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You'll have a better experience at Torch (assuming you want to do tech) but the Houlihan Lokey name is much better for rerecruiting and they do bigger deals. I would only favour Torch if you envisage staying there full-time, but you will get more looks with HL in your CV (bare in mind Torch is really only known by some bankers, not HR).
Also worth noting that it's pretty rare to apply to TMT directly for a BB SA position (minus a few exceptions) so Torch holds even less weight in that regard.
disagree with point #2, even in banks with generalist summer programs, a TMT bank on resume is gonna make it very very easy to place into TMT groups outside of certain EB tech groups that have very political and relationship-based TMT group placements specifically like evercore
Your point is valid on the basis that the offer is given in the first place, given that group placement is typically determined after offers are given. The point I am emphasising is HL > Torch to get your foot in the door in the first place - it’s silly to think about how to play group placement next year before recruiting has even kicked off lol.
Do you mind sharing a bit more about group placement at evr? Joining there soon
Hi there (OP here),
I added Santander in. Are you able to share some thoughts please
Above ranking is in terms of brand name for future recruiting in my honest opinion.
I think you are approaching your decision in a shallow and wrong way. You don’t know what might happen in a years time, you might have no success with BB and your only choice might be to return FT to your SA stint. I would ask you to consider which one you would truly enjoy working at.
The reason I say that is because yes I think HL has the best brand name from the above for future recruiting but HL has one of the worst seniority cultures in the street outside of their restructuring team. Chances are you will hate working there, and yes their deal sizes are slightly larger than Torch but still not crazy exciting stuff.
Santander and Torch on the other hand I have heard have fantastic cultures with sharp people across the hierarchy.
IMO all are very good shops, and if you are really good then you will be able to recruit anywhere you want in the future. Even Torch has a couple of alumni at Goldman. It’s not black and white.
It's not like Houlihan Lokey tech will be doing much larger deals than Torch though. Both will operate in the MM space ideally 50-500m. I'd consider pay (not sure who pays more) but I agree the HL name will be better and easier to lateral. But safe to say both would have strong deal flow. Santander is making some aggressive hires at the senior level but is still a balance-sheet bank with M&A not a top priority. You'll be getting much more sponsor sell-side experience at either HL or Torch, not sure about Santander even if it has a bigger brand name.
Bump
Torch is pretty much equivalent to Big4 (source: worked in MM TMT). Take HL and don’t sweat.
Bump
In my opinion for re-recruiting for SA26, 1. Houlihan, 2. Torch / Santander. Houlihan just has a bigger brand name
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