Oppenheimer & Co IBD

Have used the search function but there isn't too much info and most of it is dated. Does anybody have any general comments on their banking division? Or even better, if anybody works there would you mind PMing me? May be interviewing there soon and trying to gather as much info as possible. Thanks.

 

Hey guys, I have a friend who is meeting with a few Oppenheimer guys later this week for informational interviews. I told him he should submit an online application so that if the interviews go well he could just mention that he's already applied and would appreciate any help they'ed be willing to offer.

However, I can't find an online applications for Opp's IB on their website. Do they not do online apps like the BB's?

Would really appreciate your help. This is my friends chance to break in. If you know the website link to the online apps or know the proper procedure that would be amazing.

"If you want to succeed in this life, you need to understand that duty comes before rights and that responsibility precedes opportunity."
 

userOppenheimer already sent out the Superday invites. If you're not in then you're not in. There is going to be an extremely limited number of spots open. I'm guessing like 2 spots since most of the interns accepted their offers. I've already met several analysts and associates in every single group. (20+ bankers)

No online applications. You just need to send your CV to the right person who is in charge of IB recruiting.

Sorry guys but I really can't help any further as I'm in the final round.[/quote]

Can you send me a PM? I don't have enough banana points to send them yet. Curious to find out when the superday is since my first round is just coming up.

 

I have a very close friend who works in their investment banking division. Overall, solid shop with a strong brand name. Everyone on the street has heard of Oppenheimer, mostly for research.

But, the bank is broken. Since its acquisition of CIBC World Markets, there is no bank culture (from what I've heard). Groups aren't on even playing fields, where some groups work a lot harder than others. Pay is below street, with no signing bonus.

There were multiple rounds of layoffs. I think 3 or 4 this past year or so. A couple of first years were laid off right before bonuses. Head of investment banking and a couple of other group heads and MDs left for other shops. Everyone (literally almost everyone) is trying to lateral out.

Overall, great place to lateral out of. Not a great place to start/have a career, either as an analyst/associate or senior banker.

 

I can say the things I do know of tsmith said is true.

I know the 4 people who were laid off in July. Three 1st years (2 in Healthcare, 2 in Tech) and 1 Associate. The head of IBD left for MS at the start of summer causing a lot of shake-ups.

 
Best Response
AspiringAnalyst01:
I can say the things I do know of tsmith said is true.

I know the 4 people who were laid off in July. Three 1st years (2 in Healthcare, 2 in Tech) and 1 Associate. The head of IBD left for MS at the start of summer causing a lot of shake-ups.

No one should/will take your posts seriously, even if it is true. You interned at the said shop, did not get an offer and not to mention various analysts found your WSO user name and figured out who you are.

On top of that mess, you LIED on your resume. LIED. Too many people know who you are. It's time to look into another profession.

 

Although I find the above conversation humorous, I would like to throw in a plug for Oppenheimer. I interned there this summer and they are a great firm. It's true that they are not your "normal" bank, but that is what makes them great in my opinion. The people there are very nice and, in most of the groups, you don't average more than 70-80 hours a week. Depending on the group, you can have a lot of responsibility as an analyst and work on some really cool deals. In the middle market, I would say they are definitely a great option.

Now, if your whole goal in life is to get into Private Equity, then Oppenheimer is probably not your best option. It is still very possible, but you have to work hard to do it. If you aren't sure what you want to do after banking though or if you know you want to do banking more than two years, Oppenheimer is your place. They promote a lot of Analysts to a third year and it is very possible to go straight to associate.

I just getting tired of people constantly talking about places where they have never been. Oppenheimer is not "broken!" They are struggling like most banks are right now but they definitely aren't in as bad of a situation as UBS or Nomura or the like. Just my four cents.

 
pack13:
Although I find the above conversation humorous, I would like to throw in a plug for Oppenheimer. I interned there this summer and they are a great firm. It's true that they are not your "normal" bank, but that is what makes them great in my opinion. The people there are very nice and, in most of the groups, you don't average more than 70-80 hours a week. Depending on the group, you can have a lot of responsibility as an analyst and work on some really cool deals. In the middle market, I would say they are definitely a great option.

Now, if your whole goal in life is to get into Private Equity, then Oppenheimer is probably not your best option. It is still very possible, but you have to work hard to do it. If you aren't sure what you want to do after banking though or if you know you want to do banking more than two years, Oppenheimer is your place. They promote a lot of Analysts to a third year and it is very possible to go straight to associate.

I just getting tired of people constantly talking about places where they have never been. Oppenheimer is not "broken!" They are struggling like most banks are right now but they definitely aren't in as bad of a situation as UBS or Nomura or the like. Just my four cents.

70-80 hours? How come another intern was pulling 90-110 hours a week average?

 
Whiskey5:

70-80 hours? How come another intern was pulling 90-110 hours a week average?

Out of the interns, I would say that three of us averaged close to 90. One intern hit 100 hours a few times but I would say his average was closer to the low end of your range. I also said that MOST groups average those hours and that it definitely isn't the norm because the office was empty at midnight most nights and also empty on weekends. I also think that as a full-time analyst, that intern would not have been averaging close to ninety because he would become more efficient. I would think that if you averaged all of last year's first year analysts average hours per week, that you would get something below 80. Overall, I think that Oppenheimer is a great lifestyle shop.

 

Opco is a solid middle market investment bank. It does not compare with elite boutiques, but it is a recognized and reputable name. Compensation post-analyst can be significantly below market. Lots of overhiring and overfiring since the financial crisis. However, those negatives shouldn't really matter to an analyst if you don't have a better name to choose from. Analysts and associates seem to find good exits (better banks or solid buyside shops).

 

That's on the low end of market for first yr associate this year.

"They are all former investment bankers that were laid off in the economic collapse that Nancy Pelosi caused. They have no marketable skills, but by God they work hard."
 

That's on the low end of market for first yr associate this year.

"They are all former investment bankers that were laid off in the economic collapse that Nancy Pelosi caused. They have no marketable skills, but by God they work hard."
 

How is Lev Fin a strong group when it is only 3 people? No mistake Brian and Tina are awesome and so is the group head John but it is a small group. Healthcare is by FAR the largest and strongest group at 85 Broad 23rd floor. M&A is big as well. Good luck.

 

Healthcare and Industrials have historically been some of their strong groups. Consumer & Business Services and Energy has worked on some decent deals. Industrials also places decently well. But overall, there's been a lot of turnover in the firm and dry deal flow in general - a ton has changed for Opco the past several years.

If you have offers elsewhere I'd consider those before going to Opco

 

I actually remember interviewing with one of the groups (coincidentally doing the same role with a another firm in the same city). Their Healthcare is pretty strong, but outside of that, it's tough to discuss other groups in terms of strengths...

Authored by: Certified Corporate Development Professional - Director
 

OpCo has had a ton of turnover over the past several years as old CIBC bankers have been moved out and new bankers from other mid-market shops (HL, BMO, Jeff) have been pulled in. The firm is in major product expansion mode, which is good and bad right as the firm figures out these new offerings.

If you want to be really busy, M&A, healthcare, industrials are pretty busy and have decent flow. Junior turnover has been pretty big over the past while, the grass is always greener at another shop.

More broadly speaking: If you have a BB offer take it, if you have an offer at someplace really exclusive, take it. Unless you are guaranteed to place into a rockstar group at another MM bank, its the same job at OpCo as any other MM bank in the city.

--There are stupid questions, so think first.
 

Their research is world-class and best known. Healthcare group is the strongest by miles. M&A and industrials you pitch pitch and pitch (and lose against the BBs) and work long hours.

FIG, restructuring, DCM groups are tiny (3-4 ppl) [FIG is not even at 85 Broad]. I believe pay is street or slightly below street.

I cannot say anything bad about Opco because people there helped me out big time. End of post.

 
anybankeratall:

Their research is world-class and best known. Healthcare group is the strongest by miles. M&A and industrials you pitch pitch and pitch (and lose against the BBs) and work long hours.

FIG, restructuring, DCM groups are tiny (3-4 ppl) [FIG is not even at 85 Broad]. I believe pay is street or slightly below street.

I cannot say anything bad about Opco because people there helped me out big time. End of post.

"Their research is world-class and best known." -- That seems to be extreme. I can't comment on how good their research is but certainly NOT top-notch.
 

agreed. I know an analyst there. dealflow is dried up. people are leaving. not a good choice if you have other options

“Success means having the courage, the determination, and the will to become the person you believe you were meant to be”
 

I actually interviewed recently with them for an IB role. I got this same question and gave a generic answer, that looking back, would be hard to pass by most interviews. I made sure for other interviews afterwards to make sure I could answer this question. Look up recent news with company and recent deals to try to answer this question...

Authored by: Certified Corporate Development Professional - Director
 
TheBlueCheese:

Warning: Their 'HR' department and the whole interview/recruiting process is very unorganized and unprofessional. First hand experience and heard many others experience the same

I agree. Felt the same way recruiting at my school for an analyst role a couple of years ago.

 

This bank is dead. Do not go there. Lay-offs are coming if they haven't already started.

"If you want to succeed in this life, you need to understand that duty comes before rights and that responsibility precedes opportunity."
 

If you have other offers, I would absolutely take them over OpCo, some people I know who work there are trying to get out and move to other banks because the exit opps aren't great

 
RonaldBacon:
solid name. lateral move shouldn't be too hard. friend of mine worked at opp and moved to BAML
Good place to lateral out of, and a REALLY good place to be mid-late career. Company is poised for growth and is a good place to be if you're not trying to jump out to PE/HF
Get busy living
 

I am commenting while substantially unburdened by the facts, but I will say that my experience with them and C.I.B.C. before them was that their bankers seemed to me to be typical, middle market-type sellside guys. Not that I'm faulting that, but there is clearly a mold for banging out a series of cookie-cutter, process-driven deals that is less complicated than bulge bracket advisory work.

I only know one guy there I'd characterize as being the genuine item. Of course, I am biased, since I molded him in my image - he was one of my best young bankers before we parted ways. I would not expect most of their roster to measure up to his standard. Of course, if you are interviewing, you probably do not want to draw him: he has a way of finding the limits of your knowledge very quickly.

 

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