Fixed Income, Currencies and Commodities > Analyst

Business Description

What is Fixed Income, Currencies & Commodities?

Fixed Income, Currencies & Commodities (FICC) is a major constituent of Markets & Banking at Citi. Our experts in Fixed Income are divided between the private side (Origination) and the public side (Sales and Trading). Origination focuses on relationships with corporations, financial insitutions and public sector entities, across Europe, the Middle East and Africa, that raise debt (i.e. borrow money), helping to originate and structure new issuances as well as managing exisiting liabilities. Professionals on the public side then buy, sell, structure and research these securities in the marketplace. Citi’s FICC platform is one of the largest in the EMEA region, with over 1,700 professionals, the majority of whom are located in the London hub. This means Citi is able to address clients' needs with dedication and excellence across all major currencies, sectors and geographies. While Citi aims to be a market leader in all areas, FICC is well established as one of Citi’s traditional strengths.

A typical Fixed Income product is a bond that in its simplest form is an IOU from a government or company, issued as a way of borrowing money.

What service do we provide to our clients?

We strive to provide both public and private side clients with the latest information on what is happening in the global economy, and to ensure they understand how to best capitalize on these developments given their objectives. Citi also trades for the firm's own account on a proprietary basis. This willingness to put our own capital at risk to provide liquidity for our clients has earned us a reputation as one of the pre-eminent market makers across the different asset classes (foreign exchange (FX), interest rate products, credit products and commodities).

Our sales force provides a critical link between investors and other buy-side participants. Their prime responsibility is to build and maintain effective relationships with our institutional investors. On a daily basis an effective salesperson will: 

• Provide clients with our view on the market and solicit the same from clients

• Understand the contents of a client's portfolio and their overall strategic investment objectives, particularly when new issues are being launched.

• Work with research, product specialists and traders to generate ideas that address the client's current view, are consistent with their overall objectives and fit with our view of the market.

To stay ahead of the competition, a salesperson will have to really understand their clients’ needs and be able to devise and sell creative and innovative solutions.

Traders make markets for both issuers and investors as well as for the firm by buying and selling securities. In order to improve our position in a sector, a trader needs to assess and analyse trends in the market, anticipate changing market conditions and be willing to commit capital accordingly. On a daily basis an effective trader will:

• Oversee existing positions in the book

• Adjust positions and hedges according to their view of the market

• Price, structure and execute new customer transactions according to the immediate requirements of our clients

To do this successfully traders have to manage positions on an individual and portfolio basis, anticipate and respond to market moves and news or economic data releases, and manage multi-faceted risks associated with net exposures to interest rates, credit spreads and other factors.

Product structurers work with traders and salespeople in the more technical product areas to assist with addressing client needs and ensuring we stay at the cutting-edge of new product development. An effective structurer needs to have an understanding of product technology akin to that of a trader, but have sufficient customer knowledge to be able to recommend or generate innovative, value-added solutions to client requirements that are typically bespoke. On a daily basis an effective structurer will:

• Develop new products, consistent with the firm's risk framework

• Market these to salespeople and sometimes directly assist in the selling of these to clients

• Respond to client specific requests for product solutions

Research helps keep us at the forefront of market developments. Client-focused strategy teams come up with trade ideas for the trading desk and end investors, and also frequently end up educating clients about new products and market developments. In addition, more internally focused quantitative research teams are responsible for developing the models behind the bank’s pricing and management of complex derivative exposures. Day-to-day responsibilities in research include:

• Using analytics reports to come up with new trade ideas

• Building models to help better understand the market

• Writing publications giving views on market movements and running model portfolios

• Talking to external clients, and internal salespeople and traders, about market movements and how to make money from them.

Origination, or “Capital Markets” bankers sit on the private side and originate, structure and execute fixed income transactions. Their main function is to provide strategic advice to those clients wishing to raise finance in terms of market opportunities, the timing, pricing, currency, format and structure of the debt issuance. There are several different businesses within FICC Capital Markets at Citi. Each one has very different characteristics – some are heavily mathematical and technical, with the focus on quantitative and modelling skills, whereas others are more customer focused and market orientated. FICC Capital Markets certainly offers the best of both worlds – the buzz of the market and the depth of knowledge and understanding of the structuring of a transaction.

Broadly, teams are split into Product Specialists and Coverage Specialists. Product teams include areas such as derivatives, liability management, hybrid capital and products, pension advisory, structured solutions and securitisation. Coverage Specialists are arranged according to issuer type (e.g. Corporates, Financial Institutions, Emerging Markets, Sovereigns, Agencies and Supranationals). In Coverage the focus is on developing and maintaining a good relationship with the issuer and meeting any shorter term or more general needs they may have in terms of market updates and feedback from the marketplace. These requirements may vary considerably depending on whether the coverage is of a frequent or a debut issuer.

On a daily basis an origination expert will:

• Provide clients with real-time market knowledge and technical structuring expertise that allows them to make optimal capital raising, hedging and risk-management decisions and manage the relationship with their investors

• Provide advice and execution expertise on raising capital in the global fixed income markets to borrowers around the world

• Expand the range of capital markets tools available to clients and develop tailored solutions to meet clients' specific goals

• Work with the investment bank to identify clients who need to access the fixed income markets and then structure, position, value and market the offering

• Be involved in all aspects of marketing, pricing, allocation and aftermarket trading of fixed income offerings through the Syndicate Desk

FICC’s massive global platform and depth of experience, combined with our institutional and retail distribution, top-ranked research, product innovations and capital commitment, has consistently produced a leading flow of business from both domestic and international clients. Citi has a reputation that few firms can compete with and it is the close collaboration of our salespeople, traders, structurers, originators and research professionals within FICC, as well as with those from other departments, that allows the Markets and Banking division to meet the needs of our clients so successfully and creatively.

What product groups do we cover?

The main product and sector teams in Sales & Trading are as follows: 

• Credit
• Participants in the Credit markets buy or sell financial instruments whose value is linked predominantly to the creditworthiness (i.e. ability to pay back debt) of the direct or indirect reference entity, and its variability (volatility). Among the most commonly traded instruments are high-grade corporate bonds, low-grade corporate bonds (high yield and junk bonds), credit default swaps, credit-linked options and collateralised debt obligations (CDOs). This involves rather less focus on macroeconomics than in rates or FX, and a bit more on understanding individual companies’ prospects – but not quite as much as in Equities. For products like CDOs and other derivatives, the quantitative dimension becomes more important than the microeconomic one.

• Cash

• Derivatives

• High Yield

• Emerging Markets

• Hedge Funds

   

• Rates
• Participants in the Rates markets buy or sell financial instruments whose value is linked to the level of interest rates in the economy, and their volatility. Among the mostly commonly traded instruments are Government Bonds, Forward Rate Agreements (FRAs), Swaps, Caps, Floors and Swaptions. Rates again involves a focus on the macroeconomic drivers of economies, but is typically slightly slower and more quantitative than foreign exchange. 

• Cash

• Derivatives

• Exotics

• Hedge Funds 

• Foreign Exchange
• Participants in the Foreign Exchange (FX) markets buy or sell financial instruments whose value is linked to the relative value of one currency vs another, and the variability (volatility) of this value. The most common activities are outright purchases or sales, forward purchases or sales, and/or the trading of options. FX is traditionally the most macroeconomic, and the fastest, fixed income market. 

• Spot

• Options

• STIRT (Short Term Interest Rate Trading)

• Hedge Funds

    

• Commodities
• Participants in the Commodities markets buy or sell financial instruments whose value is linked to commodities, such as energy (i.e. crude oil or natural gas) and metals (i.e. gold or copper). These products are bought and sold through a mixture of electronic trading mechanisms and traditional open outcry. The volatility in the prices of commodities compared to other sectors can be high. As in the rest of fixed income, much of the focus these days is on derivatives, making the quantitative dimension an important one. 

• Derivatives

 The main product and sector teams in Origination are as follows:

• Coverage
• Coverage experts have two main roles. They originate bonds by updating issuers on how they could raise cash and how much it could cost them. They also structure the bond before bringing it to the market to ensure the desired investor base at the most efficient cost.

• Corporates

• Financial Institutions Group 

• Public Sector

• Product
• Product specialists are involved in the process of generating and developing new product ideas through to presenting this to clients. Structuring a fixed income product means using innovation and creativity to develop terms such as maturity dates and payment mechanics, as well as entering into discussions with lawyers, accountants, tax authorities and regulatory bodies to find the perfect solution for the client. 

• Liability Management and New Products

• Derivatives Solutions Group

   

• Structured Solutions Group

   

• Insurance and Pensions Structured Solutions Group

• Loans and Leveraged and Emerging Markets Finance
• Loans originate, structure and syndicate financing for large, investment-grade, corporate companies. A syndicated loan is a large bank loan made to a company by a group of banks. Leveraged Finance helps companies that have a large quantity of debt to support, and hence are non investment-grade or leveraged. They raise funds for private equity firms (financial sponsors) or corporates in the leveraged loan and high yield markets. Our Emerging Markets professionals cover Sovereign, Corporate and Financial Institution clients from Central and Eastern Europe, Russia and the CIS Countries, the Middle East and Africa. 

• Emerging Markets Origination

• Leverage Finance – High Yield Bonds and Loans

• Infrastructure and Energy Finance

• Export Agency Finance

   

• Securitisation
• Securitisation is converting stable/predictable cash flows into rated marketable risk that can be sold to investors. It is a form of debt financing technology, actively used in a variety of forms off-balance sheet and alternative financing for companies and banks. In its most generic form, securitisation involves the sale or transfer of specified assets to a special purpose vehicle (SPV) which in turn issues notes or certificates to its investors.  

 

•  Syndicate

Roles of an Analyst

To give you a better understanding of what you can expect if you join Fixed Income, Currencies & Commodities, we asked for some input from our Analysts. Here they describe the main tasks they undertake.

Sales

Salespeople’s jobs are all about understanding clients’ needs and staying on top of the market. An Analyst’s first job in the morning is typically to work out what has happened overnight in the markets, and then provide a summary to clients. Most clients struggle with information overload; they therefore rapidly come to depend on salespeople to know what they are interested in and filter accordingly. For example, you might need to draw together the most appropriate pieces of research on a given topic or industry that is of interest to your desk or your clients. The better you can understand your clients’ needs, the more likely they are to do business.

As such, from day one, the role of a salesperson entails a significant amount of client exposure. It goes without saying that you will be expected to answer phones, listen in to client calls and make client visits. In addition, Analysts are also expected to generate trade ideas – all the time adding value to your clients. This could be as simple as sending out price runs or updating price information in research reports, but often it will involve spotting an unusual relationship and pricing up an appropriate trade. 

Trading

By getting involved in the construction of spreadsheets, Analysts get a good understanding of how different factors influence the pricing and risk of trades. Analysts thereby help more senior traders to choose which trades to put on and how to adjust their risk in an effective way.

Analysts also have to work their way through the daily blotters, review and understand the risk reports, and book trades to get a complete understanding of all the tasks involved in executing a trade.

An Analyst tends to have more time than the senior traders to analyse market research and work their way through Bloomberg and Reuters analysis. This can help them to spot trades that wouldn't be obvious by just looking at graphs and make a valuable contribution to their businesses.

Structuring

Structuring desks are responsible for the construction and/or packaging of more complex transactions, typically involving derivative products. As an Analyst, it can take some time to get familiar with the range of products employed by the desk and their individual features.
Work tends to be more project-based than in ‘flow’ markets; rather than doing multiple trades a day (or even a minute!), structured deals can often take several days or even weeks to put together and execute.

Analysts will spend time working alongside senior structurers, learning how to run the various models used for pricing and scenario analysis. In addition they can expect to get involved in the marketing of new products and strategies, including client presentations and the regular internal weekly summary sheets for Sales.

The Structuring role allows Analysts to make use of their quantitative skills but also requires client-oriented marketing abilities.

Origination

Whilst Origination covers a broad range of roles, some essential tasks span across all the teams. Analysts gather and analyse information on the market, via various software applications, external data providers (Bloomberg, Reuters, etc), and direct interaction with the relevant salespeople and traders. It is important to have a good understanding of the market and underlying driving forces in order to then identify the relevant ways to synthesize this information in a presentation for the client that is clear and concise.

Critical to the success of every capital raising transaction is communicating the views and needs of investors to the issuer and gauging the appetite for raising debt. Originators are able to gain insight into the level of demand for an offering and the sensitivities surrounding the price by communicating with potential investors via the salespeople and traders, hence they play a critical role in ensuring Citi can be relied upon to complete deals successfully and efficiently.

Each project has multiple work streams, deadlines and deliverables that must be managed and an Analyst helps coordinate such tasks with internal working teams, external working teams (such as lawyers) and the client. Additionally, Analysts also prepare regular updates for clients, on general market trends as well as specific comparisons to competitors, and also help with internal tasks, such as preparing internal memorandums, or making sure all control and compliance criteria have been met.

No two days are the same in Origination. The role offers the short-term excitement of market based roles as well as the satisfaction that comes from pursuing a longer-term project from start to finish.

Research

If sales, trading, structuring and origination are the main players out on the pitch in FICC markets, research is the strategic brains behind it. And as in sport, many parts of research are as much about communicating those ideas to the other players as they are about coming up with them in the first place.

An Analyst in research will typically work in one of two areas: client-facing strategy, or more internally focused quant research. While second degrees (Masters or PhDs, typically in a heavily quantitative subject) are more common in research as a whole, they are pretty much a requirement for the quantitative roles.

Quant research is about designing the tools and models, typically on complex derivatives, which allow the bank to manage their risk and take appropriate trading positions. An Analyst on the quant side can expect to be grappling with the models and systems designed by others, and extending them, from a very early stage. In addition, they will need to interact both with other researchers and with the trading desks in order to work out exactly what is required, and how best to implement it.

Client-facing strategy roles exist both for derivative and plain vanilla flow products. Analysts in these areas can expect to rapidly have to get familiar with, well, basically anything any client ever wants to know to help form their views on that market. This could involve anything from writing daily market commentary to helping explain complex analytics reports to investors or traders. As the name suggests, there is extensive client contact, both over the telephone and in face-to-face meetings and conferences. Analysts therefore need not only to be very bright, in order to get to grips with everything happening in the market and be able to form views upon it, but also to be articulate and able to write clearly. While many Analysts find the variety it provides is unmatched in other roles and hence remain in research, others use it as a means of gaining a sound grounding in the markets before going on to roles in sales, trading, or structuring.

Our Programmes

Fixed Income, Currencies & Commodities (FICC) in EMEA has two programmes you can apply for:

• Full Time Programme

• Summer Internship

 Full Time Programme:

The Analyst programme begins in July/August in London. The Programme commences with an intensive 8-10 week training course, elements of which are detailed below. Our programme is participative, ensuring that you play a full part in the learning experience thus making the training business relevant, stimulating and effective. 

Social and networking activities will be included throughout the programme. 

Once you have completed the training, you will partake in a number of structured rotations. This helps to give you a wider understanding of the different desks and opportunities within FICC. At theend of the rotations you will be assigned to one desk. This decision is reached through your preferences and the requirements of our business. Our goal is to ensure that every Analyst is placed in a position that best pairs their skill sets and personal interests with the needs of the firm. A buddy will also be allocated to you to give you an informal support network that will aid your integration into your new department.  

 Pre-Programme 

Before joining the programme, you will be asked to complete a knowledge assessment to ensure that you build a foundation in or brush up on your knowledge of financial mathematics, accounting and economics concepts.

To do this, we offer you: 

• Access to online training

• Optional places on training courses at our training centre in London

• Further reading for those of you on the move and unable to easily access the web.

Induction

Your programme starts with an Induction to Citi Markets & Banking designed to introduce you to the history of Citi, our Shared Responsibilities and the current and future strategic direction of the company. You may also have the opportunity to participate in a Teamwork Offsite Event, with Analysts across all business streams. This aims to instil a team spirit and introduce you to the Citi culture of innovation and integrity. 

Technical Skills

You will then be engaged in an intensive classroom based training delivered by external corporate training consultants. Topics will include: Economics, Financial and Bond Maths, Risk Management, Technical Analysis, Accounting and Modelling for Financial Instruments, Excel and VBA, Fixed Income Analytics, Capital Structure and Investment Management. In addition you will participate inproduct based training across the Fixed Income markets. Part of your assesment will include exams in these areas which you will be required to pass.

FSA Module

This module will prepare you for the SII exams required for FSA approval. It consists of tutorials, mock exams, and self-study in order to prepare you for the SII exams required for FSA approval.

Post-Programme

You will have on-going access to the analyst portal for 12 months. This includes, recordings, pre course e-learning and additional selected chapters. You will also be able to participate in all appropriate Learning & Development opportunities via our internal Business University, which spans across markets, products, business skills and networking.

Summer Internship:

The London office Summer Internship Programme runs for 10 weeks from the end of June.

You will start the Internship with an Induction to Citi along with 200+ Summer Analysts joining Citi Markets & Banking divisions in London.

The initial 3-day training includes:

• a review of important processes that you should know as a new employee to Citi

• an Introduction to Global Financial Markets and Citi. This course provides the opportunity for you to identify and explain the main business areas of an investment bank, Citi’s products and services as well as engage in interactive trading simulations and portfolio management.

• specific business presentations

• a team work event 

After the initial training you will then be assigned to a desk within Fixed Income, Currencies & Commodities where you will be allocated a project/rotations to work on.

Throughout the summer we will continue to provide you with training and networking opportunities to help you gain an in depth knowledge of the whole of Citi. These events include a weekly Business Presentation series, networking opportunities with senior managers and various intern-wide social events. A buddy will be also allocated to you to give you an informal advice and support network over the summer with us.

During the programme, we will be evaluating you for a full time position on the Analyst Programme for the following year. We do this through:

• a mid term evaluation

• a project presentation to senior management and

• a final term review

This is a two way process, providing you with the opportunity to evaluate whether this is where you want to take your career as well.

Other activities you may have the opportunity to participate in are: 

• Market Update Meetings

• Trading Game

• Senior Speaker Series

•  Work Shadowing across Fixed Income & Equities

Summer Diaries

Who we are looking for

Employing, training and developing the careers of the most talented individuals is fundamental to Citi Fixed Income, Currencies & Commodities (FICC) achieving its long-term business goals. We aim to provide candidates with the necessary skills to successfully develop and maintain profitable client relationships, have superior financial knowledge and strive to strengthen our market share.

The variety of roles within FICC means that there is no one type fits all, it is therefore integral that we recruit Analysts from all backgrounds. Strong academic performance is essential along with a high level of motivation, ambition and genuine passion for the markets.

Some of the key skills we look for are: 

• an ability to work independently and in a team

• high levels of self-motivation and initiative

• superior relationship building & communication skills

• solid quantitative ability

• a strong desire to develop a sound understanding of the industry/environment

• creative & innovative problem solvers

• ability to work under pressure on multiple projects

• a commitment to integrity and ethical decision making

• a detail orientated approach

 With an ever-increasing international environment language skills are also an advantage.

 

 

Recruitment Process

We open for applications on the 3rd September 2007

The application deadlines are:

Analyst Programme: 4th November 2007

Summer Internship Programme: 20th January 2008

Please note we recommend early applications.

Our interview process for the full time programme will commence in October/November 2007, for summer internships it will commence in January 2008.

Full Time Analyst

 

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: Invited to an online Numerical Reasoning Test

Stage 3: Further screening by business

Stage 4: First round interviews:
               Two 1:1 competency based interviews,
               Numerical Reasoning Test

Stage 5: Assessment Centre:
               Three 1:1 competency based interviews with Managing Directors & Directors,
                Written Case Study Analysis/Presentation & Group Discussion

Stage 6: Offer extended by Graduate Recruitment

Summer Internship

 

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: Invited to an online Numerical Reasoning Test

Stage 3: Further screening by business

Stage 4: Assessment Centre:
               Three 1:1 competency based interviews with Managing Directors & Directors,
               Numerical Reasoning Test,
               Written Case Study Analysis/Presentation & Group Discussion

Stage 5: Offer extended by Graduate Recruitment

 

 

 

 

 

Where

Our EMEA (Europe Middle East and Africa) headquarters are based in London. The majority of our positions are based in London, however occasionally we may hire into Frankfurt, Paris & Milan. Please keep an eye on the website for updates.

Stats on Citi in London:

Location? Canary Wharf, London
Employees? 10,000 are based in London.
What divisions? Invesment Banking, Corporate Banking, Global Capital Makets, Global Transaction Services, Technology, Operations, HR
How many Analysts? 200+ across all business areas

Our People

Guillaume Bouverot London Business School, MBA (2002); ENSPM (France), Master of Science (1993); INPG (France), Diplome d'ingenieur (1992) Vice President

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

In Infrastructure & Energy Finance, our job is to help clients secure funding for their investments in infrastructure projects. Our clients include large multinationals and governments, as well as small and medium firms investing in emerging markets. Our work has historically been with European/ North American-based multinationals investing in emerging market countries, but it is increasingly with emerging market multinational companies investing outside of their home countries, whether in emerging markets or in Europe/ North America. There is no typical transaction: we can advise the sponsors of a large natural gas liquefaction plant on raising finance for a greenfield project in the Middle East or Africa, finance the launch of a 2nd GSM operator in a North African country by a Middle Eastern mobile company or advise the government of an emerging market country on how to attract foreign direct investment in its power sector. The one common element is structuring. Irrespective of the country, the sector and the size, we help our clients structure financings so that risks are allocated to the party in the best position to handle it (e.g. lender, offtaker, monoline insurance, supplier). That way our clients only retain what is strictly required for the transaction to be successful.

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

There are three reasons why I get out of bed every morning: my clients, my colleagues and the deal flow. Our transactions have quite a long cycle time compare to the rest of the investment bank-on average one to one and a half years. This is a tremendous opportunity for us to develop very strong relationships with our clients as we share the up and down of the deal. As a result we end up feeling very much part of their team, and their transactions become ours too. In my mind, that's the key to delivering value. Citi is the number one bank in project finance globally and we are consistently at the top because we have the most knowledgeable and dedicated people in the industry. Our structure is very flat so you get a lot of opportunities to interact with clients, even at the Analyst/ Associate level. The big advantage of being the number one is that we get to pitch and execute more deals than in any other bank in the sector, and that these deals tend to be landmark transactions where you can create real value for your clients.

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

The number of groups we interact with during the course of a transaction depends on the type of deal. On an advisory transaction, we will have numerous interactions with the industry and country coverage groups at the marketing stage in order to maximise our chances of success. Then, during the execution we will interact with the different product groups (e.g. commodity derivatives, capital markets, high yield and loans) on an ad hoc basis depending on client needs. For an acquisition finance transaction, we will interact with the industry and country coverage groups throughout the deal, with the loan or bond desk depending on the nature of the financing and with the risk group to familiarize them with our credit exposure with the client.

What do you enjoy doing outside work?

Banking is demanding and I have discovered over the years that family activities, especially if they involve physical exercise, help me relax and escape the pressure of the office. So I try to spend as much time as possible with my wife and two young children. This is also important as I see my career as a marathon rather than a sprint and, therefore, maintaining the right balance between work and life as one of the keys to long-term success in my job.

Elisabeth Kihlgren MA (Hons) Economics & Politics, University of Edinburgh Analyst

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

Do your research! Get on the companies’ websites and try to get as much information as you can. Try and meet with the companies in person at various campus presentations and events. Don’t be afraid to ask questions but think about them before you ask, is the answer already on the website?! When making an application, give examples of your skills. If you say you are good at team-work, explain why!

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

No two days are the same. We’ve got an interesting mix of clients ranging from Central Banks to consumers and producers of metals and this gives an exciting insight to the market from many different angles.

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

My team are very focused and passionate about their jobs. They always try to be innovative and strive to match all client requests. They have great experience within their business area and are very good teachers. They take their time to explain things and give you responsibility early on.

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

Interpersonal skills are very important; being able to speak to a variety of people is invaluable. As a salesperson you have to be able to take initiative and not wait for things to be delivered to you. If you want it done – do it yourself! Finally you have to be open to suggestions and work to accommodate the business’/clients’ needs.

How has Citi supported your career development?

I joined the institutional futures desk, which is a multi asset class futures desk, as an Analyst in May 2006. After a year on the desk I realized that I wanted to have more of a sales role and focus on fewer products. My boss at the time was helpful and supportive in my move and Citi was very accommodating in trying to help me. I am now in the role I can see myself doing for many years.

How do you see the your business group/the Firm/the industry changing in the future?

Commodities at Citi is a growing business where there are great opportunities to grow as a junior sales person. The department is expanding quickly and people are very keen to succeed. The future is looking bright.

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

I had a great experience as a summer intern at Citi in 2004 where I spent 12 weeks on the FX Trading desk. The people were great and took their time to explain things but also encouraged interns to take their own initiative and put a personal touch to the work. It suited my style of working very well.

Aoiffe McGarry BSc (Hons) Economics & Finance, University College Dublin Analyst

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

Go for it. The most important trait you can display when you start is enthusiasm. Though we work in a fast-paced environment, the team always has time to explain and teach new members. If you show initiative and hunger the opportunities will come

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

I’m lucky that my job allows me to try so much; heading to LA for a roadshow, my first time water-skiing, closing dinners at some of the most amazing locations, sailing in Sweden. For me the most memorable was far less glamorous. My senior and I had worked together through the night to fight hard for a huge piece of business. We were both shattered and looking it the next morning when we got the call to say we were in; it all seemed worthwhile.

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

The challenge and the change. We work in a really fluid environment and you’re never too sure what it is you’re going to face or how things will develop over the course of the day. The unpredictable nature of the job really drives me.

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

The best in the business. I work in a great team with people who motivate, drive and challenge me – but most of all who value my contribution and appreciate my work. Citi people have a great balance, some of the most dynamic accomplished and talented individuals in banking who are open, honest and driven.

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

Day-to-day I speak with wide-ranging teams across the firm. Our clients are always interested in the market perception so I am in constant dialogue with the Traders to get their view on events. Citi have Relationship Bankers based worldwide in local offices. I cover Nordic clients and therefore speak to and visit our teams “on-the-ground” in Stockholm, Oslo, Helsinki and Copenhagen. Different projects demand we interact with our colleagues in Equity Capital Markets, Investment Banking and Global Transaction Services to name a few. We’re a big team!

What outside influences have the most bearing on what you do day to day, and how do they affect you? (e.g., economic news, world markets, company data, etc.)?

The global markets and all that affects them have a huge impact on what I do. I keep a keen eye on what’s happening be it geopolitical, economic or industry specific. Change affects our clients and creates opportunities for us to help them.

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

Without a shadow of a doubt, what is paramount in my job, especially in tougher and more challenging times is the ability to communicate and work as part of a team. Individually its hard to be the best, as part of a strong team its much easier.

Alok Modi BSc (Hons) Economics - University College London Associate

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

Get an alarm clock! On a more serious note I think the biggest difference between academia and the workplace is that your life isn’t so structured. At School/University you know when your lectures are, when your assignments are due and when your final exams are. At work and especially in trading matters aren’t so lucid. You have to take a lot more initiative and make your own decisions. The upside is that if you are successful there is the potential to do well and progress quickly. The advice I would give is be proactive and try and learn as much as you can.

 

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

My job is to manage the firm’s capital. Basically this means that I service the firm’s clients by providing them prices in assets that they are interested in. Once we have traded it is my job to manage that risk according to my views on different aspects of the market.

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

Last year I was given the opportunity to go and trade the overnight book for Euro Rates in Tokyo for a couple of weeks. Given that I was trading on my own and had never been to Japan it was a fantastic learning and cultural experience.

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

There is no one in the world who knows, with certainty, where markets are going over any period of time. It is that opaqueness and uncertainty about markets that excites me. The fact that at inception of a trade there is no guaranteed correct answer is what excites me the most about trading.

What do you consider Citi's competitive edge?

In my view it is Citi’s global reach that provides it with its competitive edge. For traders having access to different pools of liquidity is vital. The other day I had a salesperson from Little Rock, Arkansas call up and take me out of some risk I was looking to neutralize. The fact that we have dedicated salespeople in nearly all parts of the world is something that never ceases to amaze me and provides me with a great competitive advantage.

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

Banking is a people facing business. Regardless of your other skills you have to be an amicable person who has the ability to make relationships and get along with people. In trading this means getting along with salespeople and other traders, as well as clients in periods of potential pressure and volatility.

As well as the above I would say the desire to take risk and the ability to think clearly when running risk is very important. Personal risk management is one of the most important ways in which Trading differs from most other jobs.

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

At the time of my internship I wasn’t sure which division I wanted to work in let alone which desk. My internship allowed me to meet people from various desks and also allowed me to spend time on different desks as well as get a flavour of what a potential job might entail. It also allowed me to get a better idea of how an Investment Bank functioned and whether I felt I could succeed in a banking environment.

 

Victoria Taylor BSc (Hons) Economics, London School of Economics) Associate

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

Be prepared for the huge change in your daily routine when you start working. In Sales and Trading roles you will be completely responsible for how you manage your work load. You will be given a lot of responsibility early on and the people who are motivated, question existing ideas and show initiative in generating change will be the people who do well at Citi

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

Currency Risk Management for Corporate Treasuries. We speak to Treasurers regarding their Foreign Exchange exposures. These arise from sales and purchases in foreign currency, foreign assets and liabilities and cross-border M&A activity as well as inter-company funding and cash management. We have an execution and advisory role, which makes our role varied. Each Corporate has a different approach to managing their risk and it is my job to ensure that they have the tools and products available to them to help them achieve the goals set out in their Treasury Policy.

The execution side of the role means we have to follow the markets closely throughout the day and select the relevant information to update our clients with.

The risk advisory side of the role involves constant dialogue with our clients, follow-ups with analysis and hedging ideas and requires creative thinking and generation of original ideas.

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

The responsibility you are given to manage your own career within the bank, the discretion you have in terms of your approach and development of your client relationships and the huge scope for dealing across product areas.

Access to vast amounts of information on the markets and being part of a constantly evolving environment where every day is completely different.

The atmosphere on the trading floor is very upbeat, you are surrounded by interesting people and each day is a new challenge.

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

We work very closely with many product areas within the bank including Commodities, Rates, Leveraged Finance and Investment Banking. All of these product areas have a potential FX element involved and it is our responsibility to ensure we are coordinating with these groups to maximize the opportunities with our clients and deliver the most appropriate solution.

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

The ability to develop good relationships with your colleagues and clients. A lot of time is spent negotiating with people internally and externally. People skills are essential and your success will ultimately be determined by the quality of your relationships. It is important to promote yourself within your team as well as other areas, the more people who know you, the more valuable you become to the organization and your exposure to new opportunities becomes unlimited.

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

I am part of a scheme, sponsored by Citi, called ‘Financially Speaking’. We run workshops in local schools that focus on Public Speaking and Financial Education, giving the children valuable skills and knowledge for their future. This is one of many initiatives you can become involved in at Citi.

What is the most interesting fact about yourself?

In 2006 I ran an endurance race in the Sahara desert The race involved running a marathon a day for 6 days. It took me 34hours in total and was the most exhausting but incredible experience of my life!