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Bump, I would think it's similar in the US, maybe Barclays and Deautsche a bit higher, with FIG groups performing better but main difference if that there are more European buy-side.
I would say the ones that differ most are EBs. Most of them rank below BBs
Some of the top group are: CS LevFin, PJT RSSG, PJT REGL, HL Rx, Jefferies Hc, MS M&C, MS M&A, GS TMT, GS Industrials, Laz Consumer, JPM Consumer, JPM DI, MS Tech, RTH Hc, BAML O&G, BAML Hc (great culture this team)
Overall, PJT EVR CTW and PWP are a bit less present than in the states where they have a top notch M&A franchise
You have to consider that in Europe is crucial (i) having on the ground presence in key countries like Germany, France, Spain & Italy, and (ii) having a Balance Sheet to get access to management. I know banks like BAML, Citi, JPM get bunch of mandates on the back of being in the cap stack with the Corp Banking team. Interestingly enough, UBS wins MM mandates through the PWM division
Can you qualify why PJT REGL is top tier ? I have heard that Roth , JPM and MS rule the REGL space in EMEA. Never heard of PJT in the same breadth
Look at the gaming transactions happened in the space. Agree real estate is not top there, but gaming by far one of the best if not the best shop worldwide (go a bit further the league tables maybe)
I can't compare to the other banks you mentioned, but can confirm the Gaming team at PJT gets solid deal flow
Any info on how good JPM M&A and JPM TMT are compared to other teams on top teams on the street (in respective products/Industries). Thanks!
Don’t know much about JPM M&A, I know TMT is a good team but quite a sweatshop with hierarchical culture (at least few years ago). I think it’s a bit below GS TMT but still quite strong
Could you throw more light on BAML HC? What about BAML M&A?
BAML M&A is a good team with good MDs, interesting work on certain deals, a bit less interesting on others where you will be more as support. They do some pitching (or at least they did), which is quite weird
BAML HC has an amazing lifestyle and culture. You cover mostly large cap clients, so deal flow ain’t insane, and mostly buy sides / cap market stuffs. They follow an “account” model, where you always work more or less with the same clients since analyst level. But ppl are skilled and you can learn a ton without killing yourself, and if you are lucky you can get a large cap deal on your CV. Not many ppl go to the buyside given the high quality of life, but those who go usually have nice exits
Side-track. How does group affect bonus in London? How important is it to be in a top group for exit opportunities?
bump
Bump
Following
What are bonuses for associates in london btw? Bottom, top and mid (as a %). Heard much lower than the US even as a %.
What are Jefferies' top groups? How is their London energy team?
HC, LevFin, Energy, Industrials in that order
Thanks, man - is there a big drop off in deal flow across these groups (as you move from HC to industrials) or would you say each group performs near the top in their respective league tables?
TMT strong too
Within CS, how do FSG, TMT and M&A rank when compared against LevFin? Are those other groups too far behind?
FSG is a good team, TMT is mostly infra from what I know (ie: telco, datacenter etc.) confirmed by the fact that one guy went to Bx infra, seen some good exit from that team. Overall solid group but a notch below GS TMT and MS M&C. Don’t know much about their M&A team
FSG is the best team alongside LevFin (Though FSG is stronger than LevFin). M&A is a distant second with TMT.
Yep - few of the TMT ppl also work at DigitalBridge now
How does RBC's Infra team rank?
Solid team, but RBC notoriously pays below the market and ppl in the team get pissed as main source of income for the bank + long hours and low bonus. Good exit ops, could prob go to a nice infra fund after 1 year
Thanks a lot, v helpful! Do you know anything about the other good teams there? I heard LevFin and Consumer were decent, but most of the stuff I can find online seems to be outdated
Do you have any exact figures for "notoriously below market" or "low bonus" or is it just conjecture? Because average bonus figures look street from glassdoor for AN 1 (obviously taking with a grain of salt) and as far as I know, base is street.
How about Citi? What are their most prestigious teams? Any good teams within Capital Markets?
Don’t know much about them, I know FIG Spain is a solid team, I know O&G is quite strong. My impression is that Citi is okay across all the industries but no team actually stands out other than the 2 mentioned above, but I’ll let someone with Better knowledge of the bank comment on this
How’s Evercore London?
Good place, not as good as in the states tho. As highlighted above, some good teams are FIG, RE, Hc. I came across a pitch they did in FIG few years ago and I really liked how thoughtful they were
Hello fellow bankers,
How realistic is it to jump from MF to M&A BB or EB division in London with the current market activity?
Thanks
I think that PE to IB is always doable, question is why
Currently in Real Estate PE (Acquisition team of a MF) and would like to move to Real Estate IB. Investments monitoring is really boring, and you are sometimes tied up to a deal for a long period (when you do development for example). I would also say that 99% of deals are portfolios of buildings or single assets purchase. I would like to work on corporate deals which I found out to be way more interesting.
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All the group at GS are quite solid in terms of deal flow. FIG ppl pulls together quite a few hours a week, but it’s a very strong team. But you have to bear in mind FiG groups are mostly regional (ie: if you’re Italian you will be doing mostly Italian FiG, Spanish Spain fig etc, this is for all the BB).
If I were you, I’d go with the industry you like the most - GS brand is insane even if the learning curve is not as steep as ppl believe in my humble opinion, as some of the seniors get deals in just bc they’re at GS
Any views on MS?
Interested
Same as GS - insane brand, all teams are between a 7 and a 10 given the perception of the brand. M&C and M&A stand out, other good are RE / Hc / Tech, but again go with what you like the most
Probably you’ll spend a lot of time pitching no matter the group, not bc there is no dealflow, but just bc it’s the culture.
All the ppl I know from there are quite smart, hard worker and cool, but also a bit old school and would expect a decent amount of face time.
Insane exit ops tho
Any view on CS UK IB?
Did you even bother to scroll up?
UK IB and M&A are separate teams.
How are Santander viewed? Being a European bank do they have a better presence than in the US?
Strong in Spain, T4 in london I’d say. Quite good in Latam. You can always start there and if you don’t like it / want better finance exit ops, can lateral
Thanks, curious to which other banks you’d put in T4 for London?
I think an important caveat when these London discussions come up is that PE recruiting is very different vs the US and "group ranking" doesn't matter that much.
I work in an industry group at GS/MS/JPM and have friends across all groups - basically everyone has the same access to headhunters and the same ability to get interviews with MF PE. The only reason being in GS TMT would matter is to get your foot in and in London that is not really an advantage as long as you're in a BB/EB. Once you've started a process and are in the 2nd interview the PE Principal really doesn't care if you spent your last 18 months in JPM Industrials, MS UK team, or GS Healthcare.
Any thoughts on PWP teams in London? Knows it’s a rotational programme so does it matter much for PE recruitment/bonuses?
I don’t think it matters that much. Despite what ppl on this forum say, it’s still a great bank in london (maybe a not below the US franchise), but with good exits over the years (Cinven, Apollo, Permira, CVC, KKR, etc)
Thoughts about HL Rx and how would you ranki it?
Top group but intense
How would you rank it as compared to PJT's?
how intense (daily hours)?
Best in Energy, Power, Renewables and Utilities: JPM, Rothschild, MS (P&U only), BarCap (P&U only), Jeff (more in mid-cap space for both), GS (Oil and Gas only), CIti (P&U, have to mention O&G but more because of Houston strength)
Would you add UBS Infra and Power here? Really good team from what I have heard
BofA is strong in oil and gas (top 3 with GS and Citi). I don't think Barc is that good in P&U. RBC is also very solid in P&U.
BAML team is certainly sizeable but I personally wouldn't put them on par with Roth or JPM but agreed they are good. Citi is also more of a Houston legacy team at least from what I'm seeing.
Also on Barc - those National Grid deals definitely help them (same with GS).
Anyone know if any of the nordics teams are any good?
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