How would you rank them in terms of deal flow, experience, culture, work-life balance, etc.? I heard mixed things about both groups and haven't seen a recent comparison on the forum. Is JPM Tech (M&A) still distant 4th (seems to be consistent message from older posts) or did they close the gap? I heard they had an amazing year.
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Had a great year but would still put them below GS/MS (though definitely not distant). This board for some reason comes at the mention of Qatalyst but imo they're kind of overrated. Yes they get a massive deal every once in a while and yes their headcount is very small but they're typically not consistently on the same transactions that GS and MS (and JPM to an extent) are - just check their website. That being said, JPM is still probably 4th. Have heard they're an absolute sweatshop though that's hearsay.
Here are the deals I was able to pull from a data provider:
Target - Acquirer, [side advised], transaction value:
[IHS Markit] - S&P Global, $44B
maxim - Analog, $20B, exclusive advisor
[Ellie Mae] - ICE, $11B
Inphi - [Marvell], $9B, exclusive advisor
[Ingram Micro] - Platinum Equity, $7B, exclusive advisor
Vertafore - [Roper], $5B
OSIsoft - aveva, $5B
Gainwell - [Veritas Capital], $5B
Veeam Software - [Insight Ventures], $5B
Endurance - [Clearlake], $3B
Verafin - [Nasdaq], $3B
[Nielsen] - Advent, $3B
[Postmates] - Uber, $3B
[Virtusa] - Baring PE, $2B
[MTS Systems] - Amphenol, $2B
[ArcherDX] - Invitae, $2B
[Zayo] - DataBank, $1B
ForeScout - [Advent], $1B
Linx- [STNE], $1B
ThousandEyes - [Cisco], $1B
[Kustomer] - Facebook, $1B, exclusive advisor
Thank you for the extensive answer! Super insightful. Quite few high profile transactions for sure. Considering it is JPM Tech M&A (smaller team vs. coverage), would JPM be a better experience vs. MS Tech coverage or still worth going to MS? Also, all top banks seem to be somewhat a “sweatshop” as it comes with the territory - anything specific to these two groups in terms of work-life balance? Saturday policy, etc?
Anyone else has any thoughts/experience with these two?
I’d personally pick MS, it’s not classic coverage, they also cover products such as ecm and m&a. In terms of deals reputation and exits I personally think it’s not even close. There’s also protected Saturdays.
How does the M&A group within MS Menlo Park work? Is it a group that you direclty recruit for or do you specialize and join M&A after you've been in tech coverage for a year or so?
It depends. JPM will have more technical exposure whereas MS more startupy and broader coverage. You will develop more Tech landscape expertise at MS. JPM culture is rough. I would go MS...
From peers at JPM, have heard it is an absolutely brutal culture (super low average tenure for junior team). Not sure how MS Menlo is, I'd assume they'd work hard but maybe the culture will be a tad better and I'm sure the rep is better as well.
Heard MS Menlo is a sweatshop
MS Menlo has some snakessssss
JPM is still playing catch-up and very sweaty.
Take MS for Michael Grimes, but know that it’s an intense group.
.
knowing the people from my target at MS Menlo - very competent, but definitely very snakey
Very helpful insights! Thank you all. Out of curiosity, are the rumors about JPM for coverage only? They have a separate M&A team (a lot smaller). Or the message is consistent throughout?
what level are you at?
Worked at JPM Tech coverage and have friends in M&A and MS coverage. I was an associate so experience might be different than for analysts.
JPM M&A is an execution only group and has a great culture. Junior teams always staffed along side coverage teams who did most of the work. M&A analysts and associates had an easy life. Exits opps are insane as you get many deals on your resume. JPM coverage culture is tough though.
MS Menlo Park is a slightly better brand but one of the toughest groups to be in. Most top associates are analysts promotes and mbas are looked down upon. Also, VPs do coverage as well so rely on junior teams to execute deals with limited guidance. I would take JPM unless you’re planning to do PE recruiting.
Any more thoughts on JPM coverage? Still a solid place to be?
Still solid, best BB after GS / MS. They did great this year but so did BAML and Barclays.
culture is tough. Longest hours in SF after MS. Big retention issues. They hire a lot of laterals so the quality of junior team not as good as other places with more stability in junior ranks.
Thank you for the info. I am a junior associate from a target MBA and with no PE ambitions. In short, are you suggesting that the marginal incremental brand equity is not worth going to MS coverage over JPM Tech M&A?... Are the hours for M&A guys as bad as coverage? The usual trend is the other way around - M&A folks getting crashed (with live deals with weekend exceptions) while coverage has a relatively easier life in NY. Is it reversed at JPM Tech? Also, does JPM have a Saturday policy, too? If so, I am guessing with a live deal caveat.
You can’t go wrong with either. All else being equal, MS will be better long term as its coverage and will give you broader exit options. Get ready to work insane hours though and deal with hardos. I have heard people not be able to take vacations / cancel doctor appts.
JPM M&A is more relaxed and you could potentially move to coverage at some point (although group frowns upon that and last vp who requested internal transfer got pushed out).
Also Menlo Park is amazing for folks with kids and SF is great if you’re in 20s and into night scene.
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