Recently got offers from both of the above for summer internship positions. Know DCM is one of SMBC's top groups and the bank overall has a larger presence, but not sure about exit ops while Edgemont is strictly M&A HC but much smaller. How should I think about making the right decision?
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If you want to exit to private credit or credit focused investing, then DCM, but if you want to do LMM PE, then M&A. You can always lateral to a better shop if you want better M&A exits
As the earlier comment stated, it depends what you want to do. I’ll add my two cents though:
SMBC is basically a corporate bank in the Americas where they are gradually trying to exit from IG names in their portfolios to more HY ones. DCM is on the Nikko side of the bank and basically is one of the few legitimate groups (in my opinion) at the bank. You’ll work largely with the coverage groups and take the lead during senior note refinancings and other such large debt products. Personally, I think the people here are really chill and honestly is a low stakes culture where people end up staying as a result. But it may feel less sexy than DCM at a BB.
Edgemont is a knock-off TripleTree in my opinion that gets on some pretty respectable MM deals. A lot of sponsors work, and you’ll get reps, though the quality might be questionable at times. From what I know, analysts get worked, and that’ll be reflected in your long hours. But it’s M&A where you’ll get good exposure with respectable senior bankers. You’ll get looks if you care about PE exits too. Solid junior culture too.
WSO might be the only place that an analyst 1 will tell you the business strategy of a large balance sheet bank and the culture of a HC boutique in the same breath.
If they get wind you are looking at the buyside they will can you.
When did you get your dcm superday for smbc?
curious about the edgemont process how many rounds did you have
4 rounds
which one did you end up choosing between the two?
how long did you hear back from the final round? in process with them
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