64 Comments
 

GS historically the strongest consumer group year after year, but it will be sweaty. From the BBs that compete with them from a total fee standpoint, they'll have higher mix M&A. They've been getting a lot of great mandates last year or two. MS has improved, they went through a phase of switching leadership but seem to be doing well now. RJ is a different model than the BBs, but the Financo guys seem sharp and do very well. Can't go wrong.

 

No, unless you think that work-life balance / culture / exits are more important. GL on your superdays, would prioritize getting a feel for those topics to decide. I wanted a better work-life balance and picked MM because of it, and still had pretty amazing exit options. The only thing that truly matters is not letting "prestige" cloud your judgment.

 

Holy shit who needs enemies you have this comment section. If anyone here genuinely believes you should take RJ over GS you are retarded and would likely fit in well there.

Take GS and don’t look back.

 

VP in PE - LBOs

datboi1234

GS is historically the best, but BofA has always been a great contender, but as you'll see on this forum, a lot of complaints about pay - would probably be a good place for an analyst program, but you'll feel the pay difference if you choose to be a career banker.

don't kid yourself... BofA doesn't come close to GS. They've missed out on almost every single landmark C&R deal in the last few years. Most of the good talent has left. 

 

GS and JPM are top, BofA used to be top too but has fallen off to be more middle of the pack (same with MS), MS above BofA because of the MS TMT franchise they do well in most things e-commerce, Citi is solid, DB and UBS have 1 or 2 revenue producing MDs but otherwise a pitch shop, Barclays in this pack too, but they will get a looks for financing deals. 

From a MM perspective, have a lot of respect for RJ/Finance (esp. in beauty/wellness), Piper, William Blair, Houlihan (food/bev). Jefferies is also good but not amazing (whatever bucket you want to debate they are). Consumer as a sector is is 99% sponsor work, so Jefferies does well given thats where they play.  

Centerview, Lazard and Evercore are the strong EBs.

 

99% sponsor work? not sure where you're getting that from 

notable consumer deals of the last 12+ months: Kenvue/KC ($50bn), Mars/Kellanova ($40bn), Kraft/Heinz separation, Pepsi/Poppi ($2bn), Pepsi/siete ($1bn), Ferrero/Kellogg ($3bn), Dick's/Footlocker ($2.5bn), Keurig/Peets ($20bn), Hershey/lesser evil ($1bn), flower foods/simply mills ($1bn), elf/rhode ($1bn), clorox/purell ($2bn) etc etc

all strategics. think to be honest more and more sponsors are moving away from consumer as the returns just aren't there 

 

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99% sponsor work? not sure where you're getting that from 

notable consumer deals of the last 12+ months: Kenvue/KC ($50bn), Mars/Kellanova ($40bn), Kraft/Heinz separation, Pepsi/Poppi ($2bn), Pepsi/siete ($1bn), Ferrero/Kellogg ($3bn), Dick's/Footlocker ($2.5bn), Keurig/Peets ($20bn), Hershey/lesser evil ($1bn), flower foods/simply mills ($1bn), elf/rhode ($1bn), clorox/purell ($2bn) etc etc

all strategics. think to be honest more and more sponsors are moving away from consumer as the returns just aren't there 

Agree with your sentiment...but I do feel like this is just a list of most of the biggest M&A deals in the space. But anyway, I would avoid consumer as a career long-term in this day and age...

 

2nd this. Sponsors really only play in the MM franchise and f&b space. Outside of that the sector is too large and trends move too fast for PE to be relevant buyers. Many MF’s like Carlyle are cutting the vertical all together, so really only a few specialist left.

 

Leverage Hero:

GS and JPM are top, BofA used to be top too but has fallen off to be more middle of the pack (same with MS), MS above BofA because of the MS TMT franchise they do well in most things e-commerce, Citi is solid, DB and UBS have 1 or 2 revenue producing MDs but otherwise a pitch shop, Barclays in this pack too, but they will get a looks for financing deals. 





From a MM perspective, have a lot of respect for RJ/Finance (esp. in beauty/wellness), Piper, William Blair, Houlihan (food/bev). Jefferies is also good but not amazing (whatever bucket you want to debate they are). Consumer as a sector is is 99% sponsor work, so Jefferies does well given thats where they play.  





Centerview, Lazard and Evercore are the strong EBs.


How does moelis do in the space?

 

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