BofA ML vs Barcap
Hi All,
In looking at BofA ML (industrials) and Barclays generalist IB as an associate, does anyone have insights on which has the better lifestyle, culture, reputation? I realize the dust still hasn't settled at this point so your future predictions on how they will both perform are also welcome. Please feel free to comment on exit options or any other important factors as well
Thanks
BoA-ML will be better in the long run as an overall platform - its doing significantly better on the league tables in terms of absolute rank/volume/fees. Take that for what its worth though. However, not sure about culture and stuff...
Curious what your basing this on... Do you know have any idea what your talking about? Before you offer career advice to an associate or really anyone on this site, please realize you have zero experience in this industry and absolutely no idea what your talking about. I know this but the guy posting might not. Perhaps your right about the league tables, but what the fuck do you know about how its going to do 'as an overall platform' in the future. I know 'overall platform' sounds nice, but unless your a senior FIG banker or research analyst with significant experience in FIG, then 1) you have no idea what the fuck this even means and 2) you have no business offering your opinion to someone who may use it. I honestly don't mean to be an asshole, but your profile says 'prospective analyst' in this case I really don't think you should be advising anyone on anything.
MergerArb, I stated a fact - BOA-ML is doing better in the league tables because I have a Bloomberg terminal and figured it would help...then I said overall platform because it has much more deal flow right now, even at probably the worst time of the combined life...then I said "take it for what its worth" because we all know league tables aren't the best predictor of what is the better experience.
I've done my sell-side stint and I work with sell-side research a lot. I interact with all of the banks - especially Lehman/Barclay and BOA-ML since they have two of the best research platforms.
both places are good places to start work and either way, you sound like you suck.
BoA-ML is doing better in the league tables, and on the i-banking side, Barclays hasn't yet hit its stride (see http://online.wsj.com/article/SB125322233998520905.html). But, as a firm, I would say that Barclays has a lot of momentum, so there's not a clear answer in my opinion and you might as well just go with the people you like more.
http://abnormally-distributed.blogspot.com
I think what big unit was trying to say was that BofA ML has a broader and more developed platform than BarCap. BarCap is a relatively smaller player in IBD and is still trying to grow its equities and M&A platform.
Remember that the synergies between BofA and Merrill were better than that of BarCap and the North American IBD of Lehman.
BofA and BarCap were both good in debt. Merrill was strong in equities and M&A while Lehman was good in debt and M&A. In addition, Merrill had a stronger international presence than Lehman.
Both are great firms and mergerarb you're correct in saying it's hard to predict the future performance, but there isn't a need to be rude about it.
I've received analyst offers from both firms and have discussed their positions and the mergers in detail.
BofA ML Industrials is a very strong group. If you're deciding between Industrials at BofA ML and Barcap, based on dealflow and reputation, I would go to BofA ML. Lifestyle isn't likely to vary much between the firms. Culturally, that's a call you'll have to make. Why not go in for additional office visits?
I have recruited at length with both of these firms for Associate and I will be joining one full time next summer.
There is nothing inherently stronger about BofA Merrill over BarCap. Cultures at Lehman and Merrill were similar, but Merrill is now going through a culture war with BofA whereas that hasn't really happened at BarCap since it is 95% legacy Lehman.
Whatever differences in league tables there are this year might be reversed next year. Remember that MS was 5th in M&A last year and is now first. This is how it has always been. Basing your opinion of a firm on the league tables of one year is retarded.
Personally, I'm bigger fan of BarCap right now.
Do you have a specific interest in any groups/industries at Barclays?
Individual groups aside, Barclays as a firm seems like a clear winner to me. Barcap has incredible momentum, a stronger reputation, plus the culture is great. Morale at BofA isn't very high right now, and it's hard to maintain a good culture when people (both senior and junior) keep leaving the firm. BofA may be higher up in some league tables right now, but Barclays has excellent teams (basically all ex-Lehman), and I'd predict that Barclays will catch up very soon.
Disclosure: I worked at Barcap as an SA
BOA-ML is doing better than Barclays though...even though it had the worst past year of any of the BB's besides Citi...why would BarCap catch up when they have a normalized earnings year?
By the way, I've always been pro-BOA/ML versus BarCap, but have no ill will to one versus the other and work a lot with both (top research depts at both and I'm on buyside)
Isn't BofA's industrials group in Chicago. Something to keep in mind when trying to choose between the two.
People have already mentioned this but league tables wise, BoA wins but you should try to get into one of the ML legacies rather than the 2nd tier BoA groups. Barcap also has better "work life balance" if there is such a thing in banking.
1styearloser you would not know the first thing about investment banking if it hit you in the face
Big risk at Barcap that large number of bankers walk come bonus season. Nearly everyone believes they were underpaid last year. Barcap is also one of the few firms not to have raised base in the last year (expect for IBD analysts in NYC). Plus, there's added risk that FSA constrains bonuses at Barcap (or just as likely, mgmt uses FSA as the excuse for constraining bonuses).
Obviously BAML has its own risks (TARP, culture clash, etc), I just don't have any additional insight to be able to comment on their situation.
Good luck with your decision.
bump for those of us looking at SA positions. has anything changed?
I don't know if a whole lot has changed, one thing to note that someone above mentioned a while back about barcap not raising its base salary. They raised it for this year and is paying competitive. Another thing that analysts at the firm that I've talked to are looking at more closely is what is going on with bonuses this year. BarCap is under pressure from their own government regulations and one time tax on bonuses that should end by april 2010.
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