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I got general offers recently from Barclays Capital, UBS, and Citigroup, all in NYC.

Group placement won't happen until next year. UBS may be able to give me a group earlier.

Which BB would you pick? I liked the people I met at all these banks...I don't have much time to decide...

I want to exit to PE 2-3 years down the road.

Comments (83)

  • bballman27's picture

    Did you like all the people at all 3 equally? I'd go with whichever people you like better... you're going to be spending 18+ hours a day with these people..

  • monkeysama's picture

    Barclay Capital is essentially Lehman's division which Barclays bought with a song after everything fell through. They have been doing very very well and it actually may require some restructuring in the bank because more than 1/3 of the assets of BC are coming from this new IB arm. The are probably the best growth potential imo of any bank on the street right now (in terms of bb). So yeah, BarCap all the way.

  • Stringer Bell's picture

    Citi's m&a is (at least was) murdering it for a while. Plus the co-global head is alum from my school, super nice guy. I'd say if you could land that group, put it to #1. If not, agree with all the Barcap statements, especially their DCM group.

  • ShawnFire's picture

    guys..it's a general offer so there's no way I could assess my "chances" of landing top groups.

    and yes I liked the people equally from all firms.

    also, how good is barclay's financial sponsors or leveraged finance groups??

  • bulge4lyf's picture

    Citigroup > Barclays > UBS

    I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing.

  • Diamonds's picture

    How is this even a question? Honestly, who would choose Citi over Barcap? (but if you are even considering UBS then maybe that explains why you are even contemplating the decision) Barclays is the obvious choice, I have yet to meet one person who would choose citi over barcap given an option.

  • no homo's picture

    If you want to do Sponsors/LevFin stuff, UBS is actually the best place to be. Sponsors was top 5 last year, group combines the LevFin product and continues to place into top PE.

    If you want to do M&A, then Citi. UBS is meh at M&A and BarCap has no M&A group.

    If you want to do Energy, BarCap. They murder at that and the group does its own M&A.

    In terms of globality, UBS is best, followed by Citi and BarCap. Losing an HK banker to Deutsche is not cause to go crazy. I know several people at the firm who were hired in the past year from places like GS, CS, Citi and DB.

    These are all great options to have. If you think you'll land in coverage, go BarCap because the groups do their own M&A. As far as the other two options go, work with HR and the UBS FSLF/Citi M&A groups to assess which you'd have a good shot at.

  • cmonkey711's picture

    Citi M&A is very selective with their analysts, and the majority of incoming analysts tend to rank it 1 or 2 in terms of group preference. If you're confident in your technical skills and likability, go for it and network hard.

    To be quite frank though, Citi has great top groups (namely M&A, communications, and consumer), but there are a few coverage groups that are rather lackluster. If you really have no connections whatsoever that can help you network with a group early, BarCap might be the safer choice for you.

  • cmonkey711's picture

    Referring to it as Barclays-Lehman is rather misleading, since Lehman's Global Head of M&A has been the Global Head of M&A at Citi for the last 2 years. Lehman's best industry bankers were also scattered across the street, many of whom ended up at Citi together with the aforementioned M&A head. Rainmakers don't usually stick around in times of uncertainty or to undergo an ugly merger.

  • In reply to ShawnFire
    bulge4lyf's picture

    ShawnFire wrote:
    I heard Citi's M&A group only has like 1 spot left. Out of 100+ incoming Analysts, I would say my chances would be pretty slim.

    Who told you that?

    I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing.

  • In reply to cmonkey711
    Diamonds's picture

    cmonkey711 wrote:
    Referring to it as Barclays-Lehman is rather misleading, since Lehman's Global Head of M&A has been the Global Head of M&A at Citi for the last 2 years. Lehman's best industry bankers were also scattered across the street, many of whom ended up at Citi together with the aforementioned M&A head. Rainmakers don't usually stick around in times of uncertainty or to undergo an ugly merger.

    Regardless, the majority of bankers currently within Barclays Capital are legacy Lehman, and for the most part, all of the internal structures remain the same. As a matter of fact, Barclays is adopting the Lehman business model for its global operations, not just NYC, and is aggressively expanding the business in Asia Pacific and EMEA. So yeah - I will still call it Barclays-Lehman.

    And who is calling this an ugly merger? Since Barclays acquired Lehman, the united investment bank has outperformed both of its previous two, component businesses on a standalone basis - can someone say synergies? If you intend to label a merger "ugly" then look at Bank of America vs. Merrill Lynch.

  • ShreddiesBrah's picture

    Diamonds, sounds like you've got a chip on your shoulder. Your post history confirms what I first suspected, that you probably recently signed for barcap and a feeling a little insecure. I mean ... "Barclays-Lehman"? Get real dude ...

  • In reply to ShreddiesBrah
    Bernanke23's picture

    Brown_Bateman wrote:
    Diamonds, sounds like you've got a chip on your shoulder. Your post history confirms what I first suspected, that you probably recently signed for barcap and a feeling a little insecure. I mean ... "Barclays-Lehman"? Get real dude ...

    Haha I think the "Barclays-Lehman" may be a bit of a stretch but Diamonds has valid points. The majority of remaining bankers at Barcap are legacy Lehman. You can verify that by seeing tons of Lehman gear as people come in and out of the building. That being said, Lehman and now Barcap did lose a lot of bankers to other banks (notably Shafir, Woody Young, etc) but who didn't? There was a tremendous reshuffling amongst the bulge brackets during and after the crisis.

    In terms of advice to the OP, I'd say you really cannot go wrong with either of these banks. Citi M&A is very good, as a lot of posters on here have alluded to. They also have some other excellent coverage teams and their FEG team (similar to sponsors at other banks) does good work and you get good modeling skills there, from what I hear. UBS has a reputation for very good people though its reputation has been a bit tarnished of late, though I find that to be a bit unfair considering a lot of their issues came from the PWM side not IBD. With regards to Barcap, they have a great Natural Resources franchise (I'd venture to say best on the street but I can't verify). They also do very well in Comm. and Media and FIG (their insurance team just work on the AIG sale of two units to Prudential). Good luck in your choice!

  • In reply to ShawnFire
    no homo's picture

    ShawnFire wrote:
    is Barcap's Financial Sponsors grop any good?

    Not really. It's good in that it's a Sponsors group at a BB, but it's not really close to CS, JPM, GS, MS or UBS.

    Again, if you go BarCap, the far and away best group to be at is Energy. The problem is that sets you more on the First Reserve track than anywhere else. Media Telecom is a good place to be at there too, because they're decent at what they do, have incredible work/life and do their own M&A. People with the TMT backgrounds (even though BarCap is more a separate T and MT) still do well as far as PE opps. go.

  • In reply to ShawnFire
    no homo's picture

    ShawnFire wrote:
    is Barcap's Financial Sponsors grop any good?

    Not really. It's good in that it's a Sponsors group at a BB, but it's not really close to CS, JPM, GS, MS or UBS.

    Again, if you go BarCap, the far and away best group to be at is Energy. The problem is that sets you more on the First Reserve track than anywhere else. Media Telecom is a good place to be at there too, because they're decent at what they do, have incredible work/life and do their own M&A. People with the TMT backgrounds (even though BarCap is more a separate T and MT) still do well as far as PE opps. go.

  • no homo's picture

    Can't speak for the Power group.

    If you don't get selected to be the designated M&A analyst, then the result is that you don't get the same overall experience. That's the kicker with BarCap. The bank may be doing well on league tables compared to a UBS or Citi, but you don't know what your role is going to look like.

    All that said, a good amount of people from BarCap Energy/Media Telecom/Industrials get solid positions coming out of the two year program (whether they were the M&A analyst or not), and after you get interviews for those things, it's all on you.

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