Been in one of the stronger sector coverage teams at my T2 BB (Barclays/Citi/Deutsche) for short of a year now. Got offered to move to a T1 Boutique in the same sector team (Moelis, Evercore, PWP). Any thoughts?
Reason for the move: - Not a lot of execution now (should hit my first signing in 2 months, but there are people walking around with 1.5 years of no signed deals) - A lot of my time goes to pitching and making internal presentations (burning the mid-night oil on a presentation and documentation to get internal approval for a GBP 150m loan, which got declined because the credit team felt "we already have too much exposure on our BS to this sector" - again it would have been syndicated within 4 weeks). I assume this will be less at a boutique - Pay bump
Cons: - I finally have developed a good name within the team and would need to start all over again (losing my decently developed internal network) - Smaller team, so risky in terms of culture fit (though this could be good as well if there is a good fit) - I was also contemplating a PE move (but haven't as I am still too junior), but don't know how it will be looked upon if I try to move in 2-3 years time again
My money are on Citi or DB.. Citi?
Out of curiosity, what makes you say that?
Interested too
I'm biased as I'm at one of those EBs but I think most of those combos I would switch if I were you. Barclays kind of flies under the radar vs. UBS/DB struggles but we have taken a number of laterals from them and the feedback is pretty universal -> slowing dealflow, lot of bureaucracy, not great culture, rough working conditions (relative to pay/deal experience)
DB -> any of EVR/MC/PWP is a no brainer Barclays -> definitely would switch to EVR/MC and probably PWP too CIti -> I think is a bit more group dependent, if you're in one of the better ones like M&A/TMT/Sponsors/Industrials probably just stay put since you have internal equity built but otherwise I think I would make the move too.
PWP is a great shop but I'd just be a bit hesitant if your goal is strictly PE - doesn't seem to have the placement that MC/EVR have nor the openness/support from the seniors
Thanks. With regards to these EB, is there a huge difference between product and sector teams? E.g. TMT at the first is good, but Industrials is not?
Assuming the EB's are similar and I can extrapolate your experience a bit: - How is the junior support at your EB? Do you get proper resources and are you involved in the more strategic part or are you making profiles and spreading comps the whole day? - Who makes the models, industry or product teams? - If you join the industry team, will you work on all advisory branches? All 3 EB's have special committee and RX division. Will you work with them as well or only M&A?
Thanks for answering!
Insomnia_Banker how did you get the opportunity for the EB places? Were you approached or did you actively apply?
I got approached. A few month into the job I had loads of HHs reach out to me for different opportunities.
Can you share the names of the HHs used by BBs and EBs if possible.
I’m also London based.
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