Choosing between first-year analyst offers from Lazard and BAML, both in the Power & Utilities groups. Long-term I want to be in Clean Energy finance, likely doing infrastructure deals, and want to go to a top b-school in 3-4 years. These two firms have completely different value propositions--Lazard only does advisory, and baml of course has the balance sheet to actually finance deals. I liked both teams a lot.
Any thoughts would be helpful!
Both in NYC by the way.
Both are pretty strong teams, and like you said, it is more a matter of different types of deals you'll be working on. This is one of the few industry groups where I think I would lean towards BAML, but you'll be in a good spot either way.
Isn't there a lot more financing than advisory in that space? I'd take BAML.
The other thing to consider is that Lazard's global head of Power, Energy and Infrastructure (George Bilicic) just moved out to the Chicago office, and from my interviews with them it sounded like they're really trying to bolster the size of the group out there.
BAML. BB v. Boutique -> BB for better SA experience
BAML definitely on the rise, I can see them being on par with JPM in a few years, I'd go with the better BB name
Famliar with both groups; would advise against BAML. They advise a ton on asset sales, and much less on corporates. Busy because of debt, but they take on every pitch possible. Culture at baml Power could be much better.
Lazard does much more interesting work; and believe it or not, except for the odd MD, culture is good.
This has to be a joke – Lazard by a mile.
Lazard is more active in the P & U space as far as M & A is concerned. I have heard BAML does mainly debt deals in the P & U vertical. I would go with Lazard.
Laz is a pure utility M&A shop in that sector, and the best in the business. But no generation asset business or renewables business to speak of.
BAML has a strong, diversified practice that does a lot of renewables M&A and financing, but is behind Laz on corporate M&A
You can't go wrong with either but its not as clear cut as people above think. If you want to do corporate public company M&A, Laz is the choice, but if you want to really understand the industry holistically beyond just utilities and think about renewables investing or financing in the long run, BAML is the better option.
Lazard vs. Baml (Originally Posted: 03/09/2013)
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What exactly is capital structure advisory, is it liability management? As in, advising companies on tenders and exchanges and shit? If so, that's a pretty cool space where you'll work on very interesting transactions, but it's pretty specific, you should make sure it's what you want to do. You won't really learn corporate finance, but it's extremely profitable, those guys almost never get fired. Also my guess is that Lazard would be pretty weak in that space because they're not exactly a fixed income powerhouse and generally those transactions come paired with a fixed income capital markets deal and often a derivatives deal too. As in, you tender my existing bonds, structure a syndicated loan in their place, and sell me a cap on it. Why would anyone go to Laz if a BB can offer a one stop shop on that trade?
Lazard is the better name, but BofA might be the better offer. Please give a little more description on the Lazard offer - these group names can be pretty wonky, so my guess of what it is could easily be wrong.
Also the girls in London have nasty teeth and are kind of fat, so maybe BofA loses points there.
Capital Structure/Capital Markets Advisory
find some young LAZ analyst in that group and give him a call get more specific info
but that looks good imo
Which do you think has better exit opportunities?
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