JPM/BAML/Citi
Hi,
Can anyone in JPM/BAML/Citi IBD M&A sector teams or ECM/DCM/LevFin product teams explain how their team's relationship is with the corporate banking coverage team in those firms?
All commercial banks have a large corporate banking division. BAML/Citi/JPM are currently integrating that Corporate Banking more with IBD. How are your experiences?
Is it true that you are corporate banking people's bitch? They don't contribute just arrange a meeting and attend all meetings whilst you work day and night for them and get a share of the revenues?
Some people argue it is better to work within a firm without corporate banking coverage divisions such as GS/MS/UBS/CS.
Thanks
Pivot
ha
U are born in 1990 and know as much about the industry as my 7 year old cousin.
Better to work at UBS than JPM? Are you high?
From my experience in LevFin, corporate banking does a lot of the industry and client-related work of the pitch, we do the modeling and take over when we win the deal, at which point they're worthless.
JPM is just a commercial bank, 10 years ago it was just nothing ..
JP Morgan is an investment bank. Lehman Brothers existed 3 years ago.
Different question, but is there any difference in the analyst experience at a purely advisory firm versus a company that can provide financing/distribution? i.e. Lazard/Evercore M&A that can't provide financing for the deal versus JPM M&A. How much business is "thrown" to commercial banks to keep up the relationships and is any business "thrown" to advisory firms just to keep them happy?
Well IMHO, pure M&A advisory shops such as EVR, GHL, etc, rely much more off their top guys' relationships, which is a gift and a curse (i.e. founders' risk).
IBDs that are part of a larger organization are often chosen for the ability to provide/raise capital in addition to merger advice. Firms like the one-stop-shop approach, and often, because of competition to provide debt, etc, firms will also pay lower fees all-in.
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