Crazy to consider (Laz/EVR/PWP) over (GS/MS/JPM) in London?

Hi Monkeys,

As in the title, I am in the GS/MS/JPM in London. Do not enjoy my group and exits from it seem not great to say at least. Received an offer to join LAZ/EVR/PWP in London. Am I crazy to consider it?

In the long-term I would like to exit to MF PE, or at least try doing so. Would taking the EB harm my chances of doing it compared to staying at BB?

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Comments (28)

Most Helpful
  • Associate 1 in IB-M&A
Mar 4, 2021 - 3:04pm

EBs aren't as "strong" in London as they are in the US, but not to the extent where your chances of exiting to MF PE would be harmed. I can't speak for PWP, but I know analysts & associates from both Evercore and Lazard London teams who have successfully exited to Blackstone, KKR, CVC and Advent. I keep in touch quite closely with most headhunters in London and they've word for word told me that they "give zero discount to top candidates from EBs for MF PE recruiting in London." 

People here get too caught up on name value (which is important, but only to a degree) or strength in a specific geography and etc., but if you're a top performer with solid deal experiences under your belt, you will be completely fine. And I personally know three Oxford/ Cambridge/ LSE college kids who chose Evercore and PJT over Goldman and Morgan Stanley in London in the past 2 recruiting cycles. 

Mar 4, 2021 - 3:09pm

Interesting thanks. I would like to know more about HHs in London, would you mind sending a PM?

Array

  • Analyst 1 in IB-M&A
Mar 4, 2021 - 5:44pm

I tried finding on LinkedIn people who exited from Laz/EVR/PWP to MF, but could not find that many people. Were your friends at specific groups at those EBs (Restructuring vs industry teams)?

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Mar 20, 2021 - 10:09am

Is your group very niche? Maybe you could move internally to another, less niche and better exits group. A bit sceptical overall with such moves but if you have a full year in your current group, cannot move internally and dislike the culture you should do it.

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  • Analyst 1 in IB - Gen
Mar 20, 2021 - 8:45pm

First of all, Lazard is significantly better than EVR/PWP in London. Then EVR pays very well. PWP clearly at the bottom. 
 

I would clearly go with GS/MS if you intend to jump ships in 1-2 years. If you plan on staying in banking (which is hard to know if you've never worked 100h a week), Lazard (RX exposure, EU prestige, differentiated culture I guess) or EVR (Nice pay, nice culture, better hours) might make sense. But that would be at a brand discount, especially for EVR. I wouldn't consider PWP vs the other firms tbh, a tier below (but good still). 

  • Analyst 2 in IB-M&A
Mar 21, 2021 - 5:27am

Made the jump from BB to EB in LDN myself and would not look back. The culture is miles better and HHs have definitely not lost interest despite the change in brand. Comp is also materially better as well (Not at LAZ).

  • Prospect in IB - Gen
Mar 21, 2021 - 11:27am

I don't quite understand why PWP is considered below Evercore by some of you guys here. I would 100% agree with that if it concerned the US, but in London/Europe Evercore does MM deals whereas PWP predominantly does German megadeals? I don't understand how choosing MM could make for a better experience if long term goal is MF PE. Please enlighten me. 

Mar 22, 2021 - 7:03am

Not sure if they staff people in the London office on German mega deals. 

For EVR, really depends on which team. 

Array

  • Analyst 2 in IB - Gen
Mar 21, 2021 - 12:32pm

To all prospects - you guys should focus on getting an offer before even trying to rank banks (which is a pointless exercise anyway).

Then, if you value having marginally better chances to land MFPE (plot twist: not everyone at GS/MS, let alone JP, manages to land BX or KKR) over better pay, better exposure and arguably better culture that's your choice. But you will realize once you start full time that nobody gives a fuck about prestige but students and prospects. If you have a strong profile, you will get looks from HH regardless of EB or BB.

Also, saying that EVR does only MM deals is inaccurate, but I won't even argue, just look at their latest deal announcements in Europe in case you want to rely on factual information rather than WSO myths.

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