Why the fuck would anyone take a BB over an EB?
I think choosing a BB over an EB is strictly to impress your non target hot sorority girl when she hears you’re working at the cool big Barclays Bank with the blue bird logo. She doesn’t know ur grossly undercomped and cooked for exits.
Genuinely though, unless it’s like GS TMT/FIG, EB’s will deliver
1) Materially higher comp. And it’s not close as you scale up.
2) Better experience working on mega deals and lean teams. Yes the hours will be a bit worse but I promise you it’s better than having 6 rounds of comments from a 10 person team of insecure VP’s lol.
3) Better average exits. Your entire analyst class is top notch. Cannot say the same for most BB groups given how wide they spread and a lot of hires are dinguses, tbh.
4) Way sexier offices, perks, culture, vibe. That majestic white polished PJT office of all Harvard grads is better than the grey poor lighting bullpen that MS has inside of Times Square.
The idea is pretty much any EB group over any BB group with the exception of top GS groups, maybe MS M&A.
This is clearly a troll but I'll bite only because I know others will read this.
I picked a BB because my sector is dominated by GS/MS/JPM. Once in a blue moon Evercore or Lazard will be on a relevant transaction but it's maybe 15% of the large transactions on most of what they do is really random/adhoc
From your list, #1 is non-controverial and completely true
#2, your learning experience at a BB is a reflection of what you put in. If you work hard, learn quickly and want to take advantage of them, the resources at a BB far exceed what you'll get anywhere else. If you want to learn about ratings, you're going to learn quicker if you have at your disposal an ex Big 3 ratings analyst who spend 20 years running the team for your vertical.
The deal team size is kind of random and more of a reflection of the coverage MD's preference than anything else. I've had multi billion M&A transactions where we were exclusive financial advisors and the entire deal team was 3 people. I also had a transaction where we had 60+ people involved. Regardless of deal size, or whether you're at an EB or a BB, there will be a small number of people leading 90%+ of it.
It should go without saying that the smaller your vertical, the sooner you'll be able to have substantive conversations with clients.
#3 Maybe for analysts deadset on going to PE. If that's your primary goal, an EB may very well be better option. Personally was not my priority.
#4 PJT's office kind of sucks dude... Have you made it past the front lobby? Not nearly as bad as MS mind you, but I'm at a bit of a loss on this one.
Rest of office is alright but PJT’s newly renovated floors are hard to beat…
Bro is basically saying that EBs are better XD.
This is well written and all but the exits and comp at an EB absolutely shit on BB’s although some GS/JPM/MS groups can compete. Thats just the truth.
When you hire a CVP kid over a random MS Consumer kid I promise you the CVP kid will obliterate him with skills
Not really...
Pretty hard to be a CFO or Treasurer with no capital markets experience. Even corp dev or strategy is tougher if you only have once piece of the puzzle.
For PE specifically, sure, but that's an incredibly small subset of finance roles out there.
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Getting exposure to a broader suite of products and transactions other than just advisory and M&A is a pretty obvious reason
Is it really worth the 20k+ difference?
I mean at the end of the day do you want to learn more about businesses or not. If you genuinely do then there’s a lot more kinds of transactions than just M&A that you should get exposure to. $20k difference as your first job where the priority is to get exposure is immaterial.
I’m at a BB and I agree with this take. All the prospects want to focus on M&A but it’s valuable to understand how the capital markets work and to get experience running a few equity/debt financings. It will help you form educated decisions for your clients or in any buyside career. Also can be easy money in fees if you’re a senior banker.
That being said, M&A is a lot more nuanced and (IMO) intellectually stimulating. After doing tons of capital raises over the past couple years I get how it works and I’m just going through the motions now, and I would be fine with going to an EB and not doing them anymore now that I’ve gotten the knowledge.
PE is a shitty job putting your eggs in a downhill asset class. For most other jobs BB brand name will give you better exits. 30 years you’ve made whatever at a HF and you want to get into politics being an ex-Goldman banker means something. Obv not Barclays, but no one is taking Barclays over an EB buddy. Overall this is a bait squid post and I’m a squid for responding
Del
Ur buddy’s uncle sounds like a retard
i have heard lies in my life, but never like this
If you have any inklings of wanting to make a career in IB, the exposure to a suite of products* (thanks ANL1) at a BB will set you up much better.
suite of products - pls fix
Dad is a SMD at an EB, and his advice is that a top BB simply opens far more doors in the long-run. PE exits from an EB isn't materially better than GS/MS/JPM, you can get MF PE from all of these. For corporate exits or international exits, the BBs have better reputations, so more opportunity. For trying to be a career banker; BBs are always better because you get exposure to different products. Big thing with banking is that a lot of relationships are built through financings especially when you are a mid-level trying to build relationships out. Much easier to do that through financings than getting an M&A as a director or junior MD. If you start at a top BB, you get to build those financing creds that you need to start building your own relationship book.
Does same apply for Citi/bofa/barclays?
Would think so, yes. Assuming you have actual deal flow across all products including M&A. What he sugggested was main thing as a junior for a longer banking career is the idea of having creds and experience across all products so when you're a senior ED / junior MD; you can bulid relationships through the financing suite of products whilst alos having a capacity of executing M&A deals.
Sounds like your dad should work for a BB instead of
Congrats on Greenhill Mizuho!
MS office does suck. Nothing like watching homeless fighting while you wait for your uber at 4am :)
I'm pretty sure girls don't care that you work at Barclays XD.
Who cares
One of my cousins works at JP Morgan Chase, THE JP Morgan Chase.
My other cousin works at Geiko..I mean Lizard. Idk, mixed up my reptiles
All the EB offices framemog Moelis though (4th floor 399 park)
PJT renovated
Evercore top floor is out of a movie
Lazard 30 rock
PWP GM Building
Longevity pays in banking. Higher long term earnings if you stick it out at a BB long term vs flaming out at a EB after a few years. Which I’ve seen happen… even to hardos
Lol EB’s have a much higher internal promotion culture. CVP / PWP strongly emphasizes A2A
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