech space. I continue to work on convertible debt pitches but as other deals trickle down the pipeline, I have also started to tackle two upcoming IPOs. Investor targeting breakouts require me to break down potential accounts and investors and get an idea of similar companies they are invested in and the viability of their position as a potential investor. The VP I am now working with started as an Analyst, and so he is very approachable and willing to answer questions. Luckily, the third year Analyst has trained me well and exposed me to most of the materials and assignments that the VP is giving me.

Also, a sophomore intern who is rotating through ECM occasionally shadows me. This is a great opportunity to communicate what I have learned so far this summer, and I am surprised at the amount knowledge I have gained.

My mid-summer review helped to identify my weaknesses and work on them. Attention to detail and visibility to management were my two main working points and so I made sure to carefully check over my work and ask questions to the VP. Also, my junior mentor was very helpful in suggesting on how to work on these points.

All the deals that we work on are in conjunction with other divisions. When pricing a convert, I will call the borrow desk to check on the available borrow. Throughout the IPO pitches, we will be in constant contact with the bank to make sure presentations are up to date. Furthermore, all the Summer Analyst lunches has given me a good introduction to the other groups in capital markets and I occasionally speak to other interns to gather how their experiences have been thus far. Also, an Associate from IBD on the west coast has started doing a rotation through ECM so I am able to see how she approaches projects from a banking perspective.

As time passes I am really getting a sense of the sheer size of Citi. Within my group, looking at competitors’ numbers and being exposed to the deal volume and variety flowing through the firm helps me to realize how far Citi’s reach extends. On calls to clients, Citi’s breadth allows it to approach a client from multiple angles. While I might have contributed to the convert section of a pitch, private placement, global loans, or high yield solution allow me to understand not only the wide range of products that could be appropriate for a situation but also Citi’s ability to deliver these products.

Weeks 7 & 8

I have worked on a few pitches for international firms as well as companies based in China. Frequently, we will collaborate on a book with the ECM-Asia team.

The most interesting part of my day is listening in on a call to try to piece together how the work I do fits into the deal and what it means. I realize that it is very easy to get caught up in the daily grind and forget to step back and really process the work, see what it means, and how it fits into the grander scheme. In this way, listening to the developments of a deal on the phone is the most exciting because my work will be integrated into a discussion and I am able to see its significance and how it relates to the deal.

I also enjoy the broad overview of the equity markets that ECM gives me. It is always interesting to listen to views of upper management and how they perceive the markets, recent news and how it will play out. This is unique to ECM because nowhere else can you be exposed to such a broad view of what’s happening with the markets.

Weeks 9 & 10

By working in the Tech group, I feel that I got great exposure to the tasks a first year Analyst does and in this way, I was able to gather, organize and structure the supporting materials for management to use in presentations. I have had an amazing summer and come away with a great introduction to the world of finance. I couldn’t have asked for a better group of people to work with.

There are two main points that I feel sometimes are neglected when entering a summer internship. The first is familiarity and facility with excel and powerpoint. There was barely any mention of this when I interviewed and attended informational events at school. However, the job of an Analyst revolves around the ability to organize and present information using Office. While you will eventually pick up the necessary skills during the summer, by spending some time or having past experience with both programs you will produce work and results more quickly and efficiently. On the other hand, while timeliness is important, accuracy is even more important. At first, I tried to finish tasks as quickly as possible with the thought that the sooner I showed work to someone the more impressed they would be. Not good. Make sure once you finish something, print it out, and check it over two or three times if not more. While these points may sound mundane, this is the role of an Analyst and producing timely accurate work will allow you to establish yourself early on.

At the same time, it is important to understand how your work fits into the big picture; make sure that when presenting your work to communicate that you understand what’s happening and ask how it relates to the deal or pitch on hand. By doing this, you will show people that you are taking an active effort to dig deeper into the material and gain a better understanding.

 

 

Who we are looking for

We asked our Capital Markets recruiters to describe what makes a good candidate and what specific skills they are looking for.

We welcome applications from all backgrounds– we will provide you with the training to succeed in our business. We look for highly motivated individuals with strong academic performance and excellent communication skills.

Some of the key skills we look for are:

• Creative in solving problems
• Intellectually curious
• Hard-working and diligent
• Enthusiastic
• Quick-thinking
• Able to juggle multiple tasks simultaneously
• Confident and comfortable with clients
• Articulate in oral and written communication
• Cooperative; focused in achieving the group and client objectives
• Detail-Oriented

Their specific skill-sets may include:

• Quantitative Analysis
• Financial Modeling
• Writing and Editing
• Computer Modeling
• Foreign Languages

Recruitment Process

Full Time Analyst

Markets & 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.

Full-time offers are into the CMSO Generalist Program. Based on skill-set and interests, candidates are placed at the end of the full-time Training Program.

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).


Summer Analyst

Our Summer Analyst recruiting begins 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 Graduate Recruitment and the Business

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

Stage 3: Offer extended by business; follow up by Graduate Recruitment

Our People

Isaac Taylor Bachelor of Science in Economics, University of Pennsylvania Financial Analyst

What advice would you offer prospective candidates on transitioning from school to the workplace?

The best advice I can give is to just get as good of an idea as you can of what to expect day-to-day by talking to others who are already in your position and beyond that just prepare yourself for a difficult adjustment over the first few months. The training program at Citi actually helps a lot with adjusting to the new lifestyle.

What do you consider Citi's competitive edge?

Citi’s global reach and reputation as a market leader are one of the important competitive advantages that we hold, but I believe that our key competitive edge is the strength of our people and their ability to consistently deliver top-notch advice and service to clients.

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

The people in team are amazing and the number one reason I chose to work at Citi. My team is made up of some of the most driven, intelligent, innovative, down-to-earth people that I have had the opportunity to be around, and it makes for a great work environment.

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

Like many other groups within Capital Markets we are very connected with the other areas within Citi. Each day I work with the Syndicate Desk, Traders, Investment Bankers, Relationship Bankers, and the other Products groups within Capital Markets. Having the opportunity to literally be in the middle of everything is one of the parts of the job that I love the most.

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

From technical skills that I picked up in finance and accounting to critical thinking and writing skill that are emphasized across all courses, I consistently find myself utilizing the skill sets that I developed throughout college. In fact, I have found that many times the most difficult and challenging problems that we face are often solved by using some technique or framework that myself or one of my colleagues learned in school.

How did your summer internship help you make the decision to pursue a career at Citi?

As a summer intern, I had a perfect opportunity to see whether or not Citi was the right place for me. During my internship I was extremely impressed with all the people that I met and completed my internship having learned a ton. After that I knew that Citi would offer me the opportunity to build my career in an enjoyable environment where I would be continuously challenged.

What do you enjoy doing outside work?

I once read a book that advised doing at least one new thing a year that few other people do. To that end I joined a boxing program that I have been doing since I started at Citi. I find that the training is a great way to de-stress after a long week along with drawing a certain mental toughness from learning to master something unique. I would advise everyone to try some new hobby or activity like that when they’re starting off.

Megan Walsh Holy Cross Analyst

What do you consider Citi's competitive edge?

Citi's employees are obviously a critical aspect of our competitive advantage. In ABS alone, it is clear that the leadership team has allowed Citi to achieve and maintain the position of number one (#1) ABS issuer over the past several years. In addition, the global nature of the company and the wealth of resources we have allows Citi to continue to deliver a value added, high quality product which is difficult for other firms to match.

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

The people I work with are highly motivated, well-educated, intelligent business men and women. Every member of my group is focused on producing the best results, whether creating a short pitch for a new client or structuring a complicated transaction. In addition to being hard working, the people I work with are pleasant and fun to be around. As an analyst, you will spend a lot of time with your coworkers, so enjoying their company is important.

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

Securitized Products frequently deals with the syndicate and trading desks. In addition, we work intensively with the analytics group on a regular basis. The group has evolved in the past several years, now using securitization technology to structure Principal Finance transactions. For these projects our group often works with other areas inside Citi in an attempt to provide the client with the ideal financing solution. We frequently partner with the investment bank and other Capital Markets areas including Leverage Finance and the Financial Institutions Group.

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

As an undergrad, I studied economics at a liberal arts college. The breadth and variety of classes I took in college pushed me to think about problems and issues from a variety of angles, considering all sides of an issue before coming up with a solution. As an analyst, further understanding of accounting and finance is always helpful. Citi’s training program is very comprehensive. All analysts go through an intensive 10-week training program, which consists of Financial Accounting, Corporate Finance, and Bond Math classes, Series 7 and 63 exams, and a variety of other training courses. Therefore, all incoming analysts are given the base knowledge they will need for the job.

What do you enjoy doing outside work?

Citi partners with many organizations and museums in the city, so as a Citi employee I’ve had the opportunity to take advantage of the discounts these partnerships provide. Through Citi, I have gained free access to museums and zoos, and discounts to several sporting events and shows in the city.