On any post about the best investment bank, you see the usual suspects; Goldman, JPM, MS, Evercore, Centerview, etc. But I've recently been seeing PJT popping up recently as well. Could anyone shed some light on this -- what makes PJT so good, and why haven't we heard about them until only very recently?
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Because it is a recent spin off from Blackstone's advisory business merged with Paul J Taubman (previously Global head of IBD, S&T and GCM at MS). In summary: old posts show Blackstone, new posts show PJT
I can't speak for the U.S., but in Europe PJT is mediocre.
I'm currently working in London at another EB, and I would give my left nut to lateral to PJT... Sentiments shared by my peers across the City.
BX Advisory wasn't a strong franchise in Europe and it seems as if PJT is struggling to win restructuring mandates as well as bigger M&A ones. They're certainly well branded and won over some good European senior bankers but the quality of the analyst experience in terms of deal flow is better at the top BBs and some selected other EBs. In general, in Europe The experience in an EB heavily depends on the country of the office as well as the specific sector covered. The relatively "new" American franchises' performance in Europe and their impact on the overall M&A landscape is far lower than in the states. Would generally recommend to do very thorough due diligence when considering EBs in London and especially regional offices.
BX M&A was always one of the most prestigious placements from an analyst's perspective due to great exits, incredible culture / work-life, and extremely small analyst class. That being said, BX M&A was more of a lifestyle place where you would never be working on the largest deals. In this sense, if you were entirely looking to exit, this was the place to be.
After the spin-off, this prestige still remains but now PJT is also focused on winning big mandates. From a purely M&A perspective, MS and EVR still beat PJT since PJT is only 2 years old and still establishing itself as an M&A specialist but when you take into account considerations such as exits, pay, culture, prestige etc. PJT is a top placement for analysts.
PJT is as good as the sky is blue
So, not really?
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