Does anyone here work at NYIC/ know someone who does? My buddy received an offer to be an intern for 3 months and then be hired FT for a "negotiable" 70-75k. Seems fishy to me, especially given the lack of deal flow on their website.
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Not a real bank! Typos in their emails and contracts. No registration numbers of any kind. No info about company/deals/executives on Bloomberg, EDGAR, etc. I called 1WTC and the Durst Org. (leasing co.)...NYIC is not a tenant of the building. Emails were very threatening and the phone number listed on the website is invalid. Website also indicates they’re on the 85th floor, but emails vary...84th, 86th. Nobody ever responds to your phone calls either. Only 2 paid employees. The other ~150 are unpaid-interns! I filed a report with the BBB, FTC, and emailed the SEC. I’ll attach a copy of the email chain and the contracts they try to get you to sign. Upon accepting the offer (and signing your life away) they request too much personal info (imho) for an unpaid gig. SSN, Student ID, DL, proof of address, etc. Nope!
I just got off the phone with the guy who is apparently the global head of investment banking for this company... I can honestly say this was the sketchiest conversation I've ever had. They're interested in taking on our private placement mandate, and I knew they sounded sketchy as hell (their marketing materials are littered with grammar, english, and punctuation errors; and I thought to check them out on glassdoor). I told our CEO this was the fakest thing I've ever seen, but he told me to hop on the call with them to grill them and get a laugh.
The guy kept repeating over and over how they could close our funding round in less than two months, how they have a proprietary list of over 10,000 investors, they "only talk to the COOs" of these companies, they assign over 145 bankers to each deal, etc.
I asked them how they could support operations and communicate effectively internally if they have 145 people staffed on each mandate, and he basically ignored my question and kept talking about how much better and faster they could fill out a round for us than one of the more traditional household brands (goldman, citi, etc.).
Here's their supposed fee structure (quoted from marketing materials): "One-time Only Commitment Fee $5 million to $10 million capital raise: $10,000 $10 million to $15 million capital raise: $12,500 $15 million to $20 million capital raise: $15,000 $20 million to $30 million capital raise: $18,000 Above $30 million capital raise: $19,500
While other investment banks have a few months of retainers, nyic has no retainer fee - just a one-time small symbolic commitment fee.
Success Fee
First $10 million capital raise: 10% Additional $10 million: 9% Additional $10 million: 8% Additional $10 million: 7% Additional $10 million: 6% Additional capital arrangement: 5.5%"
He claims they work 10 deals simultaneously.. If we use the "one time commitment" fees from clients, assuming no other overhead (rent) or expenses, that would only translate to paying each employee $465 per month... It kind of proves that the company is indeed 143 unpaid interns and two scam artists running this shop...
Also, I figured out how they can claim they're in 1WTC. There's a virtual offices service on the 85th floor of 1WTC. See here: https://www.servcorp.com/en/virtual-offices/prices-locations/new-york-c…
I asked them to send me more materials and also asked if our team could stop by their offices for an in person meeting. LMK if you want me to grill them with anything in particular.
Just typed their various names into Pitchbook and Capital IQ - the results were near-empty shells - no deal details, no board members or other professionals, just an address and sector listings. They don't come up at all in Preqin or in CB Insights.
The website is, as has been said repeatedly, sketchy AF. Tons and tons of stock photo footage, no deal listings, no board member listings, even the captions in photos from supposed conferences that NYIC attends and presents at, there are no names of the individuals.
This one particular paragraph has me going "REALLY?!?"... from their "Structure/Experience" tab...
https://www.nyinternationalcapital.com/structure-experience
"Self-description Information. This website contains self-description of NYIC’s team, structure and business by NYIC. Since investment banking is a fast-changing industry, NYIC is not able to keep the self-description or any information about the company updated on time. Therefore, NYIC is not responsible for the accuracy and authentication of the self-description or of any information about NYIC’s team, structure, and business and other aspects of the company on the website. Any business entity, individual, institution or organization is subject to their own discretion on whether to work on any transactions or have any form of relationship or interaction with NYIC. NYIC is not responsible for any loss caused by recipient’s any form of relationship or interaction with NYIC."
Tobin & Co's NY Branch
The little blurb on their homepage is absolutely wild. Love the patriotism.
"NYIC - a Patriotic AMERICAN Wall Street Investment Bank, headquartered on the 6th floor of ONE WEST END, Manhattan, New York City, has the unique ability to deploy 200+ professionals GLOBALLY, ALL dedicated to YOUR deal project connecting you with 10,000+ CHIEF EXECUTIVES of the world's 5,000+ MOST PRESTIGIOUS BLUE CHIP buyers and investors."
Why is like every other word capitalized. Did @Lloyd BIankfein" write this?