Greenhill vs Deutsche Bank - Summer Analyst Program 2025 (London, M&A)
Hi everyone,
First-time poster here, and I’m looking for some advice. I recently received offers for both Greenhill and Deutsche Bank’s 2025 Summer Analyst programs in London (M&A), and I’m torn on which one to choose. Here’s a breakdown of my thoughts so far:
Greenhill:
Pros:
- Great culture and smaller teams, offering more exposure as an intern.
- Generalist program, allowing me to explore different sectors.
- Shorter 6-week program, which could give me the chance to do an off-cycle internship afterward.
Cons:
- The firm’s reputation seems to be declining compared to its past stature.
- Summer pay is lower than DB (though this isn’t a key factor for me).
- Conversion rate is around 45% (last year, they converted 5 out of 11 interns).
Deutsche Bank:
Pros:
- Well-known global brand with higher intern pay.
- Longer 9-week internship with a dedicated team.
- I’m particularly interested in TMT, and I’ve heard the team there is solid.
- Exposure to bigger deals, with decent exit opportunities (though I’m unsure about how strong these exits really are).
- High conversion rate for interns.
Cons:
- Larger teams, which might mean less exposure and more grunt work as an intern or even an analyst.
- Considered a lower-tier BB in rankings.
- Need to network in April to secure the team I want, so there’s a risk of being assigned to a less preferred team.
I’d love to hear your thoughts or advice based on your experiences. Thanks for your help, and best of luck to everyone here!
I work at DB in a sector team and I would just add that to the best of my knowledge, teams are quite lean. 1 analyst, 1 associate, VP, D and MD (we normally only have a director / VP on most deals depending on how experienced either of them are E.g. if it is a newly promoted VP then we will have D). DB is a BB and would help you go a long way. Best teams are Industrials and Levfin so go for them.
With regards to exits, DB is not strong in general but is stronger than Greenhill. If you want to exit from DB, people lateral to a better American bank and then exit to PE.
A bank which has failed to rank in the top 30 of any UK league table over the last seven years or a BB
DB, still a BB - would move you up the ladder..stronger than Greenhill for exit opps
Greenhill has been on a massive decline the last 10 years and is hardly an EB anymore. Why do you think they pitched the business so hard in their in-office networking event? Deutsche will give you a better experience and stronger brand name.
DB hasnt been a BB since GFC lol. But still better than GHL no doubt
Would personally pick an European BB over a Japanese BB's M&A team.
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