The Truth About PWP

I've just exited from PWP London into an MM hedge fund I only dreamed of getting into, 4 months into my second year. Over the last few months, I've seen people write all sorts of nonsense about PWP on this site. As annoyed as I was about how inaccurate all of this was, I refrained from actually writing anything while I was still employed there. Now that I'm leaving I can tell you the truth. At least in my team, I do not believe there is any bank in the world where you can get the full package of deal flow, exposure, comp, culture, and exit opps that we had. Many of you will be able to guess who I am from the info I give here, and if you stalk enough I'm sure you can find me. I ask that you respect my privacy and not do that, and if you do decide to do it, that you don't send me dumbass messages (you know who you are). Happy to take any genuine questions though.

Deal flow

I was told by most recruiters and interviewers that I had more deals attempted, completed, or in progress on my CV than most BB candidates. And I wasn't even in one of those teams which had high deal flow. I'd say they didn't really mind that some of the deals failed, as long as they were buy-side deals in which I made the models, interviewers saw that as a good and relevant experience.

Hours

There is no facetime in my team A lot of firms say that but don't mean it. When I say there's no facetime I mean it completely. On some live deals, I did work the full 100 hour week, and even on some pitches, I have done the full all-nighter. These are just part of the job. But when there were no live deals and the pitches were relaxed, I often went home at 2 pm, as long as I remained contactable and ready to come back if required. I also had no real issues coming in at 10 am, or randomly going to the gym, or meeting a friend for lunch/dinner for an hour or so, as long as I kept the relevant people informed and did my job well. On multiple occasions, I was allowed to push back on the internal deadline because I had a date that night (and I also got advice on good date locations together with that). When I did have to work really late, it was taken as obvious that I would be coming in later the next day unless I had something urgent in the morning. On average I probably worked 50 hours a week.

Culture

I'm sure many banks have a great culture, and it's all team dependent. Working in my team wasn't very different from doing a group project in uni. We had lunch/dinner together all the time, randomly disappeared to buy cookies as an entire team every now and then, and we even went on holiday together. We still produced really high-quality work, and I know I did more analysis in some pitches than you would do in some live deals at a BB. When you're best friends with your colleagues, working hard is legitimately not very difficult at all. When I interned at a GS/MS type place, I was so miserable and hated my life so much I developed major physical and mental health issues and spent everyday questioning whether IB was the right path for me to take.

Exposure

Senior exposure was so strong, my Partner frequently called me one on one to coach me on how to present certain slides to clients in my first year. I have been for site visits with just me and a CEO and sat in a room grilling the CEO and CFO about the business plan. We were encouraged to have genuine sector expertise - i.e. fully understand not just the technical terms of the industries we dealt with but even had teach-ins to learn the engineering specifications and the operational differences of the company's products. All of this is on top of the basic expectation that I'm the main person working on any model, with my Associate only making light changes. In fact, the first thing I ever did when I hit the desk built an LBO from scratch for a live deal (this was pretty terrifying). I've built everything from a RAB model to a Monte Carlo American options pricing model, from a vanilla LBO model to some strange triple recapped bridge loan LBO model that took advantage of changes in regulation for Danish mortgage bonds, all from scratch. Even the pitches started becoming interesting - especially the ones which were bottom-up outside-in OpModels of listed companies (very good practice for HF interviews). The exposure became ridiculous when I started originating ideas, and then I found myself on the phone with megafunds in both US and London pitching my idea - one of which eventually sort of actually became a live deal. The flip side was that if you weren't good enough to be this independent, you were also very rapidly sidelined, so take that as you will.

Comp

I'm not going to mince words, I made £55k+£56k in my first year (this is in the middle of Covid - it was higher last year), not inclusive of my sign-on bonus. This was about 10-30% higher than my peers in other banks. On a per hour basis, it's pretty insane.

Exit Opps

I stayed in PWP for about 15 months. For the first 12 months, not a single headhunter called me and I was a bit worried. Around the 12th month, I started being offered interviews for Analyst positions at just about every PE megafund in London. Just when I was considering taking one of those, the Asian headhunters started calling and offering me interviews for Associate positions in HK megafunds with just 1-year experience. As I was entering the final rounds with a few global PE megafunds in Asia, I started getting offered interviews with HFs in London, one of which I went with. The number of live buysides I'd done in my first year, all of which involved me being the main person holding the entire model, meant that I didn't even need to practice for any interviews or modeling tests. I knew what all my deals were about, and when you're used to building all sorts of random LBO adjustments for demanding clients and have the time and space to debate the philosophical granularities of finance with your colleagues, the tests and interviews just weren't that difficult. My favourite was OpModel tests, so few Analysts in other banks have had the chance to build OpModels, but since this was my daily life at PWP I could always outperform.

Desk

My desk was so massive I had plants on it, a food area including several boxes of cereal, markups and writing area, an area for deal toys, an empty area to eat on / my Associate to sit on, and an entire teaset. It was also a beautiful mahogany. Loved my desk. Plus the office is in Mayfair, which means I got all my Deliveroo from Soho.

Honestly, PWP is the best experience I can imagine at the junior level. As the interviews started coming in, I sat down and thought about it and realised I loved my team, my Partner was the best boss I could have asked for, I really liked the firm, and I loved what I did everyday. If it wasn't for the specific role which came, I would have stayed. I ultimately called the headhunters and set a hard line - I would only leave for a specific role in a top multimanager hedge fund (as a personal interest) or a very specific PE megafund doing a very specific role in a specific geography. Ultimately I was actually offered both these two things, but I rejected all the interviews and offers from the other funds simply because they weren't actually paying me more, I would be working much harder in places with terrible cultures, and there wouldn't actually be any room for my independent contribution within that. I definitely do not regret not choosing a BB over PWP, and I cannot imagine I would have acquired the skills and experience to get to where I am now anywhere else. You really can have a fulfilling junior-level career in banking without any of that toxic culture.

Comments (136)

 
  • Prospect in IB-M&A
Nov 15, 2020 - 8:40am

Do you know anyhting about comp at other boutiques for first years? CVP? PJT? Laz? Roths? GHL? 

 
  • Prospect in IB-M&A
Nov 15, 2020 - 8:51am

It is though to have an idea of what goes on internally in different banks, so thanks a lot for sharing your experience!

Couple of points:

-I think most people do not have a problem with PWP per se, just the way the recruiting process is handled by Dartmouth Partners in London. Personally, I don't think this amount of hate is deserved, but I can understand where it is coming from.

-Looking at the transactions announced on PWP's own website, it is hard from the outside looking in to see how going to PWP would be much better than a lot of BBs or other EBs in London. As an insider you clearly have more knowledge than us now but if you put yourself in the shoes of a prospect (or even yourself 1-2 years ago), how much of what you now know could have been inferred by your own due dilligence at the time (i.e. career center, website, speaking to alumni, etc.)?

-Congrats on your fantastic offers! I think you are probably underestimating the role your past experiences and pedigree played in securing this amount of traction from HHs, if you are who I suspect you are. You probably would have been fine going to any BBs or EBs in London (also something that Pan European Monkey repeatedly emphasizes, bank/group in London matters less than in the US).

Thanks again for one very valuable data point and all the best at your new firm!

 
Nov 15, 2020 - 9:32am

I actually only figured out the boutique life would be good after trying out the MS/GS life. I know lots of people who thrived there, but I just wasn't one of those people. I'm glad I did it because I now know what's important to me (working for people I actually like as people is very important to me), and if I hadn't done it I would probably spend a lot of my time wishing I had, so by all means try it out!

In terms of pedigree... I come from a target school, but I think the thing that got me through interviews was just how excited I still am to talk about finance. I think most people start like that and then it gets crushed out of them by work, but I managed to keep it all the way and that helped the most.

 
Nov 15, 2020 - 10:37am

Thanks for this. Seems legit. Would get yourself certified so people actually take this seriously. 

I assume £56k was top bucket? 

Would it be possible for you to contextualize "Ultimately I was actually offered both these two things, but I rejected all the interviews and offers from the other funds simply because they weren't actually paying me more"? As in the PE funds / Hedge Funds outside of the Asian Megafunds were paying below what PWP was paying you? 

Also curious to know why you were being invited for Analyst roles and not Associate roles? 

Would it also be possible for you to list out who the London / Asian headhunters were? 

Thank you! 

Array

 
Nov 15, 2020 - 12:00pm

Lol I can't help if people are salty, but I assume it'll help someone who really needs to make the choice. That's the part that shook me actually. The pay I was being offered to join a PE megafund in HK wasn't actually substantially higher than what I was getting at PWP. It was sold to me that the lower tax would make everything better but I was still pretty skeptical. In Europe the pay was actually lower.

 
Nov 15, 2020 - 11:31am

Couple of things at my EB (in my team) 

- we act as defense advisors to strategics (there's no "official" bake-off for this but you meet them a couple of times and show them your creds, do a bit of analysis etc. )

- we act as buy-side advisors to strategics we have long-term relationships with (you don't need a bake-off for this, you just keep showing them ideas, refining the ideas etc)

- we act as buy-side advisors to PEs (there's rarely an "official" bake-off for these roles)

- we get mandated for sell-sides without bake-offs (we get recommended by the chairperso due to existing relationships etc - very rare though)  

Basically we rarely go to "bake-offs" (for M&A unless its a "key" PE asset we really want to do)

Roths is a volume house. They basically do most of the large PE sell-sides. My understanding (for my sector) is that Lazard just does buy-sides. 

Array

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  • Analyst 3+ in IB-M&A
Nov 16, 2020 - 2:23am

dank.knight

Couple of things at my EB (in my team) 

- we act as defense advisors to strategics (there's no "official" bake-off for this but you meet them a couple of times and show them your creds, do a bit of analysis etc. )

- we act as buy-side advisors to strategics we have long-term relationships with (you don't need a bake-off for this, you just keep showing them ideas, refining the ideas etc)

- we act as buy-side advisors to PEs (there's rarely an "official" bake-off for these roles)

- we get mandated for sell-sides without bake-offs (we get recommended by the chairperso due to existing relationships etc - very rare though)  

Basically we rarely go to "bake-offs" (for M&A unless its a "key" PE asset we really want to do)

Roths is a volume house. They basically do most of the large PE sell-sides. My understanding (for my sector) is that Lazard just does buy-sides. 

But doesn't really explain why we never see you on actually executions right? Also pretty much reflected in the leauge tables in my view. 

Probably not watching enough but only seeing Centerview or very specialised one's every now and then. But many in London are completely missing on any kind of deals. Can't remember the last M&A deal PJT did in London (where not actually the US was staffed / lead). Tbh sharing the view of the previous comment. 

Some defense staff etc. makes sense - but that's not really where the money comes from (except for Lazard maybe). 

 
Nov 15, 2020 - 3:12pm

I've done one bake off / RFP in my entire time and it was a pretty special situation. I'd say we get mandated a lot by firms who just like working with us I guess. It was always the same few firms that we were exceptionally close to. On corporate mergers my understanding was also that there was rarely an RFP, usually it was dependent on some chairperson relationship. During my interview I actually made it clear I didn't want to join one of those teams which churn one RFP a month (there are quite a few banks like that), and it was made clear to me that that was definitely not the case.

 
  • Analyst 1 in IB - Gen
Nov 15, 2020 - 3:53pm

Worked at PWP in a different office and had a fairly similar experience. Especially would echo the flexibility in work schedule. As long as you got your work done no one cared if you showed up at 11:30 every morning. Obviously there were weeks and months where you would get absolutely grinded, but the tough periods were balanced out by easier periods. Exited to MM PE and my hours have gone up, people are less chill/fun, the work is less interesting, comp is significantly worse, and I no longer have fun at work. Biggest negative I'll add is that the firm laid off analysts this year, which left a bad taste for people in certain groups.

 
Nov 15, 2020 - 5:10pm

My buddy's SO's father was a senior guy at PWP and this all sounds pretty on point.  Of all the ex-EB folks I've spoken to it's ex-PWP guys that always seem to have the warmest reviews about their analyst experience.  The senior team has fantastic relationships with corporates & sponsors, and seem to really pull out all the stops to ensure analysts are well rounded, get a ton of independence, and don't experience obscene burnout (especially now with Kramer gone from RX, dude's brilliant but definitely brings the HL workhorse reputation with him).  Congrats on making the transition to a killer HF (pretty sure I found you on LI, you really should sanitize this a bit more my friend). 

Array

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Nov 15, 2020 - 9:46pm

Obviously, considering the SB-MS ratio and existing comments, I'm unsure of how much to believe of your account as the norm. I guess I'll take your word for it and assume you're writing in good conscience. That being said, I will never apply to your firm again after writing a fucking dissertation on why I want to suck Dietrich Becker's cock among other things, just to receive a Dartmouth Partners rejection promptly after a few weeks. 

 
  • Analyst 1 in IB-M&A
Nov 15, 2020 - 10:58pm

This is just way too one-sided. Considered PWP as well and even ate a lot of MS here while defending them but above is just misleading. 

First of all, it completely depends on the team, just as everywhere else. Most teams at PWP are crap tbh (just no dealflow), only 1-2 are solid. Even if we take the better one's, I first hand know people that wanted to exit and generally struggled quite a lot. And I´m not only talking about MF but even solid MM Funds. Moreover, the comp described above is outstanding top bucket or just far too high. My friends (yes plural) rather got ~35k which is in line with BB. Probably my friends where just unlucky with comp, exit and even hours (50 hours, are you even for real?) but this thread is definitely nothing any graduate should consider when looking into FT opps. As nearly always in Europe BB>EB and for EBs there are definitely better one's than PWP. 

 
Nov 16, 2020 - 1:22am

I don't even want to reply to this trolling, but I can't allow this to sit here as if any of it is accurate. Bottom bucket was 42 and mid bucket was 49 for first years so idk what your "friends" were up to in whatever firms they were in.

50 hours a week is pretty normal once you put aside your narrow idea of what you think this job is about. While your so called 100 hour work week was spent shuffling things around on a slide to send to five layers of people senior to you for a stupid pitch with zero percent chance of success, on the relatively few pitches I was working on my Partner was approving v3 to send to the client. Most days we were swamped in execution, and I could rely on my Partner being too busy to really pitch anyway, which meant downtime that I gladly took if I wasn't on those deals.

I want to say I feel bad for your "friends" but I mean almost everyone I know in my year was awesome and would have no problems with exits so I'm inclined to believe your "friends" don't exist. The fact that I had to interview at all makes me subpar already, some people were literally offered exits upon deal completion by the megafunds they were working with. I know people who have used clients as referees for interviews. I wasn't even in one of the teams with incessant dealflow so I assume those guys would do even better than me.

 
  • Analyst 3+ in IB-M&A
Nov 16, 2020 - 2:11am

Hit dogs bark.

You are not really trying to defend your 50h claim do you? Obviously the 100h which always float around are not pure working time, nevertheless why would you start a thread to discuss PWP just to chance the methodology of how we discuss hours in general? Again, this is just completely misleading. And if you are actually trying to say that you were in office 50h a week then you should probably clarify what division you worked for, surely not a M&A team.  

No need to comment any of your other stuff, think everyone should be able to see that you are high on your exit or sth. Otherwise would really have to quesiton your definition of MF. But happy to have a look at all the PWP alumni sitting at BX, KKR & Co, just want to ask them how to join without any interviews.  Guess I just missed the life hack tutorial. 

For any grads reading this, just pull out the latest leauge table or actually ask them about deals during your interviews. E.g. not aware of a single PWP FIG Deal in 2020. 

Again, PWP is not a bad shop at all. Still Centerview & Co are way stronger and if you want to exit after 2 years just don't go to EB's (in London). Makes only sense if you don't have a comparable BB offer or want to become a career banker. 

 
  • Analyst 1 in HF - Other
Nov 16, 2020 - 5:57pm

BoutiqueGuyInLondon

The fact that I had to interview at all makes me subpar already, some people were literally offered exits upon deal completion by the megafunds they were working with. I know people who have used clients as referees for interviews. I wasn't even in one of the teams with incessant dealflow so I assume those guys would do even better than me.

What a troll lmao this actually doesn't happen.

 
  • Analyst 2 in IB - Ind
Nov 16, 2020 - 12:45pm

Never worked at PWP, but work on a team where a senior banker from PWP recently joined.  One of my buddies worked at PWP and I have heard stories around here so was concerned it was going to get sweaty at the least, but has not really been the case.  Dude's a machine and we have a lot going on right now. If there's a hard deadline on a pitch or model or whatever, it is what it is, but internal expectations are extremely reasonable.  Good guy to talk to in general too and makes sure you are learning and fully understanding the process or concepts, and asks for input from juniors.  

 

I worked on a project with him shortly after he joined where we had a tight deadline and it was mon-thurs back to back 2-3am nights.  Friday midday he told the deal team we did more than enough during the week on that project and to not work over the weekend on another project we were all staffed on.  

 

YMMV, any bank in this industry is going to depend heavily on the team.  

 
Nov 16, 2020 - 2:48pm

The problem w/ this post isn't that the pros are fake (and I have no idea if they are or not), but it's so obvious OP is such a blatant PWP shill it's laughable. Like come on dude, you list ONLY positives? I mean I worked at Piper and had some pretty shit moments there, but even I can talk about how there were positives to being there vs. at other firms.

 
Nov 16, 2020 - 3:03pm

Well if I'm being honest, my team was pretty much ideal. At the time my biggest worry was that I wasn't constantly working all the time (what if I don't get enough deals on my CV to have a good exit??), but with the benefit of hindsight, the amount of time I spent slaving didn't seem to affect that. I don't want to say anything about other teams in London because I'm not in those teams, what cooperation I had with those teams is probably also not representative of what it's like to be there (though I don't think they're as bad as what I've seen elsewhere anyway). My seniors were great, none of the Director level people have ever treated me badly, and I count the Analysts / Associates among my best friends; and these were the things that mattered the most to me. I must say I hated the recruiting process. I once recommended a guy I knew was amazing, who had completely impressed everyone at his last internship, and whom I thought would be an asset to the firm; only to watch him get dinged by Dartmouth at the first round before even meeting anyone in the firm. That did definitely piss me off. When I interviewed, it was just me against the entire team one by one, asking some of the hardest questions I'd ever been asked until I started recruiting buyside. When I got the offer I knew that I had been approved by literally every person in the team I was about to join. I really liked that personal touch, and I'm sad it's gone.

 
Nov 16, 2020 - 5:45pm

Not even first year analyst. This was my first ever deal, I was about 4 months on the job or so and it was just me, an Associate, and a Director; they were too busy to think of questions so they got me to come up with and ask all the questions. I don't think it's as impressive as my friends in like AMs who get to actually call CEOs and question them more or less on a whim though, but it was a good experience.

 
  • Research Analyst in HF - EquityHedge
Nov 16, 2020 - 8:43pm

Wouldn't say its impossible, especially outside the US where firms are smaller and generally less hierarchical. As a part time undergraduate intern at a hedge fund, I was constantly given the opportunity to attend investor conferences/ one-on-one calls with management teams of listed European cos & grill them on questions to validate our investment theses.

 
Nov 17, 2020 - 1:20pm

Things were different when I recruited full time for PWP. There was a specific opening in the team, and I applied for it directly. I was interviewed by every single person in the team Associate level and above. They were really tough interviews. A lot of accounting questions on things like deferred capital gains taxation or things like dividend recaps, some more theoretical finance questions, and I was also asked to pitch some companies just for them to see that thought process I guess. I think that's preferable to being asked a whole lot of wishy washy questions and then failing the interview with no idea why you failed it.

I hear things have changed now. I can't say I support the new way.

 
Nov 17, 2020 - 9:39pm

This post is so full of bullsh*t that it even made me sign in.

(1) I know someone who lateralled to PWP in London and boi this guy was not good at modelling and it's just me being nice. Later he bragged that he is considered very good at modelling in his new team. Says it all to me.

(2) Monte carlo american .... blah blah blah.

Either you downloaded an excel , which had a standard and a simple 5 line option pricing model or you read somewhere what to do. By the way, the easiest way would have been to use bloomberg.

And yes, i am pretty sure you didnt do more than that because you are a second year analyst in M&A.

(3) I will give up my bonus if you actually built a super complex blah blah mortgage whatever Danish bond model without your associate finding a ton of mistakes to fix and without at least some sort of involvement of debt advisory or another bank's financing teams inputs.

I work at McDonalds meme - AhSeeit

You are a 2nd year analyst. You built a couple of simple models. The day that a partner lets a 2nd year analyst grill clients on the business plan is the day i quit banking.

 
Nov 18, 2020 - 2:49pm

Amen brother...fantastic meme btw. I nearly shit myself laughing when i read the Monte carlo american nonsense in the post.

Silver Banana for you!

Couple of my favorite excerpts:

" we even went on holiday together" - Yea, cause associates, VPs, and MDs really wanna hang out with a first year they've known less than a year rather than lifelong friends or significant others...also who was at the office covering on all this "crazy deal flow"??

"It was also a beautiful mahogany. " - Is this a quote from American Psycho ? Legit Question.

" found myself on the phone with megafunds in both US and London pitching my idea - one of which eventually sort of actually became a live deal. " - Did you guys know partners from Megafunds regularly call up first year analysts at mid-tier EBs and ask for advice???

"Even the pitches started becoming interesting - especially the ones which were bottom-up outside-in OpModels of listed companies " - yea building Operating models for pitches is my absolute favorite thing to do in the world, and what makes it even better is when the work gets trashed because the pitch goes nowhere 

Great post OP.

 

 
Nov 18, 2020 - 7:36pm

I mean it's pretty clear that this post is full of bullsh*t

 

you have to be a freaking genius to start pitching in your first year or be ready to send decks to clients without or with only few comments from MD, D, VP or associate 

 

I don't know a single class in the world, which would teach you all the practical stuff that goes into a pitch book and you can't transition from a student into a banker in a day. You need to have experience and you just wouldn't have any in the first year.

 

OP send me your real name so that I can find you on LinkedIn. I promise I won't share it with anyone. Shouldn't be a problem if you are saying it's easy to find you and some allegedly found you already (although I wonder why predominantly those who posted anonymously did so)

 

Otherwise the way you write and the way you behave, the way you reply and what you type and how you type - all tells me that you aren't very trustworthy to say the least.

 
Nov 18, 2020 - 4:46am

Assuming you're not a PR monkey, how have you viewed PWPs market share recently within the UMM / large-cap space and where has management/your close partner contacts indicated they want the business to be going forward? Is it grabbing more business through MD acquisition or has there been any talk maybe of purchasing sector-specific shops to get a foothold in industries the firm doesn't thrive in? Always curious about this given the caliber of PWP / similar boutiques in general and management's level of "aggression" for lack of a better word when it comes to growing the practice

 
Nov 18, 2020 - 9:12am

I don't think there's been an effort to increase market share very much. I assume other boutiques are similar in that we're really very expensive, so we generally only appear on very complex transactions that justify paying for that kind of expertise. From what I see, my Partners maintain dialogue on a very consistent basis but without churning large pitchbooks, and aim to do maybe 2-4 deals a year. We also have a lot of repeat clients who just really like working with the Partners. I think a lot of the value add is at the very senior level, and I think the real value they bring is the ability for the seniors to focus all their attention at all times on each deal. This is very different from say a bigger bank or even a bigger boutique, where a rockstar Partner might bring in the deal, but then he'll sort of disappear and let the team do the actual execution while he goes and brings in the next deal. With fees like this and such small teams, even a relatively small deal can be very profitable for everyone involved. There are a bunch of interesting initiatives going on, but the core business relies a lot on the Partners directly.

 
Nov 18, 2020 - 7:56pm

Mate, just went through your comments on other posts. Unless you lied, you were in TMT team at PWP in London.

If what you are saying about partners letting you grill CFOs in your second year is true, now I understand why three TMT partners (I know for a fact it's true but I don't remember the exact number) got fired from your team recently. I heard that two associates and one analyst were also fired , all from PWP TMT London.

 

I know for a fact that your team is weak in London and has had almost zero deal flow.
 

Congrats on the getting the offer from HF if that's what you wanted though but major disinformation is taking place. 

 

I want to ask admins to edit this post or make it somehow because its spreading some questionable information about the industry - what has been described is extremely rare and as mentioned led to almost half of TMT team be fired.

 

 

 
  • Analyst 2 in IB-M&A
Nov 18, 2020 - 10:17pm

Actually he already refreshed his linkedin so if he is not OP someone is speaking on his behalf which would be illegal

I mean, the whole thread seems quite a BS, with a lot of misleading information that anyone who works in the industry in the UK can see miles away

 

My bet is that having worked at MS and co-founding the Oxford investment society/fund is what may have helped him to land that gig anf get views from HHs, not his incredible experience at PWP where he was almost directly offered to join BX as an MD thanks to his impressive ability to grill CEOs and identify high-quality, low-cost investments with a 50h job

 

 
Nov 19, 2020 - 6:43am

Thx, found him and tbh I wouldn't be so excited about joining Citadel especially if you believe in value investing (or long/short HFs), which is what I believe the OP is interested in based on how he speaks about valuation.

I'll be curious to see if he quits Citadel quickly after he finds out they mostly care about the next quarter or two quarters.

Also i saw citadel hire from tier 2 banks - you don't need to be telling CEOs what to do from PWP to end up there.

last but not the least I still insist PWP TMT London is weak and most deal flow is originated by the US team. Otherwise I don't know why would they fire a couple of partners, a VP, two associates and one analyst.

 

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