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?
| +138 | Is my life over after not getting GS? | 33 | 3s | |
| +73 | Best IB group on the Street | 35 | 6h | |
| +66 | Thoughts and tips on how to speak like an investment banker. | 25 | 1d | |
| +58 | BIG FOUR ARE PARADISE | 15 | 1d | |
| +49 | Tell me one good reason why Jefferies isn’t going to be a top bank in the next 5 years | 23 | 18h | |
| +38 | UBS Outlook | 28 | 2d | |
| +35 | How to deal with egotistical team? | 6 | 3d | |
| +26 | Very ridiculous interview feedback | 13 | 8h | |
| +26 | Got RBC offer but I have cold feet accepting. | 34 | 11h | |
| +26 | Why Is It Called Investment Banking? | 8 | 7h |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
CS does well in TMT too
Agreed. Would add CS to this list
Any idea on what kind of tech deals are run out of CS's tech team in NY as opposed to SF?
SF is focused on tech, NY is focused on Media and Telecom with some tech overlap
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.
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.
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?
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.
this is accurate
yup your list is pretty accurate
List looks about right. I would also add UBS to the 5-7 rank despite the general bank's decline. Their telco team is underrated
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?
UBS NYC TMT is extremely weak, SF is eh but the post is NYC.
UBS doesn't come close to any BB in TMT
how does BAML / Barclays / DB fare?
BAML>Barclays>DB
BAML > Barclays > DB for west coast offices
Barclays > BAML > DB for NYC
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
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
True for SF, post specifies NYC. Honestly for NYC, Barclays has the most tech bankers out of the 3.
please stop posting wrong information
As always, assessing the strength of a TMT franchise typically should be separated into Tech and M/T
I’m thought MS T/MT way better than JPM T/MT?
junior level yes, not for league tables/overall strength
JPM M&C is a killer group. NY Tech but the two groups split apart a few years ago
*JPM NY tech is weak, won’t let me edit
yup JPM M&C > MS MT
it seems like outside MS/GS/JPM, it fluctuates among citi/barclays/baml/cs ??
Definitely fluctuates amongst the three, but keep in mind Barc separates out Tech and Media/Telecom. Heard M&T there is good (especially telecom), but tech is weaker.
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.
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.
Animi unde tenetur quae vel. Eaque quidem corrupti omnis tempore ullam. Iusto nobis blanditiis ad et ad.
Enim est neque ut illum eaque exercitationem. Dolore esse quam nobis repellat inventore tempora enim temporibus. Ipsum voluptatem qui nostrum non illo totam qui est.
Exercitationem qui eos sit quidem voluptas. Provident consequatur voluptatibus quam repellendus. A rem beatae quaerat omnis impedit eos corrupti.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Rerum in explicabo distinctio perferendis quae. Assumenda illo ipsam nulla dolor nesciunt autem ad culpa. Itaque voluptates deleniti fugit ipsa omnis. Et deleniti iure aut quam debitis.
Aperiam numquam ipsum et vitae veniam libero non et. Magnam expedita mollitia consectetur error.