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On average: BAML. Obviously some groups perform better at the other banks, but on average BAML has better exposure, deals, and exits than Citi or Barclays
I think the BAML average group is actually weaker than Barclays average. BAML modelling is handled by sponsors/M&A and HHs know this so those two groups exit better than the others by a fairly significant margin. I am a Barclays analyst and I despise the firm for what it's been doing recently but the delta between groups for exits seems much less than for BAML. I think I would rather be at a Barclays tier 2 group like Industrials over BAML industrials for example and that's supported by data as BAML industrials barely has UMM/MF exits while Barclays has significantly more. Would agree that BAML if you get into one of the top 2 groups is better though.
I spent 2 years in a BofA sector team and never have I seen M&A or FSG hold the pen on a model. Not sure where this is coming from?
which team would you recommend in London office for UMM/MF recruitment? TMT/industrials/healthcare etc.? Appreciate your insights!
BOFA, is an extremely easy choice. Citi is currently going through RX and Barclays is going to shit rn. Barclays lost a lot of their Lehman rainmakers and hasn't replaced them with any good hires(mostly hired MM MDs after losing global and America group heads). I think Barclays is a tier below those other 2(look at league tables, they aren't even the number 1 European BB globally anymore YTD or for last year). Therefore, I would say BAML > Citi > next tier of BB > Barclays.
How is PE exits at BofA? Largely group dependent?
Not at BAML but would assume so. I am at Barclays for context and we have a big delta between the top and mid/bottom groups(even more so now a lot of the seniors MDs left in some groups which are coincidently the groups that have seen the biggest declines in deal flow and pipeline of deals coming in).
Am a second year at Barclays - today is my last day, and this is definitely not the same bank I joined. Morale is absolutely horrendous and the only people who stay are those who drank the copium. To all the other Barclays people who were able to dip to PE or a different bank, if you know you know... Thank Christ I'm out
congrats on your exit. where are you going next?
PE shop - you can still pull this off from Barclays obviously, but if you are an intern or evaluating FT, avoid unless only option
Advice for incoming 2025 summer analysts?
To be fair all your barclays guys joined mt bank(ubs) and I hate the culture they brought here.
As bad as it’s been at Barclays, as long as you’re in coverage you should be fine when recruiting for PE. All modeling is done within each coverage group so that experience is super valuable.
Source: Barclays analyst with a MF PE exit lined up for next summer
Incoming SA25: What group are you in / would recommend? kind of scared
Any coverage group should be fine but to be safe: hc, natres, p&u, industrials, and tech should set you up for pe
How did you secure SA25 when they haven't opened official application process, just curious? And how is recruiting for SA at Barclays?
Obviously group dependent but generally I think it’s baml> citi > barc (bias towards a U.S. BB)
BAML out of these for most groups but depends on group obv
BAML has the best exposure and deal flow from my experience with these three. But you will get paid well below street in the long run and very likely less than the other two banks. Heard VPs at BAML make less than Associates at the other two. Depends what you’re looking for.
This. 5 years ago the answer would easily have been BAML. Today, the answer is probably still BAML but tbh all 3 of these banks are trash. Citi and Barclays are going through restructurings & lots of changes, and BofA pays significantly below street, almost certainly the lowest of the three, despite having the best deal flow of the three.
Genuine question, how does BAML pay below street if the most recent bonus #s are correct? It seems like they pay the exact same if not more than every other top BB.
“Budget bracket” is an unintended but great name. I’d avoid Citi
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