"In-between-a-bank", or IBAB, is the slightly awkward name for big banks whose investment banking business sits between the bulge brackets and the middle market. They're often enormous banks overall, but in M&A advice they're a step behind the top five.
Which banks count
- HSBC, strongest in Asia and debt
- BNP Paribas, the eurozone's biggest bank
- Nomura, which took over Lehman's European business
- Mizuho, which now owns Greenhill
- RBC Capital Markets, the strongest Canadian bank abroad
- BMO Capital Markets, known for mining
- Wells Fargo, mostly US
- CITIC Securities (CLSA), China and Hong Kong
Why they're worth your time
- Less competition. Fewer students apply, because they don't have the forum hype.
- Real strengths. Each has areas where it's as good as anyone: HSBC in Asia, BNP in European financing, RBC in energy and mining.
- A good "why us?" is easy to find, because their strengths are so specific.
- Often the best fit for international students. HSBC and CITIC CLSA for Chinese students, Nomura and others for Indian students.
What the CV needs
The same bar as a bulge bracket: one page, a predicted grade, finance experience with numbers. The difference is tailoring. Point to the bank's real strength. If it's known for debt, put your debt or credit interest first. If it's an Asian bank, make your languages and Asian experience visible.