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Depends on the BS bank, most MMs will beat out the ones you listed in terms of exits.

 
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Balance sheet banks should have the edge when it comes to exits to BBs.

At most balance sheet banks, juniors simultaneously cover all IBD disciplines (M&A, ECM, and often LevFin), either through structured analyst programs with placements in various departments or through dedicated industry coverage groups that cover all of these products.

In M&A at balance sheet banks in particular, you often see a broader spectrum of transactions, including buy-side and public takeovers, that classic boutiques simply cannot offer, as some lack the technical capabilities (for example, an S&T franchise) and balance sheet banks are also able to leverage their financing capabilities effectively in this area.

Since most BBs also do not have separate M&A departments, but instead operate industry or country coverage groups that simultaneously cover all IBD disciplines (M&A, ECM, LevFin) and offer a broader M&A scope than pure sell-side work, a balance sheet bank junior with experience across M&A, ECM, and LevFin will clearly have an edge over juniors from MM boutiques who are primarily exposed to M&A sell-side work.

 

What if most of the work at the BS bank is financing/pitching M&A as opposed to actual M&A execution?

 

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