With Summer 2020 recruiting moving along so early, I need to make a decision in the next week or so and was looking to see if anyone could provide a bit of insight.
I'm currently holding an offer from Baird (in their HQ in Milwaukee) and RBC Capital Markets in New York. When considering PE exits etc.., is there any clear advantage for one firm over the other? Have looked into the archives here, but it seems like the information on RBC is a bit outdated and the bank has really been on the rise over the past few years.
Considering the offers on the table now and that many of the BBs besides Citi are still going through the process, would it make any sense to decline the current offers to hold on and continue to recruit? Any help would be really appreciated.
I'd take RBC over Baird (I'd live in NYC anyday over Milwaukee even with COL when I'm in my earlier 20s). Also as people mentioned RBC has been "on the rise" there literally was a thread a month or two ago talking about it after RBC advised Suntrust/BB&T merger so try searching that up will give you good color.
Also I would take RBC and just renege once/if you get a better offer. Yeah some people might call it immoral but thats just BS, these firms are forcing sophomores to decide 1+ year where they're gonna intern and I find that to be absurd. Of course there is always a chance RBC could hear about you recruiting somewhere else and you could end up with no offer but thats usually a slim chance from what I know.
If RBC Capital Markets means DCM / ECM / Lev Fin only and Baird is coverage / M&A - I’d go with Baird in a heartbeat. Hell, even if they were both m&a, I’d still argue that Baird is a better spot. With that said, think about geography and where you want to end up afterwards.... if you’re 100% NYC then take the RBC gig. If you’re looking for the place you’ll get the best experience and you’re location agnostic, go with Baird.
Is this whole board RBC employees?
It's just that RBC, Citi, and a few MM banks are the only ones that are completely done with recruiting so people are comparing their offers
No, you just don't know what you're talking about. Given that you said RBC M&A is a good spot and Lev Fin wasn't a good place to land. Lev Fin is more difficult to get into than M&A at RBC. When companies need advisory, do you seriously think they say, "RBC has the best M&A creds, let's go with them".. NO, they go there for financing.
From what I’ve read on some recent threads here, and I definitely stand to be corrected if someone can prove otherwise, if DB and UBS and are considered BBs then so is RBC-especially after the BB&T deal and their movement on the league tables. Just my 2 cents tho I’d love for someone older to chime in.
There’s more to being a BB than US M&A league tables
This is true and BB's have a global presence, not just in US. Take the Asia market for example, no one has heard of RBC whereas everyone knows DB and UBS.
Bro the nominal term bulge bracket really doesn’t mean much on Wall Street. Some banks have big balance sheets with an extensive set of S&T desks and IB groups. This alone doesn’t say much about the quality of deal flow or exit opps like the OP was trying to do. Why is it even relevant whether RBC gets called a BB or not?
RBC doesn't do well in Europe and it has almost no presence in Asia / ME so not a BB by a mile
Negotiate Baird to Chicago and then exit for MDP/GTCR OR RBC should you want the rat race that is NYC.
If you look at the investment team at MDP, almost all of them had BB/EB/MBB experience.
If you want to be a career banker then Baird is a great spot. If you're looking to exit to the Buy Side you're going to have a harder time doing that in Milwaukee than you would in NY, just based on the number of firms and people you have easy access to. Would probably still try to negotiate to Chicago if you go with Baird though. From there your PE opportunities are better, but still not as many shops as NY.
RBC
Genuinely shocked by these responses. Baird if you think a career in banking is possibly for you. Baird if you want near guaranteed placement to MM PE (albeit non-MF).
RBC if you want a fraction of a chance at a MF, or can't stand the thought of being in the Midwest even for 2 years.
This forum typically has a hard-on for anything resembling a possible BB but good grief people.
This couldn't be further from the truth even if Baird was NYC.
Would you take Baird Chicago or RBC NY personally?
ignore. didnt realize this was from april 2019 lol
I don’t work at Baird, but have worked closely with several AN-VP on their teams in the past and they have all been impressive. You’ll get a much deeper skill set / experience to the overall m&a process (aka what PE wants) at Baird v. RBC or any other lower tier BB that pumps out a ton of buy-side and debt.
This obviously comes down to personal preference. Being in the landscape for several years, working with both Baird and lower tier BBs, I’d pick Baird everyday.
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