SA London - BB (Sales), Boutique (IBD)

I have offers from these two - does anyone have opinions as to which I should choose? Assume both are generalist internships (don't find out the desk until later on) and that I am 50/50 for Sales/IBD.

Would greatly appreciate any input!

 

Don't listen to most of these kids. They're Americans for the most part, and don't know much about the scene in London. HSBC has little presence in the States, so that skews their views considerably. Still, I would take Lazard.

If you would MUCH rather do S&T than IBD, it might be a harder decision, but since you said you are largely indifferent, I would go for Lazard. If you do well, you'll get a full-time offer. And if you determine that you like IBD, you should probably take it. There aren't too many places that will give you a better start than Lazard.

That said, if you intern for Lazard London and don't like it (as was my case a few years ago), you can still apply to S&T graduate programmes in the fall (which is what I did). When your interviewers ask why you are interested in S&T, you can say that you now have a better appreciation for different roles within high finance, and that M&A just isn't for you. Explain that you want to be more intimately involved in the markets, want a better work-life balance, want a faster-paced work environment, etc.

Also, if you don't want to do M&A, it isn't unheard of for Lazard Asset Management to interview you for an FT position. The recruitment is normally separate, but if you express an interest in the markets and the buy-side, you may be able to snake your way into LAM as a graduate.

Finally, Lazard is in Mayfair, whilst HSBC is in Canary Wharf. I have worked in both sections of the city, and can assure you that Mayfair is by far the better location. Better clubs, better restaurants, better pubs, better shopping (if you care). Also, I know for a fact that Greenhill does specialized recruiting for Lazard interns. They did a couple years ago in any case. I doubt that happens for HSBC.

 
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