People! Rank your top cushiest investment banks for those looking to coast through their analyst and associate years.
(Note: Banks below LMM sizing are often sweaty, understaffed and pitch heavy. There's also no room to hide.)
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Haha, I'll give this a shot.
TD Securities, Scotiabank, SMBC, Stifel, Mizuho
I’ll put HSBC above all these due to international strength, WLB and comp being on the same level as BBs
I’ve heard their cartel coverage group is top of the street
Don't know so much about these rankings – have friends working at a couple of these places and the pay was low & hours high?
Stifel. Can't get more cushy.
And Truist!
Heard they work hard there
Think the names listed already are the right idea, but to further elaborate:
Find yourself a bank that just lost a couple of their MDs. Literally no deals to go around. You’ll be coasting with the brand name of the bank but with half the work. When your group starts pulling in MDs again, there will be a push to rekindle old relationships, but most of these will be intro decks. No way your team starts doing high level analysis on meeting one. Pitches for days with off-the-shelf creds, market pages, and strips / ideas.
If I learned anything over the last year, it’s that I just want to turn off my brain and have my ASO/VP tell me what to put on a page instead of doing some complicated buyside M&A math to get 30 more basis points of ROIC so we don’t offend our CFO. Fuck that, give me profiles where I can copy and paste a company website and Pitchbook description on a slide.
Another idea, pick a smaller equity focused shop (Tech/HC) that clearly knows its place on the S1. One that’s perfectly okay not gunning for lead left and sits happily collecting selling / arranging fees. Never client’s first call, but also never holding the pen on models.
Lastly, another example I can think of is a buddy of mine who works at a satellite BB office with literally just him (ASO1) and an MD with a family. This guy is clearing maybe $250k a year? Low by industry standards, but he’s also pulling something like 50 hours on average. What a deal, and the MD can’t push you around cuz it’s hard enough to hire another guy when you’re that small.
This comment came out longer than I thought, but if you want “cushy” and “coast”, this is the way in my opinion. It won’t be rewarding. You won’t feel like you’re winning. But who the fuck cares if you’re gonna be top 2-3% of your age-income distribution regardless. This is the battle we pick.
Dude, this is gold! I really appreciate the insights!
Thoughts on TD? I'm curious since, they have been bringing in new talent from different banks for upper level roles (Director & MD), some of which are from BB's. Would the growing status of the bank bring in more deal flow?
What's an example of a smaller equity focused shop? H.C. Wainwright?
Pretty sure you can find some IPO / follow-on deal report online for free. There’s likely a MM deal size section or whatever sector you’re interested in. Then look up their S1’s and take note of who’s not lead left
I would also add that BB coverage groups that aren't "well-known" for the particular bank can offer a pretty sick lifestyle to reward ratio. A great litmus test is that if WSO isn't circle jerking the group for its exit ops / prestige, it is on average going to be less sweaty. Plus you won't have to deal with as many WSO hardos.
I’m well aware that Houston is considered a sweaty city. Would some of the middle market banks be considered cushy, however? Just curious if there are some energy groups that are generally lighter.
Curious on the type of banks on the "lifestyle bank" list
Currently considering making the switch in a year or so. Love deal work, but I'm currently underpaid in my CorpDev job and want to know my options
Don’t do oil and gas or power and move to a team that has a solid junior to senior banker ratio. At least 2 to 1
defo not stanchart, people dumb as rocks, horrible pay for overworked juniors, shit culture, dont ever work there.
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