IB is dead in EMEA.
I haven’t seen this sort of negative sentiment since the GFC.
Bonuses at a 10-yr low.
A near complete hiring freeze at the junior level.
Dead lateral market.
Three different BB’s publishing job cut reports today alone (20th March 2024).
The hiring market is dead, those who are fortunate enough to still have a job have been compensated horribly, and deal-flow is on the floor.
Oh, and this is the third consecutive year we’re hearing deal-flow will bounce back in the second half of the year.
Well at least you guys aren’t getting “SHAWT IN MAFFEMATICKS CLOSS” 🤠
Roll USA
Europoor moment
Look on the bright side - at least you don’t work in Hong Kong IBD!
Lowkey that’s doing better then emea rn.
how so
As someone who just spent the last 6 months in HK, it most certainly isn’t.
Don't worry, you'll still take your 3 month vacation
Says the one in equity research
but muh free healthcare!
European clients are dead but at my bank we are seeing a lot of inbound opportunities from our US clients. They know they can get benefit from the depressed European valuations and get good assets at massive discounts.
I work in the UK&I Investment Banking group at a US BB, and my team has been working on 12 potential take privates of UK PLCs in the last 8-10 months (we have announced 3 and we will probably announce a couple more within the next 3 months).
I know my colleagues from regional offices in France, Italy and Iberia are experiencing something similar.
UK&I teams are a tough spot to be in unless BB
Yet to start on the desk but the firm I am joining operates in the LMM space in the UK is doing ok in terms of deals relative to mid-cap and large-cap on both buy-side and sell-side. Is this an analomly by any chance or does LMM always remain active? Note it is not just bolt-ons for PEs either.
I imagine it is primarily a function of lesser rates dependency.
UK across the board feels completely finished in all honesty. I gave it 18 months to see if things would improve but the primary concerns of most citizens have only got worse and things are a complete mess, even inside the utopia of the Ldn finance industry. Although admittedly late to the game, I'll be joining the others leaving this dump in the next year
Amen, I take solace in knowing that my time in this place is limited and I will move out there soon
Where are you packing up and moving to? US?
Bye!
Idk who needs to hear this but the UK is literally back-office. Any city outside of the US eastern seaboard (basically anywhere you can't get to on the Amtrak that runs from Miami to Boston) is basically no-man's-land. Even cities IN America (ie, Chicago, L.A., Dallas) that aren't along the eastern seaboard hardly count in the grand scheme of life. They're like Tier 1B cities. "America" as the global majority knows it, exists from Boston to Miami along the coast. Given that the East Coast is America, and America is the world, a serious argument can be made that anything that occurs outside the reach of the easternmost Amtrak lines is literally outerspace, retard-ville. The UK is no exception. Yall tally-whackers may as well be from Pluto.
Edit: And I'm being really fucking nice including, Philly/DC/Baltimore/Miami in the equation to begin with. At the end of the day it's really just New York and No Man's Land.
PhD in yapping
bro, it's 9th Ave and the rest of the world
New York isn’t even the state with the highest GDP…
No one cares about states, only cities matter. Idgaf if bumfuck, TX has higher GDP than bumfuck, NY because there are more drilling wells. That's a B-Level human way of looking at things. NYC > Your entire state and everything you love.
"I don't know who needs to listen this"
relax bro ur not on Insta giving advice to 13 yrs old through reels
The “global majority” hears more from LA if anything through entertainment
Is it actually that bad though. This was seen as the worst year for recruiting since 08 but most of my friends all got solid offers
No thanks - I send my kids to school without a worry that there may be a school shooting. Kids of my friends in the US do monthly drills on what to do in case there is a school shooting - I don’t need that kind of stupid stress. I would gladly rather make less money and do less deals than have that kind of stress. Life is more chill here in Europe, once your initial 20 something adrenaline runs out and you stop chasing money and prestige you’ll realise there’s more to life.
That is some potent cope
LMFAO
Odd viewpoint. Are you equally concerned about traditional terror attacks, which seem just as prevalent on your side of the pond?
The US actually also beats out the UK in terrorist attacks per capita lmao, by a substantial margin...
Are you hiring by any chance?
This is a ridiculous comment. If you make money in the U.S. your kids aren't going to schools that have shootings and you aren't hanging around places that have gun violence, save statistically minute exceptions of someone getting hit by a stray in a city with millions of people.
The UK is a better place to be average and/or poor, agreed. If you're making IB money, USA kicks Britains ass and it isn't close.
Classic British people that cannot fathom that America, a nation that came after mediocre Britain (calling it ‘Great’ at this point would be counterproductive), is economically powering the world. With Churchill’s mom being American, multiple Royals skipping town to marry a Yank (Meghan Markle is not even the worst of anything), and other Royals shagging Germans, it is no surprise that Brits feel their nation is a shadow of its former self. This is what you call an inferiority complex.
Working at a mid-market firm in London (Jef/HL/Harris Williams) and not seeing this at all.
2024 proving to be a much better environment for M&A than the last couple of years and we have closed or about to close 3/4 deals since Dec (one or two landmark deals), which is about $15-$20mm in fees which, for my team in EMEA, is a massive Q1. Pipeline healthy as well.
ECM wise we just had a couple of big IPOs (Galderma etc) as well. Not all doom and gloom AND I don’t have homeless people on fentanyl arguing with the sidewalk on my way to work.
Congrats on JEFF m8
congrats on harris williams
I dont get the comment either. Sure we do not see 2021 markets right now but I feel like there is tons of work and banks slowly start thinking about increasing headcounts in some teams. The ECM teams also seem busy and happy with their pipeline. Rx seems overworked with more to come.
Whats missing a bit is the MM M&A activity, however looking at the average age of PE assets and the need to deploy some capital I can imagine that there is more happening 2nd half of this year.
And to the US folks, don't worry, this is perfect for the European summer vacations.
OP doesn’t read financial news, just scrolls through linkedin
Multiple sources repeating massive pickup in M&A, not to mention that huge ECM deal by i forget who, some MENA company, yet IB is "dead"? lol shut up
I’ve seen a pickup in deal flow tbh. Hiring market not really reflective though. Dying to jump ship
Lots of deal flow in infra and energy. I’ve been getting crushed since january.
FT article today said Q1 EMEA M&A is up 60% vs last year with GS head of EMEA M&A saying levels are back to pre pandemic normals but sure the region is dead
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