Evercore vs. Citi

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Hey all. I just got notified of 2 offers I have for a summer analyst position at Citi and Evercore. Which would you guys take for a summer analyst role? Obviously, summer analyst leads to FT offer, so this is almost like deciding where to go for FT. Which one has better exit opps after banking? Which one would you guys choose?

Comments (47)

Jan 15, 2012

depends on the group at Citi, but even then I can't imagine which group at Citi would have better exit opps than Evercore

    • 1
Jan 15, 2012

Who started this rumor that the elite boutiques have fantastic exit opps? Other than Lazard and Blackstone, most of the boutiques have much weaker exit opps because they much prefer to internally grow their talent. A lot of guys who go to boutiques stay there for the long haul, and thus the exit opps often don't match the bank's reputation.

Jan 15, 2012
LeoMessi:

Who started this rumor that the elite boutiques have fantastic exit opps? Other than Lazard and Blackstone, most of the boutiques have much weaker exit opps because they much prefer to internally grow their talent. A lot of guys who go to boutiques stay there for the long haul, and thus the exit opps often don't match the bank's reputation.

Mm hmm, Moelis LA had 3 to TPG and one to Silverlake out of 6 analysts. I'm pretty sure no group from a BB, and definitely not any groups outside of top GS/MS, placed better than that.

Jan 15, 2012
LeoMessi:

Who started this rumor that the elite boutiques have fantastic exit opps?.

I personally know evercore 2nd years with megafund offers lined up. As mentioned, places like blackstone, lazard and moelis do extremely well also.

If you're interested in moving to the buyside, take evercore. If you are interested in potentially becoming a career banker, maybe take citi.

Array

Jan 15, 2012

Evercore, hands down.

Jan 15, 2012

Moelis might be a counterexample. I don't know anything about them, outside of my limited interaction with their NY group, which left me thoroughly unimpressed. I do understand that Moelis LA is a de facto UBS LA group, so perhaps that explains their placement.

I wouldn't be surprised if those placements only describe the first 1-2 years of Moelis LA placement, however, when all the analysts were ex-UBS LA analysts. I'd be curious to know which class placed that well, since that is indeed pretty impressive.

Jan 15, 2012
LeoMessi:

Moelis might be a counterexample. I don't know anything about them, outside of my limited interaction with their NY group, which left me thoroughly unimpressed. I do understand that Moelis LA is a de facto UBS LA group, so perhaps that explains their placement.

I wouldn't be surprised if those placements only describe the first 1-2 years of Moelis LA placement, however, when all the analysts were ex-UBS LA analysts. I'd be curious to know which class placed that well, since that is indeed pretty impressive.

This is right now, as in this is what the current 2nd year analysts have gotten.

Jan 15, 2012
LeoMessi:

Moelis might be a counterexample. I don't know anything about them, outside of my limited interaction with their NY group, which left me thoroughly unimpressed. I do understand that Moelis LA is a de facto UBS LA group, so perhaps that explains their placement.

I wouldn't be surprised if those placements only describe the first 1-2 years of Moelis LA placement, however, when all the analysts were ex-UBS LA analysts. I'd be curious to know which class placed that well, since that is indeed pretty impressive.

The top Moelis guys have been out of UBS LA long enough that current analysts never saw them, so in theory it's a non factor...

Jan 15, 2012

Congrats on the offers. You really can't go wrong either way, however, your experience, depending on your group placement at Citi, could vary a lot more. If you're more interested in the pure M&A type advisory work, then Evercore is your best bet.

Jan 15, 2012

Citi. When in doubt, go for the BB.

Jan 15, 2012

Evercore 100%.. Less risk in terms of job cutting.. Great experience with clients.. Great name..
Its a no brainer (for me at least)

Jan 15, 2012

Evercore, Citi is cutting down their operations. Plus Evercore has one of the best bonus structure for analysts.

Jan 15, 2012

As the only WSO certified member posting here, go with Evercore for the guaranteed M&A experience.

Citi has great M&A group, but there's no guarantee that you get placed into it.

Always choose M&A over a BB coverage group.

You won't get good modeling experience in a coverage/industry role unless the industry group runs its own M&A, which is only the case at Goldman.

Jan 16, 2012
squawkbox:

As the only WSO certified member posting here, go with Evercore for the guaranteed M&A experience.

Citi has great M&A group, but there's no guarantee that you get placed into it.

Always choose M&A over a BB coverage group.

You won't get good modeling experience in a coverage/industry role unless the industry group runs its own M&A, which is only the case at Goldman.

This isn't completely true... there are lots of industry groups at other shops that run their own M&A. My group for example does all its modeling within the coverage group. Our M&A team only sends us supplementary pages on WACC Analysis and other random bs, but there are definitely industry groups at other banks that operate on the Goldman model and keep all M&A in group.

Jan 16, 2012
rufiolove:
squawkbox:

As the only WSO certified member posting here, go with Evercore for the guaranteed M&A experience.

Citi has great M&A group, but there's no guarantee that you get placed into it.

Always choose M&A over a BB coverage group.

You won't get good modeling experience in a coverage/industry role unless the industry group runs its own M&A, which is only the case at Goldman.

This isn't completely true... there are lots of industry groups at other shops that run their own M&A. My group for example does all its modeling within the coverage group. Our M&A team only sends us supplementary pages on WACC Analysis and other random bs, but there are definitely industry groups at other banks that operate on the Goldman model and keep all M&A in group.

Ok, but would you agree that it is the exception, not the rule?

Even then, if you're lead left on an IPO, it's going to be tough for you to be staffed on buyside M&A projects with tight timelines. It happens, but it's the exception IMO.

Jan 15, 2012

EVR

Jan 15, 2012

blackstone places better than the other top boutiques and GS/MS. where does wso get the idea that lazard places extremely well? from what i've seen their analysts did not do very well this year (a few well known funds out of a 25 person class)

Jan 29, 2012

.

Best Response
Jan 15, 2012

Not sure where this rumor is coming from to always take the BB offer. I am an incoming analyst at Moelis LA / Blackstone Restructuring / Lazard, have friends at the other two and can attest to the great exit opportunities at all three.

Moelis as a whole has still been having amazing analyst placement. The LA office is still placing 50-75% in megafunds (which is unheard of at most BB's) and New York has been sending the analysts to a lot of great shops (Apollo, TPG SSG, Centerbridge, etc.) with 100% placement into PE/HF.

Blackstone is sending analysts wherever the analysts want to go, and that is usually BX PE (as long as they perform) or another megafund, sometimes Apollo/Warburg Pincus/Advent, etc. M&A and Restructuring both place phenomenally. The hours are also pretty nice.

Lazard is Lazard. The oldest and most established pure advisory shop in the world. Hours are group dependent, but the only group with good hours (for bankers) is the generalist banking program. Exit opps are good, sending a handful to megafunds and the rest to upper tier middle market shops. The analyst class is largest out of the three at 25, but still a quarter of the size of a bulge bracket firm.

I do not know anyone at Evercore, but I would make the assumption that it would probably place like MoCo/BX/LAZ. Culture and hours are different at each firm. Boutiques are taking market share and associate PE spots away from bulge brackets.

    • 2
Jan 15, 2012
Duke4Lyfe:

Not sure where this rumor is coming from to always take the BB offer. I am an incoming analyst at Moelis LA / Blackstone Restructuring / Lazard, have friends at the other two and can attest to the great exit opportunities at all three.

Moelis as a whole has still been having amazing analyst placement. The LA office is still placing 50-75% in megafunds (which is unheard of at most BB's) and New York has been sending the analysts to a lot of great shops (Apollo, TPG SSG, Centerbridge, etc.) with 100% placement into PE/HF.

Blackstone is sending analysts wherever the analysts want to go, and that is usually BX PE (as long as they perform) or another megafund, sometimes Apollo/Warburg Pincus/Advent, etc. M&A and Restructuring both place phenomenally. The hours are also pretty nice.

Lazard is Lazard. The oldest and most established pure advisory shop in the world. Hours are group dependent, but the only group with good hours (for bankers) is the generalist banking program. Exit opps are good, sending a handful to megafunds and the rest to upper tier middle market shops. The analyst class is largest out of the three at 25, but still a quarter of the size of a bulge bracket firm.

I do not know anyone at Evercore, but I would make the assumption that it would probably place like MoCo/BX/LAZ. Culture and hours are different at each firm. Boutiques are taking market share and associate PE spots away from bulge brackets.

This is spot on. Admin please make user certified.

Jan 15, 2012

EVR - no-brainer. More prestigious and way less risky. Citi is cutting jobs like crazy right now

Jan 15, 2012

evercore, u would be insane to choose otherwise. altman is a beast - they have been on a lot of the megadeals recently.

Jan 15, 2012

First of all, congrats! Two great offers that would make a ton of people jealous. In terms of exit opps to PE/HF, boutiques can be a struggle sometimes. As mentioned before, these places are often focused on internal promotes. Exit opps to tier 2 buyside are common, but placement into tier 1 megafunds are rarer. However, EVR M&A is one of the better places to be for that purpose. EVR has done very well recently.

Evercore M&A analysts get placed decently well, occasionally at some megafunds too, but honestly, I think BBs are gonna heat up vs. boutiques as we get farther from the 2008 crisis. The days of places like Evercore, Moelis, Perella, Centerview killing it might be over, but I could be wrong. Especially since these places often tend to be one-man or two-man shows. Moelis analysts don't get placed as well anymore, while two years ago they were hot-shots, and Evercore's analyst program is getting bigger from what I hear, diluting deal experience opportunities. Again, this is just what I've heard, ask around.

Now if this were GS/JPM/MS, I would recommend BB, but Citi is on the fence vs. pure-play M&A at Evercore. Live M&A is fun vs. ECM/DCM, or worse, pitching. I'd probably lean towards Evercore unless you get the top groups at Citi. Stay away from Citi's product groups except M&A if you can. Two guys I know from Citi industry coverage got placed into megafunds, but also had top-notch undergrad.

Jan 15, 2012
bulldogs12:

First of all, congrats! Two great offers that would make a ton of people jealous. In terms of exit opps to PE/HF, boutiques can be a struggle sometimes. As mentioned before, these places are often focused on internal promotes. Exit opps to tier 2 buyside are common, but placement into tier 1 megafunds are rarer. However, EVR M&A is one of the better places to be for that purpose. EVR has done very well recently.

Evercore M&A analysts get placed decently well, occasionally at some megafunds too, but honestly, I think BBs are gonna heat up vs. boutiques as we get farther from the 2008 crisis. The days of places like Evercore, Moelis, Perella, Centerview killing it might be over, but I could be wrong. Especially since these places often tend to be one-man or two-man shows. Moelis analysts don't get placed as well anymore, while two years ago they were hot-shots, and Evercore's analyst program is getting bigger from what I hear, diluting deal experience opportunities. Again, this is just what I've heard, ask around.

Now if this were GS/JPM/MS, I would recommend BB, but Citi is on the fence vs. pure-play M&A at Evercore. Live M&A is fun vs. ECM/DCM, or worse, pitching. I'd probably lean towards Evercore unless you get the top groups at Citi. Stay away from Citi's product groups except M&A if you can. Two guys I know from Citi industry coverage got placed into megafunds, but also had top-notch undergrad.

Lot of strange comments in this post, I'd take with a grain of salt. Moelis LA analysts, as said in my previous post, absolutely killed it this past year. What changes in the market do you see having an impact on boutique vs BB in the next two years, especially considering how well boutiques have done in the past few years? Just a gut feeling from your wealth of experience browsing WSO?

Citi IBD doesn't have any real product groups other than M&A (you can argue FEG is a product, but they're really not), so I have no idea what you mean by product groups other than M&A. ECM/DCM is done by Citi's CMO team.

Live M&A is "fun" compared to ECM/DCM? Have you ever been on a live deal? Very exciting, but I wouldn't call it playing golf compared to pitchwork. Also, you should expect to do some pitchwork no matter which firm you join, including Evercore M&A (yes, M&A does pitchwork too sometimes).

Jan 15, 2012
goldman in da house:
bulldogs12:

First of all, congrats! Two great offers that would make a ton of people jealous. In terms of exit opps to PE/HF, boutiques can be a struggle sometimes. As mentioned before, these places are often focused on internal promotes. Exit opps to tier 2 buyside are common, but placement into tier 1 megafunds are rarer. However, EVR M&A is one of the better places to be for that purpose. EVR has done very well recently.

Evercore M&A analysts get placed decently well, occasionally at some megafunds too, but honestly, I think BBs are gonna heat up vs. boutiques as we get farther from the 2008 crisis. The days of places like Evercore, Moelis, Perella, Centerview killing it might be over, but I could be wrong. Especially since these places often tend to be one-man or two-man shows. Moelis analysts don't get placed as well anymore, while two years ago they were hot-shots, and Evercore's analyst program is getting bigger from what I hear, diluting deal experience opportunities. Again, this is just what I've heard, ask around.

Now if this were GS/JPM/MS, I would recommend BB, but Citi is on the fence vs. pure-play M&A at Evercore. Live M&A is fun vs. ECM/DCM, or worse, pitching. I'd probably lean towards Evercore unless you get the top groups at Citi. Stay away from Citi's product groups except M&A if you can. Two guys I know from Citi industry coverage got placed into megafunds, but also had top-notch undergrad.

Lot of strange comments in this post, I'd take with a grain of salt. Moelis LA analysts, as said in my previous post, absolutely killed it this past year. What changes in the market do you see having an impact on boutique vs BB in the next two years, especially considering how well boutiques have done in the past few years? Just a gut feeling from your wealth of experience browsing WSO?

Citi IBD doesn't have any real product groups other than M&A (you can argue FEG is a product, but they're really not), so I have no idea what you mean by product groups other than M&A. ECM/DCM is done by Citi's CMO team.

Live M&A is "fun" compared to ECM/DCM? Have you ever been on a live deal? Very exciting, but I wouldn't call it playing golf compared to pitchwork. Also, you should expect to do some pitchwork no matter which firm you join, including Evercore M&A (yes, M&A does pitchwork too sometimes).

Goldman is right... I didn't mean "fun" as in working in excel 120/hours a week during a live deal is enjoyable. No one in the right mind thinks that. To clarify, live M&A is more rewarding, in the sense that the result of your work can end up in the headlines. Getting a deal announced is a good feeling. If you don't feel that way, then getting through 2-3 years of IBD will be tough. You wanna be somewhere with good deal flow, obviously.

I was referring to Capital Markets Origination for ECM/DCM. At Citi, I guess the recruiting process for CMO vs. IBD is separated so you're right to correct me there.

Again, Evercore is prob a better bet now, but deal flow is not always steady at boutiques. Think of Gleacher or Miller Buckfire and how they lost talent and deal flow after initial successes.

Jan 16, 2012
bulldogs12:

First of all, congrats! Two great offers that would make a ton of people jealous. In terms of exit opps to PE/HF, boutiques can be a struggle sometimes. As mentioned before, these places are often focused on internal promotes. Exit opps to tier 2 buyside are common, but placement into tier 1 megafunds are rarer. However, EVR M&A is one of the better places to be for that purpose. EVR has done very well recently.

Evercore M&A analysts get placed decently well, occasionally at some megafunds too, but honestly, I think BBs are gonna heat up vs. boutiques as we get farther from the 2008 crisis. The days of places like Evercore, Moelis, Perella, Centerview killing it might be over, but I could be wrong. Especially since these places often tend to be one-man or two-man shows. Moelis analysts don't get placed as well anymore, while two years ago they were hot-shots, and Evercore's analyst program is getting bigger from what I hear, diluting deal experience opportunities. Again, this is just what I've heard, ask around.

Now if this were GS/JPM/MS, I would recommend BB, but Citi is on the fence vs. pure-play M&A at Evercore. Live M&A is fun vs. ECM/DCM, or worse, pitching. I'd probably lean towards Evercore unless you get the top groups at Citi. Stay away from Citi's product groups except M&A if you can. Two guys I know from Citi industry coverage got placed into megafunds, but also had top-notch undergrad.

Only parts of this are correct.

Duke4Lyfe's post above is much more on target with what is actually going on now.

Jun 15, 2012
bulldogs12:

First of all, congrats! Two great offers that would make a ton of people jealous. In terms of exit opps to PE/HF, boutiques can be a struggle sometimes. As mentioned before, these places are often focused on internal promotes. Exit opps to tier 2 buyside are common, but placement into tier 1 megafunds are rarer. However, EVR M&A is one of the better places to be for that purpose. EVR has done very well recently.

Evercore M&A analysts get placed decently well, occasionally at some megafunds too, but honestly, I think BBs are gonna heat up vs. boutiques as we get farther from the 2008 crisis. The days of places like Evercore, Moelis, Perella, Centerview killing it might be over, but I could be wrong. Especially since these places often tend to be one-man or two-man shows. Moelis analysts don't get placed as well anymore, while two years ago they were hot-shots, and Evercore's analyst program is getting bigger from what I hear, diluting deal experience opportunities. Again, this is just what I've heard, ask around.

Now if this were GS/JPM/MS, I would recommend BB, but Citi is on the fence vs. pure-play M&A at Evercore. Live M&A is fun vs. ECM/DCM, or worse, pitching. I'd probably lean towards Evercore unless you get the top groups at Citi. Stay away from Citi's product groups except M&A if you can. Two guys I know from Citi industry coverage got placed into megafunds, but also had top-notch undergrad.

The days of boutiques killing it will be over? Have you found out some magic ways for the BBs to return to two digits ROE? Or have you figured out how to offer financing while having no conflicts? If so please call Blankfein and Dimon. They need your help.

Jan 16, 2012

EVR

its one way or the other: hate me or admire.

Jan 16, 2012

Congrats on your offers! Evercore is a great firm. Citi has been doing well lately and seems well positioned among the non GS/MS BBs.

M&A and top industry groups at Citi are just as good as Evercore in terms of exit opportunities but there's no guarantee you'll get into those groups. Evercore's a safer bet.

Jan 16, 2012

Does working for Citi translate to being a federal employee?

Jan 16, 2012

i like the corny Doug Funny-esque jpeg in the OP

Jan 16, 2012

Evercore dude no question:
-Less chances of layoffs at boutique
-Pure advisory experience and no BS capital markets work
-Evercore is more prestigious
-Probably less annoying politics at a boutique

Jan 16, 2012

Please tell me this is is a non-London location? I was told by Evercore that they are not hiring in London....

Jan 16, 2012
Charles-perry:

Please tell me this is is a non-London location? I was told by Evercore that they are not hiring in London....

Unfortunately, that is not true. Maybe they meant that they are not hiring anymore.

Jan 16, 2012

What city?

Follow the shit your fellow monkeys say @shitWSOsays

Life is hard, it's even harder when you're stupid - John Wayne

Jan 16, 2012

isn't Rothschild the oldest and most established independent financial advisory firm?

Jan 16, 2012

I'd say Evercore.

Evercore has been growing -- both their M&A and restructuring groups are killing it. Not sure about placement aside from one friend who's going to Madison Dearborn, but presumably they place well as they have a very solid program.

Citi is a decent brand-name but the job security there is troublesome. Also, unless you're in a product group, you're experience probably won't be as technical as might not position you as well since Citi is considered less prestigious.

In either case, congrats on both offers. Either firm would look solid on your resume.

Jan 17, 2012

evercore in ldn is hiring

Feb 24, 2012
LDNBNKR:

evercore in ldn is hiring

and they picked up some sub standard ppl in the process, us ever is amazing ldn not so much

op just take ever, not sure why ppl in this thread are being retarded but ever is so much better than shitti.

Jan 17, 2012

Evercore, without a question.

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Feb 22, 2012

What do you guys think about the LatAm team at Citi? Placement, etc.

Feb 24, 2012

Also interested in this

Feb 24, 2012
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Feb 25, 2012