Jefferies vs RBC vs DB vs Houlihan Lokey
Hi all,
Offers from all 4 of the above for full time analyst roles in IBD London starting next summer. Leaning toward RBC as I enjoyed their process more than others and they seem to have shaken off that period from a few years ago when they were cutting back. Is there a significant difference between any in terms of exit opps/deal flow/reputation? I'd like to end up in PE/Hedge Fund (etc etc) although am interested in TMT.
P.s. I appreciate there's a lot of similar questions on WSO and I have read all the relevant forums pertaining to these banks. However, I would like opinions as of 2021 and I don't have a great deal of relevant experience/contacts to make my decision.
Hey, congrats on your offers! I was wondering how soon you heard back from RBC and Jefferies after the ACs?
What groups? Would lean towards RBC out of that group but also depends how you got along with the group etc.
Groups yet to be decided... just generalist for now before I go through the training.
Hey, would also be interested in your timeline after the AC regarding offer and product/coverage group decision at Jefferies and RBC - had my AC at one of them as well. Would personally choose either DB or Jefferies, with DB slightly ahead: DB>JEF>=RBC>Houlihan, assuming it's not Restructuring.
Do you want to stay in the UK?
For the meantime
For the meantime
JEF > DB > HL > RBC
Jefferies>RBC>DB>HL
You really need to think again. Despite all the turmoil, DB is miles ahead of RBC in terms of deal flow. It is not even comparable. JEF is fine but most of their deal flow is mid-market stuff.
I don't know about "not comparable". Deutsche recently cut 18k staff and has remained downhill since. Even with the higher deal flow at present, they've fallen below both Jefferies and RBC in previous years (excluding the pandemic) and their "BB status" is at best under the microscope right now.
In EMEA though, Deutsche for exits, although Jefferies is the best platform I'd say.
You'd be mad to pick RBC over DB
Why? Appreciate the pithy response, but are you able to direct me to a league table etc?
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Jefferies if you’re interested in TMT. They’re smashing it in their TMT group. Their Tech-Enabled Services team isn’t doing deals at this point unless they’re 1billion+
Jefferies is such a retarded sounding name, was it named after some guy's son called Jeff but had a weird pet nickname?
DB is the only BB out of the 4, the rest are unreputable LMMs. Also DB TMT is just right behind GS TMT and edges out Qatalyst TMT.
HUH?
This is what happens when you let "AM" comment on IB issues.
It's clearly a satire title (Nobody's a Teller in AM$ because this is my burner account, looks like your shitty nontarget didn't teach you critical thinking bozo😹😹👎👎
"I was only pretending to be AM"
Found the pissed of wealth management kid who couldn’t get an offer and wants to shit on IB because he wasn’t able to break-in with his 2.3 GPA. Have fun trying to get laid, we know you’re struggling.
Ur high bro
Lmao RBC kids throwing shit because they deluded themselves into thinking RBC is a BB, or Jefferies kids deluded into thinking they're an EB
Picking RBC over DB would be so stupid. Despite whatever is said on here, RBC isn’t even top 10 in league tables for fees, haven’t been in some time.
DB employees out in full force today. Don't know what tables you looked at but,
1) they were top 10 for global M&A by deal value in 2019, ahead of DB.
2) DB aren't top 10 in M&A either right now despite being a "bulge bracket".
Deutsche would be better for OPs purposes but on paper, it's been piss poor for its size.
I don’t work at DB, I work somewhere you guys jerk off to. RBC is a shitty financing bank that isn’t even on the tables for financing. You’re just nitpicking M&A like many others do on here as well. RBC is worlds behind what people here make it out to be.
How about this…you would tell them to take RBC over Jefferies as well right?
Shut up about league tables, it's per capita that counts (fees divided by headcount). A 3-man boutique pulling in 80MM in fees is better than a BB with 1500 guys in IBD pulling in 3 billion.
I feel like most of these people are answered in terms of the US IBD scene. curious to see what London based bankers say.
Totally agree. As many before me pointed out in other threads, London HHs tend to prefer BBs. DB is strong (to my knowledge) in LevFin, Industrial and TMT (OP's interest), Jeff is also good (not as good as in the US) but can be quite sweaty (a close friend of mine works there). HL is MM at best (unless is RX, which is top notch). Can't talk much about RBC 'cause I don't personally know anyone working there, but I'm fairly sure it's nowhere near DB or Jeff in terms of exit ops. I'll take DB if I were you.
I'd agree with DB but exit opps seem pretty similar with Jefferies in ldn. Funnily enough, LinkedIn searches show ex-RBC at BX, KKR in higher numbers than JEFF (uk), so again, disagree. Prefer Jeff overall though, deal flow considered.
Assuming not Restructuring, DB > Jeff > HL > RBC
If that’s restructuring would be completely different story
HL appears to be growing in Europe. Would it be better to go there than RBC?
For now, I'd say no. MF PE Exits almost nonexistent despite pay (in london).
Thanks, is pay supposed to be good at HL? I am not interested in Pe and have offers from both so looking more at pay and ability to lateral to better banks
HL is a joke in Europe. Volume shop that works the LMM space. No comparison exists with any of the other banks.
Jeff>DB>RBC>HL (assuming not rx)
not Jeff > DB. OP said they want exits. JEFF london won't give them DB exits.
Didn't see it was London my bad. If US, I'd still stick with what I said but yeah if it's London, you're right
Houlihan has great culture, not terrible hours, and (likely) the highest pay at the analyst level. I have nothing but great things to say about HL and highly recommend it. Also, it's currently valued at 8 million USD per head, so markets def love us.
I don’t know how much HL pays but Jefferies A1 is 70k
HL 1st year is 105k USD
Houlihan market cap=$7.6B
Headcount=2,000
Value per head=$3.8M
If it's London, DB > RBC = Jeff > HL
For London: DB > Jef > RBC = HL. I have a friend who picked DB over Jef for a FT position.
Some of the RBC services team has just moved to HL in London FYI
In a similar position (same offers apart from HL) and I'm going to accept DB - honestly seems like the best choice after speaking with friends and people in the industry.
I work in a top NRG team in London so have some sense of how these guys stack.
DB is actually a really good bank in EMEA, unlike in the US. Overall, it's best of the 4 but I might pick RBC if you're interested in P&U.
Jefferies has a decent energy team, led by an ex-BofA guy. Don't know how the other groups do.
RBC has a really good P&U team, they focus on buyside deals for sponsors which can be painful to work on but they do well in that space. Every other industry group is very weak.
HL is not great. I would avoid everything except RX.
What is the comp like bonus-wise at these places compared to general An 1 in london? Have offers at 2 of them (as well as other MMs) but trying to decide.
Thanks very much for the advice! v.interesting.
HL London offers a base of 65k and a 10k sign on bonus for A1. Not sure what the expected end of year bonus would be. The firm seems to be growing rapidly in Europe but clearly not going to be giving you MF PE exit opps.
Is this post 2021 salary bumps?
How would this look like in NYC?
HL RX >>>Jefferies > RBC = HL M&A > DB
IMO it's JEF > DB > RBC >> HL but also depends on the group for the first 2.
None of these comparisons make sense as “generalities” - as others have said
- RBC is non-existent in EMEA apart from their coverage of Metals & Mining companies operating in Africa or Central Asia (which is still very good business) - if that’s what you want to do and want to head back to the US or Canada, that makes sense but if you want to stay in London/Europe, not great, very much seen as a tier 2/3 bank here (despite my handle, I’m based in London)
- DB - like someone else said above, they are actually very solid in Leveraged Finance and Energy. I see them on a lot of processes and they are ballsy (which is probably why they got in all these troubles in the first place, not exactly a Risk based culture but you do more cool stuff and more deals)
- HL - they literally have the best restructuring groups in EMEA (debatable ahead or behind PJT) but are a complete sweat shop - analysts were getting CRUSHED in 2020 and I think something like 15 people walked out day after receiving their bonus - which is huge for a shop like HL. Don’t know their M&A team but I understand not as strong. Also more of a “niche” name vs. the big banks who get instant name recognition
roughly how many hr / week for a firm to be considered as "sweat shop"?
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