Help Me Choose an IB Offer: GS vs BofA/Barclays
Struggling to choose between two lateral Investment Banking analyst offers: GS vs BofA/Barclays. Both offers are in the same group/industry. I previously worked with two seniors that I would report to at BofA/Barclays.
For context, I'm lateralling from a BB (I was laid off) as a second-year analyst, but only want to stay in banking for another 1 - 1.5 years. I need another year or so of experience to improve my resume, pad my savings, and dissipate the layoff impact for future recruiting. Down the road I would like to pivot to 1) Endowment Fund, 2) Strategic Finance / Corp Strat, or 3) LO Fixed Income AM.
Goldman Sachs
- Pros: Brand, potential promotion this summer ("up or out"), bonus paid this summer, mix of advisory & financing work
- Cons: WLB, tough culture, brand new team
BofA/Barclays
- Pros: Familiarity with Bankers (previously worked with two of them), WLB, team culture is good, no "up or out" risk this summer
- Cons: Mostly would do financing work, bonus would be paid in winter, would do 3rd-year analyst role
Which firm would you go to considering my target exit ops (Endowment, Strategic Finance, LO AM)?
Go with BofA / Barclays. I think the up-or-out would be a real risk. Since you were laid off once already you don’t want to be pushed out again in 6 months which can then look bad since it’ll be in succession to the layoff. Banks across the street are not handing out A2As as frequently and you would be competing against analysts at GS that have been there a couple of years and have relationships. At BofA / Barclays you have two seniors who obviously like you (hence the offer) and can take care of you.
Thanks, I would agree that BofA/Barclays is the safer option (albeit with less upside regarding pay & prestige). Not sure it matters, but my layoff was not performance-based and it was quite a public event with a lot of media coverage. Do you think GS would hire someone new just to push them out in ~3 months? Do you think they would allow for any learning curve?
Absolutely - I would doubt that seniors would want to bring with them an analyst that was bottom-bucket to their new firm - and landing two offers in a sea of analysts looking for roles is no small feat. At the end of the day I think politics play a part in any promotion - and even more so during a harder cycle. Hypothetically, If HR says there's only 2 spots for A2As in your group at GS out of the 4-5 analysts wanting to go A2A it would be hard to imagine a situation where you would be in top 2. Also, most of the A2A conversations usually take place some time from Dec-to-Feb time-frame so they are already happening as we speak or will happen pretty soon after. Have you spoken to GS about the A2A process? I think it would be fair game to ask them about what A2A would like for you given the timeline - have they confirmed a 3rd year wouldn't be an option?
GS would literally throw you under a bus if it suited them.
I was at Barclays recently and left for a better bank. If it’s Barclays not BofA would def caution you. Comp is so bad come time to bonus season and dealflow still lags because of the MD exodus to UBS
Why do you think comp has gotten so bad in recent years? I thought Barclays historically paid street.
The thread on Barclays bonuses is kinda light. Was everyone shafted or just individuals Barclays is trying to push out?
Who tf wouldn’t pick GS here
OP Here. Under normal circumstances, I'd agree. My case is a little different due to 1) familiarity with seniors at BofA/Barclays, 2) "Up and Out" at GS this summer vs safety of 3rd Year Analyst at BofA/Barclays, and 3) interest in non-PE exits.
Def BOFA/Barclays + allows you to continue that relationship with that senior which can always be handy. Having relationships with the seniors and enjoying working with them also likely means you enjoy it more, I honestly see no real reason to pick GS here other than pure prestige whoring.
OP here, thanks. I do agree that having the strong senior banker relationships matter and there is a comfort level at BofA/Barclays.
Going to GS would not purely be for prestige. The GS team I would join does significantly more M&A. The team I'd be joining at BofA/Barclays does 85% financing. Not sure how important this is given my desired exits?
Additionally, if all went well at GS, they would pay a bonus sooner and may promote be sooner (this summer) instead of doing a 3rd year.
Apologies I misunderstood to some extent, thought you had your exit lined up. I think strat fin/corp strat is very possible across the board from BOFA/Barclays just as much as GS/JPM. Those groups seem to be more focused on your knowledge, IK people from MM's who got into great roles in those spaces so I don't think it should be too big of a difference. I think longer term the senior relationships no matter what industry will come in more handy than any benefit because fundamentally being closer to senior MD will open up more doors to relationships and maybe even allow first looks into future deals. Personally am going into PE, and one thing I have gathered from WSO reading and people I have spoken to is that relationships are key once you climb the ladder as you want to get first looks at prospective deals and intros to people from bankers that you wouldn't have otherwise been able to get. Therefore, I think personally I would still go with BOFA/Barclays, but what you added adds some more complexity to the decision.
personally would not consider barclays or Bofma, their comp has bad and they have shown they don't care about juniors
Thanks. I've read that bonuses at BofA/Barclays have been bad. I've been trying to make the decision away from comp/prestige, but bonus pay has been tough to ignore.
Senior banker support is so underrated right now. Go where you will have advocates.
Priority right now should be survival, not splitting hairs between top banks who all paid terrible bonuses.
Thanks. Feel like my decision is more focused on what will build out my resume better. I mostly did financing work at my old firm and I'd do the same at BofA/Barclays. The Goldman team does much more M&A, which may be helpful for my targeted exit (endowment, corp strat, LO AM).
Also how much does survival matter if I'm only looking to be in the industry for a year?
Senior support helps you get those good staffings while also ensuring you are there long enough to fill out your resume.
Particularly relevant if you're heading to a place that regularly does RIFs. Although this year I wouldn't be surprised if there are a few more rounds across the street.
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