Brian, I have an offer with JPM for their corporate analyst development program. Have a confidential story, tip, or comment youd like to share? Contact:sbutcher@efinancialcareers.com, Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Being in NYC is better for exits/other opportunities, but youll probably have a better lifestyle at HL, or at least have a bit more free time to research other opportunities. Thank you so much in advance. Thanks in advance. Moelis and Evercore are both elite boutiques, not bulge brackets, so options outside finance are about the same. Co-Head of Financing Advisory & Restructuring for North America New York T: +1 212 389 1539 E: neil.augustine@greenhill.com Mr. Augustine joined Greenhill in 2018. Especially seeing how high you placed Ducera and some of the other boutiques which have horrible culture. Hi Brian, in what category would you put Spanish Banks Santander and BBVA, In-Between-a-Banks (IBABs) or Middle-Market? I dont think either one gives you much of an advantage for PE, but FTP is far better for anything in tech/fintech. I really want to start looking for other positions and start networking, but my current company will sponsor my visa (the visa process will start next April and if you get the visa lottery, you cant move before October when the visa gets effective). What can I do to prepare myself for work once I finished my undergraduate work? I dont think so, at least not if youre working in Europe, because Rothschild has the better reputation and higher market share in M&A deals. -Junior year Also is it correct to assume they are a bit more selective than middle markets but less selective than EB? 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I really have no idea, but it takes a lot more than one deal to change a firms reputation. Its incredibly difficult to find information on that market because theyre all small countries, and so even more activity takes place in London instead. Also, my bank will likely to claw back my signing bonus. Although I do like the industry, I am not 100% sure I would want to pursue it long-term and it seems that all of the current analysts are accepting buy-side associate positions in this same industry. Is it as good as being at a MM bank, but better than a RB? What separates out an Elite Boutique like Rothschild (NMR) from a US MM like Baird/Blair/HL? The answer doesnt change based on the region. If you are at a top MM bank (i.e. Ah yes -- the great ranking thread returns again, closely watchedacross the street. That is more like upper-middle-market territory. How do the exit opps from these firms compare to Wells Fargo or Jefferies? And as far as an EB is concerned, would it also be better to go there if I have an offer in Paris in Rothschild for example, instead of going to the IBAB in London? Vel sit dolor voluptatem non nam quos doloribus. This is pertaining to a mid level role (e.g. Thanks. What does a restructuring banker do exactly? I doubt any banks will make major moves in the near term (except down, maybe) due to the virus crisis and sharp economic downturn. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). Thanks for adding that. Restructuring is a major business line for most elite boutiques (although generally still much smaller than M&A because most large businesses should not be failing) but are difficult to market within the Bulge Bracket platform because of conflicts in lending and capital raising. Barclays has better groups in terms of advisory, however, and they do M&A in-house so they get the edge for me". All offices are being considered for NY. I attempted to bridge this whilst being helpful although no ranking will be perfect, Wouldn't be surprised if you're Ben Mayan Biran tbh. VP) outside the US. You get the best of both worlds: name brand and skill set. You could potentially move to EB or BB banks, but your chances are probably better at smaller firms. I have an offer at Rothschild and was hoping to move to one of the other EBs. I dont know about the scheduling issues offhand, but the usual answer in cases like this is to find a way to delay your graduation so that its around the time of full-time start dates at banks and there are no issues with finishing too late or too early. Just kidding its a massive waste of time. How would Rothschild's restructuring group compare to say Evercore restructuring? Sorry to keep bothering you with these questions, but recruiting keeps changing. technique - and why do banks like it? I study in a target UK university and have borderline 1:1, but I have only done internship in a SEA regional investment bank. But because this internship decision should be made quickly or I might miss it , I emailed you for an insight). ", It'd be great to get more light on my last post though, the clock is really ticking, which is why I started this thread in the first place. derivatives, project financing, etc) do you think I will benefit the most if I want to eventually be an analyst in the investment bank or fund manager at asset management? Question for you. I want to add that the In-between banks do not send more people to PE than MM firms. Brian, do you think there is bamboo ceiling in the States? Theyre often founded by high-profile rainmakers at BBs or EBs, and they frequently work with their previous clients. Where does Union Square Advisors (tech) fall under the category? Im happy to take back that statement if you can show evidence of why Harris Williams should be the #1 middle-market bank, or how well its Analysts have placed (e.g., 5-10 Team pages of middle-market PE funds that have Analysts from Harris Williams). Houlihan Lokey, William Bliair, etc.) I dont really think there will be a huge difference between MS/GS LevFin and M&A at a top EB in terms of PE recruiting, but yes, M&A at the EB is still probably a safer bet just because you never know exactly what Leveraged Finance will entail. Can I talk about these two deals for my interviews with other banks? Thoughts on Guggenheim Tech (Chicago) vs PWP M&A (NYC)? Is that usually the case? Can I negotiate on this if I get an offer from another bank? One offer from an In-Between-a-Banks (think ING, ABN, SocGen) and another from a very respected MM M&A boutique (think Baird, William Blair, HL). Hope this helps.
Binladin's Debt Restructuring Is About to Get More Scrutiny What is the S.T.A.R. Can you lateral to a BB or MM as a VP after being a VP there? My boutique firms deal flows are not strong at all so I am really worried I wont get great experience listed on my resume. I have few connections at BBs, MMs and RBs but have all turned up fruitless. Ive been working during 3 years at MM boutique (Clearwater International) and now I have received 2 offers and I dont know which one to choose: i) one as senior analyst at BB (UBS) or ii) as M&A Director at a portco of a mid market PE fund, where the salary and bonus is below BB but theyd give me sweet equity, and being part of the board. GPA/test scores? Even at the BB banks, a relatively low percentage (< 50%) get in. Turnover is high, its a crappy job for most people, and banks need junior staff to churn out documents. So far, there isn't any extra pay on offer at either bank. Thoughts? They tend to work on the largest deals, usually those above $1 billion USD in size, though they sometimes go lower than that depending on the market. Fugiat maiores repudiandae recusandae illum. I am curious as to what groups at Lazard are typically the best bet in regard to exit opportunities at these firms. I really dont know, sorry, because we dont track quant roles by bank. I agree that its far above the other MM banks, but I dont really think you can call it an elite boutique, either. We negotiate with creditors on behalf of our clients, especially in cases of financial stress or distress. I believe theyre strong in financial sponsors / healthcare / real estate, but theyre still squarely in the middle-market category. I want to recruit for top tier PE firms such as Apollo, KKR, Blackstone, Carlyle, etc. Do you have any advice on which to pick? Just want to have some advice on approaching this opportunity. Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street. I would not at all say there is less competition at firms like Lazard (elite boutique) than there is at JP Morgan (bulge bracket). Have you ever heard of this/is this normal? Atque officiis et quo quis tempora voluptates. Turnover is so high at most banks that staying there for the long term doesnt matter much. 2023 eFinancialCareers - All rights reserved. generalist program for SA, butassuming you place into the group full-time, you should have no issue with exiting into some of the top credit shops. But Im not really sure what youre asking in the first part of the question. Its more diversified than most of the EBs but still works on smaller deals, on average, but it still generates much less in fees than the BB banks. Will the classes, clubs, and summer internship next year be enough to overcome this and get a full time position at a BB upon graduation? For something like Citi in London vs. MS in Paris, Id say Citi in London is still better for now. Hi Brian, I am an incoming summer analyst in the M&A group of one of the non-big 3 BBs that has been struggling a bit recently. Legal knowledge is important if you work in restructuring.
What do restructuring bankers do? A Rothschild director responds This site is such a wealth of information! I knew I forgot at least one theyre middle-market. Size is the most obvious difference, but thats not the best way to think about these categories: Many tiny firms end up working on mega-deals these days. If this is the best opportunity you have found, you should take it. I dont know, about the same?
Restructuring Investment Banking: How to Get In and What You Do I was just wondering how do you think about the rise of RBC in recent years? Yes, there is, but more so for Asians who are not originally from the U.S. Seems Miller Buckfires been dying slowly since it was acquired by Stifel with the senior bankers jumping to Guggenheim and other firms recently, and Greenhills dealflow in restructuring has also been weak lately. But it would still be tough to move from restructuring into a generalist role at a large fund because headhunters basically force you down a specific industry path. Hedge fund Brevan Howard hired NatWest's ex-head of euro swaps trading, Big banks might have slowed hiring, but boutiques have not. I ask because the merchant bank normally only takes associates and recruiting for them later down the line seems really difficult. Thanks in advance Its a c.20 man team with mostly ex BB and EB MDs. Is it more of a corporate development role or a corporate finance role? I have just over 4 years of experience in the government as a glorified secretary working in the procurement department. In theory yes, but in reality, everything is driven by prestige and brand names, and the top merchant banks dont have the same prestige as the top BB/EB banks, so youre at a disadvantage in recruiting. How do the Big4 firm mid-market M&A arms place among the banks? WSO depends on everyone being able to pitch in when they know something. Thanks! EBs and MMs (in order):Tier 1: Evercore, CVP, PJT,Tier 2: Moelis, Lazard, Perella, M KleinTier 3: LionTree, Guggenheim, Greenhill, Raine, Tier 3.5:Jefferies (really hard to place them tbh)Tier 4: Blair, PJ Solomon,Houlihan Lokey, Baird,RothschildTier 5: HW, Piper,LincolnTier 6: Cowen, RayJay, Macquarie, StifelTier 7:Stephens, etc, (obviously variations and happy to incorporate feedback but this is generally what I feel is correct, can be extremely group dependent), Restructuring rankings (in order):Tier 1: PJT, HL, Laz,MoelisTier 1.5:EVRTier 2: Centerview, Ducera, Guggenheim, PWP,Greenhill,Jeff (see comment below)Tier 2.5:Rothschild (lost their top dog and it remains to be seen how they compete)Tier 3: Miller Buckfire, PJ Solomon (MB is in decline unfortunately), Technology IB rankings (SF in order):Tier 1: GS TMT, Q, MS Menlo (gonna get flak for this)Tier 2: JPM, Lazard, Evercore, Bofa, CVP,MoelisTier 2.5: LionTree, Raine, DBO, similar tech boutiques that spun out of BBsTier 3: UBS, DB, Barclays, CS, CitiTier 3.5: FTP, PWP (best deals for PWP are inNYC)Tier 4: PJT, Greenhill,Guggenheim (only clean-energy/greentech), Rothschild, (I had a rough ass time placing Tier 3-4 on this, would welcome feedback).