So I have a family friend who is a MD of a BB based in London. How much pull does he have over the recruiting process if I put his office as one of my choices?
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A significant amount. MDs are at the highest non-executive position at the bank.
Considerable pull, although don't expect them to save you if you bomb the interviews because its their reputation on the line--I would only expect that if you were on a first name basis and he knew your family EXTREMELY well.
Apart from that, an MD has the most control in his particular group so that getting you an interview and some cursory interviews in his group would not be a problem--he would even have a significant say if you receive that offer. It depends though because not all MDs are equal within the group.
You also have to take into consideration that he has about 10,000 more important things going on. He definitely has a lot of pull but if, at any point, helping you becomes a burden to him (like if you bomb the interview and he has to justify keeping you anyway) he'll lose interest quickly.
Well, it depends on who they are, what they do in the organization and where you are looking for.
I know MDs that have massive pull throughout the entire firm because of who they are and what they do and I know MDs who only have pull within a select area.
You also don't know how much pull he has with other offices as well. Just because he's a big shot in London doesn't mean his New York counterpart will do him the solid and get you the interview. I've dealt with MDs from different offices who do the exact same thing and hate each other entirely, making this a real case of who can one up the other.
I would definitely see what he can do, particularly if you are not looking at working with him in London. Leave no stone unturned bro.
Clarification: I'm applying to his office and the NY office interviews applicants on behalf of the London office as the NY office doesn't offer the internship program the London office offers.
I've seen some MDs in IB and PE houses are really just dummies. They are merely very well paid professional managers for their own good but when it comes to nurture junior staff and taking care of their teams, they are major dicks. Some MDs have no bargin power because they are hired just like you, as a staff, not a shareholder.
This MD I know does not even had the power to choose his secretary, let alone his analysts. So sometimes it is really just about a shining title on the card.
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