4 offers
ML - group specific - Energy and power, based in NYC
Citi - IB division wide offer
CS - IB division wide offer
UBS - IB division wide offer
I did not do banking this past summer; actually interned at ML research. Go to a top undergraduate b-school with a finance and accounting background.
Can someone provide advice on which bank will offer the best opportunity for PE exit after 2 to 3 years?
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I would take CS or ML, they seem to have the best exit ops
not ubs or citi
If it were me, UBS.
But it depends on where you fit best. I'd be a little worried at ML ATM, CS are on the way down and Citi is.. err... um... Citi?
On what basis do you conclude that CS is "on the way down"?
ENERGY
send one year in Ny then move to houston office for year 2.... leave to one of the energy HF/PE in houston and live it up.
what about citi M&A or comms? aren't these groups very well regarded?
ML is not known for energy..correct me if im wrong
thanks all
what about citi M&A or comms? aren't these groups very well regarded?
ML is not known for energy..correct me if im wrong
thanks all
citi by far..best exit ops
these days i believe there is a distinction among BB firms
Tier 1 GS/MS
Tier 2 Citi/JPM/LEH
Tier 3 MER/CS/DB
some would say there is a tier 1a and 1b with gs above ms, but i guess that can be left to opinion
Wow... you guys need to get some perspective. 1a, 1b?? Are you kidding me?
ML energy isn't that hot at all, Citi is certainly the best in terms of exit opps. CS is hardly considered a bulge bracket anymore, certainly not a shadow of what it used to be.
i think that alot of the info on this thread just isn't very good.
the bottom line is that there is not much difference between the offers. it is simply about the strength of your school's network at the firms (how much are they willing/able to help you get the placement you want) and where you think you fit best.
some food for thought
1 - citi will make you take a test for placement at the end of training. your background will make you attractive, but what's important to note is that you can't even network to a placement.
2 - ubs' franchise continues to grow and arguably (though in my opinion does) has the least dependency on staple financing and other debt instruments for winning deals. in other words they are stingy with the balance sheet.
3 - group placement at the general firms. use the time with your offers to find out which groups will take people - are all the summers coming back. citi media/communications is legit, but are they taking anyone is an important thing to consider.
if it were me, i'd cross off ML. with bank issues and the median type group, there is not much differentiation. citi is appealing, but it is based on your ability to get placed in a solid group M&A/Media, etc (do a thread search). keep in mind that firmwide also means ibd ops.
i'd look primarily at UBS and CS. if you go to a legit school there should be a network and i'd make my choice based on the the strength of network and who has the most hitters. i'd give CS the slight edge for the ability to ideally get placed in sponsors.
For firms like GS and MS, you are fine pretty much which group you end up getting placed into. For the other BBs, groups matter. E.g. If you go to CS, you would want to get into sponsors, tech or energy. For JPM, you will want to get into their energy or FIG.
I would advise against ML right now - I heard they have started to revoke offers. Can anyone confirm that?
They have not started to revoke any offers on the corporate finance IBK side.
No brainer. Citi or ML. Why would you even consider UBS or CS? If you're worried about the subprime, UBS is in as much trouble as Citi and ML, if not more. Look at the other thread about bonus cap and you'd know they're in trouble. CS is not even in the running.
Why isn't CS in the running?
To the OP - if you listened to all the misinformation on this board about everyone's personal league tables, you'd be in trouble. But the fact of the matter is that no matter what bank you're at, you'll do deals and get a great experience. At the end of the day, it's not the group that places you into xyz PE shop, it's you, and any bulge bracket bank will help you get in the door. I worked in a fairly unremarkable group in one of the aforementioned banks (and I say "unremarkable" because it was not a street-leading industry group despite having worked on several "WSJ front-page" deals - that's my point, every group has those deals), and all the top analysts in my class placed very well (mega-funds, top quartile middle market funds). Trust me when I say that this is a decision that's up to you, and not up to 15 people on this website that have never worked in banking. Just go where you feel like you fit in the most. ML Energy seems like a safe choice if you like the people and you have an interest in energy, otherwise go with your gut. If you're good, the good deals will come your way.
Groups matter. for example, why does CS sponsors place much better than most other groups in CS? it's the same for other banks. ML has a great name, but its retail group is not great (I spoke to a VP and she mentions to me that there's less than 20 people in the group and the hours are pretty good + things are pretty slow in her group, so you can imagine the deal flow there), and the deal exposure you will get there is not the same as the retail group in GS.
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