[SB for a good response) TMT investment banking in NYC?
Questions:
1. How much TMT deal flow goes on in NYC, as compared to SF? Is it like 20% NYC and 80% SF?
2. As one moves up the IB corproate ladder (ex. analyst -> associate -> VP and so on), do many bankers transfer to different regions of the bank (ex. GS TMT NYC -> GS TMT SF).
3. Does the tech industry get screwed over during recessions, more so than other industry groups? How about compared to healthcare?
4. If in terms of a long term career in IBD, which industry group would you rather enter = Tech, Healthcare or Financial Institutions? Suppose that all else is equal (I have an equal amount of interest in all 3, and am not influenced by prestige etc.)
From my limited knowledge, I am pretty sure it is very rare to switch offices past your analyst/associate days. I would imagine a VP or MD virtually never transfers geographic locations while staying within the firm. It may be possible but just probably not something that would happen.
I think TMT is pretty safe. A lot of the top banks' "best" groups are TMT. GS TMT is supposedly the most highly sought after group/bank combo. MS has strong TMT as well. I believe deal flow is pretty solid in new york, but SF would be the better place if you are focused solely on tech. I wouldn't even want to try to put percentages on it, I don't know enough for that.
It seems that healthcare is generally the "safest" group, as people are still getting sick regardless of the state of the economy. Tech seems to be the flashiest right now. Don't know much about financial institutions though. That is a question that everyone will have a different opinion on. Me personally, healthcare.
I think generally though you should consider the strengths of the groups at your bank in particular rather than the industry as a whole. If you are going to a bank that is amazing in financial institutions but sucks in TMT, you should probably choose financial institutions... just my opinion
"TMT" in NY is 80% media and telecom and 20% tech. Only a few banks have dedicated tech groups on the East Coast: MS (small practice), Barclays (small tech practice + FinTech), and DB (software + FinTech). Overall, if you want to do tech, it's best to go to a west coast group.
Also, to your first point, it's fairly common to have an analyst or associate switch offices during their promotion (so after three years as an analyst or four years as a post-MBA associate). But, if is difficult for a VP to switch given that they are on the MD track and group heads have to manage headcount.
A couple things to point out. GS does have a combined TMT group with offices both in New York and CA. As mentioned above, tech is predominantly driven by the West Coast office. MS does not have a combined TMT group. Tech is run by Michael Grimes out of the Menlo office, but there is a small group in NYC (culture is pretty intense). MS splits off Media & Comms as a separate unit, and it's one of the strongest in the New York office.
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