UBS vs. CS vs. Citi for IBD

Hi all. I have a question regarding IBD. I have an offer for UBS M&A going into my junior summer, but I'm looking for full time recruiting post graduation. What are your thoughts on UBS vs. CS and Citi? Obviously, Citi is better, but are the career exit opportunities at UBS simply that much worse? UBS is clearly rebranding their investment banking focus in NY.

Comments (3)

 
Feb 7, 2020 - 12:41am

Branding isn't everthing; have a friend at Citi who's tried to lateral to another bank but the one that showed any interest is a MM with a weak rep.
Comes down to your deal experience (how many you actually closed as some may just be never ending on-off engagements at BB's).
If you really want to know about exit opps people here will tell you Yes, No and everything in between.
I'd spend a lot of time on Linkedin and look up people who've had these specific BB's in their past experience and see where they are now; then decide if that's where you want to be in the future.

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Feb 7, 2020 - 4:44pm

^Precisely.

Piling on what Teddy said, in addition to looking at the "alums" from firms you're considering working at/pursuing a role at, I would also highly recommend you look at how they've performed relative to whatever metrics are pertinent to their core business; e.g, IB M&A-deal flow (volume and avg. deal size), complexity of deals, etc...; AM-relative performance to peers, relative performance to benchmark (if they have one), performance on a "P&L" basis - the last one might sound a bit odd/counterintuitive, but it was one of the best pieces of advice I've ever received came from a mentor who:
* runs a top-ten SFO
* founded a single-digit billion dollar hedge fund which he ran from '93-'08 when he retired (at age 45)
* was one of the four founding partners at Farallon
* used to work manage a portfolio at Steinhardt's fund
He told me "you can't make money on relative returns, you've got to make it on the P&Ls" which had apparently been a piece of wisdom shared with him by Steinhardt in his time working for Mike.

TLDR: try to find ways to work for/with people who outperform their peers and you'll probably have solid exit opps and, barring committing a royal fuck-up or being the not-so-rare proverbial douche on the desk, almost always land on your feet.

"In order to be a really good investor, you need to be a little bit of a philosopher as well." -Dan Loeb

 

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