How are the TMT groups at “lesser” BBs?
Everyone knows Goldman TMT rocks, but I couldn’t find much on the TMT groups at other BBs. Anyone have insight on the group at CS, Barclays, DB, UBS?
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CS has historically been strong in TMT. Barclays has been doing well more recently. I would personally take CS/Barclays technology over BAML or Citi.
Are both the NY and SF office good for TMT at CS?
SF is much better despite some senior departures
BAML tech is doing very well right now and has done very well over the last few years
How about UBS and DB?
I don't know anything about DB, but I think UBS has a solid TMT group. I don't think they work on a lot of big transactions, but I think they are fairly active in the $5 billion space.
Barclays — sweatshop with lots of pitching. Not great culture. Good deal flows, more capital markets focused. I know I'm a prospect but a close friend is an analyst there & this is what they said to me.
Most BB tech groups will be capital markets focused and lots of pitching given how many companies you need to cover. Barclays in particular would be one of the best for someone interested in M&A because it's in housed and they get a relatively high volume of low TEV M&A mandates, meaning that each analyst will be getting solid experience. Don't have first hand knowledge, but I have also heard the NYC culture is extreme and drug oriented.
GS and to a lesser extent JPM and MS are the no brainers for tech if you get those offers.
Recruited for exclusively tech groups, have not heard good things about JP Tech NY or MS Tech NY. MS Menlo is obviously a top group, JPM SF solid but not on the same tier as GS/MS/Q
Agree that JPM is a step down from GS/MS but still consider it any easy choice over Barc/CS/Bofa/Citi. I personally believe Q is in a different realm and should be prioritized over any group on the street for anyone genuinely interested in technology.
Maybe, I'm sure if I necessarily agree with that though. Qatalyst does essentially only sell-side M&A (with the very occasional buyside thrown in); if someone wants to get any experience with IPO advisory or, really, anything other sell-side for start-ups, I think that there's a strong argument for why they should pursue GS/MS over Q. Totally a matter of preference though - if you're set on doing the sort of work that Q does, 100% go for it above anywhere else.
Agree with the point re: JPM over Barc/CS/Bofa/Citi
Bro I've seen you in 3 other threads stating Q is the best. We get that you work at Q and yes it's a great shop, but the exits have been more VC/Corp Dev oriented rather than the buyout/ge exits the other shops have.
Have not stated Q is the best anywhere else, what are you talking about? I do find it unlikely you got 7 real silver bananas within 3 minutes.
I made the comment in the other thread lol, not whoever posted the above comment. Not everyone with “second year analyst” is the same person. For the complete record, I do not work at Qatalyst. I work at a second tier tech shop.
Not sure why you have such a bone to pick, and find the need to bash the bank on every thread. Yes, Qatalyst breeds career bankers and the company focuses on retaining analysts via large compensation packages. They specifically state that they don’t want people who see the program as a 2 year in and out. But, those who choose to exit have exited at all the top shops. In addition, the above poster stated that for those “purely interested in tech”, Q is an excellent choice. I concur, considering that a quick LinkedIn search shows that 6 individuals have exited to product management roles (Some of the most coveted roles in tech) in the last three years. The exits are not primarily Corp dev, please go on LinkedIn and check for yourself and don’t just regurgitate what others have told you.
What in gods name is your obsession with ranking banks and shitting on places? Can’t we agree that Qatalyst (along with Goldman, Morgan Stanley, Evercore, pretty much any brand name tech bank) afford a wealth of opportunities to you and that’s up to the individual beyond that point?
Then don't say Q is the best opp lol
I’m sure you have tons of experience as a junior in college...can I have your number so that I can ask about career advice? I used to rely on my coworkers/seniors bankers, but I’m realizing that you might actually be a better resource
Have actually heard quite the opposite for Barcap, have heard amazing dealflows with strong mandates being won... with more senior leadership being added.. out of the names OP mentioned.. Barcap clearly seems to be the strongest..
Don't know much about any others which is why I did not speak to them -- totally feasible that Barclays is the best of them all, but I am just relaying what my friend who is in this group has personally told me. They specifically said to recruit at any other group within Barclays, and last I was aware have been trying to lateral groups themselves. As I said, good dealflow. Apparently the worst culture at all of Barclays.
To give you an idea of global TMT league table (only M&A), see below the data from Dealogic based on deal size
2018: MS / GS / JPM / BofA / CS / DB / Citi / Evercore / Barclays / Centerview
2019: GS / JPM / MS / BofA / Citi / CS / Centerview / Barclays / Evercore / DB
2020 YTD: GS / MS / BofA / JPM / Citi / Liontree / Barclays / Rothschild / Guggenheim / Moelis
I realise this obviously does not provide full picture, but the above goes hand in hand with deal flow.
Source ?
Deallogic but I would not base any decisions on a league table like that. Qatalyst is notably missing.
Do you have any feel for how this breaks down between tech and media/telecom? I was under the impression that a bank like Citi had a weaker tech team (SF), but a solid media/telecom team (NY). I'm curious if that is true for Citi or any other banks.
So Bofa>CS/Barclays/Citi for TMT?
I spent a summer in Bofa Tech, I guess dealflow is kind of strong but the analyst experience isn't good. Bofa has way better groups if you're not set on tech. I would take Barclays for east coast and CS for west coast tech IB.
I'd be interested in the same table but for only US m&a deals since this skews in favor of BBs with a global presence
GS > MS > JPM > Barclays > BofA > CS > Citi > UBS > DB
Qatalyst > all
DBO, GCA, FTP, USA are some decent names on the boutique side, Jefferies has been doing well on the MM side
Completely disagree, would still say GS/MS have more headhunting opportunities and have more investing (buyout/ge) exits on average than Q. Q is a great bank, but MS Tech and GS Tech are still some of the best platforms out there.
“Headhunting opportunities”. Do you have buyside recruiting experience at each of these firms? If so, you aren’t really qualified to talk about the differences. I’m sure you can go to any tech based firm from any of these places, no point in saying one is slightly better or worse than the other. It’s so marginal at best.
Pretty pathetic how you made fake accounts to SB yourself replying to anyone acknowledging the dominance of Q. Did you get dinged in a first round or something?
Would recommend looking at this guys account for vote manipulation, I’ve seen numerous of his posts get like 22 SBs in the span of 4 min from posting at like 2 am on a Friday
This guy is upvoting his own posts lol. Every other comment on that thread has like 3SB max.
This might not be the place to ask, but did UBS used to have a powerhouse TMT practice? I saw an article / post on LinkedIn I think that made reference to “the legendary UBS office in LA” or something of that nature (probably not exactly words but something along those lines). I know Jeff Sine and Aryeh Bourkoff are ex-UBS guys, but were there other BSDs there that left? what led to the exodus? What deals were they known for? thanks!
Ken Moelis
Fair. I didn't include just because I wouldn't bucket Ken as a pure TMT guy (was he?) but he is certainly a notable alumnus.
Jeff Raich and Navid Mahmoodzadegan. More media focused though.
It’s crazy how distorted WSO’s views on The Street are. Whoever says “MS Menlo” is the best at Tech or “GS TMT” is the best at telecom has clearly not worked a day in TMT.
MS Menlo is only “the best tech group” because of Michael Grimes. That man is a savage. But that’s at the senior level. A big part of the actual “Menlo” work (if it truly is a big deal) is likely to come from the junior bankers in the Tech and M&T groups in NY.
GS Telecom is strong, but at that level, you basically just see GS/JPM/MS rotate on deal mandates depending on who was left lead on the last deal. The Verizon’s, Charter’s and American Tower’s of the world need good relationships with as many banks as possible... so they are going to try to keep bankers happy with higher fees on every other deal. And don’t forget the boutiques like PJT, which somehow slay in some of the spaces (wireless, for example).
Then you have the Media part of TMT. That’s a whole other animal. There you can just as likely find Guggenheim leading a massive deal as you can find Allen&Co running a whole process as if they were a bulge bracket.
Not sure on the GS points you’ve made but there are some inaccuracies in your MS Menlo information. There is very little overlap between East Coast Tech and Menlo, to the extent that they might as well be different industries altogether. I’ve never heard of any analyst or associate in NY working on a West Coast tech deal either, the Menlo office is fully staffed with anywhere between 8-12 of its own analysts. The only area where there would be interaction with New York is on an IPO where the capital markets team (majority of them) sit out of East Coast (but not IBD) or a cross staffed deal — ie SolarCity might be staffed across power / utilities team and tech.
In terms of MS, the Menlo group is still fantastic both for deal flow and exits. Media Comm NY has good brand legacy but a lot of the heavy hitters there have left in the last 5-10 years, still not a bad group though. East Coast tech is considered one of the average groups at the firm - along with consumer retail, East Coast natural resources, FIG and a few others. I say this in terms of exits for analysts, deal flow as well as culture (not a great place to be).
Their sexy deals rely on NY. That’s just a matter of structure
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