Difference between TMT Bulge Brackets - in the Light of 2016

blackishberry's picture
Rank: Monkey | 50

Hi everyone,

I recently took an internship offer at one of the Bulge Brackets' TMT groups in San Francisco area. Just to get a clearer picture of this industry, I am interested in knowing more about the differences between BBs in the TMT space. I have looked online and asked around, but so far, what I found was very limited and outdated.

I am very set on TMT, specifically Technology, and I am "open" to staying in banking. I am mainly interested in groups in the San Francisco/Menlo Park area.

I specifically would like to know:
1. Does it worth the effort to lateral from a second tier BB (think BAML, Citi) to GS or MS?
2. How does JPM, BAML, Citi, and Barclays compare to each other?

Any insights would be greatly appreciated! Thanks!

Comments (12)

Dec 10, 2015

Depends on whether you like the "MT" part of TMT

Dec 10, 2015

I am mostly interested in Technology only. So?

Dec 10, 2015

Goldman SF just had a massive exodus this past summer

Dec 10, 2015
  1. OP asked about SF, so focus on T only and not MT.
  2. I believe GS' exodus was three mid-level bankers. Not a big deal.
  3. Yeah I would say it's worth the effort. JPM > Barclays = Citi > BAML. Also remember that Barclays and BAML are in Menlo Park, which is a shitty place to live as a 20-something year old.
May 19, 2016

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Dec 10, 2015

I'd put CS on par with JPM, LAZ not sure about but I've heard their tech practice is pretty weak. Would probably put them last on the list.

Dec 10, 2015

I mean exodus of analysts. I heard a lot of them left.

Dec 30, 2015

This is not true. Barcap covers exclusively semis, electronics and comms so if you're into that, not a bad place to be. They have an internet MD in their office who was brought over from DB (director there), and he hasn't done much at all. Haven't seen Citi on much. They didn't have a software guy there a few months back. Also, a couple people recently jumped to EVR, I believe. I would take BAML over Barcap and Citi except for the fact that maybe Citi is in SF. Also, Baml is in PA, not Menlo. I would take JP over these three. GS has been on fire lately with the robust M&A market. They have also been lead advisor on a lot of the marquee deals that have happened this year. You see JP and BAML as joint a lot as well. I work in Tech banking at a BB in the valley and have worked with and know people at a lot of the banks, so happy to discuss further

Dec 31, 2015
SHORTmyCDO:

This is not true. Barcap covers exclusively semis, electronics and comms so if you're into that, not a bad place to be. They have an internet MD in their office who was brought over from DB (director there), and he hasn't done much at all. Haven't seen Citi on much. They didn't have a software guy there a few months back. Also, a couple people recently jumped to EVR, I believe. I would take BAML over Barcap and Citi except for the fact that maybe Citi is in SF. Also, Baml is in PA, not Menlo. I would take JP over these three. GS has been on fire lately with the robust M&A market. They have also been lead advisor on a lot of the marquee deals that have happened this year. You see JP and BAML as joint a lot as well. I work in Tech banking at a BB in the valley and have worked with and know people at a lot of the banks, so happy to discuss further

This is correct. Just want to add that the works they do are very different too. If you are interested in those blockbuster IPO deals like facebook or potentially uber, only MS/GS (JPM in a distance third) can give you lead-left exposure. M&A market is more even split by all the BBs.

Dec 10, 2015

MS Tech is in Menlo Park as well, and is arguably the best tech group currently. Q and MS focus exclusively on tech, whereas the others have some elements of MT in there.

Dec 13, 2015
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