LMM M&A vs Truist

Need to decide between two offers. As the title says, one is a LMM M&A focused shop and the other would be truist in one of their industry coverage teams. I know I would get more M&A reps at the smaller shop, but would that factor make the experience more valuable if I have the ultimate intention to go into pe?

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I’ve worked with Truist people and it’s group dependent regarding their performance. Their M&A work is definitely limited and they will be the lead-left for only a handful of transactions, but people calling it a disaster are either disgruntled because they got laid off in the last 1-2 years or they are at a MM shop that keeps losing mandates to banks like Raymond James.

Truist is probably a better opportunity if you want variety of product exposure on the coverage side. You will get M&A reps (probably not many unless the market picks up), but you will also more likely get good exposure to ECM and DCM because some coverage groups take the lead internally rather than the product side. But if you want strict M&A advisory experience and the bank you stated has good deal flow and the exits for the previous bankers align with your goals, then totally go for that.

While Truist did hire a bunch of senior bankers from top banks, don’t buy into their growth story that management has made a permanent part of the bank’s entire story.

 

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