Scotia Waterous – A Brief Assessment

Scotiabank overall
- 69000 employees

Structure

• 4 major groups: Domestic Banking, International Banking, Scotia Capital and e-Banking
• Scotia Capital:
• Scotia Mcleod (Canadian i-Banking),
• Scotia Mocatta (metals trading),
• Scotia Waterous (the well-regarded M&A division that operates exclusively within the oil & gas industry)

Relative hierarchy

Scotiabank ==> Scotia Capita ==>Scotia Waterous

Remark:

Scotia Waterous is a very focused team with most directors come from petroleum industry as engineering experts.

They are well regarded mostly because of their focus and specialty.

They are doing business but with their strong technical domain knowledge. However, you as a pure financial/business background might find little difficult to fit in to this close circle, unless you would like to grasp their knowledge and daily language.

Citi Group – A Brief Assessment

Recent job cut

• April 2007 Citigroup eliminated 17,000 jobs, or about 5% of its workforce
• Jan 2008, it announced another 5% cut.
• Nov 2008, the subprime crisis hit Citigroup with full force, despite its receipt of $25 billion in federal TARP bailout money, and on November 17, 2008 Citigroup announced plans for about 52,000 new job cuts.

Market Performance

• $300B market value in 2006 down 15 times to $21B in 2008

Federal Assistance

• $25B federal TARP bailout money
• $20 direct investment to the company by Federal
• $306B in loans and securities from Federal

Structure - four major divisions:

Global Consumer Group, Global Wealth Management,Citi Institutional Clients Group (newly created in 2007), and Global Cards

• Global Consumer Group: Citi Cards, CitiFinancial and Citibank
• Global Wealth Management: Citi Private Bank, Citi Smith Barney, Citi Investment Research
• Citi Institutional Clients Group: Citi Markets and Banking, Citi Alternative Investments
• Global Cards: all Citi credit cards

Relative hierarchy

Citigroup
         ==> Institutional Clients Group
                   ==> Global Banking
                            ==> Investment Banking

https://icg.citi.com/global_banking/invest_banking.jsp

http://www.oncampus.citi.com/careers/north_america/institutional_clients_group/investment_banking.aspx

or you could be end up with this hierarchy

Citigroup
         ==> Institutional Clients Group
                   ==> Global Markets
                            ==> Global Commodities
                                     ==> Oil & Oil Products

https://icg.citi.com/global_markets/product_solutions/commodities/index.jsp

https://icg.citi.com/global_markets/product_solutions/commodities/oil_products.jsp