I've searched WSO and it seems that Piper hasn't been doing too well in the last 2-3 years with many top MDs leaving. Where do you guys see it standing 3-5 years from now? Is their healthcare group still as good as it used to be? How is the culture and pay for analysts?
Also, which offices are the best for Piper? Between Minneapolis, NYC, Chicago, and Boston. Thanks!
bump
I would say their healthcare group is still good. I read a few days ago that they're advising on the Medtronic $6B deal. I can't remember the details but it's on business insider. I'd say that's a good sign. They've also been hiring for the different healthcare verticals recently, but I'm not sure if thats to replace or expand. I've spoken to a guy in the Minny office and one in the Boston office, they seemed cool and preached about a tight knit group.
Yeah Piper was the lead adviser on the Medtronic deal. Honestly I'm probably biased but Piper has been doing well lately and able to expand w/ acquisitions including Edgeview and Simmons. If they were doing poorly wouldn't be able to do that.
As far as offices go, Mpls, NYC, Chicago, and Boston are all very different. Mpls is HQ and has bulk of the HC teams. Boston is tiny and pretty much only TMT I think. NYC mixed bag of teams but def smaller than Mpls, Chicago is pretty much only restructuring and DCM.
A big plus of working in the Mpls office is pay is the same across all offices and w/ such a lower COL you can really come out ahead working there vs. in NYC or SF and even Chicago.
conyak NuclearPenguins Thank you for your insights. Just looked up the Medtronic deal and it looks like the healthcare group is still strong. Do you have a ballpark of the salary for analysts? Is it in line with other MMs like Stifel, Lincoln, Raymond James (10k signing, 85k base, 25-40 bonus)?
Anyone have a good idea on how their diversified industrials group is doing? Including deals, culture, exit opps, etc?
Will vary depending on if you work in Charlotte or in Minneapolis. One of the biggest groups and you'll work on deals across both offices. Does pretty much all sell-side M&A with a ton of deals going to sponsors.
I have a friend on the diversified industrials team in Charlotte. Heard the hours are a lot higher than most PJ teams (Edgeview culture is still dominant).
Industrials in MN has better work/life balance and culture than HC, but worse exit opps.
Edit: Definitely used to be true, but now I'd say Industrials has the same, if not worse work/life balance now.
Not as strong as other MMs (Harris, Blair, Baird, Lincoln), but not bad by any means. Their HC team punches above its weight class consistently, but from the guys I've talked to, the other groups aren't as strong.
Their MN office has a couple teams that are known for terrible hours, but the comp, as NuclearPeng pointed out, is pretty standard for MM but absolutely killer for MN's COL.
How is their NYC office regarded?
Food & Bev led Portillos and Checkers sales the past two years, among others. Those are solid deals.
HC team just gets absolutely crushed. There are perpetual openings at the VP and Associate levels for a reason in that group.
Yup, would say consumer is the second best sector for Piper after healthcare. Lost Westfall last winter to Jefferies though, who crushed it in the beauty space.
Actually this was more like 5 years ago when these posts were made because there was a swath of turnover at the MD level. PJ has stabilized to some extent. The Healthcare sector has always been a strong suit, particularly with services and IT. Food & Bev has also gotten better, picking up a few notable mandates, such as the Portillo's deal w/Berkshire.
MN and Chicago offices are solid and NY is competitive. I'd stay away from Charlotte or Boston.
NO TROLLS: Can we please have a discussion on Piper Jaffray (Originally Posted: 02/02/2012)
For one, I expect to have a first round interview there. But could we pls have a troll-free discussion on Piper Jaffray? Pay/hours/exit opps/culture/strong groups/lateral opps, etc A recount on FT or SA experiences would be appreciated. Are they considered a top MM or a 2nd/3rd tier MM? What would be considered a top MM anyways? (Jefferies, HL, Oppenheimer?)
No trolls. Please.
PS: I have used the search function, with not too much great info
Bullet-Tooth Tony Thank you for your insight. It definitely does seem like things have gotten much better for Piper since it has been discussed on WSO a couple years ago (saw a lot of troll posts).
Do you have any idea how big the Chicago office is and what their top groups are?
http://www.piperjaffray.com/2col.aspx?id=2282
I'm not as familiar with their Chicago/NYC office, but this a list of their MDs. It's pretty easy to tell which groups have a strong presence in each office/the rough size of their offices.
Pretty small, as I said before Chicago is basically all DCM / restructuring.
HC IT&S brought in a banker or two from BBs (CS, DB, UBS level) which prob helps. Penguin is right about Chicago. DCM is strongest there, do some good private and public MM debt deals. Sponsors is out of NYC.
You might as well say "NO FLAKE"
I will rape you.
he gon' be mad
For S&T wise, I would consider Piper Jaffery in the same group as the regional broker-dealers like Suntrust, Keybank, etc. The headquarters for there S&T operations are in Minneapolis, this can either be a positive or negative thing. There culture tends to be more laid back given that there in Midwest similar to R.W. Baird. My bank didn't trade with them so I am not to sure how big there presence is in the fixed income space.
bump-what about IBD?
they are decent. id say lower tier MM. I have seen kids make it to MM PE in midwest pretty frequently. id worry about getting the offer first.
Would like to hear about their research division... Also, because I'm retarded, can someone please explain the difference between investment banking and merchant banking? At least in the way that Piper Jaffray uses the terms?
Not sure specifically about Piper but I know other firms that call their Private Equity-ish divisions the Merchant Bank.
bump
BUMP!
I bumped your girl last night.
well, i give up. looks like there ZERO good info. how could a bank that's so disliked and trolled on have no legitimate info here?
What is so bad about Piper? (Originally Posted: 10/05/2016)
Seems as though a lot of people have this weird obsession with trying to work at KKR. Piper is not that bad of a place considering a decent amount still go to PE.
I've heard that their FIG runs very boutique-ish, is laid back on hours, and has a welcoming culture (all relatively as compared to FIG-specific banks like Sandler and KBW)
You've asked this question over and over. Several Certified Users have calmed your nerves. Nothing is wrong with them. I know someone who made a solid PE exit and they are extremely well respected in the MM space so please no more "What's so bad about ____" questions.
You can even go work at Simmons now if you are at Pip
Well if you want to work in investment banking but can't get to New York, Chicago, SF, LA, Atlanta, Houston, Charlotte, etc. Piper would be a fantastic opportunity.
Why you hate Portillo's bro?
that place stinks to work at cause I heard people there don't shower ...
It has to do with exit opportunities. PJC isn't really set up in a way to send people off to megafund PE/HF exits, which is what most people on this site are obsessed with.
The flip side of that coin is that a talent retention mentality, great COL in Minneapolis(not NYC, but much more livable), earlier client exposure, and good compensation combine to make it a great shop for people who want to stay in banking and become directors.
Also because there used to be a shitposter here who loved PJC.
thinking of doing a post on MF PE & how many people even get in. If you have any hard #'s let me know.
The reality is, less than 0.1% of these board members will break into the mega fund PE shops.
Are you going to die of hunger if you don't get into a mega fund? No.
Are you going to die of hunger if you don't work at a BB IB? No.
Will you live a lucrative lifestyle and have financial security if you work within high finance, no matter which firm? Yes.
Ignore the shit and just go with whatever is given to you. You're still going to be in the top 0.1% of all earners worldwide if you work at a smaller shop. And if you're so desperate to move to somewhere else after, just hustle until you make it. I read a blind man climbed Mt Everest, so there's no excuse.
Garbage dealflow, mostly financing shit. Which translates to poor exits. But hey, plus side is that it's not a no name local boutique with 3-4 guys.
LOL
Anyone have any more info on what the Charlotte office is like for the Industrials group?
Just saw an article the other day that they brought in an MD to expand the group at that office, other than that I don't know anything but I'd think thats a good sign
The Charlotte office is pretty secluded from the rest of PJC as its basically just a continuation of Edgeview, which they acquired in like 2013. Different vibe than the rest of the IBD and pretty sure they run their own recruiting process. More of a southeast culture, but good deal flow last I heard..
Sweatshop or more laid back? Looks like deal flow is solid but they may be short staffed a bit.
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