If one were to receive offers from all 3 which would you take? How would they rank? Jeff and UBS gets annihilated on here and no one talks about DB anymore. I’m leaning towards the historical BBs (historical bc UBS) but not sure anymore.
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Jefferies then DB then UBs in the US
This is a very clear brigade job by one or two people who clearly have nothing better to do. Y'know it's not true when maybe the single biggest hater of UBS on this forum before says there's no reason to pick DB over UBS. This is the biggest evidence seen that people on this forum have too big of an axe to grind against UBS for any opinion to be viewed as valid. M&A LTM, LevFin LTM, and exits all point to UBS and Jef both being way better than DB.
UBS and Jefferies both come with pretty big risks in group placement. With Jefferies if you get a group like healthcare you're probably going to work on a many more high-profile deals than UBS/DB, but you're also going to get crushed from a lifestyle perspective. If you're in Levfin or sponsors at UBS you have a good balance of experience and culture, but if you land in one of the worse groups you're not gonna touch an M&A deal. DB and Jefferies are also generally expanding in the US while UBS' reputation is declining (at least for now, things change).
DB is probably the most balanced from a lifestyle vs dealflow perspective, so that would make it the most appealing for some people. If you're just solving for the most experience possible and best exits then probably Jefferies in one of the better groups, otherwise DB, and in far fewer scenarios UBS.
There is no reasonable reason for picking DB over UBS. UBS has better LevFin flow and significantly better M&A flow (roughly double in LTM M&A). Just because some UBS groups suck doesn't mean the platform has reached the level of suck of DB. UBS has 3 coverage groups in the top 10 of their respective spaces by LTM M&A flow in CR, HC, and Industrials... the real issue of UBS is that there is a drastic fall of after the top 5 or so groups. Would rather take a UBS offer over DB if a prospect, because you have the opportunity of going through group placement. Who UBS sucks for is the FT juniors who ended up in the bad groups (which is the vast majority of them).
Do you think one of the worse groups at UBS is still better than an average group at DB
For not hating your life:
DB > UBS > Jefferies
For exits and deal flow
Jefferies > DB > UBS
From what I understand, Jefferies is a miserable, toxic sweatshop. UBS is pretty awful too but more group dependent. I personally would not want to work at any of these banks.
UBS > DB >>> JEF
Seppuku is always an option too
The real answer is 100% UBS or Jef, depending on your interests. If interested in energy/energy banking or healthcare, Jef's pretty clear. If interested in LevFin/Sponsors/Industrials works, it's pretty clearly UBS. I am one of the residential UBS haters on this forum, but it's such a better franchise than DB that I cannot even suggest picking DB over UBS in basically any reasonable scenario. UBS has roughly double the M&A flow to DB in terms of LTM flow, the gap is huge. It also has a stronger LevFin franchise in terms of lead lefts won and total value of those lead-lefts, as well as in terms of LevFin.
What about in London / Europe?
In London I would probably say
UBS = DB > Jeff
I work at one of the three and know people at the others. Of course group dependent, but the above takes into account mainly the whole platform reputation and W/L balance vs Deal flow
Thanks! I’m interested in their Industrials teams, specifically UBS vs DB. Any insights on who you’d chose would be great!
Looking purely at exits from LinkedIn browsing. Would note the following: 1) More people stay at DB/UBS as A2A's compared to Jef, see much more people from Jef generally with the title "Private Equity Associate" or "Associate", I think to account for the fact that not everyone wants to do PE, it's fair to evaluate based only on the people who left for PE as it's pretty evident that leaving for PE/getting PE interviews is something you can from all 3 firms. 2) The exits for all 3 are MM/UMM with the rare MF for corporate PE, the main difference is just how many people go into the top-tier MM shops (like the ones being called out in the "rising MM firms" threads, for instance) or UMM shops. With that being said, I think the correct rankings for exits are as follows:
Corproate PE: UBS>Jef>DB. Want to note here: again, fewer UBS exits than Jef, but think there's a higher quality of exits when people do exit in terms of more top MM/UMM exits amongst the ones who exit. Jef has too many people exiting to smaller-sized funds compared to UBS, but still thinks it ranks above DB just due to sheer number of higher UMM exits, and DB also has a ton of exits into small funds anyway.
PC: UBS>>Jef=DB. UBS just exits significantly better here, see a large number of MF PC exits or things like solid distressed HF's, which you don't see for DB or Jef, where MF PC is still relatively rare, though still possible.
Edit: Just wanted to clarify for transparencies and methodologies sake: for UMM, I considered any fund with a current fund size of >5Bn as a UMM and I also looked at only people whose last jobs before their PE associate stint was at the respective firms (i.e. no people who lateralled to another bank from Jef/UBS/DB and then exited). Also all data and info is for US ONLY.
This is not accurate
In what way? UBS has more UMM exits relative to several people exiting compared to Jef and DB if you just do a LinkedIn search for the firm name + "Private Equity Associate" or "Associate" in the US. Make sure to check their profiles for where they did their analyst stint. Maybe some of this is because UBS has fewer people leaving than Jef, but I also highlighted this in my commentary. I am solely talking corporate PE, which is what most people are going for, not things like energy. Firms of note (giving 10 because there are a lot, especially relative to how few UBS analysts exit) for current PE associates: Advent, Vista, KPS, Veritas, Clearlake, CD&R, MDP, Hg, AKKR, and TJC among others all for corporate PE.
how does DB TMT stack up?
In Europe you would be crazy to take Jefferies over DB or UBS if you aim to exit
How many overgeneralized rankings will I see before I delete my account
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