Lincoln International (M&A) vs. Nomura IB offer (2025)
Curious what are the thoughts on these 2 banks and if i have to choose b/w them, which one is better? Both are NY office, and Nomura's team ranking didn't start yet so idk if i'll get greentech.
Nomura is notorious for long hours relative to flow and for low return offer rates. Also, GreenTech is a terrible sector to be in right now given that the current administration isn't a big fan of renewables, and other banks now have more established and stronger energy transition teams. Greentech was the big leader in the space early on, but don't think it is any longer. If you look at recent Nomura Greentech analysts, the main exit just seems to be leaving to other banks; which suggests terrible exits and/or terrible culture. I don't think the old days of good MM/UMM exits are the case for the group anymore given all these analysts leaving for better exits and/or culture.
Would take any BB/EB over Nomura easily and think I would take any top-tier MMs like RBC or Jefferies over them too. However, I still think Nomura is a bigger brand and will set you up better for lateraling to other firms than Stifel, just might be hard to get the return offer. Also want to note Nomura recruited separately for Greentech a few years ago, not sure if it's still the same.
Ultimately, would say Nomura Greentech > Nomura > Stifel if you are confident about getting a return and being a great intern.
Ty for the insights!!
The culture at Nomura Greentech is rough. In the last 3 years, their SF office has had bad attrition. The oldest class had 6/6 1st years leave within 1 year, the next year had 4/6 leave, and this current first year class had 3/6 fired before midyear reviews.
Is this for real? how do they even get things done with so few juniors?
It is. We got shit done by just putting in more hours. Every single person I knew was routinely pulling ~16+ hour weekdays and ~8+ hr Saturday's and Sunday's, which among other factors, then leads to attrition, rinse and repeat.
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