HarvardOrBust:
hardinthepaint:
Citi, no question. Great people, higher on league tables, better PE exits (especially in groups like M&A and natres).
Higher on league tables, better PE??? nice joke

This kid probably works at BAML.

I know I know. I was wrong. BAML analysts have lots of exits too...UBS, GS risk, MBA (think Purdue).

 
Best Response
hardinthepaint:
HarvardOrBust:
hardinthepaint:
Citi, no question. Great people, higher on league tables, better PE exits (especially in groups like M&A and natres).
Higher on league tables, better PE??? nice joke

This kid probably works at BAML.

I know I know. I was wrong. BAML analysts have lots of exits too...UBS, GS risk, MBA (think Purdue).

Haha I hope not if he's coming from Harvard. And were you referring to overall or with regards to LatAm. Found this article: http://www.gfmag.com/tools/best-banks/11097-worlds-best-investment-bank…

Has Citi as the Best in LatAm

 
hardinthepaint:
HarvardOrBust:
hardinthepaint:
Citi, no question. Great people, higher on league tables, better PE exits (especially in groups like M&A and natres).
Higher on league tables, better PE??? nice joke

This kid probably works at BAML.

I know I know. I was wrong. BAML analysts have lots of exits too...UBS, GS risk, MBA (think Purdue).

This kid probably works at Citi

 

Difference between bank reputation / strength / exit opps is negligible - you should be more concerned about getting into the right group and then landing a FT offer.

Thus, I would sign with the bank you have more contacts at.

Also, you may realize as an analyst that PE isn't what you want to do. Keep your options open.

 

These links are pointless. Piper as the best healthcare bank when last year it was JP? C'mon.

Go with the bank where groups are strong and people are awesome. No point in analyzing rankings too much. Data can be easily manipulated

 

Arguably the worst choices you'd have to make, really.

That said, Citi are top 5 in S&T (flow trading), but how sure are you of landing a spot there (more importantly, what makes you think that's what you'd truly want to do?)?

If I were you, I'd pick Citi simply because of the rotation which would invariably offer exposure that could be pivotal at the start of a career. That said, it's pretty much a case of choosing the lesser of two evils, rather than really making a choice...

 

Thanks for the input, though I wouldn't really say worst choices. There aren't that many BBs left in the first place; BA-ML is doing pretty well in it's FI S&T operation, and the money its losing has little do with that its trading or banking operations (rather, mortgage losses, etc.) The only banks I would put above it are MS, JPM, GS - though definitely open to differing opinions.

 

The point is what do you exactly define as a BB? HSBC, Barcap, RBS (even in the good times of 2007), BNP Paribas were not widely considered "BBs" by traditional conventions (and, needless to say, BB has a bias towards American banks when you consider how Bear Stearns could be regarded as a BB, but not some of those firms mentioned).

Fact of the matter is, I don't think it matters all that much whether a firm is BB (some are living on past glories anyway). While you're right to say that the money these banks (ie. Citi/BofA) are losing may not be coming from IBanking/Trading, try convincing those on the Street that there's little difference being at BofA/Citi and GS/JPM (the difference would be more pronounced at the more senior levels).

The knock-on effect is definitely going to be carried over - you can't be paying record bonuses if you haven't repaid TARP and are forced to sell your most profittable businesses/entities at bargain prices. If you could choose between being Dimon/Blankfein and Pandit/Lewis, who would you rather be?

 

I'd still make my decision based on the individual group and not worry too much about the larger entity. The investment banking practice at BAML (so, the ML) was very profitable in 2010 and will remain so. Worst case (or best case), BofA spins them off. I would only hesitate about joining a group that was legacy BofA.

If I am picking larger entity though, I think BAML is better off...Citi was shitty before the crisis even began.

 

Neither are sinking or in "complete shambles" or "total jokes"

what the fuck

do you guys watch MSNBC re-runs?

both are balance-sheet banks anyway--they may not be as prestigious in advisory as Goldman or a Lazard-type pure play but they get plenty of fucking dealflow

Citi just advised Berkshire on one of the biggest M&A deals of the year. They are doing fine.

 

I agree with Cartwright and would say it really depends on the specific group.

Each group within each bank has a lot of variables that would affect its "risk profile": seniority of group heads within the firm (MD tenure), budget (realized vs. expectations), guarantees that may be in place within the group, broader industry dynamics for the coverage group (for example, Real Estate is riskier than FIG at most banks), type of product that the group depends on (equity vs debt vs M&A), typical deal size for that group, current deal flow etc.

 

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