Los Angeles IB
Hoping to see if any monkeys know the nitty gritty about IB shops in LA, i.e. dealflow, sectors, banks, exits, etc.
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CS LA (sponsors) and Moelis LA are top tier groups - CS LA has a great culture and solid exits into top PE (Moelis has a notoriously rough culture but has supposedly marginally improved over the past few years - exits make it arguably worth it though). Barclays LA sponsors/consumer is also top notch. HL RX is an elite restructuring group (HL is headquartered in LA), so if you’re looking for top distressed exits it’s a fantastic place to be (their office is also pretty sick and $70 seamless every day which is ridiculous). MS LA is a sweatshop but has solid deal flow in M&A/consumer/gaming. Citi LA has an office in downtown LA and operates in industrials/transportation and BAML LA is a solid group as well with a solid culture. Would personally rank Moelis LA/CS LA/HL RX top tier for exits in LA, then Barclays sponsors, but its up to personal preference/culture
Bless you
what about: RBC, WF, Goldman, Lazard, Mizuho, Stifel, Evercore, Nomura, Guggenheim, UBS, PWP?
RBC is mainly Consumer, Media, and Entertainment. Relatively new shop started by a former Moelis MD. Exits are unknown since it is fairly new.
Lazard is generalist but does mostly Aerospace and Defense with Gaming, Consumer, and a couple other industries on the side. Analysts have exited into PE shops for the past few years.
PWP is mainly Industrials. I don't know much on exits here.
Goldman is WRA which is Western Region Advisory for them. Essentially deals based on the west coast.
WF has an LA office, not sure what they do.
I don't think Stifel, Evercore, Nomura, or UBS have groups in LA. Guggenheim used to have a Consumer group in Santa Monica, not sure if it is still there.
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I've heard CS LA is also really sweaty - where are you getting this information from? Barclays LA definitely does fly under the radar, they do really well on the west coast for PE recruiting.
Have close friends in the group who have interned/work there and hours are relatively great according to them in the context of banking
Have also heard of CS LA being rather sweaty...but that was from people at the firm 2-3 years ago who have since moved on to other positions. Culture might have changed since then? For what it's worth one of the career counselors at my old school frequently referred to it as being one of the frattiest banks in LA
Any comments on HL's CorpFin division? Also, any more info on their office (is it that nice lol)
How would you compare CS Sponsors to BAML sponsors?
CS/BAML/Barclays/MS Sponsors on West Coast cover the exact same clients, i.e. all major MF/MM PE firms on the West Coast. BAML Sponsors is in [corrected: SF] and CS Sponsors is in LA, if geography impacts your decision. BAML LA and CS SF are entirely different groups.
I can't comment without doxing myself but this is broadly accurate. If you're lucky enough to get multiple offers I would pick the group you like the best rather than going down a hierarchical list, within reason.
In reality most people don't get a chance to collect lots of offers in LA and other regional offices because the timelines can be different and many candidates are pressed to verbally accept before even getting handed an offer. This is due to how fast paced the recruiting can move, and banks don't want people to sit on offers for weeks on end to shop them around.
Would an analyst need a car? I know most banks are in century city. If you lived in Beverly Hills or WeHo, would you need a car or is public transport sufficient? I know the purple line won't open through Century City until 2025, but are there other forms of public transportation?
This is spot on
Helpful response tightcleric51! Comparison between HL RX in LA vs NYC? Overall RX group is bigger in NYC, but curious about deal flow allocation / general reputation. If you're in LA are you locked in to west coast exit ops?
Also, I'm starting my summer at HL RX in a couple weeks, we are virtual, but I am curious as to where people tend to live when working FT. Office is in Century City.
I would recommend living anywhere on the westside of LA (stay away from DTLA). In many cases, you'll be close enough that you don't have to take the freeway and can avoid traffic.
Most analysts live in Century City, Sawtelle, Brentwood, Westwood and Beverlywood. When you do start FT work, I would highly recommend living within a 10 minute drive of your office. LA traffic is no joke and you absolutely under no circumstances want to drive on the 405 & 10 freeways to get to work (you probably will later in life, but that's a different story).
Accurate
I think I also heard good things about GS and MS and sort of mixed things about Lazard. Can anyone confirm or deny?
what about Rothschild La?
anyone know anything about jpm la?
As far as I know, they don't have a true IB office. They only do corporate banking, which is a pretty significant step down compared to IB from my understanding, so that that as you will.
JPM LA has their "Entertainment Industries Group" in Century City, and they are the hands down leader in that space (think like 50%+ market share, ever since DB pulled out of this area post crisis). With that said, not really a traditional IB group but more of a commercial / corporate banking group.
Anyone have more info on this group? This seems sick
Any more info on this group?
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what are the best groups for MBA associates?
Moelis and they take 3-4 associates every year
is Moelis LA a good place for associates? i know its top for analysts cuz of PE placement but how about for career bankers or associates looking to move to corpdev?
CS LA top culture?? First time I've heard that statement hah, Maybe times have changed, admittedly I'm not as well caught up on the banking scene at this point of my career
For what it's worth I've seen a number of (3-4) kids who summered at CS LA and chose a different place for FT (Barclays, HLHZ, BAML, Citi - all LA offices). Obviously I don't know why (I'm sure they all had their reasons) but this does point out to something. With that said FWIW, CS LA kids tend to place very well, from what my west coast peers have told me.
To my understanding the reason why prospects will now try to paint it as a place with "Top culture" is because, since the year where they had one analyst quit and almost no summer associates choose to come back for FT (which happened recently, but idk what year) , they've been really trying to focus on promoting a "supportive and collaborative" work environment to future juniors. However; whether that has actually been acheived is highly questionable given their track record. Any comments on CS LA's current culture need to be taken with a grain of salt lol
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From what I have heard and experienced, you're spot on.
CS LA some of the best exits in LA, but is an absolute sweatshop. Associates (all the way up to AO3) are putting in 18 hour days during the week regularly.
The office comes across as a boys club. Take from that what you will.
Went through the recruiting process two years ago as an undergrad in LA and talked to analysts at many LA shops. Consensus seems to be Moelis LA is on its own tier, given the insane reputation of the group and how it's famous on the street for PE MF exits. They run M&A and Restructuring out of the office but mostly M&A, with an entertainment bend. Jeff and Ravid both sit in the LA office and Ken splits his time between LA/NY, as Moelis is HQ'ed/founded in LA. People I talked to exited to KKR WC, Apollo, SLP, Vista, Centerbridge, and Oaktree. It's the only fund in LA that you'll be able to get consistent looks from NY shops from, analyst told me that they allow you to work out of the NY office during the week of on-cycle recruiting. Heavy support for PE recruiting by seniors, analyst class is 8 or 9 people a year. Half of their class is always Wharton kids who were top of their class.
CS LA and HL RX are also strong. CS LA does half Sponsors and half Real Estate/Gaming/Leisure. They handle all of CS's WC sponsors, so PE exits are very strong. Everyone in their analyst class exits (no A2A). Exits I know of include LGP (huge presence here), Oaktree (also big here), SLP (one guy). Like Moelis, supportive of PE recruiting and given the sponsors work, most people do go PE. Noticed that CS LA hires more non-targets - ASU, BYU representation. Also good representation from WC schools (seems to take at least one from UCLA every year, CMC, Berkeley), and at the Associate level, tons of UCLA Anderson. Analyst class is 4 people a year. Lots of modelling, but that's what makes them prepared for PE interviews.
HL RX is also HQ'ed in LA, and is one of HL's main offices (LA/NYC). I've seen a lot of LA representation (tons of UCLA, USC mostly out of TIS, a few CMC), but also Oregon, McGill. Probably because East Coast targets will gear towards HL's NY office. Pretty much everyone will exit to distressed, lots of Oaktree. Don't know much about HL M&A.
All three groups above have very technical interviews because they're all modelling intensive. Expect paper LBOs off the bat and getting grilled in your superday. You should also know they all run very early processes (CS LA especially doesn't recruit with the rest of CS later in the summer, Moelis and HL have pretty early processes in their other offices so LA will also recruit April or so).
If you got to UCLA or USC, they mostly look at the very top students, in TIS at USC and Sharpe Fellows/BAM at UCLA. You'll be competing against East Coast targets like H/W as well, who just need to have a strong story for why LA (a lot of them are from LA). Culture on all groups is pretty chill, didn't notice a lot of difference. All pretty laid back and supportive of PE recruiting. Top three groups in LA.
Spot on from my experience recruiting at those places. Btw it's Navid, not Ravid ;)
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How big is CSLA? Do they have a nice office lol
LA IB here - very accurate, you clearly did your homework while recruiting. Hope you placed in one of these shops.
Can confirm. This is very accurate.
Very accurate +1
What about Rothschild? Any insight on them? I know their office is in Santa Monica
Think their office is in Century City now?
are they finished w recruiting yet? in their la office?
can anyone speak for any other underdog investment banks in LA?
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https://www.wallstreetoasis.com/forums/ib-in-los-angeles-banks-groups-c…
^ Take a gander at this thread If you haven’t. It is still largely accurate, speaking from experience having recruited and placed.
Went through recruiting at all of the top LA banks. Moelis and Credit Suisse are amazing if you want to do private equity. Barclays is very strong as well. Houlihan is really good for restructuring.
Do any IBs actually HQ in LA?
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Moelis and CS LA have been historically top. Not sure if already mentioned, but former rainmaker at CS LA and Moelis LA started an RBC LA shop. Very small team could be interesting to see.
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would most of these shops recruit out of USC for LA spots?
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they definitely take some USC kids. that being said, a lot of these spots are filled by other west coast targets and ivys as well. most of these banks like Lazard, Moelis, Barclays, CS, and i think even HL are done for SA tho
Does anyone know which LA banks still have spots open for SA 2021? I heard Morgan Stanley might still be open
As my analyst years draw to a close, I figured I'd offer up my two cents. I have really fallen in love with LA - it is a phenomenal IB scene and the top groups have historically placed as well as anyone on Wall Street. I work in one of the offices below and know people in just about every other office, so I am fairly familiar with the landscape (albeit still my opinion, so take it as you will).
Moelis – (M&A, Restructuring) Incredible reputation, deal flow, and exits (arguably the best). Work hard, play hard culture renowned for its long hours, but has gotten much better in recent years. DLJ legacy - strong senior bankers (DLJ made LA finance a thing back in the 90s, read up on the history it's pretty fascinating). Moelis LA is widely viewed as one of the best offices on the street and Ken Moelis one of the greatest bankers of all-time. Social budget for the summer interns and poker night at Ken's house.
Credit Suisse – (Financial Sponsors, Leveraged Finance, Gaming) Very strong exits, especially private equity. CS LA sends a lot of people to Oaktree, LGP, etc. I understand they are very technical and modeling intensive. Historically a top office and great senior bankers (DLJ legacy - after the CS acquisition, some stayed and the majority went with Moelis to UBS). Arguably CS's best office in the nation (CS is known to have the top FSG and Lev Fin groups on the street). Similar culture to Moelis that has supposedly gotten better.
Barclays – (Financial Sponsors, Consumer Retail) Widely regarded as having the best culture in LA. Amazing group of people and strong exits. Like CS they run with the model and work on some really cool PE deals. A consumer retail MD recently moved over from NY and brought a ton of business. A lot more of the work is consumer retail now from what I understand. The sponsors side is still very strong and will likely pick up once PE firms get active again. Overall, a really great office.
Houlihan Lokey – (Restructuring) Huge LA office. Very dominant in RX and really good culture. Analysts place really well into distressed debt, credit, and PE (Oaktree, LGP, MM PE funds all over LA). HL's best office in the nation. Really good learning experience and probably the best MM office anywhere.
Morgan Stanley – (Media, Consumer, Gaming) MS brand name is always strong. Really good office but not nearly SF or NY. A lot of coverage work with some in-house M&A. Some cool deals especially if you're interested in the sectors they cover. Good senior bankers but not DLJ caliber. Absolute sweatshop (interns turning down FT offers, heard an analyst even left early). Overall a great office. Exits are more oriented towards Corp Dev than towards PE, but take that with a grain of salt (it's still MS).
Lazard – (Aerospace M&A) Really strong office, great culture, and great exits. Laz LA works on some really interesting deals and runs full execution. Long hours but best pay along with Moelis. Great people. Really good learning experience. Again, great exits (have sent kids to Ares and Oaktree recently).
Citi – (Metals and Mining) In downtown LA, a bit removed from the others in Century City. Nonetheless, still a great office for its niche.
Goldman – (Healthcare Coverage) HC Coverage group that isn’t very technical from what I understand. I frankly haven’t heard a lot about their office (I think it’s small). Similar to MS, it's not nearly Goldman SF or NY, but the firm's rep is the best on the street. I have no idea what the exits are like.
RBC – (Regional Coverage Group) Supposedly poached some good MDs a few years back. Not much modeling at all from what I understand.
Other notable banks (good shops, I just personally don’t have any worthy info): BAML, Rothschild, Macquarie, Lincoln, Piper Jaffray, Wells Fargo, and a slew of solid, smaller boutiques
I hope this helps. Again, I think all of these offices are great, and I really recommend LA to anyone considering it. All the best.
Recently went through recruiting, this is the most accurate depiction of LA IB that I’ve seen
This is spot-on
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Agreed, God-tier. Many thanks, TigerCubber.
any insight on HL M&A?
Do you know anything about BAML LA? Have heard good things about their culture.
Bump also curious
Spot on. Also love the fact that this post accurately portrays the culture of the different groups, while others on this thread are ... slightly off at times haha
But what office has the best cheesecake?
Moelis
Making me seriously horny for LA damn
really great post, thank you for sharing. Have you heard anything about Macquaires gaming coverage group? (might be REGAL). Thank you!!
Seems like well known boutiques in LA are Moelis, PJT, HL. Is Moelis LA culture really that bad? Any insight on PJT?
Bump
Spot on.
Any info on imperial capital?
How large are LA offices compared to their SF counterparts?
Usually smaller unless you're HL or Moelis
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Anything more recent on CS / Barcap / MS LA in 2021? Interested to know how these BB offices have performed through turbulent environment in pandemic and how WFH experience has been for juniors / if any significant changes to reputation and deal flow.
Ancedotally, have heard CS is up to the neck in deal flow and analysts are getting grinded. Others are very busy as well, given that all products LBO/M&A/IPO etc have been firing on all cylinders.
Have friends at Barclays. Supposedly bonuses aren’t great there and they are starting to grind more due to new Consumer MD. Sponsors stuff is also obviously very busy. That being said, they don’t all hate their lives to the extent some of my friends at other offices do (CS and MS analysts dropping like flies). Guess that explains the bonus differential?
Anything more recent on Moelis too? How has it been through covid?
Performing extremely well, they just had a record quarter in Q4
Thanks yes, saw that in their earnings release. I was wondering if there is any more information on the LA office specifically.
Has anyone had interviews for SA 22 yet?
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