Hey Brian, Because the recent one was terrible yet getting upvoted (not convinced it wasn't a troll), "Citi gets on a lot of M&A because they have the largestbalance sheet. I recently secured my junior year internship summer analyst position (summer 2023) at a large US bulge bracket for Sales & Trading in NYC. Restructuring Restructuring Successful outcomes for even the most complex restructurings We are one of the most active independent restructuring advisers globally. Nice article! Its good to know how the banks differ, but its even better to know what fits in best with your plans and what the opportunities from each bank look like. This site is such a wealth of information! I would pick IB at Mizuho if you dont know what you want to do yet, as it will give you more options, and the firm reputations are similar. So Citi definitely doesn't just get credit based on "balance sheet." I dont really see many Asians make it to MD or above do you think its because of cultural and language barriers? How would you rank the restructuring banks that are not top 3 (HL, LAZ, PJT), like Miller Buckfire, Millstein, Rothschild, Ducera, Perella Weinberg, Moelis, Evercore, Jefferies, Guggenheim, and Greenhill? If you are at a top MM bank (i.e. So far, there isn't any extra pay on offer at either bank. It would be almost impossible to get into mega-funds if youre coming from a MM bank. Can you lateral to a BB or MM as a VP after being a VP there? If youre more interested in capital markets than M&A, then maybe BNP makes more sense since they are stronger there. I don't think there is an easy answer to this because brand does carry weight, but based on the strong exits out of Rothschild recently i would go with them (known entity). I would still say a bank is better because its very tough to get into PE from consulting, even MBB, unless you target more specialized/operationally focused firms. Thank you! Im trying to get into Investment Banking and Im curious what you think is realistic for a person in my situation, with a background in engineering and no serious financial background to speak of. Most deals are below $1 billion, though this varies a bit by the bank; some, such as Jefferies, tend to work on larger deals than the other MM banks. (Also coming from a tech major so I dont know what I want to do exactly in the finance field yet). Thanks so much for the reply! Not sure if DB is still considered a good brand name (or a BB) ? Thanks. GPA/test scores? Voluptatum quo aut et ea nihil corporis. don't think they belong below jefferies which didn't really win any notable reps (outside of some UCCs) this past cycle. The best bet is usually to join a fairly broad, non-specialized industry group such as tech/TMT, healthcare, industrials, or consumer/retail that works on all types of deals. Land More Interviews | Detailed Bullet Edits | Proven Process, Land More Offers | 1,000+ Mentors | Global Team, Map Your Path | 1,000+ Mentors | Global Team, For Employers | Flat Fee or Commission Available, Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex. But most MDs and Partners in IB make from the high six figures into the low seven figures. At Lazard, it's understood that there's a hard stop in the evenings (interns, for example, are expected to work no longer than 8pm) and that the French office is strictly closed at weekends (although it's unclear how this prevents working from home). JT Marlin is about it for both, especially for BX. https://mergersandinquisitions.com/mba-investment-banking-recruiting-process/. My group had a lot of deal flows last summer and I was on two deals and they recently got closed. The lenders that want a bigger say . How do the exit opps from these firms compare to Wells Fargo or Jefferies? Obviously, a BB or Elite boutique would be ideal but is that a realistic place to dedicate my time applying? Bain or BNP Paribus? Yes, probably. Hello Brian, But this also depends on your timing if this is your 3rd year internship, the MM bank might be better if it offers a real return offer possibility and you dont want to work in Structured Finance at all. Will my background tell a good story in tech banking? Sorry, we dont rank specific groups within banks such as Lazard. The thing is, MF PE recruiting now starts so early that deal experience is almost irrelevant and it all comes down to your bank, group, undergrad, GPA, etc. Also which of these has the best skillset built for VC/PE/HF? WSO depends on everyone being able to pitch in when they know something. Or would my application get filtered out right off the bat? Rothschild & Co Engaged Employer Overview 540 Reviews 73 Jobs 597 Salaries 262 Interviews 105 Benefits 13 Photos 113 Diversity + Add a Review Rothschild & Co Reviews Updated Feb 26, 2023 Find Reviews Clear All Full-time, Part-time English Filter Found 295 of over 540 Sort Popular Popular COVID-19 Related Highest Rating Lowest Rating Most Recent If you have a mix of both cultures, the best option is to work in some type of group or firm where you advise on cross-border deals so that you have an advantage over local candidates in both countries. You can win the traditional exit opportunities coming from these banks, but its safe to say that fewer Analysts get into the largest buy-side funds, and more tend to move to other banks, smaller funds, or normal companies. (Assuming I have offers for two different BB, namely Citi and MS, but one in London (Citi) and the other in Paris (MS)). roth also got kicked off puerto rico - friend on the deal's boss got em knocked out. Also suppose I get an offer at Bain capital, which one do you think would be more competitive in terms of my career? Yes, but they probably wont give you full credit for your experience, so you might come in at a lower level. Given so many uncertainties about the visa and immigration policy, what would you suggest or have you seen any readers have the same issue before? I really enjoyed reading your article. "We provide financial advice to companies in financial distress or to the creditors who've lent them money. Is it possible to stay there for a year and go into PE or an EB? Impedit sint non rerum ad architecto necessitatibus. Similarly, you have to be careful with Industry-Specific Boutiques (ISBs) and Regional Boutiques (RBs) if your main motivation is the exit opportunity. My former roommate worked at Harris Williams and this doesnt seem right. We guarantee 100% privacy. There are also technical aspects to my role. how big are the analyst classes of In Betweens? This website and our partners set cookies on your computer to improve our site and the ads you see. I would not plan to stay there long. You can exit to private equity firms and hedge funds coming from these firms, but its more difficult because Analysts at the BBs, IBABs, and EBs tend to get priority. On the other hand, if the company has an operational issue if it owes money to the trade partners who supply it with raw materials, for example, then emergency funding might be required. I more mean to say even with your massive premium on a boutique experience those boutiques are at best similar to the BBs or even worse- considering some BB groups are very very small and selective. Hard to say because so much depends on performance in a given year. Allen & Co (TMT, more of a career move), 5. Thanks for your answer! Its a solid middle-market bank, probably about on par with the others. I have the league tables in front of me via CapIQ. UBS is still considered a bulge bracket bank, even though it hasnt really been at that level for over a decade. If you have time for another internship at a larger bank, you have a good shot at any of those 3 categories. On that note, can I get a quick assessment of which banks I should target? I have a military background as I was a submarine officer for 6 years. I have applied to a range of Advisory firms and have had a BB interview and a few MMs but despite positive feedback have been passed for more traditional candidates. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. I am very interested in getting into investment banking . Does being at RB long term (like really no name) hurt your chances for b-school? And how will your answer differ if I want to stay in Europe compared to if I want to move to the US, and/or Asia? I very much agree with you that people often ask the wrong question. I would probably pick RBC at this point due to DBs uncertain outlook. I agree that Miller Buckfire and Greenhill havent been doing as well as the others. Thats really the maximum that can be done and theyre usually on different cycles. I am currently deciding between Evercore M&A (no industry specified, likely generalist at first, then later asked to specialize) vs Goldman FIG for a full time analyst position. I was wondering how you would rank the following banks considering exit opps (I know it heavily varies by group within but in general): JPMorgan, Bank of America, Barclays, Credit Suisse, Jefferies. Thanks for the article and for all you do. The primary impetus for a restructuring practice falling or rising in the league tables is, as you'd guess, managing directors coming and going. Now the deals I am working on are super slow and barely have any update. All offices are being considered for NY. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file, Care for eachother, Care for the Community, Look to Grow, Low Testosterone in IB (or high finance in general), 101 Investment Banking Interview Questions, Certified Investment Banking Professional - Business School, Financial Modeling & Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats, Venture Capital 4-Hour Bootcamp - Sat April 1st - Only 15 Seats, Excel Master 4-Hour Bootcamp OPEN NOW - Only 15 Seats, Venture Capital 4-Hour Bootcamp - Sat May 20th - Only 15 Seats. (Note: Lazard & Blackstone are not options at this point and I'm more interested in debtor work so did not apply to HLHZ). Very little information available online. So you can do it, but youll probably have to focus on boutiques or other, smaller firms. Any additionally thoughts you have would be helpful been in banking for a year and hoping to go the EB route for better exits outside of the $.5 to $1 billion funds I currently have access to. So if you want to work at one of those places, yes, you will need to move to an EB or BB. Im not sure about merchant banking at the large banks as Ive never been able to find much information on it. My recommendation would be to find a related role at a Big 4 firm, an independent valuation firm, or something like that, and then try to make a lateral move into investment banking. In addition to the detailed articles on BB, EB, and MM banks, we also cover boutique investment banks in a separate article. I have never heard of that. Rothschild Restructuring restbanker IB Rank: Monkey 44 Hey all, New to the boards. Thoughts on M Klein? And WF or RBC would beat something like Piper Sandler. Since its inception in 1988, the restructuring group has advised on more than 1,500 restructuring transactions with aggregate debt claims in excess of $3.0 trillion. also curious your thoughts on some of the local (what I consider, EB), in UK / aus / CN / HK.. happy to provide a list. Hi Brian, I have a cumulative GPA of 3.1 (previously and Engineering Major) and a Major GPA of 3.7. It feels like the latter are making better headway in Europe than NMR are in the US. The role is IB Associate. would bump evercore to tier 1, fair - for people solely RX focused an RX only group will be obviously better suited, but as far as deal flow and marquee transactions, Moelis is definitely in the top tier (i.e. 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. Does it make sense to lateral again to a BB in order to get a better shot at PE? I had a consulting internship in 2019 and my client was Coach. 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. I would like to know which one of these two will eventually bring me higher probabilities of landing at a MM PE after 2-3 years at IB? I am in the Philadelphia area but interested in working in NYC. Fugiat maiores repudiandae recusandae illum. Thank you. Brian, what are your thoughts on Foros and Raine? Its possible that the rankings will change over time. I am starting at a T10-T15 ranked MBA program in the fall. I now have an offer from a west end no-name boutique headquartered in London and with two European offices. - Alert to the potential for juniors to be overworked, the bank has been adding staff at all levels. Especially with the likes of Houlihan Lokey, Jefferies, William Blair. Photo credit:Need help to build? And yes, you pretty much need a summer internship to win a full-time offer at most banks (some exceptions in smaller cities and less popular groups). Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. Im curious about your characterization of Houlihan Lokey. Thank you. What happened to the legend of ubs la article? In most cases, youre probably still better off at the BB just because of the brand name and reputation, though there are still far more opportunities in London (even with Brexit). It takes a lot of effort to switch to another bank (https://mergersandinquisitions.com/investment-banking-accelerated-interviews/), and its not necessarily worth it unless youre laser-focused on mega-fund PE. Our job is to look at whats on offer and to decide whether its sufficient., Generally, I work on two or three deals at a time. I dont know the firm, so I cannot comment on this one. These firms have a smaller geographical footprint than the others above, and they work on smaller deals than the BBs, IBABs, and EBs. I was just wondering how do you think about the rise of RBC in recent years? Thank you so much in advance. Based on its recent deal volume / size, and most importantly the fee share of the market its fair to say they are more EB-like these days in the same league competing with Moelis / Lazard / Evercore. You should probably focus on middle-market firms with that profile, but you might have a shot at the EBs and BBs as well however, it would be risky to spend 100% of your time on them because youll be up against people at target schools with internships at larger firms. Updated! Sorry, dont know enough about it to say. Thanks in advance. In turn, this usually means one of two things. I would still say DB if you are deciding based on exit opportunities or post-banking career options. 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. What would you suggest? (i know levfin is probably the best haha). Theres some disagreement over the exact firms in this list, so Ive added question marks or notes after ones with uncertainty. Reputation, exit opportunities etc. I dont have a strong view on BNY, sorry. Brian, Again, considering the fact that I want to end up in a MM private equity (Bridgepoint) in 2-4 years. Before that, let me tell you that my goal is to end up at a MM PE, with AUM of more than 1B preferably). The main difference between UCEBs and EBs is that the UCEBs have much less of a track record. Thank you for your time and effort. -Unsure on future goals. ), 2023 eFinancialCareers - All rights reserved. I understand BBs are better if Im looking to exit finance at some point, but which of these two options would be better? What are your thoughts? Some people even argue that firms like UBS shouldnt be on this list anymore, but Im not sure I would go that far.
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