SA Offers - Deutsche Bank vs Bank of America

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 (35)

Dec 15, 2012 - 11:12am

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.

"There are three ways to make a living in this business: be first, be smarter, or cheat."
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Best Response
Dec 15, 2012 - 12:01pm

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.

I'm grateful that I have two middle fingers, I only wish I had more.
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Dec 15, 2012 - 12:02pm

BOA vs. DEUTSCHE vs. MS (Originally Posted: 02/22/2007)

I am a junior about to get into a summer internship, and the options I have are BOA ibd, deutsche ibd, or ms global cap markets. I want to do ibd, preferably lev fin in order to maximize my exit opps into a buyside position. I have meshed the best with the boa people as they are laid back in comparison to the others and apparently their lev fin group is good. What do you think? What will maximize my potential after a few years? Does prestige with ms, but not doing ib, prove to be worth it?

Dec 15, 2012 - 12:07pm

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 - 12:10pm

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 - 12:11pm

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 - 12:16pm

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 - 12:18pm

SUMMER ANALYST - BANK OF AMERICA OR DEUTSCHE BANK?!?! (Originally Posted: 01/04/2017)

Any information would be helpful regarding the culture, pay and lifestyle. What firm offers the better opportunities going forward?

Dec 15, 2012 - 12:23pm

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 - 12:24pm

Summer internship advice - Junior in college for Deutsche or BOFA (Originally Posted: 02/27/2010)

I have an internship opportunity as a junior in college for either Deutsche Bank global markets research or Bank of America Merrill lynch investment banking, I was wondering if anyone had any input into career opportunities after these positions or how people thought about each of these options in general. I would really appreciate some feedback, thanks!

Dec 15, 2012 - 12:28pm

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.

-- "Those who say don't know, and those who know don't say."
Dec 15, 2012 - 12:29pm

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