Noticed a lot of people on here shit on banks like HSBC, Nomura, BNP Paribas, Mizuho, SocGen, etc that aren’t quite BBs but aren’t really your traditional MMs either. Wondering if there is any particular reason that these groups’ US IB groups are looked down upon in terms of deal flow/exits, lifestyle, culture, compared to places like Piper, Baird, Jefferies, etc
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I don't get why people hate on Soc Gen/BNP. You get so many motherfucking vacation days. 1st year analyst gets 30 days of vacation, and you're encouraged to use ALL OF THEM!! Pay might not be the highest, but you're not getting paid that much lower than your peers, and with some exceptions, I highly doubt you're working the same hours your colleagues are working at JP/MS.
Nomura/MUFG/SMBC on the other hand don't have a great culture, underpay, can be sweatshops, don't like when people use vacation days. I'll never forget the day when I was taking CFA at Javits center and my neighbor was telling me his manager at SMBC told him he couldn't take a full week of vacation because it's not what they do.
thanks for the insight - any thoughts on the deal flow over the next few years at the banks you mentioned?
Deal flow in SMBC is very stong but credit appetite restrictive. New asset classes tend to be an upstream fight.
You will never be twiddling you thumbs.
The firm made recent hires in syndications to compete in underwriting market. There were few underwrites lately including sole underwrites with successful distribution stories.
I have heard that Nomura is also a big lifestyle bank from the no. of hours point of view.
Looks like the Japanese work hard.
SMBC pay has gone up in recent years at least in the top groups-- I would say the pay is pretty average now at least in DCM/LevFin/top coverage. However M&A underpays compared to BB because they have pretty poor dealflow. The Japanese just don't do any big M&A deals in the US. Its a good place to be if you are interested in debt, they have a gigantic balance sheet and will basically just throw RCFs around until they get lead left on a bond deal, but its definitely not the place for a traditional IB experience
Frenchies love their days off almost as much as they love fumer-ing des cigarettes
Only one MD at SMBC may have said that. Company has pretty open culture and supportive generally. You can buy up to 5 extra days of hols without fuss. Some ppl take 3 weeks off for hols at a go( ...) .
Not sure if they give study holidays in addition to the allowance you normally get. For CFA some firms will give you extra 1 week off. I would be surprised it it were the case in SMBC.
I would not be surprised if the MDs wold not be suppportive og CFA studying - but would really depend on the person you report to I presume.
In 2019, SMBC made a general pay increase to stop turnover - all good ppl were getting headhunted. They still pay below likes of SG and BNP, I believe.
true
lol
I think just because of competition, as well as football or basketball teams hate on each other
M&a deal flow blows at almost all of the shops you listed, far worse than a solid mm. The league tables will tell you that much but even then it's over-stated as they almost only do financing and claim m&a credit where they can.
This is what I've heard too. However, they are underrated for S&T and capital markets.
Beyond their deal flow (which many times relates to their own country’s companies), I would say that the main reason I would not want to work for a Japanese or French bank is that its extremely high to get a good promotion if you aren’t Japanese/ French. So in other words you have worse deal flow (aka worse exit opps) and even if you stay you are still worse off.
I would but HSBC above all of the ones you mentioned tho as they are on a different level (better) in this regard
Promotions not true for SMBC - relatively fair and justifiable promotion decisions. EMEA is a very diverse team and thre is real coopertions with overseas offices. I work with Duabi, Singapore, USA and Japan from time to time. The Co-GM of EMEA is English Iranian and he is a very solid person who has extreme respect in the industry. I find him an impressive banker and manager.
SMBC is also very serious about D&I measures lately.
I don’t know about the others but SocGen and BNP recruit on campus. They’re surprisingly nice (compared to what other threads might have mentioned) but most kids who got offers were either native French speakers or kids with French minors lol
This is not true at all.
Good thing I mentioned that it was MY school :)
That's what Americans do, hating almost everything non-American.
USA USA USA!
Je deteste le Frenchies
Sorry to hear a French guy stole your girl
he gave her a croque monsieur, she gave him a blow job :(
username checks out
I am interviewing for an analyst position at HSBC and had the same question! Does anyone have insight on their deal flow/culture/reputation? Looked up their deals on pitchbook and they seem active. Thanks in advance y'all
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