Investment banks are divided into groups. Industry coverage groups, such as Healthcare or Technology, advise companies in a particular sector. Product groups, such as Mergers and Acquisitions or Leveraged Finance, specialize in a type of transaction or financing.
Group placement is the process of assigning incoming interns to these teams. Some interns recruit directly for a specific group and know their placement when they accept an offer. At other banks, interns receive a generalist offer and are matched with a group before the internship. A smaller number of programs use rotations, allowing interns to work across multiple teams before settling into one.