I'm an analyst at a BB and have been working on a live deal as of late and my roomate (works at a EB) is also staffed on the deal but on the other side. Figured this out through an email chain of correspondence. Is this a conflict of interest?
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damn that's crazy
Since he is at an EB (EB>BB), I feel you have the obligation to move out until the deal has been completed
It is a conflict of interest but whatever as long as you guys don’t break confidentiality.
I’m going to laugh if this is a public m&a deal and the selling shareholders find out. This alone isn’t proof that the process was conflicted, but the ambulance chasers will bang the shit out of the table with this. They’ll also make your lives completely miserable
It could be fine, surely not a first occurrnce, but I think you both need to disclose this to compliance ASAP. It may be fine but 1) they need to be aware (not disclosing is bad), 2) they may at the minimum put restrictions on you (no WFH for example).
Don’t take a risk on something that can end up with a regulator.
Honestly surprised this stuff doesn’t happen more honest. I don’t think client companies realize how small the IB world is, and many times analysts on either side of a deal are classmates or friends given that people in the industry generally know eachother
Just don't trade on it or talk about it with eachother and you'll be fine.
Funnily enough, this also happened to a former analyst at my previous firm - he was roommates with a BB analyst on a decently sized public deal and actually ended up with some real deal intel through overhearing calls (not on purpose). I don't think anything came of it other than minor insights into how the seller was thinking about their position but it does happen.
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