Can London banks still work on the execution part of EU-based transactions, or does it have to be performed from EU offices?
That is, as an IBD analyst in London, can you only really work on pitch books aside from executing UK-based transactions?
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Nope, industry teams will stay in London. Winners are regional, on the ground coverage guys. They will now get better XP imo
Appreciate the input!
Why do you think that industry teams specifically will stay in London?
I see no point in scattering them across Europe or relocating them to say Frankfurt. London will remain the European HQ for most US banks / boutiques and a big hub for EU firms. It will just be a different legal entity formally engaging with the client (JPM AG in Germany for example) I guess.
As per the brexit agreement:
(1) FIG M&A deals will be executed by Swiss teams
(2) Industrials by the German
(3) Consumer, Telco and IT services by the French
(4) Leisure by the Spanish
(5) Gambling by the Romanians
(6) Shitty industrials deals + partly consumer (food) by the Italians
(7) LevFin / Distressed by the Greeks
I mean, the banks always stress diversity so they should appreciate this!
On a serious note, I believe that a brexit deal regarding financial services is still to be made, right?
I think that any agreement will not be enough to keep things as they are. The EU has a lot to gain if things were much harder post Brexit as most of the industry (if not the vast majority) is in London. Basically the EU would be sacrificing getting a slice of the UK cake for the ability to access the UK market ( which on its own depends a lot on the EU)
Transactions will be executed from your pathetic working from home setup with you grinding till 2am while your dipshit flatmates drink and make scrambled eggs.
This applies across borders.
you didn't account for different timezones?
Banks will still execute deals with London teams, but for IPO/ECM/DCM they might do it with a different legal entity. Some IB services like M&A don't require licenses in certain European countries so it doesn't matter that the bank is non-EU.
Continental Europe deals are executed jointly by the London-based industry team and the local regional team at my BB
From what I've heard, for all the advisory work (M&A, advisory side of ECM and DCM...etc) it can be done from the UK as long as the chaperone or the senior that brings the deal is not based in the UK.
S&T and "markets" side of ECM/DCM (so the execution once the client has decided to go with a rights issue of X size for example) HAS to be done from Europe
Thank you for the input!
Does this mean that you can, for instance, do an information memorandum for an M&A transaction from the UK under the conditions stated?
Don't want to get too specific as this is only what I've understood so far, and conditions likely can (will) change as UK-EU deals are made, but:
I believe the UK based team can do the CIM as long as the senior MD who pitched to the client and originated the business was EU based.
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