LA EB Offices
Hi everyone! Current Sophomore at a West Coast target. I'm very interested in LA recruiting, but most of my school's alumni are at Bay Area offices, and would really appreciate it if anyone here can provide some color on Moelis, PWP, Lazard, and Rothschild offices in LA.
Why not CS or GS as well? Only targeting EBs?
Secured a sophomore summer internship at a BB but really realized that I'm more into EBs after talking to seniors/graduates, and I'd likely only take an EB over a (potential) return from the BB I'm going to so definitely running a more targeted junior summer process.
LA banker here, so can provide some color on the offices you want to learn more about.
Moelis: Largest EB office, and is really the pseudo-HQ considering how many of the firm's seniors and management committee sit out there. Generalist experience, although there's not that much RX work (RX is mainly run out of the NY office) and by geography the deal flow tends to lean towards Media and C&R, with a decent amount of industrials and tech as well. Deal flow is very strong as you'd expect, and you'll definitely get great reps there. Culture there is still pretty rough (although better than what I've heard about Moelis NY) and you'll definitely get worked the hardest there out of those offices. Exits are lights out as you'd expect (definitely the best out of the 4), but you'll sweat for those exits.
Lazard: Second largest office out of the 4. Historically has been primarily A&D focused with interactive media & technology. A&D side used to be very strong, but one of the MDs jumped over to PWP LA and If I'm not mistaken the other MD retired, so unsure of how that practice is now with its rainmakers gone. Interactive Media side is definitely still very strong. Culture is definitely very fratty, but the office can get pretty sweaty at times. Exits from the office are great as well. Overall still a great office, but definitely unsure of the office's future without its A&D rainmakers.
PWP: Very fast growing office, with seniors from BofA, Lazard, and JPM. The office is focused on industrials, with the ex-JPM partner also running Power & Utilities out of the office. Deal flow is very strong in industrials, and you'll get great reps across the board from large-cap public-company deals to sponsor-backed MM deals. Culture is definitely relatively more relaxed, and people tend to be a bit more chill, although the office still puts in quite some hours. Exits seem to be very good and improving with each growing analyst class. Overall from my observations it seems like the office provides the best balance of culture/deal experience/WLB/exits out of the 4 offices, and the group is growing quick (heard they're planning to go from 25-ish bankers to 50-ish bankers).
Rothschild: Smallest office out of the 4 but seems like they're expanding pretty quickly. The office focuses on West Coast coverage, with a mix of industries (primarily Tech & C&R and if I'm remembering correctly a bit of HC). In terms of deal flow they're a bit quieter than the other 3 offices, but I'm sure they still do fine given HQ is still growing the office and the Rothschild name. I've heard the office can get pretty sweaty because of how lean it is, but people are generally pretty nice. Exits are the weakest out of the 4 offices, but it's somewhat excusable given that the office is the smallest out of the 4 and is still ramping up. Still a great place to be no doubt, but IMO not on par with the other 3 offices.
Would definitely agree with most of this post as another LA banker, with one small correction (I don't think the other LA A&D guy has retired yet, but yeah the A&D franchise still took a really big hit considering how good the MD that went to PWP was). To sum it up from the analyst perspective at a LA BB in Century City with friends at all 4, I'd say:
Exits: Moelis > Lazard = PWP > Rothschild
Analyst deal experience: Moelis > PWP > Lazard > Rothschild
Culture/WLB: PWP > Rothschild = Lazard > Moelis
Comp: PWP = Moelis > Lazard (Not sure about Rothschild)
Do you have any insight on CVP's LA office?
Pure relationship office, no juniors sit there.
How do you think CS LA will fare given the banks broader planned changes? I’ve heard that the office is pretty isolated from other CS operations, and I know that the FSG head sits in the LA office, but I’m interested in seeing how exits/deal flow/senior retention changes throughout the next five years.
Wondering the same
CS LA is a strong office with a sturdy bench of talent at the senior levels, but ultimately FSG still depends on LevFin. After all, sponsors love banks where they can get financing, and no matter how strong your personal/professional relationships with sponsors are, if your bank curtails lending and providing financing to sponsors that's going to damage your relationship with them. CS as a whole seems to be moving away from high-yield financing, which is definitely concerning as the IB platform is largely built on CS's strong LevFin practice which has also allowed it to build strong sponsors relationships (hence a strong FSG group). Still too early to say, but ultimately the changes proposed by the CS CEO may lead to a UBS/Moelis situation (Moelis wanted UBS to be looser its balance sheet while UBS refused, which ultimately led to the split and the rest is history).
Great write up, from what I’ve heard Roth LA is almost entirely tech coverage now
How do you see PWP LA and Lazard LA stacking up in the near-term future for "best of the rest" of EBs behind Moelis now that Lazard's lost a few seniors to JPM/PWP and PWP's growth plans?
Can confirm Lazard's A&D practice took a pretty big hit, although I'm sure they'll be able to rebuild after some time.
Are Lazard analysts cross-staffed across the different verticals?
Analysts specialize starting in their second year I believe
Not OP but would tagging onto this thread, would love to learn a bit more about the LA BB groups and how they compare to the EB offices as well.
IMO the only 3 in LA that are from a deal flow/exits perspective comparable to Moelis/Laz/PWP are CS, MS, and Barclays.
CS: Arguably the strongest BB in LA historically. Very strong FSG practice with some REGL as well, and analysts get great deal experience. Culture is pretty sweaty, but heard the juniors are pretty close-knit. Exits historically have been lights out, arguably just below Moelis out of all LA groups. Very strong office, but looking from the outside I'd definitely be a bit nervous given CS's bumpy few years and how their new CEO's proposed strategy (retreating from capital markets and pulling back on LevFin) may affect the FSG group.
MS: Pretty large office with pretty diverse coverage across C&R, Gaming, M&A, and a bit of FSG. Deal flow there is pretty good as you'd expect from MS, and the group has some really good seniors. The juniors there get to work on some really cool mandates across C&R and Media. Culture is pretty rough there, and the office is really sweaty at the junior levels. Exits are great as you'd expect.
Barclays: FSG. Deal flow is solid, and I believe the office cross-staffs. Culture is IMO one of the best, and people are really chill. Juniors are very tight-knit and definitely great people. Exits are very good.
Overall between Moelis/PWP/Lazard and MS/CS/Barclays, you really can't go wrong. All are solid groups with great deal flow and very good exits, and the choice would really have to come down to boutique vs bulge, type of industry or product you'd like to cover, and culture and fit.
Very accurate although we no longer cross-staff. Pure-play FSG now that our ex-Consumer banker went to Moelis.
Exits still 100% success rate and we openly encourage PE recruiting, to the point of MDs helping set up discussions and strategize about your PE career.
What about HL RX
Anyone have any insight on GS LA and BofA LA?
head GS LA does a lot of focus on Consumer or Healthcare but you get placed in one. Culture is decent but still GS so pretty sweaty. Have an Asso friend at BofA LA and said they cover some pretty weird / niche industries as well as a decent amount of Middle Market clients. I heard culture there has gone downhill in the past couple years as well without much mentorship for the newer classes
Maybe not a traditional EB but HL RX has an office in LA too
The office gets pretty cool mandates, I know they do a lot of LatAm deals and work with telecom companies. They also do quite a bit of RX work with opioid companies as well. That being said, the office is known to get pretty sweaty at times.
Really? Even better than their NYC office?
I discovered out that ducera poached some of their people through a convo with a HL associate (in RX in LA)
Anyone have insight to JPM LA?
Mostly seniors with a few juniors focusing on Western regional coverage, FSG, and C&R. Pretty small office but solid deal flow. Mainly because of the office's size, the junior experience and exits aren't really up to par with Moelis/PWP/Lazard/CS/Barclays/MS.
Are they planning to grow out the office?
Does the LA office do its own execution?
Take a look at B. Riley securities. They recently acquired Focal Point partners and are building a decent M&A practice… I hear they have a solid LA team.
Good luck!
Try Houlihan Lokey
Have heard good things about Rothschild and PWP
How's PJT Santa Monica? I understand they have a pretty small office over there supporting handful of seniors.
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