What the Hell Happened to MS ECM Team?
In all seriousness, what happened to them? They used to be bad, now they are just simply terrible. It feels like the blind leading the blind on every IPO, paired with cluelessness and extreme laziness…
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Lol. Have any anecdotes?
More long agonising capital raises than anecdotes to be honest 😂 It's just so strange: when you are supposed to be moving into a coverage officer's shoes and you find yourself constantly having to update the ECM leads on THEIR IPO PROCESS, because they have no clue on what is going on… These absurdities never happen with m&a bankers, and they are 100x busier.
That’s how ECM is supposed to work? I don’t think you can compare ECM and M&A like that since they are 2 very different groups.
ECM is obviously way leaner, and not so sure about M&A being way busier (the league tables and revenues don’t support that). Coming from coverage too so I’d say this is a neutral take.
Worked on a lead left with MS to the right of us - both coverage and ECM was absolutely clueless and client chewed them out many times so this is spot on.
I am sorry to hear this ❤️
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Lots of juniors quit recently
In my view, and feel free to disagree 🎩, that is no excuse nor an explanation factor, as they have been sucking on a continuous basis for quite some time…
Work with them all the time. They love to do the bait and switch with their valuation to get lead-left. (Tell company it’s a 1000mm ipo and then circle back down the road and say it’s 400mm. Also, their slides look terrible.
Well valuation is not an ECM matter at all, it's usually done by the coverage group. I would never trust ECM clowns with valuation, even an output as simple as a ValMat. Their only inputs will be on quantum raised and expected IPO discount. Also, everyone does that (i.e., readjusting their valuation downward, especially in this market) and, as long as it brings the deal in, I personally don't remotely care. On your point regarding slides quality, I have seen it all when it come to their work and I'd say this, it's never overly ugly, while I have personally seen some proper disgusting outputs from JPM and GS, but again this was ECM not coverage teams.
ECM sucks everywhere.
That seems like the overwhelming conclusion. Could be worse though, could be dealing with these clowns at Solebury.
Is Solebury the best in the biz? Always deal with them on SPAC/IPO when I was in coverage.
ECM are dogs. All they do is factset refresh the same LTM IPO performances chart and add to the YTD spac list
I will say that a lot of PCM bankers are very good as they’re mostly sector people looking for an easier WLB
There is this phenomenon at my firm lately where they basically refuse to even refresh a slide...they'll send me a bunch of sheets and grids and shit and briefly explain how. Luckily this was called out by a director recently. We're doing an entire book and them updating a page is a huge to-do for them.
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