RX Groups in London (2026)

Based on the most helpful WSO content, here are some insights into RX groups in London:

1. Vacation in European IB (5 Weeks)

• Yes, Europeans generally get 5 weeks of vacation, and it is more common to actually take this time compared to the U.S. However, in restructuring (RX) or IB roles, the ability to fully utilize this vacation can depend on deal flow and team culture. Some firms may expect you to remain available during critical periods.

2. Impact of Minimal Deal Flow

• Day-to-Day Work: At firms with minimal deal flow, your workload may be lighter, but this can lead to fewer learning opportunities and less exposure to high-profile deals.
• Exits: Limited deal flow can negatively impact your exit opportunities, as recruiters and funds often value deal experience. This is especially true for exits to hedge funds (HF) or distressed credit roles.
• Compensation: Compensation may also be affected, as bonuses are often tied to deal activity and revenue generation.

3. Work Intensity (Week-to-Week)

• RX work can be highly cyclical. During active deals or restructuring processes, the hours can be intense, with long weeks and unpredictable schedules. However, during quieter periods, the workload may ease up slightly. The intensity also varies by firm, with some shops like EVR and MOE known for a more demanding culture.

4. Exits Across Firms

• To HF/Distressed Credit: RX groups are a strong feeder into hedge funds and distressed credit roles due to the transferable skill set in financial modeling, creditor negotiations, and understanding distressed assets.
• Across the Pond (U.S.): Internal transfers to the U.S. are possible at some firms, but it often depends on the firm's global mobility policies and your performance. Firms like Lazard and PJT are known for their global reach and may offer better opportunities for such moves.

5. Firm-Specific Notes (EVR, MOE, JEF, ROTH)

• EVR (Evercore): Known for strong deal flow and high-profile mandates, but the culture can be intense with long hours.
• MOE (Moelis): Similar to EVR in terms of deal flow and intensity, with a reputation for being demanding.
• JEF (Jefferies): Deal flow can vary, but the culture is often described as more entrepreneurial and less hierarchical.
• ROTH (Rothschild): Strong European presence with a more traditional culture. Deal flow is steady, and the firm is well-regarded for RX expertise.

If you're targeting RX roles in London, focus on firms with consistent deal flow and a strong reputation in restructuring to maximize your learning, compensation, and exit opportunities.

Sources: Why You Should Consider Restructuring – Common Misconceptions/Insight on RX Groups, Guide to LA IB Scene (2023 Edition)