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Careers/Job Search

WetFeet Insider Guide

Citigroup’s Corporate & Investment Bank

2004 Edition

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Citigroup is the largest financial services firm in the world and has single handedly transformed the financial services industry by introducing a new platform on which to do business—one that offers a full range of financial products to all levels of customers, from consumers to corporate institutions. The firm’s size and diversity offer job seekers a wide range of opportunities—many of them high-ranking—amid a relaxed and individualistic corporate culture. For bankers who aren’t afraid to work hard, who want to blaze their own trails, and learn as they go, Citigroup’s Corporate & Investment Bank is a great place to be.

Turn to this WetFeet Insider Guide to learn

• How Citigroup maintains its monolithic position at the top of the financial services world.

• How Citigroup’s Corporate & Investment Bank has quickly adjusted to recent changes in the industry.

• How Citigroup differentiates itself from its competitors.

• How the Corporate & Investment Bank is organized, from top to bottom.

• About a typical day in the life for Citigroup investment banking, capital markets, and public finance associates.

• What employees love most and like least about the firm.

• How Citigroup’s recruiting process works.

• What tips insiders offer to help you score big points with your interviewer.

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The WetFeet Research Methodology

You hold in your hands a copy of the best-quality research available for job seekers. We have designed this Insider Guide to save you time doing your job research and to provide highly accurate information written precisely for the needs of the job-seeking public. (We also hope that you’ll enjoy reading it, because, believe it or not, the job search doesn’t have to be a pain in the neck.)

Each WetFeet Insider Guide represents hundreds of hours of careful research and writing. We start with a review of the public information available. (Our writers are also experts in reading between the lines.) We augment this information with dozens of in-depth interviews of people who actually work for each company or industry we cover. And, although we keep the identity of the rank-and-file employees anonymous to encourage candor, we also interview the company’s recruiting staff extensively, to make sure that we give you, the reader, accurate information about recruiting, process, compensation, hiring targets, and so on. (WetFeet retains all editorial control of the product.) We also regularly survey our members and customers to learn about their experiences in the recruiting process. Finally, each Insider Guide goes through an editorial review and fact-checking process to make sure that the information and writing live up to our exacting standards before it goes out the door.

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Table of ContentsCitigroup’s Corporate & Investment Bank at a Glance. . . . . . . . . . 1

The Firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

The Bottom Line . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Industry Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

More Industry Rankings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Organization of the Firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

On the Job . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

Investment Banking Associate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

Capital Markets Associate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Public Finance Associate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

E-Business Associate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

The Workplace . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

Lifestyle and Hours . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

Culture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

Workplace Diversity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

Travel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31

Vacations and Other Perks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32

Career Path. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32

Training . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34

Insider Scoop . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

Getting Hired. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41

The Recruiting Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42

Interviewing Tips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50

Grilling Your Interviewer. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

For Your Reference . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53

Recommended Reading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54

The Numbers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

Et Cetera . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60

Citigroup’s Corporate &Investment Bank at a Glance

Headquarters

Citigroup’s corporate & investment bank388 Greenwich StreetNew York, NY 10013Phone: 212-816-6000www.citigroupgcib.com

Primary Competitors

Goldman Sachs, Morgan Stanley, Merrill Lynch, Credit Suisse First Boston,JPMorgan Chase, Lehman Brothers

Key Differentiating Factors

• Power position. Citigroup became the biggest financial services firm in theworld, with 3,400 locations in 100 countries, when it merged with Travelers in1998.

• Separation of research and investment banking. Citigroup is the first bigfirm on Wall Street to voluntarily separate its research and investmentbanking functions, by creating a distinct new retail brokerage and equityresearch unit called Smith Barney.

• Distribution and cross-selling. Citigroup already commands one of thelargest retail sales forces in the country. Now the firm can sell everythingfrom Travelers insurance to Citibank credit to consulting on big M&A deals.

• Fixed income. The firm has tremendous strength in municipal tax-exemptbonds and collateralized and mortgage-backed securities.

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At a Glance

In the Recruiter’s Words

To learn what the firm says about job descriptions, the opportunities it offers,and the qualities it looks for in employees, see Citigroup’s Global Corporateand Investment Bank website at www.citigroup.com/citigroup/oncampus/gcib.

In the Interview

• Forcefully convey that you are hungry to work in this industry and atCitigroup more than anywhere else.

• Do your homework on what’s going on in the firm.

• Find ways to demonstrate from your past work experience that you arereliable, hardworking, and assertive.

• Let your personality show. Don’t be afraid to show that you have a lifeoutside investment banking or that you have a sense of humor. Citigroupinterviewers look for personable candidates with whom they’d want to spendmany hours each week.

What Insiders Say

“Everyone here wants to win. People feel a lot of momentum because of thenew platform.”

“There isn’t a lot of hand-holding at Citigroup. It’s a tough industry, and a lotof it you learn on your own.”

“Know how serious it is. I underestimated the level of stress.”

“If you have an opinion, you can express it. Step out of bounds. I always knowwhether or not I’m doing a good job here, whereas at other places, you have towait for your midyear review.”

Career Ladder

• Citigroup hires undergrads as analysts (sometimes called “apprentices”) for atwo- to three-year program in the capital markets, sales and trading, fixedincome, and global corporate finance divisions.

• MBAs are hired as associates and can choose from the capital markets; cash,trade, and treasury services; fixed income; global corporate finance; orinvestment banking divisions.

• Hiring for retail brokerages takes place at the local or regional level.

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Sales & Trading, U.S.

MBAs 15–20

Undergrads 20

Equity Research, MBAs, U.S. 8–10

Investment Banking

MBAs, U.S. 40

MBAs, Europe 10

MBAs, Asia 5

MBAs, Tokyo 5

Summer associates (MBA students), U.S. 20

Summer associates (MBA students), Europe 20

Summer associates (MBA students), Asia 6–10

Undergrads, U.S. 125–175

Undergrads, international 125–175

Note: The above numbers are the most current available; Citigroup does not release this information regularly.Source: WetFeet research.

Anticipated Global Hires, 2002–03

MBAs: $85,000

Undergrads: $55,000

Note: The above numbers are the most current available; Citigroup does not release this information regularly.Source: WetFeet estimates.

Anticipated Compensation, 2002–03

The Firm

• Overview

• The Bottom Line

• Industry Position

• More Industry Rankings

• Organization of the Firm

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The Firm

Overview

With its formation in 1998 through a merger between insurance conglomerateTravelers and commercial banking heavyweight Citicorp, Citigroup left theindustry shaken and stirred with its redefinition of the diversified financialservices model. If imitation is flattery, Citigroup should feel warm and fuzzy asStreet neighbors like JPMorgan Chase, UBS, and Deutsche Bank have plottedsimilar courses. The firm describes itself as a work in progress that got its legsin 2001, when Citigroup stood proudly as one of the biggest and baddest firmson the Street, untouchable and invincible (or so its analysts and managersseemed to think). It posted a healthy $83 billion in revenues in 2001, claimingdouble-digit gains in many businesses and a 20 percent return on equity. Its272,000 employees dwarfed the staffs of many state capitals, and the companydominated the league tables, gaining market share in many financial sectors. In2002, Chairman and CEO Sandy Weill was named CEO of the year by ChiefExecutive magazine.

But a lot has changed since then. The firm has been scrambling to do damagecontrol since 2002, beset as it’s been with inquiries into its investment bankingunit’s (then called Salomon Smith Barney) role in the Enron and WorldComfiascoes. Ten Wall Street securities firms were fined a total of $1.4 billion, but itwas Citigroup that got most of the heat (along with CSFB and Merrill Lynch),accused by regulators of issuing “fraudulent” research reports—it was slappedwith the largest fine of $400 million. Like all of the other accused Wall Streetfirms, Citigroup neither admitted nor denied any wrongdoing. But the damagehad been done. The firm’s reputation was tarnished, and its value diminished by$80 billion.

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CEO Sandy Weill responded quickly andaggressively to these accusations (and theirresults on the firm’s bottom line). First, high-flying telecommunications analyst JackGrubman resigned (and was fined a hefty $15million) for his involvement in the WorldComand other scandals. Then Weill replacedMichael Carpenter, head of Citigroup’s GlobalCorporate and Investment Bank. Weill evenapologized for Citigroup practices, which “donot reflect the way we believe business shouldbe done.” And most important, Citigroup’shead honcho called for the separation ofinvestment banking from research by absorbingSalomon Smith Barney’s I-banking functionsinto Citigroup’s corporate & investment bankunit, and forming an independent equityresearch and retail brokerage unit called Smith Barney. Weill hired SallieKrawcheck, a well-known Wall Street researcher with a gilded reputation, to headthe new unit.

But even these changes seem to pale in comparison to the July 2003 announcementthat Sandy Weill will step down as CEO by year’s end—an announcement thatcame as a surprise to Wall Street, as many thought Weill would only ever leavehis post “feet first.” As his successor, Weill has appointed Charles Prince, whoreplaced Michael Carpenter as head of the corporate and investment bank andwho worked with regulators to navigate a smooth course through the storm ofaccusations against Salomon Smith Barney. Prince will continue to lead Citigroup’sinvestment bank from his new CEO post. Weill plans to remain chairman ofCitigroup until 2006.

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The Firm

I have been remindedmyself of how theappearance of what wedo may be questionedand of how we musttake care to ensure thatour conduct does notraise such questions orin any way undermineour customers’ orshareholders’confidence in theintegrity of ourbusiness practices.—CEO Sandy Weill

“ ”

Despite the beating it has taken, Citigroup’s investment bank, and the firm as awhole, seems to be pulling through fairly well. “We’ve picked up a lot of marketshare in M&A and equity over the last couple of years. It’s a bad climate, butwe’re doing better than our competitors,” says one insider. Fundamental to itsstrategy are its global reach and strength in emerging markets; its diversifiedportfolio, which gives it resiliency in tough market conditions; and its hugebalance sheet. In addition, its consumer group, identifiable by the ubiquitous“Live Richly” branding message, has performed well.

With the company on the rise (again), the consensus among insiders is thatCitigroup is a great place to work. Confidence in Citigroup’s business trajectoryis a major contributor to the positive attitude. An insider says, “People feel a lotof momentum here because of the platform and the products we offer.”Insiders also speak glowingly of the relaxed culture. One says, “You’ll see Nerfballs on the banking floors—it’s fun to the extent that banking can be fun.”Other insiders tell us they chose Citigroup because of the generalist program,which allows new associates to try a variety of things before choosing onebusiness. “We’ve got the best rotational system around, which is great forpeople who are more open-minded about how their careers progress,”according to one. A financial consultant insider says, “Citi gives you a lot offreedom in how you create your business. Unlike other firms, there isn’tpressure to sell a particular product.”

The gripes we heard were mostly garden variety: hours that are sometimesoppressively long, high stress, and too much bureaucracy. “You have to beflexible. You have to expect to cancel a lot of things in your personal life. Sowhen you do have time, make sure it’s quality time,” says an insider. Anotherinsider, a financial planner, finds fault with the repetition in his job: “Every planis different, but similar. The entire day, you’re wrapped around the phone and infront of the computer.”

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The Bottom Line

A tough economic environment and recent scandals aside, Citigroup is anexciting place to be right now. Sheer size, a wide range of opportunities, and ahigh-ranking position are what Citigroup has to offer its people. If you’re alsolooking for a comparatively laid-back attitude toward banking and a place thatembraces the individuality of its employees, Citigroup might be a good fit foryou. “It wouldn’t suit inflexible people, people who want their responsibilitieswell-defined,” says an insider. Don’t think for a second, however, that becausethe atmosphere is more relaxed, you’ll be working less. As one insider says,“The old Salomon Brothers culture is still here. We’re looking for the type ofperson who walks through walls to get something done.”

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The Firm

Industry Position

The economy has spared no one, but Citigroup has fared well in the leaguetables. It ranked first among bookrunners in terms of underwriting proceedsfor the first half of 2003 and first for global debt issuance with more than $271billion in deals. The firm has also kept its grasp on a top-three ranking in anumber of other categories.

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Rank Proceeds ShareCategory 2003 2002 ($M) (%) Market Leader

U.S. asset-backed securities 1 5 34,294 12.5 Citigroup

U.S. completed M&A 9 3 19,465 8.6 Goldman Sachs

U.S. leveraged loans 3 3 21,859 12.5 JPMorgan Chase

U.S. syndicated loans 3 3 79,021 15.9 JPMorgan Chase

Global debt & equity 1 1 288,072 10.5 Citigroup

Global common stock 2 1 3,519 13.5 Goldman Sachs

Global IPOs 4 1 347 16.4 CSFB

Global high-yield corporate debt 2 3 11,600 16.5 CSFB

Global loans 2 2 120,036 12.9 JPMorgan Chase

Global completed M&A 2 1 99,465 18.1 Goldman Sachs

Source: Thomson Financial.

Citigroup’s First Half 2003 Industry Rankings

More Industry Rankings

Institutional Investor Survey Rankings

2002 All-America Research Team

In this survey of equity analysts, Citibank (Smith Barney) took top honors forthe second year in a row.

2003 All-Europe Research Team

Citigroup/Schroder took second, up from fourth in 2002.

2003 All-Japan Research Team

Nikko Citigroup took first, up from fifth in 2002.

2003 Asia Research Team

Citigroup/Smith Barney took third, up from eighth in 2002.

2002 Global Research Team

Citibank (then Salomon) took fifth, up from sixth in 2001.

2002 Latin America Research Team

Citibank (then Salomon) came in eighth, down from sixth in 2001.

2002 All-America Fixed-Income Research Team

Citibank (then Salomon) came in fourth, same as in 2001.

Source: Institutional Investor, www.iimagazine.com.

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The Firm

Fortune Magazine Rankings

Global Most Admired Companies, 2003

Citigroup fell to number 25, from eighth last year.

Best Companies for Minorities, 2002

Citigroup ranked 47th.

Source: www.fortune.com.

Organization of the Firm

View from the Top

Citigroup’s corporate & investment bank is one of five business units owned byCitigroup Inc., a financial services juggernaut with major operations in insurance,banking, consumer credit, and investment and asset management. Chairman andCEO Sanford “Sandy” Weill (formerly Travelers’ chief executive) is a Wall Streetlegend known for seeing value where others do not—many of his acquisitionseither were losing money or had fallen out of favor when he bought them—andfor quickly realizing value through successful assimilation and cost control.Citigroup’s corporate & investment bank was originally formed with the acquisitionof Salomon Brothers, which it combined with financial services firm SmithBarney, to form Salomon Smith Barney. Weill transformed it from a money-loser

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in 1988 into one of the largest and most profitable financial institutions in thenation, returning 35 percent on equity in 1996.

As a tactical maneuver to eliminate conflicts of interest between research andthe company’s investment banking clients, Citigroup formed a separate anddistinct research and private client company, flying under the restored SmithBarney moniker. Researchers, analysts, and associates are recruited and trainedtogether by Citigroup before moving to their respective units.

Citigroup’s corporate & investment bank is run by former Citigroup COOCharles O. Prince. Prince replaced Michael Carpenter in September 2002,during the New York State Attorney General Office’s probe into the role ofSalomon Smith Barney executives in the WorldCom scandal.

View from the Middle

Citigroup’s capital-raising activities cover underwriting, distribution of equityand debt securities, derivatives, and the syndication of bank and bridge loans.Strategic advisory services include M&A, divestitures, leveraged buyouts,privatizations, and corporate and financial restructurings. For more specifics,visit the firm’s website at www.citigroupgcib.com.

To bolster the industry franchise groups, investment banking has additionalNorth American offices in Atlanta, Boston, Chicago, Cleveland, Dallas,Houston, Los Angeles, Minneapolis, New York, Philadelphia, San Francisco,and Toronto. In 2001, Citigroup acquired a 50 percent stake in Nicco,expanding the firm’s Japanese coverage. That same year, Citigroup madeheadway in Latin America by acquiring Mexico’s Grupo Financiero Banamex-Accival (“Banacci”). Europe is another growth area to watch, due to Citigroup’sestablished presence.

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The Firm

View from the Bottom

When you start at the firm, you’re posted in investment banking, capitalmarkets, public finance, sales and trading, global corporate finance, e-business,or technology and operations. Your career path depends a great deal on whereyou are within the firm and on your ability and skills. If you’re an I-banker, youmove up to vice president around your fourth year; then it’s on to director andmanaging director. Your contribution to your group and ability to bring in newbusiness will determine how fast you climb the ladder. If you’re a salespersonor trader, your progression is less formal and is measured more by theresponsibilities you have and by the commissions you earn for the firm fromyour clients.

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On the Job

• Investment Banking Associate

• Capital Markets Associate

• Public Finance Associate

• E-Business Associate

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On the Job

Investment Banking Associate

The Investment Banking Group provides financial advice to corporate clients andhelps them raise capital. No matter who buys whom and how much they fiddlearound with the letterhead, your job as an associate isn’t going to change much.

Typical Projects

Typical projects include structuring and executing financings; underwriting newmunicipal bond issues; and advising clients on mergers, acquisitions, and otherfinancial activities. Due to Citigroup’s prominence in fixed income, municipal-bond underwriting, and high-yield securities, these are areas associates learnabout even if they don’t actually participate in the specific projects.

The Work

In general, projects are assigned to teams of two to four people who work veryclosely with clients to address their needs. Associates get responsibility on clientaccounts from day one and work long hours and weekends. They also work onproposals (called “pitch books”) aimed at winning new clients or new projectswith existing clients. Typical tasks include:

• Compiling, organizing, and analyzing financial data for client companies

• Producing charts, tables, and other supporting documents, and then creatingproposals and presentations for client meetings

• Assessing company performance versus competitors or industry benchmarks

• Planning and executing public offerings, private placements, projectfinancings, tender offers, and other corporate financial transactions

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• Advising clients on capitalization alternatives andimplications, evaluating merger and acquisitionopportunities, responding to solicitations fromother firms, and preparing recommendations onfinancial strategies

An MBA is an assumed prerequisite for joiningCitigroup as an investment banking associate.Undergrads come to work in research as analystsand stay for two to three years; after that, they leavethe firm to attend business school or enter the industry. Analysts workalongside associates and officers in supporting roles. For example, they helpcreate presentations and pitch books; assist in producing charts, tables, andstatistical exhibits; and help research company peer-group information. Analystscan have a variety of undergraduate degrees, but all must have a facility forcrunching numbers.

Associates now join Citigroup as generalists and work with a number ofproduct and franchise groups through structured rotations before settling on aspecific area. This gives bankers a broader competence; consequently, associateshelp design their own curricula in various product groups and even in variousregional and overseas offices, if appropriate. Insiders in I-banking say theyappreciate the breadth of experience they gained in the generalist program.

A Day in the Life of an Investment Banking Associate

7:00 Up and at ’em. Realize that one retains much more of what’s in The WallStreet Journal after the second cup of coffee.

8:00 Arrive at office to find a ten-inch-thick set of financials, charts, andproduct information from the new medical client. Attempt to absorb asmuch as possible before 10:00 a.m. meeting with the project team.

9:00 Take a call from the telecom analyst to get an outlook on the industryand an assessment of the competitive environment for a new client.

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On the Job

Your success isdetermined by howhard you work,rather thansomeone’s opinionand whimsy.

“ ”

10:00 Meet with the project team. Try to sound intelligent without fakingknowledge. Find out what others know and where to turn for additionalresearch. Set timetable for getting back to client, and list action items tobe completed in that time frame. A daunting amount of work.

11:45 Spend 15 minutes on the phone with a friend explaining once again whyI’m not able to go skiing this weekend, or the next, or the next.

12:00 Locate the client’s financials for the last three years and work with analystto put them in a spreadsheet for analysis before lunch.

1:00 Hit favorite deli for the usual take-out sandwich.

2:00 Dig into past files of phone and networking companies to see how theirsituations were handled in the past.

3:00 Build a scenario for debt refinancing that looks plausible, and run differentinterest-rate assumptions for ten years.

3:30 Talk with another client’s attorney about language in the S-1 documentto be filed with the SEC for the client’s upcoming IPO.

4:00 Make travel arrangements to meet with potential new client who wasreferred by IPO client.

5:00 Decide to run convertible-debt scenario for medical client as an alternative.More spreadsheets.

7:00 Copy spreadsheet on convertible scenario to take home and play withagain later. Make a note to go skiing at least once before the season ends.

7:30 Hit the gym for a workout and a sauna.

8:30 Back at the desk—it’s time for take-out pizza and then a few more hoursof wrestling with the numbers.

11:15 Homeward bound.

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Capital Markets Associate

The Capital Markets group is responsible for trading and sales of equity, fixedincome, and derivative securities as well as syndication and marketing of newissues. Capital Markets provides the distribution capability that enablesCitigroup’s investment banking group to underwrite new issues.

Capital Markets runs on massive IT/communications efforts that keep salesand trading staff closely linked with each other as well as with investmentbanking and research. On several dozen separate trading desks, the firmconducts its market making, trading, and institutional sales for domestic andinternational securities.

The Work

Responsibilities vary depending on whether an associate is involved in sales ortrading.

Traders are involved in:

• Position trading for institutional clients: finding buyers or sellers for specificsecurities or positioning block trades for clients on the open market

• Risk management: assessing market risks for clients looking to buy or sellspecific securities

• Sector analysis: providing clients with advice from the research analysts indifferent sectors

• Capital management: working with clients to manage their balance sheets andto finance specific transactions

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On the Job

Salespeople are involved in:

• Account coverage: being available to handle the needs of specific clientaccounts at any time

• Relationship building: establishing long-term relationships with clients

• Product distribution: helping to distribute new issues

• Marketing: developing new institutional clients

• Client contact: Visiting with the clients to review their needs

• Supplying information to trading desks: obtaining feedback on marketabilityor prices of new issues

A Day in the Life of an Institutional Salesperson

7:30 Arrive at the office and read The Wall Street Journal over coffee. Makesure there aren’t any surprises that will affect client’s positions. Try toimagine repercussions from the new tax changes; too early to thinkabout taxes.

8:30 Listen to the morning research and trading calls. Good news for at leastone client. Decide how the CPI numbers coming out this morningmight affect the research department’s recommendation on several bigS&P 500 issues. Start making calls to clients.

8:45 Begin writing tickets for trades not completed yesterday and setting uptickets for anticipated trades today.

9:00 Ready . . . aim . . . fire! Confirm opening-trade executions and call theappropriate clients.

10:00 The price on Dow Chemical has dropped back into the recommended buyrange. Check client accounts to see who might have room for some more.

1:30 Almost forgot! Late lunch with a client. Head downstairs and grab a cab.

2:40 Back at desk, assess progress on Tandy stock. Still more accounts to call.Try that pension fund again. Need to bite the bullet and explain to theirtraders why that hot IPO is down 15 percent from where we said itwould be three days ago—probably my least favorite part of this job.

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3:00 Final hour. The market is heading higher. Better get hold of somepeople before prices get out of their range. The semiconductor analysttells everyone that although the stocks are up today, they are still buys.Call two clients who’ve been waiting for that analyst’s opinion.

4:00 Scramble to get a confirmation on a 10,000-share cross on the closingbell. Watch the tape intently to see it hit.

4:15 Pop a Zantac and tell sales assistant never to recommend that Thairestaurant again. Call the travel agent before he leaves and arrange forclient visits with our utility analyst. Dallas, San Antonio, Austin, Waco,El Paso, and Amarillo—all in two-and-a-half days!

5:30 Finish making out list of tomorrow’s calls. Check all trade slips onemore time for errors. Did they really say “buy” on that 30,000 Compaq?

11:00 Watch the news about the CPI numbers. Spend one wonderful momentbasking in the knowledge that I accurately anticipated a favorableresponse in the semiconductor segment.

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On the Job

Public Finance Associate

The public finance department provides financial advice and capital-raisingservices for municipal governments and other public sector organizations. Thismay include underwriting and distributing municipal bonds, providing long-termcapital planning for local governments, or providing asset/liability guidance.

Specific groups within public finance include airports, infrastructure (includingtransportation, sports, hotel and convention center finance, and project finance),health care, public power and utilities, derivatives, and housing.

Typical Projects

Typical projects can involve hospitals, subsidized housing, resource recovery, orinfrastructure work such as roads, bridges, or water systems.

The Work

Public finance associates are typically involved in the following:

• Helping determine the size and price of a new municipal bond offering

• Working with a municipality to raise its creditworthiness

• Evaluating the investment merits of various public sector projects

• Pitching the firm to government agencies for specific financing projects

• Analyzing the impact of various interest-rate scenarios on debt financings

Like the investment banking group, public finance provides opportunities fornon-MBAs to join in an analyst position. Analysts work with associates inanalyzing and researching client projects and in creating pitch books.

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E-Business Associate

Associates in the e-Business North America Management Associate Programget hands-on project experience and exposure to senior management. Theprogram consists of two six-month rotational assignments in productmanagement, sales, operations, finance, e-commerce, or strategic alliances,together with six weeks of formal classroom training.

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On the Job

The Workplace

• Lifestyle and Hours

• Culture

• Workplace Diversity

• Compensation

• Travel

• Vacations and Other Perks

• Career Path

• Training

• Insider Scoop

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The Workplace

Lifestyle and Hours

Everyone we talked to emphasized the importance of underlining the demandsof the investment banking lifestyle, especially for analysts and associates. Whilethere is some variation across the different businesses, no one here is a strangerto long hours and stress. One insider says, “When I have a deal, I’m working120 hours a week. Family and friends—everything—wait until the deal is done.”Another insider says, “Be realistic. It’s not an industry where you’re going to begoing out every night or have free weekends. But [for] things that areimportant, make the time, and you’ll be able to do it.”

If you’re involved in sales or trading, your work naturally revolves around themarkets. As such, your hours (at least your minimum hours) and your workdaysare well defined. You can expect to begin at around 7:00 or 7:30 a.m. (that’s4:00 a.m. in San Francisco!) and work until 5:00 p.m. if you’re on an equity deskor until 6:00 p.m. if you’re in fixed income. Work is intense, and you’ll rarely befar from your computer or phone during trading hours. You’ll have your nights,weekends, and holidays free, but many successful people in this area use someof that time to catch up on work-related reading.

I-banking folks face a somewhat different workweek. The market’s hours areless relevant, which theoretically means you can get to work whenever youwant—but which also means that the workday never really ends. Your daysrevolve around deadlines and meetings. When two, three, or four major thingsare happening simultaneously, life can definitely get hectic. In such cases, ten- to14-hour days are the norm, and nights and weekends will become frequentparts of your workweek. Also, you’ll be out of the office visiting clients orcompanies fairly often.

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Culture

Citigroup prides itself on being a melting pot. One insider says that “it’s adecidedly noninsular culture,” as a result of having bankers from so many legacyfirms on board. Says another: “Citigroup’s corporate & investment bank haspeople from a variety of walks of life. We don’t have a cookie-cutter Ivy Leaguestaff.” Another says, “There’s a huge focus on diversity, which is what I love. Itadds to a more thoughtful debate.”

Don’t kid yourself, though: This is still an investment bank. You won’t see manytattoos or Birkenstocks in the office here—“diversity” has a narrower meaningon Wall Street than in the world at large. As an insider says, “The big myth thatthere’s a tremendous difference between different firms’ cultures is just that—amyth. No matter where you work, at the end of the day, the person who’smaking the most money is serving the client best. And there are only a fewways to do that: attention to detail, attentiveness to the client, and creativity.”Still, if you’re set on going into investment banking, you should know thatCitigroup, unlike some other banks, likes to hire people who have lives outsideof the markets—people who “like skydiving or used to write for a magazine,”as one insider tells us.

Insiders speak fondly of the “laid-back” feeling at Citigroup. “You’re expectedto be yourself. We value individual contributions,” says one insider. Anothersays, “It’s a sort of a work-hard, play-hard place where you like the peopleyou’re working with at 4:00 in the morning.” Other insiders appreciate thefirm’s emphasis on meritocracy. “Your success is determined by how hard youwork, rather than someone’s opinion and whimsy,” says an insider.

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The Workplace

We hear that different areas of the bank have differentcultures. “It’s so different—20 firms within one firm.The media group is very different from the automotivegroup . . . each has a different feel and different marketdynamics,” says one insider. Still, the firm’s overallculture seems largely derived from the old SalomonBrothers. An insider says that the firm retains SalomonBrothers’ aggressiveness: “It’s a little bit of the WildWest here.” This is an intense place where there’s a lot

of opportunity for people who aren’t afraid to reach out and grab it. Anotherinsider says, “Run with the ball. You have tons of resources, but it’s on you tofigure them out.”

Difficult environment and recent scandals aside, Citigroup is an extremelyexciting place to be right now. Citigroup pioneered the consolidated financialservices model—what insiders call “the platform”—so it is ahead of the game.“There’s a lot of momentum in terms of gaining market share. That’s a bigthing that gets people excited.”

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When I have a deal,I’m working 120hours a week.Family and friends—everything—waituntil the deal isdone.

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Workplace Diversity

Citigroup has been working hard on workplace diversity, perhaps in response toclass action lawsuits in its past alleging gender discrimination and sexualharassment. For the most part, Citigroup’s efforts appear to be working. Someinsiders speak glowingly of the firm’s diversity. “There’s definitely a huge focuson diversity, which is what I love. You can be yourself, and different ideas andbackgrounds are welcome. It adds to a more thoughtful debate.” Another says,“There’s a lot of ethnic diversity, women, and foreigners.” Others are morerealistic: “As for diversity, it’s pretty good for the industry, but it definitelydepends on the region. It’s better than it was, but it’s still a white man’s world.”

Opportunities for Women

“With regard to females on the job, we’re easily outnumbered,” says a femaleinsider. “It’s not an easy environment either, due to daily pressure and all the‘jokester’ individuals.” Another insider says that, “most women need todesensitize themselves, hold their own ground, and be very forthright.” On theother hand, a third insider notes that the firm’s aggressive internal responses toits troubles—which have included training programs in sexual harassmentprevention, child-care programs, efforts to increase the number of womenhired, and special mentoring programs—have “made employees more cognizantof what they say and what goes on.” Citigroup has initiated a number of internalprograms to help recruit, acclimate, and promote female and minority employees,including mentor programs, employee network programs (Citigroup Pride,Citigroup Women, and Citigroup Working Parents), participation in heritagemonths, and work/life balance initiatives. In 2002, the firm was once again

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named one of the “100 Best Companies for Working Mothers,” by WorkingMother magazine. “However,” adds one insider, “people still joke, and you haveto be strong enough to handle it.” Still another insider says, “In a meeting of 90people, I’ll be one of five women.”

For more on diversity at Citigroup, visitwww.citigroup.com/citigroup/oncampus/homepage/diversity.htm.

Compensation

Citigroup says its compensation is competitive with others on the Street.WetFeet estimates that in 2002 to 2003, starting associates at the companyreceived a base salary of $85,000, plus a sign-on bonus of $20,000 to coverrelocation, and a year-end bonus of $25,000 for the initial year (which actuallybegins in August). Associates starting at Citigroup for the 2003 to 2004 seasoncan expect similar compensation. The second-year bonus can equal or exceedthe initial base salary, and things go up from there.

For the first few years, compensation is fairly predictable on the I-banking side,where different employees’ work and responsibilities are somewhat similarregardless of industry specialization. On the sales and trading side, however,compensation varies based on measurable aspects of individual performance,such as sales volume from assigned clients or trading activity.

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Travel

If you’re in investment banking, you’ll probably be on a first-name basis withthe firm’s travel agency. When deals are active, you could be flying out weeklyto a client for meetings. I-bankers learn that personal evening and weekendplans are always subject to being bumped by a hot prospect, a road show, ahostile takeover attempt, or an unexpected crisis. One I-banking insiderestimated that associates are on the road about 10 percent of the time, VPsabout 20 percent.

Staffers in other businesses tend to travel less. If you’re in trading, generallyyour biggest work-related trips will be down the block to Starbucks for yourcaffeine fix. Client visits or the occasional golf outing will take salespeople outof the office every now and again. Financial planners travel locally to meetclients. According to an insider, M&A people do some domestic travel “acouple times a month. It depends on what’s going on. Some international travelfor cross-border mergers.”

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Vacations and Other Perks

Analysts and associates get 15 days of vacation to start with, but it may be difficultto find time to take it all. As for perks, the company offers a full array of healthbenefits, company-paid insurance, a flexible spending account, a 401(k), a pensionplan, annual stock bonus, and even an adoption plan that provides two weeks offand partial reimbursement for adoptions. One insider speaks animatedly about aprogram in which staffers can purchase shares at a discount: “It’s the most generouspackage in the industry, and it’s a huge contributor to long-term wealth.” Then, ofcourse, there are the free cab rides home on late nights, the occasional free lunches,and the “employee appreciation” events, or parties.

Career Path

Career paths naturally vary according to your area of concentration, the location ofyour office, and the availability of openings. Investment banking associates have afair amount of latitude and are expected to move around during their first two tothree years. Once they settle into a specific banking area, they’re expected to progresson up to senior associate, vice president, and then managing director. As for movingacross businesses, an insider says, “There really isn’t much lateral hiring. Maybe ifthere’s a gap in one group, someone from another group will fill it, but it’s more of adirecting resources situation than hiring and firing. The focus is more on mobility.”

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Investment banking requires an in-depth education in business finance,accounting, and quantitative analysis. Consequently, an MBA is still usually arequirement for a career in this industry. However, undergrads can begin asanalysts working in the Smith Barney unit, spend a couple of years in thatposition, and then take their experience into related work or go back to schoolfor an MBA. The firm asks new analysts for a two-year “understanding,”although there’s no formal commitment from either side. But with increasingfrequency, Citigroup now will apparently permit an analyst to remain in theprogram for a third year and in some cases become an associate after that. Thisseems to be particularly true in Capital Markets. For analysts who go back toschool for their MBA and plan to return to Citigroup, the firm occasionallyoffers tuition assistance, including low-interest advances against future bonuses.

Undergrads will find a more level playing field in sales and trading, where theskills required don’t necessarily come from an MBA curriculum. Here it’s mucheasier for undergrads to rise up the ladder. The ladder is also somewhat shorterbecause there aren’t as many levels of hierarchy as in investment banking. Collegegrads with almost any major can enter as apprentices and learn sales and tradingfrom the ground up. After a number of months in classes and rotations, apprenticesmay be eligible for permanent sales and trading positions. Apprentices who canprove their worth on the trading desk can become full-fledged traders within afew short years.

MBAs are expected to rise up through the ranks since they’re assumed to be thebest educated and most capable. However, lateral movement can have an impacton career mobility, as can location. A generalist I-banker in New York, for example,could potentially have greater mobility than a technology I-banker in San Franciscobecause there are simply more options available for lateral movement in Manhattan.And with the firm’s generalist program, movement is encouraged during thefirst few years at Citigroup. A benchmark expectation is to become a managingdirector in seven or eight years.

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Midcareer candidates already tend to have their direction well defined and aregenerally hired for the area most closely related to their previous experience.Nevertheless, they may move around at the outset if there isn’t an obvious slotfor them.

Training

Says a recruiting insider, “We take great pride in the fact that most of ourtraining classes are taught by managers and professionals within the organization.”The general training program for graduates comprises five modules: an overviewof Citigroup, M&A, equity, fixed income, and series 7 preparation. Trainingcomponents include classroom education, presentations from industry experts(both in and out of house), on-the-job rotations, and preparation for licenseexams. Training also includes less formal but no less important componentssuch as mentoring, team-building exercises, and corporate cocktail parties and dinners.

Training Notes for MBAs

Investment Banking Associates

I-banking associates participate in a six-month training program that gives anoverview of Citigroup and covers security analytics, capital markets, M&A, andregulation. Associates are given ample opportunity to get to know their peers,as well as senior management through a mentoring program.

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After the training program, associates go through a generalist program, whichincludes exposure to a variety of product and franchise groups, developing abroad banking competence, forming relationships within the firm, and gainingknowledge of all areas of the investment banking division.

Generalists have input into designing their own curriculum of three 2-monthrotations. Emphasis is placed on entrusting generalists with real responsibility.At the end of the first year, generalists choose a specialization.

Capital Markets Associates

New sales and trading associates now undergo a more generalist approach that“enables them to educate themselves,” according to one recruiting brochure. Don’tworry, though; you’re not going to swim out into open water your first week—thetraining is structured into three phases. Phase one is Business Production School,which includes the same six weeks of classroom training that your friends in I-banking get. In phase two, you part company with the I-bankers and go off toten weeks of special classes in all aspects of sales and trading, plus some deskrotations. Phase three consists of yet more rotations—of longer duration; bynow, you’ll have narrowed your top choices to three or four. This phase endswhen you’re picked for a job by one of your rotation desks.

Global Corporate Finance Associates

Before beginning the 29-month rotational program, associates participate in athree-month training program in New York City. The program builds on anunderstanding of financial statement reporting and develops the ability to analyzea company’s financial information. The training curriculum includes financialaccounting, analytics, cash-flow modeling, economics and capital markets, corporatevaluation, industry overviews, research tools and Bloomberg, and series 7 and 63.

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Training Notes for Undergrads

Analysts go through a five-week program that’s similar in most regards to thegeneral training associates receive. Analysts’ classroom instruction includes:

• Accounting, finance, and other general business concepts

• An overview of investment banking and how it interacts with other divisions

• Extensive computer and financial-modeling training

• Information sourcing, including in-house and external databases

Insider Scoop

What Employees Really Like

I gotta be me. It was uncanny how often the term “laid-back” came up whentalking to insiders, especially in the context of a major investment bank. Aninsider says, “You’d think it’s this huge place, which it is, I guess, but it’s got asmall-firm feel.” Another insider says, “You feel like you know everyone youneed to know, because the different groups work so closely together.” And thefirm seems to encourage individuality. “If you disagree, talk about it. No one’sexpected to fit into a mold here,” says an insider, while another says, “We takeour work seriously, but ourselves not too seriously.”

Taking responsibility. Citigroup employees are given real responsibility from themoment they sign on. “Day one as an associate, you’re expected to contribute,”

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says an insider. Oftentimes, that might mean responsibility for proofreadingdocuments and creating spreadsheets, but for those who “get it,” the opportunitiesfor advancement are all over the place. “I like the fact that it’s me out there havingmeetings, attending road shows, having lunch with the clients,” says one insiderin sales. “I have a great deal of personal interaction.” Having fewer bankers meansmore client exposure. Associates have been directly involved with clients earlyon in their tenure. And when you do gain direct exposure at Citigroup, you’regenerally not lost in what one insider refers to as “overteaming”—showing upto meet a client with a small army of people.

Have it your way. By design, MBAs are moved around a good bit during thefirst year or so—when you eventually settle in, both you and your manager willhave a higher degree of confidence that you’re doing what you’d really like todo. Moving around also tends to help people build relationships with otherdepartments, something insiders say is more evident at Citigroup than at otherfirms. One insider says, “The biggest reason I came here was the generalistprogram that doesn’t force you to choose a group right away. I wanted to try abunch of things and get a variety of experiences. We’ve got the best rotationalprogram around.”

Less is more. Teams at Citigroup generally consist of two to four people ratherthan the six to eight (at least) you’ll find elsewhere. And these teams are tight:Citigroup places much emphasis on creating teams that actually work welltogether. Thus, insiders feel that even though they usually progress in title atabout the same rate as I-bankers at rival firms, they tend to get “VP-levelresponsibility” earlier because the teams are smaller and often more supportive.

It’s the people, stupid. One insider involved in recruiting reports that he and hiscolleagues go out of their way to ensure that new hires are a good fit with thebank. Consequently, people seem to admire each other at Citigroup. An insidersays, “One of the guys I work with just asked me to be the best man in his

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wedding.” Another says, “People respect your time, because they want you torespect them.” Though aggressive, the people at Citigroup seem to be nicerrelative to those at some other Wall Street banks. One insider, who worked attwo other top firms before coming to Citigroup (then Salomon Smith Barney),says, “there are a lot of a-holes in investment banking,” but that most bankersat Citigroup are actually “good human beings.”

Watch Out!

It still ain’t retail banking. Citibank commercial staffers’ more relaxed hours anddemands will have little effect on their corporate cousins. Investment banking isa highly demanding business that can be all-consuming if you let it. Preordainednotions of free weekends and evenings do not apply to you, at least not at first.The flipside of all that work? As an insider says, “The financial rewards are nice.”

Big egos, little desks. Citigroup teams may be better than some, but they’re alsonot immune to the occasional personality rift. One former employee notes: “Ifyou work on a desk, you are with these people all the time. You have to learn toget along with all of them, but especially with your supervisor, or you’ll starthating work. Often they’re small groups. With very big egos. It’s not easy.” Ifyou’re not good at teamwork, this may be a difficult fit for you.

That shaky feeling. There are a lot of awfully confident-seeming people ininvestment banking. Some of those people are blind with confidence. Thesmart ones, on the other hand, know that disaster is always out there waitingfor them around the next corner. As an insider says, “There’s more career risk[in I-banking] than there is in other industries. If something bad happens to themarket, all of a sudden you’re hearing about 3,000 people being laid off.” Evenwith all of Citigroup’s riches behind it, it’s still an investment bank, part of anindustry that’s notorious for treating people like kings and queens when times

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are good and discarding them like yesterday’s newspaper when things turnsour—something to think about before making your career decision.

Size does matter. Bigger isn’t always better. In some ways, it can be worse. Forinstance, it can mean more bureaucracy and more politics. Being bigger hasresulted in management challenges at Citigroup. One insider points out thatthere are now two more levels of management between him and the topechelons of the firm. He adds, “There’s a little more politics. . . . There’s moreof a sensitivity to what organization a person came from than to whether thatindividual is the right person for the job.”

Kids? Ha! Citigroup offers a three-month maternity leave. But the realities ofworking in financial markets are simply not compatible with the desire to havechildren. “I can’t say I know one successful woman with children,” says aninsider. “Either they are single, married without children, or have children whoare already grown. It’s the nature of the business. You need to be there whenthe market is up.” Another insider thinks it’s easier to juggle two lives the moresenior you get. “Some VPs are having children. Things change; sometimescareer is not number one.”

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Getting Hired

• The Recruiting Process

• Interviewing Tips

• Grilling Your Interviewer

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The Recruiting Process

Citigroup has a centralized recruiting process that hires and trains individualsfor its investment bank and consumer bank at the same time. To acquire newinvestment banking, capital markets, and research talent, the firm conducts aformal recruiting effort on 16 B-school and 26 undergraduate campuses. In aprogram that internal recruiters say “seems to begin earlier each year,” resumesare reviewed in the early fall for on-campus interviews to be held in Octoberand November.

The process culminates with an industry-common event called “SuperSaturday,” which for some may bear an eerie resemblance to a fraternity orsorority rush. In November, about 60 candidates are invited to New York at thecompany’s expense for a Friday evening cocktail party and group dinnersfollowed by Saturday one-on-one sessions with senior officers of the firm.

Candidates meet with five different managers in half-hour sessions, in additionto mingling at the social gatherings. In what is described as a “somewhatdemocratic process” (meaning you don’t necessarily have to get all fivemanagers to think you walk on water), candidates are reviewed and thenselected or rejected the next day.

Cost and practicality have dictated Citigroup’s decision to recruit at fewercampuses. The limited number of openings and the cost of sending multiplecompany representatives to each campus have apparently kept the programfrom expanding. Nevertheless, the firm is happy to accept inquiries fromcandidates at schools it doesn’t visit. Citigroup claims that all unsolicitedresumes are reviewed and that a number of candidates are selected for the

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training program each year from other campuses inthis manner.

As you go through the process, remember thatCitigroup likes people whose personalities are asattractive as their finance skills. An insider says,“People are much less concerned with whether youcan do the job than with whether they want towork with you. Fit is more important than yourealize.”

Special Information for MBAs

The MBA recruiting program currently conducts formal recruiting efforts atthe schools listed below. Citigroup also attends career fairs and holds campusinformation sessions at these and an assortment of other schools. The numberof business schools visited is only slightly decreased from the previous year, butexpect plenty of competition as business school enrollment has increased inproportion with unemployment. A higher number of grads are clamoring for asmaller number of coveted I-banking slots. For a calendar of campus events,see the Citigroup Calendar of Events for the Americas(www.citigroup.com/citigroup/oncampus/gcib/calendar/index_americas.htm).

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People are muchless concerned withwhether you can dothe job than withwhether they wantto work with you. Fitis more importantthan you realize.

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School Program Positions Interviewed

Amos Tuck Investment Banking Full-Time, SummerSales & Trading Full-Time, Summer

Anderson Investment Banking Full-Time, SummerSales & Trading Summer

Chicago Investment Banking Full-Time, SummerSales & Trading Full-Time, SummerEquity Research Full-Time, SummerCapital Markets Summer

Columbia Investment Banking Full-Time, SummerSales & Trading Full-Time, SummerEquity Research Full-Time, SummerCapital Markets Summer

Darden Investment Banking Full-Time, Summer

Fuqua Investment Banking Full-Time, SummerSales & Trading SummerEquity Research Full-Time, Summer

Harvard Investment Banking Full-Time, Summer

Johnson Investment Banking SummerSales & Trading Full-Time, SummerEquity Research Full-Time, Summer

Kellogg Investment Banking Full-Time, SummerSales & Trading Full-Time, Summer

Kenan-Flagler Investment Banking SummerSales & Trading Summer

Leonard N. Stern Investment Banking Full-Time, SummerSales & Trading Full-Time, SummerEquity Research Full-Time, SummerCapital Markets Summer

MBA Campus Recruiting

Special Information for Undergrads

Citigroup’s corporate & investment bank interviews for analyst positions at theundergraduate campuses listed below. The firm also attends career fairs andconducts company information sessions at these and a number of other campuses.Many of the undergrads WetFeet spoke with this year felt lucky to get an interviewat any firm, let alone the firm of their choice, so expect intense competition forthese positions. The number of undergraduate campuses on Citigroup’s rosteris slightly lower than last year. For a calendar of campus events, see the CitigroupCalendar of Events for the Americas:www.citigroup.com/citigroup/oncampus/gcib/calendar/index_americas.htm.

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School Program Positions Interviewed

Michigan Investment Banking Full-Time, SummerEquity Research Full-Time, Summer

Sloan Investment Banking SummerSales & Trading Full-Time, SummerCapital Markets Summer

Stanford Investment Banking SummerEquity Research Summer

Wharton Investment Banking Full-Time, SummerSales & Trading Full-Time, SummerEquity Research Full-Time, SummerCapital Markets Summer

Yale Investment Banking Summer

Source: Citigroup.com.

MBA Campus Recruiting (cont’d)

Among unsolicited applications, referrals from within Citigroup definitely helpa candidate land an interview. “If you can get an inside edge,” says an insider,“it makes a difference.” You might also help yourself get an interview if youtake the initiative to come to New York rather than waiting for the company tofly you out based solely on the strength of your resume.

Special Information for Midcareer and International Candidates

Surprisingly few people join Citigroup each year from other securities firms,clients, or even law firms. (Apparently, the bulk of new hires really is at theassociate and analyst levels.) Nevertheless, the firm is always happy to reviewsuch candidates on their individual merits for available positions. There’s noformal recruiting for such people, though they may be included in trainingclasses with the new recruits according to their individual needs.

Candidates interested in international positions can also submit resumes toheadquarters in New York. Those who want to be based overseas should alsosubmit their applications directly to the office they’re interested in.

Opportunities for Summer Interns

Citigroup’s summer intern program is available to MBAs entering their secondyear and undergrads before their senior year. The purpose of the program is togroom students for associate or analyst jobs upon graduation, and it’s seen asincreasingly important by recruiters and interested candidates alike.

Citigroup offers summer programs for MBAs in capital markets; cash, trade,and treasury services; fixed income; global corporate finance; and investmentbanking. Undergrads can participate in summer programs in capital markets,sales and trading, public finance, and investment banking.

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School Program

UC Berkeley Investment Banking

Boston College Investment BankingSales & Trading

Brown Investment Banking

Chicago, University of Investment Banking

Columbia Investment BankingSales & TradingCapital Markets

Cornel Investment BankingFixed-Income ResearchSales & TradingCapital Markets

Dartmouth Investment BankingSales & TradingCapital Markets

Duke Investment Banking

Georgetown Investment BankingSales & TradingCapital Markets

Harvard Investment BankingSales & Trading

Howard Corporate & Investment BankSales & TradingCapital Markets

Illinois Investment Banking

UCLA Investment BankingFixed-Income Research

Michigan, University of Investment BankingCapital Markets

Undergraduate Summer Internship Campus Recruiting

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School Program

Morehouse Corporate & Investment BankSales & Trading

New York University Investment Banking

Northwestern Investment Banking

Pennsylvania, University of Investment BankingSales & TradingFixed-Income ResearchCapital Markets

Princeton Investment BankingFixed-Income ResearchSales & TradingCapital Markets

Spelman Investment BankingSales & Trading

Stanford Investment Banking

Texas A&M Investment Banking

UT Austin Investment Banking

Virginia, University of Investment BankingCapital Markets

Western Ontario, University of Investment Banking

Yale Investment Banking

Source: Citigroup.com.

Undergraduate Summer Internship Campus Recruiting (cont’d)

The summer program exposes interns to all of the various departments. It alsoprovides both the candidate and the firm a 12-week trial run. According to arecruiting brochure, “We want our summer interns to be able to answer threequestions at the end of the summer:

1. Is Wall Street for you?

2. Is [the department you’re in for those 12 weeks] for you?

3. Is Citigroup’s corporate & investment bank for you?

Besides introductory classroom training, summer interns attend “DistinguishedSpeaker” events every week to broaden their understanding of banking and ofthe firm.

In the past, the firm generally has made permanent offers to about two-thirdsof its summer interns. Of that group, about two-thirds generally accept. Theremaining slots were filled with new graduates via the campus recruitingprogram. Given the increased competition for investment banking jobs, thisratio may have changed.

A final tip: To get one of these positions, you have to apply early. If you’regetting ready to enter an MBA program, you need to apply before you evenstart the program so you can participate in fall recruiting and be eligible for anintern position the following summer.

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Getting Hired

Interviewing Tips

It’s wise to remember just how competitive banking and trading positions are.Poise is important, and preparation is mandatory. As with its peers on theStreet, Citigroup’s interviewing process is demanding. “It’s extreme,” says aninsider. Be ready for five to ten one-on-one or two-on-one interviews. Thereare no panel interviews. Your on-campus interview will most likely be withsomeone from the recruiting department at the firm, but others from variousgroups may also participate and will definitely be on your interview schedule ifyou’re invited to “Super Saturday.”

Dos

• Do your homework on the firm; this WetFeet Insider Guide is a great start.

• Demonstrate your commitment, willingness to sacrifice, and your eagernessto be a success at Citigroup. “We look for people who would walk throughwalls to get something done,” says a senior insider.

• Have a fluent, well-conceived explanation for why you want to get into thisindustry.

• Be personable. Don’t be afraid to act human or admit your weaknesses.

• Have some specific ideas about things you think you’d like to do and why youbelieve you’d be good at them.

• Know why you’d like to work at Citigroup. Be prepared to explain why you’dprefer this firm to Morgan Stanley or Goldman Sachs, for example.

• Interviews often include ample time for you to ask questions. Rehearseinterviewing your interviewers.

• Dress conservatively. This is still a career with a strong sense of tradition.

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• Little things count: Stand up when people walk into the room. Wait for themto sit down before you do. Make lots of eye contact.

• Be ready to prove you’re up to date on industry news.

• Re-examine your resume for weak spots, and formulate a solid response—they’ll more than likely query you on it.

Don’ts

• Don’t be cocky or act like you know everything there is to know aboutinvestment banking.

• Don’t try to fake something about banking or trading if you really don’t know.

• Don’t appear inflexible or unwilling to “pay your dues” for the first few years.

• Don’t talk about compensation at all.

• Don’t be afraid to call out distinguishing aspects of your background even ifthey’re unrelated to investment banking—Citigroup likes diversity.

• Don’t admit that you don’t follow the markets.

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Grilling Your Interviewer

A few good questions to ask are:

1. How does Citigroup position itself when it’s competing against firms likeMerrill and Goldman Sachs in pursuing an important client?

2. How do training programs at Citigroup measure up to those of other I-banks?

3. What challenges to the firm do you foresee with the upcoming change inleadership?

4. What is the firm still doing to address the issues and public perceptions thathave arisen in relation to the WorldCom and Enron issues? (Of course, sucha question should be approached with a heavy dose of discretion.)

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For Your Reference

• Recommended Reading

• The Numbers

• Et Cetera

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Recommended Reading

Articles

“One Year Later, the Impact of Sarbanes-Oxley”

A look at how the controversial Sarbanes-Oxley act has restructured the accountingand consulting industries, and what positive changes have actually taken place.

Source: Forbes, 7/22/03.

“Chief of Citigroup Says He’ll Step Down at Year’s End”

One of many reports on Weill’s surprising announcement that he will indeed begiving up his position at the helm.

Source: New York Times, 7/17/03.

“Citigroup’s Climb to Riches, One Merger at a Time”

This article details the growth of Sandy Weill’s empire, from an ousted presidentof American Express, to the head of the largest financial services firm in theUnited States.

Source: New York Times, 7/17/03.

“Citi, Brokers Facing Formal NYSE Charges”

Several more Citigroup brokers are under fire for alleged unfair sales practicesover their handling of WorldCom employee accounts. The accused brokers arefiling countersuits against Citigroup and Jack Grubman for inaccurate coverageof WorldCom.

Source: Forbes, 7/10/03.

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“Can Sallie Save Citi, Restore Sandy’s Reputation, and Earn Her $30 Million

Paycheck?”

Citigroup is so far the only bank on Wall Street to truly separate its researchand investment banking functions—it went ahead and formed a distinctresearch and brokerage firm under the banner, Smith Barney. Chairman andCEO Sandy Weill surprised many by hiring 38-year-old Sallie Krawcheck tohead this 530-branch unit. But coming from the much smaller boutiqueresearch firm Sanford C. Bernstein, with only 44 analysts, and 350 traders,salespeople, and assistants, does Krawcheck have what it takes?

Source: Fortune, 5/27/03.

“Wall St. Deal Is Finalized”

After being accused of deceiving investors with tainted stock market researchdesigned to win investment banking fees, ten Wall Street securities firms(including Citigroup’s Salomon Smith Barney unit) agreed to pay a combinedtotal of $1.4 billion in fines and change the way they do business by separatingstock market research from investment banking. Citigroup is paying $400million, the largest amount. Former Salomon Smith Barney telecom analyst JackGrubman is being barred from business and fined $15 million.

Source: CNNMoney Online, 4/28/03.

“Citigroup Statement on Salomon Smith Barney Settlement with the SEC, NASD,

NYSE and New York Attorney General”

Citigroup’s official public response to the investigations surrounding itsresearch practices—just as the other Wall Street firms, Citigroup neitherconfirms nor denies any wrongdoing, but CEO Sandy Weill does apologize forshaking the public faith in his banking empire.

Source: Citigroup Press Release, 4/28/03.

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For Your Reference

News Publications

Three must-reads for investment bankers—and anyone interviewing atGoldman—are the weekly Investment Dealer’s Digest (news, features, and industryrankings), the monthly Institutional Investor (news, issues, emerging trends), andthe weekly Corporate Financing Week (corporate capital raising, M&A, and U.S.investment banking trends and insights).

Other key publications include the The Wall Street Journal (if you’re going intobanking, it’d be a good idea to start reading the newspaper that takes its namefrom the Street), Barron’s, Investors Business Daily, and the Financial Times.

Books

The King of Capital: Sandy Weill and the Making of Citigroup

Amey Stone and Mike Brewster (John Wiley & Sons, 2000)A chronicle of Citigroup CEO Sandy Weill’s rise from a runner to a billionaireexecutive overseeing one of the world’s largest financial conglomerates.

Tearing Down the Walls: How Sandy Weill Fought His Way to the Top of the

Financial World . . . and Then Nearly Lost It All

Monica Langley (Free Press, 2002)This colorful biography tells the story of Weill’s willful ascent to the top of theWall Street echelon, his aggressive management style, and the melodrama anddeceit that go with the territory.

Wall Street Meat: Jack Grubman, Frank Quattrone, Mary Meeker, Henry Blodget

and me

Andy Kessler (Escape Velocity Press, 2003)A first-person biography of life on the Street working among some of themajor players.

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Monkey Business: Swinging Through the Wall Street Jungle

John Rolfe and Peter Troob (Warner Books, 2000)This book takes readers behind the scenes at Donaldson, Lufkin & Jenrette(absorbed in 2000 by Credit Suisse First Boston), depicting the ridiculouslengths that entry-level grunts on Wall Street can go to cope with long hours,stress, and despotic managers; fit in with their peers; and stand out in the eyesof those who can advance their careers.

Heard on the Street: Quantitative Questions from Wall Street Job Interviews

Timothy Falcon Crack (Timothy Crack, 2000)This book is indispensable if you’re a PhD or other job candidate vying for aquantitative position (for example, derivatives analysis) on Wall Street.

Liar’s Poker: Rising Through the Wreckage on Wall Street

Michael Lewis (W.W. Norton & Company, 1989)This fun, easy read provides tremendous insight into the culture of SalomonBrothers, sales and trading, and Wall Street in general during the boom of the’80s. You’ll also learn a fair amount about how investment banking works. Thoughmuch has changed since this era, the personality types remain exactly the same.

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The Numbers

Net Income ($M) 1-Yr.Q1 2003 Q2 2002 Change (%)

North America (excluding Mexico) 2,626 2,511 5

Mexico 349 288 21

Asia (excluding Japan) 402 378 6

Japan 207 265 –22

Latin America 200 –213 NM

Europe, Middle East, and Africa 416 288 44

NM = not meaningful. Source: Citigroup.com.

Citigroup Net Income—Regional View

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Net Income ($M) 1-Yr.Q1 2003 Q2 2002 Change (%)

Global Consumer 2,146 1,700 26

Global Corporate and Investment Bank 1,431 1,176 22

Global Investment Management 466 424 10

Net Income 4,103 4,843 15

Source: Citigroup.com.

Citigroup Net Income—Segment View

Personnel

Total employees, 2002: 255,000

Sources: Hoovers.com; WetFeet research and analysis.

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12/02 12/01 12/00

Revenue ($M) 92,556 112,022 111,826

Operating income ($M) 41,770 54,320 58,540

Operating margin (%) 45.1 48.5 52.3

Total net income ($M) 15,276 14,284 13,519

Source: Hoovers.com.

Citigroup Annual Financials Year-End December

Et Cetera

Key People

Sanford I. Weill, Chairman

Charles O. Prince, CEO, Citigroup

Hans Prince, CFO, Global Corporate & Investment Bank

Sallie L. Krawcheck, Chairman and CEO, Smith Barney

Robert Druskin, Chief Operations and Technology Officer; President andCOO, Global Corporate and Investment Bank

Robert R. Morse, Head, Global Investment Banking

Thomas G. Maheras, Vice Chairman, Corporate and Investment Bank andHead, Global Fixed Income

Michael Klein, CEO, Global Corporate and Investment Bank, Europe, MiddleEast, and Africa

Stephen H. Long, CEO, Asia Pacific, Global Corporate & Investment Bank

Shirish Apte, CEO, Global Corporate and Investment Bank, Central andEastern Europe, Middle East, and Africa; Country Head, Poland

John Donnelly, Senior Human Resources Officer, Global Corporate andInvestment Bank

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Recruiting Contacts

Citigroup has very specific recruiting contact information online.

Americas:www.citigroup.com/citigroup/oncampus/gcib/contacts/a_contacts.htm

Japan:www.citigroup.com/citigroup/oncampus/gcib/contacts/j_contacts.htm

Asia-Pacific:www.citigroup.com/citigroup/oncampus/gcib/contacts/ap_contacts.htm

Europe:www.citigroup.com/citigroup/oncampus/gcib/contacts/e_contacts.htm

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For Your Reference

WETFEET’S INSIDER GUIDE SERIES

JOB SEARCH GUIDES

Getting Your Ideal InternshipJob Hunting A to Z: Landing the Job You WantKiller Consulting Resumes!Killer Cover Letters & Resumes! Killer Investment Banking Resumes!Negotiating Your Salary & PerksNetworking Works!

INTERVIEW GUIDES

Ace Your Case: Consulting InterviewsAce Your Case II: 15 More Consulting CasesAce Your Case III: Practice Makes PerfectAce Your Case IV: The Latest & GreatestAce Your Case V: Return to the Case InterviewAce Your Interview!Beat the Street: Investment Banking InterviewsBeat the Street II: I-Banking Interview Practice Guide

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COMPANY GUIDES

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The WetFeet Research Methodology

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Each WetFeet Insider Guide represents hundreds of hours of careful research and writing. We start with a review of the public information available. (Our writers are also experts in reading between the lines.) We augment this information with dozens of in-depth interviews of people who actually work for each company or industry we cover. And, although we keep the identity of the rank-and-file employees anonymous to encourage candor, we also interview the company’s recruiting staff extensively, to make sure that we give you, the reader, accurate information about recruiting, process, compensation, hiring targets, and so on. (WetFeet retains all editorial control of the product.) We also regularly survey our members and customers to learn about their experiences in the recruiting process. Finally, each Insider Guide goes through an editorial review and fact-checking process to make sure that the information and writing live up to our exacting standards before it goes out the door.

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One of the most frequent questions we receive is, “So, what’s the story behind your name?” The short story is that the inspiration for our name comes from a popular business school case study about L.L. Bean, the successful mail-order company. Leon Leonwood Bean got his start because he quite simply, and very literally, had a case of wet feet. Every time he went hunting in the Maine woods, his shoes leaked, and he returned with soaked feet. So, one day, he decided to make a better hunting shoe. And he did. And he told his friends, and they lined up to buy their own pairs of Bean boots. And L.L. Bean, the company, was born . . . all because a man who had wet feet decided to make boots.

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Careers/Job Search

WetFeet Insider Guide

Citigroup’s Corporate & Investment Bank

2004 Edition

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Citigroup is the largest financial services firm in the world and has single handedly transformed the financial services industry by introducing a new platform on which to do business—one that offers a full range of financial products to all levels of customers, from consumers to corporate institutions. The firm’s size and diversity offer job seekers a wide range of opportunities—many of them high-ranking—amid a relaxed and individualistic corporate culture. For bankers who aren’t afraid to work hard, who want to blaze their own trails, and learn as they go, Citigroup’s Corporate & Investment Bank is a great place to be.

Turn to this WetFeet Insider Guide to learn

• How Citigroup maintains its monolithic position at the top of the financial services world.

• How Citigroup’s Corporate & Investment Bank has quickly adjusted to recent changes in the industry.

• How Citigroup differentiates itself from its competitors.

• How the Corporate & Investment Bank is organized, from top to bottom.

• About a typical day in the life for Citigroup investment banking, capital markets, and public finance associates.

• What employees love most and like least about the firm.

• How Citigroup’s recruiting process works.

• What tips insiders offer to help you score big points with your interviewer.

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