Lateral from BB to MM
Have seen lots of posts about MM--->BB but not many the other way around. Anyone here make the kind of move? Currently at a BB in a niche coverage group (RE / FIG / Energy). Interested in moving downstream to a JEF / Blair / Baird / H/W / Lincoln. Have a few reasons for doing so, but curious about the pros and cons I may be missing. Planning on staying in banking, but the PE exits I would be interested in are LMM and MM shops anyway. Thanks in advance.
I mean I'm sure you can can exit to MM shops from a BB. Anyway, I am at JEF, unless the culture is the same in your niche group be prepared to take on more responsibility and work above your pay grade. I've heard from friends at other MM shops that the worst lateral hires they made were from BBs, simply because most of the time the culture is much different. You are given much more responsibility and have to be able to wear many hats. The work you're given depends on how good you good you are and not on the title on your contract. The culture is much much flatter (team dependent but on average it's true) and that also means that if you're good you really have a chance to perform and be seen no matter your level, and eventually everything that comes from that in terms of bonuses
A con is that we don't have the same man power as a BB, if something needs to be done it needs to be done and there's often very little wiggle room to re-allocate work
do a lot of SA’s go to BB from Jeff or stay?
As a former MM banker what you said is accurate across the board, especially when it comes to “wearing multiple hats” and bonuses are heavily based on performance. From my experience this is what I didn’t want to stay in MM. Initially I was attracted to the flat team structure and wearing multiple hats but it definitely gets old after while when you realize your comp isn’t getting any better no matter how many hats you’re taking on. I realized I needed more structure. This isn’t hating on MM, I learned a lot in MM and in some ways the MM bankers I’ve met have a lot more of that “hustle” attitude than the BB bankers I’ve met.
Agree, which is why I might jump ship when the market reopens. I don't wanna stay in banking long term as it's too detrimental health-wise, so I might as well get the brand name on the cv and have a little less pressure on my shoulders
Nevertheless I believe that MM banking is an amazing start and really teaches a lot. Especially if you wanna be a long term banker, you are incentivised from very early on to go out and speak to clients
Is this how it is at JEF? I am at a top BB currently and considering moving back to MM (I used to work in MM in my early ASO years). It's very hierarchical here and feel like I am not doing enough and not getting enough opportunity. Team is also very layered. At the MM I was running sell sides as an ASO 1. Also thinking I might rather be doing sponsor sell sides and working with founders / private companies rather than large cap corporates.
Yes (still me) - JEF it’s very flat. However do remember how much your VPs probably used to do associates tasks when you were in MM. I think it’s still great for learning and Jefferies as a platform is growing a lot, but you often have to step down Because you don’t have enough staffing
Very helpful. Thanks for the color!
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