Hey all, wanted to get your thoughts. I have grad offers for both in London. People are telling me to choose db as it’s a ‘bulge bracket’ but Jeff has been growing strong. Both at teams with good deal flow (think tmt/ind at db, pui/energy at Jeff). Which would you take - looking also at laterals and exit opps. Thank you for the insights
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Based on the most helpful WSO content, here's what you need to know:
Career Advancement Opportunities: Jefferies is highly rated for career advancement opportunities, scoring 99.6% in recent rankings. Deutsche Bank, while a bulge bracket, has faced challenges in recent years, including restructuring and layoffs, which could impact internal mobility and growth.
Exit Opportunities: Both firms have strong exit opportunities, but Jefferies has been gaining traction in London, particularly in sectors like PUI (Power, Utilities, Infrastructure) and Energy. Deutsche Bank's TMT/Industrials teams are also solid, but Jefferies' growing reputation and deal flow might give it an edge for certain lateral moves or exits to private equity and hedge funds.
Overall Employee Satisfaction: Jefferies scores 97.8% in employee satisfaction, which is competitive. While Deutsche Bank's satisfaction isn't explicitly listed, its recent history of layoffs and restructuring might suggest a less stable environment.
Team-Specific Considerations: Your decision might hinge on the specific teams you're joining. TMT/Industrials at Deutsche Bank is a strong choice, but if you're passionate about PUI/Energy, Jefferies' growing presence in these sectors could be a better fit.
Long-Term Outlook: Jefferies has been on an upward trajectory, particularly in London, and offers a more entrepreneurial culture. Deutsche Bank, while a bulge bracket, has had a mixed reputation in recent years, which could influence your experience and future opportunities.
If you're looking for stability and the prestige of a bulge bracket, Deutsche Bank might be the safer choice. However, if you're drawn to a more dynamic, growth-oriented environment with strong deal flow in PUI/Energy, Jefferies could be the better option.
Sources: Ultimate investment bank rankings UK/ London, Deutsche Bank vs MM SA 2021, Houston Investment Banking 2019, Deutsche Bank Offer, Investment Banking in London (EMEA) - Strongest Players, League Tables, Salaries, Differences...
Source: I work at a DB sector team
If you are at DB and not in Leveraged Finance, you're in the wrong team and bank.
Industrials is strong but rarely see a play on large cap M&A as JP/GS/MS always dominate even in EMEA. When was the last time someone from Industrials exited to a top shop? Been a very long time
TMT is okay and the team has been apart of some large transactions recently + stronger exits as well as of recently. Someone went to KKR and people have started to leave on a consistent basis to the buy-side.
Leveraged Finance has solid deal flow, very execution heavy and respected on the street by recruiters. There has been more buy-side exits to buyout, as well as private credit, recently in LevFin than Industrials/ TMT. That isn't to say the latter are not good - more of to say for the hours being worked in Industrials / TMT (9am - 3/4am consistently), you do not reap the benefits of a BB as opposed to LevFin (9am to 1/2am), where you do.
That being said TMT/ Industrials has strong lateral exits. I am in one of these teams and sucks to be working on books till 4am when I see more LevFin people work a bit less and reap more. Kudos to them.
Jefferies is a smaller bank but the American franchise name will still be a strong place to shop for laterals and small-cap buy-side. If you're at Jefferies, HC team is the place to be.
All in all - if you are interested in Leveraged Finance by any chance, pick DB. If it is any other team, do not go there for exits but for the lateral opps.
If you would open your mind to HC, pick Jefferies.
Would take DB as it is quite straightforward to lateral to a top BB from IND/TMT after a year and you do see some occasional UMM/MF exit. Recently from TMT there has been permira, blackstone, KKR.
Tough call - would pick DB for slightly better WLB
What’s the WLB like at Deutsche London? I Hold an offer to join and am keen but are there teams that have a good culture and wlb? Don’t want to be overworked (ie, constant 12ams everyday and also weekend work)
IB isnt for you simply put if that is a major factor for you Most IB teams work till 12 minimum but from my experience DB leveraged finance is best. Best DB team, top franchise in EMEA, and no facetime. They wrap up earlier than most sector teams and are still more prestigious and better exits.
If anybody has any insight on IND vs TMT vs C&R at DB UK in terms of prestige and culture, I’ll give you all my silver bananas
From what I heard thought chats with the team, ind and tmt are good in terms of deal flow. Both are really big, think ind have ~60 people in London, tmt slightly less. Both teams are pretty sweaty with long hours. Working to 2-3 am consistently as an analyst and on the weekends as well. Not sure about C&R. Was only told to stay away from HC.
Now hand over your bananas
Industrials is a big team and is arguably DB's legacy sector team. The head of Industrials is a rainmaker. You will learn a lot but as someone mentioned, you will not be apart of those sector changing deals because JP/GS/MS would have taken those. So to answer prestige, yes.
Industrial culture is another story - though there has been significant improvement as of recent years with a much more friendlier junior cohort, its culture is still overall bad. Tough seniors and associates who have been struggling to get a buy-side interview will be showing you their malice through the useless comps and insignificant work they give you. Facetime culture is massive.
However, sure, Industrials is okay if you want sector experience.
TMT is a similar story when it comes to prestige but arguably, it is an up and coming team that is being more and more repsected by the years, especially by recruiters. It has got stronger exits than Industrials recently and you will be on bigger more reputable deals, but once in a blue moon.
Culture however, is good in TMT. Friendly people, friendly associates - no facetime cutlure to an extent.
Consumer: forget about it. Healthcare and consumer are the worst teams and whoever is in those teams, we must pray and pity them for they have sinned.
I still think if you can choose a team in DB it should be Leveraged Finance but if you really hate debt then okay cool go to Ind / TMT and lateral away ASAP.
Any more deets about the hc team? Got an interview there in a couple days so curious as why everyone's so bearish on the group.
Adding to the above:
REGLL is not a bad team either, and seems to have a good culture.
Infrastructure is a small but solid team
Consumer team is currently being rebuilt as many good juniors have left.
HC experience somewhat depends on the vertical. The HC services guys are pretty decent people.
FIG is somewhat of a black box, but they have quite a few MDs
I’d pick DB personally if it’s indeed those teams
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