GS IBD groups: Consumer Retail & Healthcare
I have a summer offer for GS IBD and I've been in touch via PM with a couple of people about different groups at GS. Thought I'd make the discussion public and get your thoughts on some groups in GS IBD. Ran a search on this, but "best groups at GS" discussions seem to focus mostly on TMT.
Both TMT and FIG are seen to be the two of the strongest groups, but outside of those two, what are some of the other groups worth garnering some mindshare? Any insight into the culture/ dealflow/ exit opps of Consumer Retail and Healthcare, specifically? Consumer Retail was run by Tim Ingrassia who is now head of Americas M&A. The group was lights out during his tenure - any insight into how the group is now?
Industrials is a sweatshop with a really stiff culture. Solid dealflow, but not GS's specialty either. Exits have been decent.
I've heard better things about CRG which seems to have good megafund placement as well.
GS Consumer/Retail, GS Industrials (Originally Posted: 09/12/2013)
Need thoughts fast with deadlines approaching. Any insights on these groups would be great.
lev fin
PM me
Both New York? CRG has better exit opps IMO.
There's probably not that much difference though - so pick based on people and industry preference.
KB24TD21, sent you a PM.
Cornelius, thanks for your thoughts.
Yep both in NYC
CRG by miles, my friend. Two reasons: placement and culture.
Their placement is stronger than Industrials. One guy just went to TPG in San Fran in July, and of the guys who are second years right now, three have MF offers in hand. It is a smaller group, summer class of 12 analysts (plus 3 sophomore summers) and 4 associates.
Culturally, it's pretty relaxed. They get worked hard, but there isn't a facetime culture and people are friendly and understanding.
Industrials sucks. Seriously, it is the single worst culture in the bank. I don't think anyone there would ever praise it, and few will even bother to defend it. People are not very respectful of each other, the general demeanor isn't very happy, the analysts aren't super friendly with each other (this is a huge sign, anytime there's a poor culture at the senior level it usually unifies the analyst class and they band together with a "we all need to get through these two years in the trenches together" mentality, i.e. FIG, or Lazard as a whole), and the exits are middle of the pack (at best) relative to other groups (so it's not like it's a worthwhile tradeoff).
I would take literally any other group at GS over Industrials (even PSI, the firm's version of Pub Fin) purely from a cultural standpoint.
consumer/retail groups across the street are pitch bitches; be careful...gs has a good group due to continuity, but would look elsewhere...TMT, Energy group (houston), power/utilities group
Are GS groups a lot larger on average than at other banks? This is in response to the above comment about CRG being a smaller group and yet having between 12-15 interns, which would put it on the much larger end of most banks that I'm familiar with. Obviously FIG is an anomaly with 20+ interns, but didn't know what the deal was with other GS groups.
APAE, thank you very much for your advice. Very insightful.
Black Jack, I believe TMT also had 20+ interns. Also, Industrials is a pretty large group as well.
GS Healthcare is one of the best on the street. Given the sadistic reputation of many HC groups, their group heads are known for being surprisingly humane. Hours are long but consistent, and analysts are treated with respect.
TMT had 18 summer analysts (including sophomores), I believe 14 were in New York. There were 7 associates, I'm not sure what the regional split was.
Sponsors is the smallest classic coverage group at GS. I believe there are 3 analysts currently in the group; there were 2 interns this year. Besides that, I think PSI is the smallest: 11 summers (2 sophomores) and 2 associates.
Agreed with above. Life in healthcare is much better than in TMT and FIG. While the latter two are indeed great groups (FIG being responsible for some outrageous amount of IBD revenue this year - like 80%) and place extremely well the lifestyle almost does border on sadistic. Consumer / Retail has been hit hard by the downturn and personally don't expect much dealmaking activity there for a bit.
I know two people in GS industrials....and they both would tell you the biggest regret they have had over the last year was preferencing GS industrials in the group placement process.
How is FIG 80% of revenue? Their biggest deals this year were Burlington Northern, Wyeth Pfizer, Merck Schering PLough, GE Comcast, Liberty Entertainment ....
From what I gather, they are making a killing on stuff like equity raises. Wells Fargo's $10.5 billion offering last week would alone be ~$100 million in fees.
any data points on actual exits? i thought industrials usually sent more people to good funds
Oh yeah well their financing group makes up most of IBD revenue to begin with .. and yeah this year lots of fig recaps
yeah teh wells fargo deal was 2.25% fees. so that's about $240mm in fees right there with GS getting abt 1/2
Sorry for the Hijack - Pokers, I sent you a PM.
That why they invented PMs
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