MM S&T prospects

Probably BR, but it can be hard to convert there

depends on what you want to do down the line of course... buy side inst sales is completely different than sell side.

on the buy side you are marketing funds whereas on sell side you are selling securities. you'll gain more technical skills on the sell side, be it equities, FICC or whatever.

on lifestyle and comp, buy side sales is not much more than 9-5 as you're not really a market participant (and hence dont need to work market hours). comp potential is better for SS... but BS is not a bad gig if you want decent lifestyle and comp.

Sales reps from various funds drop in to pitch their products at least one/twice a year per firm. They are some of the most relaxed, happiest looking people, and they dress well too so they aren't making bad money either.

Some are better than others so it's impossible to generalize based purely on "MM." Within equities it can be very trader/salestrader/analyst/sector specific. As a brief example (and there are hundreds of variations to this) but:

You could work with someone who happens to be best friends with the buy-side trader/PM who trades the largest amount of retail stocks on the street. If this is the case (and said trader has commission dollar discretion) it's very possible that within the retail sector that MM bank does as much (if not more) in institutional business then another bank on the street. Just one example - and undoubtedly the big banks do a good business but I think you'd be surprised as to some of the niches Middle Market Banks have.

To answer some of your questions:

Yes they work with funds of all sizes -- although very likely not getting paid to the extent by said clients as the Bulge Brackets (way more touch points worthy of payment, electronic, clearing, prime, program trading, corporate access....etc.).

I would take some MM opportunities above some BB and vice-versa... Again dependent on a TON of variables. You could certainly move from MM to BB and back --- however given your level of experience, knowledge and your summer position don't get over your skis.... Focus on learning the business this summer and worry about the rest when it comes.

In 4 later

For NYC the base for BBs and MM will be the same. Sales at a BB maybe easier because BBs tend to have more/larger clients the MM firms. In terms of a trading, I interned for a MM firm on the fixed income prop desk. We got a lot of resumes from BB traders wanting to work on our desk. I really can't comment on the market making aspects of the firm.

From what I hear it is a lot better. Less stressful...also the pay is commissions (of course) so it is what you make of it. My neighbor jumped around many small shops, and he retired at 35 haha so take that for what it is worth

Forget completely about RBS, it's going straight into the wall

I think HSBC is your best bet among those. French Banks too if you don't have problems with frenchies.

You might want to hurry up.. Jefferies FI has a superday on Friday, don't know about the others

Should I be worried about French banks what with Europe falling apart and the transaction tax? I guess if I'm just planning to be there for the summer it's not a huge issue, but it seems like long term not the best option maybe.

jeff FI had a terrible conversion rate last summer

French banks (SocGen BNP) are a bit of a "niche" .They are top-notch (esp SocGen) if not the best on the street in equity derivatives. A lot of senior eq derivatives guys at BB learned everything at SocGen and got poached by BBs. But they are average at best if not terrible everywhere else.

So if you want to go ahead, make sure that you aim for Eq derivatives and nothing else.

OP you are too late for FT recruiting. All the banks you mentioned as well as the french banks do FT recruiting in the fall...if you're a junior then I wouldnt bank on these banks either, my understanding is that only Citi interviewed people in the fall for FT in S&T. Citi didnt hire anyone because all their SAs took their offers. Unless the market changes drastically, and banks turn into a hiring spree, id recommend looking at other banks for SA position.

With those two out all I can think of is Nomura, should have an impact with all the people they hired, rumors of possible acquisitions as well.

Jones Trading, Knight Capital, Cantor Fitzgerald, GFI, Benchmark Company, ITG, BTIG, RBC, BNY Convergex

These are for equity shops. Some of these are purely brokers others make markets

Saw a 2 hour special on CNBC today where Maria broadcasted from the RBC Capital Markets trading floor in New York. Interviewed a bunch of people on the floor. Looked like a pretty big operation and the CEO's said they were expanding/hiring.

trade4size - What's the difference between these and the prop shops? Are they just public or brokers? Also, in terms of payout which do you think is better? What are your thoughts in general?