Another BAML Thread

youngblood's picture
Rank: Gorilla | 664

Does BAML have the standard product and industry coverage groups, similar to most BB (apart from GS)? Do they have a separate LevFin, Financial Sponsors, M&A, and Industry groups?

Now, how would you guys rank or describe the culture and work environment of BAML's M&A, LevFin, Sponsors, and TMT groups? Are any of these considered to be sweatshops on the street? Thanks guys.

Comments (5)

Feb 10, 2010

Yes.

LevFin + Sponsors are very good, one of the best on the Street. M&A is decent, dunno about TMT.

Feb 11, 2010

Thanks P&P. LevFin and Sponsors are separate groups at BAML, correct? Can someone help clarify what the difference is between these two groups in terms of what they actually do?

Feb 11, 2010

Sponsors - cover PE clients. Basically you do PE firms bitchwork. (ex. Friday night 11pm, your boss gets email from someone from Carlyle asking for historical stock prices and a bunch of other random sht they could easily do it themselves. Your boss pass the work to you and ask you to get it done Saturday afternoon)

LevFin - deals with leveraged debt. so hy issuances, debt restructuring (exchange offers), etc. your responsibilities will include spending 2+ hours looking through the OC trying to find a very specific covenant on debt issuances, spread debt comps which requires reading through the entire NOTES section of the 10k trying to break down the loans, figure out why the hell the company only reports net interest expense when you are trying to strip out interest expense by itself. And if you are lucky, you get to work on a LBO transaction which is what people in LevFin often brags out, but legit LBO deals don't come through very often nowadays.

    • 1
Feb 11, 2010
cluelessbankinghopeful:

Sponsors - cover PE clients. Basically you do PE firms bitchwork. (ex. Friday night 11pm, your boss gets email from someone from Carlyle asking for historical stock prices and a bunch of other random sht they could easily do it themselves. Your boss pass the work to you and ask you to get it done Saturday afternoon)

LevFin - deals with leveraged debt. so hy issuances, debt restructuring (exchange offers), etc. your responsibilities will include spending 2+ hours looking through the OC trying to find a very specific covenant on debt issuances, spread debt comps which requires reading through the entire NOTES section of the 10k trying to break down the loans, figure out why the hell the company only reports net interest expense when you are trying to strip out interest expense by itself. And if you are lucky, you get to work on a LBO transaction which is what people in LevFin often brags out, but legit LBO deals don't come through very often nowadays.

Thank you, I really appreciate this explanation.

Feb 11, 2010
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