BofA vs UBS in London- help from industry insiders needed
So, one factor is European vs American bank.
BofA- seems to give more exposure in terms of M&A side and they seem to allow for mobility within groups as well, though I could be wrong.
Any more insights/advice on which one to pick if given a choice? Would really like to hear from someone who works in this industry.
I really need help. Thanks.
Personally, I'd choose UBS: Awesome firm with a great standing in Europe and a good culture (very valuable these days)!
However, I admit that there are also arguments in favor of BofA. They are clearly superior in the field of M&A and have an edge over UBS here in Europe - both in total volume and transaction size. So, if you're one of the M&A hardos: BofA it is!
UBS has always been a sponsor-driven bank, something that hasn't changed with the CS acquisition. LevFin is a great team with promising prospects. Also, consider that UBS has a stronger presence in certain European markets as compared to BofA, such as the DACH region.
This is such a great comparison!
What would you think of exit opps to PE/HF/other IB and (since I personally think I would stay in banking and loyal to this one)- long term growth within the bank?
Also, would anything change if I add the fact that I’m a non-European international student?
BofA and UBS are absolutely not comparable - your view is biased by the fact that you're Swiss.
In London - BofA hands down. Absolutely no debate. BofA is miles ahead of UBS in terms of IB.
When you say BofA London hands down- is this based on deals/team/comp/work- or all of the above?
BoA stronger in every investment banking area by a distance. UBS is a wealth manager with some IB thrown in to support this. Admittedly UBS pretty strong in areas like equity trading / ECM.
BoA way stronger in M&A and anything debt related. Comment about UBS being strong in lev fin is massively misinformed - they are barely top 20 for it - BoA normally top 10 in Europe and top 5 in US.
Top 10 in Europe for Levfin?
I personally am interested in M&A, TMT, Industrials, C&R, HC- any other coverage- intention is to really do a lot of modelling and grow in competence. Don't care about anything else. Long hours are okay- even preferable.
Levfin league tables are so pointless. You mainly want to look at LBO financings (if you mainly look it from an exit op perspective) BofA benefits tremendously from their balance sheet for refinancings, which juices LevFin tables up a lot. UBS is extremely strong in the single B space where majority of LBOs happen.
Definitely BAML
Any specific reason why?
Sir, did you sleep at all this week?
BofA is stronger in EMEA despite being a US BB
If you also liked the people, there is really no dilemma
With people, the ones interviewing me won’t necessarily be the ones I’ll work with so can’t really rely on that. Plus, UBS has awesome people too.
I thought the CS acquisition would make UBS a lot bigger- am I wrong? Didn’t know BAML was still stronger in EMEA despite being an American bank.
They are not. Only in M&A.
All 5 US BBs have higher investment banking revenues (not just M&A) in EMEA vs. the European BBs and by a pretty sizeable margin.
Maybe once the dust settles on the CS deal in a couple years UBS is up there too.
…..
I see, thank you! I connected well with a VP from tech TMT and FIG at BAML- so very honestly, that’s influencing my decision as well. But, again don’t know if that will affect who I actually end up working with.
As someone who interned/has friends currently full-time at both, take BofA.
BofA is often touted as having one of the best cultures in London, especially for a U.S. bank. Do very well, but don't kill you in the process.
Both are fantastic - UBS is strong, but BofA is stronger.
Thank you, seems like a wiser choice!
Just an fyi, NEVER say long hours are preferable to anyone in the industry.
Everyone knows you're lying, who would prefer to work longer than rest/sleep/do their hobby? Seniors see through you straight away.
If you asked me this question 20 years ago - I'd laugh in your face. If you asked me this question 10 years ago - I'd tell you it was a close call. If you asked me this question today - I'd laugh in your face.
So, BofA? You can laugh all you want lmao. I checked the league ranks- BofA is miles ahead, but UBS has grown as well. If I was in NY- this would've been easy, but I guess it's the same here as well.
Some have been encouraging UBS citing the acquisition has a reason- future growth. 2023 data is not out yet- at least for me. Call me stupid, but do give your opinion.
Sorry if I'm overthinking this.
Didn't mean to be crass - but UBS's IBD glory days have long passed. Their European model never made much sense to me - a BB that's looking to be "capital-light?" Who exactly are they competing with? Still a very very strong name in APAC if you're looking to move there down the line.
if this is for an SA role then also consider that BofA offer rates have been the highest among BBs in past 3-4 years (converting 90%+ each time in IB)
Oh damn, that's brilliant- they even allow rotation I think within groups, not sure if they have discontinued this practice in 2023. But, thanks for the insight!
not rotation exactly, the internship is pooled, meaning you can work with any group you would like (have to network with their VPs and ask for staffings).
I'm sure it will be the same case next summer as it has been like this for the past 10+ years
How the fuck are you even asking this? Obviously BofA.
Also, what is a 'batchmate?"
Sorry man.
Peers.
Your peers are stupid. Don't listen to anyone who hasn't worked in the industry. And no, someone who's done or or two Spring Weeks don't count. I just cannot believe someone would unironically tell you to choose UBS or BofA because of the... Merger!? What kind of STUPID logic is that. Are you sure these people have your best interests at heart? I don't think so.
In terms of IB specifically, the CS acquisition primarly boosted the US IB franchise of UBS, and select parts of Asia (SEA).
In Europe, CS never really had a strong European IB franchise to begin with other than maybe leveraged finance, but even within LevFin, CS wasn't exactly leaps and bounds better than everyone else in Europe (as they were in the US).
With that said I would say that UBS' London building in the city is absolutely beautiful and in probably one of the best locations in London (so much better than Canary Wharf)
BofA is not based in Canary Wharf but in the City
You can't seriously tell me that monstrosity overlooking Broadgate Circle is a good looking building
Looks nice enough
Interesting take, I'll like to see Canary Wharf someday
Baml london is West of the City close to St-Paul’s. UBS is just outside Liverpool Street station
League tables don’t mean much for you as an intern, and very little as an analyst.
You would need to look at the league table adjusted for the geography, products and size of the team to get a sense of how your experience will be good.
You can be top 3 of league tables but in a team with 16 analysts who spend their years doing non-lead-left boonrunning roles on ECM and DCM deals or levfin financing that sponsors team is leading.
Or you can be in a small team at 15-20 rank in the league table that does 3-4 m&a deals a year and where you’re guaranteed to get these deals because you’re 1 in 3 analysts and there is no «m&a product team.
In healthcare, baml is a serious botch about ubs, but benefits from Continental Europe presence. They’ve advised Novartis on a nimber of deals in particular. Good m&a roles with PE too.
UBS seniors are ok but the team is more recent / less established.
For healthcare I’d go with BAML in London without hesitating. Culture is good too - historically low turnover in the team.
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