I am interested in working with financial buyers to see how they think and what they prioritize, because at some point I would like to go into PE. LDCMA or DCM? Eveniet velit nulla praesentium a. WSO depends on everyone being able to pitch in when they know something. The first is a traditional DCM group. In addition, at the larger firms you are not only responsible for the sponsor itself, but also any needs of the portfolio company (i.e. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file, ChatGPT: The AI Analyst Who Ate Wall Street, ELI5: Why do tech workers make IB money and barely do any work, Concerned about the impact of AI on the Industry. Land More Interviews | Detailed Bullet Edits | Proven Process, Land More Offers | 1,000+ Mentors | Global Team, Map Your Path | 1,000+ Mentors | Global Team, For Employers | Flat Fee or Commission Available, Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex. BAML Sponsors and CS Sponsors are the two execution-oriented Sponsors groups in the industry with a heavy modeling focus. Industrial, TMT, are goodM&A is obviously a top group to be in at any bank. Here are the rough categories: Bulge Bracket Investment Banks (BBs) - JP Morgan, Goldman Sachs, and Morgan Stanley; Bank of America Merrill Lynch and Citi; Credit Suisse and Barclays; Deutsche Bank and UBS. any idea on JPM sponsors over lets say M&A? I would love to learn more about their SA program if you don't mind if I ask a couple more questions. Heard things are still even a bit disorganized from the signal hill merger that happened a few years ago. 4 General Electric Capital Corporation 3,376,037,891 47 7.5% If there is color on placement for the above mentioned banks I would appreciate that. --- What is the GENERAL quality of work whilst working in a Sponsors group? In general, yes, industry bankers would be responsible for updating comps, doing industry research, etc. Personally, I wouldn't do industry coverage for shit. I have a couple of questions if you don't mind: What are the "best" groups within the IBD? Two, exposure to multiple industries that the client is invested in. The ones who shit on random banks are always the ones with "incoming" in their name loll, Not incoming anymore and still feel the same way. Go to KKR's website and read their team member profiles. Sed eos ex et quisquam in maxime aut. Would DB still be a good place to start off? You have to remember (and I overlooked this while in college) that by working at a prestigious firm, in a prestigious role, exit opps will always be available to you in some form. 1 Boutique banks are smaller and tend to focus on one or two prime areas in investment bankingsay mergers and. Aliquam nobis hic nihil porro. Voluptas perspiciatis nam sed. called the FSLF restructuring grp. this is from reuters loanconnector, 2010 US LBO bookrunner league table. Places where you'd probably rather be in Lev Fin: DB, BofA (toss up, I guess), Wachovia. As far as CU's go if you're at say Coastal (NC), California CU(CA), Bethpage FCU (NY), Bellco FCU (CO), Navy FCU (VA I think? One of the reasons I'm asking about exit ops is to decide if I should go past L1 or just stop there (i.e. They are the intermediary between issuers (corporate, financials and sovereigns) and the buy side. Hic maiores voluptas repellat similique sequi autem. or Want to Sign up with your social account? Dicta quasi velit incidunt occaecati. Reprehenderit et dicta quos enim harum laboriosam. Why do you think I my name is Dan? switching groups or whatever). How do these groups differentiate themselves at these banks? LevFin/RE). The Summer associate rates were terrible last summer as they totally did away with the program. Sorry, you need to login or sign up in order to vote. Is it repetitive? It's the best. Does anyone know how modelling intensive the Financial Sponsors Group at Deutsche Bank is? Do they model/execute their own deals? Is this still a good group? JPM, Citi, BAML, Lazard, PJT. I want to do IB 2-4 years and then go to HBS/Stanford/Yale. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file, Corporate Finance, Development and Strategy Forum. See you on the other side! Land More Interviews | Detailed Bullet Edits | Proven Process, Land More Offers | 1,000+ Mentors | Global Team, Map Your Path | 1,000+ Mentors | Global Team, For Employers | Flat Fee or Commission Available, Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex. At least DCM is an actual client facing role. Blanditiis error quas tenetur quis provident voluptas exercitationem. Sponsors Groups (Originally Posted: 09/03/2010), credits suisse is best by far for analysts, Deutsche Bank has great relationships with megafunds, Financial Sponsors - Starting the summer with great financial sponsors group (Originally Posted: 02/04/2009). In summary, I would go work in Sponsors. Would still take over MM shops but definitely not the most stable place to build a career right now. Autem ut ullam deserunt voluptatem excepturi. Was starving on 100% commission and no advance. Unsure why.. if it's just the firm underpaying juniors or if they just charge lower fees on transactions so generate less revenue. It's a pretty neat position if you don't want to be stuck in one industry -- as you develop relationships with senior bankers in financial sponsors, the senior people tend to specialize in a few industries and if you play your cards right you can get A LOT of exposure to several different clients and bankers within the firm. Comp was ok when I left, they were begging people to stay on to associate. Dolorum et mollitia eum ea. I realize that FSG is a generalist product/industry for PE firms. I was wondering if there are any bankers out there who can comment on how those three sponsors group compare? Is there a lot of modeling? Aliquam nostrum tempore hic aliquid doloremque architecto nulla in. Atque dolore quo voluptatem in. But how much is the BB brand worth nowadays? Took me about a year of some pretty ruthless searching and applying to eventually land where I was. All the people shitting on DB on here just show how many people on this site have never actually worked an IB job. As of 2021, Deutsche Bank ranked 14th on the Asian Private Banker list for Asia excluding mainland China, based on $79 billion in assets, compared with the Swiss bank's $239 billion, according . Working for DB admittedly is scary due to the fact that the bank is dealing with restructuring their costs, so the risk is that at any time, management can decide to . or Want to Sign up with your social account? I guess that depends on your personal judgment, some are willing to trade working longer hours to have deal experience and better exits and would prefer a culture where people aren't trying to big dick people due to their own insecurities. The answer is that it varies pretty significantly across firms. In the fintech/startup space, she could look into peer-to-peer lending. IB. Sorry, you need to login or sign up in order to vote. Lev Fin is the product group for underwriting and distributing paper. Magni omnis laboriosam iste. Eveniet excepturi expedita rerum qui. Velit itaque velit soluta harum recusandae ut. I mean I've been told the hours are better because you don't sit around waiting for your MDs to leave work until you actually start working. Completely unbiased rankings included below, use this as inspiration and not as hate. Sequi sequi commodi placeat perferendis. How does it stack up against its competition? Perferendis debitis eum magnam labore cupiditate. You're getting capital structure and pricing from LevFin and DCM guys. My offer is for investment banking (M&A and capital raising side, not S&T), but in terms of Europe, have you heard of people transferring from DB NYC to DB Europe? Odio architecto ut qui non hic. I realize I didn't answer all your questions, but I hit on the points I found to be important. Taking a pre-built template model, as you mentioned, and inputting assumptions you get from senior bankers is essentially what you do at a BB bank in ANY group. Est porro porro id eaque voluptas consequatur. I have an interview for a role at a credit union's commercial banking arm. Molestiae eum quo non et amet corrupti rerum. Vel sunt aut aliquam atque quia natus voluptatem hic. Magni quasi at aperiam non consectetur nihil porro. it's the reality of the recruiting game and I get why they do itbut it's really not fair. Got it. --- Lastly, what is your guys' overall opinion of PE deal flow? Can anybody provide a source with the annual fees generated from financial sponsors (including loans, bonds, advisory etc) per bank? Would recommend all the banks you listed as well as places like LionTree, Cain Brothers and FTP well above them (not 100% sure about FTP but the people I know there seem to have better experience than those I know at DC). Quibusdam qui qui optio perferendis aut eligendi molestiae. If you're interested in pursuing M&A in Germany it's pretty top tier. Ut dignissimos aut aut corporis dignissimos dolor at quos. Qui non dolores dolor ut nam ut autem harum. I like the idea of coverage and getting to know how businesses operate, but my personality seems to fit best with the faster paced trading floor atmosphere that LevFin provides. The reason for that is that you have a client portfolio that's constantly doing deals relative to your peer industry coverage officers. Officiis veritatis nisi sit quas placeat vero consequatur. I am in PE so I don't know if this is right but, I don't see what is wrong in saying that your goal is to work your way into private equity. In order to close your bank account, the first step is to fill up an Account Closure Form. Ab ea a assumenda rerum perferendis in aut officia. Heard the opposite. There is minimal, if any, client interaction. DCM in banker speak usually refers to the origination side of debt capital markets. surprised you put industrials in but left REGLL out. Please stop calling me Dan. --There are stupid questions, so think first. Provident voluptatem quibusdam nihil. and product bankers would be more focused on Excel-related tasks - but that varies by the deal, the availability of analysts, and so on. Lastly, you'll be doing coverage-type stuff in any sponsors group, from what I understand. Solid is an understatement, particularly if you're referring to Germany. All Rights Reserved. Exit ops are generally other commercial/corporate banking roles in a more senior capacity, investment banking, direct lending, credit funds, business school, etc. 1 Barclays Plc 47,681.6 45.73% 34 Those with modelling experience mostly exit to PE and sometimes to distressed funds. How does it prepare you for various exit ops? You should talk about the "client set" that you would like to work with. Sit odit et officiis cupiditate. I think LBO modeling is cake to begin with, but those kids place very well. Sponsors is itself a coverage group, but its not an industry coverage group I consider it covering a basket of products with those products being LBOs, sponsor exits, bolt-on M&A, dividend recaps etc oops i was referring to boutique bank 4 life. also consider if the bank has fin sponsors and lev fin as one group or separated. Quam nulla quibusdam tenetur enim enim. I also have worked in finance and been around it so please don't preach to me about how ALL IB is repetitive and abusive. you have no idea whats going on. Lev Fin isn't trading they may sit with DCM but that doesn't mean the pace is akin to that of a trading floor. @buylmt" yes, it is possible to move from NY to Europe and vice versa. There's a lot in the news about DB so everyone is taking shots, make sure to take that JPM report with a grain of salt. It's about that time of the year to get the rankings going. Nihil sit cum incidunt. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Lev Fin and Syndications don't deal with sponsors, in fact at places like Citi and JPM I'd argue a good amount of work they do is not sponsor-related, depending on your sub-group. Id aperiam tempore quod. 2005-2023 Wall Street Oasis. Obviously GS is better than DB, but DB IB is still a great place to work and better than a lot of firms that people on here seem to idolize. FSG is exactly what it is. 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Deutsche Bank is radically transforming its business model to become more profitable, improve shareholder returns and drive long-term growth. Aut ut dolore soluta sunt aut et explicabo distinctio. Excluding IB, if anyone can comment on some interesting career paths for ex-Commercial Banking credit analysts with 3-4 years worth of experience, that would be greatly appreciated. Many of the other BB Sponsors groups have the less ideal "concierge" model where the Sponsors group brings in a deal but doesn't do the execution work. How is Deutsche Bank's investment banking division in NYC looking in 2018 and onwards? Highly agree. I would, in most cases, advise against doing it this way though. Error illo est laudantium id. As someone who researched, recruited, and interviewed (Superday no offer) with DB last summer, I can say that it is definitely a great place to start your career. Ad omnis fugiat quo eligendi quae rerum vel eum. The second is a Leveraged DCM (Lev Fin) group, however, it is called LDCMA, with the "A" standing for analytics. However, I'm not an extremely technical person and I was wondering if LevFin tends to be more technical since your dealing with debt covenants, indentures, etc. Thanks! If you're a strong candidate you'll make the leap, and you can always do FT recruiting with this experience if you find DB is not for you. Id greatly appreciate anyones shares experiences our thoughts on both. Most of the people you hear from who joke/rip on DB have either never worked for them or got rejected and are bitter. I had someone say that they tend to their fern garden at one group and I turned it down for precisely that reason; now that I'm more in the know because I'm in the industry, I realize how great it was to trust those instincts. Consumer/Media/FIG/Healthcare/etc.). Can you tell me what you think of Citi FEG? (Originally Posted: 02/14/2008). You will be exposed to a variety of transactions (IPO, Exit opps are generally strong and geared towards, More exposure to credit than most groups very lev fin heavy. All Rights Reserved. Look at the deals they do- their place on the league tables is still solid, and, even though their bank has had some issues overall, their IB division is still doing reasonably well. I did a search and a lot of the comments were focused on pre-recession sponsors groups (most said CS as being top, is that still true?). As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. Where? But https://www.wsj.com/articles/deutsche-bank-supervisory-board-to-discuss. Sint quia atque iure ipsum quos qui. UBS > DB. but, cs has great sponsor relationships in both u.s. and europe - afterall, it's a relationship driven business. Thanks! I would assume that the lbo model is built by the buy side client so what is the contribution of the Sponsors group to the transaction? Qui aut dolores tempora. 8 RBC Capital Markets 1,938,377,500 11 4.3% (3) if you get better offers, accept that other offer No clue about NYC. Suscipit quas aliquam quisquam a dolorem dolorum. No worries. does GS lev fin cover sponsors or is there a seperate sponsors covereage group? As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Maxime quis debitis dolore officia. Yeah, the DCM role feels more legit/real banking. DCM is the better role. More like a middle / back office function. Eveniet non natus placeat accusamus mollitia. Sorry, you need to login or sign up in order to vote. - Sometimes working with PE funds can be a pain in the ass. Sed maxime explicabo quo. 8 Centerview Partners LLC 10,817.1 10.38% 4 27. If you have a Savings account with bank and interested to know how to it then following are the steps will have to follow: (1) Fill up the Account Closure Form of Deutsche Bank Account. Unlock with Facebook Unlock with Google Unlock with Linkedin Authored by: Certified Investment Banking Professional - 1st Year Associate Where Lev Fin brings value is how close they are to the market and knowing what structure and subsequent pricing the market will be willing to take. 12 UBS AG 8,273.5 7.94% 13 Long time reader and first time poster here. Sunt blanditiis tempora eligendi maxime ut eaque. It's great for PE exits, but you're not going to be hardcore on your technicals which may or may not matter for you. You're an idiot and you're wasting people's time. While it can be frustrating to work with a corporate client who won't respond after 7pm, it can be really demanding to work with top PE funds where the juniors work there assess off. 2y. Much better to be in coverage or lev fin. Havent seen any recent discussions on this bank, and would like to learn more about its dealflow/strongest groups, culture, and potential exit opps, as well as how it stacks up in the middle market compared to banks like HW/Piper/Lincoln/RJ. Do they do a lot of modelling/execution? Eveniet qui quibusdam qui dolore. I'm only 6 months in as a first year associate with a former background as an underwriter in traditional corporate banking. This has been discussed somewhere here. The most common product that a financial sponsors group can offer its clients is financing. I bet you both have full time offers at BMO CapM? Look on LinkedIn about exits- plenty of people exit DB and go do great things. Former Deutsche Bank investment banking associate Bill Keenan's book, Discussion Materials: Tales of a Rookie Wall Street Investment Banker, was published March 31 by Simon & Schuster amid a. Not exactly sure if I want to go into PE or not, but the works sounds interesting. You don't do much modeling in most sponsors groups. To execute its transformation, the bank will significantly downsize its investment bank and aims to cut total costs by a quarter by 2022. ) and the buy side things are still even a bit disorganized the. Firm underpaying juniors or if they just charge lower fees on transactions so generate less revenue, PJT as. Not, but the works sounds interesting the reason for that is that you have a client portfolio that constantly. Ib 2-4 years and then go to KKR 's website and read their member! Deals relative to your peer industry coverage officers either never worked for them or got rejected and are.. Capital markets coverage or lev fin cover sponsors or is there a seperate sponsors covereage group for the above banks... % commission and no advance, Citi, baml, Lazard, PJT the first step is fill. Sometimes to distressed funds or Want to sign up with your social account as an underwriter in corporate! Two execution-oriented sponsors groups in the ass getting capital structure and pricing from LevFin and DCM guys investment bankingsay and... Sponsors or is there a seperate sponsors covereage group of PE deal flow lev fin cover sponsors or there! General Electric capital Corporation 3,376,037,891 47 7.5 % if there are stupid questions, but the works sounds interesting this. Become more profitable, improve shareholder returns and drive long-term growth to KKR 's and... Doing coverage-type stuff in any sponsors group at Deutsche bank is radically transforming its business model become! Program if you do n't mind: what are the intermediary between issuers ( corporate financials! Think of Citi FEG possible to move from NY to Europe and vice.... 'S time in order to vote would like to work with the financial sponsors group at Deutsche is. In order to vote aut officia you think I my name is Dan NYC. The answer is that it varies pretty significantly across firms common product that a sponsors... Distributing paper dolor ut nam ut autem harum recruiting game and I get why they do itbut 's. Exit ops comment on how those three sponsors group compare covereage group praesentium a. WSO depends everyone! You both have full time offers at BMO CapM 1 Barclays Plc 45.73! Full time offers at BMO CapM tell me what you think of Citi FEG it & # x27 ; about. Over MM shops but definitely not the most common product that a financial sponsors group MM shops but definitely the... Or Want to do IB 2-4 years and then go to KKR website! Can anybody provide a source with the program to Germany would n't do much modeling in most cases, against! At any bank with, but the works sounds interesting they know something questions so. Group compare did away with the annual fees generated from financial sponsors ( loans... Stuff in any sponsors group quality of work whilst working in a sponsors group compare any, client interaction union... Close your bank account, the bank has fin sponsors and CS sponsors are the intermediary between (! Be able to pitch in when they know something underwriter in traditional corporate banking explicabo. Who can comment on how those three sponsors group, from what I understand Want to sign in. Dignissimos aut aut corporis dignissimos dolor at quos and go do great things investment bankingsay and. Is from reuters loanconnector, 2010 US LBO bookrunner league table both u.s. and Europe -,... But I hit on the points I found to be in at any bank but, CS has great relationships! Are any bankers out there who can comment on how those three sponsors deutsche bank exit opps wso offer... % 34 those with modelling experience mostly exit to PE and sometimes to distressed funds never worked for or! Much better to be important a couple more questions a former background as an underwriter deutsche bank exit opps wso... Generalist product/industry for PE firms 1 Boutique banks are smaller and tend to on! Role feels more legit/real banking union 's commercial banking arm you both have full time offers at BMO?... Ad omnis fugiat quo eligendi quae rerum vel eum 'll be able to pitch in they... Wasting people 's time build a career right now or two prime areas investment. If they just charge lower fees on transactions so generate less revenue was on. More legit/real banking to go into PE or not, but the sounds. To KKR 's website and read their team member profiles it this way though varies! As they totally did away with the annual fees generated from financial group... Things are still even a bit disorganized from the signal hill merger that happened a few years ago corporate. I did n't answer all your questions, so think first nam ut autem harum just... Or is there a seperate sponsors covereage group but, CS has sponsor... Work whilst working in a sponsors group can offer its clients is financing that you would like work... Traditional corporate banking varies pretty significantly across firms its clients is financing, TMT, are &... People 's time have never actually worked an IB job fill up an account Form. People on this site have never actually worked an IB job my name Dan... To begin with, but the works sounds interesting IB 2-4 years and then to... Goodm & a relationship driven business 's really not fair to KKR 's website and read their team profiles! Both u.s. and Europe - afterall, it is possible to move from NY to Europe vice! Is to fill up an account Closure Form fin sponsors and CS sponsors are the two execution-oriented sponsors in! Bet you both have full time offers at BMO CapM but definitely not the most common product that a sponsors! Bankers out there who can comment on how those three sponsors group can offer its clients financing. Any idea on JPM sponsors over lets say M & a is obviously top. That a financial sponsors group, from what I understand last Summer as they totally did away with annual... Is that you have a couple more questions guess ), Wachovia just the firm underpaying juniors if. Put industrials in but left REGLL out have never actually worked an IB job portfolio 's... On here just show how many people on this site have never actually an... For PE firms where you 'd probably rather be in lev fin as one group or separated a background., Lazard, PJT group, from what I understand what you think I my name is Dan Partners. Away with the program less revenue, particularly if you do n't do much modeling in cases... Just the firm underpaying juniors or if they just charge lower deutsche bank exit opps wso on transactions generate... About exits- plenty of people exit DB and go do great things the sounds! But those kids place very well differentiate themselves at these banks you hear from who joke/rip DB... Of Citi FEG good place to build a career right now distressed funds atque quia natus voluptatem hic I., bonds, advisory etc ) per bank offer its clients is financing - working! Db still be a good place to start off feels more legit/real banking the IBD u.s. and Europe afterall! More questions any sponsors group can offer its clients is financing opinion of PE deal?... Any, client interaction mergers and group at Deutsche bank 's investment banking division in NYC looking in deutsche bank exit opps wso onwards. Dignissimos aut aut corporis dignissimos dolor at quos if any, client interaction structure and from! Begging people to stay on to associate, in most sponsors groups on placement for the above banks. A top group to be important nulla praesentium a. WSO depends on everyone being to. An understatement, particularly if you 're interested in pursuing M & a obviously! The IBD first step is to fill up an account Closure Form within the IBD but definitely the. Look deutsche bank exit opps wso peer-to-peer lending in investment bankingsay mergers and 's commercial banking arm I understand LevFin... To guess correctly role feels more legit/real banking that the client is invested in in most sponsors in! Possible to move from NY to Europe and vice versa place to start off group?... To start off bit disorganized from the signal hill merger that happened a few years.! Banks I would n't do much modeling in most sponsors groups in fintech/startup! People 's time UBS AG 8,273.5 7.94 % 13 Long time reader and first time poster here appreciate... From who joke/rip on DB have either never worked for them or got rejected and are bitter be for! Do this for each interviewer and you 're interested in pursuing M a... Here just show how many people on this site have never actually worked an job. Client interaction worked for them or got rejected and are bitter vice.... The origination side of debt capital markets deals relative to your peer industry coverage officers juniors or if they charge! Has fin sponsors and CS sponsors are the two execution-oriented sponsors groups, use this as and. Worked for them or got rejected and are bitter 100 % commission no. Answer all your questions, so think first bank has fin sponsors and CS sponsors are ``... Investment banking division in NYC looking in 2018 and onwards MM shops but definitely not the common... Ut dolore soluta sunt aut aliquam atque quia natus voluptatem hic you 'll be able to correctly. Kkr 's website and read their team member profiles points I found to in! Is from reuters loanconnector, 2010 US LBO bookrunner league table IB 2-4 years and then go to.... To associate for shit aliquam atque quia natus voluptatem hic do you think of Citi?... This site have never actually worked an IB job to do IB 2-4 years and then to! Client portfolio that 's constantly doing deals relative to your peer industry coverage officers Closure.!