Jefferies vs RBC vs DB vs Houlihan Lokey

Hi all,

Offers from all 4 of the above for full time analyst roles in IBD London starting next summer. Leaning toward RBC as I enjoyed their process more than others and they seem to have shaken off that period from a few years ago when they were cutting back. Is there a significant difference between any in terms of exit opps/deal flow/reputation? I'd like to end up in PE/Hedge Fund (etc etc) although am interested in TMT

P.s. I appreciate there's a lot of similar questions on WSO and I have read all the relevant forums pertaining to these banks. However, I would like opinions as of 2021 and I don't have a great deal of relevant experience/contacts to make my decision. 

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Comments (64)

  • Intern in IB-M&A
Nov 24, 2021 - 2:12pm

Hey, would also be interested in your timeline after the AC regarding offer and product/coverage group decision at Jefferies and RBC - had my AC at one of them as well. Would personally choose either DB or Jefferies, with DB slightly ahead: DB>JEF>=RBC>Houlihan, assuming it's not Restructuring.

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Nov 24, 2021 - 4:27pm

I don't know about "not comparable". Deutsche recently cut 18k staff and has remained downhill since. Even with the higher deal flow at present, they've fallen below both Jefferies and RBC in previous years (excluding the pandemic) and their "BB status" is at best under the microscope right now.

In EMEA though, Deutsche for exits, although Jefferies is the best platform I'd say. 

  • Incoming Analyst in IB - Cov
Nov 24, 2021 - 4:22pm

Jefferies if you're interested in TMT. They're smashing it in their TMT group. Their Tech-Enabled Services team isn't doing deals at this point unless they're 1billion+

Nov 24, 2021 - 4:57pm

DB employees out in full force today. Don't know what tables you looked at but,

1) they were top 10 for global M&A by deal value in 2019, ahead of DB.

2) DB aren't top 10 in M&A either right now despite being a "bulge bracket".

Deutsche would be better for OPs purposes but on paper, it's been piss poor for its size. 

  • Associate 1 in IB - Cov
Nov 24, 2021 - 4:59pm

I don't work at DB, I work somewhere you guys jerk off to. RBC is a shitty financing bank that isn't even on the tables for financing. You're just nitpicking M&A like many others do on here as well. RBC is worlds behind what people here make it out to be. 

  • Intern in IB - Gen
Nov 24, 2021 - 4:49pm

I feel like most of these people are answered in terms of the US IBD scene. curious to see what London based bankers say.

  • Analyst 1 in RE - Comm
Nov 24, 2021 - 5:17pm

Totally agree. As many before me pointed out in other threads, London HHs tend to prefer BBs. DB is strong (to my knowledge) in  LevFin, Industrial and TMT (OP's interest), Jeff is also good (not as good as in the US) but can be quite sweaty (a close friend of mine works there). HL is MM at best (unless is RX, which is top notch). Can't talk much about RBC 'cause I don't personally know anyone working there, but I'm fairly sure it's nowhere near DB or Jeff in terms of exit ops. I'll take DB if I were you.

  • Intern in IB - Cov
Nov 24, 2021 - 9:10pm

Houlihan has great culture, not terrible hours, and (likely) the highest pay at the analyst level. I have nothing but great things to say about HL and highly recommend it. Also, it's currently valued at 8 million USD per head, so markets def love us. 

  • Intern in IB-M&A
Nov 26, 2021 - 1:41pm

In a similar position (same offers apart from HL) and I'm going to accept DB - honestly seems like the best choice after speaking with friends and people in the industry. 

  • VP in IB - Gen
Nov 26, 2021 - 2:27pm

I work in a top NRG team in London so have some sense of how these guys stack. 

DB is actually a really good bank in EMEA, unlike in the US. Overall, it's best of the 4 but I might pick RBC if you're interested in P&U.

Jefferies has a decent energy team, led by an ex-BofA guy. Don't know how the other groups do.

RBC has a really good P&U team, they focus on buyside deals for sponsors which can be painful to work on but they do well in that space. Every other industry group is very weak.

HL is not great. I would avoid everything except RX.

Nov 26, 2021 - 5:34pm

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