BAML TMT

I have an informational interview with an alum at BofA soon and he might ask me what groups I'm interested in.

Media is the industry that interests me the most so I'd probably say TMT. Does anyone know anything about this group at BAML?

What are some strong groups there? I imagine they have a great Lev Fin group since they can leverage their huge balance sheet.

Any thoughts?

Comments (31)

 
Sep 23, 2010 - 9:11pm

No, Jeff Kaplan (M&A MD) had the Marvel connection.

Join any group you'll be fine. Just a word though... very few people at BofAML make bulge bracket PE shops. This is generally the case for all the non-GS/MS bank. Don't walk into the job expecting to land a good PE job - most likely won't happen. What will happen is that you'll get a middle-market PE shop if you're a decent performer.

 
Sep 25, 2010 - 12:51am

ibhopeful532:
No, Jeff Kaplan (M&A MD) had the Marvel connection.

Join any group you'll be fine. Just a word though... very few people at BofAML make bulge bracket PE shops. This is generally the case for all the non-GS/MS bank. Don't walk into the job expecting to land a good PE job - most likely won't happen. What will happen is that you'll get a middle-market PE shop if you're a decent performer.

I happen to personally know of several 2nd years with megafund offers, as we speak.

 
Sep 23, 2010 - 9:47pm

I think ibhopeful has "good PE job" confused with "mega fund PE job." I'm not sure why anyone would equate
"mega fund" with "good" but there are plenty of excellent PE shops out there that aren't named Blackstone, KKR, or Carlyle. In fact, many analysts across the street actually prefer small shops since they generally tend to have better work-life balance than the big boys. I work at BAML and some of my friends are going to Lindsay Goldberg (~$8bn fund raised in 2009), Towerbrook, Irving Place Capital, Apax, Providence, Morgan Stanley Capital Partners, BAML Capital, Metalmark, Madison Dearborn, Leonard Green Partners, etc.... don't let people make you think mega-funds are the only "good" places to go. Think about how boutiques (Evercore, Greenhill, Moelis) stack up against the bulge brackets. It's a similar comparison in that sense.

 
Sep 24, 2010 - 1:11am

SleepDeprived:
I think ibhopeful has "good PE job" confused with "mega fund PE job." I'm not sure why anyone would equate
"mega fund" with "good" but there are plenty of excellent PE shops out there that aren't named Blackstone, KKR, or Carlyle. In fact, many analysts across the street actually prefer small shops since they generally tend to have better work-life balance than the big boys. I work at BAML and some of my friends are going to Lindsay Goldberg (~$8bn fund raised in 2009), Towerbrook, Irving Place Capital, Apax, Providence, Morgan Stanley Capital Partners, BAML Capital, Metalmark, Madison Dearborn, Leonard Green Partners, etc.... don't let people make you think mega-funds are the only "good" places to go. Think about how boutiques (Evercore, Greenhill, Moelis) stack up against the bulge brackets. It's a similar comparison in that sense.

.
i would agree that both mega and MM funds are both "good".. i guess it depends on your personality and what you're looking for.

BUT to equate mega/mm PE's with BB/elite boutiqe IB's is wrong because they play in different spaces. mega PE's will have investments in MM companies, but will also have investments in multi-billion companies as well. you will rarely see mid-market PE's venture into the larger cap companies... whereas Elite boutiques compete directly with BB's for deals.

 
Sep 24, 2010 - 2:08am

bigmonkey31:
SleepDeprived:
I think ibhopeful has "good PE job" confused with "mega fund PE job." I'm not sure why anyone would equate
"mega fund" with "good" but there are plenty of excellent PE shops out there that aren't named Blackstone, KKR, or Carlyle. In fact, many analysts across the street actually prefer small shops since they generally tend to have better work-life balance than the big boys. I work at BAML and some of my friends are going to Lindsay Goldberg (~$8bn fund raised in 2009), Towerbrook, Irving Place Capital, Apax, Providence, Morgan Stanley Capital Partners, BAML Capital, Metalmark, Madison Dearborn, Leonard Green Partners, etc.... don't let people make you think mega-funds are the only "good" places to go. Think about how boutiques (Evercore, Greenhill, Moelis) stack up against the bulge brackets. It's a similar comparison in that sense.

.
i would agree that both mega and MM funds are both "good".. i guess it depends on your personality and what you're looking for.

BUT to equate mega/mm PE's with BB/elite boutiqe IB's is wrong because they play in different spaces. mega PE's will have investments in MM companies, but will also have investments in multi-billion companies as well. you will rarely see mid-market PE's venture into the larger cap companies... whereas Elite boutiques compete directly with BB's for deals.

Sorry, my comparison was meant only to be in terms of perceived prestige. Many kids think BB's are the "good" Ibanks to work for when in fact there are plenty of smaller boutique shops that are just as good and just as prestigious.

 
Sep 24, 2010 - 1:54am

To be honest, I'm not really worried about PE exit opps..
I was just wondering if there's good deal flow and if the people are cool.

At the end of the day, if you're truly outstanding you'll get a job wherever you want...

I know someone from a "lower tier" BB going to Carlyle next year - probably not the rule but still possible if that's what you want to do (not sure why you'd wanna do 100hrs at a mega-fund after banking anyway)

 
Sep 24, 2010 - 4:46am

Um... If you would like to work under an associate whose gonna get fired before he writes your review, then join BAML.,

Another round of bloodshed is coming guys... My sources have told me analysts are included this time... not just associates and VPs.. ~300 expected to be cut BAML wide following the 400 cuts last week..

Do keep a note of the douchebag associates though.. cuz believe it or not, analyst opinions matter when they decide who to cut.. know several associates from top ibd groups at BAML that were cut not based on their own performance, but how they handled relationship with their analysts...

SleepDeprived, validate what I just said please..

 
Sep 24, 2010 - 11:16am

On the contrary, the seniors in our group sat us down and said the cuts are over. Believe these 5% cuts are a new policy the firm implemented that will occur every year (ala. Goldman cutting its "bottom" 5% every year). I at least have not heard anything else. Associates and VPs definitely hit the hardest...I know of a few analysts who got cut.

In regards to relationships with your associates, would agree that analysts do have some sort of say in their reviews....in fact I recently had to submit reviews for 5 associates as part of the regular feedback system.

 
Sep 24, 2010 - 12:23pm

A few BAML questions--

  1. What are their strongest groups overall? For someone hoping to go on to HF, which BAML groups would provide the best shot at this?

  2. Anyone know if the energy group does their own execution out of Houston?

  3. Will these job cuts affect SA or 1st year FT hiring at all?

 
Sep 25, 2010 - 1:31am

Sorry, worded that poorly. Wasn't trying to ask why they were moving groups, just looking for an update on which ones, etc.

So, are there still any good groups left in Charlotte? I've heard that their Levfin and RE groups are strong and still have teams in Charlotte, but what about M&A, others?

 
Sep 25, 2010 - 2:03am

Did you just graduate or have been in the workforce for a while?

"I do not 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."
 
Sep 25, 2010 - 2:06am

TMT Coverage -- BAML? (Originally Posted: 04/06/2010)

I did an extensive search, yet haven't been able to really get solid/recent information pertaining to this. Especially considering post-crisis, what are the top 5-10 TMT groups on the street? I know everyone loves GS TMT. But after the big 2 or 3 (maybe gs, ms, CS?), how are the other BB TMT groups on the street? Would any bulge bracket TMT group be a solid choice considering it seems that it is a pretty popular coverage group and the skills are transferrable across industries?

Specifically, wasn't Merrill's TMT group pretty solid? How is BAML's TMT group now after the merger...I've heard that the hours aren't as heavy, but, that may just be hearsay. How do you guys, who are actually experienced in banking, see BAML TMT these days compared to other coverage groups and/or other bank's TMT groups?

Thanks guys.

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