BofA Palo Alto Office

Just recently got an offer for Tech Coverage at BofA's Palo Alto office. I was wondering a bit about deal flow and office culture there. I know it is not as prestigious as MS or GS on west coast, but my aim is to position myself well for an exit into PE or something tech related after analyst years

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A senior from my college(nontarget) went there and exited to an MF in SF; from what he told me, they have usually had stellar exits to all the typical MM/UMM funds and a few MFs as well, so assuming you do well with the interviews you should get looks from any fund you want esp those based in the Bay Area and they esp have had good luck with growth and VC that being said he didn't think it was better if you were already at a top BB group or EB in NYC as the exits better in general and they don't hold the pen on the models so another fact to consider. Are you a first-year or second-year student? Last year, he connected me with an MD who checked for headcount, but they didn't have any openings. Do you happen to know if they have opened up new positions? I am a first-year at a BB tech in NYC and I'm wondering if it's worth considering a move. Do you have any thoughts on that?

 

Deal flow is great is semis, ok in internet. Not great in software after one of the MDs left, but have been aggressively hiring in software to cover for that. Mostly get in on financing deals in software, which still allows you to make models to an extent, just not as deep as if you were the strategic advisor.

Deals for balance sheet banks comes down to how aggressive they are willing to be as well, and BofA has been conservative historically, which eliminates them from using their balance sheet to the extent they could.

Culture is great, hours not as bad as competitors (JPM SF tech has ~half the number of analysts for comparison, so BofA tech is not a sweatshop), few Saturday exceptions if any, and exit wise have people leaving for MFs and MMs across both tech and tech M&A.

 

Yes. It has tarnished its reputation. MDs have started to leave for rivals like JPM. Leadership has made a critical strategic mistake. Would stay away.

 

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