SA Offers - Deutsche Bank vs Bank of America

mknight's picture
Rank: Monkey | 64

I have 2 summer internship (London) offers for the IB divisions at DB and BAML and would really appreciate some advice.

I really liked DB's culture and the way they go about their business, the division has a great team of people. They seemed very supportive and they really focus on the personal development of interns/analysts. I also find DB to be more prestigious but that's just purely down to my personal subjective opinion.

Bank of America was very corporate during my visits but at the same time there was a feeling of everything being grand which I quite liked. The institution itself is massive and operates on such a huge scale, DB doesn't even compare in that sense. Also from what I understand it is way ahead in M&A than DB, or at least the numbers show it. However I'm not sure about how significant the London office is, whilst DB's London office is its flagship branch for IB.

What are your thoughts, what would you choose?

Comments (34)

Dec 15, 2012

not sure what numbers you're looking at but DB is way ahead of BAML in M&A both in US and Europe as of Q3

Dec 15, 2012

Don't get seduced by prestige. Like, as a life lesson.. over time, a focus on "prestige" will cost you more than it benefits you. Focus on good people, and have faith that most people like to work with (and generally, interact with) upfront, good people, and that you will earn their favor by being yourself.

Sounds gay, I know. For whatever it's worth, I learned it the hard way.

Dec 15, 2012

DB all the way babe..

p.s. check those numbers again, DB owns some shit

Dec 15, 2012

Congrats on your offers!!

I met with DB bankers in London and they were awesome. DB all the way for me as well.

I think DB owns BAML though... it's like top 5 in the world for M&A

Dec 15, 2012

I interviewed with DB in London a couple of years ago and they made me a very good impression. I also have some friends there and they always told me they are happy, they like the culture and the people. I don't know much about BofA.

Having said that, I think you should also look at the interns conversion rate of these banks. Historically (2010 and 2011), it was easier to be converted at DB than at BofA...

Good luck and congrats for your offers.

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Dec 15, 2012

If you really want to do lev fin, go for deutsche. Although MS is a name that may be hard to pass I have to say.

Dec 15, 2012

dooche bank has a great LevFin business

Dec 15, 2012

how are exit opps limited by doing global cap markets?

Dec 15, 2012

Since its an internship either one is fine. You can leverage the hell out of it come full-time recruiting.

I'd take DB,MS not BAS

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Dec 15, 2012

Although MS is in capital markets, I think I would take name over experience since it's only for 10 weeks. But if you want the experience, then DB and BAS are in the same tier, so I would go with whichever group you like fit-wise.

Dec 15, 2012

Definitely. BofA is like DB 10 years ago - still new and building the business. DB is much more established now. I would consider DB tier 1B and BofA Tier 2 for overall IB prestige. DB's leveraged finance business is much stronger.

Dec 15, 2012
Back That Asset Up:

DB's leveraged finance business is much stronger.

Not going to argue about prestige or how established they are, but haver you seen any league table to back this up?

Dec 15, 2012

I've seen the league tables, for the past few years. I can't argue that BofA is gaining momentum but the quality of bankers at DB is top notch. BofA still has a 2nd tier buzz in investment banking.

Dec 15, 2012

Definitely DB

Dec 15, 2012

Should be an easy decision: Deutsche Bank.

You won't be able to move to IBD from capital markets at MS after your internship is over even if you get an offer to return...I know one guy who tried to move from ECM to IBD and had zero luck. Had to reinterview all over again (3 rounds) and was cut after the first round and left with his ECM offer (he ended up going to another bank to do lev fin).

Dec 15, 2012

i am worried that if I choose deutsche I will not be able to get into lev fin or fig... i suppose I should call and find out.

Is getting into those groups vital to keeping exit opps open in the future? Whats the most vital aspect of maximizing your future job chances?

Dec 15, 2012

DB LevFin is better than BAS LevFin. Ask anyone who doesn't work at BAS.

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Dec 15, 2012

Yes I get it, and Thomas Weisel M&A is better than JPM M&A

Dec 15, 2012

Guess who KKR paid the most fees to on WS last year?

DB. Believe it or not. It is true.

Dec 15, 2012

what about if i was deciding merely between b of a i banking and ms global cap markets... i do not want to screw myself by not going into ibd, but i also do not want to screw myself by not taking ms. What should i do??

Dec 15, 2012

You need to provide more details on the offer, such as location, group, etc. Both are huge investment banks and groups within will have vastly different culture from each other.

Giving us your tentative future goals would be immensely help as well.

Do a little search and you can find info on pay. Start there.

Dec 15, 2012

did you really have to use all caps....

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Dec 15, 2012

BAML has the better rep

Dec 15, 2012

Baml

Dec 15, 2012

I would most definitely recommend BAML (especially if you're US-based).

Deutsche Bank seems to be aggressively cutting its sales & trading staff, and while it's not the only firm doing so... it has been one of the first and fastest to do so. Personally, I think your career trajectory within the firm would be better at BAML.

Dec 15, 2012

BoA IBD >> research

Dec 15, 2012

What are your goals/interests?

Dec 15, 2012

Everyone speaks poorly about BofA's banking platform, but they are actually doing transactions and have a very strong leveraged finance platform. They also have a very strong FIG group.

Dec 15, 2012

Are you crazy? You might never get a chance to go back into IBD. Take your chance and don't wait the last day to respond to the offer.

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Dec 15, 2012
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