A buddy of mine just accepted a SA position at Greenhill over IBD at Goldman? I know Greenhill is legit, but would anyone else have made this same decision? Just curious... and trying to get a feel for how most people perceive GHL.
Thanks
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I personally wouldn't choose Greenhill over Goldman unless there was a large disparity amongst culture. If all else were equal, I'd pick Goldman 9/10. I'd choose Greenhill over lower BB's though, for the most part.
must've been a culture thing
Culture for sure - Greenhill has a great culture and works its analysts less than GS.
yea, he did mention that he met a lot of great people during his final rounds. He also seemed to think that the exit opps out of Greenhill would be comparable to GS/MS (in terms of PE/HF).... agree/disagree?
On exit opps, from a top boutique like Greenhill they will still be good. Maybe not quite as good as GS/MS but hard to say since GS/MS have way more analysts, that kind of distorts the data.
To be honest, with an SA position at Greenhill he could really get any FT offer he wants... so if he did like the culture and people of his group there more, then yes it was a good decision to pick it over Goldman.
In most cases I would not recommend this and for FT offers it's not necessarily a wise idea, but for the summer it's fine.
I think that is a smart move on his part. Greenhill exit ops (as with Lazard and Gleacher) are equal the best ops out of GS or MS. That is, you will have the same opportunities to interview at top PE/HF firms if you make it past the headhunter interviews. The BIG difference with Greenhill is that the headhunting firms (SG, CPI, Oxbridge) will interview EVERYONE in the Greenhill analyst class, and choose 3-4 analysts to show to KKR, TPG, etc. At Morgan or GS, you will have to 1) be chosen out of the 100 analysts in your class to be put in the top groups (GS TMT or MS M&A) and 2) be one of the best analysts in your group in order to even get an interview with the headhunters. You can figure out which situation involves less risk.
You realize that TPG almost exclusively hires out of GS right. Also, EVERYONE who wanted to do PE at GS TMT got interviewed FIRST by every top private equity firm. That is, they got interviewed before the end of their first year and almost every single one got at least one offer last year.
I don't know what the statistics are at Greenhill, by TMT and other top groups at GS are pretty hard to beat on an exit ops basis.
Culture will be better and won't depend on group placement. He'll get staffed on restructuring stuff if M&A dries up. Exit opps will be on par (i.e. TPG, Tiger, Cerberus).
What is Tiger?
I think cardinal is referring to Tiger Global - hedge fund run by ex-Tiger Management principals. I'm actually curious about the hedge fund exit opps for M&A/Restructuring bankers at a place like Greenhill. What's the primary skill set overlap? In terms of banking, is this the best area to be coming out of in transitioning to fundamental/value investing funds (as opposed to coverage or other groups at some of the banks)?
Thanks
are you comparing the best group at Goldman Sachs with all of Greenhill? Shouldn't you be comparing exit opps for the median analyst (unlike to be in TMT) at each firm?
If I where in your friends shoes I would have done the exact same! I have interned at a BB and interned at a top Boutique - and the top boutique not only kicks ass in terms of culture, but also on valuable hands on experience!
GS or GHL for SA? (Originally Posted: 02/21/2010)
Narrowed offers down to these 2. Which one should I accept?
Why people getting offers from GS even hesitate?
I'd take GHL over GS. It comes down to whether you want to be at a BB (larger class = larger network, better brand recognition, opportunity to move internally, more formal training) v boutique (more contact with senior bankers, conceivably more responsibility, less formal atmosphere). GHL also has a much, much higher SA convert % than GS, and on a % basis placed significantly better in to PE. You also don't have to worry about being put in to a bad group at GS. As boutiques go, GHL is known for a great culture and great deal-flow. GS is obviously a great bank, but it is run by traders, not bankers, which is worth bearing in mind. It's not nearly the easy decision the idiot above implies.
My advice, as I don't know you, would be to ask your contacts at other banks who do have some sense of you as a person which they would recommend for you.
Thanks man, I feel I really deserved this by having an opinion!
That tandar guy needs to get a clue.
GHL is a great boutique, and like PWP, founded by a great MS expat. You'll be a generalist but will do minimal pitching, be exposed to a lot of deals, and work more closely with the MD's and have a much more integral part in those deals.
With that said, drexel's fleshed out that GS side pretty well -- bigger brand/name recognition, etc...
If you want to do investment banking, go with Greenhill. If you're not sure and want more options, go with Goldman. You can always lateral or move somewhere else and anyone will know the Goldman name. But if you are more than 50% sure you want to stay in IB or move on to VC or PE then I'd take Greenhill in a heartbeat
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