What are some unique/interesting aspects of the culture at different banks? BB/EB/MM

Hey to my fellow monkeys. I was searching for any info on culture/unique facets beyond just "really great internal culture" on some different banks and couldn't find much via the search bar. I thought it would be insightful if some of the experienced monkeys could share things (culture, unique facts, atypical internal structure) they know about some of the different banks undergrads are probably targeting this time of year so that this thread can be one of those go-to reference posts.

Any of the BBs
EBs like Lazard, Houlihan, Centerview, Greenhill, Moelis etc
Some MM banks like Raymond James, William Blair, Baird, Stifel, Harris Williams etc

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Comments (13)

Aug 23, 2017

Elite boutiques are all sweatshops. You've been warned.

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Aug 23, 2017

Yeah that's what I've heard. Is it safe to say that's more a product of the smaller number of workers in general and leaner teams? Or is their literal deal-flow just that much more in # of deals, just not quite size relative to the BBs?

Aug 23, 2017

It's a combination of both. Offices, and therefore deal teams, are smaller in a lot of cases (depending on the location). There are also a lot more companies that fall into the "middle market" category, which is where those shops typically compete for business.

You definitely still work long hours at BBs, but places like Evercore, Lazard, Moelis, Centerview are especially known to work their junior bankers to the bone. In return, comp is typically higher than market at those shops... but you can burn out a hell of a lot faster.

Sep 25, 2017

I thought Evercore had a much better culture than the rest you mentioned - I've read this in previous threads and also spoke to a few people at the firm. I also heard Moelis was the worst by far in terms of hours. Obviously you'll be working a lot an any EB, but is there any truth to what I've heard?

Sep 27, 2017

Evercore and PJT have less face time requirements. Centerview has huge volatility in the work flow. Moelis and Lazard are sweatshops. Can't speak to the other shops.

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Aug 23, 2017

Interned at an EB this summer and agree with the general sentiment. I have many friends who interned at places you mentinoed as well as other EBs like PWP, PJT, Greenhill, and Guggenheim and they all seemed to have more / rougher hours than my BB intern friends, except for those who were at their BB's M&A group.

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Aug 23, 2017

Makes sense. Would you have any insight on Greenhill or PJT? PJT RX is probably my dream group right now followed by GH and Centerview, RX and M&A in general being my targets.

I understand that hours all around the street are going to be brutal (ECM/DCM supposedly having the least worst?) so whether or not a place is a "sweatshop" isn't really something I'm concerned about. I figure if the whole point of this industry is to work yourself to the bone why not go to the place where you'll work the hardest and hopefully learn the most. I'm more interested in hearing about what sort of small things make them different than their peers, something I could dig in and speak towards.

Aug 23, 2017

People tend not to do ECM/DCM because you get pigeonholed

Aug 23, 2017

That plus as far as I can tell/who I've spoken to, you get less physical modeling experience as people in coverage or M&A groups will. Since my long-term goal after this summer is PE, I'd think chances are better coming from RX/M&A/Coverage groups.

Sep 26, 2017

Interned at Stifel this past summer at a regional office in DCM.

Really enjoyed working there and all the people I dealt with were great. Since it was a regional office I worked about 50 hours a week with decent deal flow.

Networked with a few people in some of the larger offices (NY, LA, and SF) and all were very helpful.

Not sure what Stifels rep on the street is though. Just from reading on this site I've noticed that it isn't mentioned much.

Sep 27, 2017

No offense, but shouldn't surprise you a shop with 50hrs/week isn't mentioned a lot

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Sep 27, 2017

What was the comp like? 50 hours a week is really low so I'd expect that number to be quite low as well

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Sep 27, 2017