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Vault Guide To The Top 50 Banking Employers
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DEREK LOOSVELT
AND THE STAFF OF VAULT
© 2004 Vault Inc.
TOP50
BANK
EMPLO
VAULT GUIDE TO
THE TOP 5O
BANKING
EMPLOYERS
Copyright © 2004 by Vault Inc. All rights reserved.
All information in this book is subject to change without notice. Vault makes no claims as to
the accuracy and reliability of the information contained within and disclaims all warranties.
No part of this book may be reproduced or transmitted in any form or by any means,
electronic or mechanical, for any purpose, without the express written permission of Vault Inc.
Vault, the Vault logo, and “the most trusted name in career informationTM” are trademarks of
Vault Inc.
For information about permission to reproduce selections from this book, contact Vault Inc.,
150 West 22nd St, New York, New York 10011, (212) 366-4212.
Library of Congress CIP Data is available.
ISBN 1-58131-294-6
Printed in the United States of America
ACKNOWLEDGEMENTS
This book could not have been written without the extraordinary efforts
of Raphael Garfield, Elena Boldeskou, Keith Kirkpatrick, Marcy
Lerner, Laurie Pasiuk, Chris Prior, Ed Shen, Kelly Shore and Tyya
Turner. Thanks also to Mike Baker, Hussam Hamadeh, Samer
Hamadeh, Danielle Koza, Todd Kuhlman, Joseph Naggiar, Mark
Oldman, and Kristy Sisko.
Special thanks to all of the recruiting coordinators and corporate
communications representatives who helped with the book. We
appreciate your patience with our repeated requests and tight deadlines.
The Vault Guide to the Top 50 Banking Employers is dedicated to the
banking professionals who took time out of their busy schedules to be
interviewed or complete our survey.
Visit the Vault Finance Career Channel at http://finance.vault.com — with
insider firm profiles, message boards, the Vault Finance Job Board and more. ix C A R E E R
L I B R A R Y
A GUIDE TO THIS GUIDE 1
OVERVIEW OF THE BANKING INDUSTRY 3
What's What? Industry Overviews . . . . . . . . . . .5
Investment Banking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5
Commercial Banking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7
The Year in Review . . . . . . . . . . . . . . . . . . .9
THE VAULT PRESTIGE RANKINGS 17
Ranking Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19
The Vault 50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22
Quality of Life Rankings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24
THE VAULT 5O: 1-25 31
1. Goldman Sachs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32
2. Morgan Stanley . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .46
3. The Blackstone Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .58
4. Citigroup’s Global Corporate and Investment Bank . . . . . . .70
5. JPMorgan Chase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .82
6. Merrill Lynch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .92
7. Lehman Brothers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .104
8. Citigroup . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .118
9. Credit Suisse First Boston . . . . . . . . . . . . . . . . . . . . . . . . . .132
10. Lazard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .146
Table of Contents
Vault Guide to the Top 50 Banking Employers
Table of Contents
11. UBS Investment Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . .156
12. Deutsche Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .168
13. Bear, Stearns & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .178
14. Banc of America Securities . . . . . . . . . . . . . . . . . . . . . . . . .186
15. Bank of America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .196
16. Dresdner Kleinwort Wasserstein . . . . . . . . . . . . . . . . . . . . . .206
17. Rothschild . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .212
18. Thomas Weisel Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . .218
19. Barclays Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .228
20. HSBC Holdings plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .234
21. Wachovia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .242
22. Houlihan Lokey Howard & Zukin . . . . . . . . . . . . . . . . . . . .252
23. Greenhill & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .262
24. Jefferies & Company, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . .268
25. CIBC World Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .274
THE VAULT 5O: 26-50 281
26. Wells Fargo & Company . . . . . . . . . . . . . . . . . . . . . . . . . . .282
27. SG Cowen & Co., LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . .292
28. FleetBoston Financial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .300
29. Piper Jaffray & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .306
30. Bank One . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .314
31. Legg Mason . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .322
32. BNP Paribas Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .328
33. RBC Capital Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .332
34. Gleacher Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .338
35. Brown Brothers Harriman . . . . . . . . . . . . . . . . . . . . . . . . . .342
36. The Bank of New York . . . . . . . . . . . . . . . . . . . . . . . . . . . . .348
37. Allen & Company, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .356
38. U.S. Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .360
39. William Blair & Company . . . . . . . . . . . . . . . . . . . . . . . . . .366
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L I B R A R Y
Vault Guide to the Top 50 Banking Employers
Table of Contents
40. Raymond James Financial . . . . . . . . . . . . . . . . . . . . . . . . . .372
41. Nomura Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .378
42. WR Hambrecht + Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .382
43. Friedman, Billings, Ramsey Group . . . . . . . . . . . . . . . . . . .388
44. Peter J. Solomon Company . . . . . . . . . . . . . . . . . . . . . . . . . .392
45. Calyon Securities (USA) Inc. . . . . . . . . . . . . . . . . . . . . . . . .398
46. Keefe, Bruyette & Woods . . . . . . . . . . . . . . . . . . . . . . . . . . .402
47. Robert W. Baird & Co. (Baird) . . . . . . . . . . . . . . . . . . . . . . .406
48. ABN AMRO Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . .412
49. Harris Nesbitt/BMO Nesbitt Burns . . . . . . . . . . . . . . . . . . .418
50. MBNA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .422
THE BEST OF THE REST 427
A.G. Edwards & Sons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .428
AmSouth Bancorporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .433
BB&T Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .439
Chanin Capital Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .445
Comerica . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .448
Commerce Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .453
Fifth Third Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .457
First Albany Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .461
First Horizon National Corporation . . . . . . . . . . . . . . . . . . . . . .465
KeyCorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .470
Morgan Keegan & Company . . . . . . . . . . . . . . . . . . . . . . . . . . .476
National City Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .480
The PNC Financial Services Group . . . . . . . . . . . . . . . . . . . . . .486
Putnam Lovell NBF Securities Inc. . . . . . . . . . . . . . . . . . . . . . .490
Regions Financial Corporation . . . . . . . . . . . . . . . . . . . . . . . . . .493
Ryan Beck & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .497
Sandler O’Neill & Partners, L.P. . . . . . . . . . . . . . . . . . . . . . . . . .501
SouthTrust Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .504
Visit the Vault Finance Career Channel at http://finance.vault.com — with
insider firm profiles, message boards, the Vault Finance Job Board and more. xiii C A R E E R
L I B R A R Y
Vault Guide to the Top 50 Banking Employers
Table of Contents
Stephens Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .508
SunTrust Banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .513
Susquehanna International Group . . . . . . . . . . . . . . . . . . . . . . . .522
TD Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .526
Veronis Suhler Stevenson Partners LLC . . . . . . . . . . . . . . . . . . .532
Webster Financial Corporation . . . . . . . . . . . . . . . . . . . . . . . . . .536
APPENDIX 541
Alphabetical Listing of Companies . . . . . . . . . . . . . . . . . . . . . . .543
Banking Glossary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .545
Recommended Reading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .551
About the Author . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .553
Visit the Vault Finance Career Channel at http://finance.vault.com — with
insider firm profiles, message boards, the Vault Finance Job Board and more. xv C A R E E R
L I B R A R Y
A Guide to this Guide
All of our profiles follow the same basic format. Here’s a guide to each entry.
Firm facts
• Departments: The firm’s major divisions.
• The Stats: Basic information about the firm, usually information that’s
available to the general public. This includes the firm’s leadership
(generally, the person responsible for day-to-day operations, though it can
include the chairman and relevant department heads), employer type (e.g.,
public, private or subisdiary), ticker symbol and exchange (if public), 2003
revenue and net income (usually only for public companies; we do have
some estimates from third-party sources for private companies and, in some
cases, the firm has confirmed that information), number of employees and
number of offices.
• Key Competitors: The firm’s main business rivals. Size, business lines,
geography and reputation are taken into account when evaluating rivals.
• Uppers and Downers: The best and worst things, respectively, about
working at the firm. Uppers and downers are taken from the opinions of
insiders based on our surveys and interviews.
• Employment Contact: The person (or people) that the firm identifies as
its contact(s) for submitting resumes or employment inquiries. We’ve
supplied as much information as possible, including names, titles, mailing
addresses, phone or fax numbers, e-mail addresses and web sites. Because
companies process resumes differently, the amount of information may
vary. For example, some firms ask that all employment-related inquiries be
sent to a central processing office, while other firms mandate that all job
applications be submitted through the company web site.
• The Buzz: When conducting our prestige survey, we asked respondents to
include comments about the firms they were rating. Survey respondents
were not able to comment on their own firm. We collected a sampling of
these comments in The Buzz. We tried to include quotes that represented
the common outside perceptions of a given firm. The quotes may not
always reflect what insiders say in our surveys and interviews. We think
The Buzz is a way of gauging outside opinion of a company.
Visit the Vault Finance Career Channel at www.vault.com/finance — with
insider firm profiles, message boards, the Vault Finance Job Board and more. 1 C A R E E R L I B R A R Y
The profiles
Most profiles are divided into three sections: The Scoop, Getting Hired and
Our Survey Says; (some profiles have only Scoop and Getting Hired
sections).
• The Scoop: The company’s history, a description of the business,
recent clients or deals and other significant developments.
• Getting Hired: An overview of the company’s hiring process,
including a description of campus recruiting procedures, the number of
interviews, questions asked and other tips on getting hired.
• Our Survey Says: Quotes from surveys and interviews done with
employees or recent employees at the company. This includes
information on culture, pay, hours, training, diversity, offices, dress code
and other important company insights.
2 © 2004 Vault Inc. C A R E E R
L I B R A R Y
Vault Guide to the Top 50 Banking Employers
A Guide to this Guide
TOP50
BANK
EMPLO
OVERVIEW OF THE
BANKING
INDUSTRY
Investment Banking
Investment banking is the business of raising money for companies.
Companies need capital in order to grow their business; they turn to
investment banks to sell securities to investors — either public or private —
to raise this capital. These securities come in the form of stocks or bonds.
Generally, an investment bank is comprised of the following areas:
Corporate finance
The bread and butter of a traditional investment bank, corporate finance
generally performs two different functions: 1) mergers and acquisitions
advisory and 2) underwriting. On the mergers and acquisitions (M&A)
advising side of corporate finance, bankers assist in negotiating and
structuring a merger between two companies. If, for example, a company
wants to buy another firm, then an investment bank will help finalize the
purchase price, structure the deal and generally ensure a smooth transaction.
The underwriting function within corporate finance involves raising capital
for a client. In the investment banking world, capital can be raised by selling
either stocks or bonds to investors.
Sales
Sales is another core component of the investment bank. Salespeople take the
form of: 1) the classic retail broker, 2) the institutional salesperson or 3) the
private client service representative. Brokers develop relationships with
individual investors and sell stocks and stock advice to the average Joe.
Institutional salespeople develop business relationships with large
institutional investors. Institutional investors are those who manage large
groups of assets, like pension funds or mutual funds. Private Client Service
(PCS) representatives lie somewhere between retail brokers and institutional
salespeople, providing brokerage and money management services for
extremely wealthy individuals. Salespeople make money through
commissions on trades made through their firms.
What’s What?
Industry Overviews
Visit the Vault Finance Career Channel at www.vault.com/finance — with
insider firm profiles, message boards, the Vault Finance Job Board and more. 5 C A R E E R
L I B R A R Y
Trading
Traders also provide a vital role for the investment bank. Traders facilitate
the buying and selling of stock, bonds or other securities, either by carrying
an inventory of securities for sale or by executing a given trade for a client.
Traders deal with transactions large and small and provide liquidity (the
ability to buy and sell securities) for the market. (This is often called making
a market.) Traders make money by purchasing securities and selling them at
a slightly higher price. This price differential is called the “bid-ask spread.”
Research
Research analysts follow stocks and bonds and make recommendations on
whether to buy, sell or hold those securities. Stock analysts (known as equity
analysts) typically focus on one industry and will cover up to 20 companies’
stocks at any given time. Some research analysts work on the fixed-income
side and will cover a particular segment, such as high-yield bonds or U.S.
Treasury bonds. Salespeople within the I-bank utilize research published by
analysts to convince their clients to buy or sell securities through their firm.
Corporate finance bankers rely on research analysts to be experts in the
industry in which they are working. Reputable research analysts can generate
substantial corporate finance business and substantial trading activity and
thus are an integral part of any investment bank.
Syndicate
The hub of the investment banking wheel, syndicate provides a vital link
between salespeople and corporate finance. Syndicate exists to facilitate the
placing of securities in a public offering, a knock-down, drag-out affair
between and among buyers of offerings and the investment banks managing
the process. In a corporate or municipal debt deal, syndicate also determines
the allocation of bonds.
6 © 2004 Vault Inc. C A R E E R
L I B R A R Y
Vault Guide to the Top 50 Banking Employers
Industry Overviews
For a detailed look at careers in investment banking, including days in
the life, career paths, lifestyle and more, get the Vault Career Guide
to Investment Banking.
www.vault.com/finance