EMEA | London | Global Corporate and Investment Banking | Analyst Summer Internship (2023)

Global Corporate and Investment Banking, Summer Analyst

London, UK

Job Description & Program Overview

Global Corporate and Investment Banking (GCIB) provides advice and services to large corporations, governments and institutions around the world. GCIB provides the firm’s clients with a broad range of services and products, including mergers and acquisitions and strategic advice, lending, access to debt and equity capital markets, treasury services and tailored risk management solutions.

Global Corporate and Investment Banking is split into four areas:

  • Corporate Banking
  • Debt Capital Markets
  • Equity Capital Markets
  • Investment Banking

Corporate Banking
Global Corporate Banking is part of the Global Corporate and Investment Banking Division (GCIB) at Bank of America Merrill Lynch (BofAML). Our team is focused on managing the day-to-day relationship with our clients as well as providing strategic advice across a variety of financing and treasury solutions across the bank. Global Corporate Banking is organised on a geographic basis, serving a diverse range of clients and industries across the Americas, EMEA and Asia Pacific. Outside the US, our focus is on large global multinational corporate and financial institution clients. Within EMEA, we provide global solutions to the largest corporate and financial institution clients headquartered across the region, as well as subsidiaries of our large global multinational clients.

At BofAML, we operate a dual coverage model – with Corporate and Investment banking teams working seamlessly together to deliver the entire firm to our clients. The Corporate Banking team is responsible for delivering financing, treasury and risk management solutions to our clients, and the Global Investment Banking team manages the strategic dialogue (including Mergers & Acquisitions advisory as well as equity capital markets). In addition, Global Corporate Banking manages the firm’s balance sheet allocation to our clients in coordination with our Wholesale Credit and Risk teams. As a client coverage relationship management function focused on delivering the bank’s full suite of capabilities and solutions, Global Corporate Banking works alongside colleagues in Global Investment Banking, Global Capital Markets and Global Treasury Services to provide holistic advice and best-in-class execution services across:

Capital Structure Advisory: Including the preparation of detailed financial models and analytical presentations in order to offer holistic advice regarding clients’ debt funding strategy

Debt Capital Raising (Loans, Bonds, Leasing, and Acquisition Finance): Working closely with our colleagues in the Debt Capital Markets and Leasing groups to help clients issue debt across various markets, either as part of their regular financing plans or in the context of a strategic transaction e.g. an acquisition

Risk Management (FX, Rates and Commodities): Partnering with colleagues across the bank’s various risk management groups to deliver solutions and products that help to mitigate clients exposure to interest rates, currencies and commodities

Treasury Solutions (Working Capital & Liquidity, Cash Management and Trade Finance): Solutions that help to optimise clients’ working capital cycle, cash flows and cash balances, such as corporate credit cards, trade finance and liquidity / cash management

Global Corporate Banking covers a broad array of areas across the financial markets, with a need to work on a range of complex transactions and solutions with a diverse range of people across the bank, globally, to deliver for our clients.

Overview
As a Summer Analyst within Corporate Banking, you will:

  • Assist Global Corporate Banking professionals in relationship management, origination and executionacross a diverse set of product areas
  • Gain an in-depth understanding of our clients, the industries in which they operate and how the bank helps support both their growth aspirations and day-to-day banking requirements
  • Provide market-informed judgments on a broad array of financing strategies to address clients' specific needs
  • Become proficient at credit analytics and the various metrics used to price and structure various debt instruments
  • Gain familiarity with the legal and documentation aspects of various debt instruments as key step in debt execution
  • Work on live transactions and interact with clients as you build your network and experience
  • Help to generate ideas and cross selling opportunities for new and existing clients
  • Assist in the development of client specific analysis (e.g. capital structure, acquisition finance)
  • Work closely with Investment Banking teams on client coverage and origination

Debt Capital Markets and Equity Capital Markets

Bank of America Merrill Lynch has a combined Summer Analyst program for Debt Capital Markets (DCM) and Equity Capital Markets (ECM). ECM and DCM originate and execute a wide variety of equity and debt solutions for our clients. We assist with capital raising in the public and private markets for large acquisitions, strategic financing and the strengthening of balance sheets.

DCM professionals originate, structure, risk manage and execute debt products, including bonds (across public and private markets), loans and acquisition finance. Our clients include Corporates, Sovereigns, Supranationals, Agencies and Financial Institutions. Post-origination, we continue to assist our clients with their ongoing debt portfolio management through liability management and derivative transactions.

ECM professionals originate, structure and execute equity capital raising products, including IPOs, rights offerings, accelerated placements, convertible bonds, hedging structures, margin loans and structured purchases/disposals.

Both Capital Markets groups work closely with Corporate Banking and Investment Banking (client coverage) and Global Markets (trading and distribution). Therefore, candidates who have a natural interest in both markets and corporate finance will find it a particularly rewarding environment.

As a Summer Analyst you will be assigned to one of these Capital Markets groups but will benefit from exposure to and connectivity with both groups throughout the internship. Candidates are welcome to express an interest in one or both of DCM and ECM. During the program, you will gain exposure to the full suite of DCM or ECM products, ensuring a holistic experience and first-hand understanding of the range of financing solutions, and offering you the chance to explore your best fit for a full-time role.


As a Summer Analyst within ECM or DCM, your key tasks and responsibilities may include but are not limited to:

  • Assist DCM or ECM professionals with deal origination and execution across a diverse range of product areas
  • Work as a product specialist directly with our clients at top management level to create and deliver financing solutions through ECM (equity, equity-linked and/or derivative) or DCM (bonds, loans, FX and rates) products
  • Develop a strong understanding of market fundamentals and be able to make market-informed contributions on a broad array of financing strategies that address clients’ specific needs
  • Design highly tailored presentations for clients to outline solutions to their financing needs (e.g. general corporate financing, acquisition financing)
  • Work on live transactions and interact with clients and professionals from across the bank as you build your network and experience
  • Work closely with Investment Banking teams on client coverage and origination
  • Work with sales teams and traders in Global Markets to coordinate and manage live deal executions, and liaise with Global Research to stay informed on the latest market developments

Investment Banking

The Investment Banking division provides advice to CEOs, CFOs and Boards of Directors of our clients on strategic topics including mergers and acquisitions and capital structure. Our bankers also work closely with product specialists in Equity Capital Markets and Debt Capital Markets and Corporate Banking to originate and execute debt and equity financing and treasury solutions for our clients.

The Investment Banking division is organized across industry coverage, country/region, and product teams. Industry coverage teams include Consumer and Retail, Natural Resources, Financial Institutions, Financial Sponsors, Healthcare, Multi-Industries, Real Estate, Gaming and Leisure, and Telecoms, Media and Technology among others. Product teams include Mergers and Acquisitions, Corporate Finance and Leveraged Finance. Country coverage teams include all regions in Europe, Middle East and Africa (EMEA) and are partially or fully based in regional offices.

Your training and development is our top priority with extensive formal training offered at the start of the program in addition to on the job support, educational speaker events and mentorship throughout.

As a Summer Analyst within Investment Banking, your key tasks and responsibilities may include but are not limited to:

  • Work on projects alongside bankers in specific industry, product and country coverage groups, providing you with a unique learning opportunity.
  • Help the team deliver solutions to clients leveraging full spectrum of the bank's capabilities
  • Actively contribute to the preparation of client presentations and underlying financial analysis
  • Build relationships, knowledge and experience that will open doors to a wide range of future career opportunities
  • Through our unique pooling system, you will have the opportunity to work across multiple areas, giving you a first-hand understanding of the investment banking profession and offer you the chance to explore your best fit for full-time placement

Qualifications

  • Candidates are required to be pursuing a degree from an accredited college or university, and in their penultimate or final year of study
  • Applications are accepted from a diverse range of degree disciplines such as the arts and humanities, as well as numerically focused subjects such as economics and mathematics
  • Fluency in English is essential for all roles. For some roles fluency in Russian, Arabic or Mandarin is essential to support the Global Banking and Markets business area and the activities of the division and managing international client relationships
  • For some roles within Emerging Markets (including sub-Sahara Africa, Russia and China), a knowledge of those regions is required so that support in the marketing of products, advising and coordinating the marketing effort to existing and potential investor base in the emerging markets region can be provided
  • Strong A-level grades and on track for a minimum 2:1 degree (or equivalent)
  • You'll need to demonstrate drive, innovation and a genuine interest in the financial markets
  • Team-work, leadership and problem-solving skills, plus creativity are key qualities, as is the ability to work in a fast-paced environment, multi-task and interact with a variety of people
  • Displays analytical and problem-solving skills
  • Influences decisions and outcomes through effective communication and interpersonal skills
  • Demonstrates integrity and ethics by earning other’s trust and respect through consistent honesty and professionalism in all interactions

Good conduct and sound judgment is crucial to our long term success. It’s important that all employees in the organization understand the expected standards of conduct and how we manage conduct risk. Individual accountability and an ownership mindset are the cornerstones of our Code of Conduct and are at the heart of managing risk well.

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