Citi's FIG group recently came to campus, and it is said that their FIG group is pretty good on the Street, like considered better than their general IBD department. I am wondering if that is the case, and what the exit ops look like? Got a FIG offer for the summer. Was wondering about this since there were next to no recent threads on Citi's IBD, nor FIG group in particular. Thanks!
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It's good but the part about being better than general IB is a bit ridiculous if you're interested in exits outside of FIG. This is true for most firms with the exception of GS/JPM.
JPM, Barclays, GS, Citi, MS are the BBs generally strong in FIG. Outside of it you have Lazard, KBW, Piper Sandler and more,
There may have been a time where Lazard was strong in FIG, but it’s certainly not the case anymore
Piper Sandler and KBW are really only competitive for mm banks deals.
Lazard worked on the following deals out of its US FIG practice over the last ~6-9 months: M&T on its acquisition of People's United ($7.6B), Allstate on its sale of Allstate Life Insurance to Blackstone ($2.8B), MassMutual on its sale of its retirement plan business to Empower Retirement ($3.35B). Find it hard to believe they're not considered strong.
https://www.lazard.com/businesses/transactions/
Look at GS/MS/JPM over the same period.... or even Evercore for that matter
PWP, PJT and Centerview’s FIG teams are like 1/5 the size of Lazard and they have similar dealflow over the past year.
Don't think anyone will deny GS/JPM/MS are strong in the space. But I don't think your second statement is that accurate.
Just took a look at PWP since you listed it first. They've done four deals in the last 12+ months across the firm in FIG. Only two have disclosed transaction values - Owl Rock deal was big ($12.5B) and there's another $1.3B deal. I listed 3 sizable US FIG deals Lazard has done recently. They've done several more deals, and some pretty sizable ones if you include their European team as well (Aema's acquisition of Aviva France for $3.9B, Nexi's $9.2B merger with Nets).
I am not saying they have the strongest franchise - far from that. But still find it hard to say they aren't a solid player in FIG. Obviously can't read much from one person but a top performing analyst from JPM FIG who worked with a friend of mine lateraled to Lazard FIG after a year.
https://pwpartners.com/selected-transactions
What notable FIG deals has PJT worked on? Don't see anything mentioned on their page...
Pretty sweaty from what I hear
I get that vibe too but since its such a large group could it be that different verticals are more/less sweaty?
From my networking, it seems that all BB fig groups are sweaty.
Theyre top, citi m&a and citi fig probably top two. Recruit separately from general ibd. Good UMM exits. Go for it
lmao if you think citi fig > industrials or some of the other coverage groups
decent group definitely not one of the best on the street or even among Citi’s top groups for whoever said that. M&A, Industrials, Sponsors, M&T all have much better rep
Better than some of the groups at Citi, but not most. Citi mostly uses this group to recruit more kids out of state schools (in a separate process) and maybe ~70% generalist groups will have better exits than FIG.
any insights re: group's culture/hours/pay/exit? quite sweaty?
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