Stifel Tech Team Poached?
Anyone have more context on this? Saw it on instagram this morning, would be interested to hear which bank lifted them.
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Looks like everyone saw the Litquidity post about Stifel that mentioned how our entire tech team got poached (no, it wasn't UBS or Santander; it was another small MM) and how everyone got shitty bonuses and fwiw I wanted to provide some more context. I initially had a negative reaction to the post since I obviously work there, but I realize its better to come forward than to keep letting management thinking they can get away with anything.
1. First off, I dont think Stifel is a shitty bank, it just has shitty senior management. In fact, the junior team camaraderie is among the best I have seen. Everyone is pretty close, go out together, tells each other things, etc. I guess its true what they say about a common enemy uniting people
2. 95% of the MDs are great too. There are a few assholes as with any bank and one or two that force so much turnover, that anyone here could write a book about (iykyk). Also one asswipe group head that keeps telling people to come in from the comfort of his home on zoom every week. I don't work for him but have only heard bad things. He claims we are the best bank on the street...no one even pronounces our name right (its pronounced Stee...nvm)
3. Senior management has always been the problem. They do not give two shits about the junior team. Have always ran a top heavy MD model across the bank. This can be justified with fair compensation, but our CEO would rather use corporate money to pay himself to rent his own yacht out (yes, there is an SEC filing about this)
4. This brings me to my next point. Our CEO knows as much about IB as Joe Biden does about...well...anything
5. Nepotism runs high here. Summer analyst classes are always filled with kids whose father or grandfather is a client of some kind. There are kids who were marked as a definite no from every group at the end of the program that still get return offers.
6. Yes, analyst comp was group dependent. Was it fair? Probably not, but im an associate now. To my understanding you just have to be in the right group or you get screwed. Doesn't matter how good you are or how hard you work here.
7. Yes, our tech team got poached. No, they have STILL not addressed the situation. Yes, everyone wishes they chose to be on the tech team now.
TLDR: good bank, mostly good people, mismanaged, underpaid, fixable? yes
Edit: grammer
May I ask what small MM bank poached the tech team? Do you know how badly was their SF & Silicon Valley Tech team was affected compared to the NY one? I saw they just acquired Mooreland (SV) in 2019, did that team get poached as well?
Team (including Mooreland) is getting poached but news is that management is still trying to negotiate to try and win them back (doubt it will happen). Don’t want to spill the name just yet so that it doesn’t affect the ones getting poached, but yes it includes both SF and NY (most MDs and almost all juniors as far as I know).
Hint: it’s a known healthcare mm
Cantor
It’s Cantor
The ONLY upside for the Stifel group is if they get to deal completely in their own world and don't have to be involved with the rest of the bullshit that goes on at Cantor a la KBW at Stifel.
Really, really toxic place to work. Probably the worst, both to their own employees and to their counterparties & clients. Think JT Marlin from Boiler Room.