Hi Thomas. Could you briefly describe your background as well as your current role at Citibank?
Hi Roger, I studied at Sydney University and completed a Bachelor of Commerce (Finance)in 2008 and then my Bachelor of Laws last year. I’m currently on the Graduate Program here at Citi and I’m currently rotating through Risk Treasury.
Risk Treasury is a key component of the bank ensuring the bank is within liquidity ratios provided by regulators. Beyond this the traders in Risk Treasury are given large positions by the residual positions of other trading desks and also our consumer banks credit cards and mortgages.
The job of the traders on the desk is to ensure these positions are placed at the most profitable parts of the yield curve. This is called ‘gapping’ the balance sheet.
What is a typical working day like for you at Citi?
A typical day a Citi starts at 6:30 with a morning wrap of markets overnight for the trading floor and investment bankers.
At 7:30 the traders and sales people from both Equities and Fixed Income head to their respective morning meetings where they discuss moves overnight, thoughts for the day, expectations and ongoing positions . This can also be the time where you find out the critical piece data you missed in your wrap.
Day to day, as a grad your first role is to learn from those on your desk both about markets in general and also about what drives your business.
This often comes in the form of projects, where you might need to rebuild or refine existing models, manage paper trading positions (which they will often trade for you) or innovate on ways the desk can be more efficient
Beyond this there is a day job where you work within the business playing a desk support role. This involves booking deals, talking to clients and back-office - generally what everyone else within the business would do day to day
What made your decision to choose Markets over other areas of the bank?
Choosing markets was really about knowing myself.
I knew that I work better under pressure and that projects with long lead times such as those in IB simply didn’t suit me.
As for your readers, I’d say the way they approach their assignments is a good indicator. If they find themselves putting them off to the last minute telling themselves they work best under pressure, I’d starting thinking markets
What ongoing training, development and opportunities for growth does Citibank offer for their graduates? Will you be rotating to various areas of the bank?
Citi has a rotation program where you will be exposed to various roles across Fixed Income, Equities and within these trading, sales and research based on your preferences. This is a fantastic way to get to know where you best fit in the business.
Beyond the rotation program, all Grads in Asia-Pacific will spend 6 weeks training in Shanghai later this year. This is a great opportunity to learn more about markets and also Citi as a global business. From speaking to previous grads, it is also a great opportunity to begin making connections around the region.
Citi also runs training and development courses that are market leading and well attended by clients such as fund managers. Grads are encouraged to attended these throughout the year
Beyond training, there are enormous overseas opportunities within Citi that are open even at the Grad level. Already a Grad from our year had been offered a job in London and will be starting there next month
What was your edge over other applicants in the job market? What should university students be doing right now to gain the best possible chance to succeed?
In markets communication skills are paramount. Get involved in debating, mock trial, and coach kids in your favourite sport, make it clear to the business that you have the communication skills that they are looking for.
Creating a point of difference for your application over others is key. At first instance your application will be looked over for less than 20 seconds and marks are not the be all and end all
Internships are key as they demonstrate your ability to work within a corporate environment. Of the grads here nearly all were hired out of the internship program. For internships, try to get into the corporate world as early as possible. Even if it’s unpaid work one day a week for an accountant or small finance firm, it will make all the difference.
Also studying abroad can also help, as it shows you can adapt to new situations.
How did you keep up to date with both the domestic and global markets as a uni student? Are things much different now or more or less the same?
Keeping up to date is easy, put some money into the stock markets and you will begin reading everything on Bloomberg, CNBC and WSJ. If you don’t have a great deal of money to invest, find a friend who you are competitive with and set up a trading game for a 6 months, make a bet and keep track of each others trades.
What are the most exciting and most challenging aspects of your job?
The most challenging aspect is to begin thinking like a trader. It is not just about taking a view on the markets you are involved in. Being around traders shows you that no matter how correct you think you are, the market can prove you wrong everyday. Accepting your own fallibility and doing so without losing confidence in your own ability would have be the most challenging aspect.
As always the most exciting and challenging aspects are inevitably linked. The most exciting part of the job is improving your understanding yourself, to notice your own behavioural changes in the way you view markets is very powerful.
How would you describe your team?
My current team and previous team in Equities have both been fantastic. The team is made up of traders from different backgrounds, countries and views.
In general people on the floor are always willing to help when you have questions, but in saying that these are busy people, you need to show the initiative to hassle them but they will always make time
Where do your passionate interests lie outside of work?
I coach a rugby team and this really helps me switch off from work. It’s important to have something you are passionate about; it will take your focus off work and help you come back refreshed each day.
If you could go anywhere in the world where would you go? Why?
Rio for the World Cup, I loved it last time and it would be incredible to see that city with even more energy
Do you follow any sports?
Rugby Union and Boxing
What would be your ideal way to spend a weekend?
A win on Saturday, celebrate with the team then a relaxing Sunday
Thank you for your time doing the interview with us Thomas. Do you have any final words of advice for students aspiring to work in the markets team at Citibank?
Apply for jobs everywhere; become used to the process, how to behave, what they expect from you. Finally be committed to your goal, grad programs are competitive; if you don’t make it onto the program you want there are other paths to working in markets.
Good Luck!
