Hi, I received offers from BofA's GCIB and Rothschild's GA. Rothschild is notably more selective (?). Could anyone offer advice on which one I should choose and why? Also, how does Rothschild compare to Evercore, Lazard, and PJT in London?
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I'm an incoming BofA (IBK) intern - not GCM/DCM - (lets connect if you ended up accepting BofA).
I've attended multiple networking events with BBs and EBs so everything I say, is from talking to analysts/associate and from networking - I'm sure people would disagree my POV?
If you want to stay in IB long-term and if you like sweatshops (pushes you more), I'd recommend staying in EBs (that's not to BBs group aren't) - If you are looking to exit for PE/HF better to start in BBs -> they have proven pipeline in MFs (Idk much for HFs) - EBs also have strong exit opportunities -> All are dependent on what group you are on.
Choose the bank also based one what sector/coverage you want as each bank has its strengths e.g. BofA UK M&A is strong, including its HC group.
I'm not that knowledgeable in what are the best group for Roths within UK/EMEA - I'll leave others to comment on roths.
Both banks are really strong in EMEA, can't really go wrong with either
I'd also recommend to talk to as much analyst/associate/previous intern before signing offers so you could gauge the team culture and choose which you'd think be the best fit for you (fit is really important).
Work at a top 3 BB right now and would say that what you've described is the most general case and in the extremely quickly developing European EB scene, the traditional semantics around BBs vs EBs in EMEA Have slightly changed. Before diving in on that, i'll get straight to the point and answer OP's Question. In a normal market, take Roths, Its prestige in EMEA blows bofa out the water and though Roths London is known for being more of a volume shop(thus dabbling quite a bit in the MM space) you also get a lot of large-cap exposure. This combination of prestige and deal-exposure means you will get pretty much the same PE exit ops/traction as any BB(bar the GS exclusive shops).
If anyone is reading this and is curious about the other EB's, the same can be said for laz; However an interesting development in the past 3 years we are seeing is that other EB's such as pjt/evr (which on this forum used to be critiqued as inferior to laz/roths in Emea) have been able to get similar, if not better mfpe(and obviously mf pc/distressed for pjt) exits by simply riding the US name and the growth implied by the high profile senior bankers being brought over from BBs to their shops. That being said, from my perspective with friends at other banks I would still say on an exits per capita basis gs/ms are at the top then Jpm/pjt/laz/roths/evercore(recently) then bofa/citi/pwp. The differences between the 2nd and 3rd 'tier'(hate using this word) are marginal enough that in a market like this, if you have offers between the two then place a great emphasis on the conversion rate. Bofas conversion rate is incredibly high(90-95%), while Roths has recently been quite low(50 ish%), so In a practical sense I would definitely take bofa at this point in time.
It's also worth noting that Roths doesn't really have that whole eb issue of having 'less name value' than BBs(except the top 3) in Europe. In EMEA, Most people in finance or non-finance would better recognise a Rothschild & Co than a Bank of America. That is my personal opinion though, so would love to hear others' thoughts on that. RE The HF point: I think they still prefer BB's over EB's(Except distressed hfs for pjt).
BofA no brainer. 95% conversion rate vs 50-60%.
Would you still lean towards BofA if the conversion rates were the same?
Would Definitely Lean towards Roths if conversions were the same but the exit difference between the two is so marginal that in this market, you should definitely just take whichever has the higher conversion rate.
Would your answer change if it was an MM with high conversion rates vs roths?
Would probably take Roths in that case, since I can't imagine it being too difficult to shoot for that same mm or an mm on that level if I were to not convert Roths. Whereas if I weren't to convert Roths and I was shooting for a top BB like BofA, my competition would be much more intense(e.g. those who converted at European BBs but are pushing for an American one).
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