February 03 2017
This week’s #SoaringToSuccess features Anna Tude ’17 who traveled to Stockholm, Sweden to intern for two summers with a prominent international bank. This economics and business administration major, with a specialization in management, worked on major projects for the bank, while solidifying her interest in a career in finance.
Let’s travel to Stockholm and learn more from Anna…
Skandinaviska Enskilda Banken (SEB) is one of the largest banks in the Nordics. A Swedish entrepreneur founded SEB in 1856 and it was the first private bank and one of the first commercial banks in Sweden. Today, SEB provides services to private citizens, small to medium sized companies, and large corporations. The bank has a well-respected reputation and has expanded internationally with branches in Europe, Asia, and North and South America.
For the past two summers, I had the opportunity of a lifetime to intern at the headquarters of SEB in Stockholm, Sweden. I worked in the Merchant Banking, Client Coverage Department and more specifically, for the Banks Team.
During my first summer, I was given a major project. The Internal Revenue Service (IRS) had put a new regulation called FATCA (Foreign Account Tax Compliance Act) into place and my job was to classify all of the team’s clients according to the IRS and ensure that the classifications and documents appeared in all of the bank’s systems.
Aside from this main project, I was also given minor projects such as coordinating planning meetings for an annual conference called the Swift International Banking Operations Seminar, or SIBOS. I helped with preparing PowerPoint presentations, taking minutes during important meetings, and researching various news events including the financial crisis in Greece and its impact on the financial market.
I was given a great deal of freedom with my responsibilities and was encouraged to visit other departments in the bank whenever I wanted to and when I had time. I took advantage of this and visited as many different people and departments as I could. This gave me a better feel for the industry I want to work in in the future, but also a wider understanding of how the bank operated as a whole.
During my second summer, I was immediately given another major project, also a compliance type project based on the EU’s Markets in Financial Instruments Directive (MiFID) II. My job was again to classify all of the clients according to this new regulation. Just like my first summer, I was given supplemental projects, and had the same supervisor who encouraged me to have lunch with colleagues and visit other teams and departments.
The biggest difference during the second summer was that I knew most of my colleagues and I had a better understanding of the company culture. More importantly, I knew how all the different systems in the bank worked. I could get started right away compared to the first summer where I was more focused on relationship building, training, and learning how all of the systems worked.
The best part of this opportunity was all of the invaluable knowledge I gained. I worked in an environment with such driven, motivated, and competitive people. The office was upbeat from early morning to late night and filled with people who loved what they were doing. That’s the kind of environment and type of people I want to work with in the future.
My two summers at SEB really validated my decision to pursue a career in finance, but more specifically in banking.