EB vs BB for making it to MD
All seniors at EBs seem to come from BB. Would you rather work at a BB than EB if your goal was to make a career out of banking?
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Correct.
Much easier to build a client portfolio at a BB, given the large cross-selling scope there is across a breadth of products to offer new clients; can offer clients services across debt, equity, leveraged finance, corporate banking, M&A etc - whereas at an EB you are only really selling advice (M&A).
Hence why most EB MDs started at BBs; would say this dispells the (mostly prospect/intern) myth that EBs are better for career bankers (with the possible exception of Centerview who breed a culture of career bankers).
EBs are better for exits/pay in the US, whereas in EMEA the US BBs dominate across exits, pay and career banking potential.
If you want to maximize the curve do junior years at EB, lateral to GS/MS/JPM in your VP years, come back as super star MD. Also not all EBs are the same. Some are great at organically developing MDs.
Dad is a MD at a top EB (yes I know I am a nepo baby), and I asked him this before I even started. Obviously one person’s view, but he’s been doing this for decades.
Summary of his take:
If you want the best long-term career setup, start at a big balance-sheet BB. It’s the only place you actually get full product exposure as a junior, LevFin, ECM, M&A, everything. When you’re a Director/junior MD, it’s much easier to win LevFin/ECM mandates than pure M&A. Those products get pitched more often and are a natural way to build recurring touchpoints with clients. If you’ve seen a broad mix of products as an analyst/associate, you’re way more credible in those conversations.
His main point was simple: starting at a BB gives you far more early touchpoints. You work on tons of LevFin/ECM deals, meet sponsors and corporates early, and those people rise alongside you. If you stay helpful and keep in touch, those relationships compound. And because you can bring the full BB platform: balance sheet, global reach, every product, it's much easier to always stay in front of them to keep the relationship warm.
TLDR: large BB until you are a M&A rainmaker then dip to an EB to get paid better.
What's comp like for dad?
Del
How does one in their last VP years at an EB lateral to a BB without taking a step back? Ignore title. Focused on building coverage and facing the issue of lack of touch points only having EB experience. I have been seduced by the pay and potential exits and feel that is shortsighted now as my career seems f***D
If you had to redo it, at what point in your career would you have lateralled? At an EB and considering the move to a BB or hopefully something like CVP that organically raises MDs
Would you move to a ‘worse’ ranked BB (Barclays/Bofa/Citi)?
Same situation here. Curious to hear others thoughts
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