not afraid to give top bonus to the entire class. Blackstone also pays above street. I hear Goldman pays above avg base but bonus dispersion is wide. Stars get paid well, middle / lower analysts get paid below street.

 
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They typically pay a bit more than bulge. As a side note...I like Jefferies. I know, I know...they have a shitty reputation on the street. And believe me, I really do respect the white collar cliche of the elite bulge firms.

But seriously, you have to respect Jeffco. Those bastards are animals. You have to be a hustler to peddle the low-grade dog shit deals they peddle.

The reality is that is takes more talent to market a CCC rated junk bond relative to friggin IBM's tenth follow-on offering.

Jeffco...they aren't pretty...they aren't refined...but damn...they are crude, smart, and determined to be rich!

 

You have to respect them for being aggresive. They are the "underdogs."

Lesson #1 for you first year chimps out there...Don't ever discount the drive and ambition of an underdog...especially in this business. You have respect their desire...if you don't you are setting yourself up to get fucked in the ass.

The bulge banker who is fat, rich, and takes comfort in the name on his business card...you rarely have to worry about that guy.

 

Mike - I would disagree. Its the difference between walking into a pitch and living off the brand name or actually having some good ideas. Although I agree you don't need to be an underdog to be agressive, they're normally hungrier. If you guys make it into your dream BB and work with a few seniors who have that hunger then you'd do well do align yourselves with them early on as they are your true rock stars. Someone who doesn't need the brand name to impress is a legend

 

Jefferies is an amalgamation of several shops. Parts of the equity research are top notch. As far as the IB is concerned, they are a top 3 MM firm. On a ROE basis they compare very favorably with all the ibanks, especially considering though don't make huge prop bets.

Everyone should also consider that the investment banks at all the BBs are in decline with respect to influence. GS is run by traders now, for example.

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Typically the crappier banks win mandates by fighting harder for their clients. Although GS hands me some stinkers every once in awhile, they generally hand me deals that are much more favorable to the investor than a crappier bank would.

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I don't work at an "underdog" so I can't imagine what goes on in their pitches, but I can tell you that bankers from my BB do not live off the brand name. We do not fill up slides with our top-notch league-table numbers. We generate ideas that bring value to the client and in the end, we usually end up getting the business (more often than said "underdogs").

What people fail to realize is that banking is a cutthroat industry from the analyst level all the way up to the MD level. An MD is only as good as the revenue he/she generates, so its unfair to say that an MD is "hungrier" at an underdog bank than at a BB.

 

Mike: just to be clear, I wasn't suggesting you were at an "underdog", my "you" there was to the wannabes.

And I guess I've just seen too many cruisers in my years for my liking - no disrespect to your shop.

We still friends?!

 

Livingthedream: I didn't take your post to imply that I was at an "underdog"; I fully understood what you were saying.

I'm lucky to say that all the MD's I've ever worked with have never cruised through pitches/meetings and hoped to get business just with the banks' brand name.

My original point, which I am sticking with, was a reply to the statement:

"Don't ever discount the drive and ambition of an underdog...especially in this business."

This business is much harsher for underdogs than other industries.

 

Goldman actually underpays...I hear Lazard, Blackstone pay you a bit more than street...but buyer beware because those banks will work you to the ground. Especially Lazard.

I think I read someplace that Houlihan Lokey pays above street. Like vault.com or something.

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-
 

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