KeyBanc Investment Banking
Anyone have any insights on Key's IB program? Industrials specifically?
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KeyBanc's Investment Banking program is recognized as a strong player in the middle market (MM) space. Here's what you need to know about their Industrials group and overall IB program:
Strength in Middle Market: KeyBanc is considered a Tier 2 MM bank, comparable to firms like Lincoln, Stephens, and the Big Four. It is often ranked just behind William Blair, HW, and Piper, while competing closely with Baird. They are likely ahead of BMO and other MM banks in certain areas.
Industrials Focus: The Industrials group, particularly Chemicals, is one of KeyBanc's top-performing groups. Their M&A team also plays a significant role in executing deals within the Industrials/Chemicals sector.
Deal Flow and Size: KeyBanc has a strong presence in tech M&A, with an average deal size of around $100MM. While Industrials is a key focus, they also excel in other sectors like Real Estate, Tech (formerly Pacific Crest), and Healthcare (formerly Cain Brothers).
Culture and Compensation: The culture at KeyBanc is often described as being more relaxed compared to larger banks, with employees enjoying a "big fish in a small pond" dynamic, especially in Cleveland. However, compensation is noted to be below street level, though still competitive for the Cleveland market.
If you're specifically interested in Industrials, KeyBanc is a solid choice, but for broader opportunities or higher compensation, you might consider other MM banks like Baird or Cain Brothers.
Sources: Thoughts on KeyBanc IBD?, Thoughts on KeyBanc?, Chicago BB and EB Ranking, UBS best Industrials on the Street?
I recruited for SA27 and landed in one of their better groups. Most of the industrials team is in Cleveland, and they have a few seats in NYC for specific subverticals. Industrials is one of their top groups, and I know from talking with an associate there that the Metals team is very good. Very easy to check their deal flow on the keybanc website also. Just filter for industrials and the type of product you want.
lol at the metals comment. literally the last vertical anyone in industrials wants to get placed with for reasons that become painfully obvious if you spend time with that team. to any prospectives reading this, Key isn’t even the best paying shop in Cleveland and the “top” groups are pretty toxic and nepotistic across the board. satellite offices seemed to be better fwiw
Key is generally viewed as a solid middle-market platform, and Industrials is usually mentioned as one of the better groups there alongside M&A and Cain Brothers.
"Solid" is a stretch
Recruited SA27 at one of their targets. Industrials is solid but also one of their sweatiest groups. Cain, M&A, and industrials seem to get the best deal flow at Key. Other groups are a lot more relaxed and have good WLB, but those three have your more traditional "IB" type cultures, a little collegiate as well.
Industrials is mainly the Land, with a few in NYC and a few in Chicago, but not many. Typical Midwest MM industrials deals, but from what I saw, it seemed to be less service-related and more manufacturing, and not as many finished products as a bank like Blair.
No idea on comp, but I remember comparing an incoming analyst's after taxes and rent pay in Cleveland vs guys at BB's in NYC and Charlotte, and the Cleveland analyst blew the other guys away by like $30k+ a year not even considering other LCOL stuff.
How’s Cain consider within HC? Exits?
The Cleveland Industrials team is extremely sweaty and they struggle with junior banker turnover. A lot of the senior bankers don't really care for their juniors and it feels like a "every man for themselves" type situation at the junior level. The Cleveland team is very clicky (almost feels like highschool) and is not a group I would recommend joining if you have other options. The metals team is by far the worst in terms of BS work and bad culture (comes down from the director). The New York team I'd argue is a little better but still not a group I'd recommend joining. Every other group in KBCM gets paid close to the Industrials team but operate with much better hours.
Source: I use to work in that team a few years ago.
How's total comp compared to other MMs (Piper/RJ/BMO/CIBC/Cantor/WF)?
I can't speak to other banks but analyst levels are 105 / 115 / 125. Stub bonus of about $20k your first year and then about a 40 - 50% EOY bonus paid out in late February.
Still great for Cleveland but underpaid for the amount of hours you are required to work. Other KBCM groups are paid similar but with a lot less hours.
Do they primarily do m&a or is there a lot of DCM work?
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