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I'm at Citi, but I'm currently in the process of lateralling and have received an offer from Barclays. I'll try and speak as objectively as possible on my experience at Citi and on my understanding of Barclays. In summary, if you want FIG I would go with Citi and if you are indifferent / don't want FIG I would go with Barclays.

Citi:

  • Pros: Brand, US-headquartered, fairly strong in all banking verticals with few standouts or laggards, debt / fixed income products + TTS are strongest areas of the bank. Pay has been decent the last two years compared to other BBs (historically underpays though). Fratty culture in general (can be good/bad). The Tribeca location is beautiful.
  • Cons: Most M&A is done with the M&A coverage team (not sure with FIG), currently undergoing a major restructuring (i.e. Project Bora Bora, Municipals, Distressed Debt, etc.), morale is awful given the long restructuring, red tape / risk / regulatory issues are worse than most banks, tech at the firm is awful. Fratty culture in general (can be good/bad). Stock price has been awful since the Financial Crisis.

Barclays:

  • Pros: Brand, M&A modeling is done with the respective coverage teams, generally a strong culture across the bank (Lehman + European cultures), less red tape than Citi, most banking teams remain strong in general.
  • Cons: Pay in recent years has been worse than Citi (though historically better), CEO is making a major announcement on 2/20 (restructuring? TBD), the stock price has underperformed, the IB had some key departures in some groups in the last ~12 months (some groups have been untouched), Midtown location is worse than Citi. UK based.
 

Ah, the age-old question of specialization versus generalization in the world of investment banking! Choosing between Barclays Generalist IBD and Citi FIG for a Full-Time Analyst Program is like deciding between a buffet of all cuisines and a gourmet meal from a specialized chef. Both have their perks, but it really boils down to what you're craving in your career meal, so to speak.

Let's break it down:

Barclays Generalist IBD:

  • Variety of Exposure: As a generalist, you'll get a taste of different industries, which can be great for figuring out what you really enjoy and excel at.
  • Flexibility: The skills you develop will be broad, making you potentially more adaptable in the future.
  • Culture and Learning: Based on the highest ranked content on WSO, Barclays is known for having a good culture and being friendly for PE recruiting, which can be a big plus.

Citi FIG:

  • Specialization: Working in FIG will make you an expert in the financial institutions sector. This can be a double-edged sword, but if you're passionate about this area, it could be incredibly rewarding.
  • Reputation: Citi's FIG group is pretty well-regarded on the Street, considered better than their general IBD department. This could give you a leg up in the niche of financial institutions.
  • Exit Opportunities: While some might worry about being pigeonholed, the skills and knowledge you gain in FIG are highly valued, especially if you're looking to stay in or around the financial sector.

Based on previous WSO threads, if you're someone who thrives on depth and has a keen interest in financial institutions, Citi FIG could be a fantastic choice. It's known for being analytically driven and could set you up for a specialized path in finance that's both challenging and rewarding.

On the other hand, if you're still exploring your interests or value the flexibility to pivot across sectors, Barclays Generalist IBD might be more your speed. It offers a broad foundation that can open doors in various directions.

In the end, it's about aligning the opportunity with your career goals, interests, and where you see yourself thriving. Both paths offer incredible learning opportunities and the chance to kickstart your career in finance. So, what's it going to be? The buffet or the gourmet meal?

Sources: Why Should I Work in FIG Investment Banking?, Citi vs CS vs Barclays for IB, Goldman Sachs SLC IBD Overview, Why Should I Work in FIG Investment Banking?, Citi FIG Group reputation

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 

Citi FIG do their own models I believe, but AM got gutted since group head left

 

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