Unicredit CIB in Munich Watch

ciembalo
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Does anyone have any insights regarding work experiences there, intern salary, etc?
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ciembalo
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No one?
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mxp804
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Did one of my internships there. Here are some key points:

While Unicredit (UCB) is an italian bank, most of their investment banking (CIB) is done from Munich (MUC). Speaking German is not a pre-requisitie but is desired, and sometimes necessary, for some divisions. CIB also generates most of the groups (80%+) revenues.

Pay: Summer interns get like EUR 1.5k and off-cycles EUR 700ish. So very bad vs. what the street pays, but MUC is also cheaper than LDN. And living standards are great there.

Culture: Very relaxed, very down to earth. Most people were also quite smart and very nice, but you also get a few dumbasses. Basically, the place is 80% filled with Bavarians who dont want to leave the MUC area because of the quality of life. Bavarian culture is quite unique - think beer gardens, Bayern Munich FC and the MUC schickeria.

Ranking/Presitge/Strengths and Weaknesses: UCB is a EU commercial bank, and they really only focus on the Euro area. So, that says a lot really...a lot less meritocracy and aggresiveness than your standard US/pseudo-US shops, but the work-life balance is extremely good. Good groups are: DCM (top 3 in EU), Lev. Fin and Lev. Loans, Flow Credit and Rates S&T, Structured Finance. Groups to avoid: M&A/IBD (this one is particularly bad in terms of dealflow and working hours. They also dont have have IBD groups per se but relationship managers), ECM or anything equities related.

Summary: All-in-all, UCB in MUC is a good career start/stepping stone for a career in investment banking. While they pay sucks (I was on an off-cycle pay and couldnt cover all my expenses), you will def. have a good time if you land in one of their better groups. There are many interns there (just look at the job site, its stuffed with opportunities) and the work-life balance is awesome. Its also very good if you want to join their graduate programme (pay is EUR 50K+ all-in and is rotational and some travel). The bank also knows what its good at (flow house with large euro marketshare) and is getting better and better. However, you are in for a surprise if you intern at a BB afterwards in terms of culture/worklife balance.

Hope that helps, pm if you need more info
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DerPumuckl
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Unicredit has recently managed to get onto covers for a decent amount of HY deals and even one or two lead-lefts for Italian companies... so quite decent but i would be surprised if they were Top 3 in DCM (prob. not the B/S to be decent in IG) for EMEA. Never noticed them on LEAG but i might be wrong.

P.S. Some of their traders are BVB fans so be aware haha.
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