We all know some banks are sweatier than others… what about groups? What makes some groups sweatier than others? Proposed list below, would love to hear others thoughts:
Tier 1: Sweaty
- Energy & Power, Financial Institutions: General “old school”, backwards looking clientele and traditional senior bankers, which trickles down
- M&A: Constantly working on high pressure live deals, typically a big milestone in a client’s history which makes for a sweaty experience
Tier 2: Moderate Sweatiness / YMMV - Industrials, HC: Large universe of potential clients to pitch to, fragmented market share means most industrials/ HC groups across the street are at least somewhat sweaty
- TMT: Large universe but more concentrated towards the few top players & top banks. Generally sweaty at the higher prestige banks (GS, boutiques etc) and on the lighter side at lower tier banks
LevFin: can be sweaty at the top balance sheet banks (JPM), less sweaty elsewhere
Tier 3: Least Sweaty
- Consumer, REGAL: Newer school clientele, typically care more about marketing/visuals vs technicals, slower sectors the past few years
ECM: generally not sweaty in terms of hours in the office (unless the public equity markers are absolutely ripping like 2021), juniors generally copy/paste market data and the value lies with seniors ability to place paper
Thoughts?
Industrials has to be tier one for Baird Milwaukee industrials alone
Generally, IND / HC / TMT has been more sweaty than other groups in my experience. P&U not sure should be Tier 1, can't speak to FIG
Energy/P&U is definitely sweaty
There's almost no bank where TMT is more sweaty than Energy/PU&I. Energy/PU&I is sweat central, as is FIG.
Sweatiest group at my bank is definitely PU&I
O&G/PU&I is hella sweaty
M&T is way more sweaty than pure tech usually due to telecom being more modeling-intensive. Tech is either very sweaty if in a top like ~10 bank in the space or very chill if not. Tech is the space with the largest variance. Telecom, particularly, digital telecom stuff, gets extremely sweaty. Industrials are always sweaty just due to their varied nature; it's sweaty across cycles since some industrial subsectors are more cyclical than others. Industrial also gets worsened hours-wise due to the old school nature of the majority of clients, old school clients + vast universe = extreme sweat. The rest seem more or less accurate.
😂
I do think REGAL tends to be less sweaty but how are the clientele "newer school"?
del
Most Ind groups I see are really bad. I have also seen some very bad fig groups where they sign off at 8 on Thursdays and 4 on Fridays and don’t work weekends.
Consumer seems relaxed everywhere I’ve seen.
If you work at a bank like SocGen Nomura or BMO there are also really good product groups where you do nothing
“Bad” FIG groups where you sign off at 4 on Fridays and don’t work weekends?
Bad as in no deal flow. Know my use of bad and good is atrocious here hopefully intuitively makes sense
Energy and power M&A
FIG can get very ugly..
This post makes me wanna switch to C&R
Would probably add Mining with "Energy & Power" (maybe make it NatRes?).
Special s/o to my canadian & UK mining junior bankers whom the BMI and blood pressure probably followed the L2Y gold price chart...
Can someone rank sweatiness for these 3: EVR M&A, MS HC, JPM HC?
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