Comments (12)

Cocoa Joe, what's your opinion? Comment below:

Conflicts of interest with their debt and lending businesses.

  • Analyst 1 in IB - Cov

BBs can make far more money off lending than they could on RX. A bank can't have both because it's a conflict of interest. This is the case because BBs lend so much money to so many companies that there is a very good chance that any company that hired them for an RX deal could have that bank's debt in their capital structure, which is an inherent conflict of interest. Look at the debt structure of any capital intensive business if you have access to a bbg terminal or s&p markit. You'll see what I mean. 

  • Intern in IB - Gen

So Moelis layoffs incoming?

  • 2
  • Analyst 1 in IB - Restr

No - unless it has several underperforming quarters in a row. Ken & many of the seniors are from the scrappy ex-BB/DLJ gen and will be looking at this time to grow - he's already mentioned a few times the firm will be hiring "aggressively'"

  • Intern in IB-M&A

So is Debt Advisory/RX at an EB the best place to be right now?

user121, what's your opinion? Comment below:

From the little that I know, due to the EBs relatively small sizes compared to the BBs there may not be such a need to have extra layoffs to right size their cost structures. There's enough turnover at those firms given that juniors leave fairly quickly generally that if they just hire smaller incoming classes and cut back in other ways (like smaller or no bonuses or whatever for seniors and other discretionary spending like office benefits, parties, meals, events, travel, etc) that might be enough to keep their cost structures / comp ratios and the like okay. 

  • 1
  • Analyst 1 in IB - Cov


  • 1
  • Analyst 1 in IB-M&A

You also have to remember large m&a take a couple quarters to close. q3 revenue was largely result of deals done 1-3 quarters before that. Large cap deals take longer so could be over a year.

  • Analyst 1 in IB-M&A

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