How would you guys rank these opportunities in IBD in NY in terms of dealflow and prestige?
JPM, UBS, Greenhill, MS, Credit Suisse
Thanks! Am trying to decide which offer to accept...
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Go with MS or Greenhill, depending on where you think you would fit in better.
MS probably has better training for a summer (hear that greenhill is all pitchbooks), but long run I hear Greenhill has a very good culture. Both have top exit ops.
My opinion, since you asked...
Second this ranking. With Greenhill, another thing to consider besides the less recognized name outside of Wall St. is that your Analyst class will be much smaller. Personally I would prefer working at a larger firm where you work with more people and can make more friends in your Analyst class.
I agree. I personally prefer larger and more global banks. But Greenhill name is strong enough to be ahead of CS and UBS, and CS being ahead of UBS. I think both MS and JPM are good. But I would personally go with MS...just because it's more of a stand-alone pure investment banking firm and their M&A group is much stronger than that of JPM. Correct me if I am wrong, please.
MS JPM/CS Greenhill UBS
Just curious why MS is ranked higher than JPM. Not disagreeing, just wondering.
If PE exit opps are a big priority, it's between GHL, MS, and (to some extent) JPM. I would give a lot of thought into GHL as they have everything from great culture, top prestige, and unparalleled exit opps. The only area where I'd give MS and JPM an advantage is name recognition outside of finance. If you don't want to go for a boutique, I'd take MS over JPM.
It's not necessarily, if you look at the most recent league tables (4Q09) , JPM is the top underwriter for debt and equity while, MS is number one in this quarter in M&A advisory assignments worldwide beating out GS. In my opinion JPM is better in terms of exit opp's, prestige and bonus figures. MS as you can tell if you looked at their annual report from last year is falling a bit behind due to lack of higher risk play in their fixed income trading. JPM has been solid and is better diversified in their activities especially with recent acquisitions and with heavy deposits.
While there is truth to what you're saying jatinb123, PE shops and HF's won't look at league tables, and MS still has more prestige than JPM. Regardless, both MS and JPM are solid choices.
So its between MS and JPM for me. JPM's performance has definitely been better, but how does it have better exit opps (jatin)?
I want to point some facts out for you to back that point up, but it is in my opinion from what I've been hearing from peers at JPM. Most likely, MS and JPM will be the same; but I also believe that JPM has a stronger business model and will outtake MS in the long term.
You're right, HF/PE may not look at the league tables and actually some argue about which ones are trustworthy. And generally in the past, GS,MS, JPM have been in the top three, but with recent events, and now with future regulations, there has been a toss up in which boutiques (really MM, not true boutiques) like Lazard, Evercore, Greenhill, Jefferies, Houlihan Lokey, Rothschild have been stealing M&A business.
There was also just recently an article in the wsj about Jefferies which states that due to its smaller size stayed pretty much invisible to government regulations and executive compensation controls and can pay higher bonuses: http://online.wsj.com/article/SB100014240527487044232045750175209612820…
This is especially important if you are trying to stay in banking and move up and you may think that this doesn't affect analysts but a new article about barclay's capital: shows that bonuses may be impaired even for analysts: http://www.marketwatch.com/story/barclays-plans-to-defer-bonuses-for-to…
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