What do you think about Merrill Lynch's analyst program in light of other bulge brackets? To be more specific, in terms of deal flow, prestige, exit opportunities, and overall execution within FSG, Lev.Fin, M&A, or any of the industry groups?
How does an analyst in a coverage/industry group differ (valuation vs. pitch book preparation) from an analyst in a product group like Lev. Fin, FSG, or Global markets (debt/equity)?
Do you know what percentage of time is spent on modeling vs. pitching vs. everything else in these various groups (coverage vs. product).
Last, are analysts allowed to bring in new clients into the firm in addition to their core functions? Is this frowned upon, or is this encouraged at the analyst level?
I ask because although I hope to become an analyst at a BB IB, I have a knack for sales outside of work (golf course pitches, country club, social events), but I don't know if that is left exclusively for MD's and Partners, or if analysts are discouraged from performing such functions.
Merrill M&A: clearly #1 in terms of the metrics you mentioned (no surprises here)
the likeliness that you'll be bringing in new clients is slim to none. your work is going to involve putting togethor models and pitch books- even if you could bring in deals, they wouldn't care about deals that small.
You need to reach out to alumni from your school and figure out what the job is all about.
As a previous analyst there, I think the program is pretty good, but again, a lot depends on your group placement. I think the M&A group, FIG and Healthcare groups are pretty solid. It seemed like a fair amount of the business there was driven by the M&A group. Exit opp are as good as the analyst. If you work hard, make it known you want go on after the program, most sr. guys are willing to help you out. My group had plenty of analysts go onto TPG, Hicks Muse & Tate and other places of similar caliber.
As for modeling vs. pitching, you do both. I didn't do too much modeling my first-yr, but as I proved myself and took on more, I did a lot more. There was a lot of modeling that went into the pitches and some of the LBOs i built/ran into we're pretty sophisticated (e.g. lbo model and M&A model combined with different debt scenarios).
As for brining in new clients... hahah, if that's what you want to do, go work for a 5 man shop. If you have family ties or connections, bring it up to your MD (it's their job to do that). And pls don't think you're going to mingle with clients. That's not your function at a BB.
net-net, ML was good... just make sure your group doesn't pitch ALL the time and has decent deal flow, and you'll get a good experience.
Also of note, it'd not "IBD" there, it's "IBK."
Which groups have high volume deal flow activity? I have a sell day coming up, and I'm trying to prepare. I'm interested in Leveraged Finance, FSG, but I'm flexible.
Can you comment on these groups including Equity/Debt markets, and which group were you placed in while at ML?
The FSG is a good group. Can you get placed into the MnA group?
I was in an industry group.
M&A is full, but I met the FSG MD's, and they liked me a lot. Any other hints? Why did you leave? Exit opportunities for your peers?
So you think you have a knack for sales outside of work (golf course pitches, country club, social events)? And you believe this type of sales experience is valuable for business development at a BB? That's funny :-)
I thought ML already has a full analyst class?
He's just really naive.
What's the point of your post? If you don't have an answer just pass, and let others reply.
ML IBanking experience? (Originally Posted: 02/10/2007)
Has anyone worked for ML IBD? How's the culture compared to other banks? Is is more formal? Is the technology older as its rumored to be? lots of red tape? Any additional thoughts will be taken into concederation. Thx
Charles
bump
bmp
I worked for Merrill as a summer analyst in Houston and really loved it. The people are great, professional yet really warm and friendly people. It was almost all men if that is a problem for you. My friends who worked for ML in NY seemed to have a more formal environment, but I can't really speak for them as I wasn't there.
Merrill Lynch IBD (Originally Posted: 09/21/2007)
ML is in the Bulge Bracket, but I feel like it gets no love on this board. Anyone want to weigh in on why this is so? I feel as if it's just as good as UBS, CS, JPM no? REgards,
Will1220
And I was just going to say CS gets no love...
ML and CS (especially when it was First Boston in the '80's) certainly used to be great banks. Recently however, they've fallen from grace (especially CS, which some even consider to not really even be a BB anymore), while banks like Citi and JPM have surged up the ranks right behind the big boys (GS, MS).
ha!
i mean comon now, i know what you mean. But i wouldn't say ML, CS, UBS etc are "small time"
they're all equally afraid of eachother...
if you wanan rag on somebody rag on houlihan or sagent.
Hey now, I honestly think Houlihan deserves some respect.
They are a relatively new firm and to be mentioned in the same breath as 150 year old American dynastys (self proclaimed at least) like GS and MS is an accomplished in of itself.
agreed.
Best "new kid on the block" tho, by FAR, is greenhill...sick firm.
what about Lehman? how is its reputation on the street right now?
I would say Citi is very well respected now and getting their fair share of love. WSJ and marketwatch have continually run great articles on them
Lehman is good. Everyone seems to be rooting for them
Merrill Lynch IB (Originally Posted: 08/09/2006)
Where does Merrill Lynch in terms of top Ibanks? Somehow they dont figure into any of the vault top 10 lists for any of the categories - was quite shocked...maybe I am missing something.
Does a lot have to do with the number of people they laid off after 9/11 in the US?
ML's culture leaves a lot to be desired - not really any pedigree, as opposed to GS or MS.
Not as powerful and scary as Citigroup and not as nichey as Lazard or Greenhill.
So is ML considered a BB? Also are the payouts the same or in line with what the GS, MS, Lehman and Credit Suisses hand-out?
what are the advantages of being at ML?
Anyone....?? thoughts?
MLynch IS a large player and belongs in BB - not as large as Citi - but can hold its own in IB-BB circles. Good growth prospects and so you will have a chance to be a part of this.
If anyone disagrees...they can kiss my patooley!
MLynch is also known to pay very little.
In fact it should be #3 after GS and MS interms of reputation. I don't know if it still hold that position though. Citi, Lehman, UBS are all doing pretty well with #'s. Hell you have Wachovia and BofA making top 10 in many categories. Go to www.thomson.com search for league tables and find where ML stand.
Agreed with holymonkey... ML seems to pay just a little less than some of the other banks when it comes to pay.
ML IBanking (Originally Posted: 01/16/2007)
Best groups at Merrill anyone?
I would like to know also. Also, if anyone could comment on their views toward ML in the near-term, as a bank in overall relative to the other BBs? What would one consider the best groups at ML in terms of market performance?
No idea about their other groups, but Real Estate is a top-3. Maybe the best overall.
(Not that anybody cares about Real Estate!)
First, I don't work there.
ML is very strong in almost all groups. Not equal to GS or MS, but definitely in the tier after that (along with L, Citi, CS, JPM, DB and probably others that I accidentally forgot). If you look at prestige rankings, ML is always top-6 or top-8. Along with MS, their stock is up close to 40% for the last year - so they're certainly keeping up with the rest of the financial sector.
As for outlook, it's about the same as the rest of the above-mentioned banks. Some might argue that the universal banks have an advantage in the future, but that has been the rumor for years, and nothing has changed. People may look at League Tables and say that Citi and JPM are the fast movers, but League Tables are so easy to manipulate, I could make them say that Sun Trust did more Global M&A work that Goldman last year.
M&A and Healthcare by far. HC is top franchise on the street. M&A is top 3 or 4. RE is good, but I doubt that it's top 3, but I may be wrong. Their consumer group is quite strong as well.
I didn't mention any groups specifically. So, scotttwibell is totally right and I have nothing to add. Except that I hear ML Sponsors, FIG and Lev Fin are good - I believe the first two, not too sure about Lev Fin.
how is ML in london? M&A and their real estate group in particular?
They're currently advising Blackstone on the pending Equity Office buyout; they're advising Reckson on the pending SL Green buyout; and they advised Trizec on the Brookfield/Blackstone buyout.
All multi-billion dollar deals (EOP is slated to be the largest LBO ever if/when it closes), and all within the last 6 months. Not to mention smaller ones not worth naming here.
Their capital markets franchise is ridiculously strong, no doubt helped by the fact that they've got ~15,000 retail brokers throughout the U.S. helping to sell the deals. Same goes for institutional strength. You'll pretty much never see them as a co-manager on anything; they are top-left or top-right 95% of the time.
That's not to say they're the only game in town; other banks compete toe-to-toe with them on both M&A and capital markets.
But that's just one man's opinion. And I work for a competitor...
Avoid ML in PA, its a revolving door pitch machine
I can vouch on that one.
thanks for elaborating Tirekicker. i know that you are in the US, but does anyone here have any thoughts on ML's Globsl Principal Investments group (GPI) activities in RE in the US or Europe?
anyone want to share their thoughts on ML's M&A team for Europe &/or CEEMEA out of london?
Not a lot deal flow coming out of ML on the LevFin side, but things so in cycles.
Out of curiosity, how do you know lev fin doesn't get a lot of deal flow? Also, does anyone know about their fsg?
PA??
Palo Alto, I think
anyone know more details on their lev fin group? or if their FIG/M&A would be better to go for?
M&A
FIG is the shit, M&A in NYC and Healthcare are also alright. Retail is ok too.
Merrill palo Alto and Merrill LA are sorry.
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