I'm going to transfer to a school that dominates the South such as UNC, UVA and Vanderbilt. My odds of making it to NY are pretty low since I would have to attend an Ivy or such.
What is Investment Banking like in NC? Not just the IBD but other roles such as research, trading/asset managment? The only 2 banks that have a big name are Wells Fargo and BAML. Are the MMs such as BB&T, Piper Jaffaray and Harris Williams worth the shot? I know no one aims for Boutiques but it seems like they're alot of them. Is the competition as cutthroat as NYC?
Someone asked asked this exact question maybe a week ago
Didn't see it, sorry!
G Thang, this has been asked many times before. If you're really interested in the city of Charlotte, spend some time researching Bowles Hollowell (here is a nice PDF from Harris Williams). Most banks in Charlotte and the Southeast were either founded by or are led by former Bowles Hollowell bankers. Also do some research into Wells Fargo's acquisition of Wachovia. While Wells Fargo has moved many positions to NY in an effort to attract more talent, this process would have only been drastically accelerated had Citi acquired Wachovia.
You also should not go into recruiting for Charlotte (or any city outside NY) thinking that it will be easier than NY. You will still be competing against kids who spent two summers at a BB and have a GPA of 3.8+. The only difference is those kids went to UNC, UVA, or Duke instead of Harvard, Princeton, or Wharton. Bankers in Charlotte are very aware that most candidates interview there as a backup to NY (similar to the mindset you will see from bankers in Chicago or any similar city). So, going to any of these aforementioned Southeast schools certainly gives you a leg up because it shows you at least might have a legitimate interest in Charlotte.
I have posted a similar list before, but below is a general overview of IB in Charlotte. If anyone has any additions or conflicting information, feel free to add.
BB * Bank of America - I believe most everything has been moved to NY. They used to have a lev fin group that held strong in Charlotte, but I am almost certain they moved to NY too. * Wells Fargo - They have moved several groups to NY, but still have a large presence in Charlotte. I know they still have industrials in Charlotte. A few years back, they have half of E&P, part of M&A, part of ECM and DCM, and a few others.
MM * Baird - They might not be in Charlotte anymore, but a few years ago, they had one analyst and a few MDs here. * BB&T - Several years ago, they had a DCM group in Charlotte. They may still have, but I am not sure. * BlackArch - They are technically more of a boutique, but I included them here because they were acquired by Regions back in 2013. I have not been in contact with anyone there recently, but the last I checked, their analyst class is very small (around three to five analysts). The senior MDs who founded BlackArch previously founded Edgeview Partners (now part of Piper Jaffray) and left Edgeview after they sold it to CIT many years ago. * Deloitte - McColl Partners (founded by former BAML CEO Hugh McColl) used to be a fairly respectable MM/boutique, but was acquired in 2013 by Deloitte. I have no idea how the switch has been or how their deal flow has been affected. * Jefferies - They used to have their consumer coverage group here. Total sweatshop from what I've heard from their analysts. * Lazard MM - I know they have healthcare and industrials in Charlotte. They might have other groups. This is a solid bank, but is not the same as "big" Lazard. * Piper Jaffray - This used to be Edgeview Partners, a fairly solid MM, before Piper Jaffray acquired them in 2013. I am not sure what coverage groups they have there now. Edgeview was mostly generalist M&A. * Sun Trust - They had TMT in Charlotte as of a few years ago. They tend to hire a lot of lateral candidates also.
Boutiques * 7 Mile * Allen C Ewing * Bourne Partners (healthcare) * Brookwood Associates * DecisionPoint * Dragonfly Capital * Fidus * Fennebresque * Philpott Ball & Werner * Sherman & Company (FIG) * Tobin & Company (definitely do some searching on WSO before even thinking of applying)
Sil Thank you so much! It sucks to hear most kids with have internships under their belt as I will be a transfer student but this list is definitely golden and everything I need to know. +
EDIT: http://tobinandco.com/careers/ unpaid?!
Do a search on WSO for Tobin, but yes, that is the bank that I am talking about. You can always get an internship at one of these boutiques during the school year.
I searched around WSO and this seems to be one of the more comprehensive/ accurate threads about Charlotte IB. I currently am a first-year analyst at one of the boutiques listed (FYI: Not Tobin and Co... LOL I've heard the stories) and am interested in a lateral transfer sometime next year. Could you give an update for 2020/2021 primarily focused on the MM and BB scene? (Given this post if 3+ years old I assume some things have changed).
Also would accept any advice relating to lateral transfers (ex. timing, using head hunters, general advice, and charlotte specific if available, etc.).
Not sure how helpful this is but some CLT firms that have been growing/hiring (SAs) are Jefferies (Aero & Defense, Consumer), William Blair (Aero & Defense & Government, & Transportation, Logistics, and Automotive), KeyBanc (Fintech), BofA (LevFin), Wells, Deloitte (Industrials, Consumer, FIG, Business Services, HC) and BlackArch. Blair in particular has been poaching key MDs from BlackArch including another cofounder recently.
If you are going to Vanderbilt, UVA, or UNC you have a decent chance of making it to New York. Those schools have solid placement across the street. Similar to what Sil said, if you can make it to banking in Charlotte you can probably make it in NY, especially considering there are orders of magnitude more jobs. As much as everyone circle jerks going to a top target, show up for the first day of your internship/full-time training and you will be amazed by the collection of semi-target and non-target schools represented. Just do some research, figure out which banks/groups have a collection of alums from your soon-to-be school, and network. Pretty low odds from UVA/UNC/Vandy? Yeah fucking right.
Yeah I thought it would be easier in NC. I will be a Junior transfer and I probably miss recruiting, I could pick up a double major and push graduation but OOS is a factor in that situation.
+1
If you push out graduation keep in mind that you only need to pay for one more semester of tuition, rather than a full year. That can be offset somewhat by a semester spent working full-time at some kind of finance related job (preferably this upcoming Spring), which would certainly boost your resume and give you a better shot at New York. Also savings from one year of IB could repay the extra expenses from that semester.
Recruiting in Charlotte for IBs is known primarily for which groups, such as Industrials and what else? Would appreciate your insights. Thank you.
decent amount of aerospace & defense, real estate, levfin groups etc
Vandy, UVA and UNC all place students on to Wall Street. You can definitely get there if you network, join clubs and hustle. Also don't worry about being a junior transfer no one cares as long as your hard working and get a high gpa
UVA has been a target for a while but yeah these days I see tons of UNC in BB classes. Even Vandy I know sends 15 a year to BAML.
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