Can I get some info on these ibanks please: ML, JP, Lehman

I'm looking how they compare, their rankings, and what their specific strengths are. Like GS has M&A, what are each of these banks' strengths and weaknesses.

Experiences, gripes, praises, basically anything in-depth, useful, or stuff that you could only know from working/interning their is appreciated.

 

actually GS does not have M&A, they do all M&A in their industry groups. MS is known for its M&A group. Lehman's strong groups are Natural Resources, Consumer/ Retail, and Communications. JPM's has a really good Lev Fin group (but the market sucks) and decent M&A. ML has pretty good FIG and Healthcare. Hope that helps

 
Best Response

Thanks for the info guys. How do they compare to each other? It doesnt really affect anything since I'll go with whichever firm takes me, but in the rare case I get an offer (summer analyst btw) for more than 1, I'd like to at least know which I'd fit in with best.

Furthermore, which firm would help me most to get into buy-side, or is that irrelevant?

I'm actually very interested in restructuring, so hopefully JPM gives me a chance.

What I'd really like is some feedback from people who've been through the summer internships. I'd just like to know how it works and what really goes on.

 

"ML is terrible" - talk about some bullshit right there. Strong groups include M&A, Healthcare and FIG, amongst others. GLT group is best on the street for what it does. Analysts are highly regarded and have significant opportunities at top firms (I personally know people there going to top-tier PE shops, the ones that people here worship). Just because they lost a boatload of paper doesn't mean they are terrible. Given the choice of those three, I would take ML, Lehman and then JPM, in that order.

 

JPM then Lehman. I would never work at ML. I don't care how much ML lost in the recent crisis; the firm has the worst culture on the street. "Analysts are highly regarded" - you really want to talk about bullshit? Analysts at ML are worked harder than slaves and given absolutely no respect. Even bad compared to ibanking industry standards. I've heard this is especially true for Asian analysts, but I can't say whether this is accurate.

 

I think "b" is still trying to figure out what he's going to do (//www.wallstreetoasis.com/node/10347 11/12/2007 @ 12:57 AM) and is mildly upset that Merrill slighted him. I don't think he has much of a clue about culture at ML and of analysts being "worked like slaves." First, it's banking, so don't expect a cakewalk, and that applies across the street. Second, culture at ML is quite laid back, however, you are expected to perform (like at every major bank).

I agree with NYstateofmind - ML M&A over Citi M&A, however both are solid.

And "b," from reading your post that I had cited above, you allude to having offers from JPM and Lehman. You want to work in Asia, so why not search the many threads on this forum about it and you'll see plenty of opinions about Lehman not being strong in Asia. So there you go, choose JPM.

To the OP, assuming you're talking about NY, choose wherever you fit in best and in whichever culture you could see yourself being successful. If it were me, I would go ML first.

 

"Even bad compared to ibanking industry standards. I've heard this is especially true for Asian analysts, but I can't say whether this is accurate."

1) learn to write proper english 2) they don't discriminate, you were probably a geeky weirdo in your interview 3) I'm asian (Japanese)

 

I never said I wanted to work in Asia... I wanted a comparison b/w Asia and NY, as I wasn't yet convinced to pursue one over the other and wanted to figure out what would be best in the long run. I want a full-picture evaluation before coming to a decision, thus I am asking other people for their opinions. After evaluation, however, I do think that I will pursue a career in Asia.

I don't have an offer w/ Lehman Asia yet (recruiting isn't even really going yet) and I've just recently completed my interviews w/ JPM. The reason that I was particularly curious about Lehman is because I have several solid connections there, and it would be much easier for me to land a position. I was considering either JPM NY or Lehman Asia - I realize that Lehman Asia is not as strong, but after thinking about it a bit, I don't think that working at the 8th best firm versus the 4th best firm will put me at any significant disadvantage (those rankings are fabricated, so don't jump all over me). If it was Goldman or Morgan versus Lehman, I would obviously take the stronger brand name. As I consider almost all other bulges to be in the same league, following these two, I am not completely persuaded to choose based on reputation; rather, I am deciding based on the kindness that many people at Lehman Asia have shown me.

I've heard enough of the same stories from many of my friends who worked at ML to believe that they're true. ML didn't slight me, considering I never even applied to the firm.

 

I'm happy, for your sake, that you were able to meet people at Lehman Asia with whom you were able to connect and I wish you luck in your decision. One thing for you to be aware of is that the HK offices have a reputation as truly having sweatshop cultures, so I hope that you've taken it all into consideration.

I feel don't feel bad for your friends, but from my friends at ML I hear the typical IB stories, however absent are references to slave drivers and cultural discrimination. Sure, instances where you screw up and warrant an associate breathing down your neck would probably create that sense of a culture, but that would happen anywhere. I would still choose ML first, hands down.

 

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