Piper Jaffray Bonus/Culture/etc
Alright, I know Piper gets ripped apart unmercifully here, but I would really appreciate some honest answers here. What I'm wondering is how their bonuses have been historically, particularly at the associate level.
- Is pay in line with other MM banks (Baird, William Blair, Harris Williams, etc.)?
- Does it vary much by office?
- How dependent is it on how your individual group performs?
Any honest answers here would be much appreciated. It tough to do a search on this site to find real information on PJC because 99% of it is shit. Thanks in advance.
wow... pjc
Piper Jaffray Companies
PJC = PiperJaffrayChang
This forum is the only place where people think using the ticker PJC is funny and it's because all the middle schoolers on this forum only know what they read and parrot on WSO.
Half the kids posting probably didn't even know Piper Jaffray was public.
PJC is their stock ticker.
8 posts and no one answered the guy's question.... nice
Do they organize training sessions similar to the ones at BBs for new hires ? Will they fly you to the US if based abroad ? Seem to have a very good dealflow.
I would also like to know this. PJC seems like a solid company with a good brand in the real (read: non-WSO) world.
i only know one person at PJC who did a little over a year in their ER, so not sure how helpful this is to you. he did not like the culture of his group and said that his bonus wasn't great but was roughly inline with comparable MM firms.
most of you are probably not old enough to remember/know that this firm used to be considered prestigious back in the old days. it's interesting how a firm's perceived place in the industry can change so drastically.
blackstone and Goldman sachs used to be no tier banks
the only reason Piper Jaffray gets lambasted on here is b/c it has a funny name, is based in the Midwest, and of course, because of Piper Jeffrey Chang.
It's actually a respectable MM bank, good healthcare group
No, it was lambasted long before Pipar Jaffray Chiang came along, which led to his choosing of the name.
And it is strange to refer to it as "PJC," nobody does that in casual conversation when talking about PiperJaffray.
Piper Jeffrey Chang's continuous slapstick mockery of PJC has contributed to the overall lampoonery of PJC. It's an outcome that has created its own outcomes.
anyone that can answer the original question? even if it's second hand information? interested in IB, not ER
Given that it's a strong MM bank, you can probably assume that bonuses are comparable to the other MMs you mentioned. If you know or can find data about those banks, you'll have an idea of what Piper pays.
...Or it will be time to pay the Piper.
no but I think it's a decent MM bank. nothing bad about it really.
i'm starting to think that all the piper people on WSO have been scared away
From guys I've talked to over the years it is a well respected MM shop. I don't know too much specifically about their bonus or culture but I will see if I can find some users that do (other than PJC).
-Patrick
It's been a downward spiral, that's for sure.
If I remember correctly, didn't the whole PJC-mockery bit start with LSO?
To the OP, apologies for not having any useful info. I've got a friend starting at an MM in a few weeks, but he's not even entirely sure of what he's expecting in terms of bonus, notwithstanding that there may be differences between that MM and PJC.
Yea, LSO started it with the "that was so Piper Jaffray-ish of me"
This is correct. It's insane, but I think that LSO had a much more material impact on the reputation of Piper Jaffray than most people would care to admit. One line and a banks reputation gets fucked... that's power.
Haha, true.
Most everyone calls them "PJC". It's their ticker and their domain name. PJC is a solid MM firm with a solid healthcare practice and decent TMT and Clean Tech groups. I only know a few people that work there, but bonuses seem to be slightly below street and on par or a touch below the other top MM firms. That's all the intel I have on them.
PM me...
So again, difference between MM and BB: exit opportunities. Still a great post-analyst job, but it isn't the glorified mega PE/HF job
Piper Jaffray if a great bank, it gets rippped apart here because:
Most of the users on this site are college kids who would suck BSD to get an internship
It has a funny name.
People dont know the difference between Piper Jaffray and Jeffries.
I hear the culture and bonuses are pretty Piper Jaffray-ish. That's all I got. I hope this helps. PM me if you need some additional detail.
^See my point? Honestly its not funny at all. I laugh at everything and anything from dead baby jokes to the stupidest jokes you can find but making fun of Piper Jaffray is just stupid. It reflects poorly on WSO, its users, and makes new members take our advice with a truckload of salt. Way to degrade the forum guys.
0 prestige, shitty exit opps.
Strong in equity, not so strong in M&A. Comparable to RBC, Stifel Weisel, Oppenheimer, Blair, Baird; less so Cowen and others. Going through a lot of changes right now, much like many of the aforementioned banks.
MM in general really has to reinvent itself as a business model, too. Their overhead is comparable to the bulge (large ECM and other product groups), but the fees are not. Barely anyone does multi-billion dollar deals that bring in those lucrative fees. And yet the junior staff are demanding the same pay as the street - but you can't please everybody and the rise of EBs and sub-EBs is creeping in onto the territory. It's tough out there.
Oh my bad, I missed an E. I guess that invalidates my whole premise. Nice try though.
Haha we were sending out a contract of approved brokers for one of our clients to sign at a place I was interning a few summers back. An intern spelled it without the E - no one noticed, except the client who made a point to make fun of the MD. Hell was unleashed on him, but given that this is an internet forum I think we can let it slide.
Also I've met some of the analysts there, very unprofessional. Not saying the entire firm, just the select few that the firm somehow felt represented them when I visited last year... go figure.
anyone have comments on there s&t, specifically their fixed income desks? thx
please excuse my ignorance: LSO?
Leveraged Sell-Out. Satirical blog about banking, now defunct. Also wrote "Damn It's Good To Be A Banker." Don't take a word of it seriously though... (except, fine, Goldman IS more prestigious than Piper...)
Current Piper Jaffray (Originally Posted: 07/28/2014)
So I have seen the negativity posted about PJ in the past, but I just wanted to know what the current opinion of the firm is.
Also the link I found explaining the negative sentiment towards PJ is no longer working, so to anyone who has been around for a while, what was the original problem?
It's just people poking fun at a non-BB bank with a funny name. The experience you get at PJ will be fine and comparable to other reputable MM banks, especially in some of their stronger groups.
Healthcare or bust
I've been thinking about this as well. Where would you guys place Piper nowadays?
above Gleacher
and below goldman
But the real issue is how big of a bulge does PJ have in the bracket?
OP, hope this helps:
GS MS
JPMCS DB USB C BoA
BARCLAZ GHL EVC MOE
CVPRBC WF RBS
NOM... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
...LEH BS Piper Jefferies
PJ acquired Edgeview Partners in Charlotte, NC about a year ago - my guess is that this only helps their reputation, at least in the Southeast.
Correct
They also acquired Seattle-Northwest about a year ago. While it may not boost their reputation, it will provide them with increased scale for a product (municipal bonds) that provides good profit margins and steady cash flow for a firm.
As for why their reputation is what it is, I can think of a few reasons:
My personal verdict: For someone living in Minneapolis, or someone that isn't able to get into a BB or larger middle market firm, it may be a great place to work. I would happily go to work there, despite all of the issues that I just mentioned, because I believe the company has a lot of potential. They have the resources, all they need is time and a little direction.
The biggest problem stems from the talent bleed, which got worse when it was spun off from US Bank. It has long been known to be a sweatshop, part of the reason PJC Corp Dev groups are also far worse than peers (e.g. UHC). When talent is moving out of the business, you lose those valuable connections that help land deals. PJC pitches on many, but outside of HC (where it kept solid talent), it struggles.
Still, it did manage to land Portillo's this year, along with a few other decent C&R and Industrials deals.
Leave Piper Jaffray alone (Originally Posted: 10/22/2013)
I'm tired of reading insults of Piper Jaffray week after week on this forum. I am an full-time 2nd year analyst at their regional office in Philly (shout out Eagles!) and I don't comprehend the hate. Piper Jaffray is a world-class investment bank just like any other on Wall Street and has deal flows.
I'm asking that you guys justify your hate now or forever stop picking on this bank?
Strong first post
How many deals are flowing?
I probably have like 150m+ deals - and I bet I have a way better life/work ratio than some of you other guys!
It's probably the people who are in hs/college that shit on pjc.
lol good one.
Exactly what I was thinking.
lol
wrong thread
Agree. Most people would take Piper w/o hesitation.
In an unrelated topic, it's kind of like choosing bulbasaur as a starter - sure he/she has their good matchups, but you'll never be as good or prestigious as a blastoise who knows earthquake or charizard that knows overheat. Plus you get wrecked by every fire pokemon out there and no amount of giga drains will help you in the long run.
lmao.
Beautiful. Showed this to some neighbors in class and we almost got kicked out.
I seriously hope that you last longer than mudkipz
Such a Piper Jaffray post. Bro, chip on your shoulder is showing, jus' FYI.
Hey give him a break man. Piper Jefferies is a reputable bank with solid "deal flows"
Not sure what that means, but whatever..
awwww :(
I'm kidding though. The truth of the matter is any college kid on this board that thinks he's too good to interview for a PJC analyst spot in this economy really has been chugging the unique snowflake koolade.
I would second that post. I don't understand all the hate. One reason might be a name similar to Jefferies. I know people at PJC from MDs to Analysts and they love their firm. My school tends to have many people high up at PJC and it really is a top notch bank. Haters gonna hate but PJC is not a bad bank to work at. I wish they employed international students! +1SB for you and finally someone had balls to say it out loud.
Why the hell would the likeness of its name to Jefferies have anything to do with it?
I've seen the consensus on WSO that the hate started with that article on LSO.
Second what you said about PJC. Emailed recruiter asking about intl' students hiring policy after PJC acquired Edgeview, but still received a no.
Beny, people at Piper clearly don't love their firm. The turnover is among the worst in IB, let alone at the MM level. All of the top MDs get poached away or voluntarily find other opportunities. If you look at the firms that are doing well in MPLS, many MDs at the top were top guys at Piper pre-split. Analysts and associates bolt for UHC, 3M or anywhere else they can land.
Piper's M&A deal flow is a joke. Every year removed from the split with US Bank, Piper seems to get worse. Comp will continue to be suppressed and hours are getting worse and worse. It has a terrible reputation for being a sweatshop and having a terrible culture.
And this goes beyond the IB side, since it just announced a bunch of layoffs, including those on the fixed income side (not surprising).
That being said, if you have no other alternatives and you get an offer, you try and stick it out for a year, preferably on HC (strongest deal flow still), and then move to Corp Dev, another IB, MM PE, etc.
@Beny23, you have outdone yourself yet again! Bravo, and let the MS commence.
Come on man, you're doing that whole "talking out of your ass" thing again. We need you to do less of it.
I was about to make fun of Piper Jaffray, but then I realized that I dont have a FT offer and would gladly accept one at PJ....
piper places worse than someone in mid-office anywhere else
What are you comparing it to? BB?
If it's any consolation, my buy-side muni desk buys a lot of bonds from Piper. So they're doing well at least in my financial backwater.
Now Jefferies on the other hand...
I won't until you make a video of you in tears and it goes viral. It worked for Britney.....did it? I dunno, but worth a shot.
I know people on the buy--side at large funds who think Jefferies is up and coming, and would seriously look at people from there. Can't say the same for Piper Jaffray. That being said, don't know enough about it to hate on it- but maybe I haven't learned about it for a reason?
I think my original point was lost in all the banter and MS, so I am going to say it again:
Piper Jaffray is a top-notch global bank, strong deals, and is just as good as Jeffries - so quit making fun, haters
It's Jefferies you diglett.
I'm entirely indifferent to PJ's existence, so no hate here. Just want to correct one point: having a London and Zurich office on top of 100 US offices (most of them small-market cities) does NOT make you a global bank.
Philly stand-up!
Piper is at severe compensation and exit op disadvantage at least here in the midwest. Can't speak on Philly or other offices but 1. they used to have one of the biggest trading desks in the region, now it is a shell of its former self 2. and how is this killing it? http://online.wsj.com/news/articles/SB100008723963904439314045775490302… 3. Piper's health care practice is arguably the best in the MM and if that is your focus I would agree that is top notch, other than that it is the butt of jokes around here
I opened this thread and got excited because I thought it had so much potential...
Have you been disappointed?
roses are red, violets are purple, PJ is shit and so are you!!! haha jk relax bro...
@YOLOBanker did you forget that Bob Peterson (head of equities) left for JC Penny. JC PENNY!?!?!?! Are you kidding we laughed about that one as a sign of the times at PJC....
JC Penny is going to make a strong comeback just wait. I shop there and I can say from personal experience that they have made some great changes since Ackman left. If I had some extra money laying around I'd totally buy up a ton of their shares.
If you worked at another bank, maybe you have more money lying around?
Real tears.
Gotta love how WSO is welcoming someone else's view. @Yolo banker posted about his own workplace and all the haters woke up throwing MS all over people who like PJC. Feel free to MS this post to oblivion so I can find out how many high schoolers there are on WSO.
You just went from clueless to full blown retard in under 3 seconds.
Trolltastic straight out the plastic.
What's next? Fucking Capital One is a legit I-bank? LOL
http://www.reactiongifs.com/wp-content/uploads/2013/04/escalated.gif
loooool
hahaha
Beny23: I will miss your highly entertaining posts. You never really knew what to expect from you and I can respect your skillz.
lol
Piper Jaffray is a very well respected MM bank with good deal flow. Yeah their deal amounts are less then IB, but their teams are smaller and more personalized which evens it out.
i believe you meant to post this in past tense. Their deal amounts are less than "IB"? What does that even mean? Median deal values? Typical MM deal size?
They are taking on M&A deals in the $20-$30 million range because they cannot win other mandates.
This thread is still alive?
Will it ever die? I hope not
Reading isn't your strong suit.
Better exposure to what? Unsophisticated valuations? Crappy pitch books? No execution? Do you guys even have a print center or is professional printing and binding a bullet on your resume?
I bind my own pitch books. Ballin' on a budget mfer.
this is the real reason why current IB analysts like to make fun of Piper Jefferies. I always pronounced it Piper "JAFray," but everytime I meet a banker from there, they look at me square in the eyes and say, "It's Piper JAH-fray," please get it right. Then they seem to get a self-fulfilled sense of pride every time they say "JAH-fray." It's a little bit weird.
Is this thread dead?
What happened to Beny/IBanker Fashionista?
he gone
I know a dude who worked at Piper Jaffray, exited to Accel-KKR and now is at Stanford GSB...
Do you want a cookie?
I would kill to work at Piper Jaffray. No hate on an amazing organization. Was born in Minneapolis, and was back there last summer after I graduated. Biggest Bank in the city by far. I seriously can't get anyone from them to respond to me, and no one In the city seems to know anyone. Yolo, look me up, would love to get a foot in the door.
Don't make fun of me guys.
Piper Jaffray Pay (Originally Posted: 06/02/2007)
What is the base and bonus at Piper Jaffray for: analysts? associates?
Does tha package differ at different locations?
Piper has a job listing on my school's business career center. The salary Range is 60-75K for an investment banking analyst. I assume that is base pay but the job listing does not specify.
This is for the following locations: West (CA, NV, UT, CO, MT, WY, AZ, NM, WA, OR, ID), East (ME, NH, VT, MA, CT, RI, NY, NJ, PA, DE, MD, DC, VA), Minneapolis/StPaul & Surrounding Area, Chicago & Surrounding Area
1st yr analyst Base: 60 Sign On: 10 End of Year (According to spread sheet (http://www.dealbreaker.com/2007/05/bonusbumper_update_lehmans_rev.php which in my opinion seems inflated)): 90 (top bucket not sure about average)
All in top bucket: 160. This seems high to me. I would expect anywhere from 110-160
I'd say 60-75+100%
Piper Jaffray (Originally Posted: 10/26/2006)
What are your thoughts on Piper Jaffray? Is it a good firm to work for and what kind of exit options? Thanks!
Great culture for some... "high moral fiber" and very few assholes.
Their banking revenue has decreased this past quarter. New partnership with CIT should be beneficial to help offer a bigger product line. Am curious to see how that plays out.
Piper Jaffray - How is their pay? (Originally Posted: 12/14/2006)
Any thoughts on Piper Jaffray? How is their pay for 1st yr investment banking analysts? Street cred? How large is their NY offfice?
Thanks
I would avoid that firm. If you are not sleeping with andrew Duff or bob peterson ...no chance.
70k + 10k signing
Just don't ask about that firm on WSO. People tend to hate on it...
doomed to get flamed if you open this kind of thread.
would be cool though to get some serious comments at some point though.........
Piper Jaffray - How does the firm rank? (Originally Posted: 03/16/2013)
Hey guys! How do Piper Jaffray rank in the IB world? Is it well regarded by clients and graduates? Also, is it gaining grounds in reputability?
No. If anything, it's losing ground IMO. Still a decent MM IB with plenty of exit opps.
Strong in Healthcare and with Minnesota corporations, but that is about it. M&A is weak. Capital Markets Group is much stronger.
a TON of people left the SF office...
@peinvestor2012 Alright thanks! Do they have a strong grip on the Minnestora and healthcare corporations? Also, which companies have the strongest M&A group, and which have the most exposure globally?
@couchy When was this? Recently?
Yes, didn't I state that they have good deal flow in healthcare and MN?
What do you mean by which companies have the strongest M&A groups and global exposure? Are you talking IB? Are you talking specifically MM IB?
@peinvestor
Hahaha ignore my first question. As for my second question, which MM firm are considered the most high regarded in the IB world?
Realize that if you purely want international transactions and exposure, BBs or elite boutiques (Greenhill, Moelis, Centerview, etc.) are going to be the best bet.
There are a ton of MM IBs, some larger and some smaller. I'd say the best are probably William Blair, Baird, Harris Williams, Piper Jaffray, KBW/Stifel, Houlihan, SunTrust, Cowen, Jefferies.
Note, when you move to the MM, there are some nuances. For instance, Piper is a strong in healthcare, KBW/Stifel is primarily FIG focused, SunTrust is strong regionally (Southeast).
How Piper Jaffray-ish of you to ask this..
??
Jason- go to http://www.leveragedsellout.com/
and then command/cntrl F: piper
and you'll see what my reference.
Piper Jaffray - What is the culture like? (Originally Posted: 02/12/2011)
What are Piper Jaffray's top groups? What is the culture like? What is the compensation like? How do they compare against other firms? Any information about the firm would be greatly appreciated.
o god.
you're going to unleash the floodgates with this one. use the search function
Top groups: ice cream stores, moving and storage companies, and specialty bakeries Culture: Imagine hundreds of PiperJaffrayChiang Compensation: Somewhere between working at Sears and Centerview Partners Compare against other firms: loses to Wells Fargo, but better than my school's federal credit union
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