Considering a lateral move to DB...their investment banking arm seems to be on the rise, hired a bunch of seniors recently and consistently beating quarterly expectations. When I was in undergrad their reputation was pretty shit, but what's the consensus now? Are they on the up-and-up?
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Am in a DB top group. It's now more of a management focus, so IB growth is likely to happen to some extent. Want to caution that it's still not anywhere near a top 10 global bank or even top 15 here in the US. Their rankings will likely go up at least slightly, but in terms of pure deal flow, they will remain below the Jefferies/UBS tier in the US. Before anyone flames me for this grouping to shit on Jefferies, I am grouping those two because they are fairly close in American leauge tables, not because Jefferies has equal exits(they don't purely for historical ranking status, as unfair as that is). Those two banks both have a deal flow to some extent, but nothing to write home, while DB right now is essentially absolutely no deal flow so it'll be an improvement just not to as great of an extent as you would prob imagine especially because Jeff/UBS have both been even more aggressive with hiring this past year. Whether right or wrong, DB is competing in the European BB space alongside Barc/UBS and also competes regularly with Jeff, so the fact they aren't even the most aggressive in hiring among their competition is another sign the improvement will be slightly not very significantly.
also want to note exits will prob remain fairly similar as the top groups at DB already have mid-tier BB-level exits and even though we are growing the groups aren't gonna massively leapfrog other teams and thus exits most likely will not materially improve. I think exits for the other groups are where you will see actual delta in terms of exits improving as some teams at the bank rn have literally 0 deal flow and now might have a few deals a year if seniors keep being hired. I think more groups will be closer to mid-tier BB exits like the REGL/Sponsors groups are right now, which should be huge for the bank's exits.
How would you rank the Hc team compared to other BBs and MMs like Cantor, RJ, Cowen?
Shitty culture, no deal flow, ass group.
Edit: Sorry didn't see the names you mentioned. It's still better than the Cantor/RJ/Cowens of the world in exits probably purely because of the bank name. However, deal flow-wise and experience wise those are prob better. I cannot understate just how ass HC is at DB, it's a terrible group that has no M&A deal flow.
Del
No please ask questions here. It's an anonymous forum for a reason, and I assume you are an incoming intern or current intern in which instance someone else probably has the exact same question.
How’s the tech group In SF?
Also not good, but the culture seems fine(?). I work in NYC, so truthfully not much interaction. As mentioned though deal flow-wise and internal deal credits-wise, the only groups with any kind of meaningful deal flow are sponsors/REGL, with LevFin also having sponsor-based leveraged loan deal flow. Among the coverage groups, if you can't get REGL/Sponsors, GIG is the next best bet. Again, not a strong deal flow but at least something exists, unlike some other groups. Sorry, I couldn't be super helpful for SF specifically but hope its a generally helpful overview of the bank.
How is the LDCM group for DB. Any insight on them?
I also work at DB and my group has experienced a huge uptick in deal flow. We hired a ton of seniors who are starting and bringing a ton of new business. M&a is also the focus now compared to lev fin / sponsors
For better or worse, LevFin/Sponsor activity still makes up the vast majority of deal activity. I am not saying there's no M&A, but let's be real here: DB deal flow remains LevFin/Sponsors based outside of RE. Also, yes deal flow might've increased in M&A but it's still not solid deal flow and is by far the worst BB, even Jefferies or RBC is significantly better in M&A(just look at YTD or YoY Americas or global league tables) and those bank gets continuously shit on in this forum for bad M&A deal flow. That's not even mentioning any of the other BBs which DB is just simply weaker against significantly in the Americas and globally. Let's be honest with the prospects here and tell them as is: DB isn't strong in M&A yet and even if improving it's still nowhere near being a good M&A shop.
Can I PM you?
Can I PM?
.
How do you get to lev fin group at DB?
Go through placement and do well in the process. Sponsors are honestly pretty brutal in the selection process because they know they are the top group and everyone wants them. LevFin is also similarly competitive for the same reasons. It helps massively to come from a target for DB, but if you aren't just be super prepped and have great reasons for wanting the groups and you should be solid. Most interns at DB don't put that much effort comparatively to what I heard at other firms, so if your willing to put in the work and try to talk to as many people as humanely possible you should do well in the process. GL and happy to answer any other questions for placement. As commented above, please ask here as I assume other interns will have similar questions!
How would you say exits compare to UBS/Barc/Citi? Incoming summer analyst at Mid tier BB and looking to exit to PE
Worse than those. I would say LevFin/Sponsors/REGL exit roughly in line with like the average Barc/Citi group. I think UBS is similar to DB in the sense that a lot of the mid-tier groups have no deal flow so don't think the difference between the average exit is going to be very similar. I think the UBS top groups(Sponsors, LevFin) punch above the DB top ones in both deal flow and exits(their LevFin team has been killing it this year in lead-lefts). I would assume they exit closer to a top group at a mid-tier BB rather than an average one. I assume this has only been furthered cemented by the CS acquisition given just how strong CS sponsors were and the fact some rainmakers still moved over but more importantly the fact the book for CS Sponsors/LevFin moved over.
In regards to comparing to any solid Barclays/Citi groups, they simply are better than DB exits, point blank so no real need for breaking it up as I did for comparison to UBS. REGL is a top group at DB and the exits are still mostly MM... Citi REGL has great UMM/MF REGL placement and is way stronger than DB's in exit for example.
Can you elaborate on DB REGL exits / deal flow? Feel like they’re much less relevant than they once were
What about consumer? Heard they hired a good amount seniors and deal flow is good
DB very weak in the US, almost no presence. In Europe they are in line with UBS/Barclays with some teams punching above their weights such as LevFin or Industrials.
Thanks intern. They were top 10 every year until a massive restructuring but the bank has never been healthier than now. Hiring a ton of mds and poised for growth
Clearly some comments from people who did not make it or just look at their US business.
You can't compare LevFin / Sponsors of UBS to DB. DB is up there with GS / JPM / partly BNP in EMEA. UBS is doing some good deals as well but clearly not interested in being a leader in LevFin. M&A groups are not all great but if you are part of Industrials or TMT you clearly work for some of the best seniors in the industry. Name is not as great as GS / JPM but you won't miss out on a lot of options by being part of DB.
Not part of DB but these days I would clearly consider starting my career there or to lateral as a junior.
Thoughts on TMT NY ?
I am europe based so leave comments on their NYC Industry Groups to someone else. Can only tell you that the european team has some amazing seniors (and possibly some which are only average as well)
What about consumer? Heard they hired a good amount seniors and deal flow is good
I can't give you any opinion on it. As mentioned I am not part of it but would consider if I lateral. That being said hard to comment on recent hires and how they perform since they need to arrive at the bank to some extend to really show whats possible. Maybe you find a DB An on here who can give you a view.
Can you elaborate on culture, deal flow and exit opps for TMT NY ?
Idk ab TMT, but FIG is where all the hiring is
How’s the culture / dealflow in fig?
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