CS vs BAML - London TMT IB
Which is stronger out of CS TMT and BAML TMT in London?
Also, how do their other groups rank against each other? I know that CS LevFin and Financial Sponsors is very strong, but don't know much about the other groups.
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CS - Lately doing very well, lean team and has appointed Gudofsky as a the new head of group (early 2020)
Both are good places, not at the level of GS/MS but still great
In my opinion, CS marginally better than BAML. More dealflow on the Telecoms side plus stronger Tech franchise in Europe. BAML had a bit of turnover over the past few years - quite a few people at Director and MD level left. Those who joined may not necessarily be of the highest quality (particularly on the tech side)...
Didn't they (BofA) hire the Head of TMT at UBS to cover tech names in Europe? Not that I know him or anything but surely he isn't bad?
Also a well-known MD from Laz
They hired an MD from UBS TMT (who was not even close to being a head of the team) to focus on tech. He started covering the tech space as MD (I think he was doing telco prior to that) a few years prior, so by no means a career tech banker with all the implications.
Don't know too much about the space but I know someone who interned at CS TMT and said Culture was quite Bad and seniors didn't care about you what so ever.
I think that for BofA quite a few of their MDs are french and sit in the Paris office if that matters to you.
TMT is kind of on par at both places imo with both being substantially subpar to MS, GS and JPM
Overall, BofA has a stronger overall platform both globally and in EMEA and is top 3 / 4 in most groups and products.
Sponsors and LevFin are marginally better at CS but the experience would be comparable as you hold the pen on the model at both places. Also, important to keep in mind that in terms of EMEA LevFin CS has been steadily loosing mrkt share over the last 5 years, while BofA are trying to actively establish themselves. Both firms would be in Top 10 but are substantially behind JPM (who are No.1 in Europe and world) and DB.
Isn't TMT in EMEA more geared towards Telco and to a lesser extent to Media with some Tech every now and then?
Just curious in general?
That has been the case historically, but tech is growing strongly and will continue to grow. Telco (outside of telco infra) has not been really active in the past few years, this year being a bit of an exception though.
CS TMT definitely has a rather rough culture juniors work pretty hard. But definitely good deal flow they did Liberty Global/Sunrise this summer.
Pretty sure LionTree is the go-to bank for Liberty Global?
It was CS, JPM and Liontree I think
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