Which office are you interviewing for? I recently had a first round interview for their NY office. Apparently they're still integrating (Stifel and TW are still in two separate offices). The VP who interviewed me, who was from the Weisel side, was pretty pumped about the merger and gave off the impression that the Stifel side felt the same way too. Kinda related, does anyone know if they had any superdays yet?

 

An alumni from our WSI program works for Stifel Nicolaus now and although he didn't want to get into specific numbers, he had this to say:

"They are ramping up IB in a huge huge way. The reason for the merger was to build in roads into banking deals in healthcare and technology which was Thom Weisels specialty. Would have taken 10-15 years to gain legitmacy we did overnight with this deal. They are hiring young bankers like crazy right now. They just had a superday in the NY office and more are planned. The culture is insane right now as they have bankers everywhere from Baltimore to SF right now. NY is split between 2 offices. But, its an amazing place to be. We brought in this guy Victor Nesi who used to be head of IB for Merrill Lynch. We fully intend to be able to compete with the big boys as this thing grows. The emphasis has been on gettin bookrun deals we havent been able to get before and it's working. There will always be pushback as "competing" with the big boys is nearly impossible but being right there in the convo is the goal. Everyone is beyond pumped, this thing is growing and its a place to grow in because of the expansion. Great place to get in on the ground floor."

Hope this helps...

www.wallstinsiders.com www.facebook.com/WallStreetInsiders
 

I know at least their SF office is having a second super day at the end of this month. I would imagine the same case for the larger office out in NY. They probably have multiple super days and are waiting for them to end before extending offers

 

i think that they have def upgraded their platform with the acquisition of weisel / cowen bankers and are looking to expand rapidly. That being said, they are still a ways away from being considered with the BB. I do know that they recently have been pitching against many BBs for business and have been getting hired.

 
bostonbanker11:
i think that they have def upgraded their platform with the acquisition of weisel / cowen bankers and are looking to expand rapidly. That being said, they are still a ways away from being considered with the BB. I do know that they recently have been pitching against many BBs for business and have been getting hired.
You just contradicted yourself.
 
JulianWells:
bostonbanker11:
i think that they have def upgraded their platform with the acquisition of weisel / cowen bankers and are looking to expand rapidly. That being said, they are still a ways away from being considered with the BB. I do know that they recently have been pitching against many BBs for business and have been getting hired.
You just contradicted yourself.

i was saying that they are no where near being considered a BB, but with their recent acquisition and hirings they have gained expertise in industries that legacy stifel was not involved in. This has allowed them to pitch against some BBs and be competitive in certain bakeoff situations, especially in the healthcare and technology sectors.

 

Generally Stifel has an awful rep, crappy pay, and everyone I've met from there just seems a bit....slow.

TWP, MB and KBW generally have far superior talents and from what I know are much more of a traditional wall street unit (even the pay is different)

 

Whoever said 10k is an idiot. Last year was 55k top bucket. They are normally in-line or a tad (~5k) below street. Hours are better than street in most groups though.

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

I went to a non target and had not too many alumni's there. I actually work in the MM space (think HW/Stifel/Baird) so I know where you are coming from. Here is the thing. I would say, reach out to current alumni in IB and see if someone can refer you to someone there. I think it goes over better that way in the long run....

Authored by: Certified Corporate Development Professional - Director
 
Best Response

Before Stifel ends up like Harris Williams on this board I figured I'd weigh in. Stifel is a great bank and is better positioned than it has been previously. However, it's not like it is now poaching companies from bulge bracket banks. The overlap of the two comes from big banks chasing smaller deals and certain areas of expertise and relationships from specific bankers. All boutiques and mid market shops have a few deals that you would think a bigger bank would have handled. I work at a middle-market bank and we pitch, and win, against Stifel quite a bit. Overall message: Stifel is a good bank but is not anywhere near the bulge bracket.

 
craigmcdermott:
Before Stifel ends up like Harris Williams on this board I figured I'd weigh in. Stifel is a great bank and is better positioned than it has been previously. However, it's not like it is now poaching companies from bulge bracket banks. The overlap of the two comes from big banks chasing smaller deals and certain areas of expertise and relationships from specific bankers. All boutiques and mid market shops have a few deals that you would think a bigger bank would have handled. I work at a middle-market bank and we pitch, and win, against Stifel quite a bit. Overall message: Stifel is a good bank but is not anywhere near the bulge bracket.

Perfect post, couldn't convey it any better than this.

 
craigmcdermott:
Before Stifel ends up like Harris Williams on this board I figured I'd weigh in. Stifel is a great bank and is better positioned than it has been previously. However, it's not like it is now poaching companies from bulge bracket banks. The overlap of the two comes from big banks chasing smaller deals and certain areas of expertise and relationships from specific bankers. All boutiques and mid market shops have a few deals that you would think a bigger bank would have handled. I work at a middle-market bank and we pitch, and win, against Stifel quite a bit. Overall message: Stifel is a good bank but is not anywhere near the bulge bracket.

well put, however I will say that just as other banks win against stifel, stifel wins a lot against other banks as that is the nature of the business and there are a fair amount of deals to go around.

stifel is not near the BB's but is continually upgrading and its reputation will only increase as time goes on. the platform they got going on is interesting too, as stifel is building itself into unlevered version of Merrill Lynch's model.

 

Great info, really appreciate it. I've spoken with a ton of KBW and HC guys and really like both groups. Would both groups give me a decent shot at MM PE? Also, would I be somewhat held back by being in a FIG group even though I'll have a ton of M&A experience?

As an aside, if you were to choose between generalist offers from Stifel NYC and Wells Fargo Charlotte and you wanted to do PE in NYC, what would you choose?

Thanks

 

FIG at Stifel has been integrated into KBW. It is not small at all. They are a huge player in MM FIG (often 1st in MM FIG league tables - depending on how you cut the data).

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

untrue @"pphi". Same building, different floors. Consolidated offices this summer. Miller Buckfire is still downtown though.

EAT is Electronics and Applied Tech. Very strong group within Stifel (legacy Wiesel). Tech is divided into EAT and software (also strong).

No telecom/media out of new york really... telecom/media is done out of a regional office.

For FIG, yes strongest in Depositories. But also have insurance, asset mgmt and diversified financial sub-verticals.

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

@nontargetPSD92 Thanks for clearing that up.

I always thought their FIG (KBW) was stronger than their Tech (EAT etc. / Weisel) group? According to a guy at my school who summered there recently, rankings in order are - FIG, HC (Cowen), EAT; thoughts?

Maybe I'm confusing Tech with EAT? Thought EAT fell under Tech?

Thanks!

 

I was invited to the first super day that they had earlier this month. Unfortunately, I had a conflict with interviews so I couldn't make it. I've been in touch since with an associate who informed me of the super day this Friday. She mentioned logistical/informational emails were going out later today or tomorrow so you should know by then. I'll let you know when I get it.

 
GibsonLA:
I was invited to the first super day that they had earlier this month. Unfortunately, I had a conflict with interviews so I couldn't make it. I've been in touch since with an associate who informed me of the super day this Friday. She mentioned logistical/informational emails were going out later today or tomorrow so you should know by then. I'll let you know when I get it.

Perhaps I should get in touch with my interviewer then. I had a first round phone last week...

MKballer
 

Heard that one of their offices took 4 SA's last summer, and instead of extending offers, had them all come back for the superday. Think I remember hearing that 2 of the 4 received offers. Either way, pretty annoying if you ask me.

Also, their on-campus pitch was about the quality of their research, and how they leverage that to get on some of the bigger deals. But what this implies is that they would be co-managing on any big deals and not leading.

 
GibsonLA:
I would wait a day If you haven't heard by then it may be a good idea to contact them

In this case, them giving me 3 days notice is a bit short, isn't it?

MKballer
 
money money money money:

It's funny that you guys still post on this website after you have jobs...shouldn't you want to hangout with friends when you don't have to be working?

i like your attitude. Talk shit to the people here who have jobs. Don't talk shit to the college kids.
 
money money money money:

It's funny that you guys still post on this website after you have jobs...shouldn't you want to hangout with friends when you don't have to be working?

You do realize that people have downtime. Also, you should appreciate that they are on here, otherwise, it would be 100% college kids answering questions about firms and the industry....

 

If we didn't troll these forums and occasionally helped out, how would your dumb ass ever get any solid advice and reliable information? Fucking think before you speak.

Under my tutelage, you will grow from boys to men. From men into gladiators. And from gladiators into SWANSONS.
 

Stifel groups in NYC: KBW (FIG), HC, East Cost Software, Electronics & applied tech, Consumer Retail, Diversified Industrials, LevFin, and Gaming, Lodging & leisure.

Miller Buckfire office is separate.

Summer is generalist.

Everyone does a rotation of FIG (KBW) and rotates among a Stifel group.

In NYC: Best Culture: Diversified Industrials Best Dealflow: KBW, Healthcare, Electronics & Applied Tech Avoid: East Coast Software

However, 80% of their FIG dealflow comes from their depositories group most of which are bank/thrift M&A deals. Healthcare is mostly equity offerings.

Electronics & Applied tech is the most balanced group. It's a legacy Thomas Weisel group with really strong M&A and Capital Markets deal flow. However the hours are brutal. The group is also very technical and has great senior bankers.

 
Dunkin Donuts Banker:
Not sure what this does for SF if they don't integrate both firms into one brand, they said they'll operate as an independent subsidiary. Better to build a reputation under one name than be known for a bank that has a lot of subsidiary banking practices (i.e. KBW, Thomas Weisel, Miller Buckfire maybe)

I'd typically agree, but there's something to be said for KBW's name. They've built up a pretty solid reputation in their space, especially research.

Plus, I-banking M&A is notoriously tricky; I've heard the truism "one i-bank + i-ibank = one i-bank" tossed around. It's difficult to retain bankers through the uncertainty of a merger, and they're the bigger part of any value to a deal.

That said, this does lead us to another reason why they might operate KBW as an unconsolidated sub: less likely to scare away dealmakers, who might otherwise bounce to Sandler O'Neill or Macquarie FIG. Deferred equity-based comp is also being rolled into SF stock (instead of being cashed out), which should help with retention.

"There are three ways to make a living in this business: be first, be smarter, or cheat."
 
Dunkin Donuts Banker:
Not sure what this does for SF if they don't integrate both firms into one brand, they said they'll operate as an independent subsidiary. Better to build a reputation under one name than be known for a bank that has a lot of subsidiary banking practices (i.e. KBW, Thomas Weisel, Miller Buckfire maybe)

Was under the impression they were going to consolidate under the name S.N.W.M.B.K.B.W., no?

“Millionaires don't use astrology, billionaires do”
 

I am not sure what to think of SF's growth by acquisition strategy - pre-acquisition, I held Thomas Weisel in higher regard than Steifel. They were the old Montgomery team, and quite experienced. I haven't heard much coming from them since. I'm not sure this is due to low dealflow industry wide or troubles within the firm/

I will be interested to see how much talent leaves KBW over the next few weeks. I hope Stifel has provided the proper incentives for revenue producers to stay - it seems like IB acquisitions almost invariably result in some loss of talent. Given the aggressive acquisition strategy, the split between compensation / further acquisitions might not be favorable to KBW employees.

This is a great time to be poaching talent, if you have the funds. Any bank looking to build out it's FIG advisory/ER business should start making phone calls. Not to say Stifel is a bad place to work - but these transitions are a natural catalyst for people to exit the firm.

 

Interesting to see the effect on KBW's intensely loyal, culture, which one former employee described to me as cultlike, which was only entrenched after the adversity they faced on 9/11. Their FIG research is excellent and makes sense for Stifel as it competes for capital markets and trading business, the real question is how much mileage can they get out of the advisory franchise?

 

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My name is Nicky, but you can call me Dre.
 

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I hate victims who respect their executioners
 

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My name is Nicky, but you can call me Dre.
 

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