Industrials Verticals?
Interested in understanding how verticals work within industrials groups at top BBs (GS/JPM/MS). I know as a group industrials covers a lot of industries but am a bit unsure on how this functionally works. Are all verticals generally strong or do some verticals get better quality deals than others? Does deal flow depend more on the bank rather than the MDs/relationships within a vertical? At what level do people start to specialize in a specific vertical? If you work in industrials, are there some verticals you find more interesting than others?
Note: Thinking NYC groups - couldn't remove the Italy tag for some reason.
Most common verticals are nuts and bolts, paper and packaging, sex toys and drug paraphernalia, boats and hoes
Not in industrials or familiar with it but on Bloomberg you can break down the sector using GICS. GICS has three sub sectors for Industrials, Capital Goods, Consumer & Professional Services and Transportation.
Pretty sure Aerospace and Defense is under Capital Goods, so is machinery and construction. Airlines and Rail are under transportation.
Hopefully an industrials banker can point out how things are split and where the dealflow is.
Depends on the group and its composition, but obviously there are some verticals that are stronger than others. Auto has been relatively weak in terms of M&A compared to Industrial Tech, Industrial Services, etc.
Typically, MDs will have some specific areas they are more focused on, but in terms of staffing, it just depends on the group. I've seen BBs and MMs that staff very narrowly (verticals within broader sector coverage) and others that staff more opportunistically, giving analysts exposure to multiple industry verticals. The positive is that variation can be more interesting and you learn more about different business models. The negative is that you aren't going to be as efficient and may actually have to work longer/harder, as you won't be able to rely upon your prior experience/decks as easily.
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