Hey,
I have an offer for Jefferies for their NY generalist program, and was wondering if anyone had any insights on what the experience there is like. Specifically, I'm interested in hearing about (1) deal flow, (2) amount of responsibility analysts take, and (3) exit opps.
I'm mostly interested in hearing from actual bankers, or people who personally know of some one working there. Please, no bashing.
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Dealflow is almost entirely dependent on group. Health care has been very busy over the last two months and has closed more than 20 deals since July. Restructuring is also strong dealflow wise, but not as strong as several years back, as they had ~10 bankers defect to Moelis. Tech (Jefferies Broadview) is also very busy, but I think their recruiting process is entirely separate of the generalist program. Hours in most industry groups (inudstrials, media / telecom, cleantech) are reasonable for banking hours.
I would say responsibility is the same at any other large bank. You will probably be part of a 30+ person analyst class and 1st years are generally paired with more experienced analysts as they are brought up to speed. If you are in an industry group, M&A, LevFin and ECM will obviously help out on any given engagements to the point it makes sense.
Exit opps are dependent, again, on the group you're placed in. Product group analysts (esp. M&A and Restructuring) have done quite well and I would imagine Health care would do well in the future. Previous analysts have gone to Matlin Patterson, Gores Group, Onex, Insight Venture Partners, etc. Overall, I would say that Jefferies provides you good exit opps if PE is what you're looking for, but don't expect to land at a top buyout shop or even great MM shops like MDP, H&F, etc. Of course, there are exceptions...
Jefferies will provide you the opportunity to land at a respectable PE firm, most likely a MM place. As far as hours, I know a few people in their healthcare group and those hours are pretty brutal - attrituable to the increased deal flow and ben lorello.
banker88 are you gonna take this one or should i?
this thread reaks of piper jaffray.
uhh jackdaniels, are you gay or something? your post was quite piper jaffray-ish.
didnt jefferies lift UBS entire healthcare team?
where do they stand in their recruiting process? heard they were still hiring, is this true?
lol jefferies is a crap bank. go with a larger one.
don't know many people on wall st., or the world, who share that view--except on this forum
dude ultra you're still a student, how can you say which banks suck.. why don't you spend some time in the industry first. Btw Jefferies has one of the top healthcare groups on the street now.
And larger doesn't neccesarily mean better. If I remember correctly, Greenhill and Evercore are pretty good shops...
i've never met a single person, especially at the senior level, who actually is in the industry who would say that jefferies "sucks"
very solid mm bank, though quality varies a lot by group. healthcare is killing it right now. i think they still do a generalist program for the first few months or so before you get group placements, and you can get into healthcare through the generalist program (ie all recruiting isnt separate).
exit ops are solid into mm pe, especially for funds in the $500mm-$5B range. Don't go in expecting to get a megafund afterwards, but besides that you will do great after 2 years there.
i think 30 is a bit high for the analyst class. a good friend of mine who interned there last year & is going back full time said they were aiming for something like 15 for banking this year in the ny office.
make sure you like the culture there - everyone i know either loves it or hates it. very, very fratty.
also, why does there seem to be an increasing amount of trolls lately? and the piper jaffray jokes are old and not funny.
Ironically, back in 2004, Lorello went as far as to classify Jefferies as a "low-quality" firm with "no track record in the health care arena". Of course, Jefferies has grown quite a bit since then.
I said to go with a larger bank. Yes jefferies healthcare is good but that's 'cause it was stolen. Larger bank and BB > Jefferies. ON wall street its go big or go home. Megafund PE > crap PE.
Would you rather want a 3 inch oscar meyers (read: piper jeffries) weiner, a 7 inch MM italian sausage, or a 16 inch KKR cock. I think the choice is obvious.
Hey,
What about year end bonuses? I heard pay was comparable, but I haven't been able to find any bonus numbers. E.g., in 2007 when the BB's were paying $90k bonus for top bracket, what was Jefferis paying?
bump^
Klaufi,
Thanks for the post. I also just received an offer from NY Jefferies and was asking the same question. From what I've heard, Jefferies is in expansion-mode right now and they are looking to acquire top talent to fuel this. Could anyone that has/is working there provide insight on culture? dress code and hours?
bump^ again
You cant judge Jefferies on the past - I talkd to a VP in the HC group (one of the few JEF guys they kept) and he said since June it was like he got smacked in the face. They are now the largest pure play IBank and with that HC group there the culture will completely change as well.
EVERYONE in the industry knows that HC group and if you get in there you will be money - as for TMT I do not know anyone there but the head of US Media is John Fargis - former Bear Stearns super star
JEF has the talent now - and as we know deal flow is just as much about relationships (if not more) than brand... The JEF brand will continue to become better with the moves they are making
As far as "crap PE" being anything but the Mega Funds - the Mega funds are actually making all their money on Leveraged Fixed Income investments and getting killed in their equity portfolio investments - the middle market guys (Kohlberg/Castle/etc.) are killing it in those portfolio/LBO types of investments because they really stick to the old school cash cow business rather than buying large autos or commodity type businesses (re: First data)
The Media group is
^works at jefferies?
Just kidding, it's a decent MM shop.
Jefferies NYC (Originally Posted: 12/26/2008)
What is the reputation of Jefferies IBD in New York? What is their compensation for first year analysts? Any comments are helpful.
No one knows anything?
depends on the group. they have a great restructuring shop.
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