Kempen vs ABN AMRO in Amsterdam
Does anyone have insight on how these firms compare against each other, considering IB? Culture/comp/best teams/exits
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Bump. On this topic, do you know anything about ING, particularly their project finance team?
Kempen seems to have much closer team culture, they also have a bar inside their building which they frequently use (pre-covid at least). Can't say much about ABN culture but some buddies there left quite quickly. Comp at ABN obviously sucks as bonus is capped at 10% or some similar number. Base is not that high, in ING or Rabo base is significantly higher. Kempen has decent comp but nothing too extraordinary. Personally, I have not seen many good exits from Kempen. ABN has a better name internationally because of their legacy but don't expect significant traction from international PE funds. If you are looking at PE exit, you'd probably be better off lateraling from ABN to an international bank and then making your move out of banking.
This is 100% accurate
Appreciate the insights! Very helpful.
My understanding was that bonuses are capped (20%?) at all Dutch banks. Is that not the case? Either way, what do you think is the expected total comp as an analyst in Amsterdam? How much below that would ABN land in your opinion?
Also, any thoughts on the deal-flow at the 2 banks?
Cheers!
I was not sure about the number but 20% also sounds plausible. No clue about expected pay, using some references I think you may expect 35k ex bonus at the analyst level at ABN. Kempen not sure, could be higher but think it is similar to ABN.
Deal flow at ABN is not that great from what I have heard. They mainly do smaller deals with the occasional larger deal of a typical Dutch firm, i.e Blokker, VolkerWessels, HEMA etc. Kempen is very team-dependent. Real estate is apparently very good having advised on UR's acquisition of Westfield (EUR 20bn) whereas Healthcare is more biotech-like and does a lot of ECM. Other teams I am less familiar with.
Would say 60k base and 12k bonus. 20% cap is correct. Associates 1 at Dutch banks make a c. 100k all in. ABN 10 to 20% below average I heard. Pay at satelite offices of US banks and some boutiques is much better. Work life balance however is more like UK, while at ABN you have decent work life balance (e.g. no work in weekends).
Read up a little on the status of IB at the Dutch banks and noted that ABN's strategic report mentioned the bank's strategy going-forward was to cut down on its Corporate and Investment Bank as it is viewed as non-core and as the bank finds the cost-of-risk too high. Might be something to consider if you are thinking of joining. Kempen on the other hand seems to be going strong.
You can expect 65K including bonus at ABN as a first-year analyst
Bump
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