Goldman Sachs IBD Industrials M&A Group London
Hi everyone, I wanted to open this thread to get an updated view on how the Industrials team at GS London has fared since the TMT/I split.
Any perspectives on culture (changes) and exit opportunities?
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Long-time WSO member knowing the team / using burner account for anonymity purposes. Feel free to shoot your questions.
Which banks/boutiques are your competitors in the Industrials space in London? In general it would be great for a bit of a perspective on which other banks have a strong Industrials presence in London. Thanks!
Good question, but frankly a little hard to generalize just given the multiple verticals the Industrials team of any given bank usually covers (Automotive, Aerospace, Transportation, Packaging, Building Materials, Business Services just to name a few), with some banks holding very strong relationships in some (eg. Packaging in case of GS) but barely any in other verticals.
Generally speaking / as to be expected in London, biggest competitors regularly are other BBs, especially JPM/MS/BAML/Citi + CS, and Rothschild and PWP on the EB side, both of which have strong ties with German and French clients in particular (RTH also has strong UK clients coverage).
Industrials has a very sponsor-heavy client base, which usually puts the BBs in an advantageous position compared to EBs due to their capability e.g. to offer staple financing on sells-sides or do the acquisition financing for buy-sides, even when not mandated on the M&A piece.
Thanks for doing this. Curious to know if the bank hires SAs from other banks for FT. If so, is the hiring done by the group, or the division (with group placements happening afterwards)?
GS hosts a breakfast event for summer interns from other banks every year (usually in August), allowing attendees to network with different industry and financing teams. This year, due to COVID-19, this will either not happen at all or will be held virtually (guessing the latter). This is essentially a CV drop - if you click with the teams at the event and they like your CV, you will be invited to interview for a FT spot.
From my experience so far, similar to the regular FT process (which they try to pre-empt by hiring strong candidates from other banks), it will mostly be teams from the financing group as well as FIG and NatRes who will look to hire externally. So group placement happens immediately – SAs get their offer for a specific group within two weeks following their stint.
Any idea as to how TMT and Industrials are perceived post split? Is it similar to the US with TMT remaining the top team with Industrials being less revered (so far pretty much all of the top exits I have seen where out of TMT) it is gs so definitely talking nuances here
Thank you for taking the time! Would you foresee any firings at the junior level in the near term? Understand that deal flow has been impacted severely in Q1, and I would imagine Industrials being hit as well.
Industrials sector is obviously taking a hit right now. However, layoffs on the most junior level are rather unlikely. If anything, they simply won't hire as many people for the next analyst class or will trim fat where it is most obvious / P&L effective (usually VP level). Neither is particularly realistic in my opinion through as this is not a systemic crisis and things are slowly starting to recover, i.e. processes formerly put on hold are possibly picked up again in the near-term, and new opportunities might arise (industry consolidation) – there still is also a lot of PE dry powder which will need to be spent, and after all, there still are a sizable amount of well-performing industrial companies. If you are the automotive or Airlines MD, things obviously don't look as good at the moment so probably harder to generate fees in those verticals, but personnel implications really depend on the length of the drought.
GS IND is a very strong franchise and continues to be busy so I would not be overly concerned.
Quick question! How would you define a good analyst? Or rather, what are the traits of a good analyst in your team? Any recommend how to cultivate these skills?
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