Any info on Gleacher & Co?

abcba's picture
Rank: Monkey | banana points 40

on how the company is doing (their stock price is under a buck, not a good sign), their hiring needs, culture, compensation, etc?

Comments (32)

Jul 8, 2012
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Jul 8, 2012
Jul 8, 2012

I have no input besides that fact that, as an equity invetment, I am down ~40%...hopefully GLCH's deal flow is improving

Jul 8, 2012

i know they just got rid of their tech team

Jul 8, 2012

they just got out of the equities business too

Jul 8, 2012

pretty good nyc m&a group. the past analysts went to very good gf/pe

Jul 8, 2012
Ricqles:

pretty good nyc m&a group. the past analysts went to very good gf/pe

heard they have hot gf's also...but yea placement on their recruiting presentation was sick

Jul 8, 2012
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Jul 8, 2012

On the ropes; deal flow is suffering. You're right that they were a well respected firm and there was great placement for the analysts, but the prestige has to be waning and it's hard to tell how much pull the current senior bankers might have with the buy-side. It was rumored that Stifel was looking at buying them, but after their KBW acquisition it seems less likely. There are still potential buyers, but its hard to speculate whether they'd rather pay the premium to buy the GLCH name or just cherry pick by lifting the productive groups who want to flee a potentially sinking ship.

I'm curious, are they still hiring?

Jul 8, 2012

So its confirm they are going down if no one buys them? I heard their banking is tiny like 12-15 people including all the MDs, VPs, etc.

They are more of a S&T unit right because of Broadpoint.

Jul 8, 2012

Not confirmed, but the outside view isn't good. The outside view has been wrong before though, so who knows. You're free to roll the dice if you have an offer.

Jul 8, 2012

My info isn't confirmed either but heard negative things as well, best to take a top MM over them if you have the chance.

Jul 8, 2012

i hear you want to know a thing or two about Gleacher?

Jul 8, 2012

this week I got email from friend of a friend,etc...their friend's son had offer from gleacher and then it was rescinded!
nothing good going on there..had alot of defections from 2nd yr analyst class ( know this for a fact from one of the defectors), low morale is rampant and a lot of uncertainty. Not the best career choice if anything else on the table.

Jul 8, 2012

So they renege on their offers? Doesn't that screw over the people that have accepted since they won't have other offers at the time they rescind them?

Jul 8, 2012

Yes, usually reneging an offer screws the person over majorly. Worse is when a bank lays off someone who is only 1-2 months into training. Those guys rarely recover since they're too old for OCR and too young for lateral opps.

Jul 8, 2012

Also know one of the guys who works there currently. The kid did not have his offer rescinded - the offer expired after the kid had accepted another offer. Also fyi, they closed on $16 billion Archstone deal - google it, so perhaps not doing terrible. Maybe the entire investment banking climate just all sucks. I bet no analysts at KBW or Jefferies expected to get sold off either...

Jul 8, 2012

Really depends how they can rebuild the trading teams. It has a strong name but really seems tostruggle keeping people. Are you currently a trader now?

Jul 8, 2012

I believe they were all in credit trading. Are you currently in trading? I don't know what Gleacher's plan is for the trading arm, they have plenty of more problems to deal with then that.

Jul 8, 2012

Look at it this way: if you're in ops now and have a shot at trading there....take it. After a couple of months you're a trader, and will have less trouble finding another trading job than if you had stayed in ops.

Why do you hate you current job?

If you're already trading or doing something you want and just don't like your team or whatever...then I don't know, I'm not familiar with their trading at all. Going in after a huge round of cuts can be either really bad, as in they want you to staff a sinking ship OR it can be a really good opportunity because they just cleaned house and it's wide open for you to take advantage of whatever opportunity remains. Realize that either way you may not make a lot of money right away, especially if they're rebuilding or building in another direction.

See if you can find out from any of the people actually cut what the deal is: is Gleacher cleaning house or are they winding down the desk.

Get busy living

Jul 8, 2012
UFOinsider:

Look at it this way: if you're in ops now and have a shot at trading there....take it. After a couple of months you're a trader, and will have less trouble finding another trading job than if you had stayed in ops.

Why do you hate you current job?

If you're already trading or doing something you want and just don't like your team or whatever...then I don't know, I'm not familiar with their trading at all. Going in after a huge round of cuts can be either really bad, as in they want you to staff a sinking ship OR it can be a really good opportunity because they just cleaned house and it's wide open for you to take advantage of whatever opportunity remains. Realize that either way you may not make a lot of money right away, especially if they're rebuilding or building in another direction.

See if you can find out from any of the people actually cut what the deal is: is Gleacher cleaning house or are they winding down the desk.

Neither...The credit trading group defected to another firm (Baird I believe). Back in April the MBS trading team left for another firm as well. They have slowly built that team backup. According to the CEO they are focused on fixed income s&t

Jul 8, 2012
UFOinsider:

Look at it this way: if you're in ops now and have a shot at trading there....take it. After a couple of months you're a trader, and will have less trouble finding another trading job than if you had stayed in ops.

Why do you hate you current job?

If you're already trading or doing something you want and just don't like your team or whatever...then I don't know, I'm not familiar with their trading at all. Going in after a huge round of cuts can be either really bad, as in they want you to staff a sinking ship OR it can be a really good opportunity because they just cleaned house and it's wide open for you to take advantage of whatever opportunity remains. Realize that either way you may not make a lot of money right away, especially if they're rebuilding or building in another direction.

See if you can find out from any of the people actually cut what the deal is: is Gleacher cleaning house or are they winding down the desk.

agreed.

none of this am i too good for them crap i'm not going to apply. that's for them to decide, and unless you can evidence that you ARE too good (ie you have offers elsewhere at better places), you should apply.

"After you work on Wall Street it's a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side." - David Tepper

Jul 8, 2012

Hi all. Thanks for the feedback. I am not a trader. Instead I'm working in a non prestigious front office role but I'm looking to break in. I definitely don't think I'm too good. My hesitations are simply if I were to receive an offer however unlikely, I wouldn't want to accept if the company wasn't going to be around in half a year. As I said, I would like to work there but don't want to risk giving up a steady job for one that may not exist... Once again thanks to all and I guess hopefully this provides insight for anyone else interested in them.

Jul 8, 2012

Comments on the M&A team?

Jul 8, 2012
lowelltank:

Comments on the M&A team?

Have done some nice deals in the past and have a decent reputation, but the company is literally falling apart. Whenever you hemorrhage talent, particularly at the top, there is always big risk to future deal flow.

Once Gleacher decided not to sell, the few remaining shareholders started heading for the exits. It needs to be taken private again and turned around.

Jul 8, 2012
peinvestor2012:
lowelltank:

Comments on the M&A team?

Have done some nice deals in the past and have a decent reputation, but the company is literally falling apart. Whenever you hemorrhage talent, particularly at the top, there is always big risk to future deal flow.

Once Gleacher decided not to sell, the few remaining shareholders started heading for the exits. It needs to be taken private again and turned around.

Any thoughts on possible aquirers?

Get busy living

Jul 8, 2012

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