Top MM v/s. Top Japanese
Please help me decide.
I have offers in NY IBD at both banks. Municipal Finance in a top MM (think BNP Paribas, HSBC, RBC), and Fin Sponsors in a top Japanese shop (think Mitsui, Mizuho, Nomura).
I also have non IB-offers: F500 finance department, M&A advisory in big4 accounting
I'm more inclined towards IB. I wanted your opinions- exit ops, culture, etc.
Thanks internet :)
RBC> HSBC>Nomura>BNP>other Japanese banks. IB > non IB.
Hey! Thank you :) Could you please elaborate though..
1.Whats wrong with the Japanese Banks? 2. Is there anything about RBC that makes them stand out?
1. Japanese banks are less reputable in the US due to lower deal flow and weaker exit opportunities
2. They’ve been investing very heavily into their American M&A practice and has been picking up. The firm has seen strong growth over the past few years and seems poised to continue growing.
This, RBC is in another universe compared to the rest. It's competing with lower BB to lead deals in sectors it's strong in.
How would you compared RBC to a lower tier BB like UBS or DB?
Dont know about other groups but HC RBC might be stronger than HC UBS or DB at this point.
RBC Healthcare and M&A teams are really strong. The top culture at Japanese firms is all f up.
Any deals you know of from RBC Healthcare?
RBC easily, it's a BB and shouldn't be grouped with the others listed here.
RBC does significantly better than HSBC and BNP Paribas, at least in the US. But muni finance is barely IB. I'd probably do Sponsors at Nomura and then transfer after a year or after your summer
What do you mean when you say muni finance is barely IB. Also, how easy is it to move between groups in IB within and between banks after SA.
It's not seen as as prestigious as other areas of IB. In a lot of banks muni finance isn't even under the IB division. It depends on the bank as to how easy it is to move areas. But it'll be a lot harder moving from muni to IB than if you were in M&A wanting to move to industrials for example.
Take the offer from the Japanese bank unless you really want to be in public finance. RBC public finance is still very much a middle market shop--they do much smaller deals and many more deals than BAML/Citi/MS/JP/GS. Think tons of $30mm deals for random school districts and local governments you've never heard of.
Not sure how great dealflow is at the Japanese banks, but the skills you'd gain even just from pitching in a Sponsors group would be more transferable than public finance. I think that everyone else responding completely missed the fact that your offer is not for a classic RBC IBD group.
This. Reading through the comments I was like, "wtf OP clearly stated its muni finance, yet people are suggesting RBC because their IB is solid."
I'm not too sure about Mizuho but I'd take Mitsui / Nomura easily given your choices.
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