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Surely just like GS MM, I know BAML was trying to use its lending platform to use these relationships for M&A.
^ Correct. Deal Size $200M+. Brand New Team.
How much modeling will this team do? I know at BAML product groups generally do the modeling for coverage groups (with the exception of REGL)
No clue, I would assume that this would be more of a coverage effort than a deal execution - as this should be done in local offices. I would expect that deals would be executed by products group with the support of industry expertise.
With regards to BoA, this is not true at all. Typically the coverage teams do the modelling. Yes, the M&A team occasionally takes care of the model, but more often will they focus on the logistics of the deal
Anyone know any more details on this group? I know it was recently started, but wondering about work/life balance, comp, and how it is perceived versus the other coverage groups?
Appreciate any additional details
BAML LA has its RIB platform and completely crushes it. Sources own deals w/some from comm bank div and does full execution - no send off to product grp. Know this from friends who just went through recruiting.
I've seen other balance sheet banks doing this as well. Trying to leverage lending relationships in the commercial banking world into MM M&A fees. Smart given the strong lending relationships these banks have with MM companies. The teams seem to run with the whole process themselves
RIB does good deal work but from the people I've spoken to it seems like EGRC-focused offices (like SF / Denver) have much better culture than the LA office who does both RIB and EGRC. Heard the LA office can be pretty sweaty at times
Bump
bump?
^
bump
A couple friends of mine work in other coverage groups at BofA and they occasionally work with this team on smaller clients that we hoping to develop a relationship with to try and get on their IPO / sell-side process, especially in the tech/fintech space where a series B $50mm-$200mm EV company can have a $1bn+ valuation a couple years later. Great way to be on the management team's mind when they want to do a transaction and hire an advisor.
bump - any other info on this group in terms of culture/hours, comp, and type of work being done?
Comp at the junior level is consistent throughout all the groups. Culture is pretty solid since its a smaller/newer group. The group is product and industry agnostic, but has a particular focus on tech industries like FinTech, Biotech, Ecommerce, Cleantech, Industrial Tech, as well as consumer-growth companies. On the regional coverage side of things, EGRC will work with companies in any industry, generally as long as the deal does not surpass $2B. The group has a presence in many cities in the US (but most of the junior analysts are in NY, SF, or LA).
Bump
bumppppp
bump
I know an MBA classmate who recruited with them for an SA gig. Team sounded like one of the nicest and down to earth groups with exponential growth over the last few years. A couple of unique things like supporting teams across satellite offices (SLC etc.) and ability to take up larger responsibilities early on stood out. Comp seemed on par with other BofA groups and like another poster said - is fairly consistent till you reach VP level. Not sure about exits or lateral opportunities since they are new-ish.
Can you elaborate the satellite office point? Think they have offices in SLC and Denver those low CoL areas. So juniors in LA and SF would support the satellite offices in SLC and Denver? I am looking for banking jobs in low CoL cities so would be helpful to know the difference.
The EGRC group has teams in SLC and Denver, but the teams are associate and above. Most of the analysts sit in LA or NY.
The EGRC group has teams in SLC and Denver, but the teams are associate and above. Most of the analysts sit in LA or NY.
Could you share the responsibility difference in Denver/SLC vs SF/NYC? Are the analysts in the hubs creating materials and the associates and above in Denver/SLC are more client facing? Any significant pay differential for the Denver/SLC folks?
No pay difference.
Didn’t BAML have a middle market group in the past that was shut down? Is there risk to this EGRC group being shut down in the same way if market cools off?
Seems like a pretty strong platform given their lending platform
Addressing comments above, base is consistent across the firm, bonuses are not. This group’s bonuses skew significantly lower. Know a few people leaving come February, including a high performer who I’ve personally worked with. They screwed her over big time. General consensus was disappointment. Source: I work closely with this team.
Are hours much lower than traditional coverage?
Bump and also pay
Would you share a little more? How much less? Is it like 60% or 80% or we are talking about 50% vs 100%?
Thought they are global staffing so the base/bonus would be in line with ppl in hub cities.
My word of mouth understanding is that bases are ~similar~ and bonuses are much, much lower
Would probably edit this comment as I can probably guess who you're talking about. Wouldn't want HR to see something like this before they leave.
Any ideas if this bonus thing is true across the other BB MM practices like GS/JPM?
I don’t know about hours but WLB doesn’t seem to be better or worse than the other coverage teams. Granted I only have a few VP and associate data points, but mid and top bucket bonuses were consistently ~25% below those in the other coverage groups. All I’m saying is do your research and be sure to dig in on comp.
Bump, currently considering but have some reservations
Which city?
DM me
Group has one of best cultures across the firm. Very mindful seniors for the most part. Pay is same across junior level thru assoc for top performers. Not sure how it scales VP and up. Much more limited modeling. Hours can be tough on live deals, but since folks in this group own / have strong client relationships, they tend to be much more proactive with work, so can occasionally avoid the late Friday night work dumps. Saturdays generally respected when possible.
How’s the hours like and exit opportunities? I personally feel like this is more a career banker route instead of two years and out.
Response below
Really no data points as it’s new. Hours generally better outside of live deals. I’d imagine pretty good if you want a smaller VC / growth equity. May be a bit tougher for general buyout
How’s the interview like for this group? Technically oriented or mostly fit?
Delete
Bump
Bump
Anyone hear back from FT SD last week?
The idea behind EGRC is that they are tasked with developing regional relationships in the middle market. So instead of covering industries, they cover regions (pac northwest, Atlanta, Texas, etc) basically, it typical consists of a newly hired MD who sits in Nashville and tasks with developing Nashville relationships. My issue is that these guys can’t provide industry expertise nor product expertise so if anything turns into a deal, the bank staffs a coverage and m&a team, and EGRC is effectively deadweight. What this means for juniors is that you are going to get staffed with a lot of random MDs in like Dallas to help them do their biz dev work and maybe get real live deal experience but have to contend with industry / M&A team (+ EGRC mds have no idea what they’re doing).
spent 4 years in baml m&a (and yes we take over the “model” on almost any important live / public situation)
bump
anyone else have some insights?
I’m in TMT so take this with a grain of salt, but I’ve worked with EGRC a lot based on the overlapping nature of companies we cover. Bottom line, I think your experience will very drastically on each EGRC deal. I’ve been pulled into EGRC staffings where they’re running with the whole process (marketing materials, model, etc) and our coverage value-add are some off-the-shelf comps and industry pages. But I’ve also been on EGRC deals where they start out, we are brought in for some industry presence, and then a product team is brought in for more underwriting work (read: model). What I’ve seen is that generally on the smaller more middle market deals, EGRC leads, but if a regional MD has a big client that they want to transact with, then that’s typically when a larger team gets brought in. Coverage at BofA is much less modeling-heavy than Product it’s just how it is.
I think fundamentally what you have to understand is that BofA wants to win mandates, and if the client is big, then the firm will throw a bunch of resources behind each deal to try and impress the client. And these resources (read: MDs from other teams) generally prefer to work with people they’re used to working with.
EGRC does a lot and brings in a lot of deals, but the experience on those deals varies. I would say size is likely a major determining factor. EGRC does pitches as well, but what I’ve found is that for a lot of these smaller companies where the firm / banker has a strong, existing connection, the pitches themselves are very light compared to what I’ve seen come out of our C&R group, for example, over the years. It just doesn’t need to be as crazy when you’re playing with the smaller companies. And in some ways, I feel like that would be kind of nice…
What are common thoughts about this group present day?
I am currently considering an opportunity with EGRC in Chicago or NY.
I think they do interesting work... lots of growth equity venture capital type of work. Looking for sell-side opportunities and leveraging the firms balance sheet to help fast growing companies. The past few years this group has been growing quickly. I think it is a good opportunity.
bump
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