Industrials General Info & Best Groups 2020
What are the pros and cons of the Industrials Group? I know it's seen as a "classic" coverage group and is very broad with many subsectors.
Which BB/EB banks have great Industrials teams in terms of culture and deal flow? Is it one of those groups where all BBs (EBs too?) have a pretty solid group? Any distinctions between how BBs and EBs cover Industrials? I know MMs like WB are also very active in this space.
I'm looking at this from the perspective of joining as an Associate, but feel free to expand to Analyst, etc.
Thanks.
Edit: Interested in NY mostly, but would also like to know about Chicago.
Generally, this depends on geography. Are you more interested in New York industrials groups or their Chicago outposts? I think this needs to be answered first.
Thanks, just edited post. I have a preference for NY.
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Thanks for your informative answer. By culture, do you mean hours or also treatment of ANs/ASOs by senior bankers?
By capital intensive, do you mean the large assets (heavy machinery), supply chains, factories, manufacturing, etc. involved in the space?
Yes rough hours because there are more deals (lots of MM / sponsor deals) and more companies to cover. The Senior people can be hit or miss but generally more intense / no bullshit / no fun Yes exactly. Those industries require lots of capital so companies have strong lending relationships with BBs and then use them for M&A as well
Underrated concern: industrials is boring af
Can you expand? Would like to hear more of your thoughts on this. I would've thought because it's so broad, it could be interesting (automotive, aerospace & defense, conglomerates, heavy industry, etc.). Is it that the valuation work is standard and the space in general is very mature, leading to not much growth prospects?
What are the top 10 Industrials groups on the street?
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GS industrials is notorious for sucking the life force out of its analysts and associates... but you get great experience (high deal flow, "catch-all" nature of industry coverage).
In no particular order these are the top 5 BB
1 Goldman Sachs
2 Morgan Stanley
3 Barclays
4 JP Morgan
5 Citi
In actuality (in no particular order - just some strong groups)
Goldman Sachs Morgan Stanley CVP (lands a lot of industrial mega-mandates) WF (strongish for whatever reason) RBC (also strong for whatever reason) Evercore Citi (large af but analysts spend all day doing bond issuances for companies like XPO) Moelis (does a lot of water services) BMO (if you group metals and mining in)
OP bolded “culture” so I’ll tell you right now to avoid GS, Moelis, and MS. Avoid Shitty, I mean Citi, because they’re just an all-around trash bank.
ok prospect we all know you would bend over for a Citi offer, settle down now
(not even in any of the banks you mentioned but amusing to read)
nothing better than a prospect giving advice to avoid MS and GS and saying that Citi is trash. maybe get a job first guy
I didn’t want to comment on culture because I frankly have no fucking clue and nobody (probably) on WSO has a fucking clue either.
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