LONDON - LAZ v BAML v BarCap (Exploding offers, need advice)
Hi everyone,
Have SA offers for each of these in London, Laz will be a random industry team, BAML is a generalist pool with bits of work from different industries (stick with one you click with, have met and really liked HC, could try to swing joining) and Barc is UK M&A.
Most threads here focus on US recruiting - wondering if anyone could shed some insight on which would edge it out in the UK?
Thanks!
Barclays
Its an EB vs. BB debate if anything. Personally I'd go Laz (based of very little other than preftige and Mayfair > St Pauls).
Thanks for that, Mayfair is holding huge weight. Prestige-wise BAML seem to have been killing it in the M&A rankings 2014/2015, am I playing the wrong game by looking too much into the rankings?
oops just saw that it was for London, I was thinking it was for New York. In that case, Laz for sure
Lazard or BAML. It's not the best time to join a European full-service bank, so I would definitely drop BARC off that list.
You can't really go wrong with LAZ and BAML but I would prefer LAZ for EB vs. BB reasons. It's a good time right now to join a EB, especially if it is a player like LAZ. Also, LAZ's location near Green Park is really nice. However, as I said before, BAML is top notch in London as well.
Nice problem to have, congrats.
Forget Barc.
Both shops are good. Lazard's rep as a sweatshop still holds up and the random industry team might not work out in your favour. College alum I know burnt out really badly after 18 months and left but is now at Wharton so speaks for itself. That being said, still has a great reputation and will make you competitive for buyside gigs.
BAML's generalist pool works well as you can rotate between four or five teams in a summer and really get a feel for who you like. The clicking thing is big from what I've heard. A lot of groups have their own sub culture. Some are more foreign language speakers than native english speakers but you can figure out where you fit. For example, a public school and oxbridge type might make you a shoe in for the UK coverage team.
My two cents, think about it from a full time analyst perspective. Random industry group vs the group you want. Whichever place can give you that, go for it.
Here are some considerations: (1) 2014 to date, M&A deal value and average deal value for BAML is higher => fewer, larger deals => your experience may be limited in terms of number of deals you've been exposed to Laz => numerous, smaller deals => higher probability to have a more diverse experience (2) opportunity to rotate industry teams at BAML is very important, as it would enable to assess your preference for the longer-term
A huge thanks to all of you for helping with the decision process. Impression I've been given is that LAZ allow a fair bit of choice in FT group, and movement between groups is common.
Is anyone familiar with the process able to shed some light on the perks of a huge analyst class at a BB and training in NY with all of them compared to the EB home-office training and tiny analyst class? Is it important for establishing your network/will an EB be a drawback here?
I don't think Laz has a small analyst class by any stretch of the imagination, we're not talking about Greenhill here. For example Roths has one of the biggest M&A groups in London, doesn't have to be BB to be big.
Laz team is 120 strong, analyst class is 18-20. Surely there there are a lot more people to meet and develop a network with at a BB?
Did Laz just give out SA offers? I thought the offers were given out long ago.
They were, these are for 2016 SA positions from converted spring weeks. Still on exploding contracts though - Lazard gives one week.
Thanks for the input everyone, much appreciated.
EB vs. BB is the way to look at it (ignoring BARC). LAZ/EB for me.
Out of curiosity, would those favouring the EB still do so if the BB was GS/MS/JPM?
Made this decision myself for this summer. Picked Greenhill/CV/Evercore/Moelis/Lazard over GS/JPM/MS.
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