London - UBS or DB?

From the most helpful WSO threads, Deutsche Bank (DB) generally edges out UBS for private equity (PE) exit opportunities, but the decision can depend on specific factors:

1. Prestige and Exit Opportunities: DB is often considered slightly stronger than UBS for PE exits, especially in London. While both firms are not at the top tier for mega-fund (MF) exits, DB has some high-quality groups (e.g., Leveraged Finance) that are on par with stronger firms like PWP or BAML for exits. UBS, on the other hand, tends to place analysts more frequently into mid-market (MM) PE funds or lower-upper middle market (UMM) funds.

2. Group-Specific Strengths: If you have the chance to join DB's Leveraged Finance group, it’s a standout option for PE exits, as it’s highly regarded and comparable to top-tier groups. UBS doesn’t have a similarly standout group in London for PE exits.

3. Training and Network: DB is noted for providing higher-quality training and having a larger network, which can be advantageous for long-term career growth and exit opportunities. UBS, while solid, is often seen as slightly less competitive in this regard.

4. Overall Placement Trends: Analysts at DB are more likely to get looks from UMM PE funds and occasionally MFs, whereas UBS analysts tend to exit to MM PE funds more frequently.

Recommendation:

If your primary goal is PE exits and you don’t have a specific group preference, DB is the better choice. However, if you value culture, fit, or have a strong preference for a particular group at UBS, that could sway your decision.

Sources: Wells Fargo vs. UBS, Deutsche Bank Offer, London Ranking Exit opps PE and HF, https://www.wallstreetoasis.com/forum/investment-banking/eb-vs-bb-long-term-and-exits?customgpt=1, Deutsche Bank vs MM SA 2021