A Warning on Tobin & Co.

I saw this post on Glassdoor and can confirm this is 100% true. Do not be blinded by the positive reviews as Justine (the MD) forces her employees to write them.

-Terrible culture with toxic work envirnoment
-Employees are “highly encouraged” (i.e. forced) to leave artificially positive reviews on websites like this to change the fact that the company is viewed as a joke in the business, as it should be... Anybody writing a negative review is considered like an enemy to eliminate and I know for a fact that the company keeps track of these people’s careers to try to get them fired from future employments, especially if they happen to still be in the area. Hence why I needed to hide my identity on glassdoor and why I cannot give more detailed info here. There is many former employees that could be writing this review so I am safe like this and I am quite sure they will not be able to figure out who I am.
-The whole business model is to exploit the dream of young kids to become bankers and deceive them that the brand Tobin will help them breaking in somewhere else while in reality anybody looking at your CV and seeing Tobin will think you are worth nothing. Literally anything else in your Cv would be better, those that did succeed in getting meaningful jobs after working at Tobin did so because of their own merits and despite Tobin, not because of it. Stay away! P.S.= Apologies for possibly typos, I wrote this from my phone

 

I wonder what the real reason she left BAML as an MD is. Chick probably went batshit and had to spin getting pushed out

 
stormedlloyd:
Literally closed two deals in two years with a total value of $20M. Fee revenue is probably less than $2M. I am surprised the shop is still alive

There is no way she took home anywhere near $2mm, but there are minimal operating expenses. She's keeping all of the revenue for herself, so without having to pay anyone else, it's not a bad gig for her.

 

assuming fee% of 3% - no idea if that’s right but seems reasonable:

Rev - $600k Wages - $0k Rent - $100k (est $25 per sq ft @ 4000 sq ft) Pre-tax profit - $500k Taxes @35% - $175k Earnings - $325k

So ya if they do a deal a year we are talking Aso 2ish comp.

If there is $150k on the payroll (legal, a VP, idk) - then after tax profit down to $230ish, and we are into Aso 0/1ish territory

 

She finds suckers to work for her, by promising they will make money (notice I said "money" not "more money") in the future. Sounds like a MLM to me.

 

Apparently their only associate Story Cowles is heavily connected to the Jeffrey Epstein case. Don't have enough points to post a link but he was mentioned as having visited Epstein in jail more than 130 times by CNBC. Was also a person of interest mentioned by the DailyMail as far back as 2011.

 

Apparently Story Cowles has been acting as a personal assistant to Jeffrey Epstein... This is so weird. Also, to address the above comments, his parents are heirs to a very large fortune (built from the railroads industry).

Edit: He is also currently dating a girl called Sarah Kellen, who presumedly has been acting as one of Epstein's accomplices for many years (helping recruit young girls, etc.)

 

This is pretty fascinating. I will say a quick google search shows that Sarah Kellen now goes by Sarah Kensington and is married to Nascar driver Brian Vickers, so not sure your comment is accurate.

 

I feel like this would create a very large conflict of interest in the office because Justine claims to be an avid supporter of women empowerment and all that other women nonsense. Unlessssssss........ the whole company is a front for something larger.

 

Just checked out her Twitter account - seems like a balanced and nice human being to me:

-Carpet was supposed to be replaced by @VUEclt in 1 day. Mgt assured us several times. Crew of only 2 people didn’t show up til noon. We came home to this + an unlocked empty apartment at 8:00 at night. The crew returned, then left us to clean up their mess #LuxuryLiving #disaster

-The top of shoulder seam busted out of my @JamesPerse boiled wool jacket. How does JP respond? Repair? Replacement? I have hardly worn the thing. Let’s see! (No wonder Sak kicked them out.

-Bought a bed from @Westin - my husband’s decision, not mine. It was delivered DAMAGED. We returned it through the local delivery company. We received NO PAPERWORK and now Westin Home is giving us a hard time about a refund. When they are dealing with a shady delivery company.

I can't see her photo but I'll bet anyone here 100 Euros that she has the "speak-to-the-manager"-haircut!

I don't know... Yeah. Almost definitely yes.
 

Crazy thought here, I interviewed for an internship at Tobin back in 2015 a month before graduation. Came to finance major late, regional state school, and had no experience, mediocre grades but good leadership on campus.

Instead I took a crappy credit analyst job making 42k a year because I didn't want to move back in with my parents. It's extremely hard to negotiate up to a decent pay grade from that, working for free could've been a better strategy. I'm sure I could've leveraged that internship to a better commercial banking gig that paid more and taught me actual underwriting skills. But I was dumb and didn't realize how narrow my responsibilities would be at that first job.

There's a difference in student who to tried to recruit IB for years and didn't make the cut vs students who simply weren't aware/didn't try. Something tells me most of the haters are in the former group.

 
Milesthebest:

Crazy thought here, I interviewed for an internship at Tobin back in 2015 a month before graduation. Came to finance major late, regional state school, and had no experience, mediocre grades but good leadership on campus.

Instead I took a crappy credit analyst job making 42k a year because I didn't want to move back in with my parents. It's extremely hard to negotiate up to a decent pay grade from that, working for free could've been a better strategy. I'm sure I could've leveraged that internship to a better commercial banking gig that paid more and taught me actual underwriting skills. But I was dumb and didn't realize how narrow my responsibilities would be at that first job.

There's a difference in student who to tried to recruit IB for years and didn't make the cut vs students who simply weren't aware/didn't try. Something tells me most of the haters are in the former group.

That's $42K more than Tobin pays

 

Ummm, a "crummy credit analyst" role can easily turn into FO IB at a reputable firm, leveraged credit shops, or a host of other desirable finance careers... I had a guy that wasn't able to convert his summer into full-time due to reasons beyond his control, went into commercial credit, and now has a pretty desirable family office gig. I doubt someone from Tobin could have done the same without a stint at a legitimate employer.

 

Not disagreeing with you. When I said crummy I was referring to the particular bank’s structure. They really shouldn’t be selling it as “credit analyst” to college kids. I wasted 3 years before leaving for a normal credit analyst job I’m in now which I’m very happy in.

But it would have been nice to get here 2.5 years ago.

 

I interned at Tobin out of college. I will agree that going to work unpaid right out of school seemed crazy to me, too. But coming from a non-target background with zero connections in the industry was enough for me to jump at any chance I got to get my foot in the door somewhere. Ultimately, the experience gave me the chance to land an analyst role at boutique in NYC that I never would have been considered for having not interned at Tobin. Other folks have gone to land roles at Goldman, Evercore, BAML LevFin, Deutsche (RIP), Citi, Jefferies, GCA, Houlihan, Citadel, among others.

Since most of you on here seem to have a lot of time on your hands, I'd recommend reaching out to some of these folks on LinkedIn personally and asking how their experiences were firsthand. See what they have to say.

Also, sorry about the lack of banana points. Whatever those are...

 

Well John, as someone who interned at Tobin perhaps I can shed some light on this...or maybe disregard all that I'm about to say so that you can peddle this false narrative, either way it's your choice. There's been a toxic culture nurtured on this site where people look down on experiences that aren't BBs or elite boutiques or MM banks. Banking is a big world and a competitive one; and not everyone has parents to hire them tutors, pay for their tuition and guarantee them top spots in finance jobs. Many have to work harder to achieve the "dream" and we are all starting at different places. The Tobin internship gives folks like myself a pathway to getting some good short-term experience which you can then leverage to bigger opportunities. That's a pretty sweet deal imo, even if others look down on it. 

And this site keeps peddling this B.S. narrative about Justine being a she-devil. Nah, she just has high expectations on the work she wants the firm to produce and it can be too "demanding" for some. But honestly, what the fuck do you think your MD at the "top shops" are gonna expect from you. No one will hold your hand and walk you to success, that shit is earned. If you think the Tobin culture is "toxic" and "cruel", just give up already because life in finance is gonna beat you like a drum. Hope this helped and please stay COVID-free.

 

Bigcoolguy sounds like the exact kind of name that Justine Tobin would use for a WSO burner account. 

 

Nah, dude, I'm not Justine. Have a feeling you're in troll mode rn so I won't give you the satisfaction. This site has been turned into a cesspool of trolls. There are other forms of entertainment, which are healthier than this one. Seek them, then seek help. Don't forget to get vaccinated. 

 

Interned here and so did my roommate. Both of us got an opportunity to break into IB because of Justine. No this isn't fake. This was brought to my attention by an old colleague. She gives people an opportunity to get exposed to IB. Period. Say what you want but 1) she makes it clear she doesn't pay and 2) certainly doesn't overwork people like any other IB Intern program or Analyst program would. My two cents from someone actually in the industry. There's worse programs and if you are scratching at the door, maybe just knock on hers.

 

Hey, friend. I'm happy it worked out for you, but here is some piece of advice that I never really understood when I was in undergrad or even when I was starting out: the way you treat people below you really says a lot about you, and there is much more expected from those who have been given a lot. If you are the owner of an investment bank, making millions of dollars per year and you cannot even pay your own interns who are undoubtedly (indirectly) generating revenue, that really says something about you. If you make money off of someone's back, and you do not reimburse them, that's stealing, plain and simple, regardless if they knew this arrangement going in. A used car salesman selling you a $10,000 car for $40,000 at a 20% APR spread over 72 months is not doing anything illegal, but that does not change the ethics of the situation. Ethics matters. Ask Henry Kravis who once said, "If you don't have integrity, you have nothing. You can't buy it. You can have all the money in the world, but if you are not a moral and ethical person, you really have nothing."

 

I disagree with that characterization, but at least you used words and complete sentences to make your point rather than troll. Some people complain that Justine treated them poorly; I don't know their experience so I cannot speak to it. But I'll speak to mine. It's pretty simple actually, don't fuck up, and you and Justine will get along just fine. And when you do fuck up on important work, own your mistake and fix. I've actually done that a couple of times and our relationship was just fine. As to the money, I do not know how much Tobin & Co. brings in regarding annual revenue. Anyone speaking to it is absolutely lying because they don't know it either. Although analysts don't get paid a salary, they do get paid a monthly bonus based on the firm's performance (and yours) to help you cover expenses. If you can find better, pursue it. This whole things has become like a sport/entertainment to some people. Meantime, someone's reputation is being ruined by people who've never met her and are too chicken shit to say whatever they say with their real names attached to it. Bottomline, I disagree with the characterization and the character assassination.

 

Justine, hear me out because I think this is a lucrative pitch. I've already got another well known and equally successful woman & finance icon, Paige A. Jennings of Lazard Asset Management, signed on and looking for a co-star. We're going to film a new segment focused around powerful women in the workplace. We'll put you two in a room with a few dozen men to manage as a team and just let you do what you do best. I think it'll be a real shining moment for feminism and female empowerment, and I truly believe more girls aspiring to work on Wall St. will be inspired by you two leading through example.

"The obedient always think of themselves as virtuous rather than cowardly" - Robert A. Wilson | "If you don't have any enemies in life you have never stood up for anything" - Winston Churchill | "It's a testament to the sheer belligerence of the profession that people would rather argue about the 'risk-adjusted returns' of using inferior tooth cleaning methods." - kellycriterion
 

bigcoolguy is Justine Tobin's burner. The syntax of the writing is similar to her tweet threads, and the tone is very confrontational, just like her tweets. The "get vaccinated" and "please stay COVID-free" remarks are another giveaway. Her Twitter is filled with complaints about people not social distancing and not masking properly. 

Justine, if you're going to use a burner, at least try a little harder to conceal your identity. 

 

This entire saga is honestly comical. Her coming here and posting is only making things worse - if she had just completely ignored the original posts warning people about Tobin then people would not be talking about the firm and shitting all over it the way they do now. Today pretty much every single WSO user knows to avoid Tobin lmao.

 

With how obsessively she posts on this forum, could Justine Tobin be the first to reach "The Addict" rank? 

 

Enim quos qui beatae molestiae. Eum fugiat voluptatem dolores aut deserunt inventore eum voluptatem. Veritatis sunt error dolor. Qui consequuntur earum aperiam quia sunt sed laudantium.

 

Repudiandae cumque pariatur perspiciatis quo hic odit. Ut molestiae et voluptatem distinctio porro quas. Sed amet qui sint aut eum molestias. Omnis sit commodi minus reiciendis atque architecto nostrum.

Dolor dolore vitae perferendis iste error. Voluptatem deleniti pariatur sit.

Assumenda dolores nemo est nobis est. Explicabo voluptas amet odio totam. Quas id dolor qui.

 

Rerum iste modi iusto non occaecati nulla. Ullam assumenda sint velit eaque.

Perferendis inventore voluptas sed provident aut est nihil. In corrupti voluptas sint aut et sapiente. Voluptate pariatur odit sit culpa. Nemo necessitatibus nobis vitae qui.

Sequi qui ratione dolores aut non quis. Asperiores consequatur provident consequatur et rerum perspiciatis. Labore nemo aperiam eum iste aliquid. Officia vel accusamus quas enim iste. Harum nihil cumque earum et. Aut dolores quas incidunt id repudiandae repudiandae est.

 

Occaecati nulla et velit saepe corrupti quia. Quia in voluptatem adipisci reprehenderit nemo laboriosam aut cumque. Nam ad aut similique et sint eaque dolore.

Asperiores enim rerum omnis earum. Hic sunt voluptatem fugit vel voluptatem dolores. Ducimus et consequuntur perferendis est enim id exercitationem debitis. Numquam quia dolores et iste dolores accusantium.

Saepe laboriosam suscipit ut corporis molestiae. Architecto excepturi voluptate excepturi ut ad quod neque. Magni culpa numquam ad eum. Quis alias ut commodi fugiat quos in distinctio. Ut doloremque molestiae omnis voluptatum id consequuntur mollitia.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (85) $262
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (65) $168
  • 1st Year Analyst (198) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Betsy Massar's picture
Betsy Massar
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
dosk17's picture
dosk17
98.9
5
GameTheory's picture
GameTheory
98.9
6
Secyh62's picture
Secyh62
98.9
7
CompBanker's picture
CompBanker
98.9
8
kanon's picture
kanon
98.9
9
pudding's picture
pudding
98.8
10
bolo up's picture
bolo up
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”