Deutsche Bank: LevFin vs Industrials vs TMT (London)

Is this for a spring internship?

what about the other teams?

Regarding TMT: Telco can be a great opportunity to learn technical stuff and M&A but man is that sht boring

so its for internship or full time

Was an intern in one of those 3 teams (also put all three in my top 3 preferences) - would go for either TMT or Industrials. LevFin's seen as marginally better (top team at DB etc) but it's a different experience than coverage, more gruelling work/worse culture and I've seen better exit opps (mostly through lateralling to a better BB first) from TMT/Industrials

The head of the industrials team is a rainmaker but it's a tough grind. Good learning experience tho. The best sub-vertical for both deal flow and exits is business services. Recent exits include PAI and Hg.

Would not go into Industrials, hours are brutal. Otherwise a great team.

I‘d go into TMT and try to get as much exposure as possible to Consumer Tech. Extremely good MD that clients love with great projects. Would be a better experience in my view.

Ultimately, one can say that TMT has better culture than Industrials and juniors get well protected and appreciated, yet one can be wrong as maybe Industrial / LDCM analysts get better learning curve and in long term they benefit more. Eventually, all goes to what you really want to optimise for as you cannot optimise for everything. 

If you want to optimise for work quality / learning curve and work / life balance - it will be very difficult to do it in any team - ultimately, IBD is like a gym - the more weights you can lift, the more interesting projects you will get. 

LDCM is pretty demanding team and you would really need to contribute and deliver to convert there and return to them. I have heard, and do not quote me, for summer they only gave 2 return offers out of 5 interns they took. Have been told one of those two that got offer decided not to go back. One LDCM intern with general offer i.e. not return to LDCM, eventually found home in another DB team whilst other still searching / moved to the general pool.
 

On the exit options - after a few years in the industry - have seen my share of some crazy exits - guys going from third tier bank research teams to top hedge funds and ending up there alongside top ranked JPM / MS / GS analysts.  At some point, sadly, the prestige fades, and your skills / grit / connectivity becomes the key driver if you are hired or not.
 

Needless to say, friendly word from your associate / VP to investment executive at PE or recruiter may help you getting an interview, but will not make you hire. 

On the last note - that Consumer Tech / Internet MD mentioned by a fellow poster - definitely great one to work for - he knows the space, brings deals and generally you will learn loads.

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