California Banks
I'm looking to recruit next year for banks in virtually all the California cities next year and would enjoy learning about specific banks and their strong suits.
I know previous posts say that MOE LA is the most prestigious. But, I would like to know what industry groups each bank is best known for or relatively strong in. Also, would enjoy learning about the cultural differences between cities like LA, SF, PA, etc.
Looking primarily at BB and EB but wouldn't mind hearing about MM banks as well.
Recent A2A promote at a tech group, so might be able to provide some visibility. If you're interested in tech (groups usually sit in SF, Menlo, PA), best groups on the street are Goldman, Qatalyst, and MS. MS is best for equity, but is good at M&A as well. Goldman is good all around and Qatalyst does only M&A (primarily sell-side) but dominates in that space. JP, Evercore and Lazard are good groups as well. I'm not as familiar with groups in LA, so someone else might be able to provide better info there.
Lifestyle in SF is much more city-like as you'd expect. PA and Menlo are very nice suburbs but not as much going on for a college grad. Many people in PA/Menlo commute down from SF for this reason. All have high COL, so be prepared for that wherever you go.
Thanks for the response and congrats on A2A! I’m an incoming analyst at a BB SF tech group and was wondering how much you think the bank you work at matters when it comes to PE recruiting. Does coming from a bank like Barclays/db/ubs/baml limit your exit opps compared to someone from JP/Evercore/lazard? Thanks.
Thanks! It's surely valuable to come from groups like GS, Q, MS or even JP/Evercore/Lazard like you said, but it's also definitely overstated. I'll note that there is a difference between each of the other banks you mentioned - I wouldn't say Barclays, DB, UBS and BAML are all on the same level, but for the most part they will get your foot in the door to a lot of the same interviews those top groups get. It's just a matter of getting the offer. I might not be the best person to give advice here since I stayed on for the promote, but it's important to note that you only get one shot with a lot of the exit opps and headhunters. If you're not ready for recruiting right away in the first few months, it's in your best interest to hold off and recruit off cycle/2nd year so that you have time to prepare.
Being a Bay Area native and having many colleagues who worked in tech banking I agree with above ^
In terms of LA, Moelis still dominates the M&A space and is the best group in California if not the country for buy-side exits. The deal flow is exceptional and spans both M&A and RX in media, entertainment, consumer, etc. CS and Barclays also have exceptional sponsors groups in LA, along with GS and MS having their western region coverage groups covering media, gaming, consumer. All 4 are solid but small (2-5 analysts per year). If you're interested in RX, HL has their renowned RX group in LA, as well.
If you're looking for solely strength of group in California, Moelis LA is your best bet (or GS, MS, Q if you're interested in solely tech). In terms of culture, at the end of the day the better the group, the more deals they get, the harder you will work as a junior banker. LA and SF will have better social scene while Menlo is a bit more tame from what I've heard. However, all of these groups are very competitive so best of luck with recruiting if you are gunning for any of them!
Thanks for the post. Mind sharing your / your colleagues’ thoughts on ubs/db/citi/BAML sf tech groups?
In terms of actual deal flow, the tech space falls off drastically after GS/MS/Q however I know people who have exited just fine from BAML Tech M&A in Palo Alto and UBS Tech, for example. Can't speak to DB or Citi but I'd assume the work consists of mostly pitching. JPM has both a coverage and M&A group, the latter of which is solid but definitely still a league behind those top 3. Evercore and Lazard from what I understand get a lot of MM deal flow and the analysts there still work extremely hard.
Obviously a lot of these tech groups are super hard to get offers at. Is the next tier of tech groups a solid place to start too (Lazard/JPM/Evercore)?
yes.
lol idk why this is getting MS ^ currently A2 at one of the LA shops listed and that's pretty accurate
Can anyone speak for RBC for LA & SF?
Can an analyst in the bay shed some light on DBO (vs other boutiques). Was networking with some analysts there and want to get an outsider's perspective. Thanks!
What's the current banking climate like in LA?
warm
I laughed out loud.
Which CA analyst programs would offer the best experience/exits if one wants to work in private equity someday?
Moelis LA if general PE, Goldman, MS, Qatalyst if tech
thanks!
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