DB's Lev Fin group has a strong reputation (though the broader bank has been dealing with some issues), as others have mentioned JPM, BAML and CS also. GS has been investing heavily in its Lev Fin franchise over the past couple of years, so while it may not have the recognition in that space that the other names listed above do it's ramping up quickly.

Lev Fin, REGLL, Industrials have historically been the most sought after groups at DB for incoming analysts (along with the Sponsors group for those not interested in coverage roles) and are viewed as the stronger groups at that bank.

 
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Deal flow is probably better in Lev Fin due to DB being more of a debt house + the Lev Fin team seeing both corporate and sponsor-owned transactions.

Both groups do plenty of modeling, as Lev Fin is involved with corporate transactions that the Sponsors team won't be a part of, so the answer is nuanced: when working on a sponsor-backed transaction I think the edge goes toward the Sponsors team due to the general division of responsibilities. Often coverage will help with business-specific and industry knowledge, Lev Fin will focus on the terms, structuring, etc. which often leaves Sponsors with the modeling. This is not always the case on sponsor-backed deals (especially when running a common process where there is no sponsor team engaged yet) and you will certainly get plenty of modeling experience in Lev Fin.

 

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