IMO- I'd do small firm IB shop (not PE) over S&T. You may get the opportunity to meet with bankers if you work in S&T, but it's very difficult to find time with them. On the other hand, you can work for a smaller IB shop and gain relevant experience that you can take into your networking / interview opportunities you'll have for your summer analyst stint. 

Additionally, you may end up like working for the smaller IB shop. I worked at an EB for my first year, then lateraled to a smaller firm for the better wlb and culture. 

Last- IB and PE internships are usually pretty different- which one are you specifically applying for? 

 

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