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Guy above talking about delusions is right. Sorry dude but in this environment and in this industry you don't get to be this selective about where you end up, especially since you are just a student and don't have any offers.

1. This is the toughest recruiting environment since 2008. Banks across the street are laying off both juniors and seniors. Intern return offer rates are lower than previous years.

2. Tech and TMT in general have been hit the hardest. Compared to other sectors, normally a lot of work in Tech is capital markets related, at least at top places because in Europe there isn't a lot of Tech M&A at a scale of 1B+. And capital markets right now are frankly shit. So no need for meaningful headcount increases.

3. Even at top groups like GS TMT you won't be able to freely choose that you only want to work on tech. You can get staffed on a large telecom account and you won't have time for much else.

4. London is incredibly competitive. To even get a single offer is a great achievement, to be able to choose between multiple to fulfill your criteria is unlikely unless you're an absolute top (diverse) candidate.

Get an offer first.

 

You need to understand here and now that you won't find any decent bank, BB, MM, or whatever that does cool software deals and has good hours as well as decent exits. You need to shake off these delusions.

 

What about banks / boutiques / whatever that do "okay" deals with "okay" hours? As I’ve said I don’t need to be at a BB / EB with excellent deal-flow. I’m okay with being at lower tier place (still okay obviously) with the tradeoff of not having to do all nighters consistently.

 

Just to chime on this. You will see that for every single buyside process shop, even small VCs or MM PEs, that inboxes are absolutely flooded by CVs from BB and EB IB folks.

If you think "I dont want MF so should be ok", the reality will be that you compete with everything from GS TMT to BAML TMT and all the way down to people from smaller boutiques. I cant stress enough how insanely comeptitive it is.

I know many super-talented people that can punch out a beautiful, full-blown 3 statement model without many issues + coming from a US BB with relevant sector experience and multiple deals on their CVs whilst having been to absoulte top Unis that have been interviewing for over a year.

I dont want to discourage you but rather let you know and manage your expectations that it is a long and extremly painful path to getting an offer :)

 

Agree with above. This is market is absolutely brutal. Why don't you see what offers you get first, and then we can opine about which ones to take/prioritize? This reminds me of the market post GFC, when I and my classmates graduated. It was shocking. I had amazing classmates who had interned at Lehman, ML in top groups get their FT offers rescinded and they couldn't get hired anywhere. No banks were hiring. Getting a job at Deloitte was considered good. See what offers you get, then we can figure it out.

 

Arma (think they got acquired), GP Bullhound, Houlihan Are Good MM tech names that come to mind

 

As everyone has already told you, it is a brutal market so recruiting for FT in banking right now is a total nightmare. If you are lucky enough to not only end up with multiple offers, but with multiple offers for TMT teams, then make that consideration at that point in time. There is no point in picking and choosing before you have an offer. 

VC / Growth or even FP&A for big tech is a pretty small industry in London. As such, you will have extreme competition applying for any such positions. Take a look at Linkedin and you will quickly realize that most people at growth shops are from TMT groups at the US BBs. VC is even more difficult because teams are often very small and people with IB backgrounds are often underrepresented. Instead, they often prefer people with an entrepreneurial background. You will find that people from pure-play tech shops like Arma / Torch Partners / GP Bullhound often exit into the TMT teams of the BBs rather than going to the buyside. 

If you want to work on exclusively on tech deals I would strongly advice against going to a US BB. At the US BBs, you will almost exclusively do large deals. However, the problem is that large software companies barely exist in Europe. I'm in TMT at one of the US BBs and most of the stuff we do is Telecom / Semiconductors / Media / E-commerce. Software deals are very rare. 

If you want to do more software I would recommend a place like Arma / GP Bullhound but you most likely won't be able to get cushy buyside positions in VC / Growth. 

 

I'm personally at GS TMT and hours here are extremely rough. Weeks below 100 hours are very rare and I will often be in the office until 4-5am. I have a lot of friends across bank and the culture at GS is generally pretty good by banking standards. However, the TMT team is known for having one of the worst cultures across GS and I can confirm it. Even when I was an intern here people strongly recommended me against joining the team because of the hours / culture even though they were very happy with my work. 

I know a lot of people at MS and I wouldn't go there if my life depended on it. Easily one of the worst, if not the worst cultures on the street. I have friends in 5-6 different groups and they all tell me the same story of a toxic culture with brutal hours, so it doesn't seem to be group dependent either. 

For JPM and BofA I don't know people in the TMT groups, but I know people in other teams and they are generally pretty satisfied. 

Arma is a very solid shop, but I've heard hours are rough and the culture is not that great. 

Unfortunately, there are no free lunches in IB. If you want decent hours and a nice culture, you will typically have to look for smaller / weaker banks or groups. However, if you choose such a bank or group you will most often sacrifice optionality when it comes to exit opportunities. You can take the view that "it is only 2 years, let's grind it out" and aim for a top bank / group to get great exit opportunities. That is what a lot of people do, but I can also tell you from experience that 2 years is a very long time when you are working 100+ hours a week under high stress and extreme sleep deprivation.

 

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