TMT Investment Banking (NYC) BB

Hi does anyone know which firms among the bulge bracket have the best cultures/deal flow in the Technology, Media, and Telecomunications space? Was wondering specifically for NYC offices that have TMT groups.

I know that GS is notoriously known for it's amazing TMT group but any color on the other firms would be great.

Is it accurate that:

1.) GS
2.) JPM
3.) MS
4,) Citi

not sure how the others fare?

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Comments (33)

  • Intern in IB - Gen
May 28, 2020 - 6:02pm

Any idea on what kind of tech deals are run out of CS's tech team in NY as opposed to SF?

  • Analyst 1 in IB-M&A
May 28, 2020 - 6:08pm

SF is focused on tech, NY is focused on Media and Telecom with some tech overlap

  • Intern in IB - Gen
May 28, 2020 - 6:14pm

They recently split up their NY group into Tech and M&T did they not? I got assigned the tech group specifically in NY this summer and was a bit concerned about deal flow/types of deal I'd be put on compared to their SF group which I hear is decent.

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  • Analyst 1 in IB - Ind
May 28, 2020 - 9:21pm

The SF group handles all of the West Coast HQ'd companies, while NY handles everyone on the East coast, with certain exceptions to that rule based on MD relationships.

Because of that, the NY group does a lot of Fin Tech/Services (think FIS/Worldpay), as well as more niche verticals like industrial tech, which have traditionally based themselves out of geographies relevant to their end-market (NY for fin tech, Chicago for industrial tech, etc.). However, it seems like there is a decent amount of overlap. My buddy works in SF, but is actively staffed with MDs in NY, and he said that goes both ways.

A big part of the staffing dynamics is driven by the fact that the head of CS IB used to run the SF tech team, and now that he's headquartered out of NY he's still engaged with some projects out of the SF office and that expectation of collaboration has sort of trickled down. Additionally the head of tech is based in NY and is from some Canadian school, but all of the analysts/associates from that school work in the SF office so might be a factor in why they work cross-office.

  • Intern in IB - Gen
May 28, 2020 - 9:29pm

Very detailed post. Thank you so much! If you also happen to know, what is the culture like in the group and how do analysts fare in PE recruiting?

  • Analyst 1 in IB - Ind
May 28, 2020 - 9:40pm

Not entirely sure on NY team's culture as my friend is in SF and I'm not in TMT. Seems like a decent group overall. At least based on his office he said that the SF team is like half the size of most other groups in the area but has comparable deal flow so they are pretty consistently busy (especially recently with all of the financings/converts being launched). However, because it's a small team they get pretty good experience and exposure to senior bankers, and people notice when they're cranking/working hard and will do their best to ease the burden on other projects.

I know SF PE placement are lights out, they usually send 1 person to SLP every year, with a handful of other solid exits. Looking on LinkedIn the last class sent 1 person to each of: Carlyle, ONEX, SLP and TCV. Not sure how people on the lower-end of the class place, but I can't imagine there's a huge disparity given there's less than 10 people per class. I would guess NY is probably comparable (maybe slightly worse as it's hard to replicate that quality of placement per head) given that they're still closing massive deals like FIS/Worldpay.

  • Analyst 2 in IB - Ind
May 28, 2020 - 4:27pm

Huh? UBS is not even on any AT&T / T-Mo / Sprint / VZ deals and probably the only BB not on ANY major deals. What are you talking about?

  • Analyst 2 in IB - Ind
May 30, 2020 - 1:17am

BAML > Barclays > DB for west coast offices

Barclays > BAML > DB for NYC

  • Intern in IB - Ind
May 28, 2020 - 5:57pm

GS > JPM > MS > Citi > BAML > Barclays/CS > DB/UBS. Citi and Barclays(likely others too) seem to be investing a ton in TMT hiring, will be interesting to see how it plays out

  • Analyst 2 in IB-M&A
May 28, 2020 - 6:20pm

usually I don't comment on threads but this post is extremely inaccurate that I need to intervene. Citi TMT is not as good as you're saying. Barclays TMT is one of its weaker groups. CS TMT is one of its stronger groups
CS > Citi > Barclays

  • Analyst 2 in IB - Ind
May 28, 2020 - 6:12pm

As always, assessing the strength of a TMT franchise typically should be separated into Tech and M/T

  • Analyst 1 in IB-M&A
May 28, 2020 - 9:42pm

JPM M&C is a killer group. NY Tech but the two groups split apart a few years ago

  • Intern in IB - Ind
May 29, 2020 - 11:42pm

Citi also separates them. Barclays may be weaker overall (MP office isn't strong compared to other west coast offices), but their NYC tech team is stronger their NYC mid-tier BB peers. In SF, CS is likely the strongest despite somewhat of a weakening over time.

  • Analyst 2 in IB - Ind
May 29, 2020 - 8:22pm

Hard to talk about TMT anymore. Would say that JPM M&C is really solid having been on all the biggest deala lately: Sprint / T-Mobile, Disney / Fox (and RSN Divestiture) and AT&T / Time Warner. Don't know about the tech team but they have teams in NY, Boston and SF with SF obviously the major. Feels like GS is the king in tech (they had Uber, JPM had Lyft) etc.

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