Financial institutions group
The bankers whose clients are banks, insurers and asset managers.
The Financial Institutions Group is the crown jewel of investment banking M&A and capital markets coverage, but it runs a fundamentally different analytical framework than corporate coverage. Value a bank like a corporate in the interview and you've lost before you've started.
The regulatory lens is non-negotiable. Every decision flows through CET1 ratios, leverage ratios, MREL, and Solvency II. Banks are capital-constrained and cannot grow assets freely. Trading books create volatility banks cannot control, and P/E multiples are useless for valuation. You'll work in Net Interest Income, Net Revenue, Operating Profit, ROTE, and justified P/TBV instead. The liability side is existential, deposits, funding structure, and refinancing risk matter as much as the asset book.
Coverage spans universal and retail banks, life and P&C insurers, reinsurance, asset management, wealth management, private equity and alternatives, exchanges and market infrastructure, payments and fintech, specialty finance, and mortgage lenders. Each subsector has its own metric stack, Embedded Value and VNB margin for life, combined ratios for P&C, revenue yield in basis points for asset managers, take rate and net revenue retention for fintechs (never TPV alone).
Expect sharp questions on IFRS 9 post-model overlays, Solvency II matching adjustments, the IFRS 17 transition, and PRA, FCA, and ECB approval timelines running 6–18 months for M&A. Rates, credit cycles, and thematic narratives drive 20–30% share price swings. Watch the warning signs, rising RWA density, declining NPL coverage, heavy reliance on overlays.
Open jobs
| Job | Firm | Level | Stage | Posted |
|---|---|---|---|---|
| Investment banking · Financial institutions |  PJT Partners | Analyst | 5+ years | 2 weeks |
| Investment banking · Financial institutions |  Citigroup | Summer starts Jun 2027 | Second-to-last or final year at university | 4 weeks Closes 30 Dec |
| Investment banking · FIG Benelux / Financial institutions |  Morgan Stanley | Associate | 3+ years | 4 months |