12/15/12

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 (21)

12/15/12

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

Financial Modeling

12/15/12

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."

12/15/12

DB all the way babe..

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

12/15/12

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

12/15/12

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.

Financial Modeling

12/15/12

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.

12/15/12

dooche bank has a great LevFin business

12/15/12

how are exit opps limited by doing global cap markets?

12/15/12

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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12/15/12

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.

12/15/12

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.

12/15/12
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?

12/15/12

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.

12/15/12

Definitely DB

12/15/12

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).

12/15/12

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?

12/15/12

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

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12/15/12

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

12/15/12
12/15/12
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