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
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