Any other IB structured like GS where M&A is built into coverage group?
I'm in consulting looking to transition into banking. I may be wrong, but my understanding of Goldman's IBD structure is that M&A is not a separate team within GS but is part of the coverage team's scope. I'm trying to learn more about different investment banks and figure out which models I would be interested in and this, as a structure, seems very appealing to me. Are there other banks that structure their teams this way?
If you are at an independent advisory firm (EB/MM/most boutiques), the coverage group generally runs their own M&A processes. My understanding, having talked with friends in the industry, is that most BBs have a separate M&A product group that "runs the model", with the exception of highly technical, niche industry coverage groups such as Real Estate or FIG.
I'm probably most interested in Evercore as of now. Would this model be true at EVR, if you know? It seems like they might separate out Coverage and M&A.
Sector teams run their own M&A process (incl. model)
Barclays does not have an M&A group, it is all done within the coverage groups. I also think the platform is seriously underrated and should be in the group of BBs right after JPM/MS/GS
Barclays intern again.. why
Barclays is the only other one AFAIK
My MM bank has pui, fig, energy, and real estate run their own models and I think this is pretty common across the industry.
Correct
Many banks have certain groups run the model: FIG, Energy and Power, REGAL, sometimes Financial Sponsors. However, M&A is still there, they just don't "own" the model. Then there is a bank like Barclays that literally doesn't have M&A.
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