GS/MS/JPM vs PJT/Evercore/Lazard - London

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Hi there,

My choice is between an average group at GS/MS/JPM (already allocated a group with pretty much no possibility for a change) vs PJT/Evercore/Lazard with yet unknown group.

I like boutiques because of their lean structure and hands-on approach, however, I am not sure whether a few years down the road I would not like to exit to PE or non-IBD roles.

Would being a boutique put me at disadvantage for the non-banking opps? Also, is there a big difference in PE recruitment between the top BBs and EBs in London?

Appreciate your take on this!

Comments (25)

 
  • Intern in IB - CB
Oct 17, 2020 - 7:19pm

I think generally you would much rather work at PJT/EVC (not Laz) than GS/MS/J.P. in terms of exp, however the latest 3 offer better and broader exit ops. 
 

PJT has top exits though and one thing to take into account is you'll be staffed on broader deals at boutiques than say if you're in HC M&A at a BB. Downside as teams are smaller, your future network will be smaller as well. Evercore probably sweet spot in terms of size.  
 

Paywise boutiques are better. Culture probably dep on group. 

 
Most Helpful
  • Analyst 3+ in IB - Ind
Oct 18, 2020 - 8:51am

This response is very inaccurate for London. I've worked at two out of the firms the OP mentioned in London.

Lazard in London is by far the strongest performer in terms of M&A deal flow, deal size and exit opportunities out of Evercore and PJT.

Evercore london is focused on small and mid cap deals. PJT London is great (especially for restructuring) but it's still a bit behind the US team. Lazard paywise is below market whereas PJT and Evercore pay very well (PJT London and Centerview London are the top payers).

Evercore London should be bottom of the list, despite their high pay. The talent in their analyst class is terrible, some of the female analysts there are so dumb I don't know how they got an offer.

 
  • Intern in IB - CB
Oct 18, 2020 - 8:39pm

In terms of M&A dealflow totally agree that Laz > PJT/EVC. Exit ops probably as well even though heard PJT was great. 
 

in terms of culture/hours though, don't think Laz (or Rothschild) are the best places but you can confirm. Tbh London is probably not as bad as Paris where analysts are just getting killed week over week 

 
Oct 18, 2020 - 9:38am

If not specifically keen on Rx/boutique model, go to a BB. Carry better name, exits, and you'll get exposed to M&A/ECM/LevFin/DCM (assuming you are in a coverage group obviously). If keen on Rx - PJT can be a good one. If keen on rotating across teams Lazard is good and carries a very good name in Europe due to its history. Would not consider Evercore to be a competitive EB vs the other names. 

 
Oct 18, 2020 - 2:34pm

Evercore needs to pay well or else it would not attract people, it is very MM focused in deal flow and the exits have not been great although they have good momentum

Lazard is a good name in Europe but still does not compare to the likes of GS/MS on deal flow

PJT is very good in RX and ok in M&A, growing very fast and pays top of the street

Should take PJT if interested in RX, otherwise stick with GS/MS/JPM

 
  • Analyst 1 in IB-M&A
Oct 19, 2020 - 1:02pm

Bump. Feel like the essence of the question has been lost - which one gives the best non-IB/PE/HF opportunities?

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