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
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.
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.
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.
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.
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