DB vs. Jefferies
This is both for NYC. Which y'all picking in 1) DB (have to go through group placements) vs JEFF (have to go through group placements) and 2) DB (have to go through group placements) vs JEFF tech NY
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From what I gather (and with no horse in this race).
DB's rep is on the rise and you'll get much bigger deals.
bump
It’s literally the exact opposite, w/ the exception of average deal sizes will be larger than JEF ( w/ significantly less volume)
Not only does Jefferies have the stronger momentum, but it is also doing larger deals in Technology ($1B+ average deal size). I can’t speak for other sectors.
It’s important to understand that DB’s Technology team all but evaporated over the past couple of years. A big chunk joined SVB. A few bankers went to Jefferies, actually. As a result, DB has been in the process of re-building their Technology practice. The new people are from lower tier and middle market banks, with the group re-calibrating to focus on ~$300-500M deals. Think Mizuho-caliber bankers.
Yeah this is the opposite of what is happening. DB is going downhill and jeff is moving up... id take jeff depending on the group, ranking, deal flow and exit opps at comparable banks is always going to be group dependent
You take Jeff tech over mid group at a DB/UBS?
Honestly both are solid. I personally would pick Jefferies tech because the ppl are very chill. Group placement is a crapshoot, you could end up at levfin, or you could end up at ecm spac team
does Jeff tech NY or SF have better exits?
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B
Jefferies NY all day. Growing platform and their groups like Healthcare and Tech do $1bn+ transactions as well as UMM deals. Even if they went on a firing spree recently (seems like mostly incompetent people were cut), job security is probably way safer than at DB. European banks like DB, UBS, and CS are continuing to decrease their presence in the US. If your goal is 2 years and out to PE, then maybe this doesn't matter that much. However, at this point, Jefferies exits are probably on par on better than DB exits, especially in Jeff's top groups. DB has a bunch of groups that suck, while Jeff pretty much has all decent groups. Depends on group placement obviously but unless you got a dog shit group at Jeff and like DB Sponsors/LevFin, I don't know why you'd pick DB.
Very helpful. I know CS is thinking about spinning off their advisory business but I’m curious why UBS/DB has been pulling back on the US market in the last couple of years. From my understanding, there’s a lot of market share compared in the states compared to other regions
Did you know the people who were let go?
Bump
I have a friend there, and he told me the analysts cut were literally so incompetent and unteachable. Like you can tell them how to do something multiple times, but they're still slow and/or make mistakes. He said some of them still couldn't add rows in Excel without using a mouse and would take hours just to update comps files or fix simple Powerpoint formatting. Or they had a bad attitude and were super unresponsive after any point past 7 pm. Obv Jeff overhired as did most banks, but it doesn't appear they fired anyone who was at least decent and was showing effort to care about the job.
From both a short term and long term career perspective DB makes more sense.
Short term: bigger deals and probably better exits, especially from top groups. If you get a bad group you are fckd regardless at either place. Jeffs is a MM shop.
Long term: much more recognizable name inside and outside finance.
Lol to all of the above. Also, nobody in a seat that matters thinks DB is now more prestigious than Jefferies as an investment bank. It’s 2022, not 2002.
What are the best groups at Jeff? Lev fin? PCA?
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There is nuance to this. HC is historically the strongest coverage group by reputation, yes. But Technology is also very strong and a key strategic focus for the bank. The group is still hiring across all ranks, even amidst the current market upheaval.
I don’t know how prestigious the general M&A team is supposed to be, but keep in mind that key coverage groups, like Technology, do their own M&A.
for exits / prestige:
HC / Energy
LevFin
M&A
Industrials
Tech
All of these are very strong. Really splitting hairs in terms of exits. if you have the choice between these, would go based on genuine interest as that will make you naturally more motivated and therefore better at your job.
All those groups you listed are in order of best to good?
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I worked at DB, they definitely are deemphasizing IB in the US and don't care about growth, only probability and their hiring is terrible and unorganizedThat being said their historical reputation still holds weight with recruiters / PE firms so you get pretty good looks (most DB analysts are relatively underprepared for PE though)I would take DB if you plan on doing 2 and out, but Jefferies if thinking of pursuing a career in banking
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