Which banks have the sweatiest HC groups?
Currently at BofA, would consider it pretty sweaty, and have had head hunters reach out about a few other banks so curious to learn more about which ones to avoid.
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JPM
JPM HC by far
JPM HC lol…heard second years have it better but first year is absolutely brutal
gugg?
Have a buddy there. Sounds like 3am consistently is fairly standard there for analysts / associates and even the occasional VP.
Is he in a certain healthcare vertical at gugg?
Jefferies too
^^
JPM by far, but also they are absolute beasts in the space. They are either the best HC seat or a close second to Centerview. They have killer HC UMM/MF exits, reflecting all the M&A activity you do that led to drug price increases on those who cannot afford it!
they've fallen off in recent years. They were clear #1 in HC for a long time but they lost people to poaching and the group head / main rainmaker is now in an exec role and not day-to-day running the group.
GS and Centerview have been ahead on fees in HC the past couple of years. JPM still one of the best but they aren't the undisputed leader they were.
Still sweaty tho lol
How is Barclays, Citi, DB?
bump
Congrats on DB
Goldman Sachs is nasty as well. I work at the firm (in a different group), but have colleagues in HC that are consistently logged on until 4am.
They’ve done great on getting top mandates but it comes at a cost
I thought the HC group had a 1am curfew? It seems like this isnt actually being implemented?
1am curfew??
was in this group. no lol.
HSBC healthcare. Those guys are routinely staying latest on the floor. I’m hearing consistent 2ams.
Moelis HCS is no joke
Jefferies and MTS are definitely up there based on my networking experiences.
Jefferies
Heard Citi bio/health is heinous (when they can actually win business).
Sounds like most are sweaty LOL. But everybody’s obviously not winning an equal amount of business. Question is which are sweaty due to deal volume, and which are just constantly overworking teams on pitch work because of a lack of deal volume (and the extent to which pitches are leading to late nights).
Don’t think I’d be in the minority here to say I’d rather be up until 3am on a live sellside than be up until 1-2am doing asinine work for a pitch.
This^
Most HC groups are sweaty even if there is no deal flow because there are infinitely many random biotech shitco’s to pitch/finance.
Notably sweaty and good are JPM, BofA, Jefferies, Moelis, GS
Are these HC groups more competitive to intern at? Also, is HC more comp in general?
At least at Jefferies, I heard converting a generalist MBA associate internship to HC coverage is tough if you don't have the network / alumni there. Someone I know there said if they had to guess, it may be the hardest group to recruit for if you're an intern at Jefferies.
Is HC in general harder than other IB groups?
Is HC in general more competitive to intern/break into than other groups?
Moelis and JEF grind you hard. Lots of drugs at those firms to cope.
MTS is quite sweaty depending on which MD or service line you work with
How sweaty is it?
Moelis and by far JPM, even in London JPM is sweaty but still top for dealflow
Cantor Fitzgerald might be the worst, all things considered. At least JPM and Moelis have exceptional brand names
How are these at the mid tier BB banks. Citi, BofA, UBS, Wells etc
Tf Cantor!
Cantor's pretty much an ECM only shop. How bad could it be?
How is WF?
Hours aren’t terrible, but the deal flow is kinda terrible.
Team structure varies from cities : NYC and Charlotte. NYC has a Pharma / Biotech presence on the WF team, I think Charlotte is mostly (if not the whole team) HC Services.
Heard their deal flow isn't the greatest but culture seems okay.
How's Evercore HC?
BMO. Everyone on that team seems perpetually exhausted and nothing great in terms of deal flow or brand name.
I think you can usually tell when you do interviews / coffee chats how tired the group seems. You’ve been in IB, you know what the signs are.
Have heard Moelis HCS is particularly sweaty. Does the group at least have good reputation on the street? Curious if exits are good
You’re curious if a Moelis HCS, which is sweaty due to high deal flow, provides good exits? The seat will set you up as much as it can. After that, it’s on you
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