CS/Citi M&A/FSG vs. lower GS group
Hi Monkeys,
Deciding between an M&A/FSG offer at Citi/CS vs. almost certainly ending up in a lower ranking GS group (NatRes, CNR, RE, HC). The former I've been verbally guaranteed by a senior person that I'd be placed in their group if I signed — they're aware of the GS offer and have been trying to get me to sign — whereas for the latter, I've done zero networking at the TMT/FIG types at GS, but a good bit at a few of the groups generally ranked lower. Advice? Not set on going into PE.
I had a similar decision. Ultimately went with the group that had a guaranteed spot; I also thought it was a good fit.
Unless it is RE, I would go with GS. GS doesn't really have "weak" groups. The only reason I even say unless RE is that RE is specialized wherever you go. HC, CNR and NatRes at GS are still fantastic groups with great placements, and the value of the GS brand can't be understated. The worst of these groups, which is probably NatRes, has more or less equal exits to the top Citi/CS groups. HC/Consumer would be even better.
I would caveat the above by asking how the GS group placement works this year. Historically they have combined capital markets. If that is the case and there is a risk of you landing in DCM or ECM, then certainly go for the Citi/CS offer. Similarly if you risk getting placed into one of their niche / weird groups that they sometimes put under IBD, like Urban Infra (I forget the exact name), which is basically a public finance group. If you are guaranteed an IB coverage group i.e. NatRes, CRG, HC, etc and won't get placed into a capital markets team or one of these strange other groups, then I would definitely go for that.
FYI that weird group is called Municipal Finance or PSI (Public Sector & Infrastructure)
MAB@PE nailed it. Would think GS prevails unless you are placed in AFG, which is the capital market arm under IBD and includes ECM/DCM/LevFin. LevFin at GS does have an industry-focused angle but the model is mostly covered by the corp finance team. That being said, exclude the possible placement in AFG, I'd go for GS for better organizational structure and leading advisory share of wallet.
I have a thing for FSG at CS, I would go there if that’s what you have. same for M&A at Citi
Lol care to explain?
Nothing special, just people and deal flow. These are really strong options though, so no decision is "wrong"
Bump
Better to be a big fish in a medium pond than a small fish in a big pond.
GS CR and HC are fantastic groups wtf
I just mean that I can either get the best group at Citi/CS or I can totally roll the dice at GS
FSG = Sponsors?
Similar question but down a notch - what about RBC M&A/DB Sponsors/UBS Lev Fin vs. unknown at Barclays/CS/Citi?
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