Hi Monkeys,
In your opinion, which of the two - New York or London - tends to be more technical with the work?
I can only compare European vs US pitchbooks and from what I witnessed European pitches tend to be more technical, but I only saw a few books. What is your experience, perhaps with not only pitches but also deal work?
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What sort of absolutely autistic question is that
What's more technical, Chicago or NY?
I don't find this question autistic. It is about the focus of the MDs who work around what client expects to see (technical analysis vs understanding of the market and relationships that banker can help foster etc). Was interested in how it compares between US and Europe.
Thank you for your input, intern.
You are bang on.
As a London banker, I’ve seen a few US pitch books and there is definitely less technical focus.
At the pitch stage in particular, work was far more technical on the European side. Three-statement models vs. “mini merge” models with simplifying combination assumptions. Worked in both US and EMEA M&A at a BB.
Care to elaborate? Currently working in NYC, and have friends London who said their recruitment process was much less focused on technicals. Surprised to hear their pitches are more sophisticated.
My European BB was middle market in US league tables while top 10 in London. Nonetheless, the senior team in NYC came up through the ranks pre 2008 crisis when the bank was stronger and has generally hung around as they are a product group not responsible for origination. They know what to produce to be competitive for a mandate. Also, sector bankers tended to value them more as they had intimate knowledge of the US legal backdrop and didn't have to interface with country bankers in between.
In summary, I wouldn't call European pitches more sophisticated from a client perspective, but they probably provide better analytical training for those looking to exit.
I thought London recruiting was more technical due to assessment centers
London tends to spin their wheels more on marketing. Also more competitive market, which is not unimportant context. Have seen US marketing materials lower standards/more inaccurate overall but their business volume is also at a higher cadence (don’t have time for the premium pages) and I like the US approach more. Assuming no obvious shitty marketing work (tick in the box) nearly 100% of mandate depends on seniors conveying expertise/confidence/ability and relationship building skill as well as whether or not existing capital structure relations are in place.
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