Is there money in investment banking at smaller banks?
According to the BLS in 2006 there were 173, 430 employees in the investment banking and securities dealing industry; however, it seems that the 60k-70k employees in bigger cities such as NY($16,849 average weekly), Chicago($7,934 average weekly), SF($14,177 average weekly), BOS($8,564 average weekly), and LA(7,231 average weekly) had extraordinarily high average weekly wages in excess of 7 thousand, while other cities don't break 4 thousand a week. https://www.bls.gov/opub/btn/archive/wages-and-bo…
This leaves oneself wondering do smaller regional boutique and middle market investment banks actually pay anything close to BB/EB?
You should find that most MM IBs in the major cities pay street. Boutiques typically pay under street for base but may payout some great bonuses.
Just keep in mind that IB experience is IB experience at the junior level. I know people who were underpaid through a year in IB at boutiques that received a hellofa pay raise lateraling to MM/BB (including one person who's shop had minimal deal activity).
Source: I'm at a MM IB; know peers at boutiques.
Thanks for sharing that insight man. What kind of boutiques were these friends of yours in (industry, product coverage)? Were they in NYC?
I am curious. What edge do bigger banks have that allows them to bring in more money? Is it just relationships with bigger companies and lenders(PE/VC firms, access to public markets via S&T to insure shares sell in the event of ipo, fill me in on any other services, products, and relationships they provide if I am leaving any out) leading to bigger deals happening? Do these companies and lenders have more of a relationship with the bank or the bankers?
Thanks
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