I know that there are many threads from the past, but many any inaccurate (eg: Laz is at the top in many of them)
Also wondering how the new polices by the BBs to retain talent may affect placement in the next few cycles
Any thoughts are appreciated
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On cycle recruiting doesn't happen in London so most of the policies you're hearing about does not matter for London.
Would they not be implemented still?
What banks have the best exits?
Whether or not they're implemented are sort of irrelevant. E.g. JP's policy about having an offer before you even join analyst class, why would that matter if on-cycle recruiting doesn't exist.
To your second Q, idk. Probably the same banks that you'd expect. Most recruiters are fresh out of uni and only know what GS/JP/MS are.
Go to BBs and yes speak two continental european languages haha
Not op but how feasible is it to lateral to a top 3 bb from laz?
If you are what they need and you can prove it- it’s fine
Off topic but would you mind listing the reasons why you want to go to PE rather than staying in banking?
Its an investing seat, more strategic and intellectual, more entrepreneurial, longer projects
Also, better pay, somewhat better hours and I could always come back to banking
Your answer is what I anticipate
I was exactly like you when I was a student. Then I realised that PE is more stressful (you actually invest money), longer hours (you actually need to understand all the DD materials), more toxic (all the hardos / psychos go there), less career progression (and the partner is not leaving any time soon), and less money than banking (in advance: carried interest is a joke, do some digging). I am just inviting you to do more due diligence, and it can start by going to the PE section of this forum
My advice: go in IB in a bank with a decent work life balance (not Goldman for example), do it until VP3 and save money (look into "fire movement"), and then coast in a chill corporate job / enjoy life
PS: I am not a psycho and I love life, which is not the case of many people in this forum
The big difference between London and the US is how stronger BB are vs EB.
Evercore, PJT, Centerview are all Tier 2 in London.
Tier 1 is really GS, JPM, MS. Then Citi and BofA are probably still better alternatives in London compared to most EBs for buyside recruiting.
Yes, I know the top 3 are the best, but I don’t mind slightly worse exits for better culture and pay
I read somewhere that since there is no on cycle, people from a lot of banks get interviews from hhs. Correct me if I’m wrong, but will people from roths/laz also get roughly the same interviews as evr/pjt but then the quality of bankers at those firms is just better? Why has laz in particular had such bad exits?
Roth is a better option than the typical US EBs in London. They have good deal flow and good exits, culture is tough as it is for most boutiques in London.
Laz is not what it used to be, probably on par with US EBs for exits today with one of the worst culture on the street. Would not be my first choice.
Truth! Go to BBs and make your lives easier.
My impression is that, over the last ~2 years, large-cap funds have increasingly hired from top US EBs - although they tend to also have MScs from top European business schools (i.e. hardos)
PWP: seem to have a strong pipeline to Apollo (x3)
PJT: KKR (x2) / Advent (x2) / TPG
CVP: CD&R (x2)
Lol, Language Fluency is a factor here as well
That argument makes no sense. A language requirement is also there if you are at GS/MS, does not matter which bank. If CD&R hires a German or Italian, they could easily do it from top 3 BBs too.
I got the sense that PE funds in London are willing to interview a wider set of candidates than the US but the processes are much longer. It is not unheard of to do 20 rounds of interview for a MFPE seat in London.
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