Regret...Chose Barclays over top EB
Current junior at a target, just wanted to get this off my chest. When I was recruiting last year, I ended up signing with Barclays over a top EB (CVP/PJT/EVR). At the time, I mainly made the decision based off culture, getting good product exposure, and generally just felt like the people at Barclays were nicer and friendlier, which was worth it to me over the marginally larger bonus at the EB.
Now with all that's going on, I feel a pit in my stomach. I've come to realize that banks without RX are going to suffer and will need to layoff analysts. To make things worse, I now want to go into private equity where I know the EB will do better on a per capita basis. I'm feeling seriously lost right now and don't know what to do. Should I recruit full-time for the bank I turned down? How do I crawl back to them without looking like a fool? How badly did I mess up?
congrats on cvp dude
Can't be CVP cause they started interviews late September last year whereas Barclays did almost all IB interviews over summer.
This doesn't even make sense. Why would he care about making a bank he doesn't even work for seem more prestigious on an anonymous post?
I think you'll be alright. Keep a positive attitude! Focus on getting an offer first, and worry about the rest later.
For MF PE, yes, any of the 3 top EBs would have been better, but Barclays still places well into MM/LMM PE.
I work at UMM/MF. On a pure numbers basis including seniors, we have more people from Barclays than we do from CVP or PJT (obviously class size plays a role but you get the point). I worked at a "top" bank, and trust me, there were people from every BB when I interviewed on cycle. I think its unlikely that Barclays analysts are forced to go to LMM funds if they are interested in MM+.
Get over it, just be a top perfomer and you'll be fine. If you want to go to the EB that made you an offer, I would reach out in the middle of your SA to your interviewers+connections to say that at first your prefered Barclays culture but got placed into a team that doesn't suit you for XYZ reasons and would therefore be more keen on CTV or something like this.
Barclays places well into UMM/MF PE. If you understand how PE recruiting works, you'll slowly realize its more about the candidate as a whole. It's scary from the outside looking in because top candidates do tend to go to the "better banks". The fact that you got an offer from one of those 3 means you will competitive for PE. In college, you might have heard of targets/nontargets and your school may have given you a massive boost with OCR. Now that you're at a mid-upper BB, its about the full picture including experience, school, SAT. The specific bank plays a smaller role and the playing field is pretty equal. Barclays is at a level where the EBs would not have given a massive boost in recruiting, especially if your group is supportive of exits. Also, if you wanted to do just 2 years in IB, CVP may not have been the best choice. .
Who even cares dude, I had friends interning at every BB last summer - I've never once heard anything bad about the culture at Barclays and seems like that was a big reason for you too. You will have a blast, and if you don't, just lateral but PE placements are pretty solid from Barcap AFAIK.
This is so cringe...complaining about signing with a BB given the current job market and mass layoffs...but to answer your question:
RX is obviously hot right now, but given depressed equity prices and PE dry powder, once some stability returns to markets, M&A will take off again. Barclays joins the other BB in the Top 10 M&A league tables (around #5/#6), and hence would offer prime experience to support a transition to PE. I won't disagree that EB RX is the 'right here right now', but this attitude seems very short sighted. I support the other comments above me: work hard to be top bucket, and you'll have all kinds of doors open for you.
Hey, what does RX stand for?
Restructuring
Red Xylophones
Dude if you know what the world is going to look like in 2 years from now you don't need to go into banking. You are literally playing out one scenario in your head and fixating on some short term blip and the impact on the next 40 years of your life. Yes, we will take a while to get through all this craziness, but it will not hinder your chances at a successful career. You have done well, that trend will not stop. Do not let the circumstances dictate your outcomes, use your own skills to dictate the outcome given the circumstances.
You will be fine.
I went to a non-target and graduated with a less than stellar gpa. Everyone said I have to do an mba to get into banking or network hard and get to a boutique. Somehow, I still ended up at a private funds group at a BB/EB.
Then when I started recruiting for PE, everyone told me I wouldn't get interviews because I lacked the modelling skills as I was in a private funds group and that I wouldn't get looks from MF's. Somehow, I still ended up at a MF.
YOU WILL BE OK as long as you perform. If you keep regretting every decision that's marginally better/worse, you're gonna fall behind...fall forward!
Curious how you broke into MF from a private funds group
MF FoF
In an alternate timeline, you go to the EB and struggle to stand out amongst the others and don't recruit well.
Seriously, man. No bank is laying off any analysts, including ours. You haven't "come to any realization" it's just FOMO. Lay off the social media and finance memes, and get excited that you have a great job. Place into a top group here and perform, and you'll have your pick of any PE company you care to recruit at. My analysts have gone to TPG, Vista, Silver Lake, Ares, Oaktree, Leonard Green & Partners, and many top quartile MMs. Don't blame your misfortune externally and you'll do a lot better in life.
If you're dumb enough to choose a tier 2 BB over an EB then I'm surprised you even got the offers in the first place
“intern”
intern in IB - Gen
yup opinion discounted
Jesus christ - posts like this are what's wrong with this site
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