UBS vs. Deutsche Bank for SA 2026
Title - got offers for both but was just curious which one is likely better for returns (esp considering what the economy might look like in 2026) and exits currently. Would probably want to do product/LevFin specifically at both
For more context - def have much stronger connects to DB LevFin since my biggest pull was there, do not know a single person in UBS LevFin and have just enjoyed my DB interactions many magnitudes more but a lot of that is feeling based, but thank you for all the insights under the thread already everyone :) !
DB for sure cause of growth and stability. UBs has been worse each year 4-5 years running and that trend willl continue
Are you just looking at both banks' share price or what?
UBS is absolutely amazing in terms of WLB and bonus comp in good years especially for private banking. Whereas DB bankers work so hard; saw them coming out of the office at 11pm on a Friday before Christmas.
EDIT: Apologies,
I just read OP's post again and figure out that he should pick DB over UBS. Potentially, DB is a better match since OP met more people on the team than that of UBS. Team could have a rather laid back culture
Was at DB LevFin and now left to buyside; pick UBS. They are a stronger LevFin bank, wins more lead's in the space both generally and for LBO's. Exits from both are gonna be fairly similar; both will give you shots at MF PC but LevFin at UBS is slightly stronger.
Also if you check Bloomberg for LTM league tables for M&A in the US, UBS is 12th and DB is 16th. We had a marginally stronger 2024 but the start of the year has been terrible for DB. I think from even when I recruited, DB was viewed as the weakest BB. Would say that DB and UBS are roughly in a similar range though both prestige wise and league tables wise, not too sure why DB has been so weak in the 1Q so far but I am sure it will pick back up.
Both are in the same range of the broader pack behind the big 2 of JPM and BOFA. It's not going to be a huge difference amongst those groups, and DB has a strong enough LevFin that it's in the same range, even if, from your experience, it's slightly worse. Think you are underselling DB here.
At some point people on WSO gotta stop picking on reputation or prestige, and start picking on which place they think they'll enjoy more; your going to be spending 2 years at the very minimum at these groups, want to make sure you pick a place you'd somewhat enjoy working and get transcational experience. If you can find a place that provides both, that is the ideal junior place to work, imo.
UBS Way riskier. They might assign you to Tech or HC with there generalist system, UBS is not worth it
UBS has a placement process as does DB. For both, you will have to get placed into LevFin after networking which is equally hard at both places since it's traditionally viewed as the top group or at least a top 2 group in both. 100% agree that you should choose DB over UBS groups like HC, Tech, M&A, etc., but at the end of the day, it's up to the candidate to get placed. Idk how UBS runs its placement process for top groups, but for DB it was pretty conversational and a matter of how many convos you have with the team.
This is the real debate right here, not the fucking nerdos' Lazard vs Moelis.
Both banks are pretty similar; not a major difference. UBS is still slightly better in the Americas, but not by a large margin. I believe it is higher in the LTM rankings and YTD rankings for M&A, finished slightly lower in 2024 but higher in every previous year. Both have good LevFin franchises, but neither is one of the top 2 (which are JPM and BoFa). Both banks are not focused on IB, though they have both interestingly invested a ton of money into the division in the Americas in 2024. would not necessarily expect it to continue, for either seems to be a one-off thing. Would largely choose bank based on which bank you have enjoyed interacting with people more in and which bank you think you have a higher shot of getting LevFin in, as it's a top group at both banks and it will be a competitive placement process to get placed into the group.
If had to choose on balance, I would say UBS since it is a slightly stronger overall franchise, but realistically, they are close enough especially for LevFin, and both have great LevFin groups that will leave you open to exits to any PC firms, including MF's, and get you tons of transactional experience across both leads and non-leads, as well as across work with LBO's and non-LBO's.
DB all the way, i believe m&a is in house for coverage teams so you’ll have both technical and powerpoint experience
the people i talked to were hella nice too maybe not the tmt team but that’s it
well, first thing we would need to know is your location. Here in Germany DB is obviously really strong. Its slightly behind GS and JPM, but even stronger than BofA and MS (which is surprisingly weak here).
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