Why does a huge bank who is struggling like DB oder UBS just not simply buy centerview or pjt as they are listed? Wouldn't this improve their franchise by a lot?
PJ Deutsche Bank Deutscheview Center Bank
Obiviously these names could be improved but I hope you get the idea.
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In case this is a serious question, DB is not struggling because of their M&A business, but DB's M&A business is struggling as a function of DB in general struggling (for which there are many reasons), so buying a boutique would do little to fix the structural problems at a bank such as DB.
Also lol @ the names.
Is DB M&A up there with the top bb you say?
I don't see how that could possibly be the takeaway from what I wrote.
You young guns should read your history, check out CSFB’s acquisition of DLJ- absolute fucking debacle. The current versions of Monkey Business actually include an easy to read narrative of the fallout in the epilogue.
Long story short: an advisory business is only as valuable as the people inside it. CSFB tried to lock up all of the top bucket DLJ guys on guaranteed 1-3 year contracts, but it was not a culture fit at all. Those guys took their guaranteed bonus and split as soon as they were out of the contract. To boot, the deal happened in 2000, and when the dotcom bubble burst, CSFB literally had to pay DLJ people to quit. After this they all went to join or start competing firms.
It’s far more effective just to poach top talent. What I have been told by senior banker mentors is that, when it comes to getting business, banking isn’t like Coke v Pepsi where the company has all the brand equity; banking is more like Formula 1. You can have a better firm/faster car but at the end of the day it is the MD/driver that is winning it for you.
Paul Taubman, by himself, was like 12th in the league tables in like 2012 or 13 after he left MS but before really starting PJT. Dyal partners pulled off something similar more recently.
In F1 the car seems to matter just as much or even more than the driver. I only recently started watching, but from what I understand Hamilton sucked in his later years at McLaren but is doing so good right now because Mercedes have built a godlike car every year of the turbo-hybrid era. Kinda begs the question: if you were to stick a midfield driver like Sainz in a Mercedes, could he get poles and win? I'd say he'd have a good chance at least.
Agree. These days in F1, while drivers are important, I'd say the platform (strategy/tactics) is the true deciding factors. Just look at the imbecile scuderia team management vs Mercedes' impeccable pit execution and tactics day in day out in the past season. Cars also matter a lot. A top driver can't do sh*t without a fast car. Alonso's spells at Scuderia and McLaren will attest to that. Sainz definitely has a chance at championship if you were to stick him into a Merc under Toto's wing.
if you were to stick a midfield driver like Sainz in a Mercedes, could he get poles and win?
definitely. see: Jacques Villeneuve - god-tier car plus shit driver equals world champ
also: Sainz isn't just a bang-average driver haha. defo one of the most consistently fast young drivers - comparison would probably work better w/ say Perez or Magnussen (above average but not great)
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