DLJ vs Drexel
Pretty interesting interview with Steph Moyer - didn’t know he was now at USC (Insight Series #1 - Stephen G Moyer on Youtube since WSO doesn’t let me post links)
Watching it brought the question to mind - DLJ or Drexel? In terms of alumni (many of which were shared), legendarily difficult work culture, and untimely end, there have been a lot of similarities between the two. If you could go back in time forty years, which would you join and why?
Based on the most helpful WSO content, both DLJ (Donaldson, Lufkin & Jenrette) and Drexel Burnham Lambert were iconic firms in their time, each with unique legacies. Here's a breakdown to help you decide:
Alumni Network:
Both firms produced legendary alumni who went on to dominate Wall Street. Drexel alumni include Michael Milken, the "Junk Bond King," while DLJ alumni are known for their influence in private equity and investment banking. DLJ alumni have been particularly impactful in shaping firms like Credit Suisse and various private equity shops.
Work Culture:
Both firms were known for their intense, high-pressure environments. Drexel was infamous for its aggressive, cutthroat culture, especially under Milken's leadership in the junk bond era. DLJ, while also demanding, was slightly more traditional in its approach to investment banking.
Specialization and Legacy:
Untimely End:
Both firms met untimely ends, but for different reasons. Drexel's collapse was due to legal issues and the junk bond market crash, while DLJ's acquisition by Credit Suisse was more of a strategic consolidation.
Which to Choose?
If you were looking for innovation and were willing to take on a more aggressive, risk-heavy environment, Drexel would be the choice. However, if you valued a more balanced career trajectory with strong private equity opportunities and a lasting legacy, DLJ would be the better option.
Sources: Cornell Dyson vs. Dartmouth for Undergrad, Cornell vs Michigan vs Dartmouth school choices, https://www.wallstreetoasis.com/forum/private-equity/then-and-now-compbanker?customgpt=1, PJT RSSG Culture?, How to Diligence Firm Culture / Determine Fit (Post-MBA / After 2-Year Program)
DLJ only became the big name that it did after Drexel imploded and all the people went there, feels like they're pretty similar
Drexel. Predator's Ball was a great book. Ngl, if I had the chance to work under Milken's team - I would have done it for at least a few months up to a year. Knowing myself, I wouldn't have lasted long but would have been interesting being amongst the eventual giants that came out of his former team.
There’s only one king of junk bonds.
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