Oppenheimer & Co IBD

philly12345's picture
Rank: Monkey | 42

Have used the search function but there isn't too much info and most of it is dated. Does anybody have any general comments on their banking division? Or even better, if anybody works there would you mind PMing me? May be interviewing there soon and trying to gather as much info as possible. Thanks.

Comments (103)

Sep 28, 2012

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Sep 27, 2012
Sep 24, 2012

^did you get an offer?
I heard they didn't give out offer to one of the hardest working interns there.

Sep 24, 2012

Rode the subway with 2 of their associates or VP last week. Guys seemed in their late 20's nice suit, prob just did a presentation at some college.

Couldn't spare a dollar to some legit poor lady that got robbed and had no cash to make it through the weekend...

Sep 25, 2012
WhiteKnightDD:

Couldn't spare a dollar to some legit poor lady that got robbed and had no cash to make it through the weekend...

Sounds like a scam to me.

EDIT: Your username is incredibly appropriate.

Sep 24, 2012

Couple of decent groups that are heavily poached by the BBs.

Sep 24, 2012

I'll chime in on this as well... just an overall solid shop

'Before you enter... be willing to pay the price'

Sep 24, 2012

Thanks for the input. If any past/current employees could PM me and shed any light on the interview process (beyond what's in the company database) that would be eternally appreciated.

Sep 24, 2012

Hey guys, I have a friend who is meeting with a few Oppenheimer guys later this week for informational interviews. I told him he should submit an online application so that if the interviews go well he could just mention that he's already applied and would appreciate any help they'ed be willing to offer.

However, I can't find an online applications for Opp's IB on their website. Do they not do online apps like the BB's?

Would really appreciate your help. This is my friends chance to break in. If you know the website link to the online apps or know the proper procedure that would be amazing.

Sep 25, 2012

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Sep 25, 2012

[user]Oppenheimer already sent out the Superday invites. If you're not in then you're not in. There is going to be an extremely limited number of spots open. I'm guessing like 2 spots since most of the interns accepted their offers. I've already met several analysts and associates in every single group. (20+ bankers)

No online applications. You just need to send your CV to the right person who is in charge of IB recruiting.

Sorry guys but I really can't help any further as I'm in the final round.[/quote]

Can you send me a PM? I don't have enough banana points to send them yet. Curious to find out when the superday is since my first round is just coming up.

Sep 25, 2012

haha it's true one of the hardest working interns didn't get an offer back but a handful of interns are going back up for a superday due to internal restructuring (Healthcare and Technology) to possibly get placed into different groups

    • 1
Sep 25, 2012

Any other comments? Interview is very soon.

Sep 26, 2012

I have a very close friend who works in their investment banking division. Overall, solid shop with a strong brand name. Everyone on the street has heard of Oppenheimer, mostly for research.

But, the bank is broken. Since its acquisition of CIBC World Markets, there is no bank culture (from what I've heard). Groups aren't on even playing fields, where some groups work a lot harder than others. Pay is below street, with no signing bonus.

There were multiple rounds of layoffs. I think 3 or 4 this past year or so. A couple of first years were laid off right before bonuses. Head of investment banking and a couple of other group heads and MDs left for other shops. Everyone (literally almost everyone) is trying to lateral out.

Overall, great place to lateral out of. Not a great place to start/have a career, either as an analyst/associate or senior banker.

Sep 26, 2012

^ interesting

one quick bump for last minute input

  • AspiringAnalyst01
  •  Sep 27, 2012

I can say the things I do know of tsmith said is true.

I know the 4 people who were laid off in July. Three 1st years (2 in Healthcare, 2 in Tech) and 1 Associate. The head of IBD left for MS at the start of summer causing a lot of shake-ups.

Best Response
Sep 27, 2012
AspiringAnalyst01:

I can say the things I do know of tsmith said is true.

I know the 4 people who were laid off in July. Three 1st years (2 in Healthcare, 2 in Tech) and 1 Associate. The head of IBD left for MS at the start of summer causing a lot of shake-ups.

No one should/will take your posts seriously, even if it is true. You interned at the said shop, did not get an offer and not to mention various analysts found your WSO user name and figured out who you are.

On top of that mess, you LIED on your resume. LIED. Too many people know who you are. It's time to look into another profession.

    • 3
Sep 27, 2012

True that brotha, we all know who you are...kind of embarrassing

Sep 27, 2012

plus your information is just wrong, only 1 of the interns have officially accepted so stop posting bullshit answers

Sep 28, 2012

That escalated quickly.

Sep 30, 2012

bump

Oct 11, 2012

Although I find the above conversation humorous, I would like to throw in a plug for Oppenheimer. I interned there this summer and they are a great firm. It's true that they are not your "normal" bank, but that is what makes them great in my opinion. The people there are very nice and, in most of the groups, you don't average more than 70-80 hours a week. Depending on the group, you can have a lot of responsibility as an analyst and work on some really cool deals. In the middle market, I would say they are definitely a great option.

Now, if your whole goal in life is to get into Private Equity, then Oppenheimer is probably not your best option. It is still very possible, but you have to work hard to do it. If you aren't sure what you want to do after banking though or if you know you want to do banking more than two years, Oppenheimer is your place. They promote a lot of Analysts to a third year and it is very possible to go straight to associate.

I just getting tired of people constantly talking about places where they have never been. Oppenheimer is not "broken!" They are struggling like most banks are right now but they definitely aren't in as bad of a situation as UBS or Nomura or the like. Just my four cents.

Oct 11, 2012
pack13:

Although I find the above conversation humorous, I would like to throw in a plug for Oppenheimer. I interned there this summer and they are a great firm. It's true that they are not your "normal" bank, but that is what makes them great in my opinion. The people there are very nice and, in most of the groups, you don't average more than 70-80 hours a week. Depending on the group, you can have a lot of responsibility as an analyst and work on some really cool deals. In the middle market, I would say they are definitely a great option.

Now, if your whole goal in life is to get into Private Equity, then Oppenheimer is probably not your best option. It is still very possible, but you have to work hard to do it. If you aren't sure what you want to do after banking though or if you know you want to do banking more than two years, Oppenheimer is your place. They promote a lot of Analysts to a third year and it is very possible to go straight to associate.

I just getting tired of people constantly talking about places where they have never been. Oppenheimer is not "broken!" They are struggling like most banks are right now but they definitely aren't in as bad of a situation as UBS or Nomura or the like. Just my four cents.

70-80 hours? How come another intern was pulling 90-110 hours a week average?

Oct 12, 2012
Whiskey5:

70-80 hours? How come another intern was pulling 90-110 hours a week average?

Out of the interns, I would say that three of us averaged close to 90. One intern hit 100 hours a few times but I would say his average was closer to the low end of your range. I also said that MOST groups average those hours and that it definitely isn't the norm because the office was empty at midnight most nights and also empty on weekends. I also think that as a full-time analyst, that intern would not have been averaging close to ninety because he would become more efficient. I would think that if you averaged all of last year's first year analysts average hours per week, that you would get something below 80. Overall, I think that Oppenheimer is a great lifestyle shop.

Oct 11, 2012

http://www.opco.com/public/capital_markets/ib_rece...
This is a pretty good transaction list (mostly sell-side M&A and some co-manager roles on IPOs/follow-ons/loans). I would say not among the top MM banks (Blair, Baird, HW, Lincoln, Houlihan, Lazard MM), but definitely solid.

Oct 12, 2012

bump please.

Oct 12, 2012

No one hear as any commentary on Oppenheimer's IBD program in NY? Really?!?!

Oct 12, 2012

For the most part there isn't a lot of differentiation between the middle market banks aside from the likes of a Lazard or similar. Do you want to work in banking? Do you have alternative offers?

Oct 12, 2012

bump

Jamal

Oct 12, 2012

Opco is a solid middle market investment bank. It does not compare with elite boutiques, but it is a recognized and reputable name. Compensation post-analyst can be significantly below market. Lots of overhiring and overfiring since the financial crisis. However, those negatives shouldn't really matter to an analyst if you don't have a better name to choose from. Analysts and associates seem to find good exits (better banks or solid buyside shops).

Oct 12, 2012

Not sure where you're getting this. I believe their comp is on par with other mms. I have a buddy who is a first year associate and was told a range of $220-240 all in.

Oct 12, 2012

Bump

Jamal

Oct 12, 2012

What is opco's current base analyst salary?

Oct 12, 2012

Also curious

Jamal

Oct 12, 2012

That is at an associate level. I believe analyst is comparable.

Oct 12, 2012

That's on the low end of market for first yr associate this year.

Oct 12, 2012

That's on the low end of market for first yr associate this year.

Oct 12, 2012

Agreed but it's on par with the Baird's, Piper's, WBs, HLs of the world. I believe the BB's and EBs are more like 230-280 all in...correct me if I'm wrong. I am at one of the peer firms listed and am sure that is comp in the middle market

Oct 12, 2012

Product groups are standard middle-market groups.

Coverage groups can vary, but are generally not very good. Avoid the ones that have regional offices.

    • 1
Oct 12, 2012

Ok thanks. I'll do some research along those lines then.

Anyone else have opinions?

I appreciate the help,

Oct 12, 2012

How is Lev Fin a strong group when it is only 3 people? No mistake Brian and Tina are awesome and so is the group head John but it is a small group. Healthcare is by FAR the largest and strongest group at 85 Broad 23rd floor. M&A is big as well. Good luck.

    • 1
Oct 12, 2012

Healthcare and Industrials have historically been some of their strong groups. Consumer & Business Services and Energy has worked on some decent deals. Industrials also places decently well. But overall, there's been a lot of turnover in the firm and dry deal flow in general - a ton has changed for Opco the past several years.

If you have offers elsewhere I'd consider those before going to Opco

Float like a butterfly, sting like the bee.

Oct 12, 2012

I actually remember interviewing with one of the groups (coincidentally doing the same role with a another firm in the same city). Their Healthcare is pretty strong, but outside of that, it's tough to discuss other groups in terms of strengths...

Oct 12, 2012

OpCo has had a ton of turnover over the past several years as old CIBC bankers have been moved out and new bankers from other mid-market shops (HL, BMO, Jeff) have been pulled in. The firm is in major product expansion mode, which is good and bad right as the firm figures out these new offerings.

If you want to be really busy, M&A, healthcare, industrials are pretty busy and have decent flow. Junior turnover has been pretty big over the past while, the grass is always greener at another shop.

More broadly speaking: If you have a BB offer take it, if you have an offer at someplace really exclusive, take it. Unless you are guaranteed to place into a rockstar group at another MM bank, its the same job at OpCo as any other MM bank in the city.

Oct 12, 2012

There are no VPs left (or very few) as they all got canned in 2008/9 and have not been replaced for the most part for some reason. A lot of the best friendliest people I knew (Analysts) are gone now.

A good friend of mine turned down Opco for Financo.

Oct 12, 2012

Avoid.

Oct 12, 2012

It's a well known firm but definitely below the BB's and elite boutiques. Unless you have another offer to compare it to, I would take it.

Oct 12, 2012

I know they have a bunch of Cornell people working there.

Oct 12, 2012

Does anyone have any idea about the exit opps from Oppenheimer?

Oct 12, 2012

Their research is world-class and best known. Healthcare group is the strongest by miles. M&A and industrials you pitch pitch and pitch (and lose against the BBs) and work long hours.

FIG, restructuring, DCM groups are tiny (3-4 ppl) [FIG is not even at 85 Broad]. I believe pay is street or slightly below street.

I cannot say anything bad about Opco because people there helped me out big time. End of post.

Oct 12, 2012
anybankeratall:

Their research is world-class and best known. Healthcare group is the strongest by miles. M&A and industrials you pitch pitch and pitch (and lose against the BBs) and work long hours.

FIG, restructuring, DCM groups are tiny (3-4 ppl) [FIG is not even at 85 Broad]. I believe pay is street or slightly below street.

I cannot say anything bad about Opco because people there helped me out big time. End of post.

"Their research is world-class and best known." -- That seems to be extreme. I can't comment on how good their research is but certainly NOT top-notch.

Oct 12, 2012

Stay away from Opco. Even research is starting to suck.

Oct 12, 2012

Expand on that

Oct 12, 2012

bump

Jamal

Oct 12, 2012

opco is good as dead

Oct 12, 2012

agreed. I know an analyst there. dealflow is dried up. people are leaving. not a good choice if you have other options

"Success means having the courage, the determination, and the will to become the person you believe you were meant to be"

Oct 12, 2012

I actually interviewed recently with them for an IB role. I got this same question and gave a generic answer, that looking back, would be hard to pass by most interviews. I made sure for other interviews afterwards to make sure I could answer this question. Look up recent news with company and recent deals to try to answer this question...

Oct 12, 2012

Why Oppenheimer? You want to be close to the deals you work on, and work join a fast-growing firm, not an overbloated bulge bracket bank.

Truth: The deals you'll be working on will be very small deals (Joe's sandwich shop buys Jack's burrito bar), and you do want to work at a bulge bracket bank, but no offer.

    • 2
Oct 12, 2012

Warning: Their 'HR' department and the whole interview/recruiting process is very unorganized and unprofessional. First hand experience and heard many others experience the same

Float like a butterfly, sting like the bee.

Oct 12, 2012
TheBlueCheese:

Warning: Their 'HR' department and the whole interview/recruiting process is very unorganized and unprofessional. First hand experience and heard many others experience the same

I agree. Felt the same way recruiting at my school for an analyst role a couple of years ago.

Oct 12, 2012

Healthcare was the only hope they got but the best MD in there just left

Oct 12, 2012

get ready for the next Gleacher

Oct 12, 2012

This bank is dead. Do not go there. Lay-offs are coming if they haven't already started.

Oct 12, 2012

They add less value than my pinky while banging out emails on blackberry..

Oct 12, 2012
Investment_Wanking:

They add less value than my pinky while banging out emails on blackberry..

Have to agree with this...

Oct 12, 2012

OpCo pays street bases, slightly below street bonuses

Oct 12, 2012

first years got $50-60 last year in bonus. Street base. Deal flow completely depends on group

Oct 12, 2012

Can you guys expand on the negativity?

Oct 12, 2012

Bump

Jamal

Oct 12, 2012

Did Oppenheimer bump base to 85k?

Jamal

Oct 12, 2012

oppen does fine in the TMT space. Do keep in mind that you want to factor in how many analysts there are and what the time span for the deals you mentioned is.

You would take jef over Stifel over oppem

Oct 12, 2012

thanks. time span is past year, so 2010-2011 i guess. i don't know how many analysts they have, do you think they more analysts than Stifel or Jefferies?

Oct 12, 2012

i don't know to be honest. Jef foster is a huge group that is killing right now though. They constantly grab deals from BBs and all the MMs

Oct 12, 2012

Oppenheimer Funds or Oppenheimer & Co?

Oct 12, 2012

Weak

Oct 12, 2012

Pretty solid firm.

Oct 12, 2012

If you have other offers, I would absolutely take them over OpCo, some people I know who work there are trying to get out and move to other banks because the exit opps aren't great

Oct 12, 2012

solid name. lateral move shouldn't be too hard. friend of mine worked at opp and moved to BAML

Oct 12, 2012
RonaldBacon:

solid name. lateral move shouldn't be too hard. friend of mine worked at opp and moved to BAML

Good place to lateral out of, and a REALLY good place to be mid-late career. Company is poised for growth and is a good place to be if you're not trying to jump out to PE/HF

Oct 12, 2012

I am commenting while substantially unburdened by the facts, but I will say that my experience with them and C.I.B.C. before them was that their bankers seemed to me to be typical, middle market-type sellside guys. Not that I'm faulting that, but there is clearly a mold for banging out a series of cookie-cutter, process-driven deals that is less complicated than bulge bracket advisory work.

I only know one guy there I'd characterize as being the genuine item. Of course, I am biased, since I molded him in my image - he was one of my best young bankers before we parted ways. I would not expect most of their roster to measure up to his standard. Of course, if you are interviewing, you probably do not want to draw him: he has a way of finding the limits of your knowledge very quickly.

Oct 12, 2012

Double post.

Oct 12, 2012

thanks genghis, whats your perspective on the best group while you were there?

and does anyone know what they paid for first year bonuses last year?

Oct 12, 2012

I heard they were in November.. ? When is yours?

Oct 12, 2012

You're either bull shitting or you don't know what you're talking about. I'm talking to an MD there right now, and they haven't even gone out for corporate presentations yet. This guys a clown.

Oct 12, 2012
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