Currently an AN2 at an MM bank in London, focusing on FIG sector coverage. Looking to lateral into another team with stronger deal flow and/or better exit opportunities. Who are the strongest FIG teams in London? Are the BBs best or are the strongest FIG teams at EBs/FIG-focused Boutiques? How do the exit opportunities compare given FIG is less targeted for PE?
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Based on the most helpful WSO content, the strongest FIG (Financial Institutions Group) teams in London are typically found at Bulge Bracket banks. For instance, teams at GS/JP/MS are highly regarded. However, it's important to note that other banks like Citi, UBS, DB, and ML also have strong franchises in both London and NY.
In terms of exit opportunities, being in FIG doesn't necessarily pigeonhole you. In fact, the analytical skills you gain can work to your advantage. The reputation of FIG being analytically driven may end up being beneficial.
However, it's also worth noting that the exit opportunities can be influenced by the language skills you possess. For instance, if you have a beneficial language like German, French, or Nordic, you may get strong looks by headhunters.
As for the comparison with EBs/FIG-focused Boutiques, it's a bit tricky. While Boutiques can offer more specialized experience, Bulge Brackets often have a wider network and more diverse opportunities.
Remember, the best team for you will depend on your specific career goals and personal preferences. So, take some time to evaluate what you really want from your next role. And don't forget to have some fun along the way! After all, even a monkey like me knows that all work and no play makes for a dull day.
Sources: Why Should I Work in FIG Investment Banking?, Exit Opps: BB FIG vs. MM Botique / LDN, Top groups at BOFA London
Based on the most helpful WSO content, here's what I can share about FIG teams and exit opportunities in London:
Bulge Bracket Banks: BBs like GS, JP, and MS have strong FIG teams. They have a reputation for being analytically driven, which can work to your advantage. Citi, UBS, DB, and ML also have strong franchises in both London and NY.
Exit Opportunities: From what I've gathered, being in FIG doesn't necessarily pigeonhole you. Buyside firms generally understand that most analysts are excel/ppt processing machines, but FIG fine-tunes your mind into understanding/appreciating the finer details. 1-2 years as a FIG analyst will not "taint" you as a FIG banker.
Language Skills: If you have a beneficial language (German, French, Nordics), you can get strong looks by headhunters.
Specialization: People often specialize quite early on, so make sure you figure that out since they cover everything from Chemicals and Materials, to Business Services, Infrastructure, Building Materials, and much more.
Boutiques: There's also mention of MM Boutiques like Jefferies, HL, Blair, Baird having strong Industrials Cov. teams, but it's not clear if they have strong FIG teams.
Remember, the best team for you will depend on your specific career goals and interests. It's always a good idea to do your own research and reach out to people in the industry for their insights. Hope this helps!
Sources: Why Should I Work in FIG Investment Banking?, Top groups at BOFA London, Exit Opps: BB FIG vs. MM Botique / LDN
What is Barclays and DB FIG like?
Those banks focus more on capital markets products on FIG rather than M&A from what i know
Always heard decent things regarding Fenchurch for FIG.
Though the places mentioned above are better. For exits, it's BBs.
Fenchurch is very well-regarded but also possibly more of a sweatshop than any other FIG team around.
How do they rank compared to other FIG teams? Is it a stronger team than other big FIG teams in London such as the lower-tier BBs or EBs such as Laz, PWP, Roths etc?
Any ideas about Barclays or DB FIG?
Barclays used to punch above their weight, but they lost some momentum when their main rainmaker Mike Lamb moved to Citi. They then hired a new team head from BofA who has a terrible reputation (afaik) and turned the team in a toxic place.
Have never worked with Deutsche FIG, but they made a bunch of hires in the past couple years and combined with the Numis acquisition, I'd be more bullish on them.
These are only my two cents of course! Other views welcome.
GS FIG (London & NYC team)
GS is #1 on the street, JP/MS interchangeable at 2nd/3rd depending on regional coverage. All 3 are split by regional coverage so your experience will vary a bit depending on this. GS/MS you’ll get crushed, the hours at JP are lighter.
Does that include capital markets deals? Would assume JPM's financing capabilities to inflate their position given the relevance of being able to provide financing in the FIG sector, while MS being more dominant in M&A
Depends what you’re interested in the FIG space heard that JPM is the best in the fintech space
Best FIG teams in London are GS/JP/MS. Then I would say Citi, UBS. The only boutique i have seen consistently in M&A deals is Roths, you will also see occasionally Evercore, Lazard, Centerview in big deals.
But overall I would say FIG industry is dominated by BBs in London.
What is Barclays like?
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