Best Response

If you are thinking that you can afford to be selective with regard to which institutions you apply to, you cant. Any bulge bracket, middle market, or established boutique investment bank that would be willing to extend you an offer is a firm worth considering, and anyone who participates in prestige-whoring is clearly not giving an opinion worth noting. The firm has a solid reputation particularly in their equity and debt financing platforms (Lev Fin crushes it). It may not be as strong a performer in Global M&A up to this point because legacy BofA did not have as strong of a global presence as Merrill did, but they have been moving up the league tables notwithstanding. Goldman, Lazard, MS, and other Elite boutiques garner a stronger market share with respect to M&A, but in terms of volume and fees the firm has substantial deal flow. You could basically say that financings are their bread and butter, with JPM being a major competitor on that front. But definitely don't have an elitist attitude about where you work because you'll get great experience everywhere. Some groups at BAML are better than their counterparts at MS/JPM/GS, while others are not as strong. Regardless, you'll be doing about the same thing wherever you go so be sure to check your attitude at the door.

 
rufiolove:
If you are thinking that you can afford to be selective with regard to which institutions you apply to, you cant. Any bulge bracket, middle market, or established boutique investment bank that would be willing to extend you an offer is a firm worth considering, and anyone who participates in prestige-whoring is clearly not giving an opinion worth noting. The firm has a solid reputation particularly in their equity and debt financing platforms (Lev Fin crushes it). It may not be as strong a performer in Global M&A up to this point because legacy BofA did not have as strong of a global presence as Merrill did, but they have been moving up the league tables notwithstanding. Goldman, Lazard, MS, and other Elite boutiques garner a stronger market share with respect to M&A, but in terms of volume and fees the firm has substantial deal flow. You could basically say that financings are their bread and butter, with JPM being a major competitor on that front. But definitely don't have an elitist attitude about where you work because you'll get great experience everywhere. Some groups at BAML are better than their counterparts at MS/JPM/GS, while others are not as strong. Regardless, you'll be doing about the same thing wherever you go so be sure to check your attitude at the door.

great info..thanks..yeah, definitely don't want to get picky

 
rufiolove:
If you are thinking that you can afford to be selective with regard to which institutions you apply to, you cant. Any bulge bracket, middle market, or established boutique investment bank that would be willing to extend you an offer is a firm worth considering, and anyone who participates in prestige-whoring is clearly not giving an opinion worth noting. The firm has a solid reputation particularly in their equity and debt financing platforms (Lev Fin crushes it). It may not be as strong a performer in Global M&A up to this point because legacy BofA did not have as strong of a global presence as Merrill did, but they have been moving up the league tables notwithstanding. Goldman, Lazard, MS, and other Elite boutiques garner a stronger market share with respect to M&A, but in terms of volume and fees the firm has substantial deal flow. You could basically say that financings are their bread and butter, with JPM being a major competitor on that front. But definitely don't have an elitist attitude about where you work because you'll get great experience everywhere. Some groups at BAML are better than their counterparts at MS/JPM/GS, while others are not as strong. Regardless, you'll be doing about the same thing wherever you go so be sure to check your attitude at the door.
+1 /end thread
 

If you get an offer, take it. Pretty chill culture from what I've heard and they pay well. Buddy of mine recently signed S&T there and will make a combined 100k-160k in his first year

 
rufiolove:
turtles:
If you get an offer, take it. Pretty chill culture from what I've heard and they pay well. Buddy of mine recently signed S&T there and will make a combined 100k-160k in his first year

That's a huge range and in line with street compensation... they pay the same as all other banks...

Fine I'll break it down: 1st year analyst. 20k signing. 80k salary. Up to 60k bonus
 
rufiolove:
turtles:
If you get an offer, take it. Pretty chill culture from what I've heard and they pay well. Buddy of mine recently signed S&T there and will make a combined 100k-160k in his first year

That's a huge range and in line with street compensation... they pay the same as all other banks...

Haha. Turtle, how does that make any sense? LOL? What kind of range is that. Your buddy ain't going to pull 80K in bonus 1st year.

-- "Those who say don't know, and those who know don't say."
 

Just my gut, but I'm pretty pessimistic about BAML's long-term prospects. A lot of the legacy Merrill people jumped ship and it will undergo a lot of the Citi/Salomon and JPM/Chase drama before everything is sorted out. Pre-Merrill BAC was absolutely atrocious, and even now, it rarely wins lead mandates but is always stuck with the financing... not very exciting prospects in the long run

Eventually the Merrill guys will take over but the problem is just weak brand equity and the "Bank of America" name. A lot of junior analysts I knew took any offer essentially over Bank of America (UBS, BMO, consulting at Monitor, etc) because it's so synonymous with ATM's and whatnot. I know some groups are killing it, but a lot of it about perception.

 
Solidarity:
A lot of junior analysts I knew took any offer essentially over Bank of America (UBS, BMO, consulting at Monitor, etc) because it's so synonymous with ATM's and whatnot. I know some groups are killing it, but a lot of it about perception.
Then they're sad, insecure little prestige whores who turned down good (presumably IBD) jobs because of the company name on the top of the building.
I am permanently behind on PMs, it's not personal.
 
A Posse Ad Esse:
Solidarity:
A lot of junior analysts I knew took any offer essentially over Bank of America (UBS, BMO, consulting at Monitor, etc) because it's so synonymous with ATM's and whatnot. I know some groups are killing it, but a lot of it about perception.
Then they're sad, insecure little prestige whores who turned down good (presumably IBD) jobs because of the company name on the top of the building.

I wouldn't necessarily say that.... places like UBS and Monitor are just as good as BAML. There's something to be said about perception as well as deal flow. Why do people choose Goldman over places like Lazard?

 
Solidarity:
Just my gut, but I'm pretty pessimistic about BAML's long-term prospects. A lot of the legacy Merrill people jumped ship and it will undergo a lot of the Citi/Salomon and JPM/Chase drama before everything is sorted out. Pre-Merrill BAC was absolutely atrocious, and even now, it rarely wins lead mandates but is always stuck with the financing... not very exciting prospects in the long run

Eventually the Merrill guys will take over but the problem is just weak brand equity and the "Bank of America" name. A lot of junior analysts I knew took any offer essentially over Bank of America (UBS, BMO, consulting at Monitor, etc) because it's so synonymous with ATM's and whatnot. I know some groups are killing it, but a lot of it about perception.

There is so much inaccuracy in this post that I wouldn't know what to address first. For any of the younger kids on this forum, definitely disregard the above. I have several friends who did their 2 year stint and got gigs at Providence, TPG, Welsh Carson, Cerberus etc... The above interpretation of the firm as a whole and the statement that it cannot win mandates is ludicrous, as it did some landmark M&A deals last year, it simply doesn't have the market share that some of the other shops have.

 
rufiolove:
Solidarity:
Just my gut, but I'm pretty pessimistic about BAML's long-term prospects. A lot of the legacy Merrill people jumped ship and it will undergo a lot of the Citi/Salomon and JPM/Chase drama before everything is sorted out. Pre-Merrill BAC was absolutely atrocious, and even now, it rarely wins lead mandates but is always stuck with the financing... not very exciting prospects in the long run

Eventually the Merrill guys will take over but the problem is just weak brand equity and the "Bank of America" name. A lot of junior analysts I knew took any offer essentially over Bank of America (UBS, BMO, consulting at Monitor, etc) because it's so synonymous with ATM's and whatnot. I know some groups are killing it, but a lot of it about perception.

There is so much inaccuracy in this post that I wouldn't know what to address first. For any of the younger kids on this forum, definitely disregard the above. I have several friends who did their 2 year stint and got gigs at Providence, TPG, Welsh Carson, Cerberus etc... The above interpretation of the firm as a whole and the statement that it cannot win mandates is ludicrous, as it did some landmark M&A deals last year, it simply doesn't have the market share that some of the other shops have.

agree with rufiolove. I personally know one guy from BAML that went to Carlyle as a buyout professional. I doubt people at BMO or Monitor have that kind of opportunity....(if you take BMO over BAML IBD, I can only say you are out of your mind....look at the league tables...BAML is doing fairly well)

 
Solidarity:
A lot of junior analysts I knew took any offer essentially over Bank of America (UBS, BMO, consulting at Monitor, etc) because it's so synonymous with ATM's and whatnot. I know some groups are killing it, but a lot of it about perception.

People who fear others mistaking the fact that they actually work at an investment bank rather than at the teller booth because the name is synonymous with ATMs seriously need to get their ego checked.

I wonder if anybody put off Citi because its so synonymous with the ATMs. Or any other IB that has a similar name for its commercial banking arm.. Because that's a really damn funny reason to disregard an offer.

Banking.
 
MrV:
Solidarity:
A lot of junior analysts I knew took any offer essentially over Bank of America (UBS, BMO, consulting at Monitor, etc) because it's so synonymous with ATM's and whatnot. I know some groups are killing it, but a lot of it about perception.

People who fear others mistaking the fact that they actually work at an investment bank rather than at the teller booth because the name is synonymous with ATMs seriously need to get their ego checked.

I wonder if anybody put off Citi because its so synonymous with the ATMs. Or any other IB that has a similar name for its commercial banking arm.. Because that's a really damn funny reason to disregard an offer.

Calm down people, no one is saying that you can't make it to a PE shop or w/e from BAML... I prefaced my post with enough "touchy feely" qualifiers to ensure that no one gets too worked up about this. And yes, I do believe having a commercial affiliation hurts the overall brand of the bank--notice how JPMorgan Securities is separate from Chase. Also, whoever picked Carlyle--bad example. They are extremely egalitarian when it comes to hiring junior people.

 

I've wondered the same thing quite a few times while looking through posts. I understand the stigma of saying "Bank of America" in any part of the name when someone asks which investment bank you work at, but 90% of the people I've talked to that work there or have worked there just refer to it as Merrill. I think that they could benefit tremendously by dropping the BofA name off of it because it definitely makes people think of ATMs and tellers.

 

Baml > ghl/evr/laz in terms of recognition by people outside finance and by product exposure. If you're not dead set on pe or hf there's slot to be said for starting at a blue chip name

Just my 2 cents. College student but that's my perspective

 
firefighter:
Baml > ghl/evr/laz in terms of recognition by people outside finance and by product exposure. If you're not dead set on pe or hf there's slot to be said for starting at a blue chip name

Just my 2 cents. College student but that's my perspective

I don't think working at BAML would put you at any disadvantage if you wanted to eventually move into PE or HF. Sure, it doesn't have the notoriety of GS TMT or any of the other major groups that supposedly give PE recruiters crazy pants, but there are about 1,000 other banks and MMs that don't either and somehow someone from those firms will end up at KKR eventually.

 
NickTheRichard:
I don't think working at BAML would put you at any disadvantage if you wanted to eventually move into PE or HF. Sure, it doesn't have the notoriety of GS TMT or any of the other major groups that supposedly give PE recruiters crazy pants, but there are about 1,000 other banks and MMs that don't either and somehow someone from those firms will end up at KKR eventually.

What I meant wasn't that BAML was worse for megafunds but rather that it's much more recognized than the boutiques if you decide PE or HF isn't for you. BUT I have never heard of a single person from KKR PE from a firm that wasn't a bulge or top boutique

 
NickTheRichard:
I don't think working at BAML would put you at any disadvantage if you wanted to eventually move into PE or HF. Sure, it doesn't have the notoriety of GS TMT or any of the other major groups that supposedly give PE recruiters crazy pants, but there are about 1,000 other banks and MMs that don't either and somehow someone from those firms will end up at KKR eventually.

What I meant wasn't that BAML was worse for megafunds but rather that it's much more recognized than the boutiques if you decide PE or HF isn't for you. BUT I have never heard of a single person from KKR PE from a firm that wasn't a bulge or top boutique

 
firefighter:
Arguing with ekud is like running in the special olympics, even if you win you're still retarded

Thats great!

"One should recognize reality even when one doesn't like it, indeed, especially when one doesn't like it." - Charlie Munger
 

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