UBS or Nomura?

When deciding between Nomura M&A and UBS S&T for your summer internship in London, here are the key factors to consider based on the most helpful WSO content:

1. Reputation and Name in the Industry

• Nomura M&A: Nomura has a solid reputation in M&A, particularly in Europe and Asia. However, it is often considered a "lower tier" investment bank compared to top-tier bulge brackets and elite boutiques. While it may not have the same prestige as UBS, it still provides strong deal experience, which is critical for M&A-focused roles.
• UBS S&T: UBS is a globally recognized name with a strong reputation in Sales & Trading. It is considered a top player in the S&T space, especially in Europe. However, S&T roles generally have fewer exit opportunities compared to M&A roles.

2. Exit Opportunities

• M&A (Nomura): M&A roles are highly sought after for exit opportunities into private equity, corporate development, or other buy-side roles. Even if Nomura is not as prestigious as some other banks, the M&A experience itself is highly transferable and valued in the industry.
• S&T (UBS): Sales & Trading roles typically lead to careers within trading, hedge funds, or asset management. However, the exit opportunities are more limited compared to M&A, and the S&T industry has been shrinking in recent years due to automation and regulatory changes.

3. Personal Preference

• Since you mentioned a preference for M&A, Nomura might align better with your long-term goals. M&A provides a broader skill set and more flexibility for future career moves.
• UBS S&T could be a better fit if you are passionate about markets, trading, and a fast-paced environment, but it may not align with your stated preference for M&A.

4. Location and Culture

• Both banks have a presence in London, but culture can vary significantly between divisions and teams. It’s worth reaching out to current or former interns/employees at both banks to get a sense of the work environment.

5. Long-Term Considerations

• If you prioritize the "name" of the bank, UBS has a stronger global brand and might carry more weight on your resume.
• However, if your goal is to break into M&A and eventually transition to private equity or similar roles, the experience at Nomura M&A could outweigh the brand name of UBS.

Recommendation:

Given your preference for M&A and the importance of exit opportunities, Nomura M&A seems like the better choice. While UBS has a stronger overall brand, the M&A experience at Nomura will likely open more doors for your desired career path. If you’re still unsure, consider speaking with alumni or professionals from both banks to gain additional insights.

Good luck with your decision!

Sources: Wells Fargo vs. UBS, Nomura Investment Banking Summer Analyst, deciding between Roth, RBC, HL, UBS, Underrated banks and the ambitious bastard