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Did they mention how many employees are currently in the Nomura IBD Frankfurt team? Used to be a very tiny office which might not provide you with a good experience so would be slightly cautious and inclined to go with Berenberg. Nomura has a stronger brand in London, Berenberg in Frankfurt.

Nomura is stronger in debt financings, Berenberg in ECM. Don't think either do too much M&A but might be wrong.

 

Nomura Frankfurt is a team of around 10 people and primarily does M&A and LBOs. According to merger market it has great deal volume in Germany. 

 
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As said above Berenberg is a rotational programme but pretty much non-existent in the M&A space.

No idea if Nomura do much M&A in Frankfurt but if thats what the role is then probs more than Berenberg.

Berenberg has a pretty competitive ECM in Germany (competes with lots of BBs) and a well known equity research team across London and Germany. If you are not 100% set on M&A and happy to look at research as well as ECM then go for Berenberg. If you are 100% M&A then Nomura probably offers a better experience and better likelihood of lateralling to a better M&A bank (although for Germany I would argue Berenberg would set you up better for ECM related lateral moves).

 

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