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This can get confusing as the whole bank is often referred to as an Investment Bank.  However there is also an Investment Banking Division (IBD).  This essentially comprises Corporate Finance and Mergers & Acquisitions (M&A).  Sometimes its called Merchant Banking, Global Banking or Corporate Banking. Corporate Finance is concerned with raising finance (capital) on behalf of a firm who wishes to develop, grow, acquire or create a business as well as providing financial and strategic advice. The division will also deal with firms that wish to merge with or acquire another firm.

There is often a change of ownership in a business, connected with some type of corporate transaction that leads to the creation of a new equity structure and shareholder base. Firms will also deal with the corporate finance division when they wish to list on a stock exchange for the first time, in order to raise funds. This is called an Initial Public Offering (IPO).

In order to raise capital on behalf of businesses the IBD department will carry out any number of transactions. These could include:

  • Raising seed, start-up, development or expansion capital
  • Mergers, demergers, acquisitions or the sale of private or public companies
  • Management buy-out, buy-in or similar of companies, divisions or subsidiaries - typically backed by private equity
  • Equity issues by companies, including the flotation of companies on a recognised stock exchange in order to raise capital for development and/or to restructure ownership
  • Raising capital via the issue of other forms of equity, debt and related securities for the refinancing and restructuring of businesses
  • Raising capital for specialist corporate investment funds, such as private equity, venture capital, real estate and infrastructure funds
  • Financing joint ventures, project finance, infrastructure finance, public-private partnerships and privatisations
  • Secondary equity issues, whether by means of private placing or further issues on a stock market,
  • Raising debt and restructuring debt,

The Investment banking division is generally divided into product teams and Client teams.  The later is a specialist area of the business, with senior professionals looking after clients in a specific region or industry, for example Healthcare or Industrials.  These are the people directly responsible for working with clients and growing their businesses, by using their skills, experience and expert knowledge of their market and industry. Client teams are sometimes referred to as working in 'client coverage'. Client coverage bankers identify a client's needs and then call on product specialists for advice on which products and services would be right for the client.

Product teams, as the name suggests, are the ones with the extensive product knowledge. They work with client coverage teams to advise on a range of services. These generally break down into:

  • Mergers & Acquisitions: M&A specialists provide strategic and financial advice regarding potential target companies, pricing and valuation, and how to integrate the companies post-acquisition.
  • Structured Finance: Its complicated! Structured finance is an alternative option to a standard business loan and is instead borrowed against a company's cash-flow history.
  • Equity Capital Markets: helps companies structure, buy, sell and issue shares.
  • Debt Capital Markets: Debt capital is the finance or assets that a business raises by taking out a loan

Is it for you?

One thing is certain – you can expect to work very hard. There are long hours in this area (often, well into the wee small hours) though the rewards are very good. Your work will have a direct impact on the financial fortunes of some of the biggest companies in the world. So it's not the sort of job you can do without a degree of obsession and incredibly hard work. It’s a very demanding environment and you need to thrive on challenge and pressure. You need to be highly numerate and happy crunching numbers. The learning curve is very steep. It’s also one of the most competitive areas of the bank to break into.

More Information: FIRST YEAR WORK PLACEMENTS IN INVESTMENT BANKING

More information: SUMMER INTERNSHIPS IN INVESTMENT BANKING  

More information: GRADUATE SCHEMES IN INVESTMENT BANKING  

  • Amplify Trading. Their six-week Internship Training Programme is one of the country’s most prestigious programmes for interns, with financial giants including Citigroup, HSBC, Deutsche Bank, Morgan Stanley and Pimco asking Amplify to recommend their most successful trainees at the end of each course, proving its worth in today’s market.  It will provide you with professional front office trading experience that will give you a real edge when applying for jobs in the financial sector  Graduates will now also receive a Level 5 Diploma in Trading & Financial Markets Analysis. This is in addition to the invaluable training and experience each class gains in financial market research, hedge fund trading, investment bank sales & trading and portfolio management. A programme where students undertake the exact same training that Amplify deliver to their global investment banking clients as part of their graduate training schemes. There is a cost to the programme: £1400 + VAT per stage and there are 2 stages.
  • Bank Of America Merrill Lynch: running for ten weeks between June and August, a summer internship provides a thorough introduction to the financial services industry. Full-time and internship programmes are available in the following areas: Compliance, Corporate Audit, Global Banking and Markets Wholesale Credit, Global Corporate & Investment Banking, Global Liquidity Risk Management - Corporate Treasury, Global Loan Products, Global Markets, Global Research, Global Transaction Services, Market Risk, Quantitative Management and Technology. Learn more about Bank of America's assessment process and online tests HERE.
  • Barclays: 8-10 week internships are available in Global Markets, Investment Banking, Technology and a broad range of other business functions such as Compliance, HR, IT, Global Events, Risk Management, Corporate Communications, Legal and Operations. Find out more about how to prepare for the job assessment process for Barclays here.. 
  • BNP Paribas: London, New York, Hong Kong or Singapore offices recruit summer interns for 10-12 weeks. 
  • Citi: opportunities across capital markets, corporate banking, sales & trading, private banking, HR, operations, transaction services, technology & risk. Learn more about Citi's assessment process and online tests HERE.
  • Commerzbank: internships available in most areas including fixed income sales & trading, market risk and IT. 8 weeks+ at any time of the year.
  • Credit Suisse: a range on internships available within investment banking, equities, fixed income, alternative investments, global markets solutions, operations & IT. Learn more about Credit Suisse assessment process and online tests HERE.
  • Deutsche Bank: internships available in asset management,corporate finance, markets, transaction banking, technology & operations, HR & risk. Learn more about Deutsche Bank assessment process and online tests HERE.
  • Goldman Sachs: 10 week programme. Find out more about how to prepare for the job assessment process of Goldman Sachs HERE.
  • HSBC: programmes include banking advisory, capital markets, leveraged finance, global markets, research, asset management, finance, technology, operations & private banking. Practice tailored psychometric tests similar to the ones used by HSBC HERE.
  • ICAP: 8 week structured programme. Practice tailored psychometric tests similar to the ones used by ICAP HERE.
  • Jefferies. they offer a 10 week programme in Investment Banking in Europe. You will receive division specific training as well as classroom training, seminars, social events and mentoring.
  • JP Morgan: intern positions are available within asset management, finance, HR, Risk, Investment banking, Operations, sales & trading, research, technology & treasury.
  • Lazard: their 10 week Analyst programme is based in their London office. There are also opportunities in Paris and other offices globally. Applications open in August. 
  • Macquarie Bank: opportunities exist within fixed income, commodities, funds group, capital, securities, risk and IT. 
  • Mitsubishi UFJ Securities International: 10 week programme. Summer Internships. Opportunities exist within Global Markets, Investment Banking, Corporate Infrastructure and Technology. They take 10-12 interns each year. 
  • Morgan Stanley: 10 week internships available across the bank in institutional securities, investment management, wealth management, technology & operations, corporate. Find out more about how to prepare for the job assessment process of Morgan Stanley HERE.
  • Nomura: programmes available in sales, trading, research and structuring. Find out more about how to prepare for the job assessment process of Nomura HERE.. 
  • RBC Capital Markets: 8 week programme in investment banking
  • RBS Group: programmes available in markets & banking, retail & wealth and central areas such as business services, risk, finance, technology and operations. They also offer a 12 week winter internship starting in January. 
  • Standard Chartered Bank: programmes available only in Asia, Africa and The Middle East.
  • Societe Generale: 10-12 weeks in length in either Corporate or Investment Banking. 
  • UBS: positions available across sales, trading, research, corporate, global capital markets, finance, HR, IT, operations, risk and legal. Learn more about UBS assessment process and online tests HERE.
  • Unicredit: They offer an intrenational Internship Programme. The program, is sponsored by the Foundation UniCredit & Universities in cooperation with UniCredit and offers the opportunity for students in economics, finance, banking, management, engineering or law to do a 3-months summer internship. Jobs are available in different areas of the bank. Positions exist throughout Europe. 

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