Any insight of BofA Healthcare?
How is BofA's NYC healthcare group in terms of culture (juniors and seniors), wlb/hours, and deal flow?
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Very sweaty based on what I've heard but this was back in 2018-2019. Strong group before a few medtech bankers left to SVB Leerink.
Does that mean that SVB Leerink has a strong Medtech group?
Very sweaty culture. Used to be much better, they lost some of their top Biotech seniors, most biotech deal flow these days is ECM, and they lost their very good med tech team to Guggenheim as well, although they still get solid ECM deal flow because their med tech team ER team is very strong. Services hasn’t been very strong for a while. The group’s definitely seen better days.
also, not sure if it’s true to the HC experience, but a lot of my friends in other coverage groups say that M&A holds the pen on most models, so just keep that in mind in terms of your junior experience.
Can confirm what above poster said. Def has had better days. They still get to add their names to some big Biotech transactions, but are mostly brought in for financing purposes. ECM dealflow has been strong around the street, in fact, it would surprise many that the top HC ECM team by deal count and amount is actually Jefferies (lets go Rich lol). For medtech and services which don't rely as heavily on financing as Biotech, BAML is indeed struggling a bit. However, they still do good work, at the end of the day this is BAML.
The M&A team indeed does most of the actual serious modeling while the coverage teams provide input on toggles, sensitivities, and communicate client requests/feedback. However, given HC, especially Biotech is a very unique industry, the coverage teams def have a greater role in the modeling compared to a classic industrials company that sells widgets.
Is Jef HC mostly ECM or does it also work on a good chunk of M&A?
They do a good chunk of M&A. They have a pretty strong presence in MM and mid-cap biotech & life sciences M&A (driven by relations built on their strong biotech ECM and ER platform) that they've been focusing on scaling upwards, and they do a ridiculous number of HC Services deals. Their Med Devices M&A deal flow isn't great though.
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