Citi TMT - London
What are your thoughts about the group in London?
I heard, and read in the forum, that it's a well-regarded group.
How sweaty is the place? Any ideas about the culture?
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Not among the best TMT practices in EMEA
GS and MS lead in EMEA?
JPM is solid too, note that at MS Tech and M&T are seperate
If you look at TMT league tables in EMEA (both L5Y, L10Y) you would see the following
1. GS
2. JP
3. MS
4. BofA
5. Citi
6. CS
Source: Dealogic
Anyways, this is only one data point to be considered.
Both headcount and expertise on sell-side vs buy-side deals will make a difference on your learning curve, so this should also be taken into account
It's a rather big team so I'm a bit afraid that the experience might be a bit diluted.
5th overall doesn't look too bad either! :)
Mostly do telco I believe.
And be careful as some of the telco deals are supported / lead by national coverage teams
Isn't it always led by who the relationship holds?
I'm aware they have at least a TMT-focused MD in the German office.
Isn‘t TMT in Europe mainly Telco anyways? A bit of Media maybe but there just aren’t as many tech deals as in the US
Agree, there has been few more over the years, but we are still lagging behind. Some shops ie MS have a pure tech coverage which helps and GS/JPM has also been strong in tech and been pushing for tech historically vs BofA/Citi who just cruised doing Telco deals which made them lag a bit behind.
Hmm... there are plenty of tech deals ...a lot more tech than telco deals, not quite sure what you’re talking about
Only familiar with the Tech-side of the house. I've partnered with multiple EMEA teams as a U.S.-based banker and London came across as hands-down the most competent, but also the most sweaty. They seem to respect protected weekends, since they never respond to any emails sent by the U.S. team between Friday end of business and Monday morning. They have some decent reps under their belt (see a couple of their bigger M&A wins below).
2020 | U.S. 9.2bn Adevinta acquisition of eBay Classifieds - buy-side advisor (link)
2019 | EUR 5.7bn Scout24 sale to H&F and Blackstone - advisor to supervisory board of seller (link)
Thanks for the great answer!
How do I need to understand sweaty if they respect weekends? Tons of pitches? I assume TMT itself is a sweaty sector right now but sweaty because of deal flow isn't the worst scenario IMO.
Correction: They respect weekends *when they think they can* and do push back on foreign teams
I know an analyst who was on the Adevinta deal. He was going to sleep consistently after 3/4am for at least a month + working every weekend. Poor guy.
.
How does HSBC TMT compare with Stifel GTG (formerly Mooreland) team in Europe. HSBC isn't really into tech much. What's good for a potential buyside in a couple of years into Growth equity or a Tier 2 tech fund.
I am currently an associate, so trying to think about long term banking route vs couple of more years in Tech experience.
Bump - if anyone has any insight into this would be great
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