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.
BAML tech is doing very well right now and has done very well over the last few years
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.
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.
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..
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.
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).
not sure why people are throwing MS at this guy. Most of what he said is quite accurate / good insights.
I have noticed people get jealous of my Georgetown education and extensive non-UBS BB experience