Need Info on Some Offices
My brother is a junior at the University of Chicago and is looking for some information on some investment banks. Since I interned at a regional office on the West Coast and accepted their offer, I don't have any info on Chicago and some NY offices.
He tells me that the top two banks in Chicago are CS and UBS (I read somewhere here that GS doesn't accept first years, so ignore it). Can you provide more info on these two offices?
Looking for: 1) Culture among analysts/Quality of Upper Management 2) Amount of Deal Work 3) Exit Opps (by itself and compared to NY exit opps) 4) What groups are in the Chicago offices? 5) Prestige (I know its shallow, but it still matters) 6) Structure- Generalist analysts (like UBS LA) or specific group 7) Hours/Work Life Balance
Also, I know this conditional on many factors, but would you recommend the NY offices of either of these two banks over their Chicago offices?
Thanks.
Everything being equal I have heard that being in New York with a BB is always the most desirable for deal-flow, networking, and overall training. I do not know anything about Chicago offices, but I have heard it is better to accept a position with a BB in a regional office rather than a smaller bank in New York, simply for the training.
Anyone else?
Is probobly his best bet large office, focused on midwest banking/industrials. However he'll get broad product exposure.
CS in chicago is also good.
GS accepts first years, but probobly isn't as good as the other two.
Thanks BBMandA.
Does anyone have any info on UBS Chicago since that appears to the best bank there? Culture? Deal flow? Exit opps?
UBS and CS have the strongest presence in Chicago and are fully executional regional offices. Goldman is Goldman, so they are obviously also a major player in the city. Try to stay away from JPM and ML. LB is fully executional as well, but they aren't serious players in Chicago
Exit opportunities are there, but it is up to you to shock and awe the interviewer at top-notch PE firms. The senior guys, at GS, UBS, CS, are very helpful in getting you interviews, but you need to surpass expectations after that. I know the top 3 place a high percentage into PE (not necessarily high percentage into top shops, however).
Goldman has a one and one program where you can spend a year in NY and then the second year in Chicago--seems like a good opportunity.
I chose Chicago over NY largely because of cost of living and lifestyle. I have friends who were getting killed in NY and so I was willing to give up some leverage on exit opportunities for a slightly better lifestyle for two years. That call is up to you.
Could you comment more on this (Specifically regarding ML)?
Could I also email you off the record?
Also, what about DB? It seems that they have a significant presence (approximately ~ 30 bankers) in Chicago.
If you do that 1-1 program for Chicago with GS, I think you are forced in Muni Finance. If you want to do industrials its like 3 months in NYC and then 21 months in CHI
There's alot of info on the Chicago offices.
To summarize:
Top 2 shops in Chicago - UBS and CS. In recent history UBS has had the edge but last year CS did 400 million in fees, notable deals include Aramark LBO (8.3 bn). Coming in at a solid third is GS.
I know more about CS than UBS so I won't comment on UBS. CS is about 35-40 total bankers, houses global industrials, business services, one consumer banker, and FIG. Culture is very tight knit, as satellite offices tend to be.
Exits at CS - some of the bigger PE in Chicago (GTCR) and top tier HF (sent two to Ares, but that could just be an anamoly) among the list.
GS - Industrial, Consumer and FIG. Slightly smaller shop. My friend summered there, and he said its a relatively laid back shop. He claimed face time was not an issue. Byron Trott is based out there, and he takes care of the office. Not sure about exits.
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