Associate looking to lateral. Need advice
I spent the last two years in a middle market bank. While the work is great and I am a top performer, I am constantly getting crushed and it is weighing on my health. Had different issues recently (physically and mentally) that can all be linked to stress and lack of sleep. I have worked in my sector coverage since I was an analyst and now the question is do I lateral to a BB or EB or another MM bank? I want to be at a reputable bank but at the same time need to have some WLB and be with a team that respects holidays, encourages PTO etc. I was told oh it would get better when you make associate it has been a year and it might be even worse than my year as a senior analyst
Following and interested to hear about teams or groups with notoriously good cultures. We often hear about the bad ones.
Exactly. I wish more people shared their experience about staying in banking but having somewhat decent culture and WLB
Was an analyst in a group with incredible culture at a MM and moved to an EB, the reason why you don’t hear about those groups is because they are typically not strongest groups and people don’t leave. As an associate the best banks are foreign banks with lending capacity, RBC/NOM/HSBC etc or coverage at mid-tier BB. The work will be copy and paste market slides that analysts churn out and you can review easily.
What would be mid tier BB in your pov? are you basically saying those places have no live deals? One more question: how was MM vs EB for you?
Our coverage at the Canadian banks and the mid tier BBs in the US seem to be the happiest ngl.
Haven’t had too much experience with EBs but the Lazard team which covers us was way too sweaty.
Following. Quite interested in hearing what firms provide a good WLB.
Sorry to be the bearer of bad news…there is no such group across any bank which has good deal flow, well staffed, and has a good culture. You can get only one of those… it’s a function of this industry… can’t dust the coal from your lungs if you work in coal mining.. how much ever you try..
My suggestion is if you are the top performer, may be you have better leverage to push back when you are out of capacity - as long as you do it politically correct - seniors do respect that.. it’s the only way. As far as respecting holidays.. it’s very hit or miss frankly.. take it when you get it..
I totally hear you. I am not looking for incredible deal flow. I am ready to compromise to get more work life balance. I think otherwise I will breakdown and leave the industry all together. Some days my body shuts down and it takes me a while to even get out of bed. My panic attacks got so bad sometimes just when I first wakeup because I think about I have to do. The group I am working with only functions this way: non stop requests and never ending turns. Any attempts to push back result in being overly micromanaged and getting unrealistic deadlines. I can definitely just stop working hard until I am not put on the better projects but seems like a bad route. I am aspiring to be someplace that has good not great deals where I can work hard but still have other things even if some (not all) of the time. My question is should I be looking at BB, EB or MM?
You should stay in MM or join an international full service bank (td, nomura, etc.).
If you’re stressed now - on average it’s worse at EB or BB.
Try HSBC. Pay is below street (associate base is 150,175,200), but the hours are not even close to true banking hours.
I saw a listing the other day for a healthcare associate if that helps. Not sure if that’s the same sector
Thank you. What are your thoughts on DCM or ECM?
Have friend there who said the hours are still better than the rest of the street. Know that they are in the office Mon-Thurs, compared to other banks which are either 3 days or 5 days.
Question is which banks are hiring atm? You don’t have many options.
To be frank if you want good wlb you’ll have to join a team with low deal flow, which usually have low bonuses. Unless the team is small and being shielded by a larger more profitable group, in which case you’ll be getting paid mediocre bonuses to do little work. Only thing is in the current market where costs are under a microscope it’ll be difficult to find such a team hiring.
You can find the above situation at a boutique, EB, mm ib or bbib. Given you’re in the industry already it makes sense to suss it out with contacts and network your way into the team
Truist. Lifestyle bank
Very much depends on the group. It’s changed a lot post-merger.
Who’s hiring associates right now?
Take this with a grain of salt but I've heard Financial Sponsors Groups (not FIG) have decent WLB. This is especially true if the group does not hold the pen to the model. You'll obviously at the mercy of the private equity firm you covering but if your at a group that does pure coverage it is a solid career banker group that mostly puts together slides, hold meetings, etc.
Also, it may be a slight discount in comp but I knew a friend who worked in corporate banking at BNPP and his hours were 9/10am to 6pm. Sometimes a little longer when the Company(client) is renewing their revolver or issuing debt but it is a solid gig.
What city are you in? Moving to the west coast might help. Have a friend in levfin on the west coast and his hours seem chill
I’d think about leaving banking altogether
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