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Worked in loan syndications of a bulge bracket. We were technically housed under the commercial bank (pseudo considered corporate/investment bank given pay was higher than CB but lower than Corp and IB) and syndicated out loans we didn’t haven appetite to hold entire balances to smaller regional banks. Your experiences differ if you’re going to be housed in the IB or corporate bank who deals with TLBs as well as TLAs and revolvers.
Personally, hated the entire experience. Syndications is a volume game so you’re expected to be staffed on +7 deals. My hours were 60 on average, with bad weeks creeping into the 80s. Given the entire group was a cost center in my bank (essentially it was a ploy to get clients into the bank to use other commercial banking products like treasury management), comp was abysmal for the stress and hours worked.
Moved to middle market m&a and haven’t looked back since. Essentially doubled my comp with my average week being 70 and the occasionally 100 hour week (1-3 times a year)
Good to know! The bank in question has a sizable corporate bank and a solid warehouse lending group (both within CIB). Will definitely be the plan if things don't work out in LSy.
I work for a private lender than syndicates out some of our investments. Only the larger, higher profile loans typically.
Hours are 8am-6pm on an average day. 7pm-8pm departures with weekend work when we are busy.
Can second that. Banks 10 years from now will be very different. We have lost the funded loan market to private credit funds, and will soon lose much of the ancillary fee revenue (IB fees).
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