Does anyone know much about BGL in Cleveland and Chicago? Culture, hours, structure/size of teams, salary/bonus, dealflow? I haven't seen much on them since late last year and previously in the 08-09 error so looking for something more up to date.
I work at a no-name bank right now, and am trying to lateral to a better bank. I haven't come across many that are looking to hire laterally, but BGL seems to be somewhat open to that.
I would appreciate it very much if any of you can help me.
From previous threads I have heard culture isn't great and it's super sweaty. Would like to hear from people who have actually worked there though
At BGL they drink beer in the office. Seems like a fratty culture
Guy in my group did his Analyst stint there. Super sweaty, 90/100+ hr weeks. Very fratty, lot of sports gambling and such.
Do you know which team/location? I am sure it differs or is it overall just a sweatshop?
I know a few people that were Analysts in the Cleveland Office. Very sweaty and terrible culture apparently. I can’t speak for the Chicago office though.
Know a couple people who work there/used to work there. Long hours, good deal experience, solid comp. Great culture in Chicago, not as great in CLE. Also heard they have protected weekends once a month.
“Solid comp” nice troll
edit: whoever threw MS probably hasn’t read an offer letter from BGL. I have. 75k base as of a couple summers ago
Knowing their stingy ass management they probably pay piss poor bonuses in strong years; and in weak years they’ll fire you without notice.
75k for summer analyst or FT?
Currently live and work in Cleveland. When I was looking to break into IB, every banker that I networked with (senior and junior level) said to stay away from BGL if possible....
Yikes, did they attribute it to one certain thing like hours, deal flow, culture or did they just say to stay away in general?
Interested as well
I can speak to BGL as I was recently employed there. It's always funny reading about the horror stories of AGC, FT Partners, Moe, etc. because they remind me a lot of my time at BGL, except BGL's rep is worse than all of them IMO.
My advice would be to stay as far away as possible from this place. The place is the definition of a sweatshop. Analysts typically work until 3-4 am every single night. They try every so often to implement protected weekends, but they never work out, so analysts are expected to work on weekends. Face time culture is extensive. The analysts and associates have a very fratty culture due to them slaving away together.
Comp is slightly below street. They haven't raised it in a while. When you're putting in 100 hours on average, this definitely isn't worth it. Culture and lifestyle is by far worse in Cleveland than Chicago believe it or not. It's terrible in both places due to the brutal hours and lack of respect for juniors from senior guys. Communication is really poor and there are multiple bottlenecks in the deal processes that lead to these absurd hours for mostly smaller mandates. The directors are absolutely terrible. I've seen them scream and throw shit at juniors for absolutely no reason.
Ultimately, this horrible culture results in constant turnover at the analyst and associate level. Most analysts leave after their first year. In fact, some even left without having another job opportunity lined up; it's that bad. Most of the exits are to other banks or LMM PE. In addition, BGL cut analysts in Cleveland by 75% in May and a majority of their new hire full time analysts and interns. They did not cut any of their senior level guys. The only reason that they are hiring all the time is because people are constantly leaving. It cracks me up that they have current analyst job postings considering how many they cut two months ago (for budgetary reasons). Constant turnover is the key sign of how bad this place really is. Don't believe the stuff you see on Glassdoor about them as I know HR writes a lot of stuff on there. It's as truthful as the reviews of Tobin and Co.
The positives are that you do get a ton of deal experience as you are constantly working. You develop a close relationship with your counterparts as you are slaving away together. You also get to have a beer in the office every once in a while. Those are the only positives off the top of my head.
Hope this helps!
Can't believe no one mentioned yet that BGL rescinded half of their intern offers this summer a month before they started–- not a good look at all. Below-street comp, extremely sweaty, ridiculously high turnover rate at the junior level and a significant reduction in workforce earlier in the year isn't all that promising either
Can confirm. I was one of those interns sadly I
Sorry to hear that homie. How's everything been since?
I interviewed with them for 2021 SA. HR confirmed that analysts average 90+ hours.
Aye I interviewed with them too! People seem cool asf but sweatshop for sure. Idk man just seeing how BGL rescinded offers for 2020 SA's I don't trust them
I am an Economics major at a target that interviewed there, and though they didn't ask me ANY technicals at the superday (they did on phone screens), they told me I didn't have enough finance coursework. Now, I had just worked at an investment management firm with $10B aum that summer and also had an A- in Financial Accounting from our top 10 business school on my resume...
Haha, man this place sounds like a disaster...
Spoke with an analyst there - he sounded extremely tired lol. Before we began chatting, he asked if I knew a recent alum from my school who was at another bank in the area. Basically, got the vibe that he wants to leave ASAP.
As a non-finance major, I did not get any interviews with them but got a first-round with a top BB. So take that for what you will. Glad I got an offer elsewhere and accepted it.
Congrats on the offer. Sounds like I will be avoiding this place.
The fact that they cut a majority of new analysts and interns a month before their start dates (in addition to existing guys) this year probably tells you all you need to know about how this place is run. Honestly, I consider it hilarious that they are hiring for analysts again after how heavy the cuts were.
Reached out to an analyst last summer when I was a desperate and eager incoming junior. Analyst basically said I know you want an interview, let’s skip the phone call just send me your resume. Least amount of work I had to do for an interview, thank goodness I was ghosted after the interview though
Since so many people are saying analysts leave after a year, are the laterals decent (is BGL to top MM or better possible)? Wondering because I have a growing concern that this might be my last option.
BGL to top MM is definitely possible and probably the most likely outcome. It will most likely be easier if you are in Chicago than Cleveland though.
Appreciate this. Also wondering how people are able to interview for lateraling if I would be working 90/100+ hours a week?
Have seen quite a lot going after 1st year to KeyBank or other regional IB boutiques, as well as small PE firms in the Cleveland area.
Interesting, didn't know Cleveland had any PE firms if I am being honest. Appreciate the response though.
I interned there this past summer and my experience was nothing but positive. I really enjoyed the people there and the work itself was good. Hours are always going to be long in any investment banking job, but I had no problems with it. Overall, I personally had a great experience, and the company is making and has made strides to improve its culture. They didn't cut half of the intern class and they didn't cut incoming first years either.
Were you in the Chicago office or CLE?
Comparing everyone else’s comments to this post it definitely seems like HR made an account (side note: does BGL even have HR with their inhumane treatment of analysts??)
Considering that I was one of the interns/incoming FT that was cut, I can tell you that this is straight BS. They absolutely cut a majority of their interns/incoming FT, and A1's. I would assume that this was written by HR; I know they go on this site pretty frequently (in addition to Glassdoor). This place is awful; don't go near it unless you have no other options.
You're right, Suzzane has a WSO account and left a comment on some of the other BGL threads
You’re a liar. Source: I was one of the interns who was cut. Doing way better now anyways. Fuck BGL
Hypothetical scenario here. Let’s say I get a sophomore summer offer at BGL. Should I take it and grind through the summer to get “IB summer analyst” on my resume or go for something else?
If your goal is to land an IB internship for your junior summer at a BB/EB/top MM, then you should take the BGL offer unless you have an offer at a better bank. Yes the culture is going to suck and you're going to get worked, but BGL is still a fairly well known and respected shop that should help with junior recruitment. At the end of the day, it's only 10 weeks and you'll be well compensated for those 10 weeks.
Interviewed there this past summer. Analyst said average deal size was around 80m but differed greatly depending on group. Got SD invite after 2 rounds but the next email I got three weeks later was a rejection. Also AN1 comp is 90k last I heard over the summer.
Roommate worked there, AN1 base* is $90k. All in is $150k for first year, $170k for 2nd.
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