Best Place for Role Progression as a Career Banker in London?
Hi all, just wondering what the best banks are in terms of career progression and promotion. I just read a thread that says HL is known to promote relatively slower and it got me thinking… where has the best culture/environment that fosters growth and allows for solid progression?
The issue with this type of question is that very few people will have the breadth of experience to answer properly. The pace of your progression depends a lot on you, and on luck.
In general most banks have a fairly standardised pace of getting to VP level, and even ED is fairly typical from bank to bank (except maybe GS). The most difficult leap with greatest variability is the promotion to MD. It's sometimes possible to get an advance promotion in your more junior years, but you really need to be in the top tier of bankers to achieve this. Another way people sometimes skip levels is to negotiate it as part of a move to a new (usually smaller / less well known) firm.
There are reasons to not accept an advance promotion and you should not just blindly accept, or choose a bank based on how quickly you get promoted. I would absolutely not accept an MD role if it were offered to me now - I'm not ready; I don't have the client network, deal reps, product knowledge, etc. I'd be paid a slightly higher base for a couple of years, but my bonus would suck and I'd be out within a couple of years.
So my advice would be to choose the bank that suits you best in terms of what you can tell from product offering, geographic coverage, size of deals, etc. (if you have the luxury of choosing among offers) and do the best you can there. Life will happen, circumstances change, and if you're a superstar banker, you will be rewarded.
Based on previous WSO threads, here are some insights on career progression and promotion at various banks:
Corporate Banks in London:
Factors to Consider:
Promotion Speed:
Bank Culture and Environment:
For more detailed insights, you might want to explore specific threads on WSO or consult with mentors who have experience in the London banking scene.
Sources: Commercial Banking - Comp/Lifestyle, Career Bankers: Is Lifestyle and Culture More Important to You Than Prestige/Money?, Which Bank for Career Bankers?, Career progression at various banks, UK Corporate Banking Comp Progression
For London- the below are good shops if you want to stay sellside.
Moelis
PJT
Greenhill
Lol@ this
Greenhill is a has been shop owned by the Japanese
No internal path at PJT and highly siloed culture
Moelis only works if you’re one of Ken’s boys and you won’t be as a lateral in London
If you want a career path in London and can handle a large corporate environment, bed yourself down at one of the better BB firms (JPM, MS, GS, UBS, even BofA) and play for the long term. The comp will be mediocre at the junior and mid level but you’ll learn the tricks of the trade and be very marketable down the line (down the line meaning 10 years).
If you can’t stand the BB life or are more entrepreneurial and money motivated, find an industry niche at a mm firm and own it (healthcare at JEF, industrials at Baird, infrastructure at DC / Cantor). Those places can accelerate the career path for the right personality and pay better than the bulge for those who succeed. They can also be horrible for the wrong personality.
Alternatively, be very British and play the long game at Roths or Laz.
Shops like PJT, Centerview, Moelis, PWP great if you are an established MD but you can count on two hands in aggregate the number of homegrown bankers.
What do you mean by horrible for the wrong personality, just that if you are not revenue-minded and aggressive, then you will be sidelined?
Why does the argument that "you should join an EB if you are a career banker" come out so often?
Stupid question, what is a ‘career banker’? Think i’m missing the definition haha
Incorrect on all 3. But hardly surprising given your blatant promotion of BBs.
It's amusing how you "lol" at my suggestions and then say to do your career In a BB. Ironic doesn't even start to cover it.
BB promotions and trajectory are rarely meritocratic, they are often extremely political. Political places are very rarely good places to build a career (unless you're low quality and you spend your time politicking to progress, which many do).
I was a senior banker at one of those shops and offered (and rejected) an MD role at the other two so I think I would know something about the culture.
Go back and call the assistant treasurer or harass some analysts or do whatever it is mid level bankers do these days.
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