Did some searches but all the threads are from when PJT was first announced with BX spinning off its M&A practice. Does anyone have any idea about PJT as a firm? Deal flow? "Preftige"? Analyst class composition/training? Exit opps?
Looking at their SA process and curious how their interview process will be and what to expect in general from the new firm. Obviously, there's a lot more out there about applying to/working at the more established BBs, EBs, MMs, etc.
Review of PJT Partners Blackstone History
In October of 2015 Blackstone announced the successful completion of a spin-off of their advisory services. At this point they had successfully combined Park Hill Group with PJT Capital to form PJT Partners. The newly formed investment bank includes mergers and Acquisitions, restructuring and reorganization services. Additionally, the chief executive of Blackstone, Stephen Schwarzman noted that the independence of PJT would allow the firm to operate in the advisory space without a fear of conflict of interest. Paul Tubman, Chairman, and CEO of PJT Partners made the following remarks in an SEC filing submitted on October 1st.
Today marks the culmination of this past year's hard work and thoughtful planning, and I am extremely excited about the future of PJT Partners as a stand-alone public company. Combining the 30-year legacy of an established firm with the entrepreneurial culture of a start-up, PJT Partners brings together three best-in-class businesses - Advisory, Restructuring and Park Hill. As a next-generation, advisory-focused investment bank that is free of constraints, we are committed to providing our clients with unparalleled, strategic advice while creating long-term value for our shareholders.
A majority of Blackstone's advisory operations was transferred to PJT Partners during the merger. In the year before the merger, advisory services made 4.5 million in profits according to this SEC filing. Taubman also successfully poached three Morgan Stanley partners for the fledgling bank.
People make firms, not name. Names are made because of the great people who work at these firms. Please keep that in mind when thinking about any firm you choose to work at or talk about.
And PE/HF funds are the most sophisticated people in finance. If I re-branded Goldman Sachs --> Morgan Sachs tomorrow...nothing would change in terms of exit ops. The only thing that would change is that your parents won't know where you work.
Recent PJT Deals
Most recently PJT Partners has advised Impact Bio Medicines in an acquisition by Celgene for 7 billion dollars. Celgene is a biotechnology company that develops and commercializes medicines for cancer and inflammatory disorders. Celgene has been pressured into making acquisitions to diversify by investors. This came after the under-performance of a new psoriasis treatment drug and a subsequent scale back of their financial outlook.
- Other Notable Deals
- £25 billion: Sky and 21st Century Fox
- $4.8 billion: Yahoo and Verizon
- $21 billion: Rock-Tenn and MeadWestvaco
- $13 billion: Catamaran and United Healthcare
- $4.4 billion: Lionsgate and Starz
- $3.8 billion: Comcast and Dreamworks
As listed on pjtpartners.com
PJT Partners Salary and Bonus
Average base and average bonus as reported in Wall Street Oasis 2018 Investment Banking Industry Report
- Summer Analyst
- Average Base: 71.5k
- First Year Analyst
- Average Base: 80.9k
- Average Bonus: 88.1k
PJT Partners Exit Opportunities for Analysts and Associates
NY: Destinations of PJT Partners analysts and associates
PJT Partners: Professional Growth and Career Opportunities
PJT Partners has one of the hardest interviews but offers one of the most rewarding work environments. Company Statistics as reported in Wall Street Oasis 2018 Investment Banking Industry Report.
Percentile Scores: Company Review
- 80th percentile for professional growth.
- 80th percentile for career advancement opportunities
- 90th percentile for recognition and praise of good work
- 90th percentile for compensation
- 90th percentile for leadership abilities of senior management
- 80th percentile for reputation
If you would like to know more information about the top firms on Wall Street then take a look at the IB Industry report. This report is constantly updated and contains compensation by position, company statistics, lifestyle rankings, and more! Visit the report on WSO.
Read More About PJT on WSO
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