I've seen the WSO threads bashing EGRC, but realistically what is the outlook for this group in the next few years?
Is the best move to focus on lateraling/FT recruiting if placed into this group? Also curious to know what exits would look like.
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I interned in the group a few summers back. Is it as bad as everyone on this website says? No. Is it the worst group at BofA? Yes. Will every single exit oppt be closed off because you are in this group? obviously not. A lot of it will be you chasing after deal experience but it is not a death sentence
Del
Curious to know where you ended up after interning there
What even is this group? I’ve seen WSO talk about it a bit
Emerging growth regional coverage, basically a MM group
Weird dynamic in that group - it’s the worst group at BofA by a wide margin, but it’s also a focus for the bank so people get treated relatively well. This of course frustrates people in the traditional coverage groups who actually bring in $$$ for the firm and get paid like garbage.
I’ve seen some people in EGRC land cool growth equity jobs, but I’ve seen many others flame out. If you can get out early enough, it’s a fine experience. But it’s hard to move up at the bank from EGRC because you don’t get many reps.
Would you say the same logic applies to LA? That office is EGRC and FIG focused but unsure if it’s the same dynamic as NYC
Posted this in another thread. I have some classmates in this group and hours are great because you don't do anything. They got, or are getting new leadership, and rumors are cuts will be made. So TBD on a lot of your questions while things settle down.
LOL I have a good story about these jerkoffs. An EGRC MD reached out to my coverage MD to "collab" on a bakeoff he heard about. ERGC guy doesn't use his own juniors, asks to staff out of coverage. My MD gets added to the DDM (internal sales and compliance tracker) and stops showing up, tells me and the analyst to make the book, with EGRC providing zero help. They attend the meeting, win the bakeoff, then the EGRC proceeds to run the worst sellside process and finds zero interested parties in a $75 business with 2% growth.
We're still on biweekly "market update" calls a year later where neither MD shows up and I run through 2 slides of news to the VP of finance and controller. My MD did give me a decent review though, as we were on some other transactions that actually happened.
Another fun tidbit: After we won, EGRC MD told me he had a VP eager to "support", but I said no thanks and my MD backed us up here. There are some absolute horror stories in my group about working with EGRC VPs.
I never knew what that group’s value proposition was during deals. The industry team knew the sector, did comps, industry data, etc, and the M&A team handled the modeling and process stuff. EGRC truthfully should have senior bankers sprinkled around the country (valuable, especially in small markets) but very few A&As and VPs.
Agreed, your sentiment is shared across the coverage teams I'm familiar with. EGRC has a ton of headcount in NYC, SF, and LA. Makes zero sense. I can understand having an MD in Jacksonville to cover Florida, one for Denver, but what is EGRC in NYC doing that couldn't be done by guys 2 floors above them?
To your second point, I think they hired the wrong MDs. I don't know a lot of MM people, but I suspect the skillset for an MM and a BB MD are different, and the coverage strategy has to be different. Don't know what the specifics are though, as not too familiar with MM.
bump
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