DB Top Groups/Culture
Anyone have any insights into the top groups at DB and the culture/hours in those groups? Thinking specifically NY groups.
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Fig great ppl
Fintech seems to be doing well
Industrials, Sponsors, M&A
DB Industrials is a fine industrials group but not exactly elite in the space. Still probably the weakest industrial group amongst the 8 banks that were once called BB's. Not top of the coverage area or really super competitive in the space especially on anything larger cap. M&A focus is worse than/less than sponsors and LevFin by quite a bit as a focus, the bank is LevFin dominated in the Americas. This is not a case like RBC where M&A is the main product for the bank for better or worse; the bank wins deal by providing and leading financing for sponsors throughout deals to bulid relationships and getting M&A fees derived from those sponsor relationships for the large part.
There is no M&A product group anymore at least at the junior level no idea what you’re talking about. RBC also sucks at M&A and is on most deals for financing
Ignore title; am a former analyst at DB who left for the buy-side.
Sponsors and LevFin are the best groups for exits and flow. The bank's business model is dependent on sponsor deal flow and providing financing for sponsors throughout the lifecycle of a deal to build a relationship. In the US at least, DB doesn't do much corporate/strategic work, but is focused on the sponsor side of things. Other groups are going to be less transactional and worse at exits point blank. Also, DB is doing a decent bit of new hiring in the coverage areas so I'm not sure which is the strongest as we will have to see how the hiring spree pays off overall.
Thanks, this is super helpful. Any insight on culture/hours in sponsors/lev fin and overall firm culture/hours?
Also, in your experience, do/can DB analysts participate in on-cycle PE recruiting?
Heard culture on sponsors is pretty good and the group is generally supportive of recruiting (want alumni on the buy-side so they can grow potential fees in the long term). Generally out of the office earlier than other groups.
Culture is good at both LevFin and Sponsors; nice people and there is a lot of camaraderie. Wouldn't say the hours are terrible, but it's banking, so it's kind of hard to evaluate hours as everyone has different reference points as to what would make up good hours. apologize if this is a non-answer, but I didn't find the hours terrible. Depending on your perspective, expectations, and, most importantly, live deal flow, it might be different for you.
As for on-cycle, yes, you will get chances from those groups, mostly from UMM names and some of the non-prestige obsessed MFs (you point blank won't get the Carlyle's of the world, for example). Most exits are to MM/UMM PE on the PE side, whereas for PC, you will see more MF exits. I think, to some extent, this is self-selection, as not many kids targeting MFs end up at DB anyway. Will also note that your school + GPA will affect how much outreach you receive. If you are from a target, you are more likely to receive more outreach.
IND is known for having the longest hours at DB and is generally pitch-heavy. Can expect to be in the office 5 days a week. Culture is dependent on who you work for. Sponsors typically takes fewer interns (~1-3) than other coverage/product groups and can be very competitive. Usually, it leans on placing students from the group's alma maters. FIG is known as a strong group and has a great culture
How is the consumer group in terms of deal flow and hours?
Deal flow has improved after poaching several bankers from CS. Deal fees for the group have grown quite a lot and group is on the rise. Don’t have much visibility into culture or hours but don’t think the hours are as bad as other groups at the bank. Will let others chime in.
What's the difference between levfin and leveraged dcm at DB?
By far strongest teams in DB are on the FIC side of IB. Private Credit, Structured Finance, and Global Financing and Credit Trading broadly. Teams have strong deal flow and are some of the best on the street. Also turnover is pretty stable. People like what they do and stay longer, so good place for a junior to find a stable space while they learn the business. Also great exits
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