IBD London - Top Groups

multi678's picture
Rank: Senior Baboon | 176

Hi!
Pretty straightforward question. What are the top groups in London IBD in terms of exit opps?
While I realise that, unlike in NY, groups don't matter as much in London, there are still some groups from different banks that are considered top tier, JPM Leveraged & Acquisition Finance comes to mind.
Would be interested in general rankings and maybe also top 1/2 groups per bank (BB+RS/Laz)
Thanks in advance!

Comments (81)

Apr 21, 2019

The ones that I know:
GS: TMT/I
JPM: TMT, Diversified Industrials
DB: LevFin, Industrials
Roths: Consumer and Retail, Healthcare, RX
MS: Tech
CS: Levfin/Sponsors

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Apr 21, 2019

I doubt DB's groups are still top-tier

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Apr 21, 2019

I agree with you. But those two groups at DB will probs still get you a couple of MF interviews and from then on it will be up to you.

Apr 21, 2019

Tbh, some names are a bit surprising on that list. E.g., M&T is usually considered the top group at MS (despite Tech still being top), so is LAF at JPM. To my knowledge, RS is not top tier in RX (PJT/HL are)

What about GS FIG/CRH? How would you rate the EMEA M&A groups at MS, BAML and Citi?

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Apr 21, 2019

GS has split CRH into C&R and HC. FIG is top notch at GS although most exit to other stuff than vanilla PE (ie HF/SS).
M&A at MS is very well regarded. M&A at BAML has some great PE exits although not the best group there. Cannot comment on Citi for M&A but Citi is very good in HC recently.

Most Helpful
Apr 21, 2019

M&A top at MS and BAML. Nat Res top at citi and BAML

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Apr 21, 2019

.

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Apr 21, 2019

Reputation of MS CR and HC?

Also with regional teams e.g. UK&I

Apr 22, 2019

.

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Apr 22, 2019

Did BAML take over MS' HC reputation? Seen they did quite few big pharma deals recently. Not sure about HC services/Med devices

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Apr 22, 2019

UK&I in MS also do Corporate Broking which some analysts don't want to do at all, so that is something to take into account.

Like the above poster said, CR is an average team in MS and HC is quite good, work with a lot of the big European Pharma companies and have a solid culture.

In MS, M&A and Tech are the most well renowned, probably followed by M&T and maybe NatRes. They also have the best Transport team in EMEA.

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Apr 22, 2019

Would argue that M&T is actually above Tech

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Apr 22, 2019

So is this just weaker relative to its other groups or industry as a whole? (focusing on CR)

If the latter, does this affect the dealflow and the deals they are on? (understand this may require some inside knowledge)- I know they've closed some big deals but is that purely from brand name and ability to provide some financing or is it the lack of relationship with companies?

Apr 29, 2019

Can echo that the Transportation team at MS is a hidden strength. They dominate a lot of the space globally since they are one of the few dedicated teams to the space globally. Most firms group them under Industrials, so when competing for mandates they have an edge as they are hyper focused on this

"If you ain't first, you're last!" - GOAT

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Apr 22, 2019

So what would you all say are maybe the best (top 5) groups in London? (mainly in terms of exit opps)

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Apr 22, 2019

GS TMT, GS FIG/CRH, MS M&T/Tech/M&A, JPM LevFin/TMT/Industrials + PJT RX (it's general for the first year but after that RX is better than M&A) if you also look at more SS/HF/Credit type roles

Very hard to break it down to 5 because these groups will be considered pretty similar and make up the majority of MF associates.

Also, bank trumps group. Is TMT at GS better than Industrials, probably? You will still have excellent opportunities coming from any GS group though, and nobody is going to decide based on factors like that.

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  • Intern in IB - Ind
Apr 22, 2019

Thoughts on places like HSBC / BNPP / MacQ / Barcs ?

Apr 23, 2019

BNP good in France, Bar in UK, Maq good in infra. Wouldn't consider any of them "top group". would pick up BAR hands down

Apr 23, 2019

So overall, would it be better to choose an average group at a top BB, such as MS C&R/BMG, or a "top" group at a mid-BB (Citi NatRes, CS LevFin/Sponsors) when looking for exit opps?

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Apr 23, 2019

If CS LevFin take it all the way - exits are on par with top groups at top BBs...

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Apr 24, 2019

How about top groups at BAML and Citi?

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Apr 25, 2019

Does anyone happen to know which banks have already placed summer interns in groups, and which banks are still in the process of doing so?

Apr 25, 2019

JPM done, GS/Jefferies still pending not sure about others. BAML is rotational.

Apr 25, 2019

MS still pending, answers should be out before EOM

Apr 25, 2019

I don't think that BAML is rotational because in previous years they've operated a pooled system for summer interns in IBD. In capital markets at BAML it's nonrotational.

Apr 25, 2019

You are right that there is an intern pool. Yet, given that you are basically able to structure the program depending on your preferences, it is a rotational program for most people without the pressure of having to go through group selection

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Apr 25, 2019

Don't take what you read here too seriously, sounds like a bunch of undergrads giving advise to more undergrads

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Apr 25, 2019

WSO in a nutshell

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Apr 25, 2019

maybe you two could help then if you have any good info?

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Apr 26, 2019

Agreed, the best way to get an impression on how teams perform is to reach out directly to current analysts. A lot of the advice on these boards isn't accurate.

Apr 26, 2019

This would work in an ideal world, but most current Analysts will of course tell you that they work in a strong team with a great culture, unless you know them really well.

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Apr 25, 2019

JPM TMT had some crazy exits last 2 years. If I remember correctly they were as follows
- HIG PE
- KKR PE
- TPG PE
- TPG special sits (2x)
- Silverlake PE
- Blackstone tactical opportunities
- Carlyle special sits
- Oaktree PE
- Summit Partners

This is not the full list but gives some insight hopefully. Also I agree with others, GS TMT/I & FIG, JPM TMT & DI and MS M&A, Tech and M&C are probably the top ones

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Apr 26, 2019

To add on this:

Someone from JPM DI had a really great exit to Carlyle Chemicals recently

Apr 25, 2019

Does previous PE experience matter for exit opps? For example, is an applicant from Citi/BAML with Large Cap PE internship(s) seen more favourable compared to someone from GS/MS/JPM without any or does it at least compensate for the difference in prestige?

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Apr 29, 2019

Bump

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Apr 29, 2019

Usually past PE internships don't really matter. Spoke to a Partner at an UMM EU Fund (CVC/Ardian/EQT/BC Partners...) and they heavily favour the top3, and by a lot. In some cases they specify to HH that they want 80%+ candidates from the top3. Although if you have great deal exp - you'll usually get good looks as HH usually throw one from every other bank with languages that match in the process.

Apr 29, 2019

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Apr 25, 2019

Sorry to ask so many (doesn't actually matter but more intrigue and curiosity)

Top groups at Lazard?

Apr 25, 2019

No real standout team, most/nearly all would be solid. For the same reason as RS (top bank in France), they are good in HC (Sanofi etc.). Also strong in consumer, lead adviser on some of the recent mega deals. Not sure about TMT given that it is run (partly) out of Paris afaik. RX is top-notch. Keep in mind that you do two 1-year rotations for your analyst stint meaning that group selection is arguably less important.

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Apr 29, 2019
Apr 29, 2019

thanks! Do you happen to have it over previous years as well or for other sectors on the buy-side ie credit/HFs? A year is sometime not very representative - thanks!

Apr 29, 2019

this is done using LinkedIn

Apr 29, 2019
PatrickBateman1:

this is done using LinkedIn

What should they use? BoardEx? Cold call every professional and ask? Of course is based on LinkedIn and it is not fully comprehensive but it gives you a clear view of which banks placed the best last year.

May 4, 2019

Is JPM the BB with the best work/life balance in London? Heard the analyst classes are huge...

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Jun 28, 2019

Thoughts on MS DCM for an eventual move into M&A?

Aug 30, 2019

Late response but in top of my head CapMarkets is separate from IB at MS...

Mar 20, 2020

Indeed

Jul 3, 2020

what is the reason that top groups at banks give you better exit opportunities - is it because they have higher deal flow therefore more modelling experience?

  • Analyst 3+ in IB - Ind
Jul 3, 2020
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Jul 4, 2020
  • Analyst 3+ in IB - Ind
Jul 4, 2020