Hi all! I have an offer for a summer analyst position at both BAML and Credit Suisse for their investment banking divisions. Can you please compare these two? Honestly I am having a really hard time, as they seem pretty much even. Can you please compare them in terms of prestige, PE exit opps, best groups, etc? Thank you!
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BAML, end of discussion. Oi WSO, let's get this post closed everything has been sorted out!
Thank you! Any other insights?
Really depends on what groups are likely for you, esp. alums and connections.
BAML has a solid M&A group that places really well, and depending on the where you want to exit, CS places really well as well. Bottom line: Pick a place that's more likely to give you a return offer IMO
How do you have a summer offer when summer interns literally just finished their stints? Not doubting you at all, just genuinely curious as to how banks are already giving offers for next summer when this one hasn't even ended yet.
Probably a female candidate who went through accelerated processes, since a lot of these have already been done.
I have an FT offer from a BB for a division I did not intern in. Shit happens fast.
CS places considerably better than BAML out of M&A, Industrials, FIG and TMT. BAML places considerably better than CS out of Real Estate / REGL and LevFin.
Both banks have very strong Financial Sponsors groups, though I am not sure how BAML's has been doing recently. Healthcare, Consumer & Retail, Natural Resources and any other groups I missed are probably about even between the two banks, and it comes down to the candidate for exits.
CS will send a higher percentage of its analysts to buy-side funds but has a lot less analysts numerically than BAML does.
Key difference is return offers at CS this year were about 90% overall while BAML was somewhere in the 45% - 50% range.
If you are at BAML I would strongly recommend trying to get into M&A, LevFin or Financial Sponsors (assuming FSG is still good, which I think it is). At CS probably try for M&A, Financial Sponsors, Industrials, or TMT. That's not to say the other groups should be discounted though.
Edit
BAML v. Credit Suisse? Neither. Woof
If you asked this question in 2010 - 2014 then it'd be quite a toss up (perhaps even an edge to CS in terms of prestige) but in the current environment, it would be BAML hands down.
Anyone who works in the industry knows that US investment banks are currently hands over heels, dominant over any european investment bank. This is not even an exaggeration - BAML does significantly more business than CS in almost every possible line of business within traditional investment banking (M&A, ECM, DCM, LevFin) other than perhaps, securitized products (if you're into that).
CS Sponsors had historically been one of the top (if not THE top) sponsors group in the street due to CS aggressiveness in lending in the leveraged loans sector, but this no longer the case as management had been less willing to devote capital in risky lending, which significantly hurt the group and led to the departure of CS's sponsors co-head to Goldman Sachs (google: Sarah-Marie Martin) - also one of the reasons why CS shockingly played no role in the largest LBO of 2016 (Apollo/ADT). Don't get me wrong, CS Sponsors is still a top group despite the setbacks (that's how dominant they were) and offer arguably the most relevant skillset if you want to move to a traditional buyout PE firm (because CS sponsors also functions as a Leveraged Finance group for all sponsor related deals; CS regular LevFin also called LFO&R only focuses on corporates), but I'd argue that BAML Sponsors would offer just as great of a skillset, with much stronger guaranteed deal flow potential than CS (BAML is hands down the leader when it comes to anything Loans related, not even a question).
Plus BAML has an absolute gorgeous building in one of the most pleasant areas of Manhattan (Bryant Park). Not that this should be factored in, but just saying...
TL;DR stick with US investment banks.
*PS. I work at neither BAML nor CS...
Good points, although I disagree with your ultimate conclusion. Was a bit of heartbreak not being on the Apollo / ADT or Apollo / Diamond deals this year
BAML
From an O&G perspective CS has been doing well and landed some major headline deals (i.e. Schlumberger acquisition of Cameron, adviser to Cameron) but they seem to have lost a few higher ups and have quite a few analysts (maybe over hired?).
Granted this is based on an outsiders perspective for CS in Houston. Don't have any insight on BAML.
In Houston CS and BAML are about equal. CS is stronger in upstream and OFS, BAML is stronger in midstream and downstream. From what I've seen, both have had pretty good placement in recent years.
CS has been winning a lot of upstream equity mandates this year by being very aggressive on pricing and also did the Range/Memorial deal.
BAML did the recent Petrobras asset sale.
@CatsCradle" thanks for the insight. Can you comment on any FT Analyst roles they may have (CS or BAML)?
Also if you are an experienced O&G professional would you be able to apply as an Associate or would Analyst make more sense, assuming MBA is not a flat-out requirement?
Thanks
How do you have the BAML offer already? The accelerated process Final Rounds is in September?
They likely went to the ML diversity event. I know someone who has already accepted an offer there.
Ah okay, like the ones in May?
exactly
But if BAML is going to have another ~50% conversion rate next year... I should definitely choose CS.
BAML rates will probably be higher, they said this year was an anomaly and as mad as I am for the effect it had on me, I'm inclined to believe them based on historical offer rates and the context from this year (overhiring of new first years, bad markets, and overhiring of interns). I think 50% was excessively severe and that they underhired even relative to the underperformance of the markets, but no one asked me to consult on this stuff. Given the overhire/overfire strategy though I think if anything they'll calibrate next year's intern class to be smaller if they except a decreased amount of slots, so the offer rate will still rise. They don't like turning away qualified interns for no reason, as they shouldn't.
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