Regional Banks Levfin
Hi, I’m currently in a Corp banking role and recently got an offer for a levfin team at a RB/MM (Think Truist/53/Socgen). What is the consensus on the experience in these types of groups? I know the can vary a lot between banks, but would I have an opportunity to exit to a BB bank/private credit type role? I feel like the hours will be more intense so I’m trying to get a feel for the quality of experience i will get will be. Additionally, I can’t find any comprehensive info on the general landscape/how it compares to larger firms like JPM/BAML besides they typically don’t lead as many deals. Thanks in advance
Based on the most helpful WSO content, transitioning from a corporate banking role to a LevFin team at a regional bank or middle market (RB/MM) institution, such as Truist, Fifth Third Bank (53), or Societe Generale (SocGen), can indeed offer a valuable experience. The consensus within the community suggests that while experiences can vary significantly between banks, LevFin roles at these institutions can provide a solid foundation in leveraged finance, which is beneficial for your career progression. Here are a few points to consider:
Quality of Experience: LevFin teams at RB/MM banks often allow for more hands-on experience and closer involvement in deals due to their smaller team sizes compared to bulge bracket banks. This can lead to a richer learning experience and more opportunities to develop technical skills and deal exposure.
Exit Opportunities: A role in a LevFin team can open doors to opportunities at bulge bracket banks and private credit roles. Success in these positions is often predicated on the quality of deals you work on and the skills you acquire. Networking and maintaining a strong performance record are key to transitioning to larger firms or specialized roles in private credit.
Intensity of Work: It's true that LevFin roles, especially in regional banks or MM institutions, can come with intense work hours, similar to those in larger firms. The workload is often driven by the complexity and volume of deals. However, the experience gained can be incredibly valuable and rewarding.
Comparison with Larger Firms: While RB/MM banks might not lead as many deals as their larger counterparts like JPMorgan Chase (JPM) or Bank of America Merrill Lynch (BAML), they still play significant roles in the market. The main difference might be in the scale and visibility of the deals. However, working in these environments can offer unique insights into different aspects of leveraged finance that might not be as accessible in larger firms.
In conclusion, a LevFin role at a regional or middle market bank can be a strategic move for your career, especially if you're aiming for a transition to bulge bracket banks or private credit roles in the future. The key is to leverage the experience, develop a strong skill set, and build a network that can support your career aspirations.
Sources: What Field Are You And in What Broad Region?, Corporate Banking Huddle, What Field Are You And in What Broad Region?, BB Wholesale Credit Versus MM / Regional Bank IB, Q&A: Corporate Banking Associate
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Just so im not misunderstanding, jpm/ba/wf levfin groups are not the place to be?
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