BANK INFORMATION B OOK

Milk–Round, January 2007

Disclaimer

The views expressed in this document do not reflect the views held by London Business
School, or the London Business School Finance Club. They are personal views held by
individuals, and cannot be considered as true representations of the specified companies.

No authorization or permission, from any current employees of the companies represented in

this document, was obtained in producing this document. Nor was any correspondence in
any form, from any current employees of the companies represented in this document,
engaged in whatsoever during the collection of information contained in this document.

This document is a representation only of information collected from various sources, as listed
in the references section of this document, and personal views of individual students that
worked at the relevant company over a summer internship. Those personal views are an
individual’s own view, and is not in any way a representation of true nature of the relevant
company , nor reflective of the actual culture at that company.
B a n k I n f o r m a t i o n ..........................................................................................................................1
1 Banc of America Securities .................................................................................................................1
2 Barclays Capital ..................................................................................................................................3
3 Citigroup...............................................................................................................................................5
4 Credit Suisse.........................................................................................................................................8
5 Deutsche Bank....................................................................................................................................11
6 Goldman Sachs ..................................................................................................................................13
7 HSBC ..................................................................................................................................................15
8 JP Morgan Chase ..............................................................................................................................17
9 Lehman Brothers................................................................................................................................20
10 Merrill Lynch ...................................................................................................................................22
11 Morgan Stanley ................................................................................................................................25
12 UBS Investment Bank ......................................................................................................................29

O v e r v i e w o f R o l e s i n B a n k i n g .......................................................................................31
13 Investment Banking..........................................................................................................................32
14 Research ...........................................................................................................................................33
15 Sales ..................................................................................................................................................33
16 Trading .............................................................................................................................................34
17 Private Wealth Management...........................................................................................................35

Comments From Prior MBA Students ....................................................................................................36

18 Comments from MBA 2007 Internships .........................................................................................37
19 Comments from MBA 2006 Internships .........................................................................................41

MBA2007 Internship Aggregate Data ....................................................................................................44

20 MBA 2007 Internship Data Collection ...........................................................................................45

R e f e r e n c e s ...........................................................................................................................................46
 S E C T I O N 1:

BANK INFORMATION
1 Banc of America Securities
1.1 Overview

Statistics
 Employer type: Subsidiary of Banc of America
 Employees (2004): 6,422 (Banc of America = 178,000)
 Revenue (2004): $9.05 bn (Banc of America = $49bn)
 Net Income (2004): $1.95 bn (Banc of America = $14bn)
 Revenue generated in US: 94%

Key employees
 Chairman & President BofA: Kenneth D. Lewis
 President, BofA Securities: Alvaro G. de Molina

Divisional Structure
 Asset Management
 Corporate and Investment Banking
 E-Commerce
 Global Markets Group (debt capital raising, sales, trading, research)
 Global Treasury Services
 Portfolio Management

History
 Started as Montgomery Securities in 1971
 Bought by NationsBank in 1997, and became NationsBank Montgomery
Securities
 Merged with BankAmerica (largest bank merger in history at the time) to form
Banc of America Securities (a wholly owned subsidiary of Banc of America)
 Banc of America merged with FleetBoston Financial in March 2004, creating
one of the world’s largest financial services companies, and rivalring Citigroup
and JP Morgan Chase

1.2 Sales and Trading

Summer Associate
 10 weeks
 Placed in a sales, trading or research position on a specific product desk
 Candidates will receive a general Global Markets offer. Specific Desk
assignments will be made before the summer begins based on candidate
preference and business need
 Solid Q&A on BofA Website

Banc of America Securities 1

1.3 Investment Banking

Summer Associate
 10 weeks
 1 week training
 Specific industry teams

Full-time Associate
 6 weeks training in New York
 Placed directly into an industry or product team

1.4 Additional Information

Firm Focus & Strengths

 Banc of America has recently invested $675m in Banc of America Securities, to
drive growth (hence they are recruiting more people!)
 The largest equity research division in the US (note: in the US, not Europe)
 Small but growing presence outside the US
nd
 The Banker: Bank of the Year (2 consecutive year)
rd
 Euromoney: Best US Bank (3 consecutive year)
 Treasury & Risk Management: No. 1 Best Overall Derivatives Provider
 Corporate Finance: Top Foreign Exchange Bank
 International Finance Review: US Leveraged Loan House of the Year 2004

Banc of America Securities 2

2 Barclays Capital
2.1 Overview

Statistics
 Employer type: Subsidiary of Barclays Bank
 Employees (2004): 8,300
 Net Income (2004): $1.04 bn

Key Employees
 CEO: Bob Diamond

Divisional Structure
 Bonds  Loans
 Collateralized Finance  Mortgages
 Commodities  Private Placement
 Credit Derivatives  Research
 Corporate Finance  Risk Management
 Debt Capital Markets  Sales
 Equity-Linked  Securitization
 Foreign Exchange  Structured Capital Markets
 Inflation-Linked  Trading
 Interest Rates

History
 Founded in 1997
 “Fixed income powerhouse” in Europe, has become a big player in the US
market – clients include GMAC, Ford, Chevron Phillips, General Mills, etc.

2.2 Sales & Trading

Summer Associate
 Can apply to one role in one location. Have to be specific as to sales, trading,
or research.
 The summer programme normally starts in June for 10-12 weeks
 Prefer GMAT at 680 or higher
 Trading is a business that covers areas as diverse as Bonds, Commodities,
Credit Derivatives, Emerging Markets, Equity Derivatives, Fixed Incomes and
Foreign Exchange (FX).
 Sales: This service includes specialist coverage on rates, credit, foreign
exchange, commodities (both precious metals and energy), and equity
derivatives, often with innovative solutions leading to complex structured
transactions.

Barclays Capital 3
2.3 Investment Banking & Debt Capital Markets

Summer Associate
 10 week program

Full-time Associate
 Generalist program, but aligned to geography or sector
 From the Barclays website:
 “Initially you may spend your time developing ideas and solutions to pitch to
clients. Following that, you may work on live deals involving products such as
bonds, equity and credit derivatives, securitisation, loans, foreign exchange,
interest rates and commodities.
 Fundamental analysis and research into companies and markets is the starting
point in investment banking and debt capital Markets. This offers an opportunity
to work with teams across the firm, delivering more integrated solutions for our
clients and across all areas of financing and risk management services.”
 Barclays do not have a pure M&A team, but they are very strong on the Debt
Capital Markets side.

2.4 Research

Summer Associate
 10 week program

Full-time Associate
 Two main groups of research:
 Credit Research
 Economics and Market Strategy
 Credit provides fundamental, strategic, and quantitative analysis
 Dedicated product research team within Credit, cover:
 Investment Grade
 High Yield
 Emerging Market
 Asset-Backed
 Convertible Bonds
 Equity Derivatives
 Economics and Market Strategy provide commentary on macro-economic
environment, including key global and regional economic issues
 Research is essential part of revenue generation at Barclays Capital, so career
opportunities/path is quite strong

2.5 Additional Information

Firm Focus & Strengths

th
 Primarily a fixed income house – strongest debt issuer in Europe, currently 4
globally and still climbing
 Strong supporter of London Business School – they sponsor both the men’s
and women’s rugby teams, and have a good history of recruiting from here.

Barclays Capital 4
3 Citigroup
3.1 Overview

Statistics
 Employer type: Listed company on the NYSE
 Employees (2004): 300,000
 Employees – GCIB: 40,000
 Revenue (2004): $86.2 bn
 Net Income (2004): $17.0 bn

Key employees
 Chairman: Sandy Weil
 President & CEO: Chuck Prince
 CFO: Sally Krawcheck
 President & CEO of GCIB: Bob Druskin
 Chairman of Citigroup Europe: Sir Win Bischoff

Divisional Structure
 Global Corporate and Investment Bank (GCIB)
 Investment Banking
 Debt and equity trading
 Institutional brokerage
 Advisory services
 Foreign exchange
 Structured products
 Derivatives
 Lending
 Cash management
 Trade services
 Global securities services
 Global Consumer Group
 Credit and Charge Cards
 Consumer Finance
 Retail Banking
 Global Wealth Management
 Citigroup Private Bank
 Smith Barney Private Client Group

History
 Founded in 1812
 Sandy Weil became chairman of Commercial Credit in 1986
 Commercial Credit acquired Primerica in 1988, and adopted the name
 In 1993 Primerica acquired The Travelers Corp, and assumed that name
 Travelers purchased Salamon Brothers in 1997, combining it with Smith Barney
to form Salamon Smith Barney
 Merged with Citicorp in 1998 to form Citigroup

Citigroup 5
3.2 Sales & Trading

Summer Associate
 Citigroup does not recruit MBAs for EMEA Sales and Trading Summer
Programme.

3.3 Investment Banking

Summer Associate
 10 – 12 week program
 4 day training program in London (including orientation, etc)
 3 more days of classroom intensive training specific to investment banking:
 Accounting review
 Valuation techniques
 Citigroup’s library and information services
 External systems (e.g. Bloomberg)
 Key financial products
 Placed in one group for duration of internship – candidates can submit a list of
preferences prior to starting the internship

Full-time Associate
 Full-time program begins in mid-August
 8 week training program, starting with a “global orientation week” in New York:
 Orientation week
 Financial Analysis/Accounting
 Leadership Development
 M&A
 Equity
 Fixed Income
 FSA registration exam
 3.5 year Associate program (after which it’s possible to be promoted to VP)
 They encourage product rotation options during that time (e.g. ECM, etc).

3.4 Global Transaction Services

Summer Associate
 Program begins with classroom style training
 Weekly “speaker series” lunches for interns, to help develop a better
understanding of GTS and the industry in general

Full-time Associate
 5 year Associate program, rotation through 4 main streams:
 Client delivery
 Product
 Coverage/Sales

Citigroup 6
  Geographical management
 Provided with a MD as a coach from within each stream
 8 week training program, including the global orientation in New York
 2 year training program of both formal and on-the-job training, in preparation for
an independent management role in a suitable area

3.5 Additional Information

Firm Focus & Strengths

 World’s largest bank – they do everything from consumer credit to investment
banking.
 Very strong player in global debt markets, and in global M&A (see league
tables at end of this document).
 LBS Finance Club training sponsor, has been a staunch supporter of the club
this year and hopes to increase its recruiting presence on campus.

Key Deals
 Advised Telefonica on $32bn takeover of O2 (pending)
 Advised OAO Gazprom on $13.2bn takeover of OAO Sibneft (complete)
 Advised CNPC International - $3.9bn takeover of PetroKazakhstan (complete)
 Advised Endesa as they received a $51bn takeover offer from Gas Natural
(intended)

Citigroup 7
4 Credit Suisse
4.1 Overview

Statistics
 Employer type: Subsidiary of Credit Suisse Group
 Employees (2004): 21,000

Key employees
 CEO: Brady Dougan

Divisional Structure
 Securities
 Equities
 Fixed Income
 Prime Services
 Research
 Corporate & Investment Banking Division
 Mergers & Acquisitions (40% of CIBD revenue)
 Equity Capital Markets (20%)
 Debt Capital Markets (20%)
 Private Placements (5%)
 Foreign Exchange Capital Markets (5%)
 Leveraged Finance (10%)
 Wealth & Asset Management

History
 Recently embarked on “One Firm” initiative to integrate and improve cross
selling between Credit Suisse parent company and investment bank.
 Formerly known as Credit Suisse First Boston
 Synthetic body of CS Financial Group + First Boston + DLJ
 Allen Wheat fired due to DLJ deal being overpaid
 John Mack (formerly and currently Morgan Stanley CEO) ousted due to conflict
with board over CSFB strategy
 Current CEO, Brady Dougan, is a home grown exec through fixed income and
equities roots
4.2 Sales & Trading

Summer Associate
 10-12 weeks
 See note below in “Full Time” about cover letters
 Specific groups: (for Europe, U.S. is rotational)
 Equity Sales, Sales Trading, Trading: Positions are available across our
cash, equity derivatives and convertibles, index arbitrage, structured
products, prime services and program trading desks.
 Fixed Income Sales:

Credit Suisse Corporate & Investment Banking 8

  Securities Structuring
 HOLT

Full-time Associate
 Choose a specific group, Equities or Fixed Income, Sales or Trading,
Structuring or Quant analysis
 Start with a 10-week training course across product realm in New York.
 After training, join specific desk you were hired into.
 Once you've decided that you're generally more suitable to become a trader, a
sales person, a structurer, researcher, or a quant working in our quantitative
analysis groups you may also express a particular interest in a specific
business area. If you're passionate about a particular product or even regional
area, please do outline this in your cover letter. Please note, however that this
is just a starting point and if your application or interview indicates you are
better suited to another area, we do refer you across to that area.

4.3 Investment Banking

Summer Associate
 10 weeks in duration, 7 day training program
 Placement directly in an industry or product group – all interns in 2004 received
st nd
their 1 or 2 choice of group
 Interns usually work on 4 or 5 assignments, including 1 or 2 live assignments
 Ongoing breakfast and lunches with senior CSFB staff
 Weekly social events
 87% of 2004 all summer associates received full-time offers

Full-time Associate
 Training program in New York
 Placed into generalist Associate pool, will work in all the following areas:
 Global Market Solutions
 Mergers & Acquisitions
 Coverage (e.g. industry/country specific)

4.4 Additional Information

Firm Focus & Strengths

 No. 1 in global high-yield issuance, no. 2 in total volume of corporate high-yield
 26% market share of project finance loans in US
 Strong Leverage Finance underwriting and trading platform
nd
 Very strong emerging markets team – 2 biggest coverage behind JP Morgan
 Have had a rocky patch with CEOs (as per History section), however seem to
have renewed focus now – issued statement to target profitability instead of
trade volume
 Euromoney Awards:
 Best M&A house in the Czech Republic, Norway, the Philippines, Singapore,
and Switzerland

Credit Suisse Corporate & Investment Banking 9

  Best Debt house in Greece, Indonesia, the Slovak Republic, Switzerland, and
Venezuela

Key Deals
 Telefonica $3.5 bn cash buy of Cesky Telecom - completed
 Investor Group $5.7bn buy of Basell NV – completed
 Gas Natural $51bn buy of Endesa - pending EU review
 IPO EFG International Swiss Finance $1.1 bn
 Secondary offering of Google $4.4 bn
 IPO Refco in US $670m

Credit Suisse Corporate & Investment Banking 10

5 Deutsche Bank
5.1 Overview

Statistics
 Employer type: Listed on NYSE
 Employees (2004): 65,400
 Revenue (2004): €21.9 bn
 Net Income (2004): €2.5 bn

Divisional Structure
 Asset Management
 Corporate and Investment Banking
 Private & Business Clients
 Private Wealth Management

History
 Founded in Berlin in 1870
 Has been a global player for more than 135 years – financed the Bahgdad
th
Railway in 19 Cenutry
 Acquired Bankers Trust in 1999 for $9 bn
 Listed on NYSE in 2000 (also listed on Frankfurt XETRA)
 In 2001, acquired Zurich Scudder Investments from Zurich Financial Services
for $2.5 bn, Scudder managed $300 bn in assets
 Has been aggressively streamlining the business units, and pushing into the
US market

5.2 Sales & Trading

Summer Associate
 Global Markets Program
 Quant skills are key
 Choose: Sales, Trading, Research, or Structuring
 Foreign languages are a plus
 Firm is very focused on continued training and education

Full-time Associate
 Global Markets hires participate in the Firm's global orientation and community
linked teambuilding events based in New York.
 A four week Product Bootcamp follows
 This is interspersed with various motivational and communication pieces, as
well as appropriate IT training to ensure you are proficient in external & internal
DB systems
 The remainder of the Global Markets Program is based in London and
concludes with two weeks of training delivered by those at the cutting edge of
Global Markets activities

Deutsche 11
  The Global Markets Rotation Program is an integral part of your training. You
will spend up to twelve weeks in three or four different areas of Global Markets
in order to learn more about the product groups. Rotations will be decided
based on your input and guidance from the business so we can best match
your skills with current business needs
 Final placements are decided at the end of the Rotation Program by a panel of
senior managers from all products, taking into account your preferences, skills
and best matches for the business.

5.3 Investment Banking

Summer Associate
 10 week program
 Series of networking events, including sailing, business breakfast meetings, etc
 Formal mentor program
 Financial markets training and working lunches

Full-time Associate
 “Global orientation” in New York
 4 week technical training program
 Training for presentation skills, management skills, and teambuilding
 Mentoring program
 Variety of specialist and generalist roles available

5.4 Additional Information

Firm Focus & Strengths

 Euromoney: Best Debt House in Western Europe, Best Bank, Debt and M&A
house in Germany
 Credit Derivatives House of the Year 2004
 World’s best Risk Management House 2004
 World’s best Foreign Exchange House 2004

Key Deals
 Advised Nordic Telephone on $15bn bid for TDC (pending)
 Advised Thunder FZE on $7.6bn bid for Peninsular & Oriental Steam
 Advised Eurohypo as they received a $5.3bn offer from Commerzbank AG
(pending)
 Advised Telewest as they received a $8.9bn offer from NTL (pending)
 Advised OAO Gazprom on a $13.1bn bid for OAO Sibneft (complete)
 Advised SBS Broadcasting as they received a $1.9bn offer from a Private
Equity consortium (complete)

Deutsche 12
6 Goldman Sachs
6.1 Overview

Statistics
 Employer type: Listed on NYSE
 Employees (2004): 20,888
 Net Income (2004): $4.5 bn
 Net Income (IB): $0.4 bn
 Net Income (Trading): $5.0 bn
 Net Income (Asset Mgmt): $1.4 bn

Key Employees
 Chairman and CEO: Lloyd C. Blankfein

Divisional Structure
 Investment Banking
 Financial Advisory
 Underwriting
 Trading & Principal Investments
 Fixed Income
 Currency & Commodities
 Equities
 Principal Investments
 Asset Management & Securities Services

History
 Started in 1869 as a specialist in commercial paper and underwriting
 Mr. Goldman was the first to develop financing of mercantile-type companies
(e.g. Sears Roebuck)
 Private partnership until listing on the NYSE in 1996 – still operates like a
partnership

6.2 Sales & Trading

Summer Associate
 Choose a division: Equities or FICC
 Then choose subdivisions to apply for (this may vary for LBS as GS recruits on
campus) such as special situations, distressed debt, proprietary trading.

Full-time Associate
 10-week training program
 After the completion of the program, you will begin work on the desk to which
you have been assigned.

Goldman Sachs 13
6.3 Investment Banking

Summer Associate
 10 weeks

Full-time Associate
 1 month training in New York
 Formal ongoing training through Associate program

6.4 Private Wealth Management

Summer Associate
 10 weeks
 No formal initial training, ongoing training throughout the internship

Full-time Associate
 3 months training in New York, followed by 3 months training in London

6.5 Additional Information

Firm Focus & Strengths

 Has been in the No. 1 spot for global M&A for many years
 The firm now generates most of its income from proprietary trading

Key Deals
 Advised NTL on $1.8bn acquisition of Virgin Mobile UK (pending)
 Advised TDC as they received a $15.6bn takeover offer from Nordic Telephone
Co (pending)
 Advised Cadbury-Schweppes UK drinks division as they received a $2.2bn
takeover offer from a Private Equity consortium (pending)
 Advised Vodafone on their $2.6bn acquisition of VenFin (intended)
 Advised Telefonica on $32bn takeover of O2 (pending)
 Advised Gas Natural on $51bn takeover of Endesa (intended)
 Advised Cablecom as they received a $3.5bn takeover offer from Liberty Global

Goldman Sachs 14
7 HSBC
7.1 Overview

Statistics
 Employer type: Listed on London Stock Exchange
 Market Capitalization: £103 bn
 Employees (2004): 253,000
 Revenue (2004): $70.86 bn
 Net Income (2004): $11.8 bn

Key Employees
 Group Chairman: Stephen K. Green

Divisional Structure
 Commercial Banking
 Consumer Finance
 Corporate, Investment Banking & Markets
 Personal Financial Services
 Private Banking

History
 Founded in 1865 as Hong Kong and Shanghai Banking Corporation, which
opened offices in Shanghai and London
 Expanded through South-East Asia, India, Europe, and North America in the
th
20 Century
 Acquired British Bank of the Middle East in 1959
 Acquired Hang Seng Bank in 1965
 Acquired Marine Midland Bank, based in New York, in 1987
 Acquired Household International, top 10 issuer of credit cards in US, in 2003

7.2 Investment Banking

Full-time Associate
 Training at start, as well as at regular intervals, covering:
 Financial modelling
 M&A valuation
 Transaction analysis
 Credit analysis
 Debt structuring
 In-depth product knowledge
 Opportunities in London, New York, and Hong Kong
 Recruit into either advisory (product) or sector specific roles:
 Sector/industry: focus is on cultivating client relationships
 Advisory group: focus is on execution for M&A and ECM

HSBC 15
7.3 Additional Information

Firm Focus & Strengths

nd
 2 largest banking institution in the World
 Significant issuer of bonds in Europe
 Growing presence in US, especially in M&A (but still not a big name), the US is
a focus across business divisions
th
 Increased 3 places to 9 in US investment grade debt last year

Key Deals
 Advised Dubai International Capital on $1.5bn acquisition of Tussauds Group
 Advised International Energy Group when being acquired by Prime
Infrastructure Group ($386m transaction)
 Advised HSBC Finance Corp on $1.6bn acquisition of Metris Cos

HSBC 16
8 JPMorgan
8.1 Overview

Statistics
 Employer type: Listed on NYSE
 Employees (2004): 160,968
 Revenue (2004): $43.1 bn
 Net Income (2004): $6.72 bn

Key Employees
 Chairman & CEO: Jamie Dimon
 Co-Head IB: Steven Black
 Co-Head IB: William Winters

Divisional Structure
 Asset & Wealth Management
 Card Services
 Commercial Banking
 Investment Banking
 Retail Financial Services
 Treasure & Securities Services

History
 JP Morgan founded in 1838
 Chase Manhattan started in 1799
rd
 The two companies merged in 2001, creating 3 largest financial institution in
terms of assets in the US behind Citigroup and Banc of America
nd
 Merged with Bank One Corporation in 2004, placing them 2 behind Citigroup
8.2 Sales & Trading

Summer Associate
 10-week program (Generalist)
 Training classes, speaker series, networking events
 You participate in assignments across Markets and are able to express a
preference for the group to which you would like to be assigned. You may also
get exposure to all other areas of Sales and Trading during the program. You
attend business group presentations and have both junior and senior mentors.

Full-time Associate
 Assigned to a Sales or Trading group specializing in either a cash or derivative
product or to a markets-related research group
 New associates begin with a formal training program encompassing both
classroom and on-the-job components.
 After training, associates are typically placed in an assignment in either sales or
trading. This is a small, individually tailored program that gives you real

JP Morgan Chase 17
 exposure to the financial markets. To ensure new associates maximum
exposure, only a small number of M.B.A.’s are accepted to the program
 Six week intensive training program that teaches a practical curriculum focused
on product applications, relative value, market risks and hedging strategies.
 After the formal training program ends, you also have opportunities to
participate in business-specific product training and in firm-wide development
programs on a continuous basis.
 As a sales associate, you maintain relationships with institutional investors and
match our services and products to their needs. You work with our trading and
research teams to provide comprehensive client coverage. You initiate
transactions and provide marketing ideas.
 As a trading associate, you manage risk, liquidity and exposure for an
extensive range of products. Tracking supply and demand, you constantly
evaluate market developments in order to give clients accurate product
information.
 As a structuring associate, you work in between the traders and the sales
people. Structurers look at value-added solutions for clients. Structured
products include CDOs, CSOs, alternative assets, exotic credit derivatives, etc.
Structurers have to juggle market movements and client needs, as well as
external parties such as ratings agencies, lawyers, accountants, regulators, etc.

8.3 Investment Banking

Summer Associate
 10 week program
 Placed directly in a product or sector team
 Training throughout internship, including classes and senior speaker series

Full-time Associate
 Placed in either a coverage or product group
 6 week training, including case-studies, simulations, modelling sessions,
focusing on:
 Financial modelling
 Valuation analytics
 Equity capital markets
 Debt capital markets
 Risk analysis

8.4 Additional Information

Firm Focus & Strengths

rd
 Very strong in debt and equity underwriting (ranked 3 globally)
 Very strong in M&A, particularly in Europe

Key Deals
 Advised WAM Acquisition on its $5.9 billion acquisition of Amadeus Global
Travel Distribution
 Lead managed, with Friedman Billings Ramsey, Medical Properties Trust’s 127
million IPO

JP Morgan Chase 18
  Co-managed Pike Electric Corp.’s $190 million IPO; Citigroup lead managed
 Lead managed, with Citigroup, SSA Global Technologies’ $99 million IPO
 Lead managed, with CSFB, VeriFone’s $154 million IPO
 Advised Hibernia on its $5.3 billion takeover by Capital One
 Advised MCI on its $6.7 billion acquisition by Verizon

JP Morgan Chase 19
9 Lehman Brothers
9.1 Overview

Statistics
 Employer type: Listed on NYSE
 Employees (2004): 19,600
 Revenue (2004): $21.25 bn
 Net Income (2004): $2.4 bn

Key Employees
 Chairman & CEO: Richard Fuld
 CEO, Europe and Asia: Jeremy M. Isaacs
 COO, Europe: Roger B. Nagioff
 Global Head of Equity Trading: Patrick (Pat) Whalen
 Head of Debt Capital Markets: Jeffrey L. (Jeff) Weiss
 Head of Equity Capital Markets: Larry Wieseneck
 Head of Global M&A: Steven B. Wolitzer
 Co-Head of European M&A: Vittorio Pignatti
 Co-Head of European M&A: Carlos Fierro
 Director UK Investment Banking: Johanna Campion

Divisional Structure
 Credit Risk Management
 Equities
 Fixed Income
 Investment Banking
 Corporate Finance/M&A
 Financial Institutions
 Leveraged Finance/Financial Sponsors
 Equity and Debt Capital Markets
 Investment Management
 Private Equity

History
 Founded in 1850 in Montgomery, Alabama, USA
 Intially a commodities brokerage & trading firm, underwrote first IPO in 1889
 Purchased by American Express in 1984
 Spun-off in 1994, has expanded significantly since then, and is now the most
profitable firm on Wall Street based on net profit per employee
9.2 Sales & Trading

Summer Associate
 Two 5-week rotations between Fixed Income and Equity
 Junior and senior mentor program
 Mid and end of summer reviews to track progress

Merrill Lynch 20
 Full-time Associate
 1 year program with placement in division and continual review process
 4-week new hire training in NYC
 Generalist associates rotate in FID and Equity to find a home
 Some associates get pre-placed and forgo the rotation depending on need,
skills, and interest

9.3 Investment Banking

Summer Associate
 10 week program
 1 week of training at start
 Placed in an industry or product group – no M&A pool
 Junior and senior mentor
 Organised social events
 Lehman Brothers prefers to hire full-timers from their interns

Full-time Associate
 4 weeks of training in New York, additional week in region of work
 2 year programme of ongoing training (formal and on-the-job) and mentoring
 Promotion opportunity to Director after 3 years as an Associate

9.4 Additional Information

Firm Focus & Strengths

rd
 Have built very strong brand in M&A in the US over last few years (3 this year)
 Still weaker for M&A in Europe, but is now focusing on this market
 Very strong fixed income franchise
st
 Ranked 1 in Fixed Income and Equity Research by Institutional Investor for
past 2 consecutive years
th st
 Now 6 consecutive year of ranking 1 in Fixed Income Research by
th
Institutional Investor, and 12 time in past 16 years
 3 global headquarters: New York, London and Tokyo
 Very strong focus on “One-Firm” approach across business groups
 Euromoney: Best Investment Bank

Key Deals
 Cingular Wireless $47 billion acquisition of AT&T Wireless
 K-Mart $13.8 billion acquisition of Sears, Roebuck and Co.
 Belgacom €3.6 billion initial public offering
 Pacific Gas and Electric $6.7 billion first mortgage bond.

Merrill Lynch 21
10 Merrill Lynch
10.1 Overview

Statistics
 Employer type: Listed on NYSE
 Employees (2004): 50,600
 Revenue (2004): $22.0 bn
 Net Income (2004): $4.4 bn

Key Employees
 Chairman, CEO & President: Stanley O’Neal

Divisional Structure
 Global Markets & Investment Banking
 Debt Markets
 Equity Markets
 Commodities
 Research
 Investment Banking
 Global Private Client
 Merrill Lynch Investment Managers
 Merrill Lynch Corporate Resources

History
 Formed as an underwriting firm in 1914 by Charles Merrill
 Following the market crash of 1929, they focused on investment banking
 Re-focused on broking operations 10 years later

10.2 Sales & Trading

Summer Associate
 Three week rotation program in debt and equity based on need, fit, and request
 Functional choice among sales, trading, or structuring
 1-week formal training at start of program
 Summer Speaker series

Full-time Associate
 Intensive training and registration programme to start
 Up to three months of rotational assignments in Debt or Equity along functional
lines of sales, trading, structuring
 Placement after rotation in London, Frankfurt, Madrid, Milan, Paris, or Zurich

Merrill Lynch 22
10.3 Investment Banking

Summer Associate
 10 to 12 week program
 Induction day + 4 days formal training
 Constructive feedback sessions
 Junior and senior mentors
 Speaker series with senior staff
 Informal organised activities with other interns and senior staff
 Placement:
 US: specific industry or product group
 Europe, Japan, Asia-Pac & Canada: generalist pool that spans all product and
industry groups
 Majority of European opportunities are in London, a few in Frankfurt, Milan,
Madrid, and Paris

Full-time Associate
 3 day orientation, followed by a 2 week core training program, followed by a 3
week intensive Investment Banking specific training program, all in New York
 One week of preparation for the FSA exam for those working in London
 Placement based on request and the company’s needs
 Majority of European opportunities are in London, a few in Frankfurt, Milan,
Madrid, and Paris

10.4 Research

Summer Associate
 10 week assignment in credit, strategy, or specific sector equity research team
 Brief orientation, then training on economics fundamentals, valuation, etc.
 Continuous training through program on Bloomberg, presentation skills, etc.
 Senior speaker series & other regular cross-department social events
 Mentoring program
 Responsibilities:
 Update financial models and pricing sheets
 Attend company conference calls (e.g. earnings announcements)
 Conduct analysis on coverage companies

Full-time Associate
 Training begins with firmwide orientation, followed by a core program, followed
by an intensive research specific training program in New York
 Direct placement into credit, strategy, or specific sector equity research team

10.5 Additional Information

Firm Focus & Strengths

 Strong player in most areas – very strong in equities (including research)

Merrill Lynch 23
 th rd
 4 globally in M&A this year, 3 in Europe

Key Deals
 Advised O2 as they received a $51bn offer from Telefonica (pending)
 Advised Kobenhavns Lufthavn as they received a $2.7bn offer from Macquarie
Airports (intended)
 Advised Reckitt Benckiser on a $3.4bn bid for Boots Healthcare (pending)
 Advised a Private Equity consortium on a $3.9bn bid for Coral Eurobet
(complete)
 Advised Exel PLC as they received a $7.2bn offer from Deutsche Post
(pending)
 Advised eBay on a $4.3bn bid for Skype (complete)
 Advised an investor group in a $3.1bn investment in Bank of China (pending)
 Advised Adidas on a $4.3bn bid for Reebok International (pending)

Merrill Lynch 24
11 Morgan Stanley
11.1 Overview

Statistics
 Employer type: Listed on NYSE
 Employees (2004): 53,284
 Revenue (2004): $23.8 bn
 Net Income (2004): $4.5 bn

Key Employees
 Chairman & CEO: John Mack

Divisional Structure

Morgan Stanley 25
 History
 Morgan Stanley established in 1935 in New York
 Dean Witter established in 1924 in San Francisco
 Two companies merged in 1997

11.2 Sales & Trading

Summer Associate
 Specific placement, not a rotational program
 Hiring: Expect a trip to an assessment center, role playing, numerical reasoning
tests and interviews.
 Choose: Equities, FID, Equity Research,
 FID Summer:
 10-weeks
 Training and rotation in different FID desks
 Equity Summer:
 10-weeks, equity rotation, customized per candidate
 Mentorship programme
 Final three weeks you go back and re-visit desks of preference
 Website did indicate that there is potential to do some Equity and some FID
rotation, so this needs to be looked into during company presentation in greater
detail. Historically, MWD did not allow for rotation, but this is in the process of
changing.

Full-time Associate
 FID:
 One functional area assignment
 5-week FID global training course in NYC
 FSA training and testing
 Equities:
 4-week training in NYC
 FSA Testing, etc…
 Placed upon desk of original hiring (stock or derivatives)

11.3 Investment Banking

Summer Associate
 10 week program
 2 weeks of induction and training
 Rotation through various areas
 Exposure to, and networking opportunities with, senior management
 Junior and senior mentor

Full-time Associate
 4 weeks of training in New York, training for FSA in London
st
 Spend 1 year in an Associate pool, to gain broad exposure to a variety of
products and sectors

Morgan Stanley 26
 nd
 Begin to specialize in the 2 year (e.g. specific sectors or products)
 General timeframe to reach VP is 3 years

11.4 Research

Full-time Associate
 2 weeks of training in New York
 Placed in a specific industry, economic, or strategy team
 Promotion to Research Analyst is awarded on merit and performance - can be
expected after 2+ years

11.5 Private Wealth Management

Summer Associate
 8 week program
 Placed into a Sales team (client relationships), the Investment Group (portfolio
management), or the Solutions Group (products, e.g. tax / capital markets /
hedge fund advisory)
 Work spread between 1 or 2 projects for 1 or more teams during the internship
 Exposure to, and networking opportunities with, senior management

Full-time Associate
 Only recruited from summer associates – do not take any outsiders
 First year fixed salary, moves to commission basis thereafter

11.6 Additional Information

Firm Focus & Strengths

 Very strong in the Real Estate sector through 3 major business units:
 Real Estate Banking
 Real Estate Investment Management (one of the largest property owning
groups in the world)
 Real Estate Lending
 Top tier firm in M&A – unseated Goldman for a short time earlier this year in top
spot, have historically contended with Goldman for the top place
st rd
 Very strong in equity issuance – finished 1 last year, in 3 place globally this
st
year, in 1 place for the US market this year
 Very strong player across equities, fixed income, structured products, retail
brokerage, and private wealth management

Key Deals
 Advised Virgin Mobile UK as they received a $1.8bn bid from NTL (pending)
 Advised Swiss Reinsurance on a $6.8bn bid for GE Insurance Solutions
(pending)
 Advised Commerzbank AG on a $5.3bn bid for Eurohypo AG (pending)
 Advised Santander on a 2.4bn bid for Sovereign Bank Corp (pending)
 Advised Skype as they received a $4.3bn bid from eBay (completed)

Morgan Stanley 27
  Advised OAO Rosneft on a $7.1bn bid for OAO Gazprom (completed)
 Advised Travelocity on a $1.1bn bid for Lastminute.com (completed)
 Advised Goal Acquisition on a $18.1bn bid for Allied Domecq (completed)

Morgan Stanley 28
12 UBS Investment Bank
12.1 Overview

Statistics
 Employer type: Subsidiary of UBS AG
 Employees (2004): 16,500
 Revenue (2004): 15.98 bn CHF
 Revenue (IB): 1.9 bn CHF
 Revenue (Equities): 5.9 bn CHF
 Revenue (Fixed Income/currency):7.9 bn CHF
 Revenue (Private Equity): 0.3 bn CHF
 Net Income before tax: 4.5 bn CHF

Key Employees & Divisional Structure

History
 Began in 1870, became Swiss Banking Corporation (SBC)
 Purchased S.G. Warburg in the early 1990s
 Merger between SBC and Union Bank of Switzerland occurred in 1997, to
create UBS AG in its current form.
 In 2003, UBS adopted a single brand for all its business lines in the World.

UBS Investment Bank 29

12.2 Investment Banking

Summer Associate
 1 week training
 10 to 12 week program
 Dedicated mentors
 Regular lectures and frequent meetings for further training

Full-time Associate
 5 to 7 weeks training in New York
 Placed directly into country, product, or sector team
 UBS encourages rotation between areas

12.3 Research

Summer Associate
 10 to 12 week program
 Dedicated mentors
 Placed directly into country, region, or sector team
 Regular lectures and frequent meetings for further training

Full-time Associate
 5 to 7 weeks training in New York
 Placed directly into country, region, or sector team

12.4 Additional Information

Firm Focus & Strengths

 Very strong globally in Equities
 World’s leading wealth manager by invested assets (e.g. private client advising)
th
 Very strong player in M&A (ranked 6 globally by announced deals), recently
broke into US market and is now in the top 5 in the US

Key Deals
 Signed strategic cooperation agreement with Bank of China on 27-Sep-05
 Advised Brambles Ltd on $4.9bn remerger of Brambles UK
 Advised Arcelor SA on $4.3bn bid for Dofasco (intended)
 Advised Deutsche Bahn on $1.2bn bid for Bax Global (pending)
 Advised Vodafone on $2.6bn bid for Vexfin (intended)
 Advised Nippon Sheet Glass on $3.8bn bid for Pilkington PLC (pending)
 Advised Mittal Steel on $4.8bn bid for Kryvorizhstal (completed)
 Advised Hilton Hotels on remerger of Hilton Hotels Group PLC

UBS Investment Bank 30

 S E C T I O N 2:

O VERVIEW OF ROLES IN B ANKING

13 Investment Banking
13.1 The Players

Analysts
 Grunts of the corporate finance world
 Very little pay (when calculated on a per hour basis), and barely enough free
time to sleep four hours a night
 Financial modelling and basic duties associated with any deal

Associates
 Work slightly less than analysts, but still 80 to 100 hours a week on average
 Main tasks include pitch books and financial modelling
 Oversight duties of the analyst’s modelling
 More experienced Associates will discuss details and numbers involved in
deals more frequently with VPs and MDs
 Pay varies between firms, but hovers around US$90,000 base salary in first
year, with an equal bonus
 Promotion to VP usually available after 3-5 years

Vice-Presidents & Directors

 Client relationships becomes much more important
 Lifestyle becomes somewhat more manageable – weekends sometime free-up,
and all-nighters drop off
 However, travelling increases significantly: 2 to 4 days per week are spent
visiting clients and on roadshows
 Responsible for managing analysts and associates in the office

Managing Directors
 Deal with clients at the highest level, overall responsibility for the deals
 Spend most time cultivating relationships with senior management in a specific
industry, and visiting those companies on a regular basis to generate business
 Bonus forms majority of pay, and is calculated based on the volume of deals
the MD has brought into the firm

13.2 Typical responsibilities of an Associate
 Managing and assisting in the execution of corporate finance transactions for
clients
 Performing financial analysis, strategic business analysis and detailed industry
research
 Contributing to team discussions and client meetings
 Interacting with different areas of the Firm in order to bring the breadth of Firm’s
resources to bear for the benefit of the client
 Providing rapid and accurate market judgments to colleagues and clients
 Preparing and delivering client presentations in a clear and compelling manner
 Acting as a mentor and role model to the Analysts

Overview of roles in Banking 32

14 Research
14.1 The Players

Analysts (“Research Assistants”)

 Typically smart undergraduates, do most of the number crunching
 Spend most time updating spreadsheet valuation models

Associates (“Research Associates”)

 Business school graduates, or analyst promotions
 Hours are less than corporate finance - typical day starts at 7:30am, can finish
anywhere from 6pm to midnight, usually no weekend work
 Can quickly take on responsibility for smaller client accounts, this becomes
more sales and relationship based work
 Promotion depends entirely on success of individual and opportunities present
– no set time frame

Vice-Presidents and above (“Senior Research Analysts”)

 Considered to be the Guru – gives final opinion of stocks/products/industries
 Very sales based work, spends majority of time on phone to clients, presenting
research to clients, and entertaining clients
 Spends much time visiting companies that they cover
 Must convince sales people, traders, clients, and anyone else of opinion – must
know numbers and details of analysis inside out!

15 Sales
15.1 The Players

Associates
 Newly hired MBA student – this is usually the lowest level in sales
 Work hours tend to start early, between 6 – 7am, and finish shortly after market
close (e.g. 5 - 6pm), no working on weekends (except client entertaining)
 Begins to handle small client accounts within a few months
 Promotion timeframe depends entirely on own success with clients

Senior Salesperson
 Clients include large money managers (e.g. Fidelity, Putnam, etc.)
 Can be aligned to sector (e.g. Real Estate), but usually aligned to region and
specific clients
 Overall responsibility for client account (handles client relationship with traders
and research analyst)
 Responsible for selling new capital raisings (e.g. IPOs) – money managers are
the primary investors in new issuances

Overview of roles in Banking 33

16 Trading
16.1 The Players

Analysts
 Similar to corporate finance analysts – typically smart undergraduates, with a
desire to become a trader
 Quantitative skills are a must, analysts spend most of their time dealing with
books of trades and numbers

Associates
 Typically MBA graduates, begin with either a rotation or hired directly onto a
specific desk
 Work hours mirror sales - tend to start early, between 6 – 7am, and finish
shortly after market close (e.g. 5 - 6pm), no working on weekends
 Move to fully-fledged trading position typically after 2 or 3 years

“Fully-fledged” traders: Block Traders

 Deal in active, mature markets, such as government securities, stocks,
currencies, and corporate bonds
 Very fast pace of work – constant stream of multiple orders to contend with

“Fully-fledged” traders: Sales-Traders

 Hybrid between trading and sales – operates as both a sales-person and a
block trader
 Usually trade smaller quantities than block traders
 Initiates calls to clients, must keep abreast of market conditions and research
commentaries to discuss with clients, but typically sticks to the big picture and
refers the client to a research analyst if necessary

“Fully-fledged” traders: Structured Product Traders

 Due to complexity of products, volume is usually lower than block traders
 Typical products include interest rate swaps, structured repurchase
agreements, and credit derivatives (to name only a few!)

Overview of roles in Banking 34

17 Private Wealth Management
17.1 The Players

Associates
 MBA graduates – as with institutional sales, this is the lowest position
 Clients are “high-net worth” individuals
 Must be well versed in all aspects of markets, therefore training is usually
intense, with several months of training
 Usually placed onto a team with one or two senior employees
 Generally given two years to build a client book, or establish a reasonable level
of business for the firm
 Remunerated on a commission basis

Vice-Presidents and above

 Typically have a large book of client assets under management
 Key to success is being able to generate new assets to manage (e.g.
continually find new clients), while maintaining solid relationships with existing
clients

Overview of roles in Banking 35

 SECTION 3:

COMMENTS FROM PRIOR MBA STUDENTS

Comments 36
18 Comments from MBA 2007 Internships
18.1 American Express
• American Express assigns a project to each intern that they must complete before the
ten-week deadline.
• The intern is assessed at the end of internship based on the results of the project.
• American Express has a well-structured summer internship programme, which
includes guest speakers from the different divisions inside the company.
• Dinners and events were also organized.
• The firm encourages interns to learn as much as possible about the 'Blue Box' (the
whole company).
• People are very friendly. Great life/work balance during the internship.
• The negative side: things go a little bit to slow... levels of approval for many things,
paperwork, etc.

18.2 Bank of America

• The training program was pretty good and hands on.
• The bank had weekly meetings with various group heads so that people could learn
more about other opportunities within the bank.
• The hours were not as bad as in some other banks and I found the culture more
relaxed and people more willing to help you than what I heard about other banks.
• I was really treated as a full time associate: I was given responsibility over client
presentation, managed analysts and was taken to client meetings three times.
• I would definitely recommend doing internship with the bank.

18.3 Barclays Capital

• I didn't like the desk I worked for (solely due to type of work, not people) so I tried to
meet other desks. When I finally found a desk that I liked, I was made an offer by the
MD right away.
• The social activities arranged by HR are also great. You have a lot of fun and get to
meet a lot of the interns, not only associates but also the analysts (this year there
were about 100 analysts and 24 associates).
• I guess the best thing about Barcap is the people that work there. People are not that
aggressive and you get to meet a lot of them. I believe that together with the interns I
must have met around 200 people over the summer and (almost) all proved to be
great people.
• The internship was very positive overall.
• Barcap takes its' summer internship program seriously so it was well organised with a
speaker series, casual interviews with MDs, social events for interns, and Bob
Diamond is very much involved in the program and met with us several times.

18.4 Citigroup
• Good experience. However, due to the nature of the job, organization structure and
decision-make process, there is no immediate offer after intern. There is still option
to be preferred candidate for full-time position when they recruit in late of the year.
• They gave me a lot of responsibilities from day 1. When I was staffed on a live deal, I
started traveling to the client's site almost every week for due diligence. I traveled for

Comments 37
 5 weeks out of 12 weeks of internship. This was not the case with other summer
associates at Citigroup.

18.5 Credit Suisse

• Credit Suisse was incredibly organized and structured in all aspects of the summer
program, yet remained entirely flexible to allow summer interns to customize desk
rotations.
• Overall, an outstanding internship, but very difficult to get offer.
• Looks like a bad year for IBD but good one for S&T
• Credit Suisse ended up being a disaster. In M&A, 8 associates, 4 analysts and 3 VPs
quit, during the 10 weeks.
• Not only did only 1 of the 5 LBS students receive an offer, nobody received an end of
summer bonus. Credit Suisse was the only bank not to give any bonus at all. Have
yet to receive expense reimbursements.
• The human resources were badly mismanaged as well. That being said, it was still
M&A at a top bank, so the work experience was good.
• The culture in my group was such that you never knew when the person next to you
was going to quit, which kind of ruined it.
• Overall, if you have an offer from another bank, I would recommend taking it.
• Many associates were repeatedly told by associates, VPs, staffers, Directors, MDs
and HR alike that we would definitely get offers, only to be surprised on the last day.
• By the end of the internship, I got the impression that I was on a sinking ship.
• Lev Fin franchise is excellent; management of people's expectations was poor.
• Firm lacked communication with the summer associate class. While feedback was
very strong and strength of performance was reiterated informally through colleagues
and during mid-term evaluation, no offer resulted.
• Only 1 of 7 LBS students got an offer. Overall, only 4 of 17 in London summer class
got an offer.
• Firm going through a severe cost reduction and restructuring programme.
• Great place to work if you want leveraged finance or emerging markets. Not up with
the pack for M&A

18.6 Deutsche Bank

• Deustche is extremely disorganized and chaotic.
• It's a great place to be for markets and leveraged finance, if you like a very star-
centric culture, but definitely not for M&A.
• All M&A activity is focused around leveraged finance and cross-selling into markets-
based products, rather than strength of advisory.
• Excellent programme. Highly recommend it.
• The best but you better eat your wheaties!!
• The work was good. Culture and lifestyle were tough.
• Very good. Excellent package. Very aggressive bank
• Great experience on Structuring Emerging Markets desk.
• Less interesting in Sales of Credit Derivatives (Flow Sales).
• Skills required: stamina, motivation, analytical and quantitative skills as well as
interpersonal and presentation skills.
• I had no finance background so the internship was very useful for me in order to
make my long term decisions.
• DB was a bit on the disorganised side in regards to the internship programme.

18.7 General Electric (Finance)

• Not well-paid, not well-structured, no formal orientation/training/culture.

Comments 38
 • Good experience for those without IB or financial sales experience - probably not
worth it if you have worked in this area before.

18.8 Goldman Sachs

• Tough summer, put through the ringer, high expectations.
• But on the whole quite enjoyable and I learnt a tremendous amount.
• Goldman is a great firm and the quality of the people = top shelf.
• I didn't start all that interested in the role but they warmed me to it through the course
of the summer.
• Competitive environment and the people on the floor were friendly but also cut throat.
• In the end, some exceptional interns missed out on a full time offer as historically
Goldman's conversion has been relatively low (typically no more than 2/3 our of 7/9 in
Private Banking).

18.9 HSBC
• Great experience, not as taxing as the big banks, European feel, great team of
experienced bankers from all other banks
• Great internship, good exposure to clients, good exposure to top level mgt, great
diversity of work
• Internship was not previously part of their summer programme still working right now.
• It was very good to understand their processes however what they asked me to do
was sometimes not very interesting end not in line with what you would expect from
an MBA student

18.10 JPMorgan
• Worked in the Financial Sponsors M&A Group. However, staffing throughout the IB
team was very fluid and people got staffed on different projects.
• Worked together with the Leveraged Finance team which is very big. June and July
were really-really intense. August was more reasonable in terms of time and effort
required.

18.11 Lehman Brothers

• Highest level of professionalism; demanding job, intellectually but also physically.
• I had a fantastic experience at Lehman, great people and lots to learn.
• Well organized summer program
• Lehman people are very hard working but very collaborative and friendly.
• I was positively surprised by not needing to do face time, and was been sent home
early when there was no work.
• The firm is being very successful and people are proud of working for Lehman.
• Lehman is a great firm. I am a career changer and hence the structured programme
at Lehman really helped me settle in
• Not all the work was high profile value adding stuff but a lot of opportunity to learn
• Would recommend the firm and business area without reservation

18.12 Merrill Lynch

• A great learning experience
• I had a great time at Merrills. I found a very professional yet friendly environment. I
had high expectations, and got them over satisfied.
• The only down was that the 'Graduate Recruiting HR' team is quite new and
understaffed, they need to settle down and is only a matter of time that they do so.

Comments 39
 • It was of great experience and learning, though I did not build strong enough contacts
to receive an offer.

18.13 Morgan Stanley

• General culture of the bank is good
• Some projects required a lot of admin work, which can be frustrating considering that
it is not our first job
• The hours could be very harsh, however if you did not have work (which rarely
happened) there was no face-time
• The pool system was good because you got to work with different teams, but you
could be more or less lucky with the projects you got
• Some teams were great and willing to explain concepts to you and others just wanted
to have things done without caring about your background and aspirations
• Some projects were interesting and you could be given a lot of autonomy
• The atmosphere among summer associates was generally very good
• The summer could at times be tough for those with no experience in finance as you
do not always have an analyst to assist you
• Morgan Stanley's summer internship programme in Fixed Income comprises rotations
across three desks. This gives an opportunity to gain exposure across different areas
and meet diverse people.
• People on the floor were extremely helpful and always willing to spend time with the
interns. There is extensive exposure with senior management as well. The firm takes
the programme quite seriously and is eager to achieve a 100% conversion rate given
the small size of the class.
• I found MS to be a great firm to start one's career with.
• great! Morgan Stanley is excellent! Very time consuming!!
• Very friendly, supportive and energetic environment.

18.14 UBS
• It was very long hours, but I worked with a fantastic team.
• The bank made me feel welcomed and made an effort to help us integrate into the
company.
• Excellent bank, no established MBA recruiting process at the London office yet.

Comments 40
19 Comments from MBA 2006 Internships
19.1 Bank of America
• I really enjoyed my internship at BofA.
• The training program was pretty good and hands on. In addition the bank had weekly
meetings with various group heads so that people could learn more about other
opportunitites within the bank.
• The hours were not as bad as in some other banks and I found the culture more relaxed
and people more willing to help you than what I heard about other banks. Also, I was
really treated as a full time associate.
• I was given responsibility over client presentation, managed analysts and was taken to
client meetings three times. I would definitely recommend doing internship with the bank.

19.2 Barclays Capital

• Barcap is great in many ways. I didn't like the desk I worked for (because of the kind of
work itself - sales) so I tried to meet other desks. When I finally found a desk that I liked, I
was made an offer by the MD right away.
• The social activities arranged by HR are also great. You have a lot of fun and get to meet
a lot of the interns, not only associates but also the analysts (this year there were about
100 analysts and 24 associates). HR also likes to hang out after the events.
• I guess the best thing about Barcap is the people that work there. People are not that
aggressive and you get to meet a lot of them. I believe that together with the interns I
must have met around 200 people over the summer and (almost) all proved to be great
people.
• The internship was very positive overall. Barcap takes its' summer internship program
seriously so it was well organised with a speaker series, casual interviews with MDs,
social events for interns, and Bob Diamond is very much involved in the program and met
with us several times.
• They talk a lot about culture, but Barclays Capital definitely lived up to the hype. It was
fun being at work, even on the days when we were there until late.

19.3 Citigroup
• If you are interested at banking in general Citigroup is a very interesting place to spend
the summer as you can get exposure to the different businesses
• Citigroup is an extremely large and diverse organisation. Summer experience was
enriching and I think there is tremendous potential for a successful career in finance.

19.4 Credit Suisse

• From my perspective at Credit Suisse, the firm’s culture expects you create your own
reputation and world of influence within the firm. As a result the firm seems to match best
with people who have a true entrepreneurial streak in them.
• On balance, I think that CSFB is a great place to work. I think that they pay well and they
aren't going to kill you with work. They seem honest, forthright, and approachable and
fun - basically, human
• Be careful about HR at CSFB. If you want a job at the bank, it turns out that, come
decision time, it's a beauty contest; you need to have someone from YOUR GROUP (or
the group in which you want to work) rooting for you - i.e., thinking you're a great guy... It
doesn't matter if everyone else in the bank likes you and HR might promise to put you in
other groups - the only people that matter are the managers in your own group.

Comments 41
• In New York the sales & trading rotation program is awesome and is wildly know as one
of the most comprehensive on the street. London I heard was a bit less polished.
• The EIGHT rotations within fixed income and equity (NYC Programme) really yields an
opportunity to see what you like and where you fit. I personally went into the program with
a steadfast view of where I wanted to be and by the end of the summer I was in a
completely different area that is much more suited to me. I would not have had that
opportunity at other shops that plop you on a single desk. Also, CS is no joke about the
chemistry of their groups. I know a bunch of ivy leaguers who scored tops on all of their
assessments but because of a lack of chemistry with their desks didn’t get an offer.

19.5 Deutsche Bank

• Deutsche Bank has the right combination of entrepreneurial edge and structure to enable
you to excel without feeling constrained.
• Worked with a great crew last summer and quite enjoyed the experience – the social
pressure at Deutsche Bank is not as extreme as some of the other banks.
• Great energy at Deutsche – the bank is performing very well and attracting top talent.

19.6 Goldman Sachs

• The training one receives at Goldman Sachs is unbelievable, as is the free access even
summer associates have to senior executives at the bank. Goldman Sachs has a stellar
reputation and the bank prides itself on the people who work there and the resulting
culture of the firm.

19.7 JPMorgan
• JP Morgan does not have an MBA culture but is trying to cultivate one which is reflected
in the internship. Most of their employees are A-A (analyst to associate promotions)
which, on the one hand, gives summer interns a unique opportunity to shine within the
company, but unfortunately, this situation also has the downside of what a young
internship program would entail.

19.8 Lehman Brothers

• The friendliest bank you could work for – the people are REALLY nice- I was pleasantly
surprised given that banks are usually known to be stuck-up. The best part is the 80%
fulltime job-offer ratio which means that you don’t have to worry after the summer.
• A lot of talented people, very strong senior management, typical aggressive American
attitude, knows its not top in Europe but has a plan to get there quickly. Good experience.
Only advice is be wary of HR recruitment if you want something specific (go to the
business area you’re interested in).
• Collegial culture, senior bankers are usually open to questions and willing to help.
However, remember Lehman is still a tough investment bank. Actually it is also a well
assembled money making machine so there is no leeway for any kind of venturing from
the system unlike in some European IB. Everything is monitored by a mighty e-banker
(computer system), you will spend a couple of hours a week dealing with e-banker.
• Open minded, honest, hard working people who will drive together to a solution. I have
also been impressed by the sense of ownership (staff own 30% OF THE FIRM!). It means
that costs are tight, but you'll benefit in the long run as an employee. Staff in the support
functions are there to make things happen. Very good experience all together.
• Lehman is a bank with momentum. In terms of work in IBD, its a tough place, you get
thrown into the deep end and you better know how to swim! One has to learn quickly to
manage the process and to become a stickler for detail.

Comments 42
19.9 Merrill Lynch
• Client-oriented, open, supportive.
• Milk Round (markets): make sure you’re familiar with main GLOBAL issues across fixed
income and equities

19.10 Morgan Stanley

• Very bright, intense people with diversified backgrounds. Not at all conceded or
pretentious. Great support from analysts, associates in the group. No face time pressure
if you got your work done, get ready for long hours though if you work in IBD.
• I came from a company where I was given an end goal, and it was up to me to find the
best way to get there. Coming to Morgan Stanley Investment Banking, where the
methods are prescribed in minute detail, was a disempowering experience. How much of
this was the bank, and how much was banking in general, I don’t know.

19.11 UBS
• It was demanding, but everybody was supporting and easy-going.
• They recruit aggressively from other banks and believe in overachieving. That's why
MBAs must really deliver over the Summer: they may not have as much patience with
MBAs as other City banks (although treatment is great). The brand is great and reflects
the prudent, conservative approach that permeates all areas: they do not take great risks
and manage all risks very efficiently, avoiding scandals and reputation problems.
• The first week was a training week in New York, which was awesome. UBS is very
different in the USA and in Europe. They do not have as strong an MBA culture in
Europe, however are trying to change this, and have hired a recruitment manager from
Morgan Stanley to do so.
• I worked around 70 hours a week on average, not much for IB. That doesn’t include all
the extra events – welcome/farewell drinks, cooking lesson, etc.

Comments 43
 SECTION 4:

MBA2007 INTERNSHIP
AGGREGATE D ATA

MBA2007 Data 44
20 MBA 2007 Internship Data Collection
20.1 Methodology:
• Form factory questionnaire with “opt-in” clause for data usage
• Content of survey
o Firm worked for over summer
o Area/group of summer placement (IBD, Sales/Trading/Structuring, Other)
o Did you receive an offer (yes, no, n/a)
o What percentage of interns in your group/division do you estimate received
an offer? (percentage)
20.2 Survey Results: MBA2007 Finance Internships
• Total responses: 74 students
• Total companies represented: 26

• Function Breakdown:
o Investment Banking: 40 students
o Sales/Trading/Structuring: 18
o Other: 15
o No response: 1

• Full-time Offers Received:

o Yes: 50 (68%)
o No: 20 (27%)
o N/A: 4 (5%)

• Student’s estimate of full-time offers within their group:

o Responses: 60
o No response: 14
o Average Estimate: 56%
o Range: 100%
o Median: 60%
o Mode: 50%
o Std Error: 3.6%

20.3 Employer Distribution (Frequency)

Company Internships
Other 16
Deutsche Bank 9
Credit Suisse 8
Lehman Brothers 8
Merrill Lynch 6
Goldman Sachs 4
Barclays Capital 4
HSBC 4
Morgan Stanley 4
Citigroup 3
Santander 2
UBS 2
JP Morgan 1
American Express 1
General Electric 1
Bank of America 1
Total 74

MBA2007 Data 45
 A P P E N D I X:

REFERENCES

References 46
 Company websites

 Banc of America Securities

http://www.bofasecurities.com

 Bank of America
http://www.bankofamerica.com

 Barclays Capital
http://www.barcap.com

 Citigroup
http://www.citigroup.com

 Credit Suisse Corporate & Investment Banking

http://www.csfb.com

 Deutsche
http://www.db.com

 Goldman Sachs
http://www.gs.com

 HSBC
http://www.hsbc.com

 JP Morgan Chase
http://www.jpmorgan.com

 Lehman Brothers
http://www.lehman.com

 Merrill Lynch
http://www.ml.com

 Morgan Stanley
http://www.morganstanley.com

 UBS Investment Bank

http://www.ubs.com

Vault

 Vault Finance
http://www.vault.com/finance

 Vault Career Guide to Investment Banking

Tom Lott and Derek Loosvelt, 2005

 Vault Guide to the Top 50 Banks

Derek Loosvelt, 2005

References 47