Signed with Greenhill M&A for SA 2022 back in May. Obviously, Greenhill isn't the firm it once was and has struggled compared to other EBs over the past few years, but I was really surprised to see that their revenue actually decreased in 2021 while most other firms have seen record highs. Can anyone on this forum shed some light on where exactly did Greenhill go wrong, and how the future outlook of the firm is?
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How would someone consider an offer from Greenhill vs UBS vs William Blair?
In terms of exits Greenhill >> UBS > William Blair, but to be honest for a longer term career in banking I'd easily go with William Blair > UBS > Greenhill. Considering how small the class size is, Greenhill still places very well in UMM and is good enough to get MF looks while it'd be tough to get MF looks from UBS and very tough to get MF and top UMM looks from WB.
Greenhill on the decline, but still a fine place to start your banking career.
Given you've been around in IB for much longer than most people on this forum can you shine some light on when/where/how they went wrong? Especially among the more senior crowd, I feel like Greenhill's name is held to a very high, almost top EB, status, which is obviously not reflective of their current status and has not been reflective for some time.
When I started out, Greenhill was a strong name for sure. I even had the chance to interview for their Rx group and didn’t get it.
Elite banks don’t lose their shine overnight and that’s why I don’t think it’s a terrible place to start out, still lots of smart people there.
But the issue with these EBs is that they are not huge behemoths with massive balance sheets that can weather any storm out there. They are kind of as good as their rainmakers are. So if their suffer a few key defections amongst their top guys, suddenly their deal flow is quite adversely impacted. In this case, they seemed to have suffered some attrition among some senior guys and business has suffered.
I may be wrong but I believe they still have that rockstar Rx MD that came over from Rothschild, so I don’t think that group is in dire straights or anything. Still a good place to learn and get experience under your belt.
What you have to understand is that real life isn’t WSO rankings. No one cares too much where you spend your formative analyst years as long as it’s a place that does true banking. If you hustle hard enough, you will be able to lateral most anywhere from Greenhill.
Will you get looks from the absolute top mega funds and Goldman tmt and pjt Rx? Maybe not, but you’ll get looks and then it’s up to you to run with it.
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