London - UBS or DB?
Hey all,
Recently received offers from both firms. Was wondering which option makes the most sense from a PE exit standpoint (no product / coverage group in particular). Thanks.
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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:
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.
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.
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.
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
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The same. Just like comparing University of Bath vs University of Warwick
Tough to compare the platforms without weighing up the teams. Which teams did you receive offers for? Can lend some guidance on market view and exit opps
Hey thanks a lot. It's for one of the execution teams at UBS. DB, I am unsure yet as team selections have yet to begin but I am leaning towards industrials / TMT.
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If your UBS offer is for the M&A execution team, don’t join. That team has no seniors and you will be passed around like an offshore resource with no-one to sponsor your career.
Thanks for the input. Would you say there are any teams to avoid in DB too?
Depends on the team. Both have very good and very bad teams. Brand reputation is the same here from a headhunter point of view. You just want to make sure you land in a team that has good deal flow
What would you say are teams to avoid in UBS and DB specifically?
At DB, HC has been noted to be very sweaty but also does not close deals, Numis teams as well are noted to be avoided as they are not fully integrated with the DB EMEA platform and have a discount of prestige. Best team is Industrials and LevFin, then followed by TMT, I&U and REGLL closely behind. After that, FIG, C&R etc.
At UBS, there are many more bad teams, M&A, TMT, you name it they are struggling despite the vast hiring of seniors. I'm not sure about what their strongest teams are
DB for sure, UBS is collapsing man
DB
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