Bulge Bracket

Hey guys, I have a little bit of free time - hence I though it'd be a good idea for a quick Q&A. Some background: Immigrant from Latin America, moved to U.S. ~10 yrs ago Went to a non-target in the Pacific Southwest w/ a finance major (okay business school) Sophomore internship: non-paid gig @Merchant Bank in NYC Junior internship: IB @BB in NYC (secured FT and came back) Spent the last 3 years in a heavy execution / M&A group and very recently moved to a coverage team; I needed a change of pace / better life / wanted to focus on a specific industry I enjoyed Happy to answer any questions you

16 Jul 2021

Hi Guys, I would like to ask, does the need for Visa Sponsorship in the UK put me into disadvantage when applying to investment banks in London for Summer Internship? I currently have Student Visa that allows me to work without sponsorship. I am not planning to lie on my application when the question is if I will need sponsorship in the FUTURE I will select YES even though I wouldn't need it for the SA role I am applying to, just in case FT offer afterwards. Just want to know if this will put me in disadvantage compared to others who don't need Visa, especially now when the work visa system

01 Aug 2021

Hey everyone, I'm currently a rising sophomore at a target school (Ivy). I finished my first year with a 3.8 GPA, and have two internships for this summer. One is at a global middle market investment bank, and the other is at a small search fund. I'm planning on applying for sophomore BB SA programs, but I'm waiting to apply until I do something at these internships that I can put on my resume. I was wondering how much these experiences will help me get an interview for sophomore SA programs, and whether it would have been more beneficial to be doing something like PWM at a BB this summer. In

15 Jun 2021

Hey guys, I'm a rising sophomore at a target school (Ivy). Finished freshman year with 3.8 GPA, currently doing both an IB and search fund internship this summer. I've already started looking for sophomore SA programs at local boutiques and MM firms, and plan on starting the networking grind soon. My question is, given my academic record and work experience, how far ahead of the curve am I in terms of competition for junior year SA roles at BBs and EBs? Am I basically set with the freshman internships? Or is there anything else I should be doing to improve my odds?

22 Jun 2021

How bad did you manage to mess up on your first few interviews? Anything silly you uttered without intending, or did you choke completely? Share your experience fellow bankers and aspiring bankers.

11 Oct 2020

I am at a mid-tier BB looking to lateral to another BB with a very strong TMT group. Currently in a great retail group but am staying on A2A and looking to change sectors. From research i've done it seems like this is the consensus in terms of deal flow (M&A) and street reputation. 1.) GS 2.) JPM/MS -Know that the Media Com group is extremely strong at JPM, don't know a ton about MS 4.) Citi/BAML 5.) CS 6.) DB/Barclays/UBS Appreciate any insight anyone has into top performing TMT groups (BB).

11 Sep 2020

Open to questions of any nature related to Investment Banking / Advisory fields as well as general finance industry. Background: - BS in Mathematics (Russia) - MA in Economics (Russia) - 6 months in leading Russian, state-owned investment bank - 8 years in European Bulge Bracket bank, including first year in Russia followed by internal transfer to London - Focus on clients in Industrials and Natural Resources sector - Broad experience across the key Investment Banking products (sell-side / buy-side M&A, large public take-overs, IPO / Follow-ons, LBO / Leveraged Finance) Please feel free to ask

30 Jul 2020

What things would you consider items that constitute a bad group culture versus just being the "culture" of Bulge Bracket investment banking? 1st Year Analyst I am sure this list can go on and on but I am going to stop here. I think that this is 80-90% bad culture and sweatshop/crappy group and maybe 10-20% weighted to just banking being banking... What do you guys think? Do you guys have similar experiences? Bad culture or normal for BB banking? 1.) Getting staffed with new people you have never worked with and they don't take any time to introduce themselves, tell you about what the project

12 Feb 2021

Hi, hoping to see if anyone has insight or access to information that sheds insight on the top healthcare groups on the street? Are there certain firms that outperform in this area over others? I understand there are various verticals and sectors in Healthcare and some firms may outperform others in that particular area but was hoping to see overall wise, which firms would be the strongest in the Healthcare space for an overall healthcare investment banking experience. From research and previous threads it seems top groups HC overall: BB: 1.) GS/JPM 2.) Barclays/BAML 3.) Citi 4.) MS 5.) CS 6.)

02 Jun 2020

Hi guys, I'm wondering where realistic places are for me to end up in London when I apply to IBD in the next few months. Here is my profile: LSE Master Accounting & Finance 2021-2022 Grew up in London, went to a German school and got 3.5 GPA equivalent (1.8 Abitur) (native German & English) Non-target Bachelor in Holland with 3.5 GPA (8.0) Internships: EY Advisory, Grant Thornton M&A, Startup focussed on renewables, founded own startup (all in Germany) Extra: VC part-time, CFI FMVA Exchange to Bocconi 720 GMAT Ethnicity: white, German & British Given that a lot of people coming to LSE already

21 May 2021

Any opinions on best (rankings welcomed) Consumer/Retail groups for both BB and EB? Any other information on specific groups within a BB or EB (hours, pay, culture, etc) would be appreciated as well. Thanks!

19 Feb 2020

Hey everyone, feel like we haven't had a good ol' argument/friendly discussion in a while. What would you say is the current tier list of investment banks in 2016 based on overall brand strength? If you have real balls, rank them with no ties (1a, 1b). Ranking the Bulge Bracket and Elite Boutique Banks Before looking at any rankings, it is important to note that these are subjective and can change at any point based on the deal flow at a given bank. These can also vary by group. Below are rankings contributed by our users. Tier 1a: Goldman Sachs, Morgan Stanley Tier 1b: JP Morgan Tier 2a: Citi

08 Apr 2018

I understand the EB and BB strategy, with the former just being focused on advisory with the benefit of being independent + no balance sheet, and with the latter being a one-stop-shop for all things finance. What's the rationale behind boutique banks having an investment banking practice along with an asset management / equity research arm (ex. EVR, GUGG)? What are the synergies with this business, given that there is an information wall between buy vs. sell side activity? Is prestige/brand name the only synergy?

18 Jun 2021

I've heard great things about UBS's culture and global presence, especially in LevFin/TMT/Industrials as well as FX/Rates on the floor. However, in the league tables they seem to take a big hit across M&A, ECM/DCM, and S&T. Even banks like RBC, BNP, SocGen, HSBC, and so on, tend to have an edge on them in the Americas on recent league tables. Is there something I'm missing here? Are league tables inaccurate in determining whether a bank is a "BB" or not, or is it because UBS is a smaller-sized bank that focuses mostly on PWM?

17 Jan 2021

WSJ just reported that BofA is planning to change the marketing name of its investment banking unit "Bank of America Merrill Lynch" to only Bank of America (Securities) and reduce the wealth management operations' name to Merrill. How will this affect the reputation of the bank and its ability to win clients and recruit young, often prestige-focused, college students? I think this will radically reduce the appeal of the brand and will even further destroy the performance legacy of Merrill Lynch.

03 Mar 2019

I've noticed that UBS/DB both get so much shit from all over this site, but it seems like when I talk to folks who work on Wall Street and at several different BBs, they always talk about how they're still very respectable firms with good culture and people - great places to start a career for an ambitious 22-year old, even today. Is all the hate on this website justified? Is it not? What are your experiences at these banks and/or working with these banks? I accepted an SA offer at one of these two banks. Also: Please don't comment on here if you're in high school, freshman/sophomore, or not

04 Dec 2020

obviously most people here are IBD or bust, but for those of us happy making a decent living and prioritize work and family time, what are some of the better roles in the BO and MO? the only real BO/MO role i am familiar with is Trade Support so i am interested in knowing what else is out there. i am prepared for the snarky comments but i do know there are a good handful of people with the back office/operations experience that will chime in. thanks all!

07 Jan 2018

I have heard mixed thoughts on this from senior people. Some seem to say they don't care about your GPA once you have interned at a firm/got the job...and it should not be included on your resume after you graduate...some say it should be included on your resume after you graduate? There is no requirement from the firm saying you need to list your GPA on your resume after you got the job. This probably isn't that big of a deal but once you graduate should you just take your GPA off your resume and just list your degree and honors / cum laude/honors/deans list/societies whatever applicable etc

03 Jun 2020

I have spoken candidly in the past and will gladly do so again, about my misadventures in the world of marriage. It's a world many foolish men enter, but few ever leave financially unscathed. Today, we look at yet another nail in the coffin of this once noble and righteous institution. One year ago, Stacey Napp founded Balance Point. Not surprisingly, with money from her own divorce settlement. Balance Point is a divorce investment fund. It essentially ponies up its legal services for free (under the guise of a financial investment) and takes a percentage of the winnings, pardon... settlement .

04 May 2017

I know this site obsesses over GS/JPM/MS a lot, but how much "better" are they compared to other BBs (C/CS/BARC/BAML/UBS/DB) on the street regarding (1) culture (2) workload (3) pay (4) structure? Is the difference just blown out of proportion on this site, or are the banks actually a lot more similar than people like to describe? I've heard mixed reviews, where some say it's night and day, others who say most banks give similar experiences. Minus prestige, are "lower-tier" banks really that different from "mid-tier" and "top" banks? Would love to hear from anyone who has experienced both

25 Oct 2020

Hello! I was hoping that someone could shed light on which group would provide me with the best learning experience for exits into PE? Will any of these groups pigeon hole you? As in if I am in TMT, will I not get to work on bigger deals because of the nature of the industry compared to Industrials where there are many established, big companies (more of them)? I have read that Industrials provides you with a very good transferrable skillset from a modeling perspective, is this more so true than TMT or FIG? It seems like in the TMT space a lot of the deals are ECM/IPO deals and there is not as

13 May 2020

A2A at a BB with ~5yrs of experience in Healthcare Investment Banking coverage. Current focus towards the Biotech/Biopharma subsectors. M&A focus; transaction experience across all common product groups. To preempt, I do not have a medical degree but do have a natural sciences background.

13 Nov 2017

Hi All- Was considering Deferred MBA programs. I am a senior undergrad who interned within an IB group at a BB and will be returning full-time this summer. Was wondering what others thoughts are on Deferred MBA programs - especially for a college senior who will be an IB Analyst after grad. A lot of these deferred programs allow me to work a while before i begin the MBA program so my thought process was stick a few years in IB (2 or maybe even more as an associate).

05 Jan 2021

This is for IBD in the US (NYC specifically) and as of November 2014. Bulge Bracket & Large Banks: Tier 1a: Goldman Sachs, Morgan Stanley Tier 1b: J.P. Morgan

09 Nov 2014

Hey guys, I have only been on this forum a couple of times, but I formerly worked in M&A at a bulge bracket. I have been out of the business for a couple of years now (my choice) and I just wanted to give you guys some advice about the financial industry (this was inspired by Greg Smith) Some background: I graduated from semi-target with a good GPA (3.4), but started networking freshman year. I always wanted to be a banker, the money, the girls....but most importantly the money. Eventually I landed a few random gigs and long story short I got into a SA spot, then FT offer. I was the happiest

02 Jul 2012

Great news. I finally landed a spot in DCM for the leveraged finance team of a very prestigious BB on the street. I literally started from the bottom, working my way up, and have been working at a mid-size to small boutique firm for the past year and a half. My old firm was super short on staff, so I am already use to working 100+ hour work weeks, working multiple assignments with tight deadlines. My question is what should I expect job/work wise going from a smaller shop to a top tier BB? What are some of the big differences that I should prepare myself for? I want to prepare as much as

16 May 2017

Could somebody please make a bulleted list of all of the bulge bracket banks and include the core competencies for each bank at what they're best at? This would be to everyone's benefit who wants to learn the "scoop" on each of the big players

30 Jul 2018

Hey all, just wondering where associates/2nd year analysts typically exit to from shareholder activism type IB groups. I know activism defense advisory is offered by some BB and EB banks and was curious if most stay in IB or eventually try to land at an activist fund or in PE.

26 Jan 2018

Fellow aspiring monkeys and experienced gorillas, I'm currently weighing the options on whether to pursue an MBA or a Master degree in order to break into Investment Banking (BB, EB, MM) and would like to hear your thoughts. I graduated in 2018 from a non-target on the east coast with a few finance internships (PE and IB) and a 3.6 GPA. Upon graduation I returned to my home country (developing country: not yet recognized as an emerging or frontier market) to work in a small (10 people) family owned government supplies business. I'm planning to give my GMATs soon in order to apply to the

12 Jan 2021

I just got a summer analyst position at a BB bank and I'm extremely happy with the position. But I was wondering how it compares with smaller prop shops in terms of comp and lifestyle. I know, for example, a first-year at Optiver can make 300k. And this is in Chicago, where the cost of living is half that of NY. When you compare it to a BB first-year analyst, I don't imagine they break 120k even in NY in their first year. I've also been told that the lifestyle at these smaller firms is great, not just for work-life balance, but the facilities in the office. Can anyone make an argument for a BB

24 Feb 2019

Got an offer from one of the first three banks. How do these firms compare in terms of exit ops and long-term prospects to GS/MS and Centerview, which recruit later?

05 May 2021

I've been following league tables in Asia for a while, and it seems that they have become increasingly dominated by Chinese banks (not just CICC and Citic, but also places like GF Securities, Haitong securities). This has been true for ECM and DCM for a while, but it seems that in recent years this effect has been seeping into advisory/M&A as well. What does this mean for all the BBs in Asia? (we already know Barclays is out, DB probably likely to follow). The banking scene in Asia in general? What's the landscape going to be like 5-10 years down the road? Which banks/BBs are best positioned

19 Apr 2016

Hi! I wanted to see if anyone knows how to get or view rankings of each particular industry group at each Bulge Bracket. We are always discussing which groups are best at each firm, is there a database that logs all this information or where we can see concrete results like Bloomberg or something? Does anyone have any insight to the following groups at the following firms? Firms: BAML, BARCLAYS, CITI ** **Groups: Healthcare, Industrials, TMT, Consumer/Retail ** **Healthcare: ** 1.) BAML 2.) Barclays 3.) Citi **Industrials: 1.) Barclays 2.) Citi 3.) BAML TMT: 1.) Citi 2.) Barclays 3.)

25 May 2020

Hey there, all you cool cats and kittens, it's NetworkingNinja here, and it's story time. Background: East coast non-target. Third-year analyst at a west coast LMM PE shop. Below market pay, demanding hours, all-around toxic culture. Needless to say, I'm looking for new opportunities, especially given the increased flexibility in my schedule while working from home. I've cast a wide net of PE and IB positions (yes I would consider IB given the potential to join as an associate and take a significant bump in pay). While I have strong experience and 5+ deals closed, I still haven't gained much

30 Jul 2020

Hello WSOers - I'm a junior at a semi-target and also an international student. I had a superday back in May with a MM IB (Think HL, Jefferies, Lincoln) and never heard back but the office has made offers so I'm guessing I was dinged. I had another first-round with another MM bank but didn't make it past that. All banks are done recruiting on campus (at least those that sponsor) so I am in a tough spot. For a quick background, I have a 3.65, good amount of IB & PE experience and leadership exp as well. Also I submitted most of the applications with my old gpa 3.80 and I was wondering if I can

12 Sep 2018

For some context, I'm currently a sophomore at a good academic school but a non-target for IB, and am an incoming IB SA at a top BB for sophomore summer (think GS/MS). Having navigated the sophomore internship process, I just wanted to offer some thoughts and advice regarding recruitment and the usefulness of WSO. I don't profess to be a finance recruitment guru and I have not been through the main junior year SA process; however, I have used WSO a decent bit over the past several months and wanted to share some insights to try to give back. As far as I'm concerned, if one young college kid

04 Oct 2021

In the world of college sports, top athletes from high schools all over the country compete to join the best programs for 2 to 4 years. Just like college sports, banking takes the absolute cream of the crop of their pool, sometimes less than 1% of those who want it, simply because there are not enough spots for everyone. In this article I will be comparing the recruiting process of investment banks to recruiting for college sports In the beginning of recruiting, candidates start by reaching out to coaches, or if they are high level enough will receive attention from top universities/banks

01 Aug 2019

So I know many of us are moving to the city and are looking for roommates. In keeping with the last thread, I think it would be helpful for everyone to post the following information: City: NYC Preferred Areas: FiDi, TriBeCa, SoHo, Greenwich Village fairly open as long as it's near a subway Start Date: July 1st Lease Start: After June (Prefer mid June) Position: FT Analyst - IBD at a BB Total Roommates: 2-4 Your Gender: Male Roommate Gender: No preference Budget: up to 1500(lower is better) Contact: PM I know it's a little early but at least this way we get to know each other for a while longer.

21 Nov 2010

I've seen a few discussions pop up about this topic in the past few weeks, but just came across a good article at FT that breaks down the restructuring (pun intended) of the global investment banking scene. [quote]Take M&A: in January this year, the takeover and merger market saw a brutal drop in revenues and fees, with global announced deal value falling to the lowest level seen for nearly a decade.

30 Mar 2012

I was accepted into the Discover Goldman Sachs regional camp in Dallas/Irving where you get an on-site first round interview, and I really want to aim for an investment banking summer internship. So two questions: (1) It seems that Dallas may not even have an IB office? So far I've only read that Dallas has a strong PWM office. (2): Would it be worth it to do there (if they don't have IB and I'm accepted) at Goldman or aim for an IB internship elsewhere? Background: Sophomore at an Ivy, economics major but no prior finance internship. Interested in IB/PE.

24 Sep 2015

So I've been rejected from virtually every single bank for IBD summer analyst positions (I'm a Junior). I have a 3.53 GPA at a Ivy target. I've spent the past three months doing everything I can to secure interviews, including networking with alumni, reaching out to recruiters, etc. but it looks like a BB won't be in my cards this summer. Where do I go from here? I know the next steps are generally boutique MM firms, but should I just start cold calling or is there a more formal application process? Is there a list of IB firms based in NY anywhere? Any idea why I fared so poorly?

22 Jan 2011

Even though Wells Fargo's number 10 in the league tables: http://markets.ft.com/investmentBanking/tablesAnd… I rarely hear anyone talking about them on WSO, I see more people talking about about Jeffries and Houlihan. Why isn't Wells Fargo considered bulge bracket? Especially when Wells Fargo is expected to even further expand its IB services in the coming years. Even shareholders of Wells Fargo can see this(whether for positive or negative reasons is another topic): http://www.bizjournals.com/denver/news/2012/04/16…

17 Apr 2012

I joined WSO a little less than two days ago. I want to post my in depth detailed story of how I made it to the BB I am at now. Hopefully this will help inspire a few people or at least show them that you can in fact make it to a great firm coming from basically nothing. I grew up in a decent household, my father was a high school maths teacher, and my mother was a nurse. Neither one made great money living in southern California, especially with having three other brothers. Needless to say, I lived in a rather small one story house in a decent neighborhood. I worked incredibly hard in high

19 May 2017

I have almost finished a book called 'the Music of the Primes" by Marcus de Satoy. It is mostly about the unsolved Riemann Hypothesis dealing with the critical line of zeros in the Zeta function. If you havent heard of it then check out the book, it is a very non mathematical account of the development of the hypothesis and is more of a historical account than a math textbook.

14 Mar 2011

On Linkedin, I see a lot of people--even outside of the schools like Dartmouth where you can take an off term during the school year--who have internships at BB like BAML and MS and I was just wondering how they do that? It seems like they only intern from Dec-Jan, during winter break. Is this simply through networking and just asking people (after building up a relationship of course) if there are any possibilities for these type of opportunities? I can't seem to find any of this type of stuff on the official websites so if I want to go about doing so, how would one do it?

03 Jan 2021

Hi, Background: I'm a rising junior at a top target (think Harvard/Wharton) and I'm looking to get a 2019 summer internship at a bulge bracket bank. In highschool, I had solid extracurriculars (a lot of student government, debate, and continent-level recognition for leadership) and grades (2350 SAT, 44IB, etc). In college, I messed up my first semester GPA really badly so rn I'm resting at a 3.33 going into junior year. I still have quite a lot of extra curricular activities in college and I'm currently a private equity summer analyst at a firm with usd2+billion aum in Singapore right now

07 Jun 2018

Finished SA recruiting at a top target school and came away with these offers in NY. MS and BAML are generalist offers so I wouldn't know what group I'll be placed into. Greenhill & PWP are generalist M&A / RX offers. I like RX so I'm thinking between HL, Greenhill, & PWP at this point. Also, I think I would like to start off at an elite boutique like Greenhill, Houlihan Lokey, or PWP rather than a BB after graduation. Really liked everyone I met at Greenhill and HL and think I could be a good fit at either one. Was also extremely impressed with HL RX people I interviewed with; they just

27 Nov 2015

People often tell me it's better to work at JPM Markets or Citi Markets than GS Securities because of the difference in the balance sheet and revenues, but I feel like this figure isn't normalized with respect to how many people work at each bank... If one bank made 10 times the revenues of another but had 100 times as many people, for example, I feel like you have more potential in a career at the bank with fewer people. I know the revenues of each BB and I know the total number of employees (e.g. JPM is 250k+ and Citi is 200k+ where GS is around 36k), but I feel like this is very much

02 Mar 2019

I don't really know if this topic has been brought up since most people here are networking for their positions, but I am just curious to know if anyone ever had success by just going to Goldman's career page and applying through their website. I know there are probably hundreds of applicants for this, so its difficult, but for someone like me coming from a non-target, I wouldn't really have the type of connections to land a job at a BB.

22 Apr 2012

HEAR ME OUT. I've got an Investment Banking SA position for summer 2022, and a graduation date of May 2023. I'm wondering if I can also accept a FT Management Consulting job by graduating early (Aug 2022), and post-IB SA summer, I start working within Consulting FT. If I like it better than IB, I stay long-term and decline the IB FT offer. If I prefer IB, I work within Consulting FT until May, then join my IB FT position nine months later. Any potential issues that can arise assuming that I keep it down-low and nobody talks? I'm only asking from a perspective of potential legal issues &

04 Aug 2021