BB DCM vs. Tier 4 MM M&A vs. FT Partners
As the title suggests.
Mid-tier BB (Barclays/CS) DCM vs. Tier 4 Regional Bank (SMBC Nikko/TD) M&A (generalist but the bank focuses a lot on MM industrials, power etc.) vs. FT Partners
Culture I would say 1 > 2 > 3
What about comp and exit?
How does M&A (industrial/power) compared to fintech? How does exits look for DCM in general and does that make a difference if it is with a BB?
I would go with BB DCM > SMBC/TD = FTP
I assume it would be easier to lateral to classic IBD from DCM within the BB after a year or two so if you're okay with doing DCM for a year then I would take the BB. DCM in general does not have great exists, but you can say the same for SMBC/TD and FTP as well.
For SMBC/TD and FTP, thats a bit trickier. Heard great things about the culture for the former, and SMBC in particular seems to work on a lot of > $1B transactions as well given their huge balance sheet (their IB team currently working on $50B transaction). FTP is a solid bank in terms of deal flow with little pitching in the Fintech space, so there's that, also working on a wide range of deals from $50m EV to $1B EV advising mostly sell side. Comp should be roughly the same for all options.
Ultimately comes down to are you willing to stay in DCM for a year and try to lateral, or if not, then are you more interested in industrial/power vs Fintech
Thanks for replying. Any comparable companies that you can think of for FT Partners?
Other comparable banks to FT Partners would be other industry specific boutiques, like Allen & Co (TMT), SVB Leerink (Healthcare), Ziegler (Healthcare), Raine Group, and Seabury.
It's laughable to put Allen and Raine in the same sentence with the others. FT is more comparable to a MM in terms of deal size (will do $40mm deals up to $1B+)
Is this SA or FT?
This is for FT
I would put BB DCM > FT > Nikko. DCM is not ideal but it’s with BB, and the brand name can give you many opportunities down the road. Both FT and Nikko focus on MM deals. FT does extremely well on fintech space, and they constantly work/sell company to big names like MA and PAPL. Nikko M&A is a young team, and the $B+ deals described above are really rare and most of them are financing deals that fall under the DCM umbrella. I personally rank fintech > power/industrial.
The guy that heads up Nikko's M&A team is a total joke and came from a no name boutique.
Think it would also be easier to lateral from FT to a reputable bb/eb/tier 1 mm tmt group after a year compared to the tier 4 mm
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