11/4/13

Hey are any of you guys familiar with any MM investment banks in Charlotte? Was in the area today for the FR Challenge, and downtown was awesome. I don't need like a comprehensive list, but maybe just the names of a few, for I'm interested in finding a summer internship there.

Comments (160)

11/4/13

Wells

Investment Banking Interview Course

11/4/13

GeneralThade:

Wells

11/4/13

Wells does seem a bit out of reach for me, unfortunately. My grades/accolades dont necessarily allow me to shoot this high, at least for now. And I do apologize, you guys can delete this, I did find an old thread with this same discussion.

11/4/13

I hate to be that guy... but use the search function. This has been covered plenty of times.
if you want some info about boutiques: http://www.wallstreetoasis.com/forums/experience-w...

11/4/13

Piper just bought Edgeview. McColl Partners, BAML and wells

11/5/13

Didn't McColl get bought by Deloitte?

11/5/13

bank-on-this:

Didn't McColl get bought by Deloitte?

Yes, they did. There is still Jefferies and BB&T, although Wells guys are everywhere around Charlotte.

11/5/13

LAZ MM

11/5/13
11/5/13

In addition to those already mentioned, Brookwood and Fidus are in Charlotte as well. Outside of the known large firms (Wells, BAML, JeffCo), most shops are pure advisory. There are also a lot of very small (less than 10 ppl) that aren't in these lists above.

Outside of WFC and BAC, the other well known groups have focused desks here. Eg., Jefferies has consumer and real estate IB in Charlotte; Lizard MM is all healthcare in Charlotte.

11/5/13

Do these banks in Charlotte pay relatively similar comp as their NYC counterparts? Have heard mixed things

11/5/13

Comp is same for WFC and BAC regardless of CLT or NYC. MMs vary widely on comp, regardless of geo location.

11/5/13

Most of the well-known ones will either pay Street or basically in line with Street given cost of living.

MM IB -> TMT Corporate Development

11/5/13

Thanks gents., really appreciate the responses. I am beginning a cold e-mail list.

11/6/13

No problem. Don't forget, if you're going for Charlotte banks as your #1 choice, they love to know that. If you have a good answer for "why Charlotte" - it will be helpful.

11/6/13

Just sent out my first cold email, with this exact format. Any changes you guys would recommend I make? or maybe a little less formal?

Hi Mr. _____ my name is _______ and I am a sophomore at __________ University. I am currently pursuing a B.A. in finance, and a B.S. in economics. I am particularly interested in mergers and acquisitions in fields such as: technology, green energy, social media, and staffing. I was wondering if you would have a few moments to discuss some of your insights on how to break into the investment banking industry over a brief phone call. I hope to hear back, and any response is greatly appreciated.

Thank you,
__________

11/6/13

Many banks in Charlotte don't do tech/media/renewable energy.....

11/6/13

jrt336:

Many banks in Charlotte don't do tech/media/renewable energy.....

This. You are hurting yourself to a degree by approaching banks without expertise in that space.

If that is your focus, find bankers in SF to try and network with.

11/6/13

HNEP:

Just sent out my first cold email, with this exact format. Any changes you guys would recommend I make? or maybe a little less formal?

Hi Mr. _____ my name is _______ and I am a sophomore at __________ University. I am currently pursuing a B.A. in finance, and a B.S. in economics. I am particularly interested in mergers and acquisitions in fields such as: technology, green energy, social media, and staffing. I was wondering if you would have a few moments to discuss some of your insights on how to break into the investment banking industry over a brief phone call. I hope to hear back, and any response is greatly appreciated.

Thank you,

__________

Don't intro with Hi Mr. Smith. Too informal. Just open with FirstName, My name is...

I would obviously cater the industry section to whatever they/the bank specializes in.

"For I am a sinner in the hands of an angry God. Bloody Mary full of vodka, blessed are you among cocktails. Pray for me now and at the hour of my death, which I hope is soon. Amen."

11/6/13

duffmt6:

Don't intro with Hi Mr. Smith. Too informal. Just open with FirstName, My name is...

I would obviously cater the industry section to whatever they/the bank specializes in.

Duff and peinvestor are dead on. Like I mentioned earlier, most of the Charlotte groups (outside of well known names) are pure advisory shops who focus on MM M&A; they will do private placements and what not, but M&A is their bread and butter. That said, you can cater your e-mail and your interest towards working on MM M&A deals. If that doesn't interest you, you should probably be looking to work elsewhere.

  •  11/6/13

r u kidding?

11/6/13

Just contact the HR departments of the banks. That is assuming you were serious in your first post.

11/6/13

im not from charlotte, but go to school in nc, charlotte is decently big for banking (lot of commercial positions), but definitely look at charlotte if you are considering Wachovia or Bank of America

as far as boutiques, check out McColl Partners and Edgeview Partners - i think they are pretty solid.

if you are considering southeast banking, i would reccomend atlanta over charlotte

11/6/13
bmw911:

if you are considering southeast banking, i would reccomend atlanta over charlotte

I would say the opposite. As you pointed out, there are two large MM firms and two boutiques (and maybe more, I don't know). AFAIK, it is only STI in Atlanta.

11/6/13

As far as I know Bank of America is headquartered in Charlotte.

11/6/13

McColl is new, started by the former head of BofA.

Edgeview is a very strong boutique.

Gulfstream Partners is (I believe) a HF with a Charlotte office, some smaller PE shops around there as well.

11/6/13

Charlotte is the Second largest banking city on the East Coast behind NYC. Both BofA and Wachovia's HQ are located in Charlotte. And its the Home of the Panthers! Fuck Yeah baby

11/6/13

Easy there Chuck. Panthers are hardly a draw considering the fact that the Bucs are only @600 miles South. Also, Fidus partners is decent boutique - bunch of Darden guys there. There is a thread under the "I-banking" topic on this forum that lists all the Charlotte boutiques.

11/6/13

Charlotte is a fine place depending on what you want. If you want a wall street type career with good weather, easier living, nicer people and a slower life it's great. but it's not new york in terms of career potential or exit opps.

11/6/13

I've lived in Charlotte my whole life (now doing a Junior summer finance internship here) and I can tell you that Charlotte is a great place to live, especially if you want a finance job but don't want the fast paced, Wall Street life style.

You probably won't find a Goldman, ML, etc type job here, but there are plenty of Wachovia/BofA jobs to be had.

11/6/13

You are certainly not sacrificing your career by working for BofA or Wachovia in Charlotte. People here will tell you that if you aren't in a BB in NYC you are doomed, but it isn't true. You may not have the exit ops open to you that the Goldman bankers have, but that shouldn't matter if you are content with doing middle market deals. People from Charlotte / BofA can still get into the top MBA programs. If you would be happier working there, then by all means go. Not to mention the quality of life should be a lot better than that of NYC.

CompBanker

11/6/13

Bottom line, if you have the "stuff" and know the right people, you will grow and grow - whether you are in Charlotte, NYC, or anywhere else. In fact, I would applaud your intelligence for being smart enough to recognize that your cost of living will be SIGNIFICANTLY less, which equals $$$ in your pocket at the end of the day.

11/6/13

Only Wachovia has their I-banking headquartered in Charlotte. Although B of A's corporate HQ is there, their IB division is based out of New York, and I believe that the only investment banking group in Charlotte is real estate.

All of Wachovia's groups are in Charlotte though, and I agree with everything compbanker said. If that's what you want to do, it will still be considered a good experience in the grand scheme of your career. Also the cost of living in Charlotte has to be a lot less than even West Coast or Chicago is.

11/6/13

I think people fail to see just how significant the difference in cost of living really is. I know that some of the current analysts at the bank I will be working at are paying under $500 a month for a huge place that is within 10 minute driving distance to work (yes, we have to get a car and drive, but this has upsides as well, such as being able to leave and come back to work any time you want for free). Cost savings go beyond real estate though. Dining out, groceries, drinks, you name it, it will be cheaper in Charlotte. Two years spent in Charlotte will be a lot more comfortable than 2 in NYC, and you could save up enough to pay off b-school without loans if you stuck around for a couple more years doing PE. Of course, there are less options in Charlotte, but there are still some good ones.

CompBanker

11/6/13

make a list of what's important to you

saving more money?
being near your friends (if your friends are in nyc or clt)?
career advancement?

there are definitely more opportunities in nyc. it's not even close. but charlotte is really, really cheap. i know ppl who worked there who saved 70-100k a year, while colleagues in nyc were saving maybe 10k a year.

11/6/13

Weather is better
College football close by
Cheap
Fewer (though still too many) Yankees
A little bit less work
Hotter chicks (though dumber on average, but less bitchy)
More Mullets

11/6/13

Not a major city
Fewer career ops
Less to do
Monopolistic airline prices
Far from other major cities

11/6/13

Hotter chics in Charlotte than New York? What are you smoking? 70% of Charlotte is dick, try going out to a bar in Charlotte and all you see is douchebag bankers who just came from work, and maybe 3 girls.

Don't ruin your career or your life. Go to New York.

11/6/13
PoolSideBanker:

try going out to a bar in Charlotte and all you see is douchebag bankers who just came from work, and maybe 3 girls.

Don't ruin your career or your life. Go to New York.

You can't argue against the city using both arguments: 1) that New York has exponentially more banking-related career opportunities but at the same time 2) all you see in Charlotte bars are douchebag bankers

I've never been to Charlotte, but have been to other cities in the South, and there is definitely a lot to be said about Southern Belles. I'd take a hot girl from down south over a good looking NY wannabe model anyday.

That said though, I'd much rather be in NY. There's always something to do and I like the feeling of being in the middle of it all.

11/6/13

"You can't argue against the city using both arguments: 1) that New York has exponentially more banking-related career opportunities but at the same time 2) all you see in Charlotte bars are douchebag bankers"

Sure you can. Three bars packed with bankers, vs 3000 bars with a few bankers in each. Percentage vs absolute numbers.

11/6/13

If there are 3 bars in Charlotte I need to quit work and take out a loan.

Seriously though, I'd say there are 40x more people of IB ilk in Manhattan than Charlotte, and all of them are going out either parallel to or South of Central Park. With C.O.L. so low in Charlotte and no public transit, I'd imagine that at least half of IB'ers drive into work, and wouldn't necessarily be going out in the same area. With that logic, I really doubt that there are 80x more bars in Manhattan.

The argument I could see though is that the NY analysts and associates are more likely to work through a whole weekend...

11/6/13

it was hyperbole my son.

the point is if you work in charlotte, let's say at Wachovia...you have exit opps to BofA. or maybe you get headhunted to move to nyc. you are not in the information flow. you will not have friends to hang out with working at 10 different banks, all hearing and learning different things. they are not even remotely comparable. and there are definitely, without question, at least 80x more bars in manhattan than in downtown (uptown?) charlotte.

11/6/13

I think everyone is correct - hyperbole and all...
There are more options in NYC than CLT - shocker... The CLT bankers want all the NYC bankers to stay up in New York so they dont have to deal with those terrible accents and the unsightly overuse of hair gel. I think the NYC bankers want the CLT bankers to stay in CLT so they have someone to make fun of while they are at their desks every Sunday afternoon.

11/6/13

compromise with Houston.

great sports
great girls
nice bar scene
great areas to live for decent price (1K to 1500 max)
etc.

11/6/13

Save your 100 K over 3 years and then go live somewhere better.

11/6/13

you misunderstood...70 to 100k a year, for 3 years. not 'over 3 years'

11/6/13

yo jimbo can you say anything about Morgan Stanley's commodities trading faciltiy in purchase?

11/6/13

nope.

11/6/13

Charlotte sucks, plain and simple. Everyone who works in Charlotte at the analyst level couldn't get a job in New York, plain and simple. Show me one person who turned down a top BB in NY to move to Charlotte for cost of living and quality of life? How shortsighted is that, when the big financial payoff of the analyst experience comes 10-15 years down the road?

Maybe an VP/MD who is sick of 10 years of NY life and wants a chill job and a nice place to raise a family, but if you are concerned with quality of life right out of college, I feel for you.

11/6/13

Did you ever stop to think that most normal people have priorities more important than a "big financial payoff"?

On average, guys in Charlotte may not have the stats to get a job at a BB in New York but to imply that everyone who doesn't work for a BB firm in NYC is not smart enough to cut it is just plain dumb.

And, no, Charlotte does not suck then again I'm sure you have never been there and are totally unqualified to make that assumption.

11/6/13
StoneImmaculate:

Did you ever stop to think that most normal people have priorities more important than a "big financial payoff"?

On average, guys in Charlotte may not have the stats to get a job at a BB in New York but to imply that everyone who doesn't work for a BB firm in NYC is not smart enough to cut it is just plain dumb.

And, no, Charlotte does not suck then again I'm sure you have never been there and are totally unqualified to make that assumption.

I've been to Charlotte a number of times. It sucks. Most normal people might not have a big financial payoff as one of their priorities, true. Go teach kindergarten. We're talking about investment banking here. You will work nearly as many hours in Charlotte, for close to the same money as New York, but to make the decision to work in Charlotte to save money your first two years is just plain stupid.

I didn't necessarily say that everyone in Charlotte is too stupid to work for a top BB in NYC, but that's my experience. I know a bunch of analyst level people in both places, and the ONLY reason anyone of them went to Charlotte is because the top NYC BBs wouldn't give them a second look. Turn down GS, MS, ML, Leh, or JPM in NY for Wachovia or BofA in Charlotte and you are just a plain idiot.

11/6/13
PoolSideBanker:

I've been to Charlotte a number of times. It sucks. Most normal people might not have a big financial payoff as one of their priorities, true. Go teach kindergarten. We're talking about investment banking here. You will work nearly as many hours in Charlotte, for close to the same money as New York, but to make the decision to work in Charlotte to save money your first two years is just plain stupid.

I didn't necessarily say that everyone in Charlotte is too stupid to work for a top BB in NYC, but that's my experience. I know a bunch of analyst level people in both places, and the ONLY reason anyone of them went to Charlotte is because the top NYC BBs wouldn't give them a second look. Turn down GS, MS, ML, Leh, or JPM in NY for Wachovia or BofA in Charlotte and you are just a plain idiot.

Who cares why people go to Charlotte in the first place. A lot of people go there because they are from the South or went to Southern Schools that are not target schools. So maybe they didn't get "a second look" from the country club that is NY BB and Target schools but so what.

That beings said I know MANY people who started in Charlotte and have moved on to bigger and better things in places such as Blackstone in NYC or Private Equity in London.

I'm not advocating choosing Charlotte over New York if you have that option, but some people don't. And maybe some people have other reasons for wanting to live there.

Also, not that teaching kindergarten is my cup of tea, but if I were to teach kindergarten it would be alot easier to do if I had $250K sitting in my bank account after being an analyst in Charlotte.

Finally it does not suck. It's not New York, but no place is like New York.

So there may be fewer bars, clubs, and five star restaurants, but I hate clubs and fancy bullshit anyway.

In Charlotte you can golf year round and it's actually affordable. Same goes for year round water sports or any other outdoor activity.

You're at the beach in a few hours. The mountains in a few hours. It's not a big city and that's why it's nice.

Also, all you idiots talking about the bars being full of douchebag bankers clearly approach things with a NY state of mind. All the NY transplant or wanna-be bankers go to the same 3 bars and try to impress the 10 girls there with the fact that they are bankers. Most girls in the Carolinas don't know what an investment banker is, not to mention how much money they make. So those banker guys are morons for trying that approach. That's why there are no girls there, because that NYC shit doesn't impress anybody down there.

You want girls go to university stuff, go to redneck bars, meet them through friends who are from the south, basically all the places NY banker types would never think or want to look.

The girls might be dumber on average, but there are plenty of hot southern belles who will treat you real sweet-like if you know where to find them.

If you are New York type, you probably won't like Charlotte that much, but not everybody likes New York either, so it's their own fuckin prerogative to decide where they want to live or what they like.

11/6/13

Not a bad place but besides commodities its mostly retail trading (with a huge glass wall in between which is funny).

the trading floor is huge but the building is really isolated in the middle of nowhere
http://www.aia.org/aiarchitect/thisweek06/0210/021...

11/6/13

Southern chicks are smoking. Don't knock it until you've tried it.

I'm talking about dumb blonde after dumb blonde. Plus they know how to cook.

11/6/13

do you live charlotte alexey?

11/6/13
Jimbo:

do you live charlotte alexey?

Not anymore. But used to live there and still have a lot of friends there.

11/6/13

i know a bunch of ppl there too..it's not a bad spot. where'd you live?

11/6/13
Jimbo:

i know a bunch of ppl there too..it's not a bad spot. where'd you live?

London, but in Germany for a few months at the moment.

11/6/13

i mean where'd you live in charlotte

11/6/13
Jimbo:

i mean where'd you live in charlotte

South End...just off of South Blvd.

11/6/13

been down there to visit friends a few times. not the big pink building?

11/6/13
Jimbo:

been down there to visit friends a few times. not the big pink building?

Haha. No in a little house on a side street with a friend

11/6/13

Alexey- your diatribe about CLT is right on! I plan to be one of those "dumb" finance guys in the SE myself after its all said and done. I love how pissed the NYC guys get when someone writes something positive about a finance world outside of NYC.

11/6/13

Bucs...it depends what you're looking for. Charlotte can be great, but it has limitations.

11/6/13
Jimbo:

Bucs...it depends what you're looking for. Charlotte can be great, but it has limitations.

completely agree. But the same exact phrase can be said about NYC.

11/6/13

yes it can. you need to know yourself and what you want.

11/6/13

It makes a lot of sense to start out down there, especially considering that it won't really negatively affect your chances of getting into a good B-school.

This is of course assuming that whatever bank you would work for in NYC is of about the same caliber as Wachovia, i.e. not Goldman but not shitty either.

The B-school isn't going to care what city your work experience was in, only what you did and who you worked for.

For your analyst stint, if you're trying to save some cash, it definitely makes sense.

Of course, don't pass up a spot at a top-tier place (GS, MS, KKR, whatever) in NYC to work at Wachovia in Charlotte, but that should go without saying. If it's between, say, ABN AMRO NYC and Wachovia in Charlotte, go to Charlotte.

11/6/13

there is no blanket answer to the question. i would hate to live in charlotte myself, at this point of my life at least.

and i'm sure some would say the same of new york.

11/6/13

Alexey IS right on. Sure CLT can't compare with NYC as far as it being a major city and everything that comes along with that but there are plenty of important aspects NYC doesn't have. If you are into the outdoors , there is plenty of beautiful places a short drive away. The climate is warm 75% of the time and even in the winter it never gets near as cold as it does in the NE.

Sure you have more opportunities in NYC working for a BB but the fact is that CLT is a great alternative and has it's own charms. To say something as broad as "CLT sucks!" is just plain ignorant, it's not for everyone but it is a great place to live for most.

Not everyone went to an Ivy or target and could secure a position at GS(nor does everyone want to) so I wish people would stop treating guys who go to work for Wachovia like 2nd class citizens.

Investment Banking Interview Course

11/6/13

i suggest you read the latest Leveraged Sellout post.

I'm making it up as I go along.

11/6/13

For most employers, where you work really doesn't matter. There are a substantial number of very good private equity firms located outside of major cities that love to hire from the likes of Wachovia, BofA, Edgeview, Harris Williams, McColl Partners, etc. For example, take a look at Arcapita, which I consider a strong mid-market PE firm. Their Atlanta associates come from SunTrust (x2), Harris Williams, and Wachovia. Other examples include Quad-C Management (Charlottesville, VA) and Brockway Moran (Boca Raton, FL). Even in major cities, you have a strong presence by the types of places you're talking about. Look at the teams at the likes of Parthenon Capital, ABRY Partners, Fidelity Equity Partners, TA Associates, Morgenthaler Partners, CIVC Partners, Code Hennessey & Simmons, etc.

My point is, individuals from the banks you mentioned can and do get great jobs in Private Equity. They may appear to be under-represented, but this is because there are simply a great deal less of them graduating from IBanking jobs each year.

And to address your question regarding Charlotte, the city is just fine and has plenty to offer recent college grads. A lot of the people go there because they aren't interested in dealing with working in New York. (FYI - I don't work in Charlotte)

~~~~~~~~~~~
CompBanker

CompBanker

11/6/13

Charlotte sucks, I'm sorry

Bank of America's operations are almost all going to be NYC based next year now that its a legit top 5 bank (MS, GS, UBS...gasp BOA!?!? and Barclays)

11/6/13

big unit: The way I see it is, your claim that Charlotte sucks seems to be based on nothing but your perception that anything outside of New York is not worth pursuing.

PirateEquity: Please try not to let the unsupported opinions of a few die-hard NY fans stop you from making a smart career move.

~~~~~~~~~~~
CompBanker

CompBanker

11/6/13

Yeah, I'm biased because I'm from the North, Charlotte is just smaller and some say the lower cost of living makes it worth it if u don't mind living in the South, but in NYC you have a much bigger network of professionals and just more opps in general IMO

11/6/13

thanks, i appreciate the constructive comments (including big unit's second post). i interned in NYC and while i loved the city it seems like charlotte is a decent metropolitan area. it may go through some changes with Wachovia layoffs though it sounds like the bottom line is the deals you work on and job security are the most important things in this climate (and any for that matter).

11/6/13

Charlotte is a better place when it comes to settling down. You can actually own a car and drive it to work rather than taking a subway that smells like it's been washed with urine.

11/6/13

how is having to buy a car to get to work a plus?

11/6/13

A friend's son used to work in Charlotte.

He really loved it, so I guess it depends on what you look for in a town.

Yes, the cost of living is nothing compared to NYC, but if you prefer the fast-paced hustle and bustle of the financial mega-center to the quieter Southern charm of Charlotte, then you may be happier in NYC or Chicago.

11/6/13

I suppose I need to chime in here.

I work at a bank in Charlotte (not Wachovia, though my thoughts are with you if you do).

There are a lot of good jobs here as CompBanker mentioned, with good exit opportunities - being in Charlotte will in no way hamper your career goals as long as you get good experience. Saying that people won't look at you because of the city you worked in is absurd.

Life in Charlotte is a lot different than life in NYC - and I prefer it. The cost of living is far cheaper, the people and weather are nicer, and it's nice to see some trees and grass. The city has a lot to offer as far as nightlife and culture, but sometimes you have to be willing to take a cab outside of uptown if you want to diversify your weekends.

All in all I think the convenience makes an analyst stint a lot more enjoyable - you don't need to get on the subway at midnight and ride 30 minutes home - you just walk across the street to your condo (even on an analyst salary, you can afford to live in the heart of uptown).

Let me know if you have any more specific questions.

  • Capt K

- Capt K -
"Prestige is like a powerful magnet that warps even your beliefs about what you enjoy. If you want to make ambitious people waste their time on errands, bait the hook with prestige." - Paul Graham

11/6/13

The only reason I would caution anyone from moving to Charlotte if they have any ability to be in NY is the current market. There is a very good chance that BofA and Wachovia will be laying off extremely large portions of their Charlotte based banks.

If you goto Bloomberg you will find any number of articles on the health (or lack there of) in the city of Charlotte in the current market. They rode the wave very high and are being brought quite low.

Just something to think of and research on a place that isn't filled with high school and college students.

--There are stupid questions, so think first.

11/6/13

I agree that Charlotte is a much better place if you are seeking a more slow-paced, green area. But NYC is simply a cooler place if you are looking for networking opportunities - while Charlotte is definetely one of the 6-7 best cities in the country for young professionals, its my belief that because of the massive number of firms, applying for PE/buyside will be much easier simply because you are already in the area. Also, I envision starting in NYC and transitioning to a different city is easier than doing the same from Charlotte.

Please keep in mind that every thing I say is from the perspective of a 22 year old from the North (who went to school about 1.5 hours from Charlotte though and has been there several times...though not in any living capacity).

What options are you considering the most?

11/6/13

I'm interested in what people think about McColl. What's its reputation against the other top Charlotte firms and some of the similar NY firms. I hear they're growing really fast.

11/6/13

Have heard good things about McColl. One of the better advisory shops in the south.

11/6/13

also interested...

11/6/13

I interned at a "well known name" last summer in Charlotte. Culture was very different from their NYC brethren and very committed to becoming bankers. Head MD's in the office had great experience and deal flow, although a tad slow while I was there, seemed to be one of the better groups for the company. Analysts said PE jump was much harder and that they had a hard time getting any traction from larger PE firms.

Charlotte was great though and recommend it to anyone who will listen. The city is perfect size and as an analyst you can live downtown in a high rise cheaply. The city has a ton of consultants and bankers with pretty hot southern women. I did not receive an offer from my firm and it was based mostly on their perception of me. I felt I did well and they didn't. Simple as that. So culture wise definitely different but experience is very similar to NYC analysts.

11/6/13
marauders4:

I interned at a "well known name" last summer in Charlotte. Culture was very different from their NYC brethren and very committed to becoming bankers. Head MD's in the office had great experience and deal flow, although a tad slow while I was there, seemed to be one of the better groups for the company. Analysts said PE jump was much harder and that they had a hard time getting any traction from larger PE firms.

Charlotte was great though and recommend it to anyone who will listen. The city is perfect size and as an analyst you can live downtown in a high rise cheaply. The city has a ton of consultants and bankers with pretty hot southern women. I did not receive an offer from my firm and it was based mostly on their perception of me. I felt I did well and they didn't. Simple as that. So culture wise definitely different but experience is very similar to NYC analysts.

sounds great...

Best Response
11/6/13
  • Besides Jeffieries, Lazard MM (small), Baird (very small) and Sagent, McColl is probably the top shop in CLT with Edgeview a close second, and Morgan Keegan third.
  • Blackarch is new and growing fast. Weird culture and looks like their analysts don't really have the typical finance background.
  • Fennebresque & Co is nice too, great culture/deal flow mostly ex-McColl.
  • Brookwood is great in terms of culture/lifestyle literally no all-nighters. All senior guys have a great background and you will learn a lot. Exit opps include lower MM PE is you are good.
  • Fidus is ehh don't hear about them too much.
  • The others you listed. Anderson LeNeave, Dragonfly, and Bourne are probably the best within the "others" list. They have great deal flow, but then again very volatile and risky in terms of jobs security.
  • Duncan Williams doesn't do M&A. Greek & Walker is a accounting firm with a 3 man corporate finance team.
  • One's that are not listed, William Blair has a one man sponsors shop in CLT. Mirador advisors in another one they are merging with a little bigger MM firm too. S&P Capital has an impressive team. Philpott Ball & Werner is nice too.

If you are looking into lateral analyst opportunities I would definitely just stick with the the well known and other well known names you listed.

11/6/13

-Jefferies has Consumer & Retail as well as Real Estate IB.

-Word is that Sagent didn't give offers to either of their SAs last year.

-SunTrust RH also has an office in Charlotte.

-BlackArch is a group of ex-Edgeview (after the CIT breakoff a bunch left) and a couple Harris Williams.

11/6/13
Texarkana:

-Word is that Sagent didn't give offers to either of their SAs last year.

While I was not in that SA class, I can confirm this from a first-hand source.

11/6/13

I've had a lot of contact with several of these

Sagent's office is solid (like Sagent in general) large shop, operates relatively independent of the NY office.

Baird is a very small shop (like 4-5 guys, 1 md) mostly retail deal flow

Jefferies is slightly larger, most of their flow is retail and real estate

Edgeview is one of the top mm shops in town. They compete mostly w Harris Williams and Jefferies but still maintain some consistent deal flow. Their office is significantly larger than Jef or Baird in Charlotte.

BlackArch is very similar to Edgeview (lot of ex Edgeview guys) and growing significantly. Their analyst classes keep getting bigger.

Fennebresque and Brookwood maintain good deal flow in the lower mm space

Also, 7 Mile Advisors is a smaller, growing lower mm boutique.Theyre maybe 2-3 years old but they've closed a good amount of deals in the BPO, enviromental engineering and IT spaces.

11/6/13

Good stuff, appreciate the feedback

11/6/13

Does anyone know about the S&T situation there. I know that Wells and BofA have desks there, but what about any smaller firms.

11/6/13
Mimbs:

Does anyone know about the S&T situation there. I know that Wells and BofA have desks there, but what about any smaller firms.

BB&T has a derivatives desk. tiaa-cref is nice too, not really typical BB S&T tho.

some smaller HF/ER shops around too worth checking out with a simply linkedin/google search.

11/6/13

Needed this.

11/6/13

living in charlotte currently and really enjoyed this post. thinking of taking a non paid internship at Tobin and co. any feedback about them?

11/6/13

Gonna bump this thread. Interned at 7 miles. Has some solid deal flow in the tech sector. actually had a boutique bank call me up asking me what the inner workings was like, they wanted to know what the secret to their success was. Sadly no one in my internship class got an offer. Did a lot of work on basic M&A as well as fund raising.

11/6/13

Harris Williams, BB&T, Edgeview, Matrix, BlackArch, McColl (formerly), Stephens, SunTrust, Wells Fargo all Richmond, Atlanta, Charlotte and good spots with good pay/exits if you really decide that you want higher taxes and less job safety in NYC.

Flying Higher and Higher

11/6/13

x

11/6/13

In Atlanta your best bet is SunTrust

When luck shuts the door you gotta come in through the window - Doyle Brunson

11/6/13

Which school are you at? Good luck getting into a Charlotte IB if you do not go to UNC or Duke.

11/6/13

University of Tennessee. Networked my way in to a couple of face-to-face meetings in Charlotte later this summer so hopefully that will help out. Got a lot of work ahead of me though.

11/6/13

Go Atlanta. Charlotte sucks.

11/6/13

WallStreetBB:

Go Atlanta. Charlotte sucks.

Go Charlotte. Atlanta blows.

11/6/13

Really interested to see the responses to this. Also coming from a state school in the South. Great GPA and all that, but feel like the odds of me getting anything in the Northeast are slim.

11/6/13

If you get into one of the larger firms, should be pretty easy to transfer to their NY offices.

11/6/13

KKS:

Which school are you at? Good luck getting into a Charlotte IB if you do not go to UNC or Duke.

Spoke with a guy at a BB in Charlotte today. He said this year's analyst class will be 120 total with ~80 from target schools, 6-7 for both UNC and Duke. That leaves ~25 spots for non-target state school guys. With the right networking, it's definitely possible.

11/6/13

120 for an analyst class?? Despite it being BB, I was unaware banks in Charlotte would accept that many people for a class.

11/6/13

CodeBlue:

KKS:

Which school are you at? Good luck getting into a Charlotte IB if you do not go to UNC or Duke.

Spoke with a guy at a BB in Charlotte today. He said this year's analyst class will be 120 total with ~80 from target schools, 6-7 for both UNC and Duke. That leaves ~25 spots for non-target state school guys. With the right networking, it's definitely possible.

I should have stated my response differently, sorry. The Charlotte boutiques focus their recruiting heavily, almost exclusively, on UNC and Duke. Wells Fargo is different.

11/6/13

Davidson can do ok out of Charlotte

Flying Higher and Higher

11/6/13

There is a misconception that talent isn't as prominent in the southern IB firms. If anything it seems they ae very selective and do indeed pull from UVA, duke , unc, and Davidson. Most of them have small analyst classes. Do not shy away from New York if that is where you ultimately want to be. If Charlotte is your goto city then do it, but do not attempt to get into a southern bank BC you think it is easier

11/6/13

This list is for Atlanta. These are the schools I see represented the most in IB from SunTrust down to the boutiques.

Targets for Southern IB: UVA, Duke (Only a few kids), Vandy, UNC, W&L, and Emory
Semi Targets: Wake, UGA (Honors), GaTech (Starting to see more and more kids from GT)

UVA is by far the most represented school for IB in Atlanta.

Going from the South to NY is going to be a pretty tough challenge unless you're working for WF or BofA in Charlotte. Going from SunTrust to NY BB would be extremely difficult non post-MBA.

11/6/13

kingtut:

This list is for Atlanta. These are the schools I see represented the most in IB from SunTrust down to the boutiques.

Targets for Southern IB: UVA, Duke (Only a few kids), Vandy, UNC, W&L, and Emory

Semi Targets: Wake, UGA (Honors), GaTech (Starting to see more and more kids from GT)

UVA is by far the most represented school for IB in Atlanta.

Going from the South to NY is going to be a pretty tough challenge unless you're working for WF or BofA in Charlotte. Going from SunTrust to NY BB would be extremely difficult non post-MBA.

I've seen quite a few Terry guys at Sun Trust and MM or regional boutiques. Does Terry have a decent rep for finance?

11/6/13

As a Terry alum, I can't really speak in too much detail about the reputation of the school, but I can confirm your observations about having a decent number of guys in the area at banks. I personally interviewed at SunTrust and many regional and MM firms in the area as well from OCR several years ago.

11/6/13

Bump. Hoping to get some responses on bonuses at places like SunTrust and WF.

11/6/13

OP, I went to school in Atl and stuck around to work at a boutique here. PM me if you're interested in more info on the banks here. A good amount of friends stuck around after school to work the Atl IB scene as well

11/6/13

Also, people commenting on move from ATL/NC banks to NY, it's the same as anything else. A.) Industry experience > doing anything else B.) It usually comes down to your connections when trying to lateral

11/6/13

Theseus:

Also, people commenting on move from ATL/NC banks to NY, it's the same as anything else. A.) Industry experience > doing anything else B.) It usually comes down to your connections when trying to lateral

I fully agree. The people who make these comments don't have a clue. I've seen it happen with a number of my friends. If you have experience in the industry for the group you're going for, you have a legit shot with the right connections. Not everybody can come from NY and MDs know that.

11/6/13

You're correct, wells LevFin in Charlotte is supposedly the best group within wells overall, and is definitely the best group in Charlotte. I know analysts there and they get destroyed. Not sure how that bodes for associates but my guess is not well. They have good exit opps, maybe not relevant for post MBA. Comp is the same regardless of group or location at the junior levels within the same firm. Cost of living is low in NC, so your money is "worth" a whole lot more in Charlotte.

BAML in Charlotte is a good option, I *think* consumer retail is a good group there but don't quote me on that. Sun SunTrust is a good bank in the south, that'd be Atlanta. McColl is a great boutique (that might be Deloitte now, not quite sure) Piper Jaffray just acquired Edgeview last year, that was a solid boutique in Charlotte (I think they do their own recruiting outside of the piper process). Brown brothers Harrisman has an office is Charlotte... BBs would be wells and BAML by far though.

Edit: I have a buddy at Lazard MM in Charlotte also

11/6/13

I used to live in charlotte and im not a fan of the argument of the cost of living being so low there. Yes I know it is lower but if you want a 1 bedroom at a nice place in the "city" its still 1600-2000 a month, im not trying to compare it to NY because you certainly get a lot for room for the dollar but still

11/6/13

I've lived in Charlotte, SF, and New York, and I think it's hard to deny the cost of living point. State income tax is a few percent lower, which equates to a few thousand dollars for an associate, rent is way cheaper, a one bedroom in SF or NYC will run you $3,000+ easy. And then everything else is so much cheaper, gas, food, utilities... I think it's hard to argue against it.

11/6/13

Im not arguing against NY but people make it seem like its so cheap and i highly doubt many analysts are paying 3k+ a month in ny

11/6/13

Can't speak for Charlotte, but Atlanta cost of living is insanely low compared to NYC, SF, etc. In Atlanta, the major player is STRH, with Raymond James and Houlihan Lokey having smaller offices. Beyond that you will find mostly boutiques.

11/6/13

Stephens also has a significant office in Atlanta.

Obviously this varies by shop, but broadly speaking hours are better and comp is a little bit lower. I'd expect to start at 65-70 hours a week in the office (on call 24-7) at the Associate level and that will hopefully decrease as you improve and become more efficient. I think most of the Southern banks will pay a signing of 40-50, a base of 100-120 and a bonus of 80-100% of base. The Southeast is far more family-friendly than NYC. Your VPs and MDs know why you opted to be in the Southeast and they are more understanding that you have a life to maintain outside the office. In most groups it's going to be a more laid back culture. That said, while they are still good, your analysts will probably not be the dynamos you're going to find at MS and GS. So you'll get less push down from above but less help from below.

PM me for more details if you wish. These are all generalizations but I think I got the main points.

11/6/13

NestoGrande:

Stephens also has a significant office in Atlanta.

Obviously this varies by shop, but broadly speaking hours are better and comp is a little bit lower. I'd expect to start at 65-70 hours a week in the office (on call 24-7) at the Associate level and that will hopefully decrease as you improve and become more efficient. I think most of the Southern banks will pay a signing of 40-50, a base of 100-120 and a bonus of 80-100% of base. The Southeast is far more family-friendly than NYC. Your VPs and MDs know why you opted to be in the Southeast and they are more understanding that you have a life to maintain outside the office. In most groups it's going to be a more laid back culture. That said, while they are still good, your analysts will probably not be the dynamos you're going to find at MS and GS. So you'll get less push down from above but less help from below.

PM me for more details if you wish. These are all generalizations but I think I got the main points.


Sent you a PM just now.
11/6/13

Thanks a lot everyone. This is very helpful. I live in the NYC area and have friends who are in south so I can definitely say that the cost of living in Atlanta and Charlotte is much lower and you get more bang for your buck. As I see from the thread there is not much difference in salaries at the Associate/VP level in Southern locations. That is definitely encouraging. Do you know any other BAML groups that are good in Charlotte?

11/6/13

Can someone talk about exit options after 3-5 years post-MBA. Also don't want to think too far out but just curious to know what is the typical pay difference at senior level (starting Director) IBD in tier 2 cities like Charlotte. IBD in these cities? Thanks. Appreciate the insights on this forum.

11/6/13

BofAML Lev. Fin in Charlotte is quite strong though LBOS modeling will be done by sponsors team. Lev fin gets very strong deal flow from what I hear and the analysts / associates get worked.

Also Jefferies has a solid presence in CLT as well but from what I hear hours are absolutely brutal for junior staff.

As far as COL goes Atlanta is much cheaper than the northeast but CLT is even cheaper. The biggest difference really comes from real estate.

11/6/13

Thanks. Appreciate it.

11/6/13

Bump.

This is a good thread. I had no idea that post MBA associates did so well in the Atlanta/Charlotte area. Definitely something to think about.

11/6/13

If you're going down this route, you might as well branch out to other southern cities too. There are branches or boutiques in Nashville, Charleston, etc.

11/6/13

Charlotte:

Wells Fargo
Bank of America (only leveraged finance I think)
Jefferies (consumer)
SunTrust
Lazard Middle Market
Piper Jaffray (they bought a boutique named Edgeview a few years ago)
Deloitte M&A (they bought a boutique named McColl Partners a few years ago)
BlackArch Partners
BB&T (I think this is only DCM)

Atlanta:
SunTrust
Raymond James
Stephens
Houlihan Lokey
Barclays

I am sure that I am missing some.

11/6/13

Baird is in CLT as well, though unsure of what groups/staff levels. It may only be MDs taken from Wachovia during the crisis.

11/6/13
rpc:

Baird is in CLT as well, though unsure of what groups/staff levels. It may only be MDs taken from Wachovia during the crisis.

I knew a guy who did his analyst stint in that office a few years ago. He said that he was the only analyst at the time, so I imagine that it is mostly MDs.

11/6/13

BofA only has LevFin in charlotte. All the other groups have moved up to NYC. The only reason LevFin is still there is because the global head of levfin is a Charlotte guy.

Over the years most of the deal flow has moved up north so Charlotte mostly handles the smaller pro rata deals (better modeling experience but not as sexy). The environment there is much more laid back but the threat of potential cut backs is hanging there. Once the global head retires it's all over.

That being said one of the analysts went to KKR last year so it's still highly respected, even though it's a satellite office.

11/6/13

After doing two years as an analyst at any of the banks at Charlotte or Atalanta Is it possible to enter PE in nyc without a mba?

11/6/13

It's definitely much tougher but depending on your experiences it's possible. Personally, I know a couple people who went to PE in NYC and one guy who went to Tiger. That said, you have to be very competent.

11/6/13

Brookwood Associates is also out of both Charlotte and Atlanta. Those are their main offices if I'm not mistaken.

11/6/13

Have you done any searching on here? There is a lot of information on WSO about Charlotte.

The following are the main players as far as I know:

-Wells Fargo
-Bank of America (I believe that leveraged finance is the only remaining group)
-BlackArch
-Piper Jaffray (they bought Edgeview back in 2013)
-Deloitte (not 100% sure how they are structured, but they bought McColl Partners back in 2013)
-Jefferies (I believe that consumer is the only group they have there, but not 100% sure)
-SunTrust (I believe that TMT is the only group that they have there)
-RW Baird (not sure if they have any analysts, but they do have a few senior guys there)

I am sure that I am missing one or two banks, but that should be the meat of it. UNC, Wake Forest, Davidson, UVA, Duke, etc. all place well there. Some of those banks do recruit at Ivies and the like too. I do not work in Charlotte, but know a lot of people who do. Let me know if you need any more help.

11/6/13

Thanks. I was actually pretty familiar with most of the banks being there (except Baird and Piper Jaffray). I was more interested in the general vibe of Charlotte compared to say NYC. Like are analysts as pushed as they are in NYC? Also I'm curious as to why JPM, MS, and GS do not have any offices in Charlotte, with it seemingly being an up and coming finance hub.

11/6/13

I believe there are other groups besides LevFin there at BAML. I believe there is ECM and DCM (technically IB) and also a coverage group or two, though not entirely familiar.

That being said, if you're at BAML you don't want to be NC.

Most (if not all) of Wells groups have desks in Charlotte, and they all do pretty well. Wells work is very much debt heavy, but they are gaining traction in the equity and M&A markets. Good place to be overall and I know their LevFin team places well into the buy side. (know of an analyst that went KKR last year)

Judging from your tags you go to UNC/Duke, so you should have nothing to worry about when it comes to Charlotte recruiting. Emory does well too.

"My name's Ralph Cox, and I'm from where ever's not gonna get me hit"

11/6/13

FYI, I have heard of WFS placing into KKR AM, although I haven't seen anyone go to PE (correct me if I'm wrong). Buyside recruiting will be a little tougher as you're from a smaller city (headhunters are somewhat reluctant to put your resume in front of the major PE firms in NYC/LA/SF). That said, if you hustle hard enough, you'll find something (likely MM / lower MM PE).
Have heard life is great in Charlotte, although culture will vary widely by group / firm.
I've heard good things about some WFS groups, BlackArch apparently does very well in town, no clue about BAML culture, and i've heard good things abour the Jefferies culture as well (consumer retail and deal estate both have offices in Charlotte).
As to the question on why other banks aren't in town, probably because they won't be able to staff anyone up there. WFS/JEF/BAML have legacy offices there and MDs that want to stay in the city. I doubt any career banker at MS/GS/Other is going to willing relocate from NYC/LA/SF to CLT given they have no real reason to.

11/6/13
ib_2020:

Also I'm curious as to why JPM, MS, and GS do not have any offices in Charlotte, with it seemingly being an up and coming finance hub.

CaptainHindsight:

As to the question on why other banks aren't in town, probably because they won't be able to staff anyone up there. WFS/JEF/BAML have legacy offices there and MDs that want to stay in the city. I doubt any career banker at MS/GS/Other is going to willing relocate from NYC/LA/SF to CLT given they have no real reason to.

CaptainHindsight is correct. Wells Fargo, for example, still has plenty of senior guys from Bowles Hollowell Connor & Co., which after many acquisitions is now Wells Fargo. Pretty much every bank and PE shop in the Southeast has guys from Bowles Hollowell Connor & Co. at it.

11/6/13

Sounds interesting. I'm going off to Emory (Goizueta) this fall, and I currently live in Charlotte. I really love it here. I'm not entirely sold on the whole NYC finance scene (insane hours and stress). I'm sure the pay is better, but as someone who has had stress problems throughout my life, I don't think adding on to it is very ideal. Charlotte seems very laidback and, as other users have stated, your dollar travels a lot farther. Houses here that are valued at say $500k-1m, would likely be over $5m in both Manhattan and on LI. I actually do prefer southern cities to northern cities. Obviously more friendlier and definitely cheaper. I actually also got into Stern, but I turned it down because I was always a little iffy on going to a school that literally just pumps out debt-ridden GS/JPM/MS analysts. Emory offered me great aid, while Stern wanted me to pay almost full ride, which was definitely not happening without a bulk of loans. I could definitely see myself doing interns in Charlotte/Atlanta and working at WFS and lateraling to Charlotte PE. Hell, if Charlotte doesn't work Atlanta is definitely a hotspot

11/6/13

For what it's worth, I've heard WFS / JEF/ BAML Charlotte all pay street. Although I can't confirm if they still do after the base salary bumps across the BBs last fall.

Ultimately, lifestyle in CLT/ATL will be more akin to an NYC investment banker than many assume (same job but different city). This will vary substantially between groups and firms, but from what I've heard the hours are largely the same at the analyst level. Outside the office though, that's a whole different animal.

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"My name's Ralph Cox, and I'm from where ever's not gonna get me hit"

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