Where do banks place Special Situations Analysts?

Where do the banks seat special situation analysts, cross capital structure, or other non-industry specific analysts? MS S&T has a special situation desk; is this standard or do some banks place in EQ research?

I'd like to do special situation or generalist work vs. industry specialization in equity research, but I'm being told that I have to lump in with the S&T group and then hope for the spot, which isn't ideal since I'd rather go to research if I couldn't land that specific desk.

Any insight would be great!

Comments (9)

12y 
Roger Davis, what's your opinion? Comment below:

I could be wrong, but I believe its very case by case for every bank. Also depends on whether you're talking equity or credit, since the former usually aren't on the trading floor while the latter are.

Best Response
12y 
Gekko21, what's your opinion? Comment below:

It does depend on the bank, but the most common structure for banks (including MS Special Situations) is to have the individual groups on the same trading floor with everyone else. Usually banks have a sell-side version of the group which conducts sell side research and does the trades for clients, the private side version of the group is usually very close and behind a glass wall--or in a slightly closed off area.

You will be lumped in with the general S&T class and need to go to a placement day. What you need to do is get the names of the MD, and analysts and associates who are in the group (email alumni/contacts at the bank and have them look in the company directory). Once you have accepted the offer, emailing a person in the group (start lower) to have coffee and talk about the group. Ask them question about their careers, what they do, the culture of the group,ect. Tell them about your interest in joining the group. Eventually, you will have coffee with an MD or possible interview with several people from the group at once. If they like you and believe that you will be a good fit, you will either a) be given the placement immediately or b) go through placement day but know that you have a guaranteed placement in their group.

If you can't get in contact with anyone from the group, you still have placement day. Since you know exactly where you want to be you should be ahead of the other people in terms of prep.

"Greed, in all of its forms; greed for life, for money, for love, for knowledge has marked the upward surge of mankind. And greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA."
  • 4
12y 
financeo, what's your opinion? Comment below:

you won't be placed in the equity research area, but on a trading floor instead. research is an entirely different department...if your offer was for S&T, i'm not really sure that you'll be assigned to a research function.

12y 
Gekko21, what's your opinion? Comment below:
financeo:
you won't be placed in the equity research area, but on a trading floor instead. research is an entirely different department...if your offer was for S&T, i'm not really sure that you'll be assigned to a research function.

There might be some other areas in the bank, but for the most part research departments are on the trading floor at my BB.

"Greed, in all of its forms; greed for life, for money, for love, for knowledge has marked the upward surge of mankind. And greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA."
  • 2
12y 
ResearchAcc, what's your opinion? Comment below:

I'm at a mid tier broker (ranked 10 - 15) in London and our special sits desk consists of one guy sat with the traders and sales traders although he works closely with research as well. I'm guessing from this that the number of jobs in this area are far smaller than research and S&T

12y 
mr_gondola, what's your opinion? Comment below:

Financeo, just out of personal knowledge, there are generally analysts on the desks at the BB S&T floors. As I said, I know that MS has their situation group on the floor, though it is only two or three people. They aren't considered EQ research.

Gekko21, thanks for the info and advise. The main concern I have is that I don't know how other banks outside of MS work. I think the people I've spoken with are sell-side analysts since they were advising other desks and fielding HF/AM calls on new deals.

Ideally I'd like to land EQ research and then select a situation group out of that group, thereby reducing my risk, because as ResearchAcc mentioned, there aren't too many of these slots.

  • 2
12y 
mr_gondola, what's your opinion? Comment below:

Another questions: is sits considered a good starting job for a move to HF/AM or is my logic wrong?

Hard to say whether working in AM first, EQ research, or a sits desk would be ideal since I have no background and need somewhere to learn.

  • 1
12y 
trade4size, what's your opinion? Comment below:

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