Current Impressions of Sell-Side ER Shops

nutella's picture
Rank: Baboon | 106

Hi everyone. I'm a first-year MBA going after ER roles for the summer and I'd love to get some current info on the various sell-side shops. I have read everything there is on this site and most is stale. Please jump in with whatever you know. I'll start:

In no particular order:

1. JP Morgan - Seems like the best BB ER group overall, definitely invests a lot in the division and people seem happy, good comp etc.

2. Morgan Stanley - I have also heard good things from former MS people but have less information to go on.

3. GS - Awful working environment but the comp is good. Don't even hire MBA interns so not on my list.

4. BAML - Highly ranked, but just heard that there was a mass exodus at the junior level (~40 or so, I think mostly associates) due to perceptions of being underpaid. Would love confirmation of this.

5. Barcap - Employees seem extremely happy, good comp. Research seems to be a strong focus for the firm as a whole, big emphasis on promoting people to covering their own names.

6. UBS - Was told to avoid at all costs. Have to give guaranteed bonuses to anyone high-level to get them to come to UBS and this leaves nothing for Associate bonuses. Almost literally nothing.

7. Sanford Bernstein - From what I've heard, the best of the independent shops. Close to zero promotions to full analyst so virtually everyone who comes in as a post-MBA associate exits to the buy side, and SB strongly encourages this to build their customer base. Research is definitely well differentiated, much more detailed and they cover fewer stocks.

8. RBC - Any impressions?

Thanks!