Hey guys,
whats everyones take at Barclays Capital 2 yrs after Lehman. I havent heard of many deals that they were involved in lately so i am wondering what everyone is thinking. specifically what do you think of their position in europe and their sponsors group?
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Barclays US operations are very strong considering it is basically Lehman. Through the second quarter, they were #2 in completed US M&A right behind Goldman. Key groups in US in terms of deal flow ranking were as follows: Natural Resources & Power was #2 on the street (they are separate groups at BarCap but combined for league tables), technology was ranked #1, and financials was ranked #3. I am pretty sure industrials and retail are also two of BarCap's best groups but those sectors were not represented in the tables.
Globally, however, BarCap is not as good, but they are growing rapidly. You can expect consistent YoY market share increase in both global equity and global M&A; these are areas in which BarCap is new to but pursuing aggressively. While in debt, BarCap is typically always #1 or #2 globally (right now they are #1). In combined, global debt & equity they are #3.
Long story short, they are really good in the US and improving globally.
Sponsors group is good in terms of deal flow and exits (most go to PE) but I don't know if they do all of there modeling in house so you wont get the technical experience. Since nearly ever sponsor deal is connected to another industry group (there are rarely sponsor to sponsor deals), they typically are always working with other industry groups within barclays. And the industry groups will have more knowledge on the specific company being considered.
@Diamonds: What exactly do their industry groups do if most of their modeling isn't done in house? This has always kind of confused me.
@thewallaby: Barcap has an interesting structure where there isn't a separate M&A team and all M&A is done out of the industry groups. For example, there are Industrials M&A bankers, Tech M&A bankers etc, which can make for a good analyst experience.
bernanke23: Thanks for the insight. The obvious conclusion as to why they're structured this way seems to be that each of their product bankers are more specialized and knowledgeable about their particular industry, but are there other advantages (or disadvantages) to being set up this way? As far as I know the only other bank that does this is Goldman and I suspect they also have good reason for doing so.
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