UBS IB LDN Teams
Hi guys,
Any advice on the best IB teams in UBS? Best culture, deal-flow, opportunities for analysts etc.
Thanks
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Hi
Heard GIG and TMT are pretty decent
https://www.wallstreetoasis.com/forums/20-most-frequently-asked-questio…
Just fyi, your strong teams per bank are not accurate in the original post, so no need to constantly refer to it
For UBS: FIG, TMT and M&A are the strongest
That list from the posted link from Pan European Monkey Euro is quite accurate, these would be some of my comments / additions:
GS - TMT, C&R - Correct, nevertheless any group is top notch
MS - M&A, M&T or M&C, HC, Tech - Correct
JPM - TMT, RE, DI, LevFin - Would not say that LevFin is that great in Europe, rest is correct, maybe HC could be included as its globally strong and has strong connections
BOA - M&A, HC, Industrials, NatRes, Sponsors/LevFin - I would include FIG; Industrials is very good but would not say its a top team per se; NRG very focused on sell-sides but a very good team
Citi - TMT, FIG, Industrials, HC, UK, P&U - Correct, but would not include HC as a top team here
CS - Sponsors, LevFin, M&A, TMT, Industrials - Not sure about Industrials, rest is correct, growing TMT franchise
UBS - TMT, M&A, FIG - Correct, very strong in telecom
Barclays - UK, P&U - Correct
If not, which teams would you suggest?
Just saying incorrect without providing examples is not particularly helpful for anyone IMO
For UBS, only TMT (which is really just Vodafone Business Development) and FIG (maybe not even anymore, were only really good because of Orcel and his people) are noteworthy. If you mention M&A, you can also mention GIG.
For the rest:
- GS: TMT is the best; CR&HC is one team at the junior level and is the second top team with Industrials basically being just as good; FIG not as good as people think
- MS: M&A + MC + Tech, HC is strong but one notch below
- JPM: There is a difference between top team at a bank and top team on the street; no one would classify RE and LevFin as top teams within JPM despite them being market-leading franchises; TMT & DI top teams; HC & CR also good
- BofA: Industrials is just average, Sponsors didn't have any strong exits yet, LevFin is ok but not market-leading in Europe; Top Teams are: M&A, UK, HC (mainly for cultural reasons); strong but specialised: FIG & NRG; TMT would be one to watch
- Citi: Definitely not TMT or UK; Industrials, HC, NRG/PU are good; not sure about the rest
- CS: correct
- Barclays: UK is correct; P&U is a strong franchise but mainly carried by US brand, people have a very hard time recruiting out of the team; Industrials seems solid
- DB: TMT has lost a lot of ground, only really Industrials & LevFin
Re Citi:
I tend to disagree with TMT and UK not being good.
TMT last year advised Adevinta on USD9.1bn buyside of e-Bay classifieds and Telefonica on Telefonica UK/Liberty Global GBP31bn merger. Doesn't look too bad to me, right?
UK decent too with a megafund exit last year.
Re HC:
You can't really compare HC teams easily as each of the strong teams (MS, JP, GS, Citi, BAML) is good in their respective verticals like devices, biopharma, services. All super different from each other.
Replying to some of your comments
"For UBS, only TMT (which is really just Vodafone Business Development) and FIG (maybe not even anymore, were only really good because of Orcel and his people) are noteworthy. If you mention M&A, you can also mention GIG."
UBS TMT is still strong and very Vodafone driven, for some reason a former MD was the head of M&A at Vodafone... Relationship with them keeps strong. Their FIG team is still good even without Orcel, they are moving to different verticals (less "banking coverage" than they used to, not that many deals from Santander...)
"- JPM: There is a difference between top team at a bank and top team on the street; no one would classify RE and LevFin as top teams within JPM despite them being market-leading franchises; TMT & DI top teams; HC & CR also good" - RE has had very good exits on the RE side but its quite niche, I would consider it as a top team
"- BofA: Industrials is just average, Sponsors didn't have any strong exits yet, LevFin is ok but not market-leading in Europe; Top Teams are: M&A, UK, HC (mainly for cultural reasons); strong but specialised: FIG & NRG; TMT would be one to watch" - TMT is growing as you mentioned but I would not say its a top team inside the bank, M&A, FIG, NRG & HC would be the top ones. Agree that people overempashize sponsors, not sure why.
"- Citi: Definitely not TMT or UK; Industrials, HC, NRG/PU are good; not sure about the rest" - TMT also growing on the telco vertical, I would say that its a top team for Citi
"- Barclays: UK is correct; P&U is a strong franchise but mainly carried by US brand, people have a very hard time recruiting out of the team; Industrials seems solid" - P&U is also strong in the UK, but exits are not on par with other peers
Look my post is already a year old and there are some changes every year. I will go back on few of the points:
GS: sure HC is with C&R but they are much better in C&R than HC
MS: sure if you want to start notching between top teams fine
JPM: look the aim of that post is to also show that if you are keen on odd teams (ie LevFin/RE) these can be great (great exists to Credit or REPE), JPM is probably the best shop for that - believe there has also been some pretty solid PE exits from JPM LevFin (BX PE)
BofA: Industrials has a good dealflow and some solid exits (KKR, BX amongst others), if you know sponsors you must know how small the team is (1-2 analysts per class) hence the exists are much harder to assess but they have good dealflow, pay and there had historically been decent exits (Onex, some GE Fund). FIG is good but heard very bad things about it hence would not recomment, NRG is good and I believe I mention it no? If not should be added. TMT - agree they have stepped up since I made my post from being a telco only shop to one that starts to play in Tech (AMS, Takeaway.com deals) so definitely improving.
Citi: I took most of them from a post from an ex citi guy - may have to revise it then
CS: ty its not that bad then?
Barcs: Yeah fairs
DB: still did quite a few deals / know they were advisors to parties that didn't win in TMT
So - all in: More correct than wrong and maybe slightly outdated view (note though that it takes time for recruiters to change their perception of different teams).
Why, did you get an interview for UBS london?? Is this SA or FT?
I suppose that this will be focused on the team select for SA
As a tip, take into account if you have any specific local language, as it may also be of help at a particular group and for future PE recruiting purposes (combination of language + sector coverage)
I think it would be good as team selection time approaches to have also an overview of the strongest banks by industry/product group as it seems like a strong group at a bank is not necessarily still the best on the street for that specific industry/product.
I have the feeling as long as you are at a decent, non-niche team at a BB you have a shot at every LBO PE exit should you fulfil the language requirements of the process.
Sure some funds gravitate towards GS/MS/JPM but you should have a shot from BAML/Citi as well and also the other BBs. What are your thoughts Pan European Monkey?
Seems about right unless your team is absolutely horrendous, you don't do any deals and don't model either - basically only do coverage pitches, you should be able to exit.
There is an unusual focus in this thread to continue reiterating the same things everyone has read in other threads. In London, yes, TMT is excellent, with a primary focus on Vodafone, strong in both telecoms and tech and a high-quality US franchise. FIG is also a good team, however both teams suffer from the flaw of very very long hours. Other teams which manage to balance a reasonably strong franchise with a good culture include GIG, then probably Consumer & Retail. M&A a good team which did very well in 2020, ECM historically very strong but waning in recent years. LevFin have a good culture and team and, due to the deals brought in by the M&A team, tend to work on quite good deals. All in all, as said above, once you're in a BB you will be ok.
Another thing which is always ignored is the choice between country, sector and product. For me, once you are in a good bank, the more important choice is the one between these three team types, rather than trying for something like M&A or TMT (which everyone will go for) just because it has the highest prestige.
Congrats on the offer, figure out what you like, see if you connect with the team and ignore those who choose teams simply based on their league table ranking.
Thanks for the advice
Any recent updates on UBS teams in London here?
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