Best Wall Street banks to work for and why
http://afr.com/p/business/financial_services/the_…
No idea why this was published in Australia as three quarters of these firms don't even operate here. Thought I'd share...
- Credit Suisse (DOWN FROM 4 IN LAST SURVEY)
Pros: “Working with some of the smartest, most highly motivated people in the industry”; “Collegial atmosphere of the work environment”; “We are lean and thus there’s a lot of opportunity to stand out”
Cons: “Compensation structure continues to be an issue”; “Long hours”; “Stressful”
- Centerview Partners (STEADY)
Pros: “The people: the best of the best”; “Unbelievable experience on huge, interesting deals: lots of client exposure and interaction with senior bankers from day one”; “High compensation”
Cons: “Hours can be intense”; “Due to small analyst classes, less opportunity to build large network among juniors”; “Office space continues to be a challenge given the growth of the firm”
- Perella Weinberg Partners (STEADY)
Pros: “Great work culture, great people”; “Excellent deal experience”; “All-cash compensation”
Cons: “Unpredictable hours”; “Still relatively small platform with limited global scale”; “It’s a boutique so you have to pull a lot of weight”
- Evercore PARTNERS (STEADY)
Pros: “Excellent working environment”; “Significant amount of responsibility on landmark deals”; “Exposure to senior bankers and clients is unrivalled for junior- and mid-level employees”
Cons: “Hours are really bad as a result of heavy deal flow and lean deal teams”; “Not the strongest back-office support”; “Lacks organization/structure”
- Greenhill & CO., INC. (STEADY)
Pros: “Great culture”; “Great deal experience”; “Exposure to senior professionals and clients”
Cons: “Inconsistency of the hours/inability to make plans”; “Only M&A means limited exposure to capital markets”; “Small office has its drawbacks”
- Morgan Stanley (DOWN FROM 3)
Pros: “Working with smart, motivated people”; “Fantastic culture – collaborative, professional, and friendly”; “World-class global institution; you’ll work on complex, interesting, large transactions”
Cons: “Compensation”; “Tough hours”; “Dealing with inefficiencies and bureaucracies of a large organisation”
- Houlihan Lokey (UP FROM 5)
Pros: “Great deal experience”; “Working with people I like and respect”; “Compensation”
Cons: “Typical IB hours”; “A lot of pressure and stress”; “Reputation: as a private company, we’re not as well known”
- Goldman Sachs (DOWN FROM 2)
Pros: “Strength and caliber of colleagues; working with very talented, driven people”; “We work on the most innovative and exciting transactions in the industry”; “Outstanding culture, which rewards teamwork and collaboration”
Cons: “Work hours are demanding – 24/7 commitment”; “Type-A culture can mean overly-competitive colleagues”; “Pay has been subpar in recent years”
- THE Blackstone GROUP (UP FROM 24)
Pros: “High caliber, exceptionally smart people”; “Working on very interesting, challenging, diverse assignments”; “Great working environment, with a high level of responsibility”
Cons: “Hours can be harsh”; “Sometimes stressful”; “Lack of non-monetary perks, such as a free gym and free insurance”
- JP Morgan (STEADY)
Pros: “Great people who work hard and with each other”; “Very inclusive and respectful culture”; “Committed to developing junior talent”
Cons: “Long hours and demanding schedule”; “Large firm that can be a bit too large at times”; “Never being disconnected from work or the markets”
Tell us on Facebook which is the best bank you’ve work for and why The biggest gainers in the latest survey were The Blackstone Group (No. 2, up from 24) and Lazard (No. 11, up from 25). The biggest losers were Credit Suisse (No. 10, down from 4), RBC Capital Markets (No. 18, down from 13) and Royal Bank of Scotland (No. 20, down from 14).
Vault.com has also released a list of the top 25 European banks to work for, which JP Morgan also topped. The top 10 in Europe and why:
- BBVA S.A.
Pros: “Good work/life balance”; “Nice colleagues”; “Challenging projects”
Cons: “Compensation”; “Undefined promotion policy”; “Bureaucracy”
- Jefferies INTERNATIONAL LIMITED
Pros: “Excellent deal flow”; “Opportunity to learn from very talented and experienced group of senior colleagues”; “The people: I’ve made close friends with many junior bankers”
Cons: “Hours can be tough at times”; “Micromanagement”; “Some tasks can be rather repetitive day after day”
- Nomura INTERNATIONAL PLC
Pros: “Friendly, intelligent colleagues”; “High level of responsibility on very high profile deals”; “Excellent culture and a supportive environment”
Cons: “Branding in Europe: reputation outside London is not great”; “Uncertainty regarding working hours”; “Lack of leadership”
- BNP PARIBAS SA
Pros: “Good work/life balance”; “Nice atmosphere; team spirit, passionate and intelligent staff”; “Great benefits”
Cons: “Too political”; “Salary less competitive than other banks”; “Very large – you can feel lost being one person among 200,000”
- CREDIT SUISSE
Pros: “Strong management and co-workers”; “Great culture: positive, team-oriented working environment”; “Opportunities to learn, develop career, and take on increased responsibility”
Cons: “Occasional long hours”; “Bureaucracy”; “Current economic climate, which has reduced workforce”
- Citigroup
Pros: “Culture: open, flat, good communication”; “The people”; “Lots of international opportunities”
Cons: “Hours can be brutal”; “Size and scale of the organisation can make it difficult to get things done”; “Less renowned than some other firms”
- THE BLACKSTONE GROUP
Pros: “Ability to leverage a superior brand”; “Compensation”; “The work is fantastic – interesting deals”
Cons: “Working hours”; “Poor internal communication”; “Difficulty of transferring”
- MORGAN STANLEY
Pros: “The culture: cohesive, collegial, relaxed”; “Co-workers are intelligent, highly motivated, proactive, and friendly”; “Prestige of the firm”
Cons: “Hours and stress”; “Compensation not in line with market”; “Lack of transparency on key issues”
- Goldman Sachs
Pros: “Working with smart, driven, exceptionally talented colleagues”; “Intellectually challenging, team-based environment”; “Training and learning opportunities”
Cons: “Long hours”; “Deadlines are tight and the pressure is high”; “Bureaucracy and different layers of approvals”
- JP MORGAN
Pros: “Culture is very open and inclusive”; “The scope to develop”
Cons: “The standard investment banking lifestyle”; “Compensation”
Every one of the banks has something about hours in the cons. These lists are non-sense.
Nomura is certain with respect to working hours - a friend of my consistently has about 1 day off per month for the past 2 years.
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