Greenhill in 2020
have not found a solid, up-to-date thread on GHL. I know it’s not the place it used to be but how far is it from being an EB.
Exit opps/culture/compensation/analyst experience?
Would anyone choose GHL over a low-tier BB?
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How is it not an EB?
Not sure about US but in London - deal flow not be what it used to but culture is top. Filled with very smart and genuine people at the junior level. Think they work long hours though.
I know two kids who work there in NY. One of them leaves the office at like 8pm every night.. the other like 11pm. Still have a three year analyst program which is something to note as a lot of banks are promoting or kicking you out after two. In terms of dealflow, I imagine not great to be honest. I've never crossed paths with them on anything. I'd imagine it's mostly mm work. Probably a good bank if you care about work life balance at least in NY and fine with mostly mm exits.
Well-above street comp and lean teams, but definitely not what it use to be. More of a strong upper-MM rather than EB. Would take a low/mid BB or JEF over it at this point (this is for NA).
I'd say they're still an EM, on some very large mandates but not as frequent as before. Agreed that I would take it over a low BB or JEF, but given the trajectory, I'd choose any of the EB summer offers over it. RX has unbearably bad culture though. Former Rothschild bankers
nobody is taking DB, UBS, Jefferies over Greenhill dude
I wasn't referring to UBS/DB at all. Those are not BBs and yes GHL is a better pick (at least surely not UBS). I was referring to CS/RBC/Barclays. Jefferies has a very strong platform with some great growth and deal flow over the last few years while GHL has trended in the opposite direction during a period where just about everyone else (besides some of the European banks) have been growing. GHL only serious advantage is being so lean and it's why they are able to grab such high quality analysts.
You going to RBC?
I know this site has a huge hard on for RBC but in no world should they be compared to CS/Barclays
Wow RBC again... That guy who shits on RBC needs to come to this thread. Sorry to break it to you: No one is choosing RBC over Greenhill. No one is choosing RBC over CS / Barclays. Even doubt anyone's choosing RBC over DB / UBS / Jefferies.
What about weekend work?
Their RX team is doing well
Note that GHL is really small - typical analyst class is around 10. Know a couple people who work there, and while they don't do a ton of big deals in absolute numbers, the class is so small that everyone is getting quality experience.
How are folks assessing whether GHL is an EB? Deal volume? They’re a fraction of the size of most other boutiques and purely focus on M&A / Restructuring. Analyst class has incredibly strong placements still and, from what I hear, culture is amazing with great work / life balance.
Love when Interns / College kids post shit they know nothing about.
Not a whole lot of good Greenhill info out there so I'll try to contribute what I can from experience/talking to others. Feel free to PM.
On the Rx side, the team was growing fast and doing well before the Covid-induced recession. Of course, heavy dealflow now; many deals aren't public but you can see some on Reorg. Class size of 3 analysts expanded to 6, added multiple MDs. The team works hard but relatively little facetime and seniors are willing to put in a good word for you on the buyside when recruiting time comes around. Culture has improved and isn't the same as it was at Rothschild. Still a small sample at this point since the group is new, but exits have included Centerbridge, Cerberus, TPG Sixth Street, and a credit hedge fund.
Mostly accurate on the M&A side. Deal flow can be variable (as banker832 alluded to), but you also need to remember how small the class size is. Analysts seem to enjoy the experience with good culture and solid exit ops. You can search these on past WSO posts or LinkedIn; many end up at top UMM firms (ie., Vista Equity, CD&R, Lindsay Goldberg, Silver Lake). Some BB groups might be different, but my friends at the BBs have typically been one of many analysts on a deal.
In terms of Rx would you take Greenhill over places like PWP and Rothschild? Or is it a little below those as it's just starting to scale up?
Have heard very good things from PWP and their Rx deal flow seems strong as well. Keep in mind they are M&A/Rx for interns so that could make a difference depending on what you want. Word is that Rothschild dealflow has slowed since the key departures over last couple years, but I can't really know for sure (would be helpful if anyone who knows can jump in). Also generalist M&A/rx internship.
Greenhill RX slightly over Roths and PWP definitely over Greenhill.
Can you add more color on the culture change / difference from Rothschild to GHL? I understand that several folks made the move in addition to the lead MD.
So how would the inequality look: PWP>GHL>Roths? Maybe on Rx side ans overall?
Aren't these exits top notch lol? Why are people bashing on Greenhill
FWIW, Greenhill's interview was one of the hardest that I went through while recruiting (I'm from a semi-target that had supers at most of the EBs).
Seems like they're pretty selective not just on smarts but also fit as well. Analyst class is probably solid
m&a or rx
I interviewed for M&A. Very technical interview and dug pretty deep on the behavioral side. Everyone was really respectful tho and I'm sure those guys have fun (no elitist feel like you would experience at Lazard for example)
Same. Went through RX FT recruiting at GHL.... by far the hardest super day interview I had ever done in my life. Also had a Modeling test.. did not get the offer, honestly never even heard back haha.. but great guys though, super nice and respectful. all seemed extremely sharp to say the least.
Hi mate,
Would you mind to PM me?
Best
Greenhill vs Guggenheim Rx?
Guggenheim RX. The combined Millstein platform is very strong and from what I've heard has good culture. Recently mandated on American Airlines
If you want to give MS, why don't you also explain why you feel differently. Why is Greenhill RX better
Guggenheim generalist definitely over GHL, but Gugg's RX practice is relatively weak and is pretty new though I foresee good things from it in the future. Slight edge to GHL RX only.
Disagree about relatively weak. Guggenheim had an RX platform before and added Millstein so it's pretty established
My two cents’ on GHL: (overall, very positive)
However:
There has been a lot of attention on how banks respond to Covid. If GHL follows Citi’s internship approach (e.g., guaranteed FT offers, full 10-weeks pay, shortened / virtual internship), as well as maintains the GHL sign-on / minority bonuses, then I believe GHL will re-gain the street credit the bank used to wield.
You just described all the EBs out there
What are some exit opps?
What makes an investment banker "extremely intelligent?" I'm just curious. I'm in no way trying to say that investment bankers are not smart or something along those lines.
Acc pitching interesting, actionable and “good” strategic ideas / solutions to clients; deep and thorough understanding of industry/ landscape / environment; able to get to the nuts and bolts of clients business.
idk, I was only an intern at a diff bank and that’s what I thought set some seniors apart from others
Still a great bank but the trajectory of the place is so so. Mostly great, smart people some OK people (like any other good bank). To determine whether to take GHL over a "low-tier BB", you would have to dive deeper into the group / vertical.
In short - not enough info to say for sure.
Can anybody provide color to their Chicago office? Looks like it's roughly ~25 people or so, and decent number of junior bankers.
Coverage, culture, etc. would be helpful. Thanks!
.
Thank you!
Greenhill was what Evercore is now 10-15 years ago. Since then, they've been on a steady decline and can and should not be considered an EB (in my humble opinion the only true EBs right now are Lazard, Evercore, Centerview). From what I understand, culture and comp is good at the analyst level but light deal flow and weak brand name recognition. Mostly MM deals and many top bankers have left or the ones hanging around are no longer at top of their game
You wouldn't consider Moelis an EB? Seriously?
or PJT?
Didn't know they certified interns, they should definitely reconsider that in the future
PJT? Moelis? PWP? What are you smoking bro?
Wow. Posted for the first time in a while out of boredom and surprised I got hit with 14 MS's. I happened to have come from a complete non-target with a blue collar family background and have now been in this industry for more than half a decade. I think I know a thing or two more than these dimwit college kids who now get offers before they've even lost their virginity.
Moelis? I don't consider a firm that does a ton of small MM deals with a ton of mediocre pitch-heavy MDs an "EB." Moelis may have been top 15 in the league tables last year but they were in the 20s the year before (as well as in 2017 if my memory serves right). That's on worse on paper than Jefferies, Rothschild, Guggenheim, and BNP Paribas.
PWP? They're incredibly overrated and always have been. I remember when they were founded, they came out of the gate with incredible hype and big name hires, but never established itself among Evercore, Lazard, Centerview (side note: when they were founded in 2006, Greenhill was on par or better than Evercore, and Lazard was the top EB by miles and miles. There was also Gleacher & Co., which didn't last but was considered a real EB for some time.) Additionally, just by having the names "Perella" and "Weinberg" doesn't make them a top, elite firm so no, I would not categorize them as an "EB." I don't remember the last time they cracked top 20 league tables and other than a few one-offs, you just don't see them around the most high profile transactions. They were supposed to go public last year, but that whole process stalled because of lack of investor interest in the company and its overall performance.
PJT? Rising star but I would not put them in the same category yet as the three firms I keep alluding to. They had a good year last year driven by ~3-4 huge deals. In 2-3 years I could see them mentioned among those top 3, but for now have much to prove.
As I said this is all my opinion. Open to debating. If not, you can just listen to advice from "financestudent2020"
PS: Talk to anyone who's actually been in the industry for the past 3+ years. No one in their right mind considers PWP or Moelis in the same league as Evercore/Lazard/Centerview. PJT maybe, but definitely not PWP or Moelis.
Besides what you said about PJT (which I strongly disagree with, I would look into it again seriously), I agree with just about everything else you said. Maybe a bunch of butthurt GHL/Moelis analysts on here slinging you MS lol. This site has become more and more of a joke, same people throwing shit at you think that UBS/DB/CS are still relevant lmao.
Don't analysts at all these places have very good exits?
The fact that you are using M&A league table standing as barometer for boutique firm success/quality really demonstrates your lack of understanding of the boutique business model - they don't chase scale and are not trying to be "everything to everyone"
Part of the reason MDs leave BBs to join EBs is that they are the afforded the opportunity and latitude to focus on the situations and clients of their choosing, without a group head breathing down their neck about making budget or why they weren't on the ticket for an M&A deal that printed that morning
Interesting, but I disagree with your thinking. How do YOU define "EB" exactly? Do people not put these firms in this category because of their deal success, as opposed to business model?
People on WSO and sites like M&I use the term Elite Boutique to list names of firms that have top deal volume success. So yes, league tables absolutely should be used as a barometer.
If not, why don't you just call every MM/Boutique an "Elite Boutique" ??? I mean heck, if you think EBs are just firms that BB MDs leave for, why don't you call Union Square Advisors an EB? They have bankers who came from BAML, Barclays, etc.
I think there's a lot of disconnect between people's perspectives on what an EB is. A lot of the rankings on this site are based on PE placement and subjective prestige (which is influenced by PE placement). And so when we think of an EB we think of a firm that places well into PE/has prestige. If I were considering a career in banking I would start off at a BB for sure, work my way up, and at the MD level, once I've established myself, leave for an EB where I'd have more autonomy and a higher commission. And I think that's where you're coming from. The perspective of someone in it for the long run.
However, only a fraction of us are probably trying to do that. The rest (at least the ones who haven't switched completely out of IB) are probably thinking about exiting to PE. And so in this case, when you trash the T2 EBs, most of us see it as saying the exits aren't good. Whereas you'd probably place better as a generalist at Moelis than at the worst group at MS, despite MS being top tier. A lot of people would probably choose some T2 EBs over some T1 EBs because the placements are equal, but you have a smaller class and you get paid better.
Keep those MS coming, children and those interning or working for PWP and Moelis
I have heard good things about the culture—I had a friend in the last class and apparently out of 10 (NY M&A) summer analysts, all 10 received offers and all 10 accepted their offers.
Only ten for SA?
There’s 10-12 for M&A between all four offices and 4-6 for RX in NYC
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