Evercore vs. BAML vs. PJT Partners
With regards to summer internships at Evercore, BAML (IBD) and PJT in London - how do they compare in terms of deals, lifestyle and reputation/prestige?
All responses greatly appreciated!
Evr=PJT>>>>>BAML
What about Pierce & Pierce?
PJT M&A or Rx? Evercore M&A or other?
PJT is generalist..
It's not. Right now they offer London SA positions for 'Secondary Advisory' or 'Strategic Advisory and Rx'.
PJT is Strategic Advisory & Restructuring and Evercore is M&A only
Thanks for the responses so far - just to clarify PJT is Strategic Advisory & Restructuring and Evercore is M&A only
I go to a top target (think HYPW), had a few UK/EU friends do BAML London who've said the groups do quite well there
Would you mind if I PM you?
PJT is almost done recruiting (1 spot left)
How do you know?
Unsuccessful at the final round - they said they liked my a lot but the last 2 spots were very competitive - assuming there is only one left if not done with recruiting.
Can confirm this (friends of mine have interviewed with PJT).
I would go Evercore strictly from a brand perspective. I would shy away from BofA - the IBD franchise is in turmoil and you probs don't want any part of that.
1 year of less than satisfactory earnings in a decade of strong growth out of the recession? Wouldn't call that "turmoil..."
Yeah Meissner stepped down and M&A hasn't been all that hot at the firm (still top 5 BB), but it still rocks the strongest debt house on the street and Moynihan has made IB the focus.
Is it better than Evercore / PJT from an M&A boutique perspective? Almost certainly not. But if OP wants the branding of a BB, BAML is still a great option. I don't know of anyone choosing any BB besides GS/MS/JPM over BAML.
I interviewed with PJT back in October and was very impressed with the people. Super pleasant and smart. Evercore is Evercore; I've spoken with a couple of folks there, and I'd personally pick PJT without question based off culture and personalities.
You'd be crazy to even consider BAML imho.
He’s asking about London, not New York.
So am I?
In the US, BAML is amazing and is indeed a top 5 house in almost every product (even despite their current turnmoil with Meissner leaving)
In Europe, BAML is a much, much weaker franchise. With that said the brand name still holds weight for what it's worth
This is speaking from experience and having been on deals with BAML on both sides of the Atlantic. You really can't go wrong but holistically if you're strictly aiming for quality of deal experience / comp I would stick with PJT / EVR.
The one good aspect of BAML London is that they are much more open on allowing their juniors to do a rotation to their New York office, compared to other BBs. Unsurprisingly, many of the BAML people I know and heard of who do the rotation from London to NY end up just deciding to stay in NY indefinitely
Hello, I'm really curious why people would prefer NY over London ( and vice versa ). Did your friends tell you why they preferred NY ?
Doesn't the same hold for EVR, where the LDN franchise is very much weaker compared to NY?
Came across EVR on some RX situations where they really did a bad job - probably the reason they rebuild the team. However, a friend of mine in the Chemicals team is quite happy, but lacks deal experience (with EVR for more than 3 years now).
Nowadays, I would probably go with PJT in London, if GS/MS/JPM is not on the table. Quite some good exits recently and very smart analysts when we had them in the interview process.
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Moving from BAML/JPM/Citi to EVR/PJT/GS/CW and I’d Have done it 100 times over. Except from JPM, in the IB division of those BBs you spend 99% of your time doing useless things, just to keep the relationship with clients and selling them some derivatives or loans. You often draft non sense pitch for transactions that will never happen. Sometimes You pitch to clients some interesting acquisitions (ebitda c.30m) that they would like to pursue, but according to the MD you cannot advise on because too small. When you are on a large transaction, 90% of the times leading advisors are GS/MS/Laz/PJT etc as they are paid to advise, not to put money on the table, so you often do boring things for them. LTs are bulls*hit, as in those places you often work for free just or you do redicoulous things just to get the cred or to kiss some CEOs’ ass. You cannot base your choices on LTs
I would definitely agree that MS/GS/PJT/Laz/JPM are in a different league than the other firms. But don't you think that LTs hold some kind of importance when it comes to PE or especially B-school exits? Just looking at Linkedin, apart from Laz/RS/PJT, there aren't many EB to MF exits. Definitely more from mid-tier BBs (BAML/Citi/CS). The new Evercore class will probably place exceptionally well, but even solid EBs like Moelis/Centerview/Greenhill seem to be less represented at MFs than good groups like CS Lev Fin/Baml Lev Fin, M&A etc. in London. Obviously no comparison in NY. How much of the prestige of EBs is based on them running M&A/RX programs?
Putting PTJ and LAZ into a different league seems a bit off. I hate those Tier rankings, but given the man power Laz has in Europe, they seem to have some problems landing land mark transactions. Have seen their Debt Advisory team from time to time now, which they try to lever to bring in deals.
In addition, a lot of analysts at e.g. Moelis / PJT are rather interested in distressed funds rather than plain buyout. Greenhill placement (and those are the only three people I knew there): Carlyle PE, Permira PE, BX RE. Agree regarding Centerview, a friend from Uni has a hard time to leave given the number of deals he closed + the potential pay cut.
@PatrickBateman1: Don't worry, you do the same bullshit work at GS / MS as well.
Why would you pitch these acquisitions if you know you won't advise them on it???
To maintain the relationship with the client
PJT/Cw Analyst class in London: 10/15 guys BAML Analyst class: 200guys
That’s why they have just few guys in PE
PJT recruit 10-12 Analysts/year vs 50 at BAML...
Trust me, BAML analys class is larger than 50
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