Industrials General Info & Best Groups 2020

adgv's picture
Rank: Senior Chimp | 28

What are the pros and cons of the Industrials Group? I know it's seen as a "classic" coverage group and is very broad with many subsectors.

Which BB/EB banks have great Industrials teams in terms of culture and deal flow? Is it one of those groups where all BBs (EBs too?) have a pretty solid group? Any distinctions between how BBs and EBs cover Industrials? I know MMs like WB are also very active in this space.

I'm looking at this from the perspective of joining as an Associate, but feel free to expand to Analyst, etc.

Thanks.

Edit: Interested in NY mostly, but would also like to know about Chicago.

Region: 
United States - Northeast
United States - Midwest

Comments (19)

  • Analyst 1 in IB-M&A
May 21, 2020

Generally, this depends on geography. Are you more interested in New York industrials groups or their Chicago outposts? I think this needs to be answered first.

May 21, 2020

Thanks, just edited post. I have a preference for NY.

  • Intern in IB - Gen
May 21, 2020

.

  • Intern in IB - Gen
May 22, 2020

bump

  • Analyst 2 in IB-M&A
May 21, 2020

Delete

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    • 2
May 21, 2020

Thanks for your informative answer. By culture, do you mean hours or also treatment of ANs/ASOs by senior bankers?

By capital intensive, do you mean the large assets (heavy machinery), supply chains, factories, manufacturing, etc. involved in the space?

  • Analyst 2 in IB-M&A
May 21, 2020

Yes rough hours because there are more deals (lots of MM / sponsor deals) and more companies to cover. The Senior people can be hit or miss but generally more intense / no bullshit / no fun
Yes exactly. Those industries require lots of capital so companies have strong lending relationships with BBs and then use them for M&A as well

  • VP in PE - LBOs
May 22, 2020

Underrated concern: industrials is boring af

May 22, 2020

Can you expand? Would like to hear more of your thoughts on this. I would've thought because it's so broad, it could be interesting (automotive, aerospace & defense, conglomerates, heavy industry, etc.). Is it that the valuation work is standard and the space in general is very mature, leading to not much growth prospects?

  • Intern in IB - Gen
May 22, 2020

What are the top 10 Industrials groups on the street?

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  • Intern in IB - Gen
May 22, 2020

For NY, Citi and GS have very strong groups.

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  • Intern in IB - Ind
May 22, 2020

In no particular order these are the top 5 BB

1 Goldman Sachs

2 Morgan Stanley

3 Barclays

4 JP Morgan

5 Citi

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Most Helpful
May 22, 2020

In actuality (in no particular order - just some strong groups)

Goldman Sachs
Morgan Stanley
CVP (lands a lot of industrial mega-mandates)
WF (strongish for whatever reason)
RBC (also strong for whatever reason)
Evercore
Citi (large af but analysts spend all day doing bond issuances for companies like XPO)
Moelis (does a lot of water services)
BMO (if you group metals and mining in)

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  • Prospect in IB - Gen
May 23, 2020

OP bolded "culture" so I'll tell you right now to avoid GS, Moelis, and MS. Avoid Shitty, I mean Citi, because they're just an all-around trash bank.

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Funniest
  • Analyst 2 in IB-M&A
May 23, 2020

ok prospect we all know you would bend over for a Citi offer, settle down now

(not even in any of the banks you mentioned but amusing to read)

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  • Analyst 1 in Other
May 23, 2020

nothing better than a prospect giving advice to avoid MS and GS and saying that Citi is trash. maybe get a job first guy

    • 1
May 23, 2020

I didn't want to comment on culture because I frankly have no fucking clue and nobody (probably) on WSO has a fucking clue either.

  • Analyst 1 in IB - Gen
May 23, 2020
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