BAML IBD v. Goldman Legal-Prestige Factor?

Hey guys,

I have a good sense of the differences between BAML IBD and Goldman Legal, but I wanted to know which would provide the best exits and has the better prestige factor? I did BAML IBD this summer and liked it a decent amount, but am not sure what I want to do in the future. Also, I know Goldman is more prestigious than BAML, but I am worried that the legal department work isn't that interesting and is viewed as being less intense.

Thoughts? Thanks so much!

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Oct 28, 2011 - 12:31pm

their overdraft system is ridiculous. say you have $100 and pay $20 and then $90. You should get one overdraft for the $90 right? Nope the next day they put the $90 first and you get both overdraft fees.

i know this is irrelevant but just wanted to throw that out there. they are damn scumbags

Oct 28, 2011 - 12:36pm
dazedandconfused87:
their overdraft system is ridiculous. say you have $100 and pay $20 and then $90. You should get one overdraft for the $90 right? Nope the next day they put the $90 first and you get both overdraft fees.

i know this is irrelevant but just wanted to throw that out there. they are damn scumbags

How the fuck does that make sense? Even if they put the $90 bill first, it is still less than the $100 in your account. Also, they probably received the debits in that order. I really doubt Ken Lewis is out to fuck you over. But what would I know, I couldn't give two shits about retail banking (or be stupid enough to overdraw my account)

Oct 28, 2011 - 12:32pm

BofA is absolutely killing it in the league tables right now, they are #1 in pretty much everything and have been the lead on some of the biggest deals of the year.

With that being said though Goldman is probably still a much tougher place to get a job and on top of that they aren't going through the controversy that BofA is going through right now.

Oct 28, 2011 - 12:34pm

there is no comparison.

"Killing it in league tables" is not an indication of profitability.

a lot of talent was laid off from both sides and a lot of talent has left the firm. It is a classic example of what happens when you don't care or look out for your people.

Oct 28, 2011 - 12:35pm
lt1:
there is no comparison.

"Killing it in league tables" is not an indication of profitability.

a lot of talent was laid off from both sides and a lot of talent has left the firm. It is a classic example of what happens when you don't care or look out for your people.

Judging by the tone of the OP he/she is interested in landing a job at one of these two firms. The fact that BoA is on top of the rankings does mean though that the deal flow is great and as an analyst there will be some opportunities to work on some great transactions.

I never said anything about league tables = profits, but I do personally believe that BoA is going to be one of the best positioned BBs on the street once this recession nonsense is done with.

Oct 28, 2011 - 12:38pm

As Shannon Sharpe said... thats like comparing the movie "Dude, Where's My Car?" to the Oscar-winning "Titanic."

"Oh the ladies ever tell you that you look like a fucking optical illusion" - Frank Slaughtery 25th Hour.

"Oh the ladies ever tell you that you look like a fucking optical illusion" - Frank Slaughtery 25th Hour.
Oct 28, 2011 - 12:39pm
trade4size:
As Shannon Sharpe said... thats like comparing the movie "Dude, Where's My Car?" to the Oscar-winning "Titanic."

"Oh the ladies ever tell you that you look like a fucking optical illusion" - Frank Slaughtery 25th Hour.

Very well said!

Oct 28, 2011 - 12:43pm

I use Bloomberg's league function: LEAG. It fluctuates but BOA-ML is top 5 across everything pretty as you can see if you go to the table:

In Total Equity offerings, BOA-ML is 3rd-4th.
In Total Debt offerings, BOA-ML is 2nd between JPM.
In M&A completed deals, BOA-ML is between 4th and 5th, essentially tied with JPM. After JPM there is a huge decrease in share.

You can sort by any asset class. I think its just a port of Thompson tables, but updated as deals go on the wire.

BOA-Merrill is a solid investment bank to start off right now...really. obviously not at the GS/MS/Lazard level, but very good. Anyone who says its a bad place to be joining as an analyst is an idiot.

Its probably not a good place to make that paper, but I'm guessing if you are an MD worried about whether your bonus is 3mn versus 5mn, you aren't on this board...

People exaggerate greatly about the departure of top Merrill guys - I would say while 30% of the top 20 people are gone, only 10-15% of MD's have left since the merger.

GS is obviously the best - hands down. I don't see how anyone can rationalize going to BOA-ML over GS, unless they want to be a publishing analyst in research or something of that nature.

Oct 28, 2011 - 12:44pm

Two most overdone threads on WSO: 1)Comparisons/Prestige of IB's and 2)Rankings/Prestige of schools

"I don't think that there is any other quality so essential to success of any kind as the quality of perseverance. It overcomes almost everything, even nature."
-John D. Rockefeller

Best Response
Oct 27, 2011 - 7:18pm

If you like BAML, go with that. GS Legal will blow donkey dick and your only real exit is a similar function at another bank / fin. institution. May look good for law school, however don't know shit about that so your call. BAML's jr. program is fine, you won't get on the sexiest deals m&a wise (sans CR and Real Estate) but your experience will be di minis comp'd to you peers if not exactly the same. We had kids from the 09 analyst class go to all the big PE shops (although in less volume than GS / MS I'd assume) so you do a good job and nail a top bucket slot and you can get to where you want to go.

Ace all your PE interview questions with the WSO Private Equity Prep Pack: http://www.wallstreetoasis.com/guide/private-equity-interview-prep-questions
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