Offer from BB may be shaky - Can I go from LMM/MM to EB/BB later?

Going to be intentionally vague with this one. I have an offer from a European BB at a regional (non-NY) coverage group as a MBA associate, you can guess which bank I'm talking about. At the moment this is just rumors, but there are rumors that the bank might close that regional office and that may happen fairly soon, like before end of the summer soon. We are told that our offers are still being honored and my start date hasn't been deferred.

For a number of reasons, I would prefer to be in that city. My concern though is that the office closes, and we get asked to move over to NYC for another group. For a number of reasons, at the end the day a job is a job, but that's sort of a last resort and I would prefer to be in this city.

My question is: If I had to go MM or LMM to pay the bills, since again a job is a job especially in a market downturn, what might that look like 3-5 years down the road? I don't care about "prestige" or what not, but I do want just a straight up idea of what I'm getting into and if this might constrain opportunities down the road. That's part of why I went to this BB for doors that it might open up, including maybe even being a career banker.

Is it possible to go from MM/LMM back to BB/EB down the road? Now I'm not going to do a straight up chop shop or anything stupid, but do want a no-BS assessment on how wide of a net I should be casting. I'm already hitting up alumni at BBs/EBs, but again, given the circumstances, I need a solution sooner rather than later.

Be brutally honest with me here. Not looking for sugar coating.

 

As an MBA associate, the name of the bank matters a lot less than the deals you work on and that close. There’s an ongoing convergence right now where BB are taking on more middle market work, rather than large corporate deals, but MM shops continue to be active in asset level deals. That is likely to continue given lack of financing appetite at BB for huge deals, particularly as private credit comes into play. If you can land an associate role at a MM shop that has good sell-side asset level deal flow in the city you want to be in, you’ll probably have the same talking points as a BB counterpart in 3 years time, which would give you EB lateral or certain sector buyside/CD opps. Really comes down to how you market your experience. Good luck. 

 

Unlikely in the current environment but once activity picks up again, yes it's possible. I moved from a MM (one often clowned on this forum) to a EB/BB. I would say the trickiest part in your case would be lack of ability to relocate - there are fewer IB spots outside of NYC as it is, so unless you're in SF or maybe Chicago/Houston, you just won't get that many opportunities.

 

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