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Comments (134)

  • Analyst 1 in IB - Gen
Sep 24, 2021 - 7:33am

Yeah but some banks have a higher baseline than others, ie Moelis, GS
 

Eg in Europe some banks are famous to be particularly sweaty / have bad culture across the board like Rothschild, Lazard in Paris. 
 

Also some industry boutiques like Liontree or Arma probably have less differences across teams (if any teams)

  • Research Analyst in HF - Event
Sep 4, 2021 - 11:56am

Ducera has the worst hours by a landslide... never met more overworked juniors and seen more heavy churn as they have. The other larger firms are team dependent.

Funniest
  • Summer Associate in IB-M&A
Sep 4, 2021 - 1:22pm

Can second this, one of my friends lasted 5 months at Ducera before lateraling to a sweaty MS group, and by the way he talks about how his life is at MS now compared to Ducera you'd think he was released from jail.

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  • Prospect in IB - Gen
Sep 5, 2021 - 7:34pm

Not about hours specifically, but anecdotally, on a networking call, the analyst did tell me about yourself then started lightly grilling me on a restructuring deal i had followed. He ultimately decided it wasn't hairy enough to probe more and then let me ask a few questions lol

  • Analyst 1 in IB - Cov
Sep 7, 2021 - 10:56am

I'm not that poster but anyone who says Raine isn't unbelievable sweaty is very wrong. Multiple friends have interned/work there and they have never gotten off before 2/3am even before COVID. 

  • Prospect in IB - Gen
Sep 5, 2021 - 12:58am

lmfao i worked at ft partners this last summer, firm is unreasonably understaffed. 100+ hour weeks for the interns

  • Intern in IB - Gen
Sep 5, 2021 - 3:15am

Damn really? I almost took an offer from them for next summer but luckily some better banks came through. They look like they're solid in their space, but the culture/hour issues make it look like it parallels BGL, even though FTP is a way better firm. And was this NYC office? U get a return that you're taking or you looking for different place for FT? Laterals within banking look pretty strong from FTP though. Someone went to Evercore after their SA role and 2 people have went to JP Morgan during their analyst stint.

  • Analyst 2 in IB - Cov
Sep 5, 2021 - 12:38pm

Not OP but worked at Jefferies before lateraling to an EB, and can add some color to the culture there. Jefferies has a very old-school DLJ-esque culture like Moelis, where the MDs absolutely go after everything, which translates to a lot of tough hours at the junior level. I'd say all the best groups in terms of deal flow are quite sweaty at Jefferies, and that often translates into extra hours. However, culture-wise I definitely enjoyed my time at Jefferies more than I do now at my EB. The culture at the junior level is definitely very collegial and is more "fratty" than the EB where I'm at right now, and as a result it made the bullpen so much more tolerable during late nights. The seniors were mostly good, with a handful of bad apple rainmakers that diluted the culture, but I'd say that's probably pretty common across the street, as the EB I'm at also has a handful of toxic MDs that ruin a mostly good culture.

  • Analyst 2 in IB-M&A
Sep 5, 2021 - 11:37pm

Second this, many stories here and there and haven't heard a bank that's more shady in general. (Not sure how they do that for almost every group)

  • Analyst 1 in IB - Cov
Sep 7, 2021 - 10:59am

Hours are very bad. Very solid group but know a ton of smart people who don't even apply there because of how bad the WLB is, especially relative to other Houston banks. 

  • Analyst 1 in IB - Cov
Sep 22, 2021 - 12:42pm

There's no way you're an analyst if you don't believe that. There are decent number of groups that have hours like that. My group is basically 9-1 M-F, and 12 hours/day on weekends and we're not even considered sweaty. 

  • Incoming Analyst in IB-M&A
Sep 6, 2021 - 12:10am

The hours are definitely on the upper end of Wall Street at Jefferies Houston but they have definitely taken steps to counter that. Increased the analysts class sizes by a good bit (I think right now it's around 15) and also Saturdays are somewhat protected. You still work if there are live deals (which there's a lot of those going on right now in the group given how hot the A&D market is) but there are still some Saturdays where one doesn't work. Also I think the biggest thing has been the lack of a face time culture. The hours are a direct result of live work and the analysts aren't expected to start early in the morning after having a late day and also don't have to stay up very late just for face time, unlike other banks.

This obviously isn't to say the hours are like 80 hours (definitely push the upper end) but things have improved than what they were a couple of years ago.

  • Analyst 2 in IB - Cov
Sep 6, 2021 - 6:30pm

CVP 2A here, hours vary wildly based on the office. NYC tends to have reasonable hours depending on your accounts, SF does not work from what I hear, and Palo Alto is clocking in 100+ hour weeks since tech is very busy and they have had a lot of recent hires.

Overall not horrible in NYC but can be really grindy in Palo Alto

  • Associate 1 in IB-M&A
Sep 8, 2021 - 10:24pm

Are you at Gugg? or just heard from someone else?

Sep 9, 2021 - 1:40am

While it's easy to peg banks broadly, the reality is it's always by group. You can be in a relatively non-sweaty group at MS but also be in a group at MS which makes you consider why you think you're worth even a dime to your family. No real utility in viewing banks this way until you dig down into their groups. Obviously different when everyone is a generalist but at least for the bigger banks it's a start to whittle down on culture.

  • 1
  • Analyst 2 in IB - Cov
Sep 10, 2021 - 6:34am

Greentech (now Nomura Greentech) - has to be at least top 5. Might be hearsay but about ~50% turnover in 2021 across all levels and offices

Sep 21, 2021 - 1:08am

Minneapolis groups in general have been brutal this past year as filling junior positions is an extreme challenge. Piper Sandler medtech has had some horror stories, and at my bank our headcount has cut in half despite volume increasing substantially.

  • Analyst 1 in IB-M&A
Sep 24, 2021 - 2:16pm

- UBS TMT (& basically every other group in the bank lol)

- JPM DI

- JPM HC Services

- JPM FIG (Brutal)

- Barc Industrials

- GS TMT

- GS FIG

- EVR Houston

- Jefferies Energy 

- FT Partners

- Ducera

  • VP in IB - Gen
Sep 24, 2021 - 3:16pm

Feels like Qatalyst pays so much that they're essentially compensating you for overtime.

  • Intern in IB - Gen
Sep 29, 2021 - 12:14am

PWP has been really sweaty since covid from conversations with two analysts that left this summer to buy side. Culture still solid but tough hours

  • Analyst 1 in IB-M&A
Sep 29, 2021 - 12:02am

The reality is that any group that is lean and has high deal flow is going to be sweaty. You'll get great experience, learn a lot, and get a ton of reps, but comes at a cost.

Also, at some places you can kinda cruise by and "hide" in the crowd if you avoid being proactive and try to avoid staffings (had a friend do this at moelis)

  • Associate 2 in IB-M&A
Oct 13, 2021 - 11:29am

Tech/Fintech, Media, Energy in Houston, Telecom. Basically everyone but HC who has little M&A deal flow.

  • Intern in IB - Cov
Oct 7, 2021 - 12:25am

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Oct 8, 2021 - 8:34pm

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  • Intern in IB - Cov
Oct 12, 2021 - 8:32pm

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