Best groups in BoA investment banking?

Some people have mentioned BoA's lev fin group as being highly prestiges, in the JPMorgan forum. I was wondering, especially after the merger with Merrill is completed, what other groups will BoA be strong/prestiges in? Does anyone know about their M & A, TMT, Nat. Resources, Consumer etc...

 

Merrill has fairly strong groups across the board. I know healthcare was top notch, multi-industries (includes metals, mining, infrastructure, etc)is pretty good, and the same goes for M&A + consumer. But yeah, back when lev fin was popular, B of A did very well. Only JPM had a better practice.

 

BofA and Merrill have already announced post-merger group heads... and across the board most of them are ML (i think 14 out of 17).. the only ones where BofA guy is head of is Healthcare, Real-Estate, and Corporate Banking (ML doesn't have corporate banking).. so that should give you a clue where BofA strengths... that's not to say that ML's groups in those areas aren't good.. I'm pretty sure ML HC is good too.. not sure about Real Estate

 

Soy, thats not true. At least at junior levels, ML is going to take the brunt of the lay-offs. Do you really think BofA cares about ML's supposed 'prestige' when to Ken Lewis its just a strategic move to get an Asset Management unit?

I think ML's IB is bigger than BOA's to begin with, meaning that at least in absolute numbers I'd expect ML to take a few steps back with hiring/keeping people employed.

 

BofA and Merrill have by bigal2127 (Chimp, 2 Banana Points Points) on 12/16/08 at 2:43pm

bofa and merrill have already announced post-merger group heads... and across the board most of them are ML (i think 14 out of 17).. the only ones where BofA guy is head of is Healthcare, Real-Estate, and Corporate Banking (ML doesn't have corporate banking).. so that should give you a clue where BofA strengths... that's not to say that ML's groups in those areas aren't good.. I'm pretty sure ML HC is good too.. not sure about Real Estate

Where you getting this information from? Any links..

 

Greg Fleming, who will be head of Global Corporate, Commercial and Investment Banking (GCCIB) following legal day one, today announced the members of the GCCIB Leadership Team. Regional heads, global business heads and global industry heads will have joint leadership accountability to ensure coordination and cross-selling across businesses and industry groups to maximize client coverage and profitability. These individuals will continue in their current roles until the successful closing of the merger and will assume their new appointments on legal day one.

· Americas Corporate and Investment Banking will be led by Brian Brille. (BofA)

· Asia Pacific Corporate and Investment Banking will be led by Jim Forbes.

· Europe, the Middle East & Africa Corporate and Investment Banking will be led by Mark Aedy.

· Global Energy & Power will be led by Jonathan Grundy.

· Global Financial Institutions will be led by Michael Rubinoff.

· Global Healthcare, Consumer and Retail will be led by Paul Donofrio. (BofA)

· Global Industrials will be led by Purna Saggurti.

· Global Real Estate and Gaming will be led by Ron Sturzenegger. (BofA)

· Global Telecom, Media & Technology will be led by George (Woody) Young.

· Global Corporate Banking will be led by Joel Van Dusen. (BofA)

· Global Mergers & Acquisitions and Financial Sponsors will be led by Jeff Kaplan.

· Global Client Development & Business Analytics will be led by Sara Furber.

 

I can confirm that the BAML Power Group in NYC is a sweatshop (100+ hrs per week). Double all-nighters not uncommon. Rarely get holidays off. A lof of junior bankers leaving.

 

I can shed light on the E&P group:

They are actually a pretty strong group, advising on the shell/bg deal. They are trying to build out their platform, as they have strong deal flow but are also under-staffed. Energy is stronger than power, also have been informed that exit ops out of energy are a bit better. Energy has 25% of their group in NYC, and 75% in Houston, Power if my memory serves me correctly is just in NYC, or at least has the most people. Energy in NYC is possible, but most likely you would be placed in Houston.

Place is a sweatshop though right now, just due to them being understaffed.

"My name's Ralph Cox, and I'm from where ever's not gonna get me hit"
 
bunkerbanker:
TMT is the only group with legit exit opportunities unless you want to go to Lindsay Goldberg or something...

Consumer was good when Romitha was there. Now it is just a piece of shit.

Tech and Media & Telecom are separate Coverage groups... also Energy & Power has strong presence in Houston, naturally, in addition to the NYC personnel... also you couldn't be more wrong with regard to the firm's exit opps... BAML has been crushing it in the syndicated loan space... Lev Fin has phenomenal PE placement and so do most coverage groups... don't make blanket statements about groups you know little about...

 
corruptbargain:
real estate has some bankers in charlotte as well

TMT is not TMT it is split into Traditional tech (based in SF), business tech (based in NY) and Media & telecom (based in NY)

The tech group is mostly in Palo Alto, which is the biggest BAML office globally outside of NYC, cos the global head of tech banking sits in that office.

I know there is also a corporate finance group in NYC comprised of around 15 bankers.

 

swaps first, then inflation, then options. I honestly think STIR will force you to learn the most macro of any asset class but I am biased from experience...

 
9956:
swaps first, then inflation, then options. I honestly think STIR will force you to learn the most macro of any asset class but I am biased from experience...

Interested to know why you recommend swaps over options. What about your experience makes you say this?

Also STIR is often used to refer to the FX forwards desk. I assume you meant IR swaps by that?

 

Right, I was meaning the short end of the rates curve - equally trading cash would provide the same education. Reasoning being is that if you are trying to develop your awareness of macro trends, you are primarily going to be thinking about your outright or curve movements rather than your vol position and your gamma/vega risks. I.e. "I think rates are going to go down as the ECB/Fed/BoE injects liquidity" rather than "I think volatility is underpriced in this sector". Obviously there is a huge amount of overlap - you do think about delta on a vol desk and CB interventions will have significant effects on vol, but in the day to day running of the options desk, a LOT of stuff is going to be delta neutral. Does this make sense? You are forced to really get to grips with what drives the outright movement of the short end (macro stuff) if you trade it, rather than looking at your delta as an often minor component on a vol desk. I have been on both types of desks. Let me know if this doesnt make sense - I am sick right now and mind is a bit foggy!

 
9956:
Right, I was meaning the short end of the rates curve - equally trading cash would provide the same education. Reasoning being is that if you are trying to develop your awareness of macro trends, you are primarily going to be thinking about your outright or curve movements rather than your vol position and your gamma/vega risks. I.e. "I think rates are going to go down as the ECB/Fed/BoE injects liquidity" rather than "I think volatility is underpriced in this sector". Obviously there is a huge amount of overlap - you do think about delta on a vol desk and CB interventions will have significant effects on vol, but in the day to day running of the options desk, a LOT of stuff is going to be delta neutral. Does this make sense? You are forced to really get to grips with what drives the outright movement of the short end (macro stuff) if you trade it, rather than looking at your delta as an often minor component on a vol desk. I have been on both types of desks. Let me know if this doesnt make sense - I am sick right now and mind is a bit foggy!

This makes sense and thanks for the write up. Curiously enough, the traders I met often recommended going for the vol desk over cash (this is not specific to rates) because they could make money trading the gamma/vega while also putting on delta positions (i.e. leaving stuff unhedged) if they felt like it. The focus is different, like you said, but the traders I met seemed to prize the "more ways of making money" part of a vol desk quite highly.

Is there any difference between swaps and vol in terms of the type of clients you interact with? I heard most macro funds these days like putting positions on using options, so if you were on a vol desk you might get more exposure to the sophisticated ideas they were running, in addition to building a stronger relationship with those funds. How does that compare with a swaps or cash desk - would you see more corporate activity and fewer hedge fund clients there?

 

If you're looking for exit opps, the groups that do the best in PE at any bank are always M&A, Sponsors, and Lev Fin. Except for Goldman since they don't have a separate M&A or Sponsors group.

BofA M&A is consistently top 5. It's under JPM, MS, and GS, but comparable if not better than the rest. ML M&A was a very prestigious group and the new BofA M&A is largely the legacy ML team.

Real Estate, Industrials, FIG, and Consumer have been seeing good deal flow.

As a whole, BofA ML tends to be more down to earth than some of the others

 

Do you mean the former ML bankers or the former BOA? Either way, neither has ever had much of a west coast presence. ML was historically better but never a top 5 player. BOA was a bit player at best, definitely the least-successful of the BBs.

 

Its a decent group that does smaller deals than the rest of the BB's that compete in the area. Should be getting better deal flow once the market picks back up (and BOA has the books for large-scale underwriting again). Also, most of the ML sector groups do their own M&A on the West Coast (meaning that the merged entities might end up having less deal flow through the legacy BOA group).

None of what I have written is first-hand knowledge, so if anyone else could weigh in that would be good

 

Sorry for the bump, but also.. any idea on what to expect or how I should prepare for final round/superday? I've been targeting Prop Trading shops as my career, so I've been reviewing all probability/stat questions ect. Anything I should really focus on or refresh on for the Public Finance Superday?

Thanks again

 

Cant say much about culture. Public finance exit ops can be pretty good, less attractive than some other IB positions because you are only working with debt. Fewer products and limited work with the equity side of the balance sheet means you may not be as appealing as an M&A or leveraged finance analyst if you are trying to go into PE or something of that nature.

Study up on bond math, yield curves, know what public finance is and who they work with. Pay +Bonus is comparable to other IB analysts maybe 80 - 90%. You may have slightly shorter hours but not by much.

Do a search for "public finance" on here, you will find similar information.

 

The OP's question was in reference to top groups at ML.

Here are a few points to consider:

  1. If you got an offer at ML, or any top bank for that matter, great job. If you are interested in banking, you've earned yourself a great start...

  2. ...with that said, interest is the key. The top group for each candidate is unique. To some people working in Corp Fin will not be as interesting or rewarding as working in a Tech group.

Suffice to say, all of ML's groups are solid. Think about what you want to do, and chances are that you will be more content and successful.

PLEASE DONT CHANGE EXCEL SHORTCUTS!!!
 

M&A is considered one of the top groups at BAML (as with many BBs). Also, I've heard that BAML is very strong in LevFin.

That said, the structure of IBD at BAML for junior bankers may be about to change, and group placement could become less critical. If the plan goes through, it sounds like analysts will be rotated amongst groups. I have no insight on this issue other than what was in an earlier thread, but perhaps others can chime in. Something to at least be aware of...

//www.wallstreetoasis.com/blog/how-bofas-layoffs-could-be-unintentionally…

 

1) Lev fin 2) Fin sponsors 2) M&A 3) Industrials 3) Consumer 4) Nat Res (or whatever they call the energy group)

Should note, I'd def. try to get into one of the three product groups I listed. The s**t I've read about what they're trying to do w/ the coverage groups sounds like a disaster, would try to avoid.

Ace all your PE interview questions with the WSO Private Equity Prep Pack: http://www.wallstreetoasis.com/guide/private-equity-interview-prep-questions
 
Stringer Bell:
1) Lev fin 2) Fin sponsors 2) M&A 3) Industrials 3) Consumer 4) Nat Res (or whatever they call the energy group)

Should note, I'd def. try to get into one of the three product groups I listed. The s**t I've read about what they're trying to do w/ the coverage groups sounds like a disaster, would try to avoid.

I would add Healthcare to the list. I can't imagine how this rotation system would work. It just sounds like an awful idea. I have a friend at DB and their associates are on rotation.

 
jd-to-ib:
Not to be the bearer of bad news, but it sounds like it won't really matter. The Journal, as well as some people I know at the bank, report that they plan to move all junior bankers (associates and below) into a massive generalist pool.

Product groups as well? Maybe M&A and Fin Sponsors, but cap markets...that'd be a disaster.

Ace all your PE interview questions with the WSO Private Equity Prep Pack: http://www.wallstreetoasis.com/guide/private-equity-interview-prep-questions
 
Stringer Bell:
jd-to-ib:
Not to be the bearer of bad news, but it sounds like it won't really matter. The Journal, as well as some people I know at the bank, report that they plan to move all junior bankers (associates and below) into a massive generalist pool.

Product groups as well? Maybe M&A and Fin Sponsors, but cap markets...that'd be a disaster.

Is the generalist pool system for Analysts considered undesirable? Because that makes harder for them to acquire a specialized skill set and knowledge?

 
Puss:
Stringer Bell:
jd-to-ib:
Not to be the bearer of bad news, but it sounds like it won't really matter. The Journal, as well as some people I know at the bank, report that they plan to move all junior bankers (associates and below) into a massive generalist pool.

Product groups as well? Maybe M&A and Fin Sponsors, but cap markets...that'd be a disaster.

Is the generalist pool system for Analysts considered undesirable? Because that makes harder for them to acquire a specialized skill set and knowledge?

I would guess that it depends on what your personal goals and interests are. If you really like a specific industry, and want to specialize in it/gain industry expertise, then the generalist pool would be annoying. However, if you don't have a strong industry preference, then it might be good to be able to gain some exposure to different industries.

 
Best Response
asiamoney:
Puss:
Stringer Bell:
jd-to-ib:
Not to be the bearer of bad news, but it sounds like it won't really matter. The Journal, as well as some people I know at the bank, report that they plan to move all junior bankers (associates and below) into a massive generalist pool.

Product groups as well? Maybe M&A and Fin Sponsors, but cap markets...that'd be a disaster.

Is the generalist pool system for Analysts considered undesirable? Because that makes harder for them to acquire a specialized skill set and knowledge?

I would guess that it depends on what your personal goals and interests are. If you really like a specific industry, and want to specialize in it/gain industry expertise, then the generalist pool would be annoying. However, if you don't have a strong industry preference, then it might be good to be able to gain some exposure to different industries.

On the surface your defense for a generalist pool seems logical, but I don't it'll work because eventually the groups that are actually getting on deals (speaking of m&a here) are going to need associates and in many cases analysts that have familiarity with the industry involved deeper than one night of cramming research reports and industry primers, which I know from personal experience aren't the best learning tools.

The sr deal team members will start to have their favorites or go to guys they've worked with in the past, staffing needs will get fucked again and they'll have to go back to the previous method.

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

I think the generalist idea is 1) going to take a while to implement and 2.) fail.

Analyst starts in Group A...does good job. HR goblin tries to rotate him, MD/whomever says "we need bodies who have been working on this stuff, you're not moving him". HR crawls back under bridge.

Externally they might implement it, but it seems pretty doomed internally just based on the way offices function.

 

Mainstreet_Wall: Nope. You're right. I apologize that I wasn't clear on where I've gotten my opinions/facts, but should be careful where you spit your bullshit if you don't have anything to add.

Continuation from my post: Not an analyst. I'm simply a jr SA.

Worked as a soph SA though (not in LevFin), but worked pretty close to them. Now I can repeat what others have said, and say that their jr bankers left very early due to a lack of work, which I completely agree with. I recently went to another BB to speak to their levfin group, and got similar views.

Their work doesn't add as much value as it used to. Their work is primarily being used as supportive material - to give a football field view of the valuations possible, and no longer is given as much weight as it had gotten in the past.

Now, this is coming from a jr SA. And I'm sure others have different views. Mainstreet_Wall... any comments?

 
LeggoMyGekko:
Mainstreet_Wall: Nope. You're right. I apologize that I wasn't clear on where I've gotten my opinions/facts, but should be careful where you spit your bullshit if you don't have anything to add.

Continuation from my post: Not an analyst. I'm simply a jr SA.

Worked as a soph SA though (not in LevFin), but worked pretty close to them. Now I can repeat what others have said, and say that their jr bankers left very early due to a lack of work, which I completely agree with. I recently went to another BB to speak to their levfin group, and got similar views.

Their work doesn't add as much value as it used to. Their work is primarily being used as supportive material - to give a football field view of the valuations possible, and no longer is given as much weight as it had gotten in the past.

Now, this is coming from a jr SA. And I'm sure others have different views. Mainstreet_Wall... any comments?

Very well put and semi informative, however I would take this only as hearsay, but still something to consider. It's nothing personal Leggo, you prob are a cool kid, but still just somethings about you makes me think... anywayssss I wonder if anyone from ML can comment?

 

Now I know that BoA ML tech takes a backseat to GS and MS, but how does that particular group (NY and West Coast) compare to other groups within the firm?

What are the generalizations that can be made about the group and or the bankers in the group from the perspective of within the firm?

 

No clue about what BAML is good at...but they're not as good as GS, JPM, or Citi in FICC so shoot for those 3 if you are interested in what you said above. Sorry-I don't have much detail on baml but just from talking to people on the street this past semester....you don't want to go there.

 
Prangs:

No clue about what BAML is good at...but they're not as good as GS, JPM, or Citi in FICC so shoot for those 3 if you are interested in what you said above. Sorry-I don't have much detail on baml but just from talking to people on the street this past semester....you don't want to go there.

lol, absolute nonsense. I wish I could give some insight but don't know very many guys at BAML. But it's a solid place, don't listen to a kid like this.

 
Prangs:

No clue about what BAML is good at...but they're not as good as GS, JPM, or Citi in FICC so shoot for those 3 if you are interested in what you said above. Sorry-I don't have much detail on baml but just from talking to people on the street this past semester....you don't want to go there.

Jesus Christ shut the fuk up kid. You are clearly in school and have no real life experience. BAML is top 3 in credit you moron.

EVERYONE ON THIS SITE: Stop speculating if you are a student or have no real experience. You are doing a disservice to everyone by spreading inaccurate information!!!

 

Ilike the research and insights coming out of those desks but the particular desks you mentioned are pretty small compared to MS/JPM/GS/Citi. On the good note, those desks are growing...

 

Second on ignoring the nonsense post from Prangs. Strong commitment to EM at BAML- would rate their research team tops or second to JPM. Good deck of experienced salesmen and large global presence. Most of the traders i've spoken with their are pretty solid as well. Not surprisingly they are mostly ex ML people. Solid shop that is particularly strong in LatAM macro products.

 

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People demand freedom of speech as a compensation for freedom of thought which they seldom use.
 

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