Thoughts on KeyBanc IBD?
Most of the stuff I've seen is dated. What is the opinion on KeyBanc IBD, in particular their tech group? How does it rank amongst other MM firms? Thanks.
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Candidly, longtime lurker, first time commenter. Don’t know much about particular industry groups, but Key is the Goldman of Cleveland. Box seats at the Cavs, free snacks, awesome internship, Key tower, what’s not to love. Exit opps for analysts have included premier Corp dev, premier IB and the circus. Analyst comp near street, pay in Cleveland ridiculous compared to cost of living (model and bottle lifestyle). Overall a team of winners.
KeyBanc is very strong in the middle market. I would say right behind William Blair/HW/Piper and competing with Baird and at this point is probably ahead of BMO and other MMs.
Fee wise they are tied with Baird this year in M&A. In terms of tech M&A, definitely a strong suit of Key, average deal size should be like 100MM. Competes with all the big names in MM tech banking and wins relatively frequently.
Top groups at Key: Industrials (Chemcials specifically), M&A (since they execute the Industrials/chemicals deals) and Real Estate. Tech (Former Pacific Crest) and Healthcare (Former Cain Brothers) are just as strong as well
Key is usually seen as a Tier 2 MM bank, along the same level as Lincoln, Stephens or Big Four.
My friends who work there are complete rockstars in Cleveland, you're definitely a big fish in a small pond. This is similar to the way STRH IB rolls in Atlanta. They're content with their life, below street pay is still way above average in Cleveland, and Cleveland has a surprising amount of things to do, on par with any mid-sized city like Baltimore, St. Louis, Cincinnati...
You'll be fine if you go there. Exit ops may not be given to you, but you can earn them through good networking.