Capital Markets Structuring & Origination > Associate

Business Description

What is Capital Markets Structuring & Origination?

The Capital Markets Structuring & Origination groups (Fixed Income Currency & Commodities Capital Markets and Equity Capital Markets) originate, structure and execute new capital raisings in the global capital and loan markets. Capital Markets Structuring and Origination houses a broad range of product specialists who work with both our Sales & Trading desks and the corporate finance professionals in the Investment Banking and Corporate Banking divisions.

The Capital Markets Structuring & Origination space is subdivided into integrated client coverage groups and specialized product groups. Our origination coverage officers provide advice and execution expertise on raising capital in the global equity and fixed income currency & commodity markets to corporations, financial institutions, and sovereign entities seeking to raise capital throughout the world. Our product specialists expand the range of capital markets tools available to clients by developing tailored solutions to meet clients' capital-raising goals. We work with our colleagues in Investment Banking to identify clients who need to access the equity or fixed income markets and then subsequently structure, position, value and market offerings of securities, loans, and structured instruments.

What service do we provide to our clients?

We provide our clients with real-time market knowledge and technical structuring expertise that allows them to make optimal capital raising, hedging and risk-management decisions. We are experts in financial instruments ranging from money market products, investment-grade and high-yield corporate and sovereign bonds, high-grade and leveraged loans, preferred and hybrid securities, initial public offerings and follow-on offerings of common stock, convertibles and equity-linked securities to currencies, swaps, options, collateralized debt obligations (CDOs), asset-backed securities and structured new products.

Our massive global platform and depth of experience, combined with our international institutional and retail distribution networks, product innovations and capital commitment, have consistently produced a leading flow of business from both domestic and international corporate clients and a reputation that no other firm can match.

What product/groups do we cover?

Equity Capital Markets:

• Equity Capital Markets (ECM)
• Professionals in Equity Capital Markets originate and execute a broad range of strategic equity solutions for Citi's corporate and financial sponsor clients. Ideally positioned within the Global Corporate and Investment Bank, ECM maintains an integral working relationship with both the Investment Banking and Sales & Trading divisions. This gives ECM a unique, both-sides-of-the-equation vantage point that offers the best of both worlds: we bring together issuers and investors through the origination, structuring, and distribution of a variety of equity products.

 

• Equity Syndicate
• Equity Origination
• Initial Public Offerings (IPOs)
• Follow-on Offerings
• Equity-Linked Securities (Convertibles)
• Corporate Equity Derivatives
• Corporate Restructurings (Carve-outs and Spin-offs)

 

Fixed Income Currency & Commodities Capital Markets:

• Asset-Based Finance
• We are a highly specialized loan product group that provides senior bank debt products to non-investment grade borrowers for a variety of purposes: working capital, acquisitions, turnarounds, growth financing, reorganizations and debtor-in-possession financing. In the simplest terms, asset-based finance is a financing structure that is based on the inherent value of a company's assets: accounts receivable, inventory, property, plants and equipment. Asset-based finance transactions are often structured around significant capital raising/restructuring events by the borrower.

• Asset Finance Group
• We are in the business of originating, structuring and executing complex financings with a focus on discreet assets. We provide our clients with seamless, integrated financing solutions for "Big Ticket" assets on a global basis through the sourcing and placement of equity and debt. Assets financed include renewable energy assets, energy facilities, aircraft, ships, manufacturing facilities and real estate. We develop and grow our investor distribution capabilities for our clients across all key markets. We also intermediate, underwrite and invest as necessary within risk and return parameters acceptable to the firm. An integrated business team approach across product and geographic boundaries is employed, providing the professional and technical expertise to consistently provide leading edge solutions to our clients.

• Commercial Mortgage Finance
• Our clients are large and mid-sized banks and finance companies that originate prime, alternative and sub-prime residential mortgage loans and small balance commercial mortgage loans. We purchase and/or structure and underwrite securitizations of these loans for our principal business and our clients as well as develop innovative financing solutions for clients. Our group, which includes banking, structuring and sales and trading, is based in New York City with additional salespeople in London and Tokyo.

• Credit Derivatives
• We use structured finance technologies to structure and trade innovative derivative products that allow institutional investors to efficiently access or hedge exposure to a range of financial instruments including Leverage Loans, IG and HY Corporate Credit. We are also a leading market maker in the global suite of Credit-Correlation Index products. The Citigroup derivatives business is at the cutting edge of the fastest growing area in the financial markets, and we are continuously looking to expand our trading, structuring, risk management, and distribution capabilities. We have coordinated offices in New York, Tokyo, Hong Kong and London and are part of Global Structured Credit Products.

• Derivatives Solutions
• We work with corporate clients across every industry to help them assess and quantify their market risks. We then advise them on various ways to eliminate or mitigate these risks using derivatives, namely, interest rate derivatives, foreign exchange derivatives, and credit derivatives. We then execute these transactions in the Capital Markets on behalf of our clients. We work with other groups, such as Structured Products, Pensions, and New Products to implement derivative strategies into complex financial structures. Our primary offices are located in New York, Chicago, and Toronto.

• Export & Agency Finance
• We are a leading arranger of credit-enhanced structured financings solutions for sovereign and corporate clients exclusively in the emerging markets. Our product solutions manage risk through credit and political risk arbitrage provided by our primary investor base, which includes Export Credit Agencies, Multilateral Banks and Bilateral Government Agencies. These solutions include the arranging and underwriting of financings in different debt markets related to capital expenditure projects (full recourse or limited recourse) as well as acquisition financing and refinancing transactions. We also provide export financing advice for the firm's clients. The advice relates to clients in developed and emerging market countries engaged in global trade, capital projects and cross-border investments. We have structure finance transactors located in New York, London, Frankfurt, Tokyo, Mumbai and Hong Kong, with regular coverage of all regions in the world

• Global Loans Capital Markets
• We are a leading global arranger and underwriter of loan products for high-grade issuers in all industries worldwide, for general corporate purposes and for acquisition financing. As a core product within the global fixed-income platform, we are a primary liaison for market, pricing and structural trend analysis, and work together with our investment and corporate banking colleagues to provide integrated financing solutions. We are based in New York, London and Hong Kong, with regular global coordination between offices and professionals in Asia, Europe and Latin America.

• Global New Products
• We develop innovative capital raising solutions for the world's leading sovereign issuers, corporations, and financial institutions. Our client solutions involve hybrid securities (instruments that exhibit qualities of both debt and equity), structured notes with embedded derivatives, and synthetic, repackaged investments. Our business has grown considerably over the last year, with expansion into new jurisdictions throughout the globe and increasing deal flow in several business sectors. We have designed new financial products that meet the capital and financing needs for borrowers based in thirty-two countries, have been denominated in eight different currencies, and have been sold to investors in Asia, Europe, Japan, Latin America, Oceania and the US. Our professionals based in New York work primarily with clients located in North America and Latin America, those based in London work with clients in Europe, Africa, and the Middle East, those based in Hong Kong work with clients in the Asia Pacific region, and those based in Sydney work with issuers in Australia and New Zealand.

• Global Securitized Products
• Our primary focus is to structure and execute securitizations of consumer and commercial financial assets, including credit cards, student loans, commercial loans, automobile loans, leases and esoteric cash flows such as royalty and franchise payments and movie revenues. Our transactions are executed both in the capital markets and through our off-balance sheet commercial paper conduit. We also advise clients on balance sheet management through securitization, execute principal finance transitions, including acquisition of portfolios that meet our risk criteria, and provide warehouse financing. Our clients include most major finance companies and major banks in the US as well as a growing number of small specialty finance companies in the US and abroad. The group is supported by structuring, research, trading, sales and syndicate professionals. Members of our securitization team are located in New York, Hong Kong, London, Seoul, Sydney and Tokyo. Salomon was one of the founding firms in securitization, and we are one of the top securitization groups on Wall Street.

• Global Structured Credit Products
• We use structured finance techniques and credit derivative products to create structured debt vehicles that enable investors to realize arbitrage opportunities on fixed income assets, and provide credit risk solutions to investment portfolios for leading financial institutions and corporate clients in order to address changing regulatory requirements or enhance liquidity. Our integrated group operates globally with offices in New York, London and Hong Kong and dedicated salespeople for all major international markets.

• Global Structured Solutions
• We are dedicated to bringing structured finance solutions and private placements to the fixed income markets, including the originating, structuring and placement of such securities on a global basis across all industries. These securities provide solutions to the complex corporate finance problems facing our clients by combining structuring, risk transfer and execution expertise with in-depth knowledge of regulatory, tax, rating agency and accounting treatments. Transactions result in the structuring and placement of senior debt, mezzanine and equity to sophisticated institutional investors. Transactions require the integration of efforts across multiple product platforms. In addition to wide industry coverage, we have a deep client base operating throughout the world. We are based in New York with representatives in London, Dublin, Sydney and Hong Kong.

• Industrial Capital Markets
• Our team provides strategic advice to some of the world's largest and most influential multinational corporations as they navigate the public and private fixed income and derivatives markets. Our clients operate in nearly every sector from traditional industrial corporations to utility and energy service providers and media and technology companies. We are at the forefront of the fixed income market, providing our clients with real time market information and analysis. Working as a team with Investment Banking and Fixed Income Sales & Trading, we gain access to both sides of the information pipeline and are involved in strategic dialogue ranging from new issue conditions to M&A advisory and capital restructurings. We help our clients identify, analyze and solve complex risk exposures through the use of hedging techniques and various derivative instruments. Our teams operate out of New York, Chicago, London, Frankfurt, Hong Kong, Tokyo and Sydney. We've been the #1 Underwriter in Investment Grade debt for several years running, commanding over 20% market share.

• Infrastructure & Energy Finance
• We provide strategic and financial advice and arrange and underwrite structured financings for clients in the infrastructure and energy sectors. These sectors include: power, oil & gas, transportation, public-private infrastructure-defense and health, telecommunications, metals and industrial infrastructure. Advisory services include strategic advice, mergers and acquisitions, privatization, ratings advisory, valuations and financial advisory, including project finance advice. We arrange and underwrite financings in the bank and bond markets related to limited recourse acquisitions and projects (greenfield or brownfield), as well as arrange commodity finance, agency finance, local currency finance and mezzanine and equity fundings. We operate globally with offices located in New York, London, Hong Kong and Australia

• Latin America Debt Markets
• Our team originates and executes international debt transactions for Latin American and Caribbean-based clients. We maintain a fluent dialogue with both sovereign and corporate issuers across a wide range of industries. Throughout the deal origination and execution process we work closely with our Investment Banking Division and Sales & Trading desks, gathering market intelligence and providing debt financing advisory related to potential M&A and leveraged finance deals. Additionally, we execute liability management transactions for our clients, including debt exchanges and tender offers. We cover all regions, with dedicated coverage of every country in Latin America. We're based in New York, and work with syndicate desks in New York, London, Hong Kong and Tokyo. Spanish or Portuguese proficiency required. In the past years our team has consistently been ranked the top underwriter of Latin America international debt.

• Leveraged Finance
• Along with investment and corporate banking, we work with clients rated below investment grade to access the fixed- and floating-rate capital markets. We structure, arrange and assist in the execution of public and private high-yield bond offerings, leveraged loan facilities, mezzanine capital and bridge loan facilities for clients in all major industries, and raise debt capital to finance corporate growth, acquisitions, leveraged buyouts (LBO), recapitalizations and refinancing. We operate globally with offices located in New York, London and Hong Kong.

• Liability Management
• We work with corporate and sovereign issuers based in all regions of the world to restructure and optimize their debt portfolios. We continue to dominate debt-restructuring activity, after having established liability management as a separate Wall Street discipline in the early 1980s. In the current market environment, we provide an ever expanding and important service to the client base. We are based in New York and London.

• Money Markets Origination
• We are the U.S. component of Citigroup's global commercial paper business, which originates and structures short-term investment-grade fixed income securities for financial institutions and corporate issuers across all industries. Access to the commercial paper market provides unsecured issuers with funding needed for a wide variety of uses, including bridge and M&A financings, stock repurchases and general working capital purposes. In addition to coverage of unsecured issuers, we originate, structure and market securitized vehicles funded in the asset-backed commercial paper market by banks and other financial institutions, as well as a few corporations.

• Mortgage Finance
• Our clients are large and mid-sized banks and finance companies that originate prime, alternative and sub-prime residential mortgage loans and small balance commercial mortgage loans. We purchase and/or structure and underwrite securitizations of these loans for our principal business and our clients as well as develop innovative financing solutions for clients. Our group, which includes banking, structuring and sales and trading, is based in New York City with additional salespeople in London and Tokyo.

 

Roles of an Associate

To give you a better understanding of what you can expect if you join the Capital Markets division, we asked for some input from our current Associates. Here they describe the main tasks they undertake.

Roles an Associate may undertake in Capital Markets Structuring & Origination:

A CMSO Associate serves as the day-to-day manager of the various projects they are working on. Each project has multiple work streams, deadlines and deliverables that must be managed and the Associate often serves as the key person marshalling a transaction forward. An Associate may work with the client, lawyers, syndicate desks and others to refine that financing strategy from both an efficiency and feasibility standpoint.

Manage Client Relationships: The Associate mainly assists managing day-to-day client relationship, participating in meetings and conference calls with the client and organizing project deliverables. The Associate also prepares client presentations and pitches for a new transaction, and participates in some of the marketing meetings with prospective clients. A group in CMSO may work with clients to structure loans that give them the most benefits economically and optically. This usually involves tax, accounting and rating agencies. Managing gathering of materials and leading in the analysis of those materials to help transactors form the correct financing strategy for a client.

Financial Modeling and Analysis: The Associate may work together with an Analyst on the financial model, but the Associate will be ultimately responsible for the design of the model, accuracy of calculations and analysis of the results. The Associate is directly involved with the analysis of legal documents and contracts and often interacts with internal and external counsels in drafting and reviewing such documents. Additionally, an Associate may review offer memorandums, bond indentures, loan agreements, and other legal documentation to ensure consistency with agreed-upon business terms. Associates organize the internal transaction approval process. It can involve the approval to extend capital to a client or the requisite regulatory controls and compliance procedures every major bank must go through. Associates will also analyze legal documentation behind a transaction, whether it be the agreements governing a transaction or the framework under which a client operates. It is important to become knowledgable in the minutia of a client and a transaction.

Work and interact with other professionals at Citi: We work with other Capital Markets Groups to structure terms and conditions for a transaction. Additionally, we coordinate and present ideas to clients by marketing our capabilities internally, as we work closely with corporate banking and investment banking. Usually, the senior transactor managing the deal will be responsible for marketing capabilities internally and pursuing new opportunities together with corporate and investments banking. The Associate is usually more involved in the execution of the transaction, interacting closely with other groups to prepare client presentations for a pitch and structuring terms and conditions for a transaction. Associates also assist in the creation of pitch materials along with our partners in the investment bank, corporate bank, and other areas across Markets & Banking.

Market Analysis: Citi's ability to provide in-depth analysis and expertise of each financial market and product is a critical element to our competitive advantage. Capital Markets Associates gather and present to senior managers and clients timely information on the various markets. Associates work with various software applications, external data providers (Bloomberg, Reuters, etc.), and in many cases interact directly with the salespeople and traders active in that market. As Associates develop within their roles, they should begin to understand the dynamics behind the different financial markets, and expand their views on the outlook for those markets.

Pricing Analysis: Whichever product is being considered, Citi must compete with other banks on pricing. Clients are naturally attracted to the firm offering to raise funding for them at the lowest cost. However, Citi risks both its franchise and sometimes its own capital every time that it recommends pricing to a client. Pricing levels are determined differently for each product, but most often Associates are responsible for reviewing comparable transactions and supplying salient information to senior professionals who will present pricing levels to the client.

Investor Communications: Understanding the views and needs of investors is critical to the success of every capital raising or corporate transaction. Whether it's notifying institutions on a new issue of equity or gauging the appetite for a raising of debt, CMSO professionals play a pivotal role liaising with investors. Our clients rely on Citi to complete their deals successfully and efficiently; communicating with potential investors helps Citi gain insight into the level of demand for an offering and the sensitivities surrounding the price. Associates are a line of communication between senior management and the company owners. While Citi has a leading salesforce, they and our investors will look to the capital markets Associate to provide the market with the detailed information that accounts need in order to make investment decisions. This can be in the form of marketing materials they are organizing the generation of or it may involve answering specific investor questions.

Our Programs

Capital Markets Structuring and Origination in North America has two programs you can apply for:

• Full Time Program
• Summer Associate Program

Full time Program

The Full Time Associate program commences in August with a six-week intensive training program. Our training program is taught by senior level professionals within the Firm in conjunction with clients and consultants that are committed to providing you with the best training program on Wall Street. We approach each module with a practical focus, encouraging Associates to “learn by doing.” The modules include a combination of individual and group homework, exercises, case studies, and presentations. You are tested on your knowledge through a combination of graded homework assignments, presentations and exams. All training will take place in New York.

In addition, there is a one-week overview of Citi's products and services attended by all Associates. Capital Markets Training includes the following modules: Financial Accounting; Fixed Income Module (Bond Math included); M&A Module; Equity Module; Technical Training; Series 7 and 63 Preparation. Full time offers are given into a Capital Markets Structuring & Origination generalist program. During training, candidates will be given the chance to network and learn about the different groups. Based on skill-sets and candidate and business preferences, Associates are placed in one business group after training.

Citi's most important resource is our people. As such, you'll notice the emphasis on networking, mentoring, and socializing. New Associates are encouraged to get to know their colleagues.

Summer Associate Program

The Summer Associate Program begins in June with a four-day training program designed and taught by some of the top professionals at the firm. They will share their on-the-job experience, insight and knowledge with you. The four-day program is designed to equip you with the skills necessary to perform like a Full Time Associate for the duration of the internship, approximately ten weeks.

Through formal training, speakers and presentations, you are given an introduction to the Capital Markets Structuring & Origination businesses.

In addition, you will obtain the tools needed to be successful in your summer roles. Computer training, Bloomberg training as well as a visit to the New York Stock Exchange are also included in this week.

After training, Summer Associates report to their groups, where they will take on meaningful responsibility and gain live, hands-on deal experience.

There are scheduled events throughout the internship for Summer Associates to meet and network with the other areas within Capital Markets.

Who we are looking for

We asked our Capital Markets recruiters to describe what makes a good candidate and what specific skills they are looking for.

We are seeking candidates who are highly motivated and have superior academic achievement in a wide variety of disciplines, as well as significant commercial work experience. In addition to recent MBA graduates, the Associate program is open to other Masters graduates, JDs, and Ph.D.s.

We are not necessarily looking for people who fit a particular mold. Our professionals come from diverse backgrounds, and as a company we emphasize individuality. These qualities are reflected in the diverse talents and backgrounds of our Associates.

Successful professionals in Capital Markets Structuring & Origination share many common traits. They include:

• Creative in solving problems
• Intellectually curious
• Hard-working and diligent
• Enthusiastic
• Quick-Thinking
• Able to juggle multiple tasks simultaneously
• Confident and comfortable with clients
• Articulate in oral and written communication
• Cooperative; focused in achieving the group and client objectives
• Detail-Oriented

Their specific skill-sets may include:

• Quantitative Analysis
• Financial Modeling
• Writing and Editing
• Computer Modeling
• With an ever-increasing international environment language skills are also an advantage.

Recruitment Process

We open for applications on September 1, 2007

Full Time Associate

Markets and Banking begins the formal full-time MBA recruiting process in early September in the form of an on-campus presentation. All students are invited to attend this event to learn more about the culture, the business and the people at Citi.

First round interviews take place on campus in mid October and successful interviewees subsequently go through either a second-round interview or move directly to Super Day. Citi on-campus interviews are typically 30 minutes; Super Days typically consist of four or five 30-minute interviews. Offers are given as soon after Super Day as possible.

Below is an outline of the recruitment process from application received to offer for a Full-Time Associate position:

Stage 1: Application is reviewed by Graduate Recruitment and the Business

Stage 2: Students are selected for closed list to interview or by bidding for an open interview slot

Stage 3: First round on-campus interview
              2:1 competency based interviews

Stage 4: Final round interviews 
              Four to Five 1:1 competency-based interviews with a combination of Managing Directors, Directors, and Vice Presidents

Stage 5: Offer extended by business; follow-up by Campus Recruitment

Please note: Final round interviews take place in the office where the position is located (i.g., if applicant is interviewing for a position in NY, the final round will take place in the NY office).


Summer Associate

We begin our formal Summer Associate recruiting process in the fall-usually in the form of an on-campus presentation. Over the next few months, we host numerous events both on campus and at the Firm, enabling students to learn more about the culture, the business and the people at Citi.

Students who are interested in working at Citi must apply online, and will be notified by the school career service office if successful in the selection process.

First-round interviews usually take place on campus in early January or February, with successful interviewees invited to go through a final round. First-round interviews typically last 30 minutes; final rounds typically consist of three to five 30-minute interviews. Offers are extended in accordance with school policy.

Below is an outline of the recruitment process from application received to offer for a Summer Associate position:

Stage 1: Application is reviewed by Graduate Recruitment and the Business

Stage 2: Students are selected for closed list to interview or by bidding for an open interview slot

Stage 3: First round on-campus interview 
              2:1 competency based interviews

Stage 4: Final round interviews
              Three to Five 1:1 or 2:1 competency-based interviews with a combination of Managing Directors, Directors, and Vice Presidents

Stage 5: Offer extended by business; follow-up by Graduate Recruitment

Please note: Final round interviews will take place in the office where the position is located. (i.g., if applicant is interviewing for a position in NY, the final round will take place in the NY office).

Our People

Robert Crowe B.A., Gettysburg College, 1999 Associate

What do you enjoy doing outside work?

I like to keep active when I’m not in the office. I regularly play basketball, tennis and ski. I started playing golf recently and need to spend some time working on my game. Although it can be difficult to find the time, I also enjoy traveling. The last several years I’ve spent New Year’s skiing in Colorado and Utah. More recently, I went to Peru for a wedding where I traveled throughout the country, including to Machu Picchu (a must see for anyone who visits Peru).

What do you consider Citi's competitive edge?

First and foremost, the people. I think that each and every professional at Citi is dedicated to providing the best possible service for their clients. And second, the breadth and depth of Citi's platform. When you combine the human resources available to Citi clients and the reach of Citi's global platform, the result is a company that is unmatched by any competitor in its ability to provide timely service and advice for its clients around the world. There are countless occasions where I (and my colleagues) have experienced just how powerful and useful all these resources can be when trying to meet and exceed a client's needs.

How would you describe your team and the people you work with?

Smart, dedicated professionals who understand the importance of teamwork. It's crucial to note that working hard is expected in our group; however, we all recognize and respect the need to have interests outside of the office.

What other groups do you liaise with regularly within the Firm?

Like many groups in Capital Markets Structuring and Origination, we have touchpoints across the firm. We regularly interact with Investment Banking and the Global Relationship Bank. Other Capital Markets Origination and Structuring groups that we liaise with are Financial Institutions Capital Markets, Industrial Capital Markets, Credit Derivatives, Mortgage Finance and Global Securitization.

How do you apply your degree to what you're doing now?

My degree is in International Business with a minor in Political Science. Coming from a Liberal Arts college I wasn't exposed to an intensive finance program, but I learned to think critically and at the same time gained a solid foundation of many of the key concepts that are needed to succeed in the financial services industry. Armed with this background, I was able to get up the curve quickly during the Analyst training program, and have since expanded this knowledge during my time on the desk and in the Associate training program.

Katie S. Friar University of Virginia, McIntire School of Commerce 2004 Associate

How would you describe your team and the people you work with?

Bright, personable, and knowledgeable. My colleagues on the desk are incredibly generous with their time and are always willing to teach me more about the business.

Describe the most memorable experience you've ever had at Citi.

I was working on a deal for a client based in the Caribbean, and we were trying to close on a tight deadline. Being the first-year analyst, I had to fly to Barbados for the day to deliver some documents. All in all, who wouldn't want to spend a day in Barbados when it's snowing in New York!

What about your career excites you the most - gets you out of bed in the morning?

Simply said, the people, the product, and the environment. First of all, not only are the people I work with very intelligent, they are also a lot of fun. It really does make coming to work enjoyable when you know that even on stressful days you're going to laugh. My colleagues on the desk work hard and take their jobs seriously, but they all have a good time too. I work on the Total Return Swap desk within Structured Credit Products, and I am constantly learning something new. The market for these products is growing and evolving, and it's a really interesting time to be in this market. It's this challenge that keeps me motivated.

Describe your experience in your specific training program.

The Capital Markets training program at Citi is widely considered one of the best on the Street. The analyst training program lasted nearly three months and was quite intensive. Graduates with a finance background were able to deepen their knowledge, and those that had no finance background were quickly brought up to speed. One of the greatest benefits of the training program was the networking opportunity with other analysts. It really is a huge advantage, because once you leave training you will have contacts in different groups throughout the bank.

Lori Krikorian B.A Catholic University/George Washington University Director

Describe the most memorable experience you've ever had at Citi.

It was very exciting to be given the opportunity to run Citi’s OTC equity options marketing and structuring desk in 2005. Since then I have been able to expand my desk’s capabilities to offer multi-asset class solutions to clients.

What about your career excites you the most - gets you out of bed in the morning?

Having a desk head (leadership role) at the Firm gives me an opportunity to expand business opportunities and advance our product offering for our clients. This leadership role has allowed me to be a true role model for others coming up the ranks. Key motivators each day include the opportunity to work with extremely high-skilled colleagues, the ability to deliver innovative solutions to clients and the ability to stand prominently among our competitors given Citi’s breadth and willingness to deliver it’s strengths to clients.

What do you consider Citi's competitive edge?

Citi has an extraordinary presence in the financial markets. Its sheer size and global dominance allows it to travel in the top three spots in most categories when ranked against competitors. Our in-depth knowledge of local markets, our sheer ability to price competitively with our large balance sheet puts us in the top class of investment firms on the street. In addition to our business franchise strengths, Citi has a phenomenal sense of cultural diversity. This diversity among the employee population strengthens the Firm’s understanding of the diverse client base we cover.

How would you describe your team and the people you work with?

The structuring of OTC derivatives across multi- asset classes attracts a group of highly intellectual, technical, innovative and problem-solving financial engineers and salespeople who truly understand client needs. This highly skilled group of individuals stands on the front lines as they create the next generation of financial solutions for clients.

What skills have you found to be the most useful in your position?

I use technical knowledge of Equity and Hybrid derivatives to achieve success in my role. I use strong client relationship skills and tenacity to drive deals to closure. I use innate leadership skills to motivate a team to reach their highest potential.

What non-work related activities do you get involved in through Citi (community, mentoring, charity)?

- Georgetown University Recruiting Team
- Summer Analyst Mentoring Program
- Diversity Recruiting
- Women’s Diversity Sub-Committee
- Women’s Recruiting

If you could have dinner with anyone (past or present) who would it be and why?

I think it would be fascinating to have dinner with Condoleezza Rice.
In a previous life, I wanted to work for the CIA or NSA, and studied international relations and Russian. I think it would be extremely interesting to pick her brain on world affairs (not to say she could divulge much that is not already public knowledge). Additionally, I think it would also be interesting to hear her view of how she achieved her success and how she was able to position herself into such an extraordinary role at such a challenging time for the United States on the global stage.

Samir Lalvani BA (Brown University); MBA (New York University) Director

Describe your experience in your specific training program.

Building a network of close friends within the organization. Of course, this benefit does not take away from the learning that you also gain. Irrespective of work experience, at the end of the training program, all associates are on the same playing field.

How would you describe your team and the people you work with?

People with diverse backgrounds having the same goal, "client first."

How has Citi supported your career development?

I have been with the Firm for eight years. I have spent one year in Los Angeles with the Global Relatiobship Bank, one year in Sydney with Global Capital Structuring, and I am currently in New York in Global Structured Solutions, a product group within Fixed Income Capital Market Products. The Firm encourages individuals to take advantage of opportunities to broaden one's knowledge base and skill set through formal training and work experience.

What advice would you offer prospective candidates on transitioning from school to the workplace?

Make friends and learn as much as possible about different groups. This is a fantastic opportunity. Keep an open mind -- you have just begun your journey.

What do you enjoy doing outside work?

I engage in various philanthropic activities, including supporting a world-wide organization known as “Kids For The World.” I also enjoy spending time in Central Park with the family.

Michael P. Psyllos BBA, Public Accounting, 1989 - Hofstra University; JD, 1993 - Touro College, School of Law; MBA, Finance 2000 - New York University Director

If asked about your career at a dinner party, how would you describe it?

Structured Credit Products, CDOs and CRE CDOs, in particular, are a relatively new product class, and the market continues to evolve quickly. Creativity and innovation are a critical component to success in this market. Despite the young age of the market, the benefits of CDO technology have been quickly recognized and adopted by our clients. These clients include Mortgage REITs, RE Fund Managers and Specialty Finance Companies that originate or invest in CRE loans or other debt instruments. CDOs offer these companies match-term, non-recourse financing to lever their investments. In addition, CDO issuers are benefiting from a Capital Markets execution, which typically reduces their cost of capital.
My role in this process is to work with both new and experienced managers to bring their transactions to market. We assist the Issuer in formulating the CDO capital structure and confirming the structure with the rating agencies, assist in preparation of the marketing materials, offering materials and legal documents and placing the bonds with investors.

How would you describe your team and the people you work with?

Citi individuals are a diverse patchwork of professionals. It is apparent that Citi strives to employ a diversified workforce. And though each individual may have a distinct background, my colleagues also have many attributes in common. They are diligent, intelligent, creative professionals who strive to excel in their fields. Citi employees are also energetic and committed individuals.

How has Citi supported your career development?

It is evident that Citi’s Capital Markets group is a true meritocracy. As individuals prove that they can handle increased responsibility, it is bestowed upon them. Your title doesn't act as a restricting factor. Junior Professionals are given immediate responsibility and exposure to senior professionals--inside and outside the organization.
Citi employees are not pigeonholed based on their education and professional background. The Company understands that energetic and intelligent individuals can learn new tasks with ease, given a collegial atmosphere. This corporate approach allows individuals to move freely throughout the organization matching their talents with a position. I’m a good example of this – having recently moved from the Global Loans group to the Global Structured Credit Products group.

What do you enjoy doing outside work?

Traveling, reading, biking and spending time with family and friends.

Joseph T. Wilson Jr. BS North Carolina A&T State University, MBA Cornell Managing Director

What advice would you offer prospective candidates on transitioning from school to the workplace?

My advice to prospective candidates is to reach out to alumni and any other contacts they may have on Wall Street. Candidates should spend as much time as possible with people in the business that they want to pursue. The candidates who are most successful during the interview process are those who have learned the subtleties and the language of our business.

If asked about your career at a dinner party, how would you describe it?

I joined Citi’s Global Loan Sales desk in May 2002 after spending 16 years at JP Morgan. At JP Morgan, I spent four years in Investment Banking, five years in Commercial Lending and seven years in HY Bond and Loan Sales.

What about your career excites you the most - gets you out of bed in the morning?

The thing that excites me most about my career is the fact that I am involved in a product that has exploded in popularity over the years. The leveraged loan market has fueled the recent surge in private equity firm activity. The size and volume of Leverage Buyout activity that we have seen over the past 12 months is unprecedented. I get a charge out of seeing Citi sponsored transactions on the front page of the Wall St. Journal.

How has Citi supported your career development?

I have been extremely fortunate over my five year tenure at Citi because I have attracted some great mentorship. I believe that good mentorship is extremely important to the career development process. My mentors have been very helpful in helping me navigate the Firm and interpret feedback from managers. In addition, my mentors have helped me gain a significant amount of exposure to senior management.

How do you see the your business group/the Firm/the industry changing in the future?

The leveraged loan market is currently going through a tremendous amount of change. In May of 2006 dealers started trading Credit Default Swaps (CDS) referencing senior secured loans. This event has sparked the entrance of a number of sophisticated new investors into our market. Much like we have seen in the bond market, in order to be competitive in the leverage loan market in the future, participants will have to be well versed in cash (bank and bond) as well as synthetics (CDS).

Where do you see yourself in five years?

I see myself managing a sales team in five years. Over the past 20 years, I have honed solid product, sales, communication and negotiating skills. In addition, I am already part the leadership structure of the Loan Sales Desk. A sales management position is a natural next step.

What do you enjoy doing outside work?

I have two passions outside of work; 1) spending time with my six year old son and 2) studying martial arts. I am an advanced student of Northern Shaolin Kung Fu. I even find time to compete in martial arts tournaments a couple of times a year, in both open hand and weapons events.