Banking Guide

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VAULT GUIDE TO THE
TOP 50
BANKING
EMPLOYERS
GET THE INSIDE ScOOP ON THE BEST fIRMS TO wORK fOR IN THE BANKING INDUSTRY
for those hoping to climb the ladder of success,
[Vaults] insights are priceless. Money
Excellent. Library Journal
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About Vault.com, Inc.
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Carrier/Reference
$34.95
Edited by Derek Loosvelt
and the staff of Vault
www.vault.com
2011 EDITION
2011 EDITION
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VAULT GUIDE TO THE
TOP 50 BANKING EMPLOYERS
2011 EDITION
Sponsored by:
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THE MEDIAS WATCHING VAULT!
HERES A SAMPLING OF OUR COVERAGE.
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Vault Guide to the
DEREK LOOSVELT
AND THE STAFF OF VAULT
toP 50 BankinG
emPloyers
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Copyright 2010 by Vault.com, Inc. All rights reserved.
All information in this book is subject to change without notice. Vault makes no claims as to the accuracy and reliability of the information contained within
and disclaims all warranties. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, for any purpose,
without the express written permission of Vault.com Inc.
Vault, the Vault logo, and career intelligence
TM
are trademarks of Vault.com, Inc.
For information about permission to reproduce selections from this book, contact Vault.com, Inc., 75 Varick Street, 8th Floor, New York, NY 10013,
(212) 366-4212.
Library of Congress CIP Data is available.
ISBN 13 : 978-1-58131-850-0
Printed in the United States of America
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Acknowledgments
Thanks to everyone who had a hand in making this book possible. We are extremely grateful to Vaults entire staff for all their help in the editorial,
production and marketing processes. Vault would also like to acknowledge the support of our investors, clients, employees, family and friends. Thank
you!
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vii
Table of Contents
A GUIDE TO THIS GUIDE 1
WHATS WHAT? INDUSTRY OVERVIEWS 5
THE VAULT BANKING 50 7
The Ranking Methodology .......................................................................................................................................................................................9
The Vault 50 ...........................................................................................................................................................................................................10
PRESTIGE RANKINGS 13
Prestige Methodology .............................................................................................................................................................................................15
Prestige Rankings ..................................................................................................................................................................................................16
QUALITY OF LIFE RANKINGS 19
Quality of Life Ranking Methodology .....................................................................................................................................................................21
Overall Satisfaction ................................................................................................................................................................................................22
Selectivity ...............................................................................................................................................................................................................23
Compensation ........................................................................................................................................................................................................24
Hours ......................................................................................................................................................................................................................25
Treatment by Managers .........................................................................................................................................................................................26
Ofces ....................................................................................................................................................................................................................27
Formal Training ......................................................................................................................................................................................................28
Informal Training ....................................................................................................................................................................................................29
Business Outlook ...................................................................................................................................................................................................30
Culture ....................................................................................................................................................................................................................31
Green Initiatives .....................................................................................................................................................................................................32
DIVERSITY RANKINGS 33
Best 20 For Diversity ..............................................................................................................................................................................................34
Diversity With Respect To Women ........................................................................................................................................................................35
Diversity With Respect To Ethnic Minorities ..........................................................................................................................................................36
Diversity with Respect to Gays & Lesbians ...........................................................................................................................................................37
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The Vault 50 Firms 39
Goldman Sachs Group, Inc. 1. ......................................................................................................................................................................... 40
The Blackstone Group L.P. 2. .......................................................................................................................................................................... 47
J.P. 3. Morgans Investment Bank .................................................................................................................................................................... 52
Credit Suisse Group 4. ..................................................................................................................................................................................... 59
Houlihan Lokey, Inc. 5. ..................................................................................................................................................................................... 67
Moelis & Company LLC 6. ................................................................................................................................................................................. 74
UBS Investment Bank 7. ................................................................................................................................................................................... 80
Centerview Partners LLC 8. .............................................................................................................................................................................. 89
Jefferies & Company, Inc. 9. ............................................................................................................................................................................ 94
William Blair & Company 10. ............................................................................................................................................................................ 100
RBC Capital Markets 11. .................................................................................................................................................................................. 106
TD Securities 12. .............................................................................................................................................................................................. 113
Robert W. Baird & Co. (Baird) 13. .................................................................................................................................................................... 117
Sandler ONeill + Partners, L.P. 14. ................................................................................................................................................................. 123
Citi Institutional Clients Group 15. .................................................................................................................................................................... 129
Union Bank, N.A. 16. ........................................................................................................................................................................................ 136
Piper Jaffray Companies 17. ............................................................................................................................................................................ 142
Cowen 18. AND Company, LLC ....................................................................................................................................................................... 148
FBR Capital Markets 19. ................................................................................................................................................................................... 153
Citi Consumer Banking 20. ............................................................................................................................................................................... 158
SunTrust Banks, Inc. 21. .................................................................................................................................................................................. 164
Morgan Stanley 22. ........................................................................................................................................................................................... 171
Lazard Ltd 23. ................................................................................................................................................................................................... 175
Deutsche Bank AG 24. ..................................................................................................................................................................................... 179
Barclays Capital 25. .......................................................................................................................................................................................... 182
Greenhill & Co., Inc. 26. ................................................................................................................................................................................... 185
Evercore Partners 27. ....................................................................................................................................................................................... 189
Bank of America Corporation 28. ..................................................................................................................................................................... 193
Rothschild 29. ................................................................................................................................................................................................... 197
Perella Weinberg Partners 30. .......................................................................................................................................................................... 200
Wells Fargo & Company 31. ............................................................................................................................................................................. 203
HSBC North America Holdings Inc. 32. ............................................................................................................................................................ 208
Deloitte Corporate Finance LLC 33. ................................................................................................................................................................. 212
BNP Paribas SA 34. ......................................................................................................................................................................................... 215
Royal Bank of Scotland Group plc 35. ............................................................................................................................................................. 218
The Bank of New York Mellon Corporation 36. ................................................................................................................................................ 222
Oppenheimer & Co. 37. .................................................................................................................................................................................... 226
The Vault Guide to the Top 50 Banking Employers, 2011 Edition
Table of Contents
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Macquarie Group (U.S.) 38. .............................................................................................................................................................................. 228
Chase Commercial Bank 39. ............................................................................................................................................................................ 231
Nomura Holdings, Inc. 40. ................................................................................................................................................................................ 235
BMO Capital Markets 41. .................................................................................................................................................................................. 238
Allen & Company LLC 42. ................................................................................................................................................................................ 242
Thomas Weisel Partners Group, Inc.* 43. ........................................................................................................................................................ 245
Keefe, Bruyette & Woods, Inc. 44. ................................................................................................................................................................... 246
Lloyds Banking Group PLC 45. ........................................................................................................................................................................ 249
Raymond James Financial, Inc. 46. ................................................................................................................................................................. 252
Brown Brothers Harriman & Co. 47. ................................................................................................................................................................. 255
Peter J. Solomon Company 48. ........................................................................................................................................................................ 259
PNC Financial Services Group, Inc. 49. ........................................................................................................................................................... 263
Morgan Keegan & Co., Inc. 50. ........................................................................................................................................................................ 267
THE BEST OF THE REST 271
Bank Leumi USA ................................................................................................................................................................................................ 272
BB&T Corporation .............................................................................................................................................................................................. 275
Broadpoint Gleacher Securities Group .............................................................................................................................................................. 279
Canaccord Genuity Inc. ...................................................................................................................................................................................... 282
Canadian Imperial Bank of Commerce (Wholesale Banking Division) .............................................................................................................. 284
Caris & Company, Inc. ....................................................................................................................................................................................... 288
Cascadia Capital LLC ......................................................................................................................................................................................... 290
Comerica Bank ................................................................................................................................................................................................... 293
Crdit Agricole Corporate and Investment Bank (CIB) Co., Inc. ........................................................................................................................ 297
Duff & Phelps Corporation ................................................................................................................................................................................. 300
Fifth Third Bancorp ............................................................................................................................................................................................. 304
First Horizon National Corporation ..................................................................................................................................................................... 307
FOCUS................................................................................................................................................................................................................ 310
JMP Securities LLC ............................................................................................................................................................................................ 312
KeyCorp .............................................................................................................................................................................................................. 315
KPMG Corporate Finance LLC .......................................................................................................................................................................... 319
Leerink Swann LLC ............................................................................................................................................................................................ 321
M&T Bank ........................................................................................................................................................................................................... 323
McGladrey Capital Markets LLC ........................................................................................................................................................................ 327
Miller Buckre & Co., LLC .................................................................................................................................................................................. 331
Scotiabank .......................................................................................................................................................................................................... 333
Stephens Inc. ..................................................................................................................................................................................................... 337
Table of Contents
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
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Stifel Financial Corp. .......................................................................................................................................................................................... 340
Susquehanna International Group, LLP (SIG) ................................................................................................................................................... 346
ThinkEquity LLC ................................................................................................................................................................................................. 350
U.S. Bancorp ...................................................................................................................................................................................................... 352
Webster Financial Corporation ........................................................................................................................................................................... 355
WR Hambrecht + Co .......................................................................................................................................................................................... 358
ABOUT THE EDITOR 362
Table of Contents
2010 Vault.com Inc.
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A Guide to this Guide
All of our proles follow the same basic format. Heres a guide to each entry.
FIRM FACTS
Departments: The rms major divisions.
The Stats: Basic information about the rm, usually information thats available to the general public. This includes the rms leadership (generally,
the person responsible for day-to-day operations, though it can include the chairman and relevant department heads), employer type (e.g., public,
private or subsidiary), ticker symbol and exchange (if public), 2008 revenue and net income (usually only for public companies; we do have some
estimates from third-party sources for private companies and, in some cases, the rm has conrmed that information), number of employees and
number of ofces.
Key Competitors: The rms main business rivals. Size, business lines, geography and reputation are taken into account when evaluating rivals.
Uppers and Downers: The best and worst things, respectively, about working at the rm. Uppers and downers are taken from the opinions of insiders
based on our surveys and interviews.
Employment Contact: The person (or people) that the rm identies as its contact(s) for submitting resumes or employment inquiries. Weve supplied
as much information as possible, including names, titles, mailing addresses, phone or fax numbers, email addresses and websites. As companies
process resumes differently, the amount of information may vary. For example, some rms ask that all employment-related inquiries be sent to a
central processing ofce, while other rms mandate that all job applications be submitted through the company website.
The Buzz: When conducting our prestige survey, we asked respondents to include comments about the rms they were rating. Survey respondents
were not able to comment on their own rm. We collected a sampling of these comments in The Buzz. We tried to include quotes that represented
the common outside perceptions of a given rm. The quotes may not always reect what insiders say in our surveys and interviews. We think The
Buzz is a way of gauging outside opinion of a company.
THE PROFILES
Most proles are divided into three sections: The Scoop, Getting Hired and Our Survey Says (some proles have only Scoop and Getting Hired
sections).
The Scoop: The companys history, a description of the business, recent clients or deals and other signicant developments.
Getting Hired: An overview of the companys hiring process, including a description of campus recruiting procedures, the number of interviews,
questions asked and other tips on getting hired.
Our Survey Says: Quotes from surveys and interviews done with employees or recent employees at the company. This includes information on culture,
pay, hours, training, diversity, ofces, dress code and other important company insights.
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Overview of the banking Industry
OVERVIEW OF THE BANKING
INDUSTRY
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Whats What? Industry Overviews
INVESTMENT BANKING
Investment banking is the business of raising money for companies. Companies need capital to grow their business; they turn to investment banks to
sell securities to investorseither public or privateto raise this capital. These securities come in the form of stocks or bonds.
Generally, an investment bank comprises the following areas:
Corporate nance
The bread and butter of a traditional investment bank, corporate nance generally performs two different functions: 1) mergers and acquisitions
advisory, and 2) underwriting. On the mergers and acquisitions (M&A) advising side of corporate nance, bankers assist in negotiating and structuring
a merger between two companies. If, for example, a company wants to buy another rm, then an investment bank will help nalize the purchase price,
structure the deal and generally ensure a smooth transaction. The underwriting function within corporate nance involves raising capital for a client.
In the investment banking world, capital can be raised by selling either stocks or bonds to investors.
Sales
Sales is another core component of an investment bank. Salespeople take the form of: 1) the classic retail broker, 2) the institutional salesperson, or
3) the private client service representative. Brokers develop relationships with individual investors and sell stocks and stock advice to the average Joe.
Institutional salespeople develop business relationships with large institutional investorsthose who manage large groups of assets, like pension funds
or mutual funds. Private client service (PCS) representatives, often referred to as private wealth managers, lie somewhere between retail brokers and
institutional salespeople, providing brokerage and money management services for extremely wealthy individuals. Salespeople make money through
commissions on trades made through their rms.
Trading
Traders also provide a vital role for the investment bank. Traders facilitate the buying and selling of stock, bonds or other securities, either by carrying
an inventory of securities for sale or by executing a given trade for a client. Traders deal with transactions, large and small, and provide liquidity (the
ability to buy and sell securities) for the marketoften called making a market. Traders make money by purchasing securities and selling them at a
slightly higher price. This price differential is called the bid-ask spread.
Research
Research analysts follow stocks and bonds and make recommendations on whether to buy, sell or hold those securities. Stock analysts (known as
equity analysts) typically focus on one industry and will cover up to 20 companies stocks at any given time. Some research analysts work on the
xed-income side and will cover a particular segment, such as high-yield bonds or U.S. Treasury bonds. Salespeople within the investment bank
utilize research published by analysts to convince their clients to buy or sell securities through their rm. Corporate nance bankers rely on research
analysts to be experts in the industry in which they are working. Reputable research analysts can generate substantial corporate nance business and
substantial trading activity, and thus are an integral part of any investment bank.
Syndicate
The hub of the investment banking wheel, syndicate provides a vital link between salespeople and corporate nance. Syndicate exists to facilitate the
placing of securities in a public offering, a knock-down-drag-out affair between and among buyers of offerings and the investment banks managing
the process. In a corporate or municipal debt deal, syndicate also determines the allocation of bonds.
COMMERCIAL BANKING
Commercial banks, unlike investment banks, generally act as lenders, putting forth their own money to support businesses as opposed to investment
advisors who rely on other folksbuyers of stocks and bondsto pony up cash. This distinction, enshrined by fundamental banking laws in place
since the 1930s, has led to noticeable cultural differences (exaggerated by stereotype) between commercial and investment bankers. Commercial
bankers (deservedly or not) have a reputation for being less aggressive, more risk-averse and simply not as mean as investment bankers. Commercial
bankers also dont command the eye-popping salaries and prestige that investment bankers receive.
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There is a basis for the stereotype. Commercial banks carefully screen borrowers because the banks are investing huge sums of their own money in
companies that must remain healthy enough to make regular loan payments for decades. Investment bankers, on the other hand, can make their
fortunes in one day by skimming off some of the money raised in a stock offering or invested into an acquisition. While a borrowers subsequent
business decline can damage a commercial banks bottom line, a stock that plummets after an offering has no effect on the investment bank that
managed its IPO.
Well take your money
Commercial bankers make money by their legal charter to take deposits from businesses and consumers. To gain the condence of these depositors,
commercial banks offer government-sponsored guarantees on these deposits on amounts up to $100,000. But to get FDIC guarantees, commercial
banks must follow a myriad of regulations (and hire regulators to manage them). Many of these guidelines were set up in the Glass-Steagall Act of
1933, which was meant to separate the activities of commercial and investment banks. Glass-Steagall included a restriction on the sale of stocks
and bonds (investment banks, which could not take deposits, were exempt from banking laws and free to offer more speculative securities offerings).
Deregulationespecially the Financial Services Modernization Act of 1999and consolidation in the banking industry over the past decade have
weakened these traditional barriers.
The lending train
The typical commercial banking process is fairly straightforward. The lending cycle starts with consumers depositing savings or businesses depositing
sales proceeds at the bank. The bank, in turn, puts aside a relatively small portion of the money for withdrawals and to pay for possible loan defaults.
The bank then loans the rest of the money to companies in need of capital to pay for, say, a new factory or an overseas venture. A commercial banks
customers can range from the dry cleaner on the corner to a multinational conglomerate. For very large clients, several commercial banks may band
together to issue syndicated loans of truly staggering sizes.
Commercial banks lend money at interest rates that are largely determined by the Federal Reserve Board (currently governed by Ben Bernanke).
Along with lending money that they have on deposit from clients, commercial banks lend out money that they have received from the Fed. The Fed
loans out money to commercial banks, which in turn lend it to bank customers in a variety of formsstandard loans, mortgages and so on. Besides
its ability to set a baseline interest rate for all loans, the Fed also uses its lending power to equalize the economy. To prevent ination, the Fed raises
the interest rate it charges for the money it loans to banks, slowing down the circulation of money and the growth of the economy. When it wants to
encourage economic growth, the Fed will lower the interest rate it charges banks.
Making money by moving money
Take a moment to consider how a bank makes its money. Commercial banks in the U.S. earn 5 to 14 percent interest on most of their loans. As
commercial banks typically only pay depositors 1 percentif anythingon checking accounts and 2 to 3 percent on savings accounts, they make a
tremendous amount of money in the difference between the cost of their funds (1 percent for checking account deposits) and the return on the funds
they loan (5 to 14 percent).
Whats What Industry Overviews
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The Vault Banking 50
Prestige Rankings
The VaulT
Banking 50
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The Ranking Methodology
The Vault Guide to the Top 50 Banking Employers rates 78 frms with signifcant commercial banking or investment banking operations in North
America. We chose these 78 frms based on previous Vault surveys that gauged opinions of industry insiders, as well as on various factual data,
including annual revenue and number of employees.
The frms we identifed were all asked to distribute Vaults 2010 Banking Survey to their banking professionals. The online survey consisted of questions
about life at the professionals frm or former frm, along with a prestige rating. Survey participants were asked to comment on qualifcations the frm
looks for in new employees, specifc tips on getting hired, questions asked during the interview process, frm culture, hours worked, relations with
managers, compensation, diversity, training and more. Participants were also asked to rate companies with which they were familiar on a scale of 1
to 10, with 10 being the most prestigious. Participants were not allowed to rate their own employer.
Twenty-two companies agreed to distribute the survey: The Blackstone Group, Centerview Partners, Citi Consumer Banking, Citi Institutional Clients
Group, Cowen and Company, Credit Suisse, FBR Capital Markets, Goldman Sachs, Houlihan Lokey, J.P. Morgan Investment Bank, Jefferies, Moelis &
Company, Piper Jaffray, RBC Capital Markets, Robert W. Baird & Co. (Baird), Sandler ONeill + Partners, Stifel Financial Corp., SunTrust Banks, TD
Securities, UBS Investment Bank, Union Bank and William Blair.
All surveys were completely anonymous. For those companies that opted not to distribute the survey, Vault sought contacts at the frm to take the
survey through other proprietary sources. Those professionals took the same survey as the employees at frms that participated.
A total of 1,328 banking professionals flled out Vaults 2010 Banking from April 2010 through June 2010.
This year, instead of simply listing the top frms based on perceived prestige in the industry, Vault asked banking professionals what matters most
to them in choosing an employer. And what professionals told us was that prestige is not the most determining factor. In fact, 38.6 percent of all
banking professionals we surveyed told us frm culture was the most important factor, while only 15.7 percent cited prestige as most important.
The other top factors, in order of importance, were: location (8.8 percent), lifestyle/work-balance (6.7 percent), compensation (6.6 percent) and training
opportunities (also 6.6 percent).
As a result of these fndings, Vault has created a new Vault Banking 50, showcasing the frms deemed the Best to Work Fora ranking compiled
using the following weighted formula that refects the issues job seekers care about most:
40 percent prestige
20 percent frm culture
10 percent overall satisfaction
10 percent compensation
10 percent hours
10 percent business outlook
Vault averaged each frms scores in these categories*, weighted the scores according to the above percentages, then ranked the overall scores in
order, with the highest score belonging to our No. 1 frm, Goldman Sachs. With a score of 8.397, the New York-based investment bank took the
inaugural top spot in our Best to Work For rankings, edging out the No. 2 frm, The Blackstone Group (8.312), and the No. 3 frm, J.P. Morgan
Investment Bank (8.272). Rounding out the top fve were Credit Suisse (7.630) at No. 4 and Houlihan Lokey (7.597) at No. 5.
In the prestige rankings, Goldman also (and yet again) took the No. 1 spot, and did so in commanding fashion. The frms prestige score was 8.708,
more than one-half point ahead of Blackstone, which again placed No. 2 in prestige with a score of 8.144. Blackstone barely beat out J.P. Morgan
Investment Bank, which leaped a spot (over rival Morgan Stanley) to place No. 3 in prestige, with a score of 8.140. Other big climbers among the top
20 frms in the prestige rankings this year were Bank of America, which rose nine places to No. 12; UBS Investment Bank, which climbed four notches
to No. 10; and Barclays Capital, which rose three places to No. 8.
In addition to topping the Best to Work For and prestige rankings, Goldman ranked among the top fve in several other categories, including culture,
formal training, informal training and overall diversity, among others. New York-headquartered Blackstone, meanwhile, also showed up in the top
fve in several other categories, including manager relations, business outlook, compensation, selectivity and overall satisfaction. And J.P. Morgan
Investment Bank, along with its No. 3 Best to Work For ranking, placed in the top fve in overall satisfaction, culture, selectivity, overall diversity and
formal training, among other categories.
*In order for a frm to be eligible for the rankings in a certain category, at least 20 of a frms banking professionals must have voted in that category.
Visit Vault at www.vault.com for insider company profles, expert advice,
9
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The VaulT 50
[BEST BANKING EMPLOYERS TO WORK FOR] 2011
2010 Vault.com Inc.
10
Rank fiRM
Goldman Sachs & Co.
The Blackstone Group
J.P. Morgan Investment Bank
Credit Suisse Group
Houlihan Lokey
Moelis & Company
UBS Investment Bank
Centerview Partners
Jefferies & Company, Inc.
William Blair & Company
RBC Capital Markets
TD Securities
Robert W. Baird & Company (Baird)
Sandler ONeill + Partners, L.P.
Citi Institutional Clients Group
Union Bank, N.A.
Piper Jaffray Companies
Cowen and Company LLC
FBR Capital Markets
Citi Consumer Banking
Sun Trust Banks, Inc.
Morgan Stanley
Lazard
Deutsche Bank AG
Barclays Capital
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
scoRe
8.397
8.312
8.272
7.630
7.597
7.199
7.059
6.912
6.849
6.764
6.684
6.520
6.240
6.207
6.082
6.077
6.048
5.864
5.767
5.302
5.264
3.189
2.804
2.762
2.718
hQ/laRgesT office
New York, NY
New York, NY
New York, NY
New York, NY
New York, NY
New York, NY
New York, NY
New York, NY
New York, NY
Chicago, IL
New York, NY
New York, NY
Milwaukee, WI
New York, NY
New York, NY
San Francisco, CA
Minneapolis, MN
New York, NY
Arlington, VA
New York, NY
Atlanta, GA
New York, NY
New York, NY
New York, NY
New York, NY
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Rank fiRM
Greenhill & Co.
Evercore Partners
Bank of America Corp.
Rothschild
Perella Weinberg Partners
Wells Fargo Company
HSBC North America Holdings
Deloitte Corporate Finance LLC
BNP Paribas SA
Royal Bank of Scotland Group plc
Bank of New York Mellon Corporation
Oppenheimer & Co.
Macquarie Group (U.S.)
Chase Commercial Bank
Nomura Holdings, Inc.
BMO Capital Markets
Allen & Company
Thomas Weisel Partners Group, Inc.
Keefe Bruyette & Woods, Inc.
Lloyds Banking Group PLC
Raymond James Financial, Inc.
Brown Brothers Harriman & Co.
Peter J. Solomon Company
PNC Financial Services Group, Inc.
Morgan Keegan & Co., Inc.
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
scoRe
2.678
2.479
2.449
2.294
2.280
2.170
2.054
2.028
1.874
1.870
1.864
1.859
1.832
1.831
1.736
1.733
1.674
1.635
1.602
1.596
1.590
1.513
1.511
1.500
1.491
hQ/laRgesT office
New York, NY
New York, NY
Charlotte, NC
New York, NY
New York, NY
San Francisco, CA
New York, NY
New York, NY
New York, NY
New York, NY
New York, NY
New York, NY
New York, NY
New York, NY
New York, NY
Toronto, Ontario
New York, NY
San Francisco,CA
New York, NY
London, England
St. Petersburg, FL
New York, NY
New York, NY
Pittsburgh, PA
Memphis, TN
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Prestige Rankings
PResTige
Rankings
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2010 Vault.com Inc.
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15
Prestige Methodology
In addition to ranking their own frms in various quality of life categories, survey participants were asked to rate companies with which they were familiar
on a scale of 1 to 10, with 10 being the most prestigious.
Participants were not allowed to rate their own employer. Vault averaged these scores and ranked frms in order, from highest to lowest.
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The Vault Quality of Life Rankings
2010 Vault.com Inc.
16
Prestige Rankings
Rank fiRM
1
2
3
4
5
6
7
8
9
10
scoRe
8.708
8.144
8.140
7.973
7.212
7.011
6.905
6.796
6.696
6.344
11 6.198
Bank of America Corp.
Goldman Sachs & Co.
Morgan Stanley
Credit Suisse Group
Lazard
Deutsche Bank AG
Barclays Capital
Greenhill & Co.
UBS Investment Bank
Evercore Partners
Rothschild
12
13
14
15
6.122
5.803
5.736
5.701
16 5.557
17
18
19
20
5.425
5.319
5.136
5.069
Wells Fargo & Company
Moelis & Company
Houlihan Lokey
HSBC North America Holdings
21 4.976
22
23
24
25
4.889
4.684
4.675
4.660
RBC Capital Markets
BNP Paribas SA
Bank of New York Mellon Corporation
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Rank fiRM
26
27
28
29
30
31
32
33
34
35
scoRe
4.648
4.581
4.578
4.564
4.562
4.340
4.332
4.318
4.224
4.184
36 4.088
Keefe Bruyette & Woods, Inc.
Oppenheimer & Co.
Macquarie Group (U.S.)
BMO Capital Markets
Centerview Partners
Allen & Company LLC
37
38
39
40
4.006
3.990
3.976
3.939
41 3.909
42
43
44
45
3.783
3.777
3.749
3.728
TD Securities
46 3.723
47
48
49
50
3.677
3.600
3.581
3.560
Scotiabank
Miller Buckfre & Co. LLC
BB&T Corporation
FBR Capital Markets
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quality of life rankings
Quality of life Rankings
QualiTy of life
Rankings
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2010 Vault.com Inc.
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Quality of life Ranking Methodology
In addition to ranking other frms in terms of prestige, survey respondents were asked to rate their own frms in a variety of categories. On a scale
of 1 to 10, with 1 being the lowest and 10 the highest, respondents evaluated their frms in the following quality of life and diversity categories:
overall satisfaction, selectivity, compensation, hours, treatment by managers, formal training, informal training, offces, culture, business outlook, green
initiatives, diversity with respect to women, diversity with respect to ethnic minorities, and diversity with respect to gays and lesbians.
Only frms with at least 20 responses in a particular category were eligible to be ranked.

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2010 Vault.com Inc.
22
overall satisfaction
On a scale of 1 to 10, where 1 is not at all satisfed and 10 is extremely satisfed, my overall satisfaction is:
Rank fiRM
1
2
3
4
5
6
7
8
9
10
scoRe
8.919
8.727.
8.591
8.579
8.576
8.529
8.385
8.250
8.225
8.182
11 8.042
UBS Investment Bank
Houlihan Lokey
Centerview Partners
Union Bank, N.A.
TD Securities
Moelis & Company
Credit Suisse Group
Goldman Sachs & Co.
RBC Capital Markets
FBR Capital Markets
12
13
14
15
8.000
7.846
7.842
7.650
16 7.587
17
18
19
20
7.444
7.000
6.665
6.513
SunTrust Banks, Inc.
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selectivity
On a scale of 1 to 10, where 1 is very easy and 10 is nearly impossible, how easy is it to get hired at your frm?
Rank fiRM
1
2
3
4
5
6
7
8
9
10
scoRe
9.300
9.200
9.108
9.083
8.960
8.889
8.649
8.532
8.147
8.117
11 7.918
Centerview Partners
Houlihan Lokey
Goldman Sachs & Co.
Moelis & Company
Credit Suisse Group
UBS Investment Bank
RBC Capital Markets
12
13
14
15
7.827
7.680
7.568
7.474
16 7.429
17
18
19
20
7.250
7.182
7.120
7.000
Union Bank, N.A.
TD Securities
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2010 Vault.com Inc.
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compensation
On a scale of 1 to 10, where 1 is far below average and 10 is far in excess of industry average, my total compensation is:
Rank fiRM
1
2
3
4
5
6
7
8
9
10
scoRe
9.438
8.727
8.588
8.486
8.283
7.875
7.647
7.429
7.231
7.106
11 (TIe) 7.000
UBS Investment Bank
Centerview Partners
Houlihan Lokey
Moelis & Company
Goldman Sachs & Co.
Union Bank, N.A.
TD Securities
RBC Capital Markets
Credit Suisse Group
11 (TIe)
13
14
15
7.000
6.844
6.821
6.612
16 6.400
17
18
19
20
6.167
5.837
5.773
5.500
FBR Capital Markets
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hours
On a scale of 1 to 10, where 1 is not at all satisfed and 10 is extremely satisfed, please rank your satisfaction with the number of hours you work:
Rank fiRM
1
2
3
4
5
6
7
8
9
10
scoRe
8.622
8.471
7.667
7.455
7.231
7.182
7.096
7.091
7.000
6.970
11 6.950
RBC Capital Markets
Houlihan Lokey
Union Bank, N.A.
TD Securities
Goldman Sachs & Co.
Moelis & Company
Centerview Partners
FBR Capital Markets
UBS Investment Bank
12
13
14
15 (TIe)
6.941
6.875
6.842
6.636
15 (TIe) 6.636
17
18
19
20
6.625
6.620
6.588
6.452
Credit Suisse Group
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2010 Vault.com Inc.
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Treatment by Managers
On a scale of 1 to 10, where 1 means poorly and 10 means with great respect, how would you rank your treatment, on average, by managers?
Rank fiRM
1
2
3
4
5
6
7
8
9
10
scoRe
9.514
9.364
9.235
8.778
8.727
8.667
8.644
8.583
8.333
8.308
11 8.281
FBR Capital Markets
Houlihan Lokey
Centerview Partners
Union Bank, N.A.
Moelis & Company
Goldman Sachs & Co.
UBS Investment Bank
TD Securities
RBC Capital Markets
12
13
14
15
8.150
8.147
8.077
8.053
16 8.045
17
18
19
20
8.000
7.791
7.737
7.671
Credit Suisse Group
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offces
Where 1 is uncomfortable and 10 is ultra-luxurious, in terms of space, comfort and decor, the offces I work in are:
Rank fiRM
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2
3
4
5
6
7
8
9
10
8.886
8.833
8.814
8.813
8.588
7.917
7.843
7.571
7.364
7.350
11 7.286
Credit Suisse Group
Houlihan Lokey
Goldman Sachs & Co.
Moelis & Company
Centerview Partners
TD Securities
UBS Investment Bank
RBC Capital Markets
FBR Capital Markets
12
13
14
15
7.224
7.000
6.947
6.833
16 (TIe) 6.813
16 (TIe)
18
19
20
6.813
6.476
6.372
6.205
Union Bank, N.A.
scoRe
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2010 Vault.com Inc.
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formal Training
On a scale of 1 to 10, where 1 is non-existent and 10 is superior, the training at my frm is:
Rank fiRM
1
2
3
4
5
6
7
8
9
10
scoRe
8.619
8.583
8.479
8.235
8.182
8.143
7.881
7.765
7.700
7.538
11 7.469
Goldman Sachs & Co.
UBS Investment Bank
Credit Suisse Group
Houlihan Lokey
Moelis & Company
Union Bank, N.A.
Centerview Partners
TD Securities
12
13
14
15
7.222
6.869
6.556
6.507
16 6.205
17
18
19
20
6.143
5.750
5.744
4.556
RBC Capital Markets
FBR Capital Markets
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29
informal Training
On a scale of 1 to 10, where 1 is non-existent and 10 is superior, the informal training at my frm is:
Rank fiRM
1
2
3
4
5
6
7
8
9
10
9.364
9.000
8.348
8.294
8.209
8.143
8.111
7.917
7.833
7.556
11 7.364
Credit Suisse Group
Houlihan Lokey
Centerview Partners
Goldman Sachs & Co.
Union Bank, N.A.
Moelis & Company
TD Securities
UBS Investment Bank
RBC Capital Markets
12
13
14
15
7.288
7.056
6.955
6.879
16 6.774
17
18
19
20
6.471
6.200
6.179
6.065
FBR Capital Markets
scoRe
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2010 Vault.com Inc.
30
Business outlook
On a scale of 1 to 10, where 1 means extremely poor and 10 means excellent, how would you rank your frms overall business outlook?
Rank fiRM
1
2
3
4
5
6
7
8
9
10
scoRe
9.611
9.450
9.424
9.405
9.333
9.294
9.143
9.063
8.947
8.939
11 8.824
Houlihan Lokey
Centerview Partners
Moelis & Company
TD Securities
Union Bank, N.A.
RBC Capital Markets
Credit Suisse Group
Goldman Sachs & Co.
UBS Investment Bank
12
13
14
15
8.816
8.542
8.333
7.729
16 7.567
17
18
19
20
7.462
7.353
6.833
6.734
FBR Capital Markets
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culture
On a scale of 1 to 10, where 1 is extremely poor and 10 is excellent, how would you rate your frms culture?
Rank fiRM
1
2
3
4
5
6
7
8
9
10
9.528
8.955
8.909
8.750
8.692
8.500
8.481
8.423
8.412
8.365
11 8.091
Houlihan Lokey
Centerview Partners
Goldman Sachs & Co.
TD Securities
Credit Suisse Group
Union Bank, N.A.
Moelis & Company
RBC Capital Markets
UBS Investment Bank
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13
14
15
8.083
8.049
7.932
7.806
16 7.800
17
18
19
20
7.684
6.982
6.800
5.136
FBR Capital Markets
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2010 Vault.com Inc.
32
green initiatives
On a scale of 1 to 10, where 1 is not at all committed and 10 is extremely committed, how dedicated is your frm to pursuing environmentally
sustainable (green) business practices?
Rank fiRM
1
2
3
4
5
6
7
8
9
10
9.484
9.333
8.968
8.485
7.645
7.583
7.550
7.438
7.408
7.282
11 7.277
Houlihan Lokey
Goldman Sachs & Co.
Centerview Partners
UBS Investment Bank
TD Securities
Union Bank, N.A.
RBC Capital Markets
Credit Suisse Group
Moelis & Company
12
13
14
15
7.227
7.104
6.795
6.632
16 6.538
17
18
19
20
6.500
6.333
6.158
5.605
FBR Capital Markets
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Diversity rankings
Diversity Rankings
DiVeRsiTy
Rankings
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The Vault Diversity Rankings
2010 Vault.com Inc.
Best 20 for Diversity
Insiders were asked to rate their frms commitment to diversity with respect to women, with respect to minorities, and with respect to gays and lesbians.
To determine our Best 20 Firms For Diversity, we used a formula that weights the average score in all three categories equally. Like our other quality
of life rankings, the diversity rankings refect the opinions and perceptions of insiders.
Rank fiRM
1
2
3
4
5
6
7
8
9
10
scoRe
8.731
8.678
8.563
8.479
8.333
8.098
8.016
7.949
7.792
7.657
11 7.569
Goldman Sachs & Co.
Houlihan Lokey
Centerview Partners
Union Bank, N.A.
Credit Suisse Group
Moelis & Company
UBS Investment Bank
RBC Capital Markets
FBR Capital Markets
12
13
14
15
7.378
7.251
7.061
6.884
16 6.743
17
18
19
20
6.737
6.664
6.402
6.246
TD Securities
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Diversity With Respect To Women
On a scale of 1 to 10, where 1 means needs a lot of improvement and 10 means exemplary, how receptive is your frm to women in terms of hiring,
promoting, mentoring and other programs?
Rank fiRM
1
2
3
4
5
6
7
8
9
10
8.853
8.792
8.750
8.563
8.381
8.062
8.029
7.917
7.813
7.777
11 7.636
Houlihan Lokey
Goldman Sachs & Co.
Union Bank, N.A.
Centerview Partners
Credit Suisse Group
UBS Investment Bank
TD Securities
Moelis & Company
RBC Capital Markets
12
13
14
15
7.592
7.488
7.375
7.209
16 7.026
17
18
19
20
7.000
6.818
6.700
6.650
FBR Capital Markets
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2010 Vault.com Inc.
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Diversity With Respect To ethnic Minorities
On a scale of 1 to 10, where 1 means needs a lot of improvement and 10 means exemplary, how receptive is your frm to minorities in terms of hiring,
promoting, mentoring and other programs?
Rank fiRM
1
2
3
4
5
6
7
8
9
10
scoRe
8.792
8.706
8.625
8.563
8.381
8.317
8.200
8.073
8.057
7.594
11 7.571
Goldman Sachs & Co.
Houlihan Lokey
Centerview Partners
Union Bank, N.A.
Moelis & Company
Credit Suisse Group
UBS Investment Bank
RBC Capital Markets
FBR Capital Markets
12
13
14
15
7.286
6.970
6.941
6.778
16 6.737
17
18
19
20
6.416
6.167
6.150
5.650
TD Securities
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Diversity with Respect to gays & lesbians
On a scale of 1 to 10, where 1 means needs a lot of improvement and 10 means exemplary, how receptive is your frm to gays and lesbians in terms
of hiring, promoting, mentoring and other programs?
Rank fiRM
1
2
3
4
5
6
7
8
9
10
scoRe
8.609
8.500
8.476
8.243
8.238
8.125
8.032
7.761
7.533
7.527
11 7.500
Goldman Sachs & Co.
Centerview Partners
Houlihan Lokey
Moelis & Company
Union Bank, N.A.
Credit Suisse Group
UBS Investment Bank
RBC Capital Markets
FBR Capital Markets
12
13
14
15
7.256
6.950
6.875
6.867
16 6.842
17
18
19
20
6.424
5.909
5.889
5.763
TD Securities
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The Vault 50 Firms
THE VAULT 50
FIRMS
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200 West Street
New York, NY 10282
Phone: (212) 902-0300
Fax: (212) 902-3000
www.gs.com
BUSINESSES
Asset Management & Securities Services
Investment Banking
Trading & Principal Investments
THE STATS
Employer Type: Public Company
Ticker Symbol: GS (NYSE)
Chief Executive: Lloyd C. Blankfein
2009 Revenue: $51.67 billion
2009 Net Income: $13.38 billion
No. of Employees: 32,500
No. of Ofces: 62
KEY COMPETITORS
Barclays Capital
J.P. Morgan
Morgan Stanley
Kings of the Street
The gold standard, albeit a bit tarnished lately, and dont
expect to have a life
Arrogant, but still brings in the best deals
Despite the recent bad press, still the most prestigious
THE BUZZ
What insiders at other rms are saying
2010 Vault.com Inc.
40
GOLDMAN SACHS GROUP, INC.
1
PRESTIGE
RANKING
RANKING RECAP
#1-Best to Work For
#1-Diversity with Respect to Gays and Lesbians
#1-Diversity with Respect to Minorities
#1-Overall Diversity
#1-Prestige
#2-Diversity with Respect to Women
#2-Formal Training
#2-Green Initiatives
#2-Ofce Space
#3-Informal Training
#5-Culture
#6-Compensation
#6-Hours
#6-Selectivity
#8-Manager Relations
#11-Overall Satisfaction
#13-Business Outlook
UPPERS
Supportive and respectful management
Working with a group of very smart, talented and
motivated individuals
Learning opportunities are truly endless
DOWNERS
Public perception can be frustrating
Long hours and pressure
Red tape from vigorous compliance and conict-check
processes
EMPLOYMENT CONTACT
Careers at www.gs.com
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THE SCOOP
First among many
Goldman Sachs provides investment banking, securities and investment management services to a substantial and diversied client base that includes
corporations, nancial institutions, governments and high-net-worth individuals. Widely considered the most prestigious name in investment banking
activities, Goldman is headquartered in New York, and maintains ofces in London, Frankfurt, Tokyo, Hong Kong and other major nancial centers
around the world. It employs about 38,500 people worldwide.
Business at Goldman Sachs is divided into three departments: asset management and securities, investment banking, and trading and principal
investments (encompassing the equities, principal investments and xed income, currency and commodities businesses).
Founded in 1869, the venerable Goldman Sachs has a slew ofrststo its credit. Goldman played a major role in establishing the IPO markets in the
early 1900s; ve decades later, it was the rst rm to focus on the institutional sales market. It was also the rst investment bank to create a dedicated
mergers and acquisitions group, negotiate a trade on the New York Stock Exchange and use emerging computer technology to distribute its research
reports electronically.
The rm opened its rst international ofce in London in 1970. In 1986, it became the rst American bank to rank in the top-10 in M&A volume in the
U.K. In 1994, Goldman opened an ofce in Beijing, and in 1996, it was the lead underwriter of the Yahoo! initial public offering. Goldman entered a
new era when it went public in 1999. A second major change came in 2006 when Lloyd C. Blankfein replaced Henry Paulson at the rms top post.
Paulson, a longtime Goldman leader, left the bank to become Secretary of the U.S. Treasury.
Another big shift occurred in fall 2008. After witnessing the sudden bankruptcy of Lehman Brothers and Merrill Lynchs acquisition by Bank of
America, Goldman Sachs and Morgan Stanleythe last two large independent investment banks still standingdecided to take matters into their own
hands. In the midst of Congress endeavoring to pass a $700 billion rescue package for big Wall Street players, Goldman and Morgan both requested
to become bank holding companies. The requests were granted by the Federal Reserve on September 21, 2008, meaning Goldman and Morgan
Stanley are now regulated by several federal supervising organizations, and not only overseen by the Securities and Exchange Commission. The holding
company status also means Goldman and Morgan will have to lower the amount they borrow versus their capital, resulting in nancially safer institutions
with limited upside potential with respect to prots. (Ofcially, Goldman Sachs became a nancial holding company on August 14, 2009.)
On September 23, 2008, Goldman had a bit of a reversal of fortune when investing guru Warren Buffett said his rm, Berkshire Hathaway, would buy
$5 billion in preferred shares in Goldman. Analysts applauded the move, as did investors, which immediately pushed Goldmans stock up 16 percent
in after-hours trading.
During 2009, Goldman returned to doing what it does best: making money. In mid-2009, the rm received permission to repurchase 10 million shares
the U.S. Treasury bought from the company under its Troubled Asset Relief Program, and repaid the $10 billion it received from the program. And at
the end of the year, Goldman booked more than $13 billion in net income for its scal 2009 (after booking just $2 billion in income for 2008). Along
with the return of big prots came the return of paying out of big bonuses, a touchy subject on Main Street given that large banking rms, including
Goldman, helped bring the worlds economy to its knees (in Goldmans defense, the rm set aside only 36 percent of its revenues for bonuses in 2009,
a dip versus the 48 percent it set aside in 2008).
Not helping the banks PR matters, in April 2010, the SEC led a civil suit against Goldman Sachs and one of its vice presidents (Fabrice Fab
Fab Tourre), alleging that the rm and the VP defrauded investors by misstating and omitting key facts about a nancial product tied to subprime
mortgages as the U.S. housing market was beginning to falter. In July 2010, Goldman Sachs settled the (highly-publicized) suit with the SEC, agreeing
to pay $550 million without admitting or denying any wrongdoing.
Despite the less than stellar press as of late, Goldman is still the leading dealmaker on Wall Street. According to Thomson Reuters, Goldman Sachs
ranked No. 1 in both worldwide and U.S. announced M&A deal volume for the rst six months of 2010, with a 20 percent share of the global market and
32 percent share of the U.S. market. In addition, Goldman is still one of them most highly-desired employers across all industries: the rm ranked No.
6 on BusinessWeeks 2009 list of the Best Places to Launch a Career and No. 24 on Fortunes 2010 list of the Best 100 Companies to Work For.
Goldman Sachs Group, Inc.
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GETTING HIRED
Selectivity [8.89]
Candidates are vetted very thoroughly, going through an on-campus recruiting process and then a second-round Super Day process at a
Goldman ofcea rigorous process that involves a series of two-on-one interviews. The rm looks for candidates that have the drive, passion, and
comprehension to quickly step in and make a difference. Adaptability and being able to quickly digest a steep learning curve are necessities.
Extremely competitive process. Strong candidates are those who stand out academically, have signicant work experience and have a well-rounded
list of activities outside of the classroom.
Candidates should have strong background in the ollowing: leadership, academic achievement, communication and teamwork."
0oldman's interview and callback process is especially vigorous and intensive. Candidates meet a diverse array o proessionals in multiple rounds
of interviews, on college campuses and here at the ofce. As daunting as that may seem, it is very valuable from both the candidates perspective
and from ours, because it provides both sides with a better feel for whether or not the prospective hire has the appropriate skill set, acumen,
professionalism and personality t for the position. Candidates may come from a variety of backgrounds, academic elds and industries; it is not
essential that they have a nance background, but rather show a genuine interest in this business, a strong set of analytical skills, and an ability to
adapt to evolving market and client environments.
0oldman tries to hire smart, driven people regardless o their educational background. The securities division seems to have just as many
quantitative and liberal arts majors as it does business majors, which diversies the culture and makes for great breadth of opinion and perspective.
Goldman looks to hire most of its analysts from the summer internship process, which is the equivalent to a 10-week interview.
joined 0oldman through the summer intern program. was a bit o an unusual candidate, as came rom a non-target school. was able to get
an interview with two members of the human capital management team. They invited me back for a Super Day of three interviews. Following that, I
was offered an internship (for the summer between my junior and senior years of college). Goldman is looking for highly-motivated individuals that
have proven themselves capable of working well in a team environment. Almost without exception, candidates must be willing to sacrice themselves
for the good of the rm.
The rm's hiring process is very stressul but very ecient and results in the best individuals being hired. The rm is looking or a well-rounded
individual. The rm requires a new hire to be intelligent, condent and personable.
Internship Experience
My internship gave me exposure to a wide-range experiences in sales and trading. The rotational program is great way to nd a spot that you are
passionate about and people you enjoy working with.
/mazing. Extremely talented group o people, all well rounded, un, eager to learn. Every person encountered made time to help me learn
throughout the summer. Im amazed at how much the rm invests in its employees at every leveleven interns and rst-year analysts. Rotational
program allows interns the chance to spend three weeks on three different desks, which makes nding the right people, product and role much
more likely.
0reat introduction to nancial markets. / lot o exposure to rm proessionals and senior management. 0reat group o interns."
nternship was challenging. The summer is a great way to experience the industry and rm's culture. t's a 10-week, two-way interview process."
Looking back, 'm amazed at the relationships developed during the internship with very senior people whom have much less access to now
as a full-time analyst. That said, the internship is an incredibly taxing 10 weeks. The hours are difcult, especially coming from college, and the
competition for the full-time jobs is intense. You basically have to perform at interview level for the duration of the summer.
My internship was excellent. The people treat you well and spend time teaching you about the various aspects o the business."
OUR SURVEY SAYS
Satisfaction [8.75]
1ob is ullling, but quite tiring. Tough to get enough sleep."
Can't imagine a better group o people to work with. The product our desk trades is extremely interesting and touches almost every corner o the
market. Very intellectually stimulating.
2010 Vault.com Inc.
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They could do a better job o promotion as well as placement into areas that are a good t and utilize skill sets. t's more o the individual's
responsibility to seek out afnity groups and external projects to help nd fulllment.
enjoy my job immensely."
1ob is very entrepreneurial and rewards vision and hard work."
ntense environment, challenging situations, the opportunity to work with very talented and intellectual individuals."
eel like rom a young age was given pieces to call my own and urged to push mysel and take ownership o parts o the business. am able to
do, on some scale, the job I ultimately aspire to have, almost from the start. I really enjoy my co-workers and the atmosphere at work. It is fast paced
and keeps me interested.
work on subject matter nd interesting and challenging, and work with very smart people whom am continually learning rom."
Having come up through the ranks, rom a junior trader to now an experienced one in xed income products, must say that 've been very pleased
with the level of training, support and guidance that Ive received over the years from the rm. I feel like Ive been able to accrue a high level of
responsibility at a relatively young age. As a trader, its not always bright and sunny every day in the markets, so this job does have its fair share of
stress and headaches. But overall, Im satised with where I am at the moment.
Firm Culture [8.08]
Team-oriented, highly motivated, externally competitive."
Everyone is extremely helpul, all emails are answered, and no one says no. \ery competent people."
Though the rm's culture has been attacked recently, this is still a great place to work."
'm a rm believer in the culture at 0oldman Sachs. The rm is team-ocused, emphasizing integrity and personal development within the
industry.
The rm's culture is one o ingenuity and sel-driven success. The rm is made up o a lot o type-/ personalities that work in a culture allowing
them to leverage each other to be successful.
The competitive culture pushes everyone to be their best. you aren't willing to put in the extra eort, you will not make it here. Everyone works
together toward the same end goal. The level of teamwork displayed at this rm is incredible. And theres a at organizational structure: analysts
learn directly from MDs and partners.
The rm denitely tries to instill the '0oldman culture' in all its employees, starting the rst day they start at the rm. The most important aspects
of this culture are derived from the rms business principles, which seek to engender a sense of teamwork, commitment to the franchise and an
entrepreneurial spirit. In many instances, these ideals are achieved. At the same time, theres denitely an underlying competitive nature at the rm,
lled with overly competitive people, which can detract from the overall work environment. Moreover, I would be remiss if I didnt also acknowledge
that the constant barrage of negative press has hurt the morale around here, and hence the overall culture.
People are always on the same page as it relates to business and smart decisions. Everyone strives to do the right thing and protect the rm's
reputation at all times.
Hours [7.18]
work 10- to 15-hour days and two to our hours on weekends. oten work late at night ater have let the oce to spend dinnertime with my
family.
0etting up early takes a little getting used to, but the schedule is predictable and easy to plan the rest o your social lie around."
/ light week is 60 hours. / normal week is 70 hours. / heavy week is 80 hours plus a Saturday."
nd mysel getting out earlier than used to, but 'm ve years in and still have nights where can't leave until 2 a.m. and eel like need to be
on my Blackberry much more than I thought.
6:00 a.m. to 7:30 p.m. as a rst-year analyst, 6:30 a.m. to 7:00 p.m. as a second-year analyst"
Early mornings in sales-trading make the day quite long."
No late nights and no weekends, so 'm better o than most people in this industry."
love the team and the work, so the days Ny by and the hours don't bother me."
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Manager Relations [8.58]
Managers are 100 percent invested in the career path o their junior team members. They provide eedback multiple times a year, in addition to
the formal review process.
've experienced positive relations with most managers 've come across. For the most part, you're treated with respect, and hence given as much
responsibility as you have earned.
\ery respectul: junior people regarded as the 'senior people o the uture'."
/t very high levels, managers are personable, supportive and outwardly take active interests in junior issues and development. The quality o lower-
ranking managers varies, perhaps due to their lack of experience or product and/or leadership skills.
People are treated as people. There is no hierarchy, and regardless o status or title, everyone eels they're a contributing member o the team and
their opinions are respected and encouraged to be heard.
Managers are easily accessible. They're very concerned about the junior olks."
My manager is incredibly understanding and smart. / great guy to work or."
Formal Training [8.58]; Informal Training [8.35]
The ormal training programs are second to none (based on my personal involvement in them and based on what 've heard anecdotally rom peers
at other banks.
Formal training programs beore you hit the desk are top o the line, maybe best o the Street. 0reat opportunity to meet hundreds o your ellow
analysts before everyone spreads out across the globe. Invaluable relationships are made. Informal mentoring programs once you hit the desk arent
as strong. You sort of have to make it your priority to nd a mentor and keep them involved.
Both intern and analyst training as well as continuing education are stressed as major parts o rms growth. Senior-level people take it very seriously
and are very involved.
Training someone or work in the markets is very dicult, as the best learning is done on the job. /side rom a PhD in economics or math, there
isnt much I think formal training could have given me to prepare me for my time on the desk. That said, senior people are extremely dedicated to
forging strong mentoring relationships with junior people. Most realize the importance of mentors in their career ascension and desire to provide the
same mentorship to others. I think this characteristic is particularly strong at GS.
Many training programs are available, some are mandatory. The rm has many tools and resources to help employees get up to speed on their
roles. Mentoring structures vary across divisions; however, both internal and external mentor opportunities are offered through formal programs
and afnity groups and rm afliations.
0oldman Sachs University provides courses year round in a variety o subjects."
\ery good. we require a specic number o training hours each year (both education and diversity)."
Compensation [7.88]
ou are compensated well or your actual perormance. There is no surprise: it is a results-oriented business and they give you the opportunity to
make money and, if you do, you are compensated for it.
Competitive with the rest o the Street."
/dequate compensation."
To say the rm is generous means they are paying more than what you have earned. think people at 0S work extremely hard (maybe harder than
average) and are thus paid well (maybe more than average).
Compensation varies across divisions. ndividual perormance, the rm's overall perormance, manager discretion and job level are all key
determining factors. Widespread media reports typically do not accurately depict rm practices as they relate to compensation amounts.
ear-end bonus as a rst-year in my division was very minimal."
They recognize the hard workers and pay to keep them on board."
The rm pays well."
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Perks
Respondents point out that the rm offers free car rides home and dinner if working late, prot-sharing programs, moving expense reimbursement,
free or subsidized gym memberships, telecommuting, ex-time, paternity leave and extended maternity leave.
Diversity with Respect to Women [8.79]; Minorities [8.79]; GLBT [8.61]
The incoming classes are very diverse across all categories, and as the rm operates on a more and more international scale, the highest levels o
the rm are increasingly diverse.
The rm maintains a strong commitment to diversity, and mandates that all employees participate in at least two hours o diversity-related training
per year.
\arious anity networks oered."
Diversity varies depending on division. /cross the board, the rm has illustrated a strong commitment to diversity hiring. But promotion and
retention of people of color needs to be improved. This is the consensus within the rm. We hope to collectively take action to improve this.
/s a woman, think they pay very close attention to hiring and keeping women. They give generous maternity leave options: our months."
think we do a good job at getting women and diversity candidates in the door, but or real success we need to work on better retention."
Environmentally Friendly Practices [9.33]
0ur new oce building is completely designed around sustainability."
Largest owner o LEED certied buildings in NC."
think they've gone o the deep end in this regard. They took away the large coee cups to save paper, they have a crazy elevator system that is
energy efcient but not people efcient, the shades go up and down automatically, and they grow grass on the roof and make ice in the basement
at night.
0ood recycling programs and environmentally riendly building designs and inrastructures."
New building is all green, even orks are recycled."
we ocus a great deal on green initiatives. The new building at 200 west Street is a good example o that."
Ofce Space [8.83]
work on a trading Noor, and we are ully equipped. The oce is based more on eciency than luxury."
Brand-new building, amazing gym and health centers, great caeteria and dining options."
you asked me while was working in 85 Broad, would have had a much dierent answer. But 200 west street is =a state-o-the-art acility, and
the rm should be very proud of it as its headquarters.
Building is a bit out o the way rom public transportation, but very nice."
\ery beautiul, technologically advanced, great amenities."
0orgeous building."
Business Outlook [8.54]
Best o breed in most business lines, and continues to operate in this manner through all types o economic environments."
Managed the crisis better than everyone else, with industry-leading risk management. 0nly headwinds at the moment are public scrutiny and
regulation.
So much depends on the regulatory environment, which is at the whim o a populist and partisan administration and Congress. This has certainly
weighed on employee morale, but this sentiment is shared across the Street. Theres also a very competitive hiring environment out there, as up-and-
coming dealers and other large institutions are seeking to rebuild. Hopefully GS can respond effectively to the challenges that it currently faces, and
Im condent that the rm is still positioned to thrive; its people are sharp, creative and adaptive to change.
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" constricting reorm is avoided, 0S remains as well positioned as ever to thrive. larger, structural risks to the industry materialize into actual
operational hurdles, then the entire industry will suffer.
Many continued challenges ahead given the increased opposition rom media and government. However, it is evident that our client ranchise
remains strong, earnings are up (beating analysts expectations and competitors) and our people remain dedicated to our rms culture.
Extremely high degree o scrutiny rom the general public, government and media is uncomortable."
Political risk is obviously on everyone's mind and will inNuence the rm's outlook or the rest o the year. Morale is high internally, and employees
are aggressive in maintaining our public face.
0iven the strength o our people, think we're well positioned or the uture."
Fun Facts
/ll employees are oered a day o to participate in a community service activity through a program called Community Teamworks!, which is
organized and paid for by the rms charitable services group.
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THE BLACKSTONE GROUP L.P.
345 Park Avenue
New York, NY 10154
Phone: (212) 583-5000
Fax: (212) 583-5712
www.blackstone.com
DEPARTMENT/DIVISIONS
Credit & Market Alternatives
Closed-End Mutual Funds
Funds of Hedge Funds
GSO Capital
Financial Advisory Services
Blackstone Advisory Partners LP
Private Placement Advisory (Park Hill Group)
Restructuring & Reorganization Advisory
Private Equity
Real Estate
THE STATS
Ticker Symbol: BX (NYSE)
Chief Executive: Stephen A. Schwarzman
2009 Net Income: -$715.3 million
No. of Ofces: 17
KEY COMPETITORS
Goldman Sachs
KKRG
Lazard
Morgan Stanley
RANKING RECAP
#2-Best to Work For
#2-Business Outlook
#2-Compensation
#2-Prestige
#5-Selectivity
#7-Culture
#10-Ofce Space
#15-Hours
#16-Diversity With Respect to Gays and Lesbians
#17-Diversity With Respect to Minorities
#17-Formal Training
#20-Diversity With Respect to Women
UPPERS
The responsibility given to junior people is unparalleled
across Wall Streetyoull learn far more and make more
high-level contacts than you would anywhere else
Extremely smart people; strong camaraderie
Incredible exit opportunities
DOWNERS
The hoursyoull be sacricing a lot of your personal life
Stress, high pressure
No handholding
EMPLOYMENT CONTACT
www.blackstone.com/careers
Lords of the universe
Snobby, pretentious
Strong M&A and restructuring groups in addition to their
top-tier PE funds
Forget about sleepingyou wont have a life; if that
doesnt bother you, then Godspeed
THE BUZZ
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2
PRESTIGE
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THE SCOOP
Going back to Lehman
The Blackstone Group was rst founded as an M&A boutique investment banking back in 1985 by Stephen A. Schwarzman and Peter G. Peterson,
two former Lehman Brothers bankers. At Lehman, Schwarzman was the chairman of mergers and acquisitions, and Peterson was chief executive of
the rm. Despite their top-level clout, Blackstones early days were humble.
When the rm rst opened in New York City, it had a startup-sized staff of four and a modest balance sheet of $400,000. However, the group of four
persevered, and Blackstone earned its place in private equity history, particularly in the United States, when it completed the rst major initial public
offering of a private equity rm in June 2007, raising a $4 billion dollars from the oat. At the time, it was also the largest U.S. IPO since 2002.
Today, two decades after its founding, the rm has ofces across the U.S., in New York, Atlanta, Boston, Chicago, Dallas, Houston, Los Angeles, San
Francisco and Menlo Park, Calif. It also has international outposts in London, Paris, Mumbai, Hong Kong, Beijing, Shanghai, Sydney and Tokyo. The
rms global headquarters remains in New York City, in prestigious ofces on Manhattans Park Avenue. As an investment group, Blackstone says it
maintains a small rm in order to give senior-level attention to clients, and invests only in friendly takeovers rather than in hostile bids.
The rm mainly operates in alternative asset investing, such as private equity, real estate, corporate debt and hedge funds, but also has a small but
strong corporate and restructuring advisory business. In addition, it invests signicant amounts of its own money.
How theyre set up
The rms business segments include private equity, real estate, nancial advisory, and credit and marketable alternative asset management. The
rm is a renowned market leader in private equity investing, and is one of the largest international players in the real estate business. Blackstones
nancial advisory business is structured into three divisions: nancial and strategic advisory services, restructuring and reorganization advisory services,
and private placement advisory services. Credit and marketable alternative asset management includes funds of hedge funds, closed-end mutual
funds and GSO Capital (a $20 billion credit business founded by the men who built and ran the leveraged nance businesses at Donaldson, Lufkin &
Jenrette and Credit Suisse).
Its a private (equity) matter
Recognized as one of the worlds largest and most respected private equity rms, Blackstone focuses mainly on leveraged buyouts of more mature
companies and friendly investments in large capitalization companies. In addition, the rm invests through minority investments, corporate
partnerships, industry consolidations and sometimes through startup investments.
Blackstones corporate private equity ofces are mainly based in New York, London, Menlo Park, Mumbai, Shanghai and Beijing. Blackstone has
traditionally relied on private equity funds from a range of sources, including pension funds, insurance companies, sovereign wealth funds, institutional
investors and high-net-worth individuals.
Stock slump
The debut of Blackstones IPO in June 2007 made a big splash in the nancial and seemed to herald the coming of a new era of private equity rms
going public with huge results. However, the timing of Blackstones foray into the public sphere proved to be ill fated. Since the stocks debut at $31
a share (and then a quick rise to $38 a share), things have gone steadily downward. As of July 2010, the stock was hovering around $9 per share,
less than one-third of its original value.
GETTING HIRED
Selectivity [8.96]
we received thousands o resumes or the less than 10 spots available this all. 0nly those candidates who attended a top 10 school, have a 0P/ o
3.7 or higher and did investment banking or PE as a summer intern are considered for interviews. The quality of the candidates that end up getting
interviews is outstanding; they are standout students at their school and really want to work hard.
The interview process is extremely competitive. we're looking or people who are open minded and highly motivated, with proven excellence in prior
academic and professional endeavors. They must also have strong analytical and quantitative skills, strong communication and writing skills, the
desire to work in a small team environment, maturity and excitement about the capital markets. In addition, they should be motivated to learn and
engage in active dialogue about opinions developed through thoughtful analysis, and have an interest in gaining a broad perspective and exposure
to investing, as well as an interest in developing a long-term career path within an organization that offers tremendous growth prospects.
The Blackstone Group L.P.
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we're looking to hire a select ew who are able to hit the ground running. They do not necessarily need to have a strong nance background, but
they must be able to learn quickly and not ask the same question twice.
\ery ocused process. Selection or interviews is based primarily on academic achievement (it's dicult to get an interview with below a 3.7 0P/).
We look for candidates who are extremely bright intellectually and will contribute culturally to the rm. The group is so small that we cant take a
chance on someone who may not be the right t.
we typically have a ew rounds o interviews, one round will be a Super Day. For entry-level candidates, we're looking or very intelligent individuals
with an enthusiasm for learning who can get up the curve quickly. They should be a good t socially.
ou interview with many dierent employees. interviewed with nine people in total."
The rm is incredibly selective, largely taking only the best and brightest rom a select ew elite schools, primarily wharton and Harvard."
My internship experience was great. /t the beginning, you're paired with a current analyst and work under them to begin to learn the business
(which is great for someone who does not have a business background from college). By the end of the summer, you are staffed on a deal by yourself
and really get a feel for what the analyst position entails. The social events are an excellent way to get to know people throughout the rm.
Learned a lot. Lots o responsibility or interns. 0ten staed on projects without a ull-time analyst."
OUR SURVEY SAYS
Satisfaction [8.76]
've been very satised with my experience at Blackstone. Senior people in the group care about my career development, and eel like 've been
able to excel at Blackstone.
am satised overall. get good benets and 'm always challenged."
Hours can be rough, but you get lots o responsibility, much more than what 've heard about at other banks."
've learned an incredible amount in my job. think analysts are given an enormous amount o responsibilityar more than at any other rm
where my friends work. You are expected to voice an opinion and need to be comfortable walking very senior people through your analysis and the
complexities of a deal. I think that I would not have gotten such a fulsome experience anywhere else.
Excellent deal Now even during the recession. Unrivaled track record in terms o exit opportunities. Firm also tends to be very supportive o personal
issues. And given the small size, you form a strong camaraderie with your peers and superiors. Compensation is also top-notch.
we don't work as hard as the bulge bracket, but we see just as much deal Now as some o the major bank. /nd with only 15 analysts in the whole
group for all industries, its much more intimate.
Firm Culture [8.48]
\ery competitive and ast-paced."
Extremely stressul work environment at times, smart nice people."
0etting better, very ratty."
t's a very collegial environment ocused on apprenticeship and learning."
Dierent groups have dierent cultures."
0reat team building events to bond with your colleagues. Emphasis on philanthropic activity."
\ery strong culture. Relationships with senior bankers are also extremely strong. 0ccasionally things can get very stressul given the high level o
responsibilities and the small size. Junior analysts often feel thrown into the re. Not a place for people who need a lot of handholding.
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Hours [6.57]
Hours are never perect in investment banking."
wish worked ewer hours, especially when need to work on the weekends. t has gotten better, but still think that work too much."
ou will work a lot o hours, but at the same time you are doing important workyou are denitely not spending time doing massive pitch books.
However, you unfortunately do have to sacrice your personal life a bit, especially during the rst year.
Hours can be long, but more than the hours, the stress level tends to be higher than at other placeseven or the same number o hours worked.
Small deal teams means analysts often have to take ownership. However, less time is spent on B.S. than at bulge brackets.
would like more Nexible hours and vacation time."
\ery proessional and collegial."
The managers tend to be very respectul o the junior people at the rm. There is no yelling or screaming at junior people. The managers are
interested in the opinion of the junior people and take a vested interest in their professional development. Some of them take time out of their days
to explain a difcult concept or to have an intellectual debate over an aspect of the case with a junior person. While you will work long hours for
them, they realize this and try to make up for it, buying breakfasts or dinners, making sure you are allowed to go home and sleep for awhile after
a long night, etc.
0reat access to senior managers. They truly value junior proessionals' opinions."
Treatment is satisactory overall."
\ery hit or miss. Most are very good, a ew very bad apples."
This is one o the best things about the culture o the rm. /nalysts interact with MDs and SMDs every day. Much less hierarchical than most other
places. Senior bankers are also extremely supportive on a personal level.
The rm does a good job with the ormal training programs or analysts hired out o college. The on-the-job training and inormal teaching by other
members in the group are superb.
Standard wall Street training at the beginning o program, but great on-the-job training and mentorship throughout your time as an analyst."
The ormal training is a month-long process that ound very helpul. /lso, it's about the perect amount o time, anything more would get very redundant.
The associates are great mentors; especially when youre just starting, theyre willing to answer any question at all hours of the day, which is incredibly helpful.
Not much training goes on. Most junior-level people are expected to enter with the skills necessary to do a good job.
Training lasts only three weeks, which are is very compressed. Most of the learning occurs on the job. Analysts are given real responsibilities right
away. Those who succeed tend to be quick learners and self-starters.
've been able to attend various training classes osite every year 've been here."
Compensation [8.67]
Compensation including salary and year-end and signing bonusis good by investment banking standards."
/lways pays higher than the top tier o the bulge bracket."
t's 0oldman's top plus $10,000."
Compensation is overall air, but they are not generous with raises. Bonuses are better than average, but 've gotten higher bonuses in years where
I didnt work as hard.
Extremely generous. Blackstone has never not paid above the Street. made literally twice as much in '08 and '09 as many o my riends at bulge
brackets. Associate bonuses are also signicantly above the Street.
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Perks
Discounts at our portolio companies, such as Hilton Hotels."
0pportunity to invest side-by-side in the private equity und and carried interest programs."
Theater discounts."
Respondents also point out that the rm offers free car rides home and dinner if working late, prot-sharing programs, moving expense reimbursement,
free parking, free or subsidized gym memberships, telecommuting, paternity leave and extended maternity leave.
The rm is striving to become more diverse, but there are still very ew women in the various groups."
Not as diverse as other investment banks but very tolerant and receptive o women, minorities and 0LBTs."
There are about 100 people in our group and, excluding admin sta, ve o them are women, o which only one is senior. There are no /rican-
Americans in the whole group. But there are other minorities present.
The rm interviews and seeks to hire a diverse mix o analysts and associates. whether through sel-selection or other actors, there are ar ewer
women than men. But minorities are well represented.
For women, the maternity leave is air but could be better."
Environmentally Friendly Practices [6.63]*
we don't have recycle bins. Someone in the basement is paid to go through the trash and recycle. think that's very primitive and should
change.
*According to Blackstone, the rm recently rolled out a new recycling program, separating paper, bottles and cans, and wet trash.
Ofce Space [7.35]
0reat location, good work space. Some parts o the oce are newer than others."
Depends on what oce. New ork oce is okay, London, Menlo Park and Boston oces are all exceptionally niceand analysts oten have their
own ofces.
The current Noor plan is very outdated."
Kind o dumpy."
"0ce space is great or most Noors."
Have done extremely well during the recession. Much more nimble and stable business model. Not susceptible to many o the issues that plague
the bulge brackets. The rm has no debt, never took taxpayer money, is not subject to excessive government oversight, is expanding while others
are shrinking and has never had layoffs.
Blackstone will continue to be one o the top private equity, advisory and investment rms."
Blackstone is growing quickly and protably."
well positioned. 0ood relationships in place and great reputation as an independent advisor."
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J.P. MORGANS INVESTMENT BANK
270 Park Avenue
New York, NY 10017
Phone: (212) 270-6000
Fax: (212) 270-1648
www.jpmorgan.com
BUSINESSES
Investment Banking
Investment Banking Risk
Research
Sales & Trading
THE STATS
Employer Type: Division of JPMorgan Chase & Co.
Chief Executive, JPMorgan Chase & Co.: James Dimon
Chief Executive, J.P. Morgans Investment Bank:
James Staley
No. of Employees: 24,000 (approx.)
No. of Ofces: 60+
KEY COMPETITORS
Bank of America Merrill Lynch
Barclays Capital
Citigroup
Credit Suisse
Deutsche Bank
Goldman Sachs
Morgan Stanley
RANKING RECAP
#1-Formal Training
#2-Culture
#3-Best to Work For
#3-Prestige
#4-Selectivity
#7-Buisness Outlook
#8-Compensation
#8-Hours
#8-Ofce Space
UPPERS
Quality of the employee basepeople are great
The deal ow: opportunity to work on complex and high
prole transactions
Cooperative culture
DOWNERS
Intense pressure and long hours
Can be bureaucraticits a pretty big company
Employment risk when markets decline
EMPLOYMENT CONTACT
www.jpmorgan.com/careers
Great bank; large, well respected and came out of the
crisis doing very well
Goldmans shadow
Run by the best CEO in the business: even Obama cant
resist the charm of Jamie Dimon
Its getting too big; easy to beat
THE BUZZ
3
PRESTIGE
RANKING
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THE SCOOP
It was a Bear market back then
J.P. Morgans investment bank offers investment banking, sales and trading, research and IB risk services. The investment bank is a part of New
York-based JPMorgan Chase & Co., a nancial services rm with $2 trillion in assets and nearly 220,000 employees. JPMorgan Chase provides
investment banking, asset management, treasury and securities services, private equity, retail nancial services and card services to clients across
the globe. JPMorgan Chases CEO, Jamie Dimon, is one if not the most well-known chief executives on Wall Street. Hes also one of the highest paid
execs: for his work in 2009, Dimon received a bonus of $17 million. That might sound like a lot, but its only a fraction of the $11.8 billion in net
income JPMorgan Chase booked in 2009.
On the investment banking side, J.P Morgan offers M&A advisory, capital markets, prime brokerage, restructuring, risk and research. J.P. Morgans
investment bank is headquartered in New York, with major international ofces in London, Tokyo, Hong Kong, Singapore, Sao Paolo and Mumbai.
Some of the worlds biggest rms are clients of the international J.P. Morgan, which offers products and services through what it calls integrated
global delivery.
A lot of J.P. Morgans prime brokerage capacity was gained from its spring 2008 integration of New York-based Bear Stearns. In early 2008, Bear
Stearnsa long-established investment bank and brokerskirted insolvency after reporting a 61 percent plunge in 2007 prots and $1.2 billion in
write-downs on mortgage-backed securities. The industry began to panic as fears of a market crash loomed on back of a potential Bear Stearns
collapse.
On March 14, 2008, JPMorgan Chase arranged emergency funding for its once competitor Bear Stearns, with the aid of the U.S. Federal Reserve as
the liquidity crisis deepened. Bear Stearns shares dropped in value by 50 percent. Two days later, JPMorgan Chase agreed to buy Bear Stearns for
$236 million dollars, or $2 a share. Soon after this initial agreement, J.P. Morgan amended the merger terms. Under the new terms, each share of
Bear Stearns common stock was exchanged for 0.21753 shares of JPMorgan Chase & Co. common stock, or approximately $10 dollars a share. In
April 2008, the two rms investment banking units were brought together.
Changing the course of history
J.P. Morgans history extends back to 1799 when the New York State Legislature chartered The Manhattan Company to supply pure and wholesome
water to the citizens of New York City. In the charter, the legislature made some provisions that permitted The Manhattan Companys involvement in
banking. That marked what the rm describes its earliest predecessor institution.
J.P. Morgan also has some European roots. When J. Pierpont Morgan established J.P. Morgan & Co. in New York in 1861, the bank initially served as
a New York sales and distribution ofce for his fathers rm, J.S. Morgan & Co., which was an underwriter for European securities. However, it wasnt
until 1871 that the ever-enterprising J. Pierpont Morgan and Philadelphia banker Anthony Drexel formed a private merchant banking partnership in
New York called Drexel, Morgan, and Co.recognized as the earliest partnership that evolved into the modern J.P. Morgan rm.
The rm proudly quotes one of its founders as saying that J.P. Morgan has always been doing only rst-class business ... in a rst-class way. And
the facts of the rms history certainly support the claim. In 1895, the rm delivered the U.S. government from its then-economic crisis, and in 1901,
J.P. Morgan was the rm behind the creation of United States Steel, the worlds rst billion-dollar corporation. In 1907, the rm bailed out both New
York City and the NYSE from insolvency. Arguably, J. Pierpont Morgans greatest talent was recognizing an opportunityand taking risks when others
wouldnt. A perfect example of this occurred in 1882 when he believed that Thomas Edisons remarkable new inventionthe light bulb had been
adequately developed for him to take the plunge and have an entire system of lights installed at his Madison Avenue home in Manhattan. Morgans
became the rst private premises in the city of New York to be entirely lit with Edisons practical new invention.
On the morning of J. Pierpont Morgans funeral in 1913, the NYSE remained closed until noon, which is an honor that was then (generally) reserved for
the heads of state. Even after the death of the rms leader, J.P. Morgan continued its tradition of rst-class business. In 1915, the rm arranged
the then-largest foreign loan in Wall Streets history, a $500 million Anglo-French loan, and acted as a purchasing agent for the Allies in the U.S.
GETTING HIRED
Selectivity [9.08]
Highly competitive hiring process. Candidates are evaluated on the quality o their academic records, the quality o their prior work experience, their
passion to serve as a professional in nancial services, and their maturity and drive. The summer internship program (for both BAs and MBAs) is
the best opportunity to earn a full-time position.
Looking or candidates that are intelligent, possess leadership potential and t the team culture o our rm."
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Two-on-one rst-round interview ollowed by our second-round interviews."
Recruiting process is very ocused on t. nitial rounds o interviews tend to be technically ocused, with subsequent rounds ocused on t. Firm is
looking for top caliber candidates from diverse backgrounds.
Recruiting process is constantly evolving to ensure the rm targets top talent and ensures air access in order to preserve rm-wide diversity. 1PM
is looking to hire smart and self-motivated team players that are engaged in the community and have strong ethics and character.
Being extremely bright is a prerequisite or entry but not nearly enough to get you in the door. you want to work at 1.P. Morgan, you also have to
prove that you can think on your toes and outside the box. The hiring process is rigorous, but J.P. Morgans policy is to be as straightforward, fair
and expedient as possible. Todays interviewees are treated like tomorrows colleagues or clients.
0reat mentorship programs, social events and unlimited access to senior people."
Summer experience encompassed live transaction experience, networking events with peers and senior leadership o the investment bank, and
both formal and informal mentoring.
0reat experience, met senior management and now have a great network throughout 1PM, as my peers are in all dierent divisions."
OUR SURVEY SAYS
Satisfaction [8.59]
1.P. Morgan has a best-in-class global platorm and provides you with a tremendous opportunity to succeed. Here, you work with driven, highly-
intelligent professionals who operate in a transparent and ethical manner.
enjoy advising clients on unding strategies whether in the context o M&/ or renancing existing debt maturities."
\ery satised with my level o transaction experience and responsibility. Strong culture o teamwork and promotion o diversity and mobility make
for a positive work environment.
1.P. Morgan is a antastic place to work. nternal culture is extremely collegial and respectul. ncredibly smart and driven people truly ocused on
what is best for the client.
n my 10 years here, 've been given many opportunities or lateral and upward mobility. t does not hurt that 'm working or a great group inside
of a great rm. With Jamie Dimon leading the company, I feel a lot more secure working at J,P. Morgan.
work with some great people, but the hours can be brutal."
0ur clients are some o the world's most complex companies, and we help them with some o their toughest problems. The more interact with
my peers at other rms, the more condent I become that the senior bankers for whom I work are more consistently at the top of their game than
seniors at other leading investment banks.
Firm Culture [8.95]
\ery inclusive. /ll about teamwork."
The tone at 1.P. Morgan is set at the top. 1amie Dimon, our CE0, is intelligent and driven, and he demands that all proessionals do 'rst class
business in a rst class way.
Meritocratic, open to diverse views and backgrounds, results-driven."
The people at 1.P. Morgan are one o my top reasons or staying. My colleagues have a vested interest in my career progression. People are
rewarded for the quality of their work.
\ery team-oriented and not a star culture. mpossible to progress at the rm unless you're willing to work in close partnership with colleagues.
People work very hard but know how to have fun as well. The relationships among colleagues extend beyond the ofce.
Sometimes it can be overly bureaucratic."
From 1amie on down, we have a culture o directness and an intolerance o silos."
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Hours [7.09]
The day starts early but rarely lasts past 7 p.m., and almost never spills into the weekend. /nalysts and associates get our weeks o vacation each
year and many managers encourage their junior people to use it.
/s have progressed throughout my career, the number o hours spend at the oce has declinedeven as the commitments on my time have
increased. I now travel two to three days per week and regularly speak with clients.
ndustry as a whole has taken steps backwards with hours due to stang shortalls ollowing the crisis in 2008. People at all levels and all rms
are working longer than they did pre-crisis. I think J.P. Morgan is more focused on remediating this than most, but it will be a slow, tenuous climb
to make improvements given the resource/workload ratio.
/s a salesperson on the commodities trading desk, work rom 6:45 a.m. to 6:45 p.m., and sometimes stay later to work on projects. when
worked for the asset-backed securities originations team (in corporate nance), my hours were 8:30 a.m. to 10:00 p.m., with some all-nighters
related to transactions.
/s have progressed rom analyst to vice president, my hours have improved drastically. However, my hours remain long relative to others
industries.
work a lot o hours, but in return receive great transaction experience. t's a trade o that am ne with."
nvestment banking hours here are normal compared to the Street. There's certainly more Nexibility once you learn the ropes and get more senior.
Also, having good people work with you makes long hours bearable.
work on large cap public companies' M&/ deals, the hours are very demanding or bankers at all seniority levels."
nvestment banking calls or a tradeo: all o the good parts o the job come with a price tag, and hours are that price tag."
Managers are very invested in the young talent. My relationship with my manager is extremely pleasant, and can almost say the same or the rest
of the rm.
Managers treat junior proessionals in a respectul, honest and transparent way."
The rm has councils o senior MDs that meet to address junior resource concerns and propose steps to resolve them."
Senior managers make a concerted eort to include juniors on all aspects o transactions, rom the pitching stages to deal execution."
Environment is lled with a tremendous amount o respect at all levels. have never seen abusive behavior or disrespect that is stereotypical o
investment banking.
we treat our junior bankersanalysts and associateswith respect and make sure they understand how the business is being run and why. 0n
the other hand, we work them hard.
1.P. Morgan's program is the best and most comprehensive on the Street. Entering analysts and associates are both required to attend eight weeks
of on-site training.
Formal training starts at the internship level, continues at the new hire level, and urther continues even at the associate, \P, ED and MD levels
(when training becomes more specialized to role and management level).
0ur ormal training programs are extraordinary. /lso, in 2009, the rm implemented ongoing training requirements to supplement the initial training
program.
\ery comprehensive program that covers all o the key tools o an analyst/associate. Denitely helps to level the playing eld between liberal arts
majors and nance majors. For continuing education, theres an internal investment banking university where junior people can take courses on
specialized topics. All summer interns are given a junior mentor, a senior mentor and usually a school buddy (college alums). All new full-time
analysts/associates are assigned mentors as well.
0ur ormal training program is rigorous, and each year some o our top-perorming analysts and associates take two months away rom the oce
to act as tutors at analyst training. Still, the best training comes on the job.
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Compensation [7.43]
Salaries are competitive. There is a 401(k) matching program and an employee stock purchase program as well."
Satised with the market-level salary and year-end incentive bonus. 1ust recently received a raise in salary in order to be paid in line with the
marketwhich was nice and surprising, as it was unprompted. Good to know that the rm is looking after my interests and is keen to keep me
without me being required to shop around rst.
1.P. Morgan has been extremely generous, especially to juniors, in terms o base salary and bonus or top perormers."
Compensation at my level was at the high end o the Street."
1PM historically has been a ollower rather than a leader. Since the movements in compensation eel reactionary, it ensures that comp will be in
line with the street. The shit in total comp to more base salary at the expense o bonuses! was well received."
There needs to be more clarity around decisions surrounding bonuses and compensation."
My perception is that total compensation, which is the most important metric, is very competitive with similar rms. 'm not sure how well we
compare on base salaries. The vesting schedule on restricted stock is reasonable.
1.P. Morgan compensates employees airly and is a leader in publicly making the (currently unpopular) intellectual case or wages in investment
banking. Over a long period of time, I feel good about my opportunity to be paid well here. On the other hand, J.P. Morgan will never be the top-
paying rm.
was paid at the high end and still wanted more."
Perks
/rts and culture employee benet program gives employees reduced or ree admission and discounts to select museums and other cultural
sites.
Free entry to almost any New ork City museum."
joined the rm in 2007 and wanted to start a women's network or the analyst and associate women at 1.P. Morgan. Senior Management has been
nothing but supportive of the project. Even at market lows, they remained committed to creating and sustaining a culture that trains and retains top
female talent.
we have multiple employee network groups: women, /sian, /rican-/merican, Hispanic, transgender, lesbian, gay."
1.P. Morgan is genuinely committed to diversity, and its diversity eorts include special programs designed to target and hire high-perorming
members of diverse communities. These programs include Proud to Be for GLBT candidates and Launching Leaders for black, Hispanic and Native
American candidates.
1.P. Morgan is sincere in its receptivity to diversity, but we are not always successul on the outcomes. Part o this is attributable to the composition
of graduates at top universities pursuing careers in investment banking and due to concerns around work/life balance issues (for female diversity).
Still, JPM should do better of this front.
There is natural attrition o women in the workplace as some ocus their attentions to amily, however, Nexible work arrangements allow some to
stay on their career track while balancing other priorities. Mentoring opportunities abound as a derivative of the training program and employee
networking organizations.
1.P. Morgan has been successul in attracting minorities. However, the institution has to work on the retention and promotion o minorities."
we ace the same challenge that other rms do in maintaining the percentage o diverse individuals at each step up the ladder. while we can point
to many senior leaders in the rm with diverse backgrounds, were cognizant of the need and are committed to do more.
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1.P. Morgan, along with two other investment banks, established carbon principles in 2008."
we support numerous environmental groups, and we only use recyclable utensils in our caeteria."
1.P. Morgan is committed to reducing its carbon ootprint and growing its reputation as a corporate philanthropist."
we have recycling bins on the Noors and there are some promotions related to environmental awareness, but there is room or improvement."
nvests in the low-carbon economy and in building eco-riendly oces/branches."
when our renovation o our headquarters at 270 Park /venue is nished, it will be the largest non-new build LEED Platinum certied building in
the world.
Ofce Space [7.57]
Location on 47th and Madison is one stop rom my apartment in 0rand Central. Commuting could not be any easier, and there is an underground
passageway from Grand Central to the 383 Madison building, which is great for the cold New York winters.
am in the oce or most o my time during the day and have to say, am pleased with the living conditions."
Midtown location next to 0rand Central is very convenient. Trading Noors are big and consolidated, which helps in bonding across desks. 0ces
upstairs are a little maze-like but have great views. Elevators are slow, and the cafeteria is mediocre.
The investment bank's new oce space in the ormer Bear Stearns building is much more comortable than 270 Park. The air quality even seems
better in the new building.
Midtown East location is much better than Midtown west or Downtown. Proximity to 0rand Central allows or a variety o commuting options. 0lad
not to be in Times Square, which is jam packed with tourists and police. Also glad not to be Downtown, which is a total ghost town after 6 p.m.
0ur oces are unctional and eature great views. But in keeping with our culture, they're not lavish."
1.P. Morgan is strong nancially and has a very strong personnel base. 'm condent in the rm's ability to make it during the tough times."
1.P. Morgan is well positioned to expand its market share and grow its earning base, given its outstanding management team, best-in-class platorm
and strong momentum.
Regulatory changes aside, 1.P. Morgan looks well positioned or the year ahead. Strength and cohesion o internal senior management is very
high.
we are in a position to thrive, with rm leadership that's both smart and strong yet still keenly attuned to junior level needs. Training and mentorship
strengthens the rm from the bottom levels on up. Overall, life here seems fair, merit-based and productivethis keeps people satised and
motivated.
The rm is the most strongly positioned bank, both rom a nancial stability and business model perspective as well as a political perspective, which
is becoming more and more crucial in this environment.
well positioned or growth: strong balance sheet, ethical leadership."
while everyone's perormance suered during the recent economic downturn, our market share and client mind share improved."
The business outlook is also very Nuid, we don't control our own destiny nowadays, what with the washington crowd all over the protability o the
sector.
1.P. Morgan is very well-positioned to thrive post-nancial crisis, with a ortress o a balance sheet, improved strategic positioning across all o our
businesses and a great leadership team. The two question marks are macro ones: How will regulation impact our industry? And How robust and
sustained will the recovery be? No matter how adverse the answers to those questions, I still feel good about our relative positioning.
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Fun Facts
1amie Dimon leads the Corporate Diversity Council, a group o senior leaders rom across the company who set the vision and strategy or diversity
at the rm.
/ well-kept secret: 1.P. Morgan's art collection. you speak to the art department, it will arrange to have a work displayed in your oce."
1amie Dimon buys coee rom the street cart at the corner o 270 Park."
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11 Madison Avenue
New York, NY 10010-3629
Phone: (212) 325-2000
Fax: (212) 325-6665
www.credit-suisse.com/investment_banking
Businesses
Asset Management
Information Technology
Investment Banking
Investment Banking Operations
Private Banking
Shared Services
THe sTATs
Employer Type: Business Unit of Credit Suisse Group AG
CEO, Credit Suisse Group: Brady Dougan
CEO, Investment Banking: Eric Varvel
2009 Net Revenue: CHF 33.29 billion*
2009 Net Income: CHF 6.7 billion*
No. of Employees: 46,700*
No. of Offces: 57*
*Credit Suisse Group AG
Key compeTiTors
Barclays Capital
Deutsche Bank
Goldman Sachs
J.P. Morgan
Morgan Stanley
UBS Investment Bank
Solid and picking up steam; Europes most prominent
investment bank
Middle of the road
Weathered the storm well; well positioned post-downturn
Known for being stiff
THe Buzz
What insiders at other frms are saying
crediT suisse Group
4
PrESTIGE
ranKing
rAnKinG reycAp
#5-Prestige
#4-Best to Work For
#5-Formal Training
#6-Diversity With respect to Women
#7-Diversity With respect to gays and Lesbians
#7-Diversity with respect to Minorities
#8-Selectivity
#9-Culture
#12-Offce Space
#14-Compensation
#17-Manager relations
#18-Hours
uppers
The people: i enjoy my colleagues and have found
everyone to be extremely helpful
reputation of the frmlots of business momentum
great location
downers
Compensation, at the moment
Sometimes there are too many layers of management
The hoursbut thats more related to investment banking
than to Credit Suisse
empLoymenT conTAcT
www.credit-suisse.com/careers
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THE SCOOP
International player
The three core business divisions of the Zurich-based Credit Suisse Group are investment banking, private banking and asset management. Since
the group rebranded to create an integrated bank in 2006, all businesses under its umbrella have been collectively known as Credit Suisse. Credit
Suisses investment banking business encompasses equities, fxed income, the global markets solutions group, HOLT and the investment banking
department. The investment banking department delivers a full range of corporate fnance solutions, including M&A, leverage fnance, equity and
debt fnancings, IPOs and fnancial restructuring. The groups private banking business provides investment advisory services and asset management
to high-net-worth individuals. Within its global asset management business, the frm offers a wide range of products, including multiple-asset class
solutions, alternative investments and private equity.
Credit Suisses history dates back to the mid-19th century when Alfred Escher founded Schweizerische Kreditanstalt (thats Swiss-German for Swiss
Credit Institution). The bank opened its frst branch in Basel, Switzerland in 1905. As World War II raged in Europe, Credit Suisse opened its frst
international branch outside its home country in New York City in 1942. For the next three decades, the bank grew within Switzerland, across Europe
and internationally. In 1978, Credit Suisse began a partnership with The First Boston Corporation in the U.S., acquiring a controlling stake in the frm
10 years later (after which the bank was renamed to Credit Suisse First Boston).
In 2004, Credit Suisse First Boston was famously (along with Morgan Stanley) one of the principal underwriters of Googles $23 billion IPO. In 2006,
Credit Suisse rebranded and shifted its structure to an integrated bank model, dropping the First Boston affliation and becoming Credit Suisse.
As almost every big investment bank was forced to do in late 2007 and early 2008, Credit Suisse began handing out some pink slips due to the
subprime mortgage meltdown. However, unlike many of its competitors, Credit Suisse managed to stay out of (negative) headlines during the
worldwide credit crisis and did not need to rely on government funding to stay afoat. In fact, the frm emerged as one of the handful of big banks
relatively unscathed by the crisis. Underscoring its success, for the frst six months of 2010, the frm ranked in the top fve in several Thomson Reuters
investment banking league tables, including worldwide announced M&A deal volume, Americas announced M&A, Canadian announced M&A, U.S.
equity and equity-related offerings, U.S. secondary offerings, global debt offerings, global high-yield debt and U.S. high-yield debt.
GETTING HIRED
Selectivity [8.51]
Credit Suisse had a very typical interview process. The frst round consists of 30-minute on-campus. interviews. The second round was held off
campus at a hotel, where I had two 30-minute interviews with senior-level bankers. These interviews seemed to be more ft-based. I believe that
Credit Suisse is looking for energetic people with great attitudes, a desire to learn, and a passion for fnance and banking.
The frm is looking to hire the best candidates on the Street. Its very competitive yet extremely fair.
Credit Suisse has an extremely selective interview and callback process. The key to successful recruiting is to get in early. Nearly 90 percent of
my analyst class is made up of returning summer interns. Parlaying a summer internship into a full-time offer is the best thing you can do to land
a full-time position post-graduation.
Interview process depends on position. I recently conducted summer analyst interviews. These consisted of two rounds. During the frst round, the
candidate generally interviewed with an associate or VP. During the second round, the candidate generally interviewed with a more senior person,
such as a managing director. Generally, I believe that the frm is looking to hire bright candidates that have shown a record of achievement, and
that have potential to perform well in a demanding and quantitative environment.
Went through the interview process as an applicant for the summer internship program. The entire recruiting process was very rigorous, with
informational interviews, coffee chats, cocktail receptions, etc., prior to being selected for the initial round of interviews. I believe Credit Suisse is
looking for well-rounded, articulate, sharp, intelligent individuals looking for a career in investment banking.
Our frm likes to hire from the best MBA and undergraduate programs.
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Credit Suisse Group
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There are a handful of core schools where we aggressively recruit undergraduates and MBAs for the investment banking division. The recruiting
process generally includes one or two big get to know you events, as well as more opportunities for one-on-one interaction at conferences or coffee
chats. Later in the season there may be smaller invite-only events. Well draw up a short list of candidates to interview based on interactions weve
had at these informal events. The actual formal interview process can be very fast, though the details vary by school. You might have frst rounds
one day, fnal rounds the next day and offers after that. Were looking for candidates that have achieved excellence in their past experiencewhether
thats academic or professionaland demonstrated a passion for the role theyre pursuing at Credit Suisse. You dont need to have taken any
particular classes or worked certain jobs, but you do need to be able to clearly articulate where youve been and how that will translate into a
successful career at Credit Suisse.
The experience was excellent. It gave me the opportunity to rotate through many different desks to experience numerous products and different
job opportunities within those areas.
The internship starts with a week of training/orientation in New York. As a summer intern, you are quickly given responsibility for your own projects
with a goal of getting live deal experience.
I interned in a sales and trading rotational program. It was taxing because youre meeting dozens of new people each week and have to make a
good impression every time. Still, you have access to some of the best trading desks and salespeople on the Street. There was lot of collaboration
and camaraderie among the interns.
Very intense and refective of the full-time job.
Excellent. Youre treated like a full-time analyst. Great experience.
I was staffed on a number of types of projectslive deals and pitchesand in a variety of industry groups. I interacted with various members of
the M&A group.
Internship in the M&A group was quite rigorous and defnitely felt like drinking from a fre hose. Looking back at what Id accomplished and been
a part of during those 10 weeks, I think my internship was extremely rewarding. Any intern should be ready to answer three questions regarding the
internship: Can you do the job? Can you work with others (interaction/communication)? Do you want to do the job (attitude)?
It was a very positive experience; its the reason I came back to Credit Suisse full time. During the summer, we had weekly activities that allowed
us to interact with senior bankers, bankers in other groups and other summer interns. The training program, which lasted for a week and a half,
was also well planned and thought out.
OUR SURVEY SAYS
Satisfaction [8.23]
Great company to work forespecially as a junior person.
Im challenged everyday and enjoy coming to work. The most diffcult aspect of my job is the unpredictability of the hours.
Overall, Im very satisfed with my job. I decided to stay on as an associate rather than leave the frm after my analyst program. I think the frm has
a lot of momentum and provides me with signifcant opportunities for growth.
I cant think of a place Id rather work. The frm has great professional development programs, and Im in constant dialogue with my supervisors
about how I can advance in my career. In my seven years at the frm Ive had the chance to work in three different offces (each move at my request).
When I wanted to go back to and get my MBA, Credit Suisse supported me. In a world where people change employers more frequently than their
underwear, Im happy to have found a home at Credit Suisse.
The job has been less fun since the fnancial crisis hit, but overall, Im still enjoying it.
Im very satisfed with the type of projects Im involved in, and my exposure to both clients and Credit Suisses management. But Im not so happy
with work-life balance.
Credit Suisse Group
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I have been challenged in my time here and feel like I add value. In my previous job, I dreaded waking up every morning and going to work. I
work a lot more here, but I think the job fts my personality a bit better. It also helps that I work with a great group of people and that there is always
something new to learn.
I couldnt ask for anything more. Thirteen years in the business and Ive been treated quite well, especially at Credit Suisse.
Given that were not here to save lives but serving in a banking function, I would say that my role is as satisfying as can be.
I believe that working in M&A is one of the most interesting jobs that you can have. Every project is unique and affords all team members, from the
analyst through the managing director, the ability to develop deep relationships with the client. I believe that actions speak louder than words, and the
fact that Ive been doing M&A at CS for over 10 years should speak volumes when you consider that most people change frms every few years.
Firm Culture [8.42]
More laid-back than other frms and promotes teamwork. CS encourages employees to participate in activities outside of the offce through volunteer
work, sports, etc.
Less hierarchical than other bulge bracket banks. Analysts and associates have many opportunities to work with senior bankers and attend client
meetings.
Extremely nice people. Its not easy to fnd investment banks where people are so approachable and humble.
People are always willing to take time out to help you.
Very friendly and relaxed but, at the same time, very work-focused.
CS does not have a defning culture; its the type of place that allows you to grow while maintaining your own identity and personality. You will fnd
a diverse set of individuals, who makes this bank a great place to work.
Numerous senior bankers with over 15 years of experience who started their careers at either Credit Suisse or DLJ [a frm that Credit Suisse
acquired]. This provides a very stable culture and signifcant loyalty among many at the frm today. CS has a very strong bond with its bankers, born
from an emphasis on shared goals and personal professional development.
This frm is not stuck up and people dont walk around with chips on their shoulders. The environment is competitive, as fnance always is, but its
a team atmosphere where you want each member performing at his or her best.
The culture can be best described as a meritocracy thats international in favor. Walking the halls of our offces, youll encounter people from
a diverse range of backgrounds and hear over a dozen different languages being spoken. The culture is team-based and everyone is results-
oriented.
Hours [6.62]
The frst two years at the frm my hours were very long, but now theyre manageable.
I work a lot of hours but theyre very productive hours. There is no time that I spend at work where I feel I do not have to be there.
I work 75 to 100 hours per week.
As an analyst, I worked tremendously long hours but was also given the opportunity to accept more autonomy for my work schedule than colleagues
at other banks. As such, the long hours were often driven by my own need to prepare good work. As an associate, my hours improved, but I still
struggle with the unpredictability of my hours. Credit Suisse also understands that if someones not busy, they should not feel the need to hang
around. We encourage people to take advantage of their free timewhen they have it.
Investment banking is a tough life and Credit Suisse is no different in this regard. Analysts and associates put in long hours, but its part of the job.
People are generally willing to work with you if you need a day off or vacation, and I have never had to cancel a vacation over the past four years.
The hours are fair. And theres no face time.
It was never the sheer number of hours that I worked that was diffcult but the unpredictability. As a new employee, I had to put my teams goals
and timelines ahead of my own, and that was sometimes diffcult. As I moved up in the frm, I gained more control over my hours, and the option of
a normal life returned. I work market hours in my current role, so Im in early but always out in time for dinner and never work on weekends.
While the workfow can vary, I probably work 90-plus hours a week.
This is the only downside to investment banking in Credit Suisse.
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As a trader, especially a young one, Im required to get in very early. But I do get out at a reasonable hour and have my weekends free.
With a good attitude, the more hours you work the more your learn. But at some point, usually around 2 or 3 a.m., the learning enjoyment tends
to disappear. This job requires fexibility since workweeks can range from 60 hours to 120 hours. You just dont know which week will be on which
end of the spectrum.
Could be worse, but could be better. I dont think anyone gets into investment banking for the work-life balance. Do I like working 80 hours a week?
Not really. But I think Id get bored at a 40-hour a week job. I have learned to appreciate my free time, and I do feel that in the year Ive worked
here, Ive become much better at managing my time and becoming more effective.
Its an extreme job, so the hours are a fact of lifeI dont think our frm is any better or worse in this area than the rest of Wall Street.
Long hours are part of the game.
This varies depending on the senior person youre working with. In general, senior managers care about junior development, and provide many
opportunities to attend client meetings, travel for business and take on a lot of responsibility on deal teams. In addition, senior managers help
analysts fnd jobs after their analyst program ends. My group head has been very supportive of my plans to attend business school, which would
also be sponsored by my frm.
One of the areas CS excels in is the active role managers and other senior leaders play in the development of junior employees. I observed this as
an intern as well.
The relationship between managers and junior is outstanding. Credit Suisse promotes professional growth from day one.
It all depends on the individual. Some managers are very good at providing feedback and including the junior team members on meetings. But
other VPs, directors and MDs do not feel the need to keep the junior team members up to speed on whats going on with the projects.
I have always felt encouraged that my group has an open-door policy. The only issues I have have to do with the communication barriers between
senior management and the junior teams. There is sometimes a line in the sand that separates one team from the other, when it would be more
effcient to work together as one unit.
Mentoring is an innate part of the culture. We have found that the more inclusive we are with junior bankers, the more productive and enthusiastic
they are.
Junior professionals are expected to work hard, and in return they deserve the respect of those with whom theyre working. Our junior bankers are
professionals, no matter how junior they might be, and they all have something to add to the team. I often seek out their opinions and encourage
them to take on more prominent speaking roles than they might otherwise be comfortable with, all in an effort to aid in their development into better
bankers.
I have always been treated professionally and respectfully by the senior members of our division. I believe most of the senior managers interact with
the junior professionals by putting themselves in our shoes; they treat us the same way they would expect to be treated.
I attended the summer and full-time training programs. They were both informative and educational, setting my career up for success.
Best training program on Wall Street.
Very comprehensive formal training program prior to start of analyst/associate program. Then groups have informal training sessions, and there are
many opportunities to learn from other analysts and associates on the job.
Formal training is very good and includes some of NYUs best teachers. Informal training and mentoring are not very common.
For years, Credit Suisse has been known to have one of the best training programs on the Street, and were constantly asking for feedback to make
it even better. The frm uses a mix of internal resources and outside experts to equip new employees with a skill set to hit the ground running. A
portion of training is cross-divisional (so you can network with peers across the bank) and a portion is division-specifc (so you can focus on pertinent
information).
Training for sales and trading is diffcult because everyone in the program will go out into different roles. That said, I think CS does a reasonably good
job of this, especially for the Series exams (3, 7, 55, 63). The program was also not too longbecause being too long would be a waste of time.
Informal training is almost inexistent, and has to improve or increase.
Credit Suisse Group
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Informal training and mentoring are defnitely lacking. Theyre there if you choose to fnd them, but you must be proactive.
Most managers offer informal opportunities for mentoring and development to employees who exhibit strong performance and seek those
opportunities out.
Compensation [6.82]
Competitive with others on the Street.
Associates get paid a combination of cash and stock. Stock vests over a three-year time period.
I believe that my compensation is in line with other bulge bracket banks. Sign-on bonus to become an associate after analyst program ended was
generous.
The frm fairly compensates its employees. Credit Suisse has been a real leader in this area, developing deferred compensation structures that
drive long-term performance. I think youll see more frms following in Credit Suisses footsteps in coming years. The frm also has benefts that dont
appear in the total comp number such as programs that fund the cost of test prep and business school, and a free day-off every year to volunteer
with a nonproft of your choice.
The frm has been creative at designing a compensation system that gives us meaningful upside if we outperform our peers. Also, the CEO has
restricted the number of multiyear guarantees for new hires. Employees know they cant threaten to leave and hold up the frm.
Generally OK, but missed the target for 2009.
Not the top, but for sure among the top fve frms.
At this point were paid below the Street average as far as base salary is concerned. And word is that bonuses for associates and VPs were below the
Street average as well. I believe this is currently being worked on and should not be an issue when considering a career here in the near future.
Year-end incentive bonus and salary below Street level. Management intends to fx this, but nothings been done yet.
Might be a bit on the low-end for bulge bracket banks.
Perks
Standard perks: car ride home after 10 p.m. and $20 for dinner.
MBA Ambassador Program: two years of business school tuition, fees and books for sponsored employees. Volunteer leave: one day off every year
to volunteer with a non-proft of your choice.
My husband and I plan to adopt, and Credit Suisse has an adoption assistance program, which helps to defray some of the costs associated with
adopting and allows for a paid adoption leave for the primary caregiver.
401(k) matching, which my previous employer did not offer.
Numerous benefts for expecting and new mothers; volunteering opportunities; parties; shopping, art, theater and music discounts; and diversity
networks such as the American Womens Network.
Respondents also point out that the frm offers moving expense reimbursement, emergency day care and free or subsidized gym memberships.
Diversity at Credit Suisse begins with the hiring process and never ends. We have a dedicated head of diversity recruiting who oversees events
and outreach across our core campuses. Once youre inside the frm you can take advantage of our diversity networks: the Womens Network, the
Veterans Network, the Open Network (GLBT), the Multi-Cultural Network, etc. The employee networks serve as hives of activity for all kinds of
events, form brown-bag lunches with guest speakers to internal networking to diversity events with clients. The great thing about the networks at
Credit Suisse is that everyone gets involved. I took my boss (a man) to a Womens Network cocktail hour a few weeks ago and he had a blast. We
were able to have a good conversation about some of the issues raised at the event.
Very good. Only needs to improve mentoring opportunities.
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Our frms efforts in diversity recruiting and the results of those efforts are unfortunately not in step yet. There is a big push for diversity hiring, but
we lack diversity in new hires. One of the things thats frustrating to me is the lack of women in senior roles, but much of this has to do with the lack
of women at the junior levelsnot many young women are willing to work the hours and endure the stress. . Credit Suisse does have initiatives such
as career development workshops and mentor programs to ensure that its female bankers are primed to move into higher positions.
We dont have many women in fxed income sales and trading, and we dont have many minorities either. But as a woman, I have never felt belittled
because of my gender.
Credit Suisse is extremely committed to increasing diversity. The frm is rightly very proud of its efforts and recognition in this area, but what I like
best is the enormous effort to increase our diversity even further.
CS is environmentally aware.
Too much air conditioning is used.
Too much paper is wasted, and lights are constantly turned on even when there is no one in the offce.
I wish theyd fnd away to cut back on all the Styrofoam and paper in the lunch room, but were at least a B+ when it comes to environmental
issues. Weve participated in environmental awareness campaigns where we turn out the lights for a specifed period. The staff restaurant has a
bulletin board that lists daily sources of local and sustainable ingredients. Im sure theres more, but Im a little out of the loop since this hasnt been
a personal focus.
Were doing our part on paper and recycling efforts.
Wish we recycled more.
To the best of my knowledge, were good at this.
We have a ways to go but its a focus of the frm as well as the buildings owner of Eleven Madison Avenue.
CS is very environmentally conscious. Our New York HQ building was, in fact, one of the frst buildings in New York to install ice-based air
conditioning technology that utilizes off-peak electricity. It generates ice during the evenings and then uses the stored ice to condition the air during
the day. This helps reduce peak loads in the electricity system and helps reduce the need for additional power plant construction.
Offce Space [7.22]
The offce space is clean and luxurious.
Credit Suisse is located in Gramercy, which is one of the best areas in New York City to live and work, particularly compared to our competitors
who have to work in Midtown or in the fnancial district.
Best location in New York City. I would hate working in Midtown or down by Wall Street.
Eleven Madison Avenue is a beautiful building. I sometimes bring out-of-town guests here to check out the art deco architecture and marble lobby.
I work on a trading foor, which is a far cry from a cushy corner offce, but were well outftted: weve got Aeron chairs and a great cleaning staff
that patrols the foor all day (so you dont have to smell your breakfast garbage while eating lunch). Theres some interesting art lining the halls on
some foors: old map prints and clipper ships (remnants of the old First Boston brand) are common themes. We also have nice central resources,
including staff restaurants and a gym you can join on a sliding fee scale (MDs pay more than analysts).
Were in an interesting old building, but the dcor is somewhat dated and not fancy.
Not too comfortable for VPs to share offce with other VPs.
Located right next to Madison Square Park, Shake Shack is across the street, and two top-rated restaurantsTabla and Eleven Madison Parkare
in our building. Only a few blocks north of Union Square. The offce neighborhood is vibrant and fun, with lots of dining and entertainment options
in close proximity.
In a high pressure environment, having Madison Square Park and Shake Shack as our neighbors never gets old.
The trading foor is like nothing else. The CS buildings are beautiful.
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Positioned to thrive in the future better than any of its competitors. Its business plan of focusing on the client franchise has been put in place
effciently and is thriving already.
Taken signifcant market share from our competitors during the downturn. Currently, we are one of the top M&A banks on the Street.
Growing strongly, and I believe the best-positioned bank.
A lot of momentum. Our league table rankings and market shares are improving. And were upgrading the quality of the people were hiring.
Weathered the fnancial crisis relatively unscathed, but we need to start showing more gains for it.
The relative position of the frm is strong coming out of the downturn. CS could have been in a much better position if management would have
invested heavily in hiring key rainmakers during the downturn.
Very well positioned in the short term thanks to how well it managed recent fnancial crisis. Employee morale is very high, but employees expected
a higher salary increase than the one provided by the frm.
We are number two globally for in M&A, we did not have to become a bank holding company during the crisis and we did not take massive write-
offs (or have huge exposure to mortgages). All areas of our business are picking up. The economy is on its way back, and M&A deals are starting
to be announced more often. Also, with Lehman, Bear and Merrill gone, theres less competition for deals.
The best capitalized frm, without the reputational baggage that some of our competitors currently carry.
Fun facts
The base of the building at Eleven Madison Avenue is massive, occupying a fully city block, because it was originally designed to be more than
three times as tall. It would have been the tallest building world, but the building funding dried up when the Great Depression hit.
CS will donate $5,000 to a charity if 10 or more employees volunteer for a day.
We never accepted TARP money.
We are very sporty, with a bunch of leagues and ex-athletes.
The CEO, Brady Dougan, is the frst American to run the global frm. He also drinks Diet Dr. Pepper.
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Corporate Headquarters
1930 Century Park West
Los Angeles, CA 90067
Phone: (310) 553-8871
Fax: (310) 553-2173
www.HL.com
DEPARTMENTS
Capital Markets
Financial Restructuring
Financial Advisory Services
Mergers & Acquisitions
THE STATS
Employer Type: Private Company
Co-CEOs: Jeffrey Werbalowsky & Scott Beiser
No. of Employees: 800+
No. of Ofces: 14 (Worldwide)
KEY COMPETITORS
Bank of America
Blackstone
Evercore Partners
Greenhill & Co.
Jefferies
Lazard
Moelis & Company
Rothschild
UBS
Leaders in restructuring
The best at creditor side restructurings, average at
everything else
Strong advisory
All they do is fairness opinions
THE BUZZ
HOULIHAN LOKEY
5
PRESTIGE
RANKING
RANKING RECAP
#1-Business Outlook
#1-Culture
#1-Hours
#1-Ofce Space
#3-Selectivity
#4-Compensation
#5-Best to Work For
#6-Formal Training
#18-Prestige
UPPERS
Quality of people: theyre friendly, helpful and really care
Great deal experience: youre trusted with a wider range of
responsibilities than peers at other banks
The respect with which the senior staff treats you
DOWNERS
To some degree, your time is not your own; though
Houlihan Lokey does as good or better a job of not wasting
peoples time, the hours can still be long
It is a high-pressure job
Intimate, small groups can sometimes be a negative
EMPLOYMENT CONTACT
www.hlhz.com/us/careers
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THE SCOOP
Worldwide reach
Founded in 1972, the privately-held investment bank Houlihan Lokey employs more than 800 people worldwide. Although its best known as a
middle-market advisor, Houlihan Lokey also serves large public corporations and small private companies. Its nancial restructuring division has
risen to prominence in recent yearsHoulihan Lokeys teams have worked on some of the worlds biggest bankruptcy proceedings, including those
of CIT Group, Lehman Brothers, WorldCom, General Motors, Enron and Conseco. And in the past 10 years, the rm has worked on more than 600
restructuring transactions worth a total of over $1.5 trillion.
Led by co-CEOs, Scott Beiser and Jeffrey Werbalowsky, Los Angeles, Calif.-based Houlihan Lokeys business is divided into four main service lines:
mergers and acquisitions, capital markets, nancial restructuring and nancial advisory services. The rms U.S. ofces are located in Los Angeles,
New York, Chicago, San Francisco, Dallas, Atlanta, Minneapolis and Washington, D.C.; its overseas operations can be found in London, Paris,
Frankfurt, Hong Kong, Tokyo and Beijing.
In May 2010, Houlihan Lokey announced a joint marketing alliance with Knight Capital Group Inc., a provider of market access and trade execution
services across multiple asset classes. Together, the two rms will work to deliver capital markets capabilities focused on equity and xed-income
underwriting. More recently, in July 2010, Houlihan Lokey expanded by making a minority investment in Avista Advisory Group, an investment bank
with ofces in Mumbai and Singapore.
Each year, Houlihan Lokey takes home several high-prole awards and recognitions. In 2009, Thomson Reuters named Houlihan Lokey the No. 1
M&A advisor for U.S. transactions under $3 billion, the No. 1 global restructuring advisor and the No. 1 global M&A fairness opinion advisor over
the past 10 years (from 2000 through 2009, the rm advised on 667 fairness advisory deals, over 200 more than second place J.P. Morgan, which
worked on 475). In addition, The Deal Pipeline named Houlihan Lokey the No.1 investment banking restructuring advisor, Mergers & Acquisitions
magazine named it the Investment Bank of the Year and International Financing Review called it the Global Restructuring House of the Year. Recently,
Houlihan Lokey has completed transactions for big-name clients such as Kraft Foods, Delta Air Lines, CIT Group, Deloitte, Orbitz, Grant Thornton and
JPMorgan Chase.
GETTING HIRED
Selectivity [9.00]
we're looking or bright, nice, competitive people who are sel-starters with an intense work ethic and an intellectual curiosity about business."
Recruiting is a very organized process. we have school teams and a non-core recruiting team. There are typically two rounds o interviews that
include an assessment of technical ability as well as is the person down-to-earth and someone you would want to work with.
we're looking or smart, well-rounded, entrepreneurial individuals that can think well on their eet, analyze companies and situations, and synthesize
information on a real-time basis. The typical candidate has a solid fundamental understanding of corporate nance and valuation. Former investment
banking experience is a plus, but not necessary.
First round is usually done on campus, subsequent rounds at the oce."
\ery tight, organized process. 1e werbalowsky, our co-CE0, coming to campus makes a huge impact."
Highly competitive. was the only person hired in my entire MB/ class."
we have expanded our recruiting in Europe. we now have presentations on campus, career airs and a group that's very dedicated to hiring the
best candidates possible.
nterview process is straight orward. Not a lot o downtime: you interview, know you are going to get called back that day, have a dinner/reception
that night or the next day, and then have a nal-round interview. Pretty streamlined, which is how it should be.
Second round o interviews are designed to challenge candidates technically, to gauge their understanding o corporate nance, and to measure
their people skills and ability to manage in a fast-moving environment.
For summer internship recruiting, the interview process happened very ast. interviewed on a Friday and was called back that evening to come
in for another interview on the following Monday. I was made an offer by the end of the week.
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t was an amazing experience. There was training upront, and throughout the summer there were lots o social events, a peer mentor, eedback
and, in the end, a nal offer. Its everything you could want.
The internship experience was enjoyable, but not particularly challenging."
/ll o the people that summered with received oers, and we all returned. we made up the entire next class in our group."
My summer internship was airly intense. think the current summer program is a better combination o work and play, although at times summer
nancial analysts and associates are asked to put in pretty long hours when needed.
liked the way everything was structured. /nd the other associates and nancial sta were very willing to help answer questions and made
themselves really available. It was truly like being a full-time associate by the end of the summer. I was surprised by the level of responsibility I was
given. It really allows you to see what the job entails and whether its something you can see yourself doing full time.
0reat program and denitely wanted to come back."
OUR SURVEY SAYS
Satisfaction [8.94]
work with great riends, have a major (hopeully positive) impact on the rm, and have enjoyed a long run o good results and compensation.
Whats not to like?
enjoy what do on a daily basis, it's dynamic and interesting, with a good mix o challenging deals across a variety o industries. There's also
a very good group of people from top to bottom in this rm who are fun to work with and a low to nonexistent face-time factor. That combination
makes coming to work every day enjoyable.
while the job is satisying on some levels, it is lacking on a number o others. think this must be true or a nancial analyst at any investment
bank, and I have convinced myself that I am more satised working here than I would be at another bank. However, I think most analysts work
toward an exit strategy (if compensation is not an ends in itself) at the end of year two when your rm presumably sends you packing or you burn
out. This rm does not seem to help nancial analysts with nding a career after Houlihan Lokey, and not having a visible exit really detracts from
the level of satisfaction you can draw from a temporary job. The rm would do better to dangle a few more carrots in front of nancial analysts for
the sake of morale and day-to-day satisfaction.
have been a nancial analyst or three years at Houlihan Lokey. t's a wonderul group o people and 've been extremely satised. 've had great
deal ow with tremendous experience. Denitely better than any of my classmates at other rms. Ive always been treated with respect and made
to feel like a true member of the rm.
've learned a tremendous amount, both rom a client skills perspective and technical perspective."
\ery ullling and interesting. Restructuring is something that does interest me and want to learn more about."
This is a dynamic challenging environment lled with interesting people. t is incredibly rewarding to team up with colleagues and clients and put
some really creative talented brains to work on a project. The growth and evolution of the rm makes the bigger picture even more exciting. That
said, if you think youve completed your job awlessly, you havent tried hard enough. Theres always more to think about. And it takes a well-rounded
individual to bring fresh thinking to every day.
've had an amazing nancial analyst experience, gaining tremendous deal experience. will be heading to a private equity rm."
Firm Culture [9.52]
This has got to be the best i not one o the best places to work. ou are able to take on a lot o responsibility, much more than my riends are able
to who work at other rms.
Extremely hardworking when demanded. However, the rm is very good about allowing employees time to enjoy a personal lie, particularly when
times are slow.
\ery laid-back. People appreciate the other aspects o lie besides working, and understand you have commitments to other things such as amily
and friends, and they foster that.
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Truly unique culture with leadership by example, stemming rom the CE0s. 0roup and rm trips or junior sta, '1eans Friday,' peer and senior
mentors, and other career guidance.
0pen-door policy rom top to bottom. ou can stop the most senior person in the rm and engage them in a good conversation. People generally
like each other and enjoy going out after business hours.
Highly collegial and pleasant. Success is rewarded."
There are three cultures at the rm: restructuring, nancial advisory and corporate nance. 0enerally think most employees t with the culture o
their group and nd it pleasant. Though, it is somewhat awkward to see the junior staff being given visibly different treatment depending on which
group theyre in. There really are three different rms here, for better or for worse, and that was abundantly clear from the rst day in the ofce.
t's an organization where you're expected to grow, learn and contribute to the best o your abilities. However, you're also given the tools, support
and time to develop. Mentoring (informally and formally) is encouraged and really a staple of the rms culture. People at Houlihan Lokey are still
extremely competitive, but those energies are directed outside the rm rather than within it.
/mazing culture rom the CE0s to the mail room. Everyone is encouraged to make a dierence and leave their legacy."
Best culture on the Street."
Hours [8.56]
while the hours can be very high at times, the senior bankers do a great job o not overworking the junior sta i there are no real deadlines. They
do not, as a general rule, make up work to do.
Long hours come with the territory o investment banking. t's unavoidable, especially at the nancial analyst level. But the rm is very good at
letting you manage your own time around outside activities.
Some weeks travel every day to a dierent city and t in a ew hours sleep on planes and in hotels. 0thers 'm in the oce 24/7. Still others work
a leisurely 9-to-9 schedule and limit my weekend activity to a couple of hours of phone calls and reviewing docs.
Ebbs and Nows. Can be heavy at times and light at times, but it's still investment banking."
have no one to blame other than mysel or overworking, which sadly do, but 'm trying to change.
work hours vary depending on active engagements. nd mysel working 100-hour weeks when 'm busy and leaving at 8 p.m. each night when
Im not. Theres no face time, which keeps everyone sane.
/ lot o hours, but it's what expected."
we work hard but also have balance in our lives."
The people here are great. Everyone has an open-door policy. 0iven all o the turbulence in investment banking, it is a pleasure to eel happy and
comfortable.
Typically senior/junior relations are good, certainly relative to other investment banks. There's a low 'jerk actor' at Houlihan Lokey, and senior
people are approachable and generally understanding of junior staffs questions, needs and timing conicts. That said, we do work in a high-pressure
environment, and there should be no misconceptions about what is required of junior staff to support senior deal team members. Its collegial and
respectful, but can be very demanding at times.
Senior proessionals treat the junior sta with complete respect. They appreciate the hard work you do or them, and they seem to actually respect
your opinion. From what I have heard, this is completely atypical of an investment bank.
The people here are amazing. The head o our rm, the head o our group, the ocers, and all the associates and nancial analysts are just great
people to work with. Very down-to-earth, bright, fun, ambitious people.
am a very senior banker and my superiors treat me as a total peer. treat any senior banker who is taking responsibility or a client situation with
the same respect. Junior professionals are expected to follow instructions, letting you know if they cannot for some reason, and then asked to step
up and show their capability above and beyond requirements. The sooner they step up, the more responsibility they are given and the more respect
they develop at all levels of the rm.
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Managers at Houlihan Lokey understand the value that junior sta bring to a situation, and they make a habit o publicly recognizing contributions
by each team member. I have often been given credit for ideas on conference calls with various parties.
The head o my group and the ocers are caring individuals rom a business and personal perspective. t makes all the dierence."
Everyone respects everyone. /t the same time, they do expect a lot rom you."
The rm's ormal training eorts are modest, but sucient or understanding the proprietary systems."
we have a strong culture o encouraging inormal mentoring and training."
The ormal training process was more or less useless. Houlihan Lokey is very much a learn-as-you-go type o rm, and it seems to hire junior sta
that can handle this kind of environment.
Houlihan Lokey has a mentor program whereby associates are given a junior mentor (usually a second- or third-year associate) as well as a senior
mentor. The rm encourages the mentor/mentee relationship, which is very helpful when rst beginning at the rm.
Formal training has signicantly improved over the past ew years. The peer mentorship and senior mentorship programs are great, and have both
been a mentor and mentee, which have been equally rewarding.
/s a midsize rm, Houlihan Lokey does not have a long or extensive ormal training program. nstead, it relies on a targeted training program. t is
not a complete review of basic nance and skips to cash ow modeling and other more complex analyses, with only a brief session on basic nance
principals. Once training is over, Houlihan Lokey focuses on continuing informal and on-the-job training.
The rm places a strong degree o emphasis on on-the-job training. The best way to learn is getting experiencing rst-hand on a live client
situation.
The on-the-job training and mentoring program are great and very helpul. /ll the nancial sta is very open and very willing to help and answer
questions. Recently, another associate stayed late to help me when I was struggling with a model, even though he could have gone home.
Compensation [8.53]
The signing bonus was generous."
Houlihan Lokey strives to pay at or above the market in terms o base compensation, signing and year-end bonus, and other nancial
incentives.
Houlihan Lokey has paid at the top o the Street."
\ery satised. will move on to a sensational hedge und where hopeully get paid even more."
The pay is really good here."
we have generally been paid in line with top o wall Street, although much depends on the individual product group (nancial restructuring,
corporate nance, nancial advisory services).
Houlihan Lokey is generous in compensation rom both a salary and bonus perspective. Historically, the rm looks to pay above average in total
compensation.
we are very generous to junior bankers who have done all that is asked o them, regardless o the amount o revenue they touch."
Perks
Free MetroCards every month."
Financial analyst/associate outings, several parties/events per year or junior sta, rm-wide ree lunches once per month. Financial analyst/
associate camaraderie encouraged through nightly group dinners while watching SportsCenter or other programming.
Free juice and soda."
Respondents also point out that the rm offers free car rides home and dinner if working late, moving expense reimbursement, free parking, free or
subsidized gym memberships, telecommuting, ex-time, paternity leave and extended maternity leave.
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Houlihan Lokey
The rm denitely makes an eort to have a diverse sta, and you can see that by our number o women and overall diversity."
believe Houlihan Lokey hires without consideration to race, gender or sexual orientation. That said, there are not any particular programs that 'm
aware of to promote this diversity.
we have an emphasis on attracting and promoting both minorities and women. Despite our best eorts, don't believe we've been able to do as
well as we would like in these areas. We dont ask at all about our employees sexual preferences, so we dont make any special effort to recruit
those with any given preferencewe certainly do not differentiate or discriminate in hiring here.
we have great women at all dierent levels. we also have openly gay proessionals. t is wonderul to see people be supportive o other people with
a blind eye to gender and sexual preferences.
0ur oce is primarily run by women and /rican /mericans."
There is an open and tolerant culture in line with the industry."
Policies are implemented to reduce waste and reuse supplies whenever possible. Energy use is controlled or reducing ootprint."
we continue to try to positively aect our world. No bottled water, mandatory recycling, carpooling, recycled paper usage, etc. people come up
with good ideas, we try to embrace them.
\ery strong emphasis."
Houlihan Lokey is very conscious about being environmentally riendly and encourages its employees to 'be green.'"
0ur co-CE0 writes all his emails in green text, and we have a ormal green policy. For example, the oce does not use any paper or Styrooam
cups; we all have Houlihan Lokey glasses and mugs.
The rm has recently made an eort to be more aware o its impact on the environment and that's been reNected in various policies."
Ofce Space [8.83]
0verall, most o our oces are very nice. 0ur shabbiest oce is our Los /ngeles headquarters, where we have been in or over two decades. we
will probably move from there in the next few years.
well-located, proessional, modern building."
Renovations in the New ork oce have been very positive or restructuring."
The location right next to 0rand Central is very convenient or locals and other commuting in rom outside o New ork. The decor o the oces
is ne.
Fantastic location in the west End in one o London's smartest areas."
we have a beautiul oce in \irginia. / proessional, investment banking-eel with a touch o \irginia."
we're coming o a record year, with our reputation unsullied, our nancial position stronger than ever, morale very high and having completed
our most aggressive hiring program ever.
Restructuring is slowing down, but M&/, airness opinion and solvency opinion work should be picking up. There are some exciting opportunities
in M&A.
Houlihan Lokey has a uniquely hedged business model: the corporate nance group does well in up markets, the nancial restructuring group
is countercyclical and does well in down markets, and nancial advisory services does well in either market, although it may nd deals easier in a
frothy M&A environment.
t seems like the restructuring market is nearing the end o a very strong cycle, and this will certainly hurt the rm's prots. However, the prospects
seem strong for the corporate nance and nancial advisory businesses.
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Houlihan Lokey
The rm has done very well over the past several years and is expected to continue, with our Co-CE0s steering the ship towards greater
success.
The rm has been aggressive in the downturn at building out important capital markets and nancing groups. /nd recent marketing partnerships
with Knight Capital and associations with banks across the world bodes wells for the rms international presence.
\ery well positioned to thrive given the three diverse product lines and the many initiatives taken in the downturn, particularly in corporate nance.
This positions the rm to thrive in what is hopefully a turn in the M&A market.
we're excited."
Fun Facts
Headed by co-CE0s, which trickles down into co-heads o many groups."
0ne o our co-CE0s never wears a suit."
0ne co-CE0 is based in Minneapolis, despite the act that our headquarters are located in Los /ngeles and despite the (large) size o our New
York City ofce.
The rm was originally ounded in Los /ngeles."
n the New ork oce, there are more managing directors than nancial analysts in corporate nance. There are also as many i not more vice
presidents. Im not sure how the rm functions this way, but it seems to work.
t is almost 50 percent owned by its employees. 0ur majority shareholder is 0R/ Corporation, but our employees have a huge nancial stake in
our rm.
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MOELIS & COMPANY
399 Park Avenue, 5th Floor
New York, NY 10022
Phone: (212) 883-3800
Fax: (212) 880-4260
www.moelis.com
BUSINESSES
Advisory
Capital Markets
M&A
Recapitalization & Restructuring
Risk Advisory
Asset Management
THE STATS
CEO: Ken Moelis
No. of Employees: 370
No. of Ofces: 6 (Worldwide )
KEY COMPETITORS
Barclays Capital
Citi
Credit Suisse
Deutsche Bank
Evercore Partners
Greenhill
J.P. Morgan
Goldman Sachs
Lazard
Morgan Stanley
Rothschild
UBS
RANKING RECAP
#3-Ofce Space
#4-Business Outlook
#5-Compensation
#6-Best to Work For
#7-Formal Training
#7-Hours
#7-Selectivity
#11-Culture
#16-Prestige
UPPERS
Excellent talent
Great deal ow
Growing rmemployees at all levels are truly helping to
build a successful business
DOWNERS
Hours are brutal on the analyst level
The pressure is immense
Gradual introduction of more bureaucratic systems
commonplace at other investment banks
EMPLOYMENT CONTACT
www.moelis.com/careers
Good M&A shop, high-end boutique
Terrible working hours
Built excellent platform in 24 months, very much up and
coming
Dustbin of above-average bankers rather than exceptional
ones
THE BUZZ
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PRESTIGE
RANKING
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THE SCOOP
The newcomer
Founded in 2007, New York-based investment bank Moelis & Company provides nancial advisory and capital raising services in connection with
mergers and acquisitions, restructurings and other strategic matters. The rm also manages investment funds through its asset management unit.
In addition to New York, Moelis has ofces in Boston, Chicago, London, Sydney and Los Angeles. The rm employs more than 370 people worldwide,
and is headed by founder and namesake Ken Moelis. In January 2010, Ken Moelis was named Banker of the Year by Investment Dealers Digest,
which pointed out Moelis & Companys ability to land high-prole clients such as Hilton Hotels, Advent International, Metro-Goldwyn-Mayer and Dubai
World. Also in 2010, the rm was named Best Global Independent Investment Bank by Euromoney.
Kens enterprise
Ken Moelis rose to fame in the early 1980s, working at Drexel Burnam Lambert, and pioneering the use of high-yield debt to nance M&A deals and
high-growth startups. After a successful career at Donald Lufkin & Jenrette Securities (DLJ), Moelis was lured to the investment banking division of
UBS in 2000. He recruited several former DLJ bankers to join him and promptly turned UBS Investment Bank into a global powerhouse. But Moeliss
high-ying ways didnt sit well with the conservative Swiss culture at UBS, and in 2007, he resigned his post as president of the investment bank and
announced the formation of his eponymous rm.
To ll the ranks at Moelis & Company, Moelis turned to his old DLJ and Drexel Lambert friends. He also persuaded several top UBS executives
(including Jeff Raich, former joint global head of M&A, and former global media group head Navid Mahmoodzadegan) to join him.
Right off the bat, Moelis & Company landed big-league assignments that belied its boutique size. One day after opening its doors, Moelis & Company
advised Hilton Hotels on its $26.5 billion sale to The Blackstone Group. Soon thereafter, it helped defend Yahoo! from Microsofts $44 billion hostile
takeover bid and advised Anheuser-Busch on its $61.2 billion sale to InBev. Since its inception, the rm has announced more than $160 billion worth
of M&A deals.
Although widely known for its M&A prowess, Moelis & Company has also been successful in other areas. The rms recapitalization and restructuring
group, formed in July 2008, has advised on many large transactions, including the Government of Dubais restructuring of Dubai World and Source
Interlinks Chapter 11 bankruptcy reorganization. The rms capital markets business, formed in early 2009, has also experienced early success,
completing over 30 debt, equity and convertible bond transactions, worth a total of more than $11 billion.
GETTING HIRED
Selectivity [8.65]
nterviews, over one-and-a-hal weeks, with six individuals: two MDs, one executive director, one \P, two associates. nterviews covered career
motivations and objectives, business judgment, M&A tactics and corporate nance valuation fundamentals. Moelis looks for sharp, mature and
reliable individuals who are genuinely interested in a career in providing quality advice to clients on important corporate nance decisions.
\ery quick response, heard back the same day or next day ater every round. \ery straightorward hiring process and we always get back to
applicants, unlike some other banks, which got back to me more than a month after my nal round and some banks who did not even respond.
\ery technical interviews, t was also stressed. First round was with one person, second round was with ve people a ew weeks later."
\ery selective, with top-level candidates targeted."
Looking or a motivated team player who has strong technical ability."
Despite the rampant growth o the rm, it has managed to maintain an extremely selective recruiting process, as the pool o applicants has risen
exponentially with the increasing publicity received by the rm. Moelis continues to recruit only the top-tier students at a small and select group of
top-tier educational institutions. Still, having successfully completed an internship at the rm is the best way to get your foot in the door.
joined Moelis ater interning at UBS and my process began very late: one month beore my start date. My process consisted o one Super Day
consisting of four hours of interviews, and then a decision was made.
Moelis & Company
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OUR SURVEY SAYS
Satisfaction [8.25]
My job is very interesting, challenging and 've learned a lot. t has required me to take a big step on the learning curve and orced me to assume
a great deal of responsibility.
working on interesting transactions. 'm busy, but not doing 'busy work.' we have very good access to senior bankers."
Coming rom a bulge bracket past, my time so ar at Moelis has been extremely ullling in terms o client exposure ('m getting to present at CE0-
and CFO-level meetings, able to pick up the phone and get the time of day from CFOs, and traveling internationally); quality of work (more time
spent on transaction/execution mandates versus general pitching/industry update type of work); respect from clients (our independence means
clients are more willing and open to engaging with us, which improves the quality of the service and advice we can provide); and the quality of
senior talent that we can drawn on.
Fantastic level o deal Now and exposure to senior bankers. \ery strong people to learn rom. really enjoy working at Moelis. 've worked at two
other bulge bracket rms in my career and have never been more challenged, fullled and appreciated. This is a special place to work.
High energy, high growth rm that's expanding not downsizing in light o current regulatory environment."
Firm Culture [8.37]
Collegial, hardworking, independent, ambitious, Nexible, respectul."
Camaraderie among bankers is phenomenal, unlike my experience at bulge bracket banks, bankers all seem to not only get along well but also
work together and help each other out. People with an abrasive management style are not tolerated and tend to stick out like a sore thumb.
\ery entrepreneurial, with riendly MDs who come by to talk to you and actually say hi, unlike some o the bigger banks where MDs are sometimes
too big for their shoes, so to speak. Very collegiate, and everyone seems to be working towards a common goal. Theres a sense of pride and
dedication to the rm. Its very exciting, especially in Monday morning meetings where we discuss opening up new ofces, making acquisitions and
hiring top talent from the bulge bracket at a time when many banks are downsizing.
Demanding, but never unnecessarily so."
Lots o work sponsored events and gatherings. 0ood junior culture. People work a lot but go out a lot, too."
People are given as much responsibility as they want, and are rewarded or working hard and caring about what they do."
\ery hardworking and perectionist culture, rewarded with the best exposure, deal Now and experience. ou work directly with very senior bankers,
and have the ability to step up and take on responsibility. You need to bring your A-game every day, including weekends.
Hours [7.10]
Moelis is in line with the other boutiques here in New ork."
Much better than beore, shaved o two to three hours per day versus my previous bank. work less on weekends than beore, and when working
on weekends, I only work on critical transactions, no general pitches and industry update/credential slides for mid-level meetings.
Relatively long hours like everyone else in M&/. Usually 8:30 a.m. to midnight, sometimes 2 or 3 a.m., and every other weekend. guess it's
normal for analysts in investment banking.
Hours are brutal."
75 hours per week on average."
've never worked as hard as have since joining Moelis, but 've never elt this level o reward either."
Put it this way: on any given night, 'm leaving 'early' i leave beore 1 a.m. 0n a typical night, leave around 3 a.m. 've had one day o in
2010.
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There's really no debating that the hours are denitely much longer at Moelis than most places on the Street. However, it's the quality o the hours
spent that makes up for much of the fatigue resulting from the daily grind. Most analysts wont leave before 2 a.m. on weekdays, everyone is pretty
much expected to be working every weekend (most analysts have stretches of several months without a day off) and youre on call even if away on
vacation. Its not rare to see a half to two-thirds of the analysts in the ofce past midnight on a Saturday night. That said, most people try to make
an effort to minimize wasted time in the ofce. Working from home is generally encouraged and there is zero concept of face time. In the off chance
that you can go home early, it is expected that you take advantage because such instances are quite rare.
Longest hours o the investment banks on the Street: 100-plus-hour weeks are not uncommon, even at the associate level."
whatever it takes."
High levels o interaction with senior bankers. First-year analysts are taken on pitches as well as to any other client meeting that may come up."
Nurturing, pleasant, humorous."
\ery good. 0n rst -name terms with MDs and regularly make jokes with them. Have been to several meetings with just the MD and recently went
to a client meeting with just our CEO, and this is as a rst-year analyst. Great exposure to top, top talent. I dont believe I would get this sort of
exposure anywhere else.
Managers are very respectul o the junior sta. /brasive management style is not tolerated. 0pen-door policy is an actuality, not just talk."
MDs generally do not care about quality o lie or junior employees. However, they are very helpul as reerences or analysts looking or exit
opportunities.
No respect or junior people's time. No appreciation. They don't even know people's names on their deal teams."
/ny perceived mistreatment o junior resources by managers is handled right away. \ery rank and open conversations with staers and senior
management are the norm. Senior bankers put more effort into ensuring that their junior bankers are as happy as can be and are getting the
experience they want. Two of the most senior professionals in each ofce are anointed as liaisons to each of the analyst and associate classes,
hosting frequent social events and serving as truly open-door sounding boards for any grievances.
while there's a ton o interaction between junior and senior bankers at Moelis, there's no tolerance or push-back, regardless o how much you
have on your plate.
Senior managers see juniors as the uture o the rm and want them to be at the rm or the next ve to 10 years. The senior/junior interaction is
reective of this attitude, involving junior staff in all aspects of transactions to foster the development of the juniors.
No hierarchy and plenty o mentoring."
First-year analysts and associates have a ormal our- to eight-week training session in New ork, plus requisite FS/ examinations."
\ery good mentoring program, with technically strong bankers imparting advice and training. 0ood ormal training at both the analyst and associate
level.
0ur training program is not as intensive as others that 've seen in the past. There is denitely a ormal training process, but there's also a view that
on-the-job training is the best way for junior people to learn.
Training is getting better. The pre-employment training is comparable to that o all the other rms on the Street and probably better, given the
additional level of in-depth, company-specic training at the end of the program. There is typically a week-long case study (usually a live/currently
engaged transaction) at the end of training that provides for hands-on experience prior to beginning employment. However, where the rm lacks a
little bit is in continuing educationtraining for employees who have already started work. This is pretty much nonexistent due to everyones busy
schedules.
The rm lacks inormal training and mentoring, and the expectation is that you should be ully prepared or the job by day one."
Excellent mentoring available due to high-quality team, but you need to be proactive and eager to learn and ask questions. ou will not have
everything on a plate and are a driver of your own development.
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Formal training is increasing in its rollout but still has some way to go. 0iven the small transaction teams, the exposure that deal team members
get is considerably more than at other investment banks.
Compensation [8.28]
Total compensation at my level was above the Street average."
More than double what the Street was paying associates."
ou always eel like you should have been paid more, but think Moelis pays at the high end o the industry range."
Compensation isn't bad, but they oten emphasize during recruiting that pay is top-notch, which it is not. Pay is generally average."
Moelis blew the Street out o the water in February o 2010. 1ust obliterated the Street. The lean stang levels combined with the startling success
of the rmcash ow positive every year since inceptionhave allowed the rm to pay extremely well in order to retain its top talent.
\ery competitive compensation levels. Hard work is well rewarded. Top end o the Street."
Perks
Parking reimbursement."
1unior- and midlevel sta have been granted options in the rm."
Respondents also point out that the rm offers telecommuting options, ex-time, paternity leave, extended maternity leave, free car rides home and
dinners if working late, moving expense reimbursement and prot-sharing programs.
we need to recruit more women."
The rm makes an eort to hire emale bankers."
women represent some o the most senior positions, including both C00 o the rm as well as C00 o the advisory business."
we don't have that many women (non-assistants, that is). But this is not unusual on wall Streetit's just perhaps more noticeable here because
we are smaller. Maternity leave policy (12 weeks paid) is markedly below what most bulge brackets offer (typically up to six months paid).
Not a lot o underrepresented minorities on the banking sta."
don't think we're that dierent than most rms on wall Street, but we could use more diversity in our employees. My view, having participated in
a lot of recruiting, is that the pool of candidates is very small but were doing what we can to improve the diversity.
Extremely diverse employee base. \ery tolerant and understanding culture."
Satisactory diversity with regards to ethnic diversity and sexual orientation."
There are many openly 0LBT employees at all levels, rom administrative roles through partners. This is the antithesis o the typical white-shoe wall
Street rm. Its all about everyone working together towards one common goal where you earn what you get and your performance speaks louder
than anything else.
we have recycling bins, although they are not overzealously promoted."
t hasn't been an area o a lot o ocus. we could use more systems to help reduce waste."
Started environmental riendly policies, but we're way behind on this. t's just not a priority with everything else going on at the rm."
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Ofce Space [8.81]
Newly renovated and urnished oces with views overlooking St. Paul's cathedral. New widescreen computers, ergo chairs, widescreen plasma
TVs, and a nice kitchen and eating area.
Modern and comortable."
Best oces have ever worked in."
we have beautiul oces around the world. They're all very comortable and centrally located."
The L./. digs are amazing, probably some o the best in Century City. The new pad in New ork has a prime Park /venue location with all the
nishes. The conference center is extravagant for a rm of this size.
0reat dining acilities and meeting rooms. The desks are a bit small, though."
Probably the best positioned rm on wall Street. Ken Moelis continues to make it rain, the restructuring team has come in and quickly solidied
itself as the No. 2 restructuring rm on Wall Street, and the recent uptick in M&A and movement towards truly independent advice puts Moelis
in a small set of investment banks expected to signicantly grow its advisory business over the next several years. With international expansion in
London, Sydney and perhaps the Middle Eastalong with expansion into other businesses, including capital markets and risk advisoryMoelis is
poised to continue its rampant growth.
/mazing growth, strong mandate generation, exceptional partner hires. t's going to be a great year."
we have picked up a lot o business and quality people in the past two years o turmoil within the nancial sector. we're building on landmark
mandates (Anheuser-Busch/InBev and Government of Dubai/Dubai World restructuring) and becoming an increasingly recognizable and respected
name. Employee morale is strong.
0rowing too quickly, and the talent pool is very lumpy at the senior level. Firm has had a lot o trouble recruiting good associates in the last
year.
we are very positive on where the business is headed. Unlike our competitors we aren't restricted by legacy balance sheet constraintswe have
a platform where we can deliver unique and exible solutions for ours clients, and were aligned to ensure the best outcome for our clients. Our
relationship with our clients is based on being their trusted advisor, not doing the next deal and moving on.
\ery good deal Now. Sign up an average o ve transactions per week."
0ur business outlook is incredible. 0ur growth has been amazing and our protability has been better than we ever expected. 'm very bullish
about the future of our rm.
Fun facts
There are a lot o DL1 and UBS alumni at our rm."
Representing the government o Dubai in its restructuring. That's a pretty game changing mandate."
Each new employee, regardless o position, is announced to the rm by Ken Moelis!."
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UBS INVESTMENT BANK
299 Park Avenue
New York, NY 10171
Phone: (212) 821-3000
www.ibb.ubs.com
DEPARTMENTS
Equities
Equity Research
Fixed Income
Investment Banking
THE STATS
Employer Type: Division of UBS AG
Co-Chief Executives: Carsten Kengeter &
Alexander Wilmot-Sitwell
No. of Ofces: Ofces in 30 countries
KEY COMPETITORS
Bank of America
Barclays Capital
Citigroup
Credit Suisse
Deutsche Bank
Goldman Sachs
HSBC
J.P. Morgan
Morgan Stanley
RANKING RECAP
#3-Formal Training
#7-Best to Work For
#7-Ofce Space
#9-Selectivity
#10-Prestige
#11-Compensation
#13-Hours
#16-Culture
UPPERS
Hands down its the people: everyones so talented,
intelligent and geared towards succeeding that it just
motivates you
The opportunity to work internationallyits a true
differentiator among competing banks
The culture: more relaxed than most banks
DOWNERS
Terrible reputation these days
Low morale given issues with compensation
Lots of cumbersome internal processes
EMPLOYMENT CONTACT
See careers at www.ibb.ubs.com
One of the best investment banks out there
Good bank, successful, but a slaughterhouse
Coming out of the woods
Poor management during recent nancial crisis
THE BUZZ
7
PRESTIGE
RANKING
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THE SCOOP
Swiss giant
One of the worlds largest nancial rms, UBS AG serves clients worldwide through its investment banking, wealth management and asset management
businesses. Headquartered in Zurich and Basel, UBS AG has ofces in over 50 countries and employs more than 64,000 people around the world.
UBS Investment Bank, UBS AGs investment banking business, employs more than 17,000 people. It provides advisory services as well as access to
the worlds capital markets for corporate, institutional, intermediary and alternative asset management clients. It also provides securities products and
research in equities, xed income, rates and foreign exchange.
The current version of UBS was formed in 1998 with a merger between the Union Bank of Switzerland and the Swiss Bank Corporation (SBC). SBC
dated back to the 1870s, and during the course of its international growth, it had acquired a number of foreign rms. One of these, Londons S.G.
Warburg Group, became SBCs investment banking division (SBC Warburg). In 1997, SBC Warburg brought its business to the U.S. through the
acquisition of Dillon, Read & Co. After the UBS-SBC merger in 1998, the investment banks name was mercifully shortened from SBC Warburg Dillon
Read to UBS Investment Bank. In 2000, UBS made its initial public offering on the New York Stock Exchange. That same year, the rm bought New
York-based PaineWebber for $11.8 billion, further solidifying its presence in the U.S.
Tough times, new CEOs
To say the least, UBS AG had a rough time when the credit crisis hit in 2008. As a result of serious losses stemming from the subprime mortgage
crisis, the rm reorganized itself and shrank considerably throughout 2008 and the early part of 2009. It did so by exiting businesses, divesting assets,
internally restructuring and signicantly cutting jobs. The company also received billions of dollars in aid from the Swiss government and sold $39.7
billion of assets to a separate fund run by the Swiss National Bank. The draconian measures were responses to staggering losses: for the scal year
2008, its net operating loss was CHF 20.7 billion, putting its 2007 loss of CHF 4.7 billion to shame.
In addition, the rm went through a management shakeup. In February 2009, UBS AG announced that its CEO Marcel Rohner had resigned from his
post and Oswald Grbel, an ex-Credit Suisse executive, would be taking over for him. Rohners resignation came amid recent defections, big market-
related losses and a high-prole tax scheme controversy (in August 2009, an agreement was reached between the U.S. and Switzerland regarding a
lawsuit that sought the names of U.S. UBS clients believed to have dodged taxes by storing money in Swiss bank accounts). Grbel, who was co-CEO
at Credit Suisse from 2003 to 20007, was largely responsible for turning that rm around and investors seemed to think Grbel would be able to do
the same for UBSon the news, the banks shares increased 9.7 percent in Zurich trading.
A few months later, in April 2009, UBS AG announced that Jerker Johansson, head of UBS Investment Bank, would be leaving the rm immediately.
The unit had seen more stable daysUBS Investment Bank had been the source of nearly all of its parents credit crisis-related losses, and
Johanssons departure was the fourth for the unit in the last 18 months. UBS replaced Johansson with co-CEOs: Alex Wilmot-Sitwell, a senior member
of UBS Investment Bank; and Carsten Kengeter, head of xed income, currencies and commodities. Also in April, Marcel Ospel, chairman of UBS
AG, stepped down from his post, and Kaspar Villiger, Switzerlands former nance minister, succeeded him.
Overall, UBS AG had another tough year during 2009, losing CHF 2.8 billion. However, that was much better than its 2008 when it lost CHF 21.2
billion. Despite the losses, UBS Investment Bank still ranks among the top banks worldwide. According to Thomson Reuters, UBS Investment Bank
ranked No. 10 in both global and U.S. announced M&A deal volume for the rst six months of 2010. Additionally, UBS ranked No. 10 in Europe M&A
volume and No. 7 in overall worldwide debt, equity and equity-related underwriting.
GETTING HIRED
Selectivity [8.15]
we continue to look or top caliber candidates with either a background in nance or experience in nancial services. we have, like other banks,
become less open to non-business or non-nance-oriented majors in recent years. If you are an art history major, we probably will no longer give you
serious consideration unless you minored in corporate nance and did a sophomore summer internship. We typically conduct rst-round interviews
on campus and, depending on location o the school, the second round is either also on campus or =in our oces in the orm o a Super Day."
\ery punctual process. Candidates looked or are generally hardworking, down-to-earth, and understand what they expect to get out o the job and
program.
Emphasis on well-rounded candidates as opposed to pure book smarts. Team players as opposed to cut-throat competitors t in best."
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The interview process was organized, proessional and competitive. / phone interview was ollowed by a Super Day beore a nal internship oer
was made (that led to my formal offer). I believe UBS is open to the top students from lesser-known programs, but I think the emphasis is on
competing for the top-tier of talent from the top tier of schools. UBS was early in the recruitment process and prompt with callbacks. Callbacks were
made within 24 to 48 hours of the interviews. I think there is a strong emphasis on intelligence, passion and personality t, with a lesser emphasis
on quantitative skills than at other shops. No need to be setting records in your personal trading account, but you better be a person we want to
spend countless hours with per week.
was a lateral hire and, during the interview process. met almost all o the associates and directors o the group. First-round interview included
a director and two associates as well as the groups COO. Second-round interviews consisted of the remaining two directors and the remainder of
the associates except for one. The nal interview was an additional t interview with HR. Total number of interviews was four for the rst round and
then another four interviews for the second round. Initial callbacks were conducted by the COO and her staff. For the nal interview with HR, the
call back was done directly by HR. An offer was extended by HR and then group members followed up. I even received a call from the global head
of our group.
Process is exactly the same as the other bulge bracket rms but slightly less competitive, due to our recent poor results and negative news
headlines. The interview process was standard. Nothing exceptional relative to other rms I interviewed with on campus. There was a rst-round
interview, dinner for those chosen for nal-round interviewing and two nal-round interviews. All interviews were a mix of behavioral and nancial
questions. We knew by the next day if we had been selected or not. The rm values self-starters, those with demonstrated ability to tackle challenges
and get results, as well as team players.
t's a tight timerame and the interview process moves quickly. we're looking to hire individuals with an interest in nance that are quantitative and
well spoken. Critical thinking is a must, as is the ability to handle multiple tasks at once.
believe the internship program is the best on the Street. we were given the chance to meet high prole clients as well as UBS management. we
were also given the chance to learn from both senior and junior employees on the desk. I cant recommend this program enough.
learned a lot during my internship experience. 0 course, did do many 'intern tasks,' but received a lot o insight into the lie o an analyst,
helping me to evaluate whether or not this job was for me.
Phenomenal experience. 0reat combination o on-desk work, exposure to management, exposure to clients and program structure. Rotational
nature of the program lets interns learn the business before they pick a nal desk.
\ery good, however, the people completely changednew group head, dierent junior and senior people, etc.rom when summered to when
I came back full time.
Fantastic people, excellent events, real hands on experience."
The internship is un, an amazing learning experience, and mentally and physically challenging. can't think o any other internship where you
can learn as much as I did, not only about an industry but also about yourself. I worked closely with all levels (from MD down to analyst) and was
given a ton of responsibility (more so towards the middle of the internship when youre expected to perform to the level of a rst year). I came into
the group with four other interns and we all received offers at the end of the internship.
OUR SURVEY SAYS
Satisfaction [8.00]
/ll the negative press recently has impacted morale, but overall 'm satised with my job."
've been at UBS or 12 years, so guess must enjoy it."
enjoy the transaction execution aspect o my role as well as the excitement that comes with developing and winning new business."
really enjoy my job and have a wonderul boss and team. There is great camaraderie and many o us are also riends outside o work. t's interesting
and challenging, always busy and theres always something new going on. The only way I would be more fullled is if I were doing some service to
the world and humanity, in addition to supporting my company and by extension the economy.
Could do without the politics and overall poor state o UBS as a rm. 0roup is solid and involved in a lot o key deals. t's good or my resume."
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The job is great rom a learning perspective, although you could honestly learn the same amount while working hal as long due to the huge
inefciencies and level of meaningless tasks involved. Its hard to have a voice as an analyst, and when you do try to express an opinion its generally
perceived as pushing back or being disagreeable.
} love coming into work, which says a lot in investment banking. 'm given tons o responsibility, deal directly with clients on a daily basis and
people recognize my work. So far, Im very satised.
nvestment banking will always have its dicult days. However, the quality o our clients and mandates as well as senior management's team
approach keep the job fun and exciting.
t's very challenging work. /t the end o the day, you can't help but be proud o yoursel. The learning curve is steep. 0nce you start to understand
how things t together, the only way is up. Again, I cant see myself doing anything else.
am not a banking 'lier' by any means, but 'm happy to have the job and have had a good experience."
Firm Culture [7.81]
believe that UBS has a better work culture than other rms on wall Street. The 360-degree review process helps a lot at the junior level.
Anonymous polls are taken every year to assess the opinion of the junior bankers on the senior members of the team. In addition, senior bankers
are required to ask those who work for them to write them reviews for this process.
Culture has suered as a number o people have departed, and that trend appears to be continuing, albeit at a slower pace. The rm has made
many questionable hires in IBD and needs to refocus on developing talent. This is beginning to take place, but much more work is needed to weed
out useless senior bankers.
we're still developing a strong sense o rm culture, but what sticks out the most is how outgoing and accessible all people at all levels are."
Supportive, team-oriented individuals trying to do the right thing or clients and shareholders."
Poor culture, with some riendly people here and there. Culture ocuses on hours and volume o work. 1unior people are viewed more as
commodities, robotic almost.
\ery open and Nat hierarchy. Senior management is accessible. People work hard but also appreciate going out with colleagues and your taking
time for your personal life if you need it.
Social, thoughtul, no screaming, hardworking, high expectations."
Being in Stamord is the only drawback to UBS. Though most people ocus on the commute time, it's also important to realize that being dependent
on trains prevents certain typical business activities, such as grabbing drinks with co-workers or meeting friends from another bank after work.
Everyones schedule is determined by train times, and hanging outside of the ofce in Stamford, even just for one beer, means waiting an hour for
the next express train. Not being on Wall Street detracts from the vision most new hires have of a Liars Poker atmosphere.
Cooperative yet competitive. Everyone wants to be the best, though it is ully realized that we are competing against other rms and not ourselves.
So peers are more than willing to help develop colleagues.
Strong European inNuence. Not as much o the /merican raternal culture. However, opportunities to orm strong relationships with peers and senior
bankers are more than abundant. Additionally, the lack of a fraternity-esque culture means less hazing and work is more uniformly divided. Maybe
its specic to my group, but no task is considered below anyone. If theres work to be done, the team pulls together and just does it.
Firm culture is really dependent on what group you join. Make sure to spend time learning about groups through talking to dierent people because
that will decide on the culture in which youll live on a daily basis. I would say that overall the rms employees are hardworking, ambitious and have
an interest in retaining top talent.
Hours [6.88]
Hours have improved with the departure o some o the more useless people who have graced us at 299 Park /venue over the past 24 months."
Hours are very long, mostly based on a high volume o projects and being staed on several deals at once (as opposed to spending a lot o time
on one deal or a large pitch).
Not the typical -banking hours. we work hard but don't have to work on weekends. which might be specic to my group."
Hours are not great. However, it does get signicantly better with experience. Most notably, as time goes on, you're given a lot more Nexibility around
events in your personal life.
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Twelve-hour days are common when in you're in the oce. Hours vary when traveling. weekends are pretty ree, however, which is key."
work rom 5:45 a.m. to 5:15 p.m., which is very reasonable hours or the sales and trading! industry."
you're not here seven days a week, people will denitely be upset. Don't show up with a tan or any sign that you had any un. Be sure i someone
asks whats up, you dont mention any stories that dont involve banking. That said, I have denitely seen people with worse hours than I do.
Hours are the worst part o the job."
work a ton o hours. But it's all valuable work. Some deadlines are unnecessary, but that comes and goes. 0verall, my time is spent doing great
work, from which I learn a lotand that happens to be my primary objective.
0nce you start getting aster and people trust your work and judgment, your work hours reduce by a huge margin."
t's no secret that analysts work a lot, but within our team the hours are air. Due to the overall workload, our senior olks are not trying to make
unnecessary work when there may be a lull.
0enerally very respectul, but there are outliers."
\ery Nat structure, managers take a vested interest in your success."
Managers treat their junior proessionals with respect and reward them or hard work."
t's wall Street. People are nice, but they aren't going to hold your hand and treat you like a god. They'll put you in your place when you need to
be, but thats Wall Street. Anyone who comes in with different expectations probably shouldnt be here. Everyone strives to be the best, everyone
is cutthroat and everyone expects people to put in 200 percent. You get yelled at, called names, but this is Wall Street. Everyone works in a very
hard-hitting environment.
Except or a couple bad apples, people are respectul."
No other way to describe it than that senior bankers can be very demanding and i you can deliver, they will respect you. Furthermore, i you note
that you have an event or family member in town, team members are more than happy to integrate that into your work schedule (if work needs
to get done, though, its expected that it gets done so you getting out might not always work out). They also encourage you to speak up about any
engagements that you might have coming up.
t varies a lot. Some managers are good, others are terrible. Several people don't even know my name, and the group is only made up o 20 people
and Ive been here for a year.
without a doubt, UBS has the most respectul management o any rm on the Street. Not only does management respect entry-level sta, but they
go above and beyond the typical banking hierarchy to interact directly with analysts.
within my team, it's amazing. get along extremely well with all senior sta. we have MDs who have risen up rom the analyst rank so they know
exactly what youre going through and are sympathetic towards the banking lifestyle.
0reat ormal training and ongoing training. Little to no inormal training, and no mentoring beyond the rst month."
The training at UBS is among the best in the world. 0n the xed-income side, the highlight is a trip to Europe (either Switzerland or London) to
network with our counterparts from overseas. The global inuence of UBS is evident as teams from Asia, Australia, the U.S., Latin America and
Europe join together for training. While some training courses may be basic and others more challenging, the formal training ensures that everyone
has a baseline of knowledge before hitting the desk. The informal training and mentoring are essentially determined by the analyst: if youre strongly
motivated to develop a relationship with potential mentors throughout the bank, they will be receptive and the relationships will develop. If you choose
not to reach out, then no one will force themselves to be your mentor. As someone who has intentionally developed these relationships, I can attest
that they are even more valuable than any classroom training program due to the depth of experience of senior team members.
Formal training is ne. UBS oers the same instructors that all other bulge bracket rms do. think the bank could do a better job at mentoring
junior bankers, though I do recognize that many analysts will leave after two years and the benets of the mentoring may not be experienced by
the rm.
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\ery comprehensive. The rm also provides ongoing training opportunitiessome mandatory and some not."
/ll analysts and associates go through an intensive training course prior to joining their teams. There is a ormal mentoring program that is currently
being implemented for both analysts and associates.
Full time training was very thorough. /ter that, there isn't enough time to take ull advantage o training opportunities."
n addition to the classroom training we receive at the beginning o our analyst terms, we also have continuing training throughout the year and are
encouraged to attend when we are available. We also have group-specic training throughout the year, and many of us continue to remain in contact
with our senior mentors from our summer internship, and we denitely end up nding our own mentors through our experience.
Compensation [7.00]
0enerally in-line with the Street."
've been very content with my salary and bonus package over the past two years. My job is unique, and don't eel could nd a comparable
position for the same salary. Were low compared to other banks, but we have been relatively competitive for top performers.
elt that my compensation was air and in-line with the rest o the Street. will likely never be 100 percent satised with my compensation, but
I know that my managers went the extra mile to ensure that I was paid fairly and competitively, and that senior management was receptive to this
and prioritized my compensation.
Last year, no one got paid. This year, the top ew perormers were paid the Street average, everyone else got little to nothing, despite being good
performers, and were assured that last year was an anomaly and would not happen again. It was incredibly disappointing.
Slightly below the Street."
while UBS does not pay the Street average, have always been content with my compensation."
/t my age, won't get paid more anywhere else. That's how view it."
UBS pays in-line with its peers, though in the past ew years it has been hampered by external actors that have made pay at other banks a bit
more competitive. Hopefully that is changing. That said, weve also been at the forefront of recent compensation trends, such as increasing base
salaries and including claw-back provisions (for better or worse).
Perks
Discounted tickets to museums and art shows."
Free access to M0M/."
Because o the global presence o the bank, training programs take place in London, Hong Kong and Switzerland."
Excellent health care coverage. /nd a 401(k)."
Free car rides home and ree dinners or people who work past a certain hour. we also have company rates at a ew gyms."
0ne unusual perk might be the ability to transer across global oces."
Free entry to certain places like the Bronx Zoo as well as tickets to Rangers games, Knicks games and movie premieres."
0reat, tax-ree caeteriathe ood is excellent."
Respondents also point out that the rm offers telecommuting options, ex time, paternity leave, extended maternity leave, moving expense
reimbursements and emergency day care.
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Diversity seems average to me."
know the women's group is very strong in the U.K., but do not see the same presence in the U.S."
we're actively working on improving our diversity-related initiatives and have made great progress in the last couple o years. we oer networking,
training and mentoring opportunities to female professionals.
have never elt disadvantaged as a woman at UBS, or that have ever been treated any dierent than a male colleague in any respect."
UBS has an explicit policy with respect to hiring women at the analyst level. However, what little inrastructure they have in place to retain these
analysts doesnt seem to be very effective.
My entire class o analysts in LevFin is made up o women."
There are a lot o white, ndian and /sian men at this rm."
Several groups and lots o unding available or minority groups. However, do not know how eective they are in the U.S."
Need more senior minorities to attract more minority talent. Constantly losing top talent to other banks."
've seen all kinds o people at every level. we make strong eorts to promote diversity in all dierent orms. 'm a minority and eel like 'm well
respected and well taken care of.
There is a senior level push to encourage diversitydiversity which extends beyond sex and color to include background, nationality and prior lie
experience. All of this culminates in an extremely diverse workplace. I am currently on more than one deal team where I am the only U.S.-born
person on the team.
we oten have women's events and dinners, and as a minority, have always elt very comortable here."
was hired by UBS through SE0, a minority program. think that speaks or itsel."
women and 0LBT proessionals are in senior roles, however, similar to most o the Street, the top brass is still mostly Caucasian males."
'm unaware o any 0LBT employees."
There has denitely been a stronger initiative over the past year to make the building environmentally riendly."
Lots o marketing but limited participation or enorcement o policies."
/ll printers print double-sided automatically, and paper is recycled."
There is still a lot o Styrooam, but it's getting better."
Constant hammering home o environmental issues rom recycling and locally-grown produce to conserving electricity and beyond."
Signs everywhere about opportunities to be environmentally riendly and signs that say what UBS is doing on that ront."
Numerous green policies and new ones are always being added. Black car service includes an environment riendly hybrid option as well."
UBS has consistently pushed or greater environmental awareness and action. From 2006 to 2009, we reduced our paper usage by something
close to 20 percent and our Styrofoam cup usage by close to 30 percent.
we have recycling bins at every desk, and pro-environment posters are located around the rm."
0ur caeteria is trying to enact more green policies."
Ofce Space [7.84]
Being out in Stamord is great."
The Stamord oce is a pain to get to i you live in New ork. But the oce spaces themselves are really nice and modern."
Comort and decor are great. working at UBS in Stamord is like working at an ultra-modern space station. The problem is you're in Stamord.
Not only is this Wall Street job not on Wall Street, its not even in the state of New York.
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Desperately needs an update on many o the Noors, which are cramped and out o date."
From what have seen o oce spaces at other banks, think ours are better urnished."
Largest trading Noor in the worldgreat energy."
The oce has all the amenities you need to get the job done but isn't going to win awards in any style magazines."
Lots o windows, lots o light, large cubes with lots o personal space."
Nice oces on Park /venue."
The location at 299 Park is ideal: great restaurants nearby, convenient location by 0rand Central, and lack o tourists on the street in ront o your
ofce. The lobby and conference room oors are very well done. The ofce space is designed with an open architecture and glass. Theres no
feeling of claustrophobia herewhich is quite conducive to working within teams and having a continuous ow of information. The cafeteria is also
great.
0ood location in Midtown. The oce is also pretty decent, although we sit in shared open cubes."
we're given ree reign to decorate our cubicles and walls as we see t."
/ll o the issues UBS has endured have led to a lower-than-usual level o employee morale, and this has impacted our ability to attract top
candidates to the rm. Additionally, in certain sectors the poor quality of some of the senior bankers has hurt the reputation of the rm even more,
reducing the ability of the groups to win relevant mandates. Signicant work is needed.
n terms o business, 'm sure it will be decent as everyone will take part in some recovery. n terms o morale, think it's poor: several people have
just quit and others will follow.
Honestly, the rm has taken quite a beating over the past ew years and morale has been quite low. we have lost some business so how we do
over the next year will say a lot about the future of the rm in the U.S. But year-to-date, we are leading M&A league tables, so hopefully this will
continue.
The rm's outlook is good. The worst is behind us with respect to the impact rom the nancial crisis. The rm has resh leadership, the competitive
landscape has changed and there is an even greater opportunity, especially in the U.S., to improve market share. The bank has a tighter balance
sheet policy than some of the other nancial institutions on the Street, and this may impact our ability to move to the top of the league tables in the
M&A space. We are already the strongest equity house globally and expect to remain top-ranked in this product.
Return to protability was step one. Now we want to be top three in all o our businesses. This is a goal we can achieve."
This is very dependent on individual teams' outlook. My team's outlook is excellent, but other areas o the bank are still suering."
just eel like you never know. 0ne day it's Bear, then Lehman, then UBS, then Merrill, then Citi, now 0oldman. Lie's very uncertain, but it doesn't
look like anywhere is safe.
Hard to do worse than the last two years . it's looking up."
Employee morale has improved greatly since started, and eel that many o our problems are behind us. we're protable again and are well
positioned to build market share going forward.
UBS went through a terrible time during the crisis, no doubt about it. But with the current CE0, you eel the change every morning. My biggest
investment in my portfolio is in UBS stock, which has gone up 30 percent since I bought it two months ago. I truly believe the current management
team is taking care of business in the right way and we are now positioned to gain substantial market share and rebuild the brand. Employee morale
has signicantly improved. The right decisions are being made and it feels great to be a part of it.
UBS has turned the corner and will continue to gain market share throughout 2010 and 2011."
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Fun facts
UBS is a major sponsor o /rt Basel, which is one o the largest annual art events in the world."
we're incredibly strong outside o the U.S., particularly in /sia."
well-accomplished and competitive triathlon club operating out o both NC and London."
Largest trading Noor on wall Street."
0reat chocolate chip cookies in the caeteria."
The letters U, B and S do not actually stand or anything. 0ur logo (the three keys and UBS) came rom the merger o Swiss Bank Corp (the three
keys) and Union Bank of Switzerland (UBS). But since the merger, U, B and S have no longer stood for Union Bank of Switzerland.
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CENTERVIEW PARTNERS LLC
640 Fifth Avenue, 19th Floor
New York, NY 10019
Phone: (212) 380-2650
Fax: (212) 380-2651
www.centerviewpartners.com
BUSINESSES
Advisory
Private Equity
THE STATS
Co-Founding Partners: Adam Chinn, Stephen Crawford,
Blair Effron, Jim Kilts & Robert Pruzan
No. of Ofces: 5
KEY COMPETITORS
Allen & Company
Evercore Partners
Goldman Sachs
Greenhill & Co.
Lazard
J.P. Morgan
Moelis & Company
Morgan Stanley
RANKING RECAP
Quality of Life
#1-Compensation
#2-Selectivity
#3-Business Outlook
#3-Culture
#4-Ofce Space
#8-Best to Work For
#9-Formal Training
#10-Hours
UPPERS
Close and frequent interaction with partners; ability to
interact with CEOs and other senior executives as a 23
year old.
The people here are great: very smart, focused on the
client, collaborative and supportive of each other.
The compensationconsistently pays above the Street.
DOWNERS
The amount of hours we put in.
Work can be stressful.
Lacks high level of brand recognition in Europe.
EMPLOYMENT CONTACT
Follow the careers link at www.centerviewpartners.com.
Solid boutiquenot trying to grow out of its niche
One great rainmaker does not a rm make; the team is
strong but their deal ow seems limited
Great connections, a lot of big consumer deals
Where is it going?
THE BUZZ
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8
PRESTIGE
RANKING
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THE SCOOP
Small size, big business
In 2006, UBS managing director Blair Effron had dinner with his friend Robert Pruzan, a veteran of Wasserstein Perella. The two men decided to
capitalize on the lucrative mergers and acquisitions boom by going in to business together, opening a boutique they dubbed Centerview Partners (the
name came from the view at their new ofce on the 19th oor of Rockefeller Center).
Since Effron and Pruzans vision was realized, Centerview has added three more high-powered co-founding partners and brought total headcount
up to 80. And even through the M&A market slowdown, Centerview has kept up its pace, advising on megadeals like Altrias $113 billion spin off of
Philip Morris, Krafts $22 billion acquisition of Cadbury, PepsiCos $21 billion acquisition of it bottlers, and OSI Pharmaceuticals $4 billion defense
and subsequent sale to Astellas Pharma.
How it works
There are just two lines of business at Centerview: advisory and private equity. The advisory business addresses strategic, nancial and operational
issues for its clients; according to the rm, its partners have advised on over $1 trillion in transactions over the course of their careers, including more
than $300 billion of transactions since Centerview was formed.
The private equity group focuses on the U.S. consumer middle and upper-middle market, and is led by partners James Kilts, former CEO of both
Gillette and Nabisco; David Hooper, who joined from Vestar Capital Partners; and Joseph Schena, who held senior executive positions at Gillette,
Nabisco and Kraft Foods.
Top 10
Centerview made a major splash on the 2008 banking league tables. According to Thomson Reuters tallies, Centerview ranked No. 10 in both
announced and completed U.S. dealsthe only boutique to land in the top 10. In 2007, the rm had ranked No. 13 in announced U.S. dealmaking
and No. 16 in completed transactions. And in the consumer staples sector in 2008, it was the U.S.s No. 3 adviser, coming in behind heavyweights
Goldman Sachs and J.P. Morgan.
Perhaps even more impressive, Centerview jumped from No. 31 spots in worldwide announced and completed M&A deals to land at No. 13 and No.
14, respectively.
Relationships matter
As the biggest banks in the U.S. fell to their knees in fall 2008, Centerview co-founder (and former Morgan Stanley co-president) Stephen Crawford
explained why his rm will surviveand make the best of a tough time. The great thing about what were trying to do at Centerview, is our relationships
are based on just that: the relationships, he told Fox News. We either know the institutions we work with over a long period of time, or we come
heavily recommended. The second thing thats very different is were obviously an earner-operated rm, which is very different than a large rm owned
by shareholders, and I think clients understand that and appreciate it.
Crawford compared Centerview to a family practitioner, adding that the current gloomy environment offers a great opportunity for us to continue to
build relationshipsbut Im not sure it will be through transactions over the next six to 12 months. Instead, he said, the rm may have to make a
temporary shift to hand-holding, talking about investor relations, talking about a lot of things that dont necessarily make Centerview money but make
us very good relationships over the long term.
GETTING HIRED
Selectivity [9.20]
Extremely selective. Looking or smart, energetic olks with great attitudes who can work hard, think hard and play hard. Most important, the rm's
partners need to see you as someone who could someday be a partner in their rm.
Technical skills are important, but every level o employee at the rm spends a lot o time with clients so it's important that candidates are articulate
and presentable.
The rst-round interviews are generally conducted on campus at core schools, or over the phone or other schools. The next round(s) are conducted
at the rms ofces, and candidates are expected to meet most junior bankers and partners. The rm places extreme value on candidates who
have partner potential and who specically want to work at a boutique.
Centerview Partners LLC
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Hiring process starts o with two phone interviews ollowed by a ull day o one-on-one interviews, which include building a model and interviews
with the most senior partners.
we're committed to hiring exceptional candidates who have an entrepreneurial Nair and are eager to take on responsibility much earlier than bulge
bracket institutions will allow. All of our employees have superb interpersonal skills as well as technical ability.
They try to have you meet as many members o the rm as possible and always have you interview with partners and co-ounders."
n the London oce, only candidates with exceptional C\s are interviewed, with potential candidates meeting every current employee in several
stages. Hiring decisions are made by consensus.
Satisfaction [8.58]
The work is very satisying and have a lot o responsibility. probably have a bit more on my plate than would be ideal."
0reat rm. get more exposure and access to senior management than did at my two previous rms. eel like get to work on more live or
potentially live situations than I used to. We also do more strategic work than typical in an investment bank.
investment banking is what you want to do, Centerview is a great place to do it. /nalysts are exposed to partners on a daily basis, and it is the
expectation that analysts will be brought to meetings. The small and lean structure of the rm means more responsibilities and more meaningful
tasks.
cannot imagine working or another banking institution, bulge or boutique."
The work done at Centerview is unlike work done at any other bank. t is thoughtul, analytical work, as strategically and operationally ocused as
it is nancial.
Excellent access to seniors and clients, high degree o responsibility at junior levels."
OUR SURVEY SAYS
Firm Culture [8.91]
\ery open and lots o interaction with people at all levels. \ery good about getting junior bankers in ront o clients. Low ahole actor."
0reat place to work. People are really nice and accessible. Relatively Nat organization, particularly or a bank."
Everybody in the oce interacts well together, which is important or a small rm. t is denitely a place where everybody knows your name."
/t Centerview, we are encouraged to think reely to develop and create our own ideas. we interact requently with senior partners, as the rm
believes that much of the training comes from interaction with those who have substantial pedigree in the business. All of this means that employees
here feel appreciated, part of a team and are challenged to improve.
/nalysts attend meetings. Cupcakes or birthdays."
The culture is ocused on results, not credit."
Partners are very ocused on developing people at all levels, rom analyst on up."
Hours [6.97]
we're a pretty lean shop. People work hard."
0nly downside about being here is that we work a ton."
The hours at Centerview are extremely long. t is rare to leave the oce beore midnight, and the majority o weekends are spent in the oce as
well. All-nighters are frequent, and it is nearly impossible to make non-work plans in advance that go completely untouched.
The hours are long but relatively typical or the industry."
Much better than colleagues at other banks and boutiques. Truly no ace time."
when there's work to be done, we'll stay as long as it takes to nish. when there's not, junior bankers are encouraged to get out o the oce and
live a little.
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Treated very well by senior bankers."
t's a small rm where everyone wants to retain talent, so the culture is very concerned with respect and how people are treated."
Senior proessionals are genuinely concerned about the development and experience o junior proessionals. They're riendly and approachable,
and an open-door policy exists.
\ery ocused on teaching and mentoring. Extremely respectul and patient."
Everyone at a senior level is very reasonable, which is unusual or banking."
1uniors and seniors have regular contact, and any junior is welcome to walk into a senior partner's oce at all times. we regularly have lunch
together and team meetings are organized each week where all are encouraged to bring new cultural or work ideas to the table.
There's one long, ocial training program or new analysts and associates when they join the rm. /terward, there's a continuing education
program for an hour a week every other week as well as one hour per month one morning a month. Because of the rms culture and small size,
a lot of attention is placed on training junior bankers informally and getting them up to speed as quickly as possible.
New analysts are introduced to the rm and the eld o investment banking through a three-week ormal training program, which is taught by
current rm professionals. The course covers all of the basics and ensures that youre ready to work on the rst day of the job. But the real training
takes place on the job, and small deal teams ensure that you are quickly brought up to speed.
normal mentoring is a crucial part o the training program."
Mentoring, both ormal and inormal, is a top priority here."
Compensation [9.44]
Denitely above Street or both base and bonus."
Probably about 40 percent higher than the Street."
was paid at the top o wall Street in 2009."
0enerous and air."
/ll cash."
well above the Street, and in most cases well above the highs."
Centerview pays extremely well. The hours are long, but the pay is the best on the Street."
Perks
0ccasionally there are unused tickets to baseball games, ootball games and other sporting events, as well as entertainment events, assuming they
are not used by the partners.
Free sodas and juice."
There's no limit on the amount you can order or dinner."
The rm does not place a limit on holiday entitlement. Everything within reason is permitted."
Extensive medical coverage."
Respondents also point out that the rm offers free car rides home and dinner if working late as well as moving expense reimbursement.
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Feels like we try, but we should do more."
There is a lack o gender and ethnic diversication, particularly at the senior level."
Like most investment banks, our rm tends to have a high proportion o non-minority male employees. But minorities, women and 0LBT individuals
are encouraged to seek employment with us and have all and every opportunity to succeed with us.
Have actively been seeking to hire more women, London oce is internationally well diversied."
There is a 0reen warden in charge o cutting down on waste who oversees larger sustainability issues as well as day to day items such as recycling
and weaning everyone off plastic water bottles.
we have programs across our oces to reduce paper and plastic waste, and to recycle."
Senior commitment to environmental issues."
Ofce Space [8.81]
Moved into new oces last year. \ery nice."
Brand spanking new oces in all our locations. n San Francisco, we're pretty much in the best building in the city to boot."
warm and inviting, and provide a great space or a mix o interactivity and to get work done. The cae is a real treat."
\ery good location."
we continue to punch above our weight and are involved in marquee situations."
we are busy busy busy these daysas M&/ picks up, we are very well positioned and ocused to deliver long term success."
The rm is growing extremely rapidly."
we've all got deals happening. which keeps everyone happy."
0ur track record clearly demonstrates that our small, dierentiated and long-term strategic advice model is working. Clients clearly appreciate the
dedicated focus to all elements of their corporate strategy.
we're hiring senior-level bankers at the top in their elds and rom some o the most competitive bulge brackets."
Entire team is very motivated to make the rm a rontrunner in the M&/ space."
Fun Facts
The company was named ater the view rom the ounders' oces."
we believe we are the only investment bank with a ormer proessional rodeo cowboy."
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520 Madison Avenue, 12th Floor
New York, NY 10022
Phone: (212) 284-2300
www.jefferies.com
DEPARTMENTS/DIVISIONS
Asset Management
Debt Capital Markets
Equity Capital Markets
Investment Banking
Mergers & Advisory
Recapitalization & Restructuring
Research
Sales & Trading
THE STATS
Ticker Symbol: JEF (NYSE)
CEO: Richard B. Handler
2009 Net Income: $280 million
No. of Ofces: 25+
KEY COMPETITORS
Barclays Capital
Credit Suisse
Deutsche Bank
Goldman Sachs
J.P. Morgan
Lazard
Rising starkilling its middle-market competitors
Lots of potential but currently mired in the third tier
Aggressively hiring talent; improving in size and stature
Middle market, mediocre
THE BUZZ
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JEFFERIES & COMPANY, INC.
9
PRESTIGE
RANKING
RANKING RECAP
#6-Business Outlook
#9-Best to Work For
#11-Formal Training
#13-Compensation
#13-Culture
#13-Prestige
#14-Selectivity
#16-Ofce Space
UPPERS
Junior professionals given a lot of responsibilitygood
client exposure and deal ow
Strong growth trajectory, great opportunity to participate in
a rising star rm
Team-oriented, very friendly culture
DOWNERS
Lots of hours doesnt mean lots of paysenior
professionals do not necessarily reward the best
performers
Some senior professionals have little respect for junior
professionals
Brand name is still developing in the market
EMPLOYMENT CONTACT
See careers at www.jefferies.com.
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THE SCOOP
On the move again
New York-based Jefferies Group, Inc. (widely known as Jefferies) is an independent securities and investment banking rm that was founded almost
50 years ago. Today, it employs more than 2,700 people in over 25 ofces worldwide.
Jefferies investment banking services include M&A advisory, capital raising, debt, equity and equity-linked nancing, recapitalization and restructuring
solutions, fairness opinions and corporate advisory services. Jefferies sales and trading business offers trade execution and liquidity, and traded
equity, convertible, high-yield, investment-grade xed income and commodity-linked nancial products; the unit also provides wealth management,
correspondent services, prime brokerage, securities nance and oor brokerage services (at the NYSE).
The rms research team focuses on covering mid-cap and growth companies, offering investment ideas in equity, high-yield, convertible and
investment-grade xed income securities. The asset management division manages products that include equities, xed income securities, convertible
securities and real assets (commodities). And its wealth management division offers nancial advisory to corporate clients, private equity rms,
institutions and wealthy individuals.
Jefferies investment banking practice focuses on industry specializations, including aerospace and defense, clean technology, consumer, energy,
nancial services, gaming, health care, industrials, maritime, media, technology and telecom. It also has a dedicated nancial sponsors group, and
dedicated product groups, including equity capital markets, debt capital markets, recapitalization and restructuring, and mergers and advisory.
Jefferies can trace its roots to 1962 when Boyd Jefferies established his eponymous rm with a $30,000 business loan and one employeea oor
runner. The two began conducting business on the Pacic Coast Stock Exchange oor. Along the way, Jefferies recognized that institutional investors
often wanted to trade large blocks of stock without making an impact on the market (or tipping their hand to other traders) but had no mechanism
for doing so. He began catering to these investors, discreetly matching large institutional buyers and sellers off the exchange. So-called third-market
trading is standard practice today, but in the 1960s, it was a novel idea. Jefferies prospered, becoming a respected equity trading rm and launching
an IPO in 1983. Expansion followed in the 1990s as Jefferies began offering investment banking, asset management and research services, opening
ofces throughout North America, Europe and Asia.
In 2008, as a result of a worldwide nancial crisis that began in 2007, Jefferies, like many other nancial rms, was forced to make staff cuts, laying off
nearly 20 percent of its workforce. However, the rm soon reversed strategy, taking advantage of the severe dislocation on Wall Street, hiring several
seasoned professionals in its investment banking and other business groups, including xed income, research and equities. This included the addition
of the 40-plus person health care investment banking team from UBS, and substantial new hires on its trading desks in the U.S., Europe and Asia.
More hires followed, and by mid-2010, Jefferies had increased headcount by 25 percent from 2008. Meanwhile, its investment banking revenue
more than doubled from $120.8 million in 2008 to $256 million in 2009. Underlining the rms prowess in the mergers and acquisition market,
Jefferies ranked No. 3 in U.S. announced middle-market M&A deal volume (transactions with values up to $500 million) for the rst six months of
2010, according to Thomson Reuters. The rm also ranked No. 15 in overall U.S. announced M&A deal volume and No. 25 in worldwide announced
M&A volume for the same period.
GETTING HIRED
Selectivity [7.57]
The hiring and call back process is similar to what you nd at other banks: one round o campus interviews ollowed by an in-oce Super Day,
consisting of ve to seven interviews. While all banks look for very similar qualities in an analyst or associate, Jefferies is more willing than most to
interview and take a chance on an intelligent candidate from an atypical background. Showing a willingness to learn and enthusiasm can make up
for a lack of technical skills when interviewing for an analyst position.
\ery ecient and proessional interview process. we look or candidates who have the potential to succeed in high-pressure environments as well
as individuals who would be a good t in our rm. Fit is a necessity.
Technical rst round, all-t second round."
The rm is looking or hungry individuals who are smart, easy to work with, and willing to work long hours and grind away. 1eeries is growing
incredibly fast and hiring many talented people from other banks. Its no surprise that people want to come here.
ou have to be motivated to work hard and have a capacity to learn a lot inormation in a short period o time. / positive attitude and a solid
nancial background will go a long way.
Looking to hire candidates who are both smart and personable. Someone who is proactive and seizes opportunities."
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nterviews are a mix between nance and t questions. Fit is extremely important. Most people here are nice, un and overall good people to be
around. I dont think Jefferies is as fraternity-like as it used to be. People are also not as cutthroat as people at bulge bracket banks, and everyone
is willing to help each other. Summer internships are importanthardworking summer analysts are almost always rewarded.
0verall great experience. 0iven that it's a generalist program, it's good and bad in that you get to work with all industries and products groups,
but you often get overstaffed on projects. The program can use a bit more organization. However, the people you work with make up for any
negatives.
/s an intern at 1eeries, was given more responsibility than any o my riends at other investment banks. was also working on live transactions,
which was very unique. The intern program is very well planned and organized to provide the best experience possible in the short amount of time.
The interns get a week of training and have a full schedule of events where they can get to know fellow interns and build relationships with bankers
throughout the rm.
t was good, but didn't learn much about modeling."
\ery good experience, working on live deals rom day one. Full-time bankers took a genuine interest in assuring had a good experience. The
program was designed to make sure I was exposed to specic areas that I was interested in.
0oing into my internship had no idea what investment banking was like. The internship gave me a great base on which to enter my ull-time
position.
OUR SURVEY SAYS
Satisfaction [7.44]
0reat rm that continues to gain momentum. Huge opportunities or junior bankers. Not a meat market like most bulge brackets."
enjoy the challenging environment and am continually learning new skills. 0reat overall exposure to nance. / lot o banking rms claim to have a
at structure, but at Jefferies it really is true. I work daily with managing directors on live engagements. Also, analysts are given a lot of responsibility,
often interacting independently with clients on various deals.
\ery aggressive bankers, notoriously dicult senior management, but lots o opportunities or junior bankers."
/ job is a job. /nd am satised with being kept busy and on my toes most o the time. do appreciate my group and the people work with. would
say 50 percent of my satisfaction is derived from the people I work with, 30 percent from my compensation and 20 percent from the work I do.
People here are great mentors and provide great guidance as to how to develop. My teams are all very supportive and not overly harsh when it
comes to criticism.
The job has been very rewarding. 've learned a lot in a very short amount o time. ou can take on as much responsibility as you are willing to."
enjoy the tremendous amount o responsibility analysts are given, and most people are great to work or. /nything dislike about my current job
is due to the job and banking itself and is not Jefferies-specic.
'm very satised, or the most part. 0bviously, it will depend on what my bonus looks like."
Firm Culture [8.08]
1eeries culture is denitely one o its strengths. The rm has a collection o very smart people with very diverse interests and backgrounds. Last
year there was an analyst who was a performing magician sitting next to a fellow analyst that was a cage ghter on weekends.
\ery cordial and proessional environment but also down-to-earth. People expect a lot rom you but not in a disrespectul or unpleasant manner.
We go out for drinks and dinners. The senior bankers are friendly and accessible, not stuck-up or intimidating as some would be at bigger, more
traditional investment banks.
The culture at 1eeries is very special. The oce is very energetic. Bankers are excited and passionate about their work, but at the same time
theres a laid-back element.
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There is no doubt that the culture at 1eeries is entrepreneurial and hungry. My group, however, does not value analysts' contributions. There is
not much communication between senior and junior bankers. Senior people also do not care for junior development. However, it should be noted
that each group has a different culture and other analysts have had better experiences.
\ery aggressive and very demanding. Notoriously dicult senior management, but lots o opportunities or junior bankers."
Less arrogant culture than many rms 'm amiliar with."
1eeries has grown substantially in recent years but still manages to maintain the tight-knit culture o a smaller investment bank."
Hours [5.53]
t's an investment bank. ou sign up or it knowing that the hours will be awul. My group is not as bad as others, though. have lighter hours
than most. Theres no face time, and my senior bankers kick me out of the ofce if I have nothing to do. If youre in the ofce, youre there for good
reason.
t's banking, you're going to work 100-hour weeks."
t's been pretty brutal but can't say didn't know what was getting into. My group is doing a lot o deals and although the hours are painul, 'm
learning a lot and getting a lot of transaction experience.
Lots o work and sometimes you eel like you're paid to process mark-ups or databases and not or nance/modeling. 0verall have learned a lot,
but on a leveraged nance side, Jefferies seems to be different than other banks, which do more modeling and less presentation work.
The expectation is that you will work hard as an analyst, but rarely eel overwhelmed."
Hours in investment banking are very long, especially or the larger, well-known groups such as restructuring, health care and technology. Most
junior bankers can expect to work most weekends.
110 a week."
Most senior proessionals treat junior proessionals with a lot o respect. Most deal teams are relatively thinly staed, so junior proessionals are
given a lot of responsibility and exibility.
've been ortunate to work with great managers at 1eeries."
Mangers are respectul when speaking to you. The associates seem to be less respectul than the \Ps and MDs."
\ery strong senior/junior banker relationships. Doors are always open, and very oten an analyst works directly with a senior banker on multiple
projects.
Hit or miss."
0reat access to senior bankersvery Nat organization."
think ormal training can be better and more inormative. But then again, most things will be learned on the job, in which case inormal training
is key. Jefferies does a great job at that, simply because the people are great and always ready to lend a hand.
Like other investment banks, 1eeries has a ormal training program during the summer or analysts and associates. There is very little inormal
training and mentoring once the job begins. Junior professionals are expected to learn on their own.
think 1eeries may have the best investment banking training environment available to entry-level proessionals. The level o responsibility and
general mentoring environment are unparalleled.
think it's pretty good. Could be a little bit better, though."
Formal training is excellent, with training rom current bankers as well as third-party proessionals. / mentoring program, however, loosely exists
and should be expanded or further developed.
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Compensation [6.84]
The signing bonus and salary are the same as the Street."
Last year, 1eeries' bonuses were below the Street."
think our compensation is in line with the Street. which means it isn't the greatest but isn't the worst."
Last year was perhaps an o year as it was dicult times. 1eeries seemed to pay a bit less than the Street."
The last two years have been dicult nancially or all o wall Street, but moving orward it has been indicated that 1eeries seeks to pay top dollar
for top performers.
Perks
Matching 401(k)."
Free breakast."
free parking, free or subsidized gym memberships, telecommuting, ex-time, paternity leave and extended maternity leave.
work with many women, but there are ew minorities."
There is no strong network o women at the rm. That can be improved in terms o having greater solidarity and eort put into the recruiting and
development of women in business.
we have a very diverse oce."
The rm is diverse and respectul o people o all races and sexes."
Strong green initiatives."
\ery environmentally riendly. Had a 'go green' initiative implemented beore it became popular to 'go green.'
we are very green. ssued all members a 1EF green cup to help reduce plastic cups."
we have a green committee that has various initiatives."
Paper recycling could be improved."
Ofce Space [6.81]
Comortable space. No rm-wide caeteria or ancy gyms, but we have a shared kitchen area on each Noor."
Boring but workable. Some kitchens are spacious with two large rerigerators and microwaves."
Location could be better. 0ce decor and comort are pretty solid."
\ery nice, especially our conerence rooms."
Due to growth, oce space is cramped, but they're adding Noors and in the process o moving us around."
Standard oce space."
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99
Lots o growth. Combing the market and taking the best available talent out there. with the inusion o the UBS banking team, we're really positioned
to become the next elite bank.
/s a rm, 1eeries is well positioned to thrive once the market picks up. Most banking groups are already seeing huge increases in deal Now.
Morale is getting better in those groups only.
The company is in a growth phase now. The general consensus is that 1eeries has capitalized well on the opportunities that presented themselves
during the recession while some of the larger banks were struggling. The rm has the potential to do big things.
Benjamin! Lorello is tearing it up. Completely dierent rm on the inside with a lot o senior and respected bankers."
The bank is becoming more o a threat to bigger competitors and is actively gaining market share. 0utlook or 2010 and 2011 is very avorable."
we didn't need government money, have a stable balance sheet and are well positioned to capture market share."
/ll signs look good."
Fun Facts
1eeries Chairman and CE0! Richard Handler is down-to-earth and wears casual clothes to work. He also has a baseball eld in his backyard."
The single largest corporate donor to Haiti relie."
The head o investment banking and capital markets has made it a point to meet and have dinner with every group o the bank, showing a
committed effort to support and get to know each banker.
/ signicant portion o the company is employee-owned."
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WILLIAM BLAIR & COMPANY
222 West Adams Street
Chicago, IL 60606
Phone: (312) 236-1600
Fax: (312) 368-9418
www.williamblair.com
BUSINESSES
Asset Management
Equity Research
Institutional & Private Brokerage
Investment Banking
Private Capital
THE STATS
President & CEO: John R. Ettelson
No. of Ofces: 10
KEY COMPETITORS
Baird
Bank of America
Credit Suisse
FBR Capital Markets
Goldman Sachs
Jefferies
Keefe, Bruyette & Woods
RANKING RECAP
#1-Selectivity
#3-Compensation
#4-Culture
#4-Formal Training
#5-Ofce Space
#10-Best to Work For
#14-Hours
UPPERS
Working directly with senior bankers and clients
Strong sense of camaraderie
Good pay and perks
DOWNERS
Hours are brutal: some managers have little to no respect
fo r analysts lives
Lack of brand name recognition
Many secretarial tasks; we lack some of the bulge bracket
software that makes life much easier
EMPLOYMENT CONTACT
www.williamblair.com/careers
Strong, small rm focused on the middle market
Good for a cheap fairness opinion
Good for outside of New York
THE BUZZ
100
10
PRESTIGE
RANKING
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THE SCOOP
Chicago pride
In addition to investment banking, William Blair & Company provides a range of services that include asset management, equity research, wealth
management, institutional and private brokerage, and private capital services. William Blair has 10 ofces around the world, but 90 percent of its
employees remain based in the Chicago ofce. The rm says this creates a high degree of internal communication between employees and the ability
for different groups to share knowledge and expertise. Heavily employee-owned, William Blair has 1,004 employees (167 of whom are principals) and
more than $182 million of equity capital. Headquartered in Chicago, the rm has additional ofces in Boston, Indianapolis, Hartford, New York, San
Francisco, London, Shanghai, Tokyo and Zurich.
The rms roots go back to 1935 when Chicagoan William McCormick Blair opened a rm with his partner, Francis Bonner; from the start, Blair
Bonner & Companys mission was to nance the expansion of local Chicago companies during that citys boom. In 1941, Bonner decided to relocate
to Washington, but Blair, a loyal Midwesterner, had no intention of leaving his home. Blair renamed the rm after himself and soon became a leader
in local business nance and investment advice for many of Chicagos wealthiest families. Chicago proted from William Blair & Companys services,
and as the citys local businesses grew into major companies, the rm proted from them.
Investment banking with William Blair
William Blairs investment banking division is broken into two groups: corporate nance and debt capital markets. The corporate nance group
provides advisory services for mergers and acquisitions, public and private equity offerings, and debt restructurings and recapitalizations. It operates
out of the Chicago, Boston, New York, San Francisco, London and Shanghai ofces, and serves industries such as business services, commercial and
industrial, consumer and retail, nancial services, health care and technology. Meanwhile, the debt capital markets team offers tax-exempt nancing
services, public-private partnership (P3) transactions and credit tenant leases.
Exceptional nancial position
One week after the collapse of Lehman Brothers, the sale of Merrill Lynch and the $85 billion federal bailout of AIG, the senior leaders of boutique
investment bank William Blair & Company sent out a press release assuring nervous investors that the rm was in an exceptional nancial position.
The rm wasnt just blowing smokeunlike many of its competitors, William Blair could honestly state that it had no external debt, no direct
exposure to Lehman and had virtually no risk of write-downs.
At the end of the scal year, the rm backed up its assertion that business was still going well by ranking high on Thomson Reuters M&A league tables.
The company placed 22nd overall for announced advisory deals in the Americas, with 45 transactions valued at a total of $35 billion. The proceeds
from these deals boosted the rms rank in the tables more than twenty places and showed a 238.7 percent growth from the previous year. Overall,
the rms M&A team completed 60 deals worth $40.5 billion during 2008.
Top talent
William Blair is known for its strong equity research department, which has been a vital part since the rms inception in 1935. In 2010, William Blair
proved its researching prowess by taking home numerous individual honors in the annual Financial Times/Star Mine Analyst Awards: No. 1 stock
picker in food and staples retailing, No. 1 earnings estimator in real estate management and development, No. 2 earnings estimator in insurance, No.
2 stock picker in healthcare technology, No. 3 earnings estimator in trading companies and distributors, and No. 3 earnings estimator in diversied
telecommunication services. William Blairs consumer group head also was named the No. 10 earnings estimator in the U.S.
Additionally, the rms researchers also appeared in The Wall Street Journals 2010 Best on the Street Awards. William Blair was listed as No. 20 of
82 rms, winning awards in the health care providers, household and personal products, advertising and publishing, and restaurants sectors.
Private banking rankings
In September 2009, Barrons ranked William Blair No. 31 in its 2009 Top Wealth Managers rankings, which lists the top private banking rms in the
U.S. by private banking assets under management. William Blair also appeared on Barrons most recent list of the Top 40 Private Banks, coming in
at No. 25 among banks with assets of more than $10 million. In addition, Pensions & Investments ranked William Blair No. 140 in its most recent
Top 500 listing of money managers by total worldwide institutional assets under management. As of March 2010, William Blair had more than $44
billion in assets under management.
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GETTING HIRED
Selectivity [9.30]
There are around 15 to 20 spots or incoming analysts each year, which can make the hiring process extremely competitive. Many o the ull-time
hires come from the previous summers intern class.
During the rst screening process, the rm tends to search or candidates with excellent academic perormance. 0nce a candidate is invited to
interview, his or her challenge becomes demonstrating coherency, analytical prowess and, most important, humility. Of course, being referred by
somebody at the rm substantially helps you to stand out.
The rm is looking or candidates that have both the right pedigree and the right personality and who can hit the ground running. nterpersonal
skills are important as even analysts are expected to be able to handle clients and work directly with partners.
Three rounds o interviews: one phone interview with HR, one day o on-site interviewing with three people (one HR person, one banker and one
operational person); then one nal day of interviews with about ve bankers and a lunch with three analysts. I received very few technical questions
(though, Im pretty experienced).
During my oce visit interviewed with 10 people. The process went through was not typical, but might be more typical o a non-target school.
went through an initial phone screen and later was invited in for an in-ofce interview.
0ood experience, small internship class."
was an intern in the rm's London oce. Due to the size o the oce, the summer analyst is given responsibility on a deal team like a ull-time
analyst. I was invited to travel with the deal team to various drafting sessions and organizational meetings throughout Europe.
0ood internship experience. The rm is denitely interested in helping interns excel. learned a lot."
OUR SURVEY SAYS
Satisfaction [8.58]
Somewhat satised, however, oten 'm doing secretarial tasks."
Blair has provided a superb middle-market investment banking experience. /ll analysts have work on a variety deals with a lean deal time and get
constant exposure to senior bankers and clients. Nearly all bankers, from associates on up, have families and can appreciate the need for a work/
life balance in analysts lives.
'm grateul or my job ater having struggled to enter the industry in the midst o the recession. Thankully, Blair gave me the opportunity to be part
of an exciting environment that is demanding and pays well. Furthermore, having worked before at a bulge bracket in New York where relationships
are tense, hierarchical and cold, I appreciate Blairs cozy and friendly culture.
have learned a lot during my three years at Blair and enjoy the team that work with."
/s an analyst, you will do a substantial amount o desktop publishing work/administrative duties (resizing tables in PowerPoint, printing documents
for associates and VPs who seem to have forgotten that they have dedicated administrative assistants, re-sorting and re-cutting data, etc.). This type
of work is very frustrating.
ou are immediately given responsibility and expected to perorm rom day one. This allows or a unique investment banking experience where
analysts work directly with partners and directors.
Firm Culture [8.76]
Depends on the group, there's quite a range o cultures."
The 'no jerk' policy is not just a saying at Blair, it's true. Senior bankers will make the eort to get to know you and support you as your career
develops. They will forward your resume to their contacts at private equity shops and hedge funds and will go to bat for you during that interview
process. All bankers are accessible and although there is a hierarchy of rank, analysts and principals sometimes work together on smaller
projects.
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Collegial and intense."
Blair's riendly and cozy culture provides a great home away rom home, especially or an analyst like me who spends most o the day in the oce.
On another note, I would like Blair to become more international, hiring diverse candidates with global mindsets and pursuing more opportunities
abroad.
The rm has more o a Nat hierarchy than many larger rms, and analysts are allowed to take on a lot right rom the start."
Not overly cutthroat, and senior bankers are very approachable."
/nalysts rarely eat dinner together, and sharing oces can isolate some analysts rom the rest."
Hours [6.84]
Hours are longer than in the pastlonger than many o my riends at bulge brackets work."
we all knew that we signed up or investment banking hours. Sure, sometimes you work until 3 a.m. and need to be back in by 8 a.m., or you need
to be in the ofce all day Saturday and Sunday, but the intensity ebbs and ows during the year.
Typical week entails 80 to 100 hours."
whoever enters the industry should expect to work long hours. Being aware o this will not make leaving at 4 a.m. any better, but it helps stay
motivated and deal with the pain.
/s a third-year analyst you receive more choice assignments and can sta rst-years, which makes or a better lie than when you were more
junior.
More than 85 hours per week. ou will be happy to leave here beore midnight Monday through Thursday and will be here every Sunday aternoon
and night printing books for Monday meetings. Also, Friday nights here are intense, as you will be shooting to hit the 9 p.m. FedEx deadline to send
stuff to bankers homes for Saturday delivery.
They have decreased signicantly over my two and a hal years with Blair."
The work hours are brutal but expected across the industry, they are not a huge surprise. Blair's analysts typically work bulge bracket hours during
the week,
william Blair works analysts just as hard i not harder than wall Street rms. 90 to 100 hours a week or a rst year is the norm."
/ll bankers are very respectul o the junior-level support on deal teams. There are oten projects that need to be completed /S/Pthrough the
night or over the weekendbut bankers are generally respectful when delegating work, and are always appreciative when an analyst goes the extra
mile to complete a project. Some analysts are lucky enough to work with senior bankers who will take time to mentor them.
Senior managers interact constantly with analysts. with the exception o one or two outliers, managers tend to be riendly and respectul."
The head o the analyst program is a very honest and intelligent guy. The partners in my group are also good bankers and people."
william Blair's partners work directly with analysts and value analyst input."
Depends on group but overall good."
The two weeks o training consist o three days o intensive study or the Series 7 and 63 exams, a week o Training the Street (which is the same
training programs used by bulge bracket rms on Wall Street) and a few days of Blair-specic orientation and training.
This training is very helpul in getting all analysts on the same page by their rst day o work, as a ew per class will come rom non-nance/non-
accounting backgrounds.
Mentoring is nonexistent and inormal training is great. 0ther analysts, \Ps and associates usually take the time to clariy and explain how certain
tasks should be performed.
0cemate setup (rst- and second-years share oces) acilitates inormal training."
They gave me some manuals on my rst day."
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Compensation [8.59]
n line with the Street."
Blair is known or paying the Street and sometimes above the Street. Couple that with being headquartered in Chicago and your dollar will go a lot
further than in New York. Blair pays for late night and weekend meals up to $25 as well as late night and weekend taxis, and offers a comprehensive
benets package and prot sharing.
Signing bonuses and salaries are competitive. Bonuses have been okay, roughly around Street."
0ur compensation has been very generousin line with New ork rms despite the act that we are in Chicago."
Perks
Most Blair partners have season tickets to Cubs, Sox, Bulls, Blackhawks or Bulls games. Free tickets will oten come your way."
Blair pays my phone bill."
Looking to hire more people o /sian descent to help with Chinese deals in particular."
The corporate nance team is homogeneously Caucasian, particularly senior management. However, Blair's recent hirings show a desire to change
the workforce, as the new batch of analysts and associates are increasingly diverse.
Historically, Blair has been mostly white males, with a ew white women. Recently, there has been a push to expand racial diversity."
The rm provides some programs but they do not honestly interest me."
Ofce Space [8.59]
/nalysts have oces. we share with one other analyst."
The Blair oce has a very 'old money' eel, with a heavy use o marble and wood nishings. Each rst-year analyst and associate has his or her own
ofce, sharing with a second year (with a door that closes!). Third-year analysts and associates get their own ofce. The rms ofces are located in
the heart of downtown Chicago, with access to dozens of lunch and dinner spots.
The rm's oces are incredible. /s a rst-year analyst, get to share an oce with another co-worker. /nd the headquarters are located in the
heart of the Loop.
/nalysts and associates have nice oces. Not many other banks do thatmost have bullpens."
Looks like a strong year."
Blair is well positioned to become a preeminent middle market bank. The Chicago location does not limit us to Midwest deals but allows us to
reach each coast and internationally as well. Blair is continuing to hire professionals and looks to expand greatly under the leadership of a new
global head of corporate nance.
The rm is hiring aggressively, and senior management appears to be excited about the near uture."
The pipeline is strong: there was almost too much work until they laterally hired a bunch o olks."
we are very busy and hope bonuses are good."
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Fun Facts
Even though Blair is headquartered in Chicago, less than 20 percent o Blair's engagements are based in the Midwest
we employ more than 1,000 people and have oces in Europe, /sia and across the U.S."
There have only been ve CE0s since it was ounded 75 years ago, and our o them still show up to the oce on a regular basis (the only one that
doesnt is William Blair himself, as he is no longer living).
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RBC CAPITAL MARKETS
3 World Financial Center
200 Vesey Street
New York, NY 10281
Phone: (212) 428-6200
Royal Bank Plaza
200 Bay Street
Toronto, Ontario, M5J 2W7
Canada
Phone: (416) 842-2000
Fax: (416) 842-8033
www.rbccm.com
DEPARTMENTS
Fixed Income & Commodities
Global Equities
Global Investment Banking
Global Research
THE STATS
Employer Type: Subsidiary of Royal Bank of Canada
Chairman: Doug McGregor
Co-CEOs: Doug McGregor & Mark Standish
President: Mark Standish
No. of Ofces: 75
KEY COMPETITORS
Barclays
Credit Suisse
Goldman Sachs
Jefferies
J.P. Morgan
Morgan Stanley
RANKING RECAP
#9-Business Outlook
#9-Ofce Space
#10-Compensation
#10-Selectivity
#12-Hours
#14-Culture
#16-Formal Training
#21-Prestige
UPPERS
I like my fellow co-workers and I like my bosses; theyre an
incredible team and are very caring, great people
Being number one in Canada with a growing franchise in
the U.S.that is, being on a winning team
Strong team-oriented atmosphere
DOWNER
Brand in U.S. is not anywhere nearly as strong as it is in
Canada
Hours and stress levels can be taxing
Culture is becoming hardcore like a bulge bracket
EMPLOYMENT CONTACT
www.rbccm.com/careers
The Goldman of Canada
Typically late on a deal and come is as co-manager or
squeeze their way into bookrunner
Making a big push in IB and getting noticed
On the upswingwell see how far they can ride this tide
THE BUZZ
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11
PRESTIGE
RANKING
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THE SCOOP
Royalty in its blood
RBC Capital Markets provides investment banking products and services to institutions, corporations, governments and high-net-worth clients around
the world. It has more than 3,000 employees who work out of 75 ofces in 15 countries and serve clients throughout Asia, Australasia, Europe and
North America.
RBC Capital Markets is part of the Royal Bank of Canada, which was founded in 1869 and has $644 billion in assets. The Royal Bank of Canada has
one of the highest credit ratings of any nancial institution, and by market capitalization, it is among the 15 largest banks in the world and top ve in
North America. Until 2001, RBC Capital Markets was known as RBC Dominion Securities. The former Dominion Securities was created in 1901 and
purchased by the Royal Bank of Canada in 1988.
Salut, mon frre
RBC Capital Markets held on during 2008 when the worldwide recession hit, although it was not immune to a few negative results, including job cuts
and a ne levied by New York State Attorney General Andrew M. Cuomo for allegedly misleading investors about the riskiness of investments. But the
bank also hired nearly a dozen former Bear Stearns employees as well as several high-prole bankers and traders from other bulge-bracket rms. In
addition, it hired not one but two new CEOs.
In October 2008, RBC Capital Markets CEO and Chairman Charles Winograd retired, though he agreed to see the rm through the transition until
January 2009. His successors, Mark Standish and Doug McGregor, previously co-presidents of RBC, were each named co-CEO. Standish was also
named president, and McGregor was named chairman; both were appointed to the RBC executive committee.
M&A and LBO experts
Every year, RBC Capital Markets ranks among the worlds top merger and acquisition advisors. Most recently, according to Thomson Reuters, the
investment bank ranked No. 23 in worldwide announced M&A deal volume for the rst six months of 2010. The rm also ranked No. 23 in U.S.
announced M&A and No. 2 in Canadian announced M&A for the same period. In total, during the rst two quarters of 2010, the rm advised on 61
deals worth more than $22 billion.
In addition, Thomson Reuters ranked RBC Capital Markets the No. 1 bookrunner of Canadian new money syndicated loans and No.1 bookrunner of
Canadian M&A syndicated Loans for 2009. And according to RBC Capital Markets, the rm took lead roles in ve of the worlds top 10 LBOs during
2009.
GETTING HIRED
Selectivity [8.12]
Two rounds o interviews: one on campus and one 'Super Saturday' ormat in the oce. Expect multiple interviews per round, with two or more
interviewers in each interview.
The rm conducts interviews on a variety o campuses nationwide and is open to taking reerrals rom employees rom schools outside o our
recruitment list.
This is a rigorous process, with signicant senior banker participation. we look or highly motivated individuals with strong academic credentials
whove demonstrated an interest in nance either through work experience or course selection.
we're looking or team players and cultural t, or bright people who've demonstrated successes in the past."
Fit is extremely important. There are many bright candidates, but well rounded people that have varied interests are important."
RBC looks or candidates with excellent academics and a good overall resume that highlights extracurricular activities and an ability to work in a
team environment.
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we're looking or people with engaging, driven personalities who have strong technical training. The rm also desires people who will conorm with
the rms standards of conducting themselves within the organization.
The rm is looking to hire the best talent out there: analysts who are willing to crank and work really hard. The rm is moving upstream and is the
place to be for someone whos looking to get a good analyst experience by working on a variety of deals.
Internship experience
had a great experience and was treated as though was already a ull-time analyst. 0bviously investment banking is a lot o hard work, but it was
denitely one of the most interesting summer internship experiences Ive had.
t was excellent."
Long hours
learned a lot about the day-to-day operations o an oce. t was my rst exposure to an oce environment."
OUR SURVEY SAYS
Satisfaction [7.84]
0reat people, collegial work environment and good hours. But wish we didn't do so much pitching and had more deal Now."
Best investment bank 've ever worked or (including past experience in the U.S. and Canada)."
ConNicting priorities results in a high level o job stress. But exposure to diverse projects and capable colleagues is second to none."
need more modeling experience and to work on some good M&/ deals. 0nce get that, think 'm sorted. 've made pitch books mysel, presented
to clients, traveled half way around the worldall during this job. The only thing I have left to achieve is becoming procient at modeling and working
on a couple of good deals.
0ood culture or analysts as ar as investment banking is concerned, but the San Francisco oce's deal Now was hit hard during downturn, which
hurt the culture.
The Houston group has a bond that's not typically ound in investment banking."
we're working on multiple, large and complex transactions that will have a meaningul positive impact on our clients. work with top-notch motivated
colleagues in a collaborative and focused environment. Everyone is focused on executing at the highest level.
'm almost completely unsatised. /lthough the rm is growing, oten eel stuck in a purgatory within my industry group, which eel is the ault
of the groups senior leadership.
RBC is evolving towards bulge bracket status. n most respects, it has the inrastructure, but some areas o the rm remain underdeveloped."
look orward to coming to work every day. nd it challenging, and appreciate the independence 'm granted in my position."
Firm Culture [8.05]
Culture is inclusive and collaborative. The team is more important than the individual."
RBC is a antastic place to work. 've had a broad range o experiences working across industries and products, and have met extremely talented
people along the way. Everyone takes pride in delivering the best quality products to RBCs clients and works together to accomplish this goal. Its
denitely a we culture, not an I culture. And its the success of the entire team that has enabled us to grow rapidly in the U.S.
High level o interaction between ranks in the rm, rom analyst to MD, is not uncommon. /nd meetings involving the most senior members o the
M&A, equity capital markets and industry groups will be attended by rst-year analysts.
\aries a lot between dierent groups, but generally quite serious and conservative."
No un, all work."
The San Francisco oce is laid-back, the New ork oce is more intense."
No ace time policy, and senior bankers are very approachable."
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RBC has all the bulge-bracket wall Street capabilities without the bulge-bracket insanity."
Down to earth, with no stars. Teamwork is the preeminent ocus. 0pen and transparent."
Hours [6.94]
80 to 100 hours a week is pretty typical."
Typically out by 9 or 10 p.m., and not too much work on the weekends."
work hours, at times, are not sustainable. There is an expectation that you should be available 24/7 to support the needs o projects, clients and
business development.
Hours range between 50 and 100 hours per week, depending on how many projects are in the pipeline."
Long hours consistently, but we lack the all-nighters o some banks. Most weekday nights, expect to work until around midnight."
Can't say it's ideal to work as much as we do."
My work hours ebb and Now. when deal Now is high work longer hours and travel more. when deal Now is low can go home at normal hours."
Unpredictability o hours and demands on time do not go away as you progresswhen it's busy, its very busy or everyone."
/t the beginning o my -banking career, my hours were quite long: more than 80 per week. t was a combination o inexperience, steepness o the
learning curve, the number o live projects didn't want to part mysel rom, and my inability to say, ''m too busy to do /Z.' 0ver the years, though,
you become more efcient, and your focus shifts to creating and maintaining client relationships, which requires signicant more travel. The hours
in the ofce are a lot less, but it is replaced by time spent on the road.
Manager Treatment [8.28]
Respectul, no one will throw you under the bus."
we have an ahole-ree culture."
0utstanding management ocused on making bankers better rather than tinkering and second guessing, which is the industry norm."
0ur MDs work closely with the junior sta, and rely on us to pull together ideas and are open to taking these ideas to clients."
My oce treats the junior olks very well. Hard work is demanded, o course, but you are respected, and your insight is valued."
1unior managers in my group are quite disrespectul and rude. Senior managers are oten out o touch with junior sta. However, eel it's quite
the opposite in other groups.
0n average manager/junior relations are pleasant, but you still have your 'hard-a' managers who expect you to perorm at your best on each and
every le that you work on, regardless of timing conicts. In terms of pleasant to hard-a** ratio, it is a lot less than many other investment banking
rms in North America.
Could be better. This is a 'sink or swim' type o place."
ntensive two-week training in Toronto, and candidates are encouraged to complete CF/ or more training."
wish the two-week training was longer. / month would be nice."
Not great training or a large organization."
Trading has a ne and extensive training program. Corporate banking has a rotational program to provide hands-on learning. Similarly, investment
banking has a rotational program for generalists. The informal training/mentoring program is important in all of these.
My mentor was very helpul. However, since we're understaed, there have been times where she was too busy to help me."
Most o what's important you learn rom the senior bankers you work with."
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Compensation [7.11]
The pay is pretty much 'Street' level."
Pays at better end o the Canadian universe. Competitive and in line at junior levels, best among bank-owned dealers at senior levels."
Had several years in the past where was not satised at all."
eel it's oten a tad below the Street. oten eel we're just slightly under-compensated when it comes to base salary as well as year-end and
signing bonuses.
/ signing bonus was not part o my contract. did receive a air year-end bonus. But believe that or the hours work and the work that do,
should be paid more.
think where started was acceptable. But 've been here or nearly a year now and based on the jobs do, the level o pressure 'm under and
the things I deal with, I think I deserve more pay. I believe my rst bonus, though, was generous.
Pay is less than the bulge bracket, but less volatile as well."
Perks
we do not have any o the perks oered except car rides home, which are only ree ater 10 p.m. Dinner is reimbursed only i you are working
past 8 p.m.
0ood team-building eorts on Fridays when pizza is delivered to the oce or an inormal group luncheon."
/wesome building, at the corner o the west Side Highway and \esey Street, kitty-corner to 0oldman Sachs' headquarters and the world Trade
Center site.
Triple-/ credit rating. 0ne o the best stock perormance in the nancial sector, i not the best."
NHL hockey tickets Noat around the oce quite oten."
Free ood and drinks in the San Francisco oce: ully-stocked ridge, oatmeal, coee/teas, bread or sandwiches."
Respondents also point out that the rm offers a matching 401(k), moving expense reimbursement, free parking (in some locations), free or subsidized
gym memberships, and emergency day care (in some locations).
This appears to be a very diverse investment bank with a air number o women considering that this is the capital markets, which is generally a
male-dominated industry.
This business has a tough time continuing to retain women as they progress to more senior positions and decide to have children. This is mostly
related to demands of clients on time and travel.
There are a lot o women in my group, and there is no dierence in how they are treated versus men."
There isn't enough space to write about how much is missing in this category."
Retention o women is a key issue."
we actively look to hire women, and in my group we current have one emale analyst. /ttempts to hire a emale associate have come close but
have not come through due to the candidates.
The business has always been white-male dominated, and probably always will be."
The only issue see is the limited amount o mentorship opportunities or women in -banking."
we are a small group and have a ew minorities."
This is an extremely diverse rm and something that attracted me to working here."
No discrimination to sex or minorities."
\ery ew women bankers here, although very diverse with respect to minorities."
My prior boss, and head o the oce, was an openly-gay emale."
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There are no gay employees that know o here."
Not sure i it's diverse by 0LBT."
think the rm reaches out to women a lot better than it does to minorities and 0LBT individuals."
Environmentally Friendly Policies [7.41]
we recycle, and try to conserve and reuse."
we recently entered into an agreement where our 'condential' documents are now shredded by a third-party and recycled. Could do more with
cans and plastic.
we recycle paper, cans, bottles and cardboard. cut up the plastic rings that come around the cans on Nats, so that ducks don't get trapped in
them. We recycle toner cartridges, and we use real dishes and wash them instead of using throw away plates, etc. We run our dishwashers when
they are full to save water, and we also employ Culligan to our oors to have water dispensers in order to cut down the usage of bottled water. When
we order lunches for clients, we only order in excess of one or two sandwiches in order to cut down on food waste, and if there are leftovers we
inform the staff and it all gets eaten quickly.
No real prole other than a paper re-cycling program."
we recycle everything we can."
Ofce Space [7.36]
There are a ew satellite oces that have not been renovated (and would qualiy as shabby and uncomortable) but the Toronto and New ork
ofces are absolutely state-of-the-art and fantastic to work out of.
we're located in the world Financial Center in Battery Park City, which is kind o out o the way rom the subway. we also don't have many ood
options. The building and oors themselves are beautiful, though.
The oce is in a great location or business, right in Banker's Hall, which is quite stylish and trendy. 0ur Noor is based on banker's style: dark
hardwood, glass cabinets and mature looking furniture.
t's crowdedwe have outgrown our space."
Running out o space. 1ust moved here so all is new but pretty depressing in terms o decor."
Comortable and recently renovated 'pit' environment. Large desks but no separate oces and a limited view."
Nice but not over the top."
Elegant but dated decor."
we are the dominant bank in Canada, and growing ast in the U.S. and Europe. Market crash helped us relative to the other global banks, given
our strong balance sheet.
0ur rm has come through the crisis as one o the most protable, well-run banks on wall Street, and has hardly broke stride as others have
retrenched and crumbled.
we are shooting up to the top and will be one o the key wall Street rms within a year."
Moving upstream. Bigger deals, bigger clients."
Employee morale could certainly use a boost, especially at the lower ranks."
\ery good. we're hiring a ton o new senior bankers, orming new groups and moving up the ood chain."
Strongly positioned within industry. Typically number one in all areas o Canadian investment banking and in the top ranks globally in energy."
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Fun Facts
The majority o our revenues are derived outside o Canada."
Largest nancial institution in Canada."
we are one o the ew /// rated institutions in the world."
we have a larger market capitalization than 0oldman Sachs."
No. 2 in global energy M&/ deals in 2009 by dollar volume."
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31 West 52nd Street
New York, NY 10019
Phone: (212) 827-7000
Fax: (212) 827-7248
TD Bank Tower
66 Wellington Street W
Toronto, Ontario M5K 1A2
Canada
Phone: (416) 982-8222
Fax: (416) 307-0338
www.tdsecurities.com
BUSINESSES
Credit Management
Foreign Exchange & Money Markets
Institutional Equities
Investment Banking
US Rates
THE STATS
Employer Type: Subsidiary of TD Bank Financial Group
Chairman, CEO & President: Robert E. Dorrance
2009 Revenue: $14.37 billion*
2009 Net Income: $3.81 billion*
No. of Employees: 2,500+
No. of Ofces: 14
*TD Bank Financial Group
Great in Canada
Not a bad thing to say about TD
Strong Canadian investment bank
THE BUZZ
TD SECURITIES
12
PRESTIGE
RANKING
KEY COMPETITORS
Bank of America
BMO Capital Markets
CIBC
Citigroup
J.P. Morgan
RBC Capital Markets
Scotiabank
Wells Fargo
UPPERS
Manager/junior staff relations are great
Humane, positive, relaxed environment
DOWNERS
The hours can be very volatile, making it hard to make
plans in your personal life
Thinly staffed
EMPLOYMENT CONTACT
Lauren Todaro
Recruitment Specialist, USA
TD Securities (USA) LLC
31 West 52nd Street
New York, NY 10019
Phone: (212) 827-7000
Email: recruiter@tdsecurities.com
www.tdsecurities.com/careers
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THE SCOOP
One of the biggest
With its feet planted rmly on Canadian soil and its headquarters in Toronto, TD Securities is the wholesale banking arm of TD Bank Financial Group
(TDBFG), the second largest bank in Canada. TDBFG is comprised of Toronto-Dominion Bank and its subsidiaries. TD Securities has ofces in 13
cities, including Toronto, Calgary, Montreal, Vancouver, New York, Houston, Mexico City, London, Dublin, Hong Kong, Singapore, Seoul and Shanghai.
TD Securities is best known in Canada, where it regularly enjoys critical acclaim and annual showings on the countrys investment banking league
tables.
Key business lines include investment banking, equities, and rates and F/. Through these lines, the rm oers a host o specialized services, including
securities underwriting, sales and trading, equity research (the rms 60 research analysts and associates cover about 280 companies), M&A advisory
(TD ranked No. 3 in announced Canadian M&A deal volume for the rst six months of 2010 and No. 1 in completed deals), foreign exchange and real
estate advisory. The rm works closely with TD Bank and its brokerage subsidiary, TD Waterhouse.
TD Banks other subsidiaries include TD Canada Trust (retail banking), TD Commercial Banking, TD Asset Management and TD Banknorth. TD
Banknorth and TD Ameritrade were formed in 2005, and perhaps among the more signicant acquisitions that helped the rm better penetrate the
U.S. market. In 2008, TD Banknorth merged with New Jerseys Commerce Bank to form TD Bank NA, giving TD an increasing presence in the States;
it also opened 59 new retail locations throughout North America during the year.
Providing it all
As part of TD Banks wholesale banking segment, TD Securities provides investment banking products and services to corporate and government
clients throughout Canada, the U.S., Europe, Asia and Australia. Services include bond and equity analysis, mergers and acquisitions support, risk
management, capital raising and foreign exchange. The rms investment bankers deliver these offerings out of particular industry groups, including
communications and media, diversied industries, nancial institutions, oil and gas, technology, and utilities and power. The institutional equities
group (known as TD Newcrest) delivers equity research in addition to underwriting, sales and trading, and distribution. The rm also has a debt
capital markets team that trades and sells various xed income products and derivatives. The banks foreign exchange group is a major player in the
Canadian derivatives market.
GETTING HIRED
Selectivity [7.42]
The interview process is highly competitive, as TD Securities typically takes no more than one to two undergraduates rom any o its target schools.
There are two rounds of interviews, both of which tend to be mostly personality-based. They really just want to see that you are someone who is
willing to learn and will t in with the rest of the team.
The interview process is thorough. Candidates must be interviewed by several directors o dierent groups. The directors are very intelligent and are
excellent at analyzing character. They look for integrity, intelligence, compatibility, good communication skills and honesty, among other qualities.
TD holds two rounds o interviews: the rst is on campus and the second is an in-oce meeting with a number o individuals rom the group. TD
looks for individuals who are intelligent, poised, articulate, fair, non-cutthroat and a good t within the rm culture.
The rm has a very competitive hiring process. 0ten it commences with careul screening o all applicants by several business and HR employees.
If a candidate passes the screening process, rst-round interviews are scheduled (usually two, back to back). Soon after that, theyre informed of
the decision and then, if chosen, proceed to the nal round. Such a round is hosted at the rms headquarters/trading oor and usually involves ve
back-to-back interviews with high-level executives (mainly MDs).
The TD internship was a lot better than my two previous ones. was assigned to a desk comprised o very capable individuals who took time and
care to show me the business and make sure I was involved in meaningful work. It was a pleasure to work with such high caliber individuals.
TD Securities
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OUR SURVEY SAYS
Satisfaction [8.42]
Though the hours can be long, the amount that you learn is very rewarding. would stress that while a lot o grunt work comes with this job, you
do a lot more from an analytical standpoint than typical banking analysts. Very satised. Great people, good experience and great culture on the
desk.
Firm Culture [8.67]
The culture is very relaxed. The emphasis is on completing your tasks well and on-time. Since TD is a small rm here in the U.S., there isn't a
problem of getting lost in the shufe.
Laid-back, not sti or ultra-conservative. Not hierarchical, many hands share the same work. /nd eel comortable asking questions."
0iven TD's position as a premier broker/dealer in both the Canadian and international capital markets, the rm sports a very aggressive and ast-
paced environment. It takes a lot to maintain the leadership position that TD has, and theyve done a marvelous job at it. And when it comes to
matters not of business, they were extremely friendly, caring and willing to teach and share. I was never was offended during my whole summer
there. They took great care to treat me with respect and patience.
Hours [7.25]
/s previously mentioned, the hours can be very long, particularly during times where there is very healthy deal Now. 0iven that the deal teams
tend to be fairly lean, analysts are counted upon to carry a lot of the weight, which adds to the pressure and the time spent at the ofce. Hours
can be long for some, but it comes and goes. Some days the load requires me to be at work til 10 pm, other days I am free enough to leave at 6
or 7.ViewAs an intern, if you are serious about the job, and are striving for full time employment you are expected to work about 12 hours a day
(6:30am - 6:30pm), after that, its a matter of choice. I usually put in an extra hour or two each day, learning more and ereviewing the markets, to
make sure I was on top of my game for the following morning.
This is one o the things that truly distinguishes TD rom other rms. The managers understand the amount o hard work and dedication that the
junior staff puts in, and there is denitely a two-way level of respect. Managers doors are always open, and they are more than happy to answer
all questions.
1uniors are treated with respect, and the approach is typically coaching or constructive."
Formal training consists o a ve-week program in /ugust, culminating in the completion o the Series 7 exam. normal training and mentoring are
very prevalent at the rm, and explains why TD tends to promote from within.
Proessional training is available and easily provided i requested."
Compensation [7.25]
Base and signing bonuses tend to be on par with Street. For the number o hours that work, the year-end compensation probably does not
compare with bulge bracket investment banking bonuses, but are still adequate and acceptable.
Perks
Respondents point out that the rm offers free car rides home and dinner if working late, prot-sharing programs, moving expense reimbursement,
TD Securities
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The top people in my department primarily consist o women."
/ lot o management and senior management are women. The rm is diverse but typical o banking, with many /sians, Middle Easterns and Eastern
Europeans. There are few Hispanic and black employees, however.
TD is very committed to keeping a green environment."
Ofce Space [7.92]
People have commented that the analyst/associate cubicles are nicer than at most rms. \Ps and above tend to get airly nice oces."
TD has actively positioned itsel to hire new people in anticipation o increased market activity and growing the existing platorm."
TD Securities
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777 East Wisconsin Avenue
Milwaukee, WI 53202
Phone: (414) 765-3500; (800) RW-BAIRD
Fax: (414) 765-3633
227 W. Monroe, Suite 2100
Chicago, IL 60606
Phone: (800) 537-9854
www.rwbaird.com
departments
Asset Management
Institutional Equity Services
Investment Banking
Research
Fixed Income Capital Markets
Private Equity
Private Wealth Management
tHe stats
Chairman, President & CEO: Paul E. Purcell
2009 Revenue: $718 million
No. of Offces: 100+
Good outside-of-New York bank
Think too highly of themselves
tHe Buzz
roBert W. Baird & Co. (Baird)
13
presTiGe
raNkiNG
ranking reCap
#8-Culture
#10-informal Training
#11-Offce space
#12-Diversity with respect to Gays and Lesbians
#12-Formal Training
#12-Selectivity
#13-Overall satisfaction
#14-Green initiatives
#18-Compensation
#19-Hours
uppers
The peoplethey truly care about each other.
relaxed, collaborative, team-oriented culture.
Junior members of the team (associates and analysts)
get direct exposure to clients (private equity frms, private
companies, public companies).
doWners
The pay.
The hours.
Deal teams are larger than expected.
empLoYment ContaCt
see careers at www.rwbaird.com.
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THE SCOOP
What slowdown?
While other banks handed out pink slips in 2008, Milwaukees Robert W. Baird & Co. (better known as Baird) handed out job offers. The frm added
more than 200 employees to its payroll over the course of the year, bringing global headcount to more than 2,500. Most of these employees were
hired in the U.S.; Bairds overseas business remains modest, with just about 100 professionals. But according to the frm, European and cross-border
assignments have accounted for one-third of its mergers and acquisitions work over the past fve years.
Since 2000, Baird has advised on more than 630 M&A and fnancing deals with a total value of over $113 billion. In 2008, Baird was named the
Middle Market Investment Bank of the Year by Buyouts magazine.
Bairds business mix
Investment banking, research and equity sales and trading comprise the equity capital markets business, which includes an institutional sales team
in London and investment banking teams in Germany and the U.K. The fxed income capital markets unit, with about 25 offces in the U.S., consists
of fxed income sales and trading and public fnance.
Bairds asset management division includes Baird Investment Management (which manages equity mutual funds), Baird Advisors (a fxed-income
investment manager), and Baird Public Investment Advisors (manages investment portfolios for public entities).
The private wealth management division, which serves high-net-worth individuals, corporate clients and business owners, has 63 offces nationwide.
The frms private equity business is carried out by several partners around the globe: Baird Capital Partners, Baird Capital Partners Europe, Baird
Capital Partners Asia, Baird Venture Partners and Granville Baird, a German affliate.
A storied founder
Robert Wilson Baird wasnt just the lead partner of the frm that bears his name: he was also one of the founders of the National Association of Securities
Dealers, and served as the NASDs third chairman. Baird the bank traces its roots to 1919, when Robert Wilson was named lead partner of the First
Wisconsin Company, the securities division of the First Wisconsin National Bank. He rose to become president of the division, which was later spun
off and renamed the Securities Company of Milwaukee Incorporated. By 1948 the frm had obtained a seat on the New York Stock Exchange and
assumed its current name, Robert W. Baird & Company.
Baird gathered its strength in Wisconsin in the 1980s, becoming the states top investment bank before embarking on a strategic expansion in the
1990s. This led to the opening of dozens of new offces in the U.S. and Europe. Wholly owned by its employees, Baird has also stayed true to its
hometown and maintained its headquarters in Milwaukee.
GETTING HIRED
Selectivity [7.83]
Interviewing is split between core schools (where Baird participates in on-campus events, on-campus recruiting, and on-campus or off-campus
events) and non-core schools (where Baird is unable to participate in many on-campus activities but would like to recruit). Each area of recruiting
has separate teams. The non-core effort involves several rounds of phone screening before deciding whether or not an applicant will be invited to
the offce for formal in-person interviews. The frm looks for most of the standard investment banking characteristics in its hires: strong work ethic,
intellectual ability, presence, quantitative skills, teamwork, and an understanding of the industry and the position/role. The frm is also looking for
candidates who ft within Bairds culturefor seven years in a row, Baird has been named one of Fortunes 100 Best Companies to Work For.
Looking for team players with a strong desire to win. Very long recruiting process for seasoned bankers. Better/shorter process at the entry level.
Culture is very important. Baird likes hardworking people from the Midwest. I had three phone interviews, a Super Day, interviews in a regional
offce and another Super Day before receiving an offer.
Interviewing was a rigorous process from a time perspective. First round was on campus and consisted of the typical ft questions with some
technical ones mixed in. Second round for full-time employment was at the offce and was comprised of eight back-to-back half-hour interviews with
at least two employees sitting in on each interview.
Competitive hiring process since the frm seeks to hire top talent. The interview and callback process include checking technical and cultural ft. The
frm prides itself on having the best investment banking culture in the industry and thus theres a heavy ft component to the interview process.
Robert W. Baird & Co. (Baird)
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We target students at the top 10 MBA programs through selective on-campus recruiting, proactively contacting students through clubs, reviewing
resume books and posting job opportunities. We keep one eye on ensuring a good cultural ft with our organization and the other focused on
identifying students with prior investment banking or intensive fnance experience at high quality frms and with a track record of strong academic
performance.
The internship experience at Baird is unique as the senior bankers make sure that every intern is given a good amount of live transaction experience.
Baird assigns mentors and staffers to each intern to make sure that interns are not just working on special projects and pitch work. The frm hosts
many social events so that every intern gets a clear picture of Bairds culture. Every intern that performs well will be given an offer at the end of the
internship.
I was in grad school and allowed to work around my course work on a four-day-a-week schedule (I also had 3 small children). I went directly from
summer to full-time work (still on a fexible four-day week) and never left.
Great learning experience. As a summer intern at Baird, you basically work and function as a full-time analyst, gaining exposure to a wide range
of live projects.
OUR SURVEY SAYS
Satisfaction [7.85]
Baird is one of the few full-service, global middle market investment banks so midlevel bankers get unique exposure to cross-border transactions
and a variety of product types (M&A, equity, fairness opinions, debt offerings, etc). Baird utilizes smaller deal teams so midlevel bankers get quality
transaction experience.
The people I work for are ethical, smart and driven. Its wonderful.
I would like to have more support and recognition that Im doing a good job.
Experience has varied between sell-side, buy-side and equity exposure. Would be great if there was more client interaction involved at the junior
level.
Baird is a great place to work and a place that truly values its employees. It also has a very proftable and stable platform, not nearly as subject to
the hire-and-fre cycles plaguing most of the industry.
Ive been banking for 10 years and am starting to feel less challenged and less excitement from the job and hours.
Strong culture and emphasis on selecting right personalities.
As a woman, I have worked for many years in a largely male domain and always felt respected and valued and appreciated for my contributions
to the frms prosperity. The most important aspect here is a corporate culture that places clients and integrity frst. Working with great people in a
collegial atmosphere is optimum and rareand we have it.
Baird banking is a place where you can really spread your wings at an early stage if youre capable. This leads to a high level of job satisfaction.
Firm Culture [8.48]
Simultaneously hardworking and laid-back.
More laid-back than a Wall Street offce but still keeps a professional and buttoned-down approach to work.
Awesome place to work. Everyone is really nice, and people really try to work with each other.
We had a good culture until the recent downturn when a number of bulge bracket bankers were brought on at various satellite locations, which
dramatically changes things.
There is defnite line between the haves and the have-nots.
Highly collaborative and team-orientedand does not just give lip service to these concepts like other frms do. Highly unique in this regard.
People really care.
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Open-door policy and a no-jerk policy. However, it is banking and things sometimes get intense.
Bairds no a**hole policy was instituted by our CEO and is real. We foster a collegial environment and value hard work, team play, integrity and
client service.
Very kind and fair, yet demanding environment.
Hours [6.59]
There is no relief when it comes to hours at the analyst level.
Dont be fooled by the mid-market label: the hours are on par with those of a bulge bracket frm.
100 hours per week.
Standard investment banking hours but manageable and without any face time.
The traveling is the biggest issue. The cross-border deals requiring early mornings and late nights are also trying over extended periods of time.
I thought that in the middle market the hours wouldnt be too bad, especially at Baird where we really talk about work/life balance relative to other
banks. But since Ive started, Ive routinely put in 100-hour weeks, and the same can be said for the rest of the frst-year analyst class. However, we
have been understaffed, and the deal environment has really started to pick up. Also, it is okay for second years to leave at 6 or 7 p.m. and work
from home if they need to. The frst year is tough, but it appears that the second year is as advertised.
Banking, especially at the junior level, has fairly consistent hours across the board. While analysts at Baird may occasionally experience the joy of
a lighter (70-hour) workweek, they commonly fnd themselves in the offce for 80 to 100 hours a week.
Its a tough job to fnd balance in. There is a noticeable penalty for success at Baird (at the junior level). The better you perform, the bigger workload
youre given. And its the reverse if youre a mediocre performer.
Poor treatment of juniors is not tolerated here and has resulted in poor reviews, reprimands and even dismissal.
All levels of bankers at Baird are very approachable.
They are often out of touch with how busy the analysts, not considerate of their lives outside work.
Relationships with senior bankers vary widely. Many bring the bulge bracket style of managing analysts from their past frms, while others genuinely
care about your development.
No a**hole factor is true; however, some managers are too aloof to junior and industry team concerns.
Majority of senior professionals in investment banking are arrogant and have a false sense of entitlement. They treat junior professionals like
minions.
Ive heard horror stories from people at other banks and I cant imagine those happening at Baird. However, things get intense.
It is highly variable based on the senior manager. However, there is a noticeable recent trend towards a higher level of competition amongst the
senior ranks, resulting in less mentoring of the junior professionals.
Managers treat junior personnel as professionals and individuals rather than simply resources. Increasingly, managers are acting as teachers,
rather than just co-workers.
Typical full-time training program. Only downside is that youre stuck in Milwaukee for four weeks as opposed to New York.
Initial training is sound, but probably not on par with bulge frms.
Formal training is top notch. The mentorship program needs work.
Mentoring is a newer effort here.
Continuous on-the-job informal training. We have an open-door policy with senior professionals who dedicate a signifcant amount of time to
coaching and informal training.
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Compensation [5.84]
For all the responsibilities I have and work I do, I should be better compensated.
Havent heard good things with regards to bonus pay. Currently the base for frst-year analysts is below market, although thats being changed
next year.
Base salaries are lowbelow industry average.
Salary levels are way off market and need to be addressed. Bonus levels need to be placed more in line with the broader market to stay
competitive.
Compensation at Baird is extremely fair: not at the high end and not at the low end. Performance and teamwork are rewarded.
Compensation is lower than on Wall Street, but the cost of living is lower here.
Compensation could be much better.
Perks
Opportunities to invest in the frms PE/VC funds.
Employee-owned company: at a certain level, you are able to purchase shares in the company.
We are business casual, but do a large number of Jean Fridays. We also bring in lunch or breakfast quite often.
Annual investment banking two-day retreat.
Respondents also point out that the frm offers free car rides home and dinners if working late, moving expense reimbursement, free parking, free or
subsidized gym reimbursement, emergency day care, telecommuting options, fex-time, paternity leave and extended maternity leave.
Baird does a good job overall hiring women and minorities.
Managing director positions in investment banking are reserved for white males, with the exception of one female, who was recently added. They
give little effort in retaining and promoting their internal talent.
Dedicated effort at the most senior level of our frm to ensure there is diversity within our organization.
I think the effort is there, but it just has not yet translated into numbers.
Health care policy includes partners as well as spouses. Firm is very focused on hiring under-represented populationsits not always easy, but
programs are in place to try to address the issues.
Baird has an active diversity advisory board comprised of senior executives and other representatives from across the frm.
We waste a lot of paper.
We recycle.
Good paper recycling efforts.
Very focused on paperless initiatives such as on-line statements.
No real noticeable policies.
All the resources and committees in place to be successful here but ultimately its up to individual employee to make their own choices.
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Offce Space [7.29]
Varies by offce but generally nice. Just opened up space in the nicest building in San Francisco: 555 California Avenue, on a top foor.
Were due for a renovation but budget cuts have left us unable to do so.
Baird just fnished renovating the Chicago offce. We have a great bullpen area and the kitchen includes a 60-inch plasma TV thats great for
huddling around during the dinner hourif you have the time.
Newly remodeled and up-to-date. The space is still improving, and within the next few years we will have a conference center as part of Baird.
Currently undergoing a redesign in Milwaukee. Location is great.
Spacious offces for associates and VPs are a plus.
Baird is rapidly building brand recognition in the middle market. Weve capitalized on many of the defections at larger banks, hiring many senior
bankers recently.
Baird has recently opened offces in Charlotte, San Francisco, Shanghai, Palo Alto and St. Louis. The frm has been growing during the downturn
instead of making cuts. As a result, Baird is well positioned to gain market share over the next fve years.
Business is picking up; junior employee morale is low.
Getting as busy as weve ever been.
Baird has thrived in the downturn, adding over 200 people, including some of the best talent on the market. Were well positioned to dominate the
middle market.
Very strong momentum will continue if they can reduce turnover and address pay issues.
Baird is extraordinarily well positioned for the next 12 months. We have opportunistically hired numerous senior bankers over the last two years and
now have capabilities across more industry verticals and products than ever before. Our goal is to become the preeminent middle market investment
bank, and were well on our way. I cant think of a more exciting time to join Baird than right now.
Fun facts
We consistently rank in Fortunes 100 Best Companies to Work For.
Employee-owned company, proftable every month since inception (except for October 1987).
The president and CEO, Paul Purcell, knows everyoneor, at least, everyone I see him withby name. He makes an effort to say hi and spend
time with employees of all levels despite his busy schedule.
Were 90 years old.
Our second-largest investment banking offce is located in London.
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919 Third Avenue, Sixth Floor
New York, NY 10022
Phone: (212) 466-7800
Fax: (212) 466-7888
www.sandleroneill.com
BUSINESS
Capital Raising
Equity Research
Equity Sales & Trading
Fixed Income Transactions
Investment Portfolio & Interest Rate Risk Management
Investment Banking
Mortgage Finance
Mutual Conversions
Structured Finance
THE STATS
Senior Managing Principal: James J. Jimmy Dunne III
No. of Ofces: 6
KEY COMPETITORS
FBR Capital Markets
Fox-Pitt, Kelton
Best FIG group on the Street
Decent FIG bank but not much of anything else
Stronger senior people than KBW, on average
Havent heard of them
THE BUZZ
SANDLER ONEILL + PARTNERS, L.P.
14
PRESTIGE
RANKING
RANKING RECAP
#3-Hours
#11-Compensation
#12-Culture
#18-Ofce Space
#18-Selectivity
#48-Prestige
UPPERS
The culture: pleasant and amiable work environment.
High level of responsibility/opportunity to learn and grow.
DOWNERS
Does not pay bulge bracket compensation.
Very little formal training.
EMPLOYMENT CONTACT
Follow the career opportunities link at
www.sandleroneill.com.
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THE SCOOP
Small and powerful
In its September 2008 story about the smaller, nimbler rivals of Wall Streets major investment banks, The New York Times named Sandler ONeill
+ Partners among the new generation o rms to watch. The 21-year-old company, said the paper, is part o the corps o small investment banks is
hoping to carve a lucrative niche in the new nancial landscape.
A privately owned boutique, Sandler ONeill focuses exclusively on the nancial services sectorits client list consists of banks, thrifts, broker-dealers,
specialty nance companies, e-nance companies, exchanges, real estate investment trusts (REITs), insurance companies, asset and wealth managers,
and nancial technology companies. Its services include mergers and acquisitions advisory, capital raising, IPO underwriting, research, equity trading
and sales, investment portfolio and interest rate risk management, xed income securities transactions and mortgage nance restructurings. It also
assists insurance companies and thrifts with mutual-to-stock conversions.
Sandler 0'Neill + Partners was ounded in New ork City in 1988 by Herman S. Sandler and ve other veterans o Bear Stearns. Sandler and 0'Neill
brought several of their Wall Street contacts on board as their business grew; today, Sandler ONeill has additional ofces in Boston, Chicago, Atlanta
and San Francisco. Its mortgage nance division operates in New York and Memphis.
Formerly headquartered in the World Trade Center, Sandler ONeill lost more than a third of its employees, including co-founder Herman Sandler and
investment banking head Christopher 0uackenbush, on September 11, 2001. Current senior managing principal 1immy Dunne led the rebuilding
process after the September 11 terrorist attacks, relocating the rm to new ofces in Manhattan.
Huge deals
From 2005 through 2009, Sandler ONeil advised on more bank and thrift mergers than any other rm, working on 166 transactions worth a total of
more than $70 billion. Two of its recent large deals include advising Countrywide Financial on its $2.5 billion sale to Bank of America in January 2008
and advising National City Corp. on its $5.6 billion sale to PNC Financial Services in December 2008.
Sandler ONeil is also an active equity underwriter. In 2009, the rm was the No. 1 manager of public offerings for banks and thrifts by number of
deals, working on 39 transactions worth approximately $9 billion. Among these deals were Sun Trust Banks $1.6 billion stock offering, E*Trades
$550 million offering and First Niagaras $460 million offering. In 2008, the rm participated in 42 capital-raising transactions for clients such as Bank
of America, Citigroup, New York Community Banccorp, North State Bancorp and Security Bank Corporation.
Rebuilding post-September 11
Sandler ONeills recovery from the September 11 terrorist attacks earned it respectful praise in the press. In a Newsweek feature, senior managing
partner Jimmy Dunne revealed the changes that had taken place at his rm. In addition to maintaining the Sandler ONeill Assistance Foundation
or the victims' amilies, Dunne and the rm's partners decided in 2007 to expand benets to the amilies or another three years. That! discussion
was 12 seconds, Dunne said.
The tragedy made some signicant differences in the way Sandler ONeill does business, most notably in terms of Dunnes own leadership style.
Having the luxury o Chris 0uackenbush and Herman Sandler beore September 11th allowed me to play a hard-edged, tough, deliver-the-news-with-
no-Novocain kind of guy, Dunne told Newsweek. With their loss, his approach had to change. While he maintains that hes opposed to any kind
of cuddling or kid-gloves treatment on the job, Dunne admits that September 11th made him much softer ... I remember one of my partners saying,
Im afraid to go into Jimmys ofce now because I dont know if its the nice Jimmy or its the old Jimmy.
Dunnes diligence and relentless focus played a major role in rebuilding Sandler ONeills business in 2001 and 2002. Im kind of a nut on the
gures," he said, so kept all our nancial! gures at my home. 'd go through them overnight. /nd that was extremely helpul in rebuilding. /t
one point all we had was that.
GETTING HIRED
Selectivity [7.18]
Sandler seeks to hire talented young proessionals as well as those with a proven track record who are more experienced. Hiring occurs on a need-
only basis, and the rm generally tries to keep new hires to a minimum. 0ualied candidates possess a genuine interest in the industry, an eagerness
to learn and an ability to excel in an intellectually challenging environment. Persons interested in working at Sandler must be quick thinkers, be able
to effectively interact with clients and add value to our rm.
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Most recruiting is handled out o the New ork oce. nterviews tend to ocus more on cultural t than on a rigorous examination o technical
abilities. The rm is looking for bright, motivated individuals that work well in a meritocracy. Attitude is as important as aptitude.
Networking/connections to the rm signicantly increase the odds o getting an interview and are helpul in getting hired. There are no recruiting/
hiring classes in satellite ofces. Candidates are interviewed when there is a vacancy. The best entry-level candidates are extremely motivated and
already experienced in MS Ofce/Excel.
The turnaround time between interview and callback was very quick. we look to hire individuals rom many dierent backgrounds and
experiences.
The Sandler 0'Neill internship program is highly selective and typically includes top students rom universities around the country. The 10- to
12-week program exposes interns to all areas of the rm and is a trial by re look at what a life in investment banking is like. The program is hard,
expectations are high and those who are accepted should come ready to hit the ground running.
ou really have to get out and meet the people you work with. Those who were hired denitely worked hard and got to know a lot o dierent people
in all areas of the bank.
My internship experience was in a rotational program that the rm has discontinued in avor o a department-specic internship program. The
internship was very fast-paced, and I had the ability to get a good feel for how the rm worked as a whole and how each group contributed to the
success of the rms clients. The rotational program offered me the chance to rene my view as to where in the rm I wanted to work.
t was a great experience, a tremendous place to learn, because Sandler 0'Neill allows you to have access to the most senior partners. The rm is
open to movement from department to department, so there is opportunity to see different sides of the business. During my internship, I was able
to work in xed income and investment banking. I also spent some time on the equities desk.
OUR SURVEY SAYS
Satisfaction [8.18]
0reat environment to work in. \ery riendly and supportive people. do not dread coming to work at all."
love working at Sandler. t is a challenge everyday, and you never know what to expect rom the investment banking industry. The hours are
sometimes long, but its worth it when you sign a deal or announce a transaction.
The rm provides an excellent platorm or gaining experience working on a wide variety o nancial institutions transactions. have worked on
numerous M&A and capital raising transactions that have been interesting every year I have been at the rm. The rm also offers an excellent
platform for building relationships with potential clients at an early stage of your career. Hours are long and arduous but no more than at competitors.
I enjoy the colleagues I work with and have generally been treated fairly in terms of compensation.
Until recently, was very satised with my experience. However, have reached a stage where there is very little upward mobility or me. Too many
senior bankers ahead of me in my coverage space.
t is very easy to wake up and go to work with people whom enjoy being around at the oce."
Firm Culture [8.09]
work hard and play hard. work as a team player, come in everyday and give your all, leave nothing on the table. Learn rom the best, teach when
you can, give back.
The rm's culture is merit-based and very entrepreneurial. /ttitude and aptitude are both highly valued, especially at the junior levels. The rm's
partnership driven culture has been a great benet in recent years.
\ery results-oriented culture. 0iven the Nat organizational structure, there are not a lot o politics."
Entrepreneurial. Easy/requent access to clients and senior colleagues."
The rm has a riendly structure with a lot o the guys spending time together outside o work. Makes or strong relationships on and o the
desk.
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The group work in is very small and 'm in a satellite oce, but rom what can tell, we have a strong culture rm-wide. ndividuals are given a
lot of freedom to express their own ideas. Also, we do not have much turnover in our department.
Hours [7.67]
0et your work done and go home. But stay until your work is done."
The hours can be long, especially when you are working on a live transaction. Don't be surprised i you are at the oce on weekends or i you
always have a Blackberry at hand.
Hours are long and arduous but no more than at competitors. typically work around 70 hours a week with peaks o 100-hour weeks and lows o
50-hour weeks.
nvestment banking has long hours. you aren't prepared to give up a lot o your personal time, investment banking is not the right proession or
you.
/lthough can only speak or mysel, nd my work to be very ullling."
The perect balance between work and relaxation."
Partners are very good about taking the time to teach younger analysts and associates the ropes. we have an open-door policy, and even a new hire
can easily approach and strike up a conversation with our managing partners. With few exceptions, juniors are treated as equals and with respect.
Each person is an integral part of getting a deal done, and seniors acknowledge and appreciate hard work.
This is not a rm where the boss sits in his oak-paneled oce on another Noor. /lmost all levels above us are happy to help and teach us when
they are available.
n the oce work in manager/junior sta relations are very strong. Senior managers are respectul but rm in their requests and guidance to junior
bankers working on their assignments. The smaller deal teams and overall culture provide incentives for treating each other well and working hard
for senior managers, as it can have a direct impact on compensation and visibility within the rm.
For the most part, junior proessionals are treated ne. However, notwithstanding a ew MDs and partners, career mentoring is not a high priority.
You are there to serve a function: help the senior bankers produce revenue. If you do that, you will be treated with respect and given opportunities
to advance.
/s with most rms, manager/junior relations depend on each manager. For the most part, everyone is very helpul and maintains a good relationship
with each other.
The junior guys are lucky at Sandler 0'Neill, they have the opportunity to learn rom all the senior guys who have a wealth o experience. Everyone
is approachable and always willing to teach if a question arises.
They always treat me with respect, value my opinion and thank me or my work."
Hit the ground running. The learning curve is steep but manageable."
There is very little ormal training at Sandler. Most are expected to come with a general knowledge base o the industry and be eager to learn.
There are, however, regular teach-ins where partners will brief other employees on industry trends and new developments. These are exceptionally
informative and helpful to those who attend.
Formal training programs are minimal. 0n-the-job training is the ar more prevalent method used to train junior proessionals. Sel-starters do
extremely well in this environment, as there is no articial limit on growth. Individuals that need a more structured environment may struggle to
move forward.
\astly improved rom when started in 2004. The rm is probably too small or a ormal analyst training program. Mentoring needs
improvement.
/ lack o rmwide introductory training programs makes it dicult or new hires to be productive early on."
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Sandler 0'Neill is less about ormal training and more about learning rom guys who know the ropes and by trial and error. 'm a an o learning by
mentoring, which allows you to skip allot of the textbook uff and jump into the real business.
The ocus is on inormal training rather than any ormal in-house training, and preer it this way."
Compensation [7.00]
Bonus is a reNection o both the rm's work and your work."
Compensation at Sandler is competitive. early bonuses based on perormance are competitive with other rms. /s with all investment banks, some
years are better than others. Sandler also provides employees with great benets, including comprehensive health care and other perks.
we're not a bulge bracket rm. Don't expect a bulge bracket salary."
The rm recently raised base salaries to be more competitive in the market. Total compensation in general has been air but not always highly
competitive with top-tier investment banks.
S0P does not pay bulge bracket compensation but overall have been very pleased with my total comp over the years. t's all paid in cash, which
has been a blessing over the last couple years.
think it's very generous."
Perks
Free dinners only when working late, but ree lunch every day."
Everybody is treated equally."
There are ew women partners at the rm, but each is extremely accessible and they denitely mentor the younger women at the rm."
0verall, Sandler seeks to hire a diverse group o people and works hard to retain minorities."
Ofce Space [6.48]
0ets the job done."
Convenient location, but Sandler does not spend a lot o money on interior decorating or luxuries. 0ur conerence rooms and common areas are
minimally outtted. The rm could put more money into improving ofce space.
we're in Midtown East in New ork City."
0ces are nice but not gaudy, which is a reNection o the rm's culture."
Minimalist. still don't have an oce. Firm could stand to get more space."
Chicago just moved oces to a much larger, nicer location."
we have great views, but it would be nicer to be in a newer building."
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Sandler 0'Neill is well positioned to thrive in the next year. we are a powerhouse in the nancial services sector, and our name brand has only
increased in value over the last two years. We have worked hard to create a rm that is client-driven, focuses on the details and can add value to
our industry. Over the next year, I believe we will continue to grow and attract top clients, further solidifying our spot on Wall Street.
think we all realize we're well positioned to help our clients over the long term, and that drives us to compete and excel."
The rm remains the premier investment bank ocusing on nancial services rms. /s the nancial services industry emerges rom the credit crises,
the rm is well positioned to continue its string of client successes across all of its business lines.
S0P is a leader in an industry segment that is going to need a lot o investment banking work over the next decade: both M&/ and capital
raising.
Employee morale is high, we have had very little turnover despite the tough economy during the past couple years. we are looking to grow our
rm internally and with new employees.
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CITI INSTITUTIONAL CLIENTS GROUP
388 Greenwich Street
New York, NY 10013
www.citigroup.com
BUSINESSES
Citi Alternative Investments
Citi Investment Research & Analysis
Global Banking
Global Markets
Global Transaction Services
THE STATS
Employer Type: Division of Citigroup Inc. (Citi)
CEO, Citi: Vikram S. Pandit
CEO, Institutional Clients Group: John Havens
2009 Net Income: -$6.7 billion
No. of Ofces: 7,500*
*Citigroup Inc.
KEY COMPETITORS
Goldman Sachs
J.P. Morgan
Morgan Stanley
RANKING RECAP
#13-Formal Training
#13-Selectivity
#14-Ofce Space
#15-Compensation
#19-Culture
#20-Hours
#22-Prestige
DOWNERS
Inefcient, too much bureaucracy
The long hours can get difcult
Reputation has taken a hit during recession
UPPERS
Great people
Global footprint is attractive
Analysts tend to get good experiences because the rm is
involved in many high-prole deals
EMPLOYMENT CONTACT
www.oncampus.citi.com
Doing better now
The crisis has probably hurt Citi the most out of anyone
Continues to have difculty
THE BUZZ
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THE SCOOP
Down but not out
Citi Institutional Clients Group, one of the main units of global banking behemoth Citigroup Inc., offers a full range of investment banking services,
including merger and acquisition advisory, debt and equity underwriting, restructuring advice, transaction services and alternative investments.
Parent Citigroup Inc. was rebranded as simply Citi back in 2007. Today, Citi has over 200 million customer accounts in more than 100 countries
around the world. In addition to the institutional clients group, Citis main business divisions include consumer banking and global cards.
Prior to its rebranding, Citi was revered as the worlds largest banking and nancial services group, but the nancial storm in the recent past has not
been kind to this global giant, which has seen billions of dollars wiped off its market value, laid off tens of thousands of employees, taken $45 billion
in assistance from the U.S. government and shed some assets.
The age of Pandit
In October 2007, Citi made some signicant changes to its structure, merging markets and banking with alternative investments to create one group
called institutional clients. The realignment came on the heels of a 60 percent drop in net income for the third quarter 2007. As many expected, Citis
capital markets businesses suffered from slowdowns in the credit markets and losses linked to mortgage-backed securities.
Two months later, in December 2007, Vikram Pandit became the chief executive of Citigroup, replacing interim chief executive Sir Winfried Bischoff,
who became chairman of the board as well as remaining chief executive of Citigroup in Europe. Pandit succeeded Chuck Prince (Charles O. Prince
III), who had taken his post in 2003 amid some shareholder frustration that Citis stock price wasnt matching that of its peers. Pandits job has not
been easy; he took the helm of the worlds largest banking and nancial services group during the worst nancial crisis the world has seen in modern
times.
Pandit joined Citi just after it purchased Old Lane Partner, the hedge fund that Pandit set up after leaving Morgan Stanley. (On a side note, and
unfortunately for Old Lane, after two years of at returns that caused $200 million of write-downs in the rst quarter 2008, Citi decided to close the
hedge fund.) At the time of his appointment, industry commentators noted that in the wake of the losses the group was hit with under Prince, Pandit
would have to address the rms risk management practices to win back the condence of staff and investors. Although Pandit lowered the banks
costs and allowed reinvestments in growth in 2007, the following year was not so peachy. In 2008, the rm received a U.S. Federal Reserve bailout
of $45 billion. And, by the end of the year, Citis stock value had dropped to $21 billion from $300 billion two years earlier. To put some cash in its
pockets, Citi agreed to combine its Smith Barney brokerage unit with New York-based Morgan Stanleys brokerage division in January 2009, in effect
selling a 51 percent majority stake in the joint venture for $2.7 billion. It was reported that Morgan Stanley is expected to acquire full control in phases
over the next ve years.
Despite some difculties, the rm has been on the rebound. Its been over a year since Citi concluded ve consecutive quarters of losses by booking
$1.6 billion in net income for the rst quarter 2009, it booked $4.4 billion in net income for the rst quarter 2010, and since the beginning of the year,
Citis stock price has risen by more than 20 percent (as of July 2010).
Meanwhile, Citi Institutional Clients has had a decent rst half of 2010 as well. According to Thomson Reuters, for the rst six months of 2010, Citi
ranked No. 8 in worldwide announced M&A deal volume, No. 9 in U.S. announced M&A, No. 5 in worldwide debt and equity underwriting volume,
and No. 7 in U.S. debt and equity underwriting.
GETTING HIRED
Selectivity [7.68]
Two rounds o interview: rst round was on campus, second round was composed o three interviews with upper managers in the rm. The day
after my second-round interview, HR contacted me regarding they decision made.
t was very ast and ecient. /side rom academic accomplishments, the rm really looks at your character, personality and extracurricular
activities. I was not a business majorI majored in international political economyand never felt like I was at a disadvantage.
Recruiting depends on whether you attend a 'target school' or not. For candidates at target schools, there is an on-campus presentation, resume
drop, rst-round interview on campus and then second-round Super Day interview at Citi. For all non-target school candidates, there is resume
submission online at Citis career Web site, followed by rst- and second-round interviews held at Citithey will not pay for you to come for the rst
round.
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There are usually a series o interviews that cover dierent attributes that the rm is looking or. Typically the rst-round interviews are more
technical, making sure that the candidate has the correct ability in nance and accounting as well as interest in the rm. The second-round
interviews normally consist of several short interviews with different people, each focusing on a different area: technical, behavioral, experience. The
nal interview is usually more behavioral. The rm looks for maturity, enthusiasm, intelligence and drive.
Having a standout resume will get you an interview at Citi, but being able to interview and having character will land you the job."
The process is very well organized, communicated and executed. Citi places a high value on teamwork and leadership."
was hired as a summer intern and then was oered ull-time employment. The summer intern hiring process was very simple. Since Michigan
was a core school, there were two rounds of interviews on campus (in consecutive days) and then offers were made. The company seemed to be
looking for candidates with a strong GPA that also could answer very basic nance or investment banking questions. Interviewers were also looking
for someone who was down-to-earth and seemed like someone they could easily work with.
The 10-week experience was very valuable. t allowed me to get my oot in the door and learned a lot."
had antastic networking access during my internship. attended an o-site meeting where \ikram Pandit gave a presentation to my department.
The weekly speaker series was excellent and helpful in learning about other parts of the business.
Fantastic. Couldn't have asked or a better experience."
was welcomed with open arms and included on many tasks that helped me learn about the business. also learned a lot about Citi's culture and
the expectations of a full-time analyst.
learned more about nance in 10 weeks than did in the previous three years o schooland had a blast doing it. Previously hadn't considered
a career in nance, but between the intellectual demand of the work and the people I worked with, it seemed like a great t. Desks denitely give
summer analysts real work, and one of the reports I produced two summers ago is still sent out daily by the desk.
Extremely valuable experience in terms o your proessional career. \ery well designed 10-week program with a tough evaluation process to get the
most out of a candidate fresh from school.
OUR SURVEY SAYS
Satisfaction [6.66]
Tough to be satised in the last year given all the negativity around the rm."
working on cool projects, but the culture is bureaucratic."
/s an entry-level analyst, perorm a lot o grunt work and though that alone doesn't leave me dissatised with my job, it exposes me to a lot o
the downsides of working for such a large company. Its not uncommon for work to be duplicated or for one team to make a project their priority,
get 95 percent of it done, and then wait way too long for another team to get them the other 5 percent. Teams in unrelated areas still dont have
the correct incentives to work together.
My job satisaction has been deteriorating recently. eel underappreciated by my managers, and the work Now has been scattered. t has been
hard to prioritize.
0verall it's been a positive experience, though some projects are better than others. Time is sometimes wasted on manual processes, which could
be made more efcient.
've been unhappy since the day was brought in. Now 'm struggling to nd another position."
The culture has changed a lot. Things are getting better, but we are severely understaed on the junior-analyst level. MDs outnumber analysts,
and were very very thin in the middle. Corporate nance-IBD merger requires us IBD hires to accomplish risk analysis that we did not sign up
foron top of our IBD related pitches and deals. The timing of the completion of the Series 79 and 63 was extremely disorganized and during our
busy season.
'm consistently challenged and learning a tremendous amount every day."
've learned a lot and met a bunch o good riends along the way. However, the same stereotypes o working in investment banking apply to my
experience at Citi.
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t's demanding but worthwhile work."
'm very satised here."
Firm Culture [6.98]
Since Citigroup is a large company, it's dicult to pinpoint one overarching culture. However, i had to generalize would say it's innovative and
growth-oriented.
\ery bureaucratic."
Everyone in my department is extremely riendly and helpul. This site has a lot o events and activities that you can take part in. really enjoy the
culture.
\ery collegial. Mentoring is an important aspect or the development o junior people."
0reat analyst class, but big disconnect between junior and senior bankers."
Citi is an accepting rm that cares about its people. Managers are usually well liked and helpul when they need to be. what love about Citi is that
the people are extremely down-to-earth, and you dont have the cutthroat, egotistical environment you may nd elsewhere.
Culture is great, other than the worry o getting red."
\ery easygoing and approachable mangers compared to other investment banks."
Relatively warm or an investment bank."
Citi tries to preach culture and values, but the rm is rankly too big and diverse or any central theme to emerge, or better or worse."
0ood people, but ace time is still present."
Proessional, but understanding that we're all human, as opposed to Excel robots."
Hours [6.54]
Long because choose to work harder than my peers."
\aries rom week to week. Some weeks the hours are great, other weeks it's a string o 11-hour days."
My hours are extremely inconsistent. 've worked anything rom a six- to 16-hour day. The unpredictability can be rustrating."
There is no concept o number o hours. The important thing is to complete the work, and now it depends upon how ast you can nish the job."
/nalysts are expected to work long hours, especially i they work in small regional oces where stang could be pretty thin."
Sweatshop, severely understaed."
Hours are not bad in comparison to other areas o the rm, but the pay is still somewhat low or the 10- and 11-hour days."
Hours can be long but dinner and a ride home is provided i you end up staying late."
This is investment banking, no one is happy with the hours . you're expected to work long hours in this industry."
haven't spoken with my manager recently since he is swamped. whenever need anything, though, he's quick to respond."
Senior management values employees' opinions and addresses employees' concerns."
The pressure managers receive is generally passed on towards junior proessionals, the rewards and recognition are, too."
0ne o the things 'm most impressed with at Citi is its managers. 've only come across managers who want to help you succeed in your career
and who will do what they can to help you. They also treat juniors well and some have a vested interest in teaching them as much as they possibly
can. Ive been lucky to have some great managers; one who taught me a lot, and one who is well connected and helped me get promoted.
My managing director has weekly meetings with me to discuss my progression and projects that 'm working on."
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/s you go up the ladder the relationship between management and juniors grows weaker. Sometimes get the eeling that managers are doing
themselves a disservice by talking to a junior employee.
Most managers have an open-door policy and are supportive and easy to speak to, though politics o hierarchy do exist."
Managers in our group tend to be airly disrespectul o the analysts. our time/schedule is rarely considered important, and you are rarely invited
to client meetings or included on emails. Morale events such as group trips or lunches more or less have been abandoned since the economic
downturn.
t is denitely hit or miss. Most managers are very good, but the bad ones can be pretty bad."
There are some disrespectul slave drivers who think juniors are replaceable and only good or what they can do. But i the young generation is
going to run the company some day, then why chase them away or put a bad taste in their mouths? Some groups constantly bring a farm of fresh
young professionals and soak up every ounce of their energy so they cannot perform their best.
Managers are willing to listen to junior proessionals and take their suggestions seriously."
This is one area in which think we can improve. when stated the training wasn't great and had to ocus on learning the concepts mysel. think
we can do a better job at on-the-job training and training before you take the position.
There is no ormal mentoring program at Citi, though a lot o people do nd mentors throughout their careers."
Top-notch training program spanning 10 weeks and covering everything rom accounting and nancial modeling to risk management."
0ngoing continuing training is available in classroom and online orm but can be dicult to nd time to take advantage o it."
wish that there were more inormal training programs that could take to help me learn and apply new nancial concepts to my job."
0nline classes available but not encouraged."
Compensation [6.61]
n line with the Street."
ear-end bonuses were minimal during the last two years, despite hiring entry-level analysts at higher salary levels."
Competitive among the Street and very generous or a graduate two years out o college. Each year we get a bump and a bonus, and this year we
also received a bump midyear to remain competitive with other large investment banks.
Signing bonus is good, year-end bonus is weak."
Haven't received my rst-year bonus yet, but bonuses during the two-year analyst program aren't supposed to be jaw dropping. /dditionally,
since bonuses dont come out of the desks P&L, the tiering process for bonuses is more political than it is once you join a desk as a full-time
associate.
Top bucket was given to a smaller percentage o analysts than ever beore."
Compensation is good rom an absolute perspective, but not relative to hours worked."
Perks
Not many at all. 0ym is only $50 a month but is pretty poor quality."
Free access to most museums in NC."
Perks have been scaled back and are almost nonexistent now."
Daycare and gym are in the building at discounted rates or employees. \ery nice caeteria."
/bove-Street dinner allowance. Discounted consumer nance services."
Respondents also point out that the rm offers, in some locations, the following perks: discounts on cell phones, free dinners if working late, prot-
sharing programs, moving-expense reimbursement, free parking and emergency day care.
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know there is a woman's program but don't know much about it. believe the company oers great maternity leave and also oers paternity
leave.
t seems men have a considerably larger presence within the rm."
we have a very active 'women at Citi' group."
n our program there is rankly a shortage o qualied emale applicants. n general, or every emale applicant, we receive our or ve male
applicants, which makes it hard to have an analyst class with a much higher ratio of women to men. That said, very senior people support several
programs that promote women in the business.
From my personal experiences, the diversity with respect to women is excellent. Citi oers many opportunities or women to excel in their
careers.
\ery diverse and accepting culture at Citi."
believe Citi to be one o the most diverse rms out there. /t certain times, have been the only white person at a meeting or on a project. think
they look for diversity when they hire and are also very receptive to international students and employees.
eel that this is a very diverse company. Much more diverse than my university program."
The rm does not hire many minorities compared to the rest o the Street and has a very dicult time retaining minority talent."
Citi has struggled to retain minorities across analyst classes. There are not that many examples o senior-level minority proessionals and a lack o
mentorship, which could contribute to this trend.
Seems like our rm stresses diversity."
/t the lower levels the rm is very diverse with respect to women and minorities (naturally it is harder to identiy people who are 0LBT, though have
met several people at the rm who are) but this thins out up the chain. This is probably the same industry-wide and is probably slowly changing.
Environmentally-Friendly Practices [7.28]
believe Citi tries to be as environmentally riendly as possible or such a large rm."
My building is LEED certied."
eel like there could be a lot more eort made to be environmentally riendly. /t a very basic level, see so much paper being wasted on a daily
basis that its pretty hard not to notice how many trees are cut down for little to no reason.
think at this point everybody is trying to 'go green.' 0n a global level, last month Citi participated in the Earth Hour, which had great participation
from sites across the globe.
There are policies, but it seems that no one really cares ... a lot o excess printing, no clearly labeled recycling bins, etc."
Citi is touted as being environmentally-riendly, but 'm not convinced they're not just trying to cut down on costs."
/lthough it's debatable whether many o the policy changes are motivated by cost cutting or by trying to be environmentally conscious, the end
result is the same. Citi is very focused on cutting down on paper waste, power consumption and its carbon footprint.
Citi is voted most eco-riendly bank year ater year."
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Ofce Space [6.95]
Tribeca is cool, but lunches are expensive and restaurant options are limited."
0reat Tribeca location away rom annoying tourists in Midtown and chaotic wall Street. 0reat neighborhood and restaurants nearby."
1ust moved to a new Noor, which is great. My old Noor was awul."
Cubes are spacious and MD oces are very nice. we're right on the Hudson River and have gorgeous views. ou can even see the Statue o Liberty
from some ofces.
Tribeca oces are dated."
/verage. 've seen worse, and better."
/ttention to employee comort needs improvement."
0reat location and very comortable and spacious. The Noors are an even split between bland and well decorated."
0utlook is good. The rm has redirected its strategy and streamlined its businesses."
Continuing to improve. Hiring has already picked up, and people are much more positive than they were a year ago."
we are back in the green."
Citi just posted an unexpected prot and morale is high."
Losing business and employees."
Moral is not too high as there have been quite a ew deections, and hiring has been tough, in particular on the junior levelit's been dicult to
acquire talent out of school because sought-after students are no longer excited to come to Citi.
/ lot o hiring o senior, top-tier bankers. Citi nally has moved beyond its bad reputation and situation with the government."
Citi has really ocused on cleaning house and building on its core strengths over the last couple o years. while clearly going in a dierent and less
glamorous direction than Goldman, which is generating a strong share of its earnings from its own trading book, the client-centric model looks like
it will provide solid and consistently strong R0 return on investment! o the rm's capital."
Citi is positioned or a strong rebound."
Fun Facts
The elevators! we have a very weird elevator system that conuses everyone when they rst arrive."
The rm is run almost entirely by Morgan Stanley alumni."
There's a guy who works in the building who used to be an Elvis impersonator and he retains the Elvis hairstyle. He can oten be ound outside
smokingmany times a day. If you work here, you may be lucky enough to catch a glimpse of him. Hes known by some simply as mullet man.
The government made a ton o money on buying our common equity."
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400 California Street
San Francisco, CA 94104
Phone: (415) 765-2969
Fax: (415) 765-2220
www.unionbank.com
BUSINESSES
Commercial Financial Services
Personal Banking
Small Business Banking
Wealth Management
THE STATS
Ticker Symbol: UB (NYSE)
President & CEO: Masaaki Tanaka
No. of Ofces: 336
KEY COMPETITORS
Bank of America
Citi
Wells Fargo
California bank
Never heard of it
THE BUZZ
2010 Vault.com Inc.
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UNION BANK, N.A.
16
PRESTIGE
RANKING
RANKING RECAP
#2-Hours
#7-Compensation
#8-Business Outlook
#8-Formal Training
#10-Culture
#16-Ofce Space
#17-Selectivity
UPPERS
The peoplesupportive managers, and co-workers are
always willing to help you out
Great training program for young employees
Work-life balance
DOWNERS
Conservative culture
Lower pay than some of my peers
Tone of red tape to go through when you try to implement
new ideas
EMPLOYMENT CONTACT
www.unionbank.com/careers
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THE SCOOP
Golden State giant
Union Bank works in the consumer, small business, middle market, real estate, corporate, correspondent and trade nance markets, and also provides
investment and nancial management, trust services, private banking, insurance and global custody services. Its industry focus is concentrated mainly
on the communications, media, entertainment, energy, public utilities and retail sectors.
There are four major business lines at Union Bank. Personal banking offers checking, savings, home equity, retirement planning, online banking and
estate planning to retail customers. The wealth management division provides investments, brokerage, trust administration, business services and
insurance. Small business services include cash management, business nancing, merchant card services and Internet bankingUnion Bank also
provides specialized small business services to nonprot organizations and companies owned by women and minorities.
Finally, the commercial nancial services division provides business insurance, employee benets, international trade and foreign exchange services,
cash management and loans, and nancing for mergers, acquisitions and other business operations.
The long and winding road
Follow a maze of Japanese and Californian mergers to arrive at what is known as Union Bank, whose roots date back to 1864, when the Bank of
Californiathe rst incorporated commercial bank in the Westopened for business. Across the Pacic, in 1880, the Yokohama Specie Bank was
created in Japan. Many decades later, in 1953, it renamed itself Bank of Tokyo and launched a San Francisco subsidiary called the Bank of Tokyo
California (BOTC). Five years later, a Los Angeles-based bank called Union Bank & Trust Company shortened its name to Union Bank, which created
a one-bank holding company called Union Bancorp in 1967.
Meanwhile, BOTC grew beyond San Francisco in 1975 when it acquired Southern California First National Bank of San Diego and renamed it California
First. In 1984, the Bank of California became a wholly owned subsidiary of Japans Mitsubishi Bank Ltd., and in 1988, Union Bancorp was purchased
by California First (but kept the Union Bank name). In 1996, the Bank of California and Union Bank combined their businesses under the Union Bank
of California name. Union Bank became the new holding companys primary subsidiary, and Union Bank of California Corporation (often referred to
UnionBanCal) listed on the New York Stock Exchange in 1999. That same year, Mitsubishi Bank and the Bank of Tokyo held a merger of their own,
forming Bank of Tokyo-Mitsubishi (BTM). In 2006, BTM merged with UFJ Bank, becoming the Bank of Tokyo-Mitsubishi UFJ. Mitsubishi Financial
Group completed its purchase of the remaining 33.6 percent of Union Bank of California in November 2008. A month later, the rm shortended its
name to, simply, Union Bank.
GETTING HIRED
Hiring Process [7.16]
nterview process and callback process were great. The type o employee my rm looks to hire is a personable one with sales experience."
Union Bank looks or motivated employees who are looking to begin a career. The hiring process wasn't too tough. ou had a 30-minute phone
interview followed by a one-hour in-person interview if you made it past the rst cut.
They're looking or individuals with superior leadership skill and analytical skills."
The interview process is quite extensive, with a group interview, panel interview and three one-on-one interviews. They quiz you on nancial data
but ultimately hire based on personality t.
\ery selective. The hiring team is looking to hire the best candidate's available."
The interview process was sincere and honest, appearing to be more o a discussion than an interview. Much o the day was spent learning about
the rm, what the position might entail and what the nature of the oor was. The rm was sure to stress that they are looking for candidates who
have the ability to contribute to a team atmosphere. They require honesty and positive energy contribution.
The interview process was airly easy. For the technical position was being hired into, did not receive as many corresponding questions as
had anticipated. That said, they still were incredibly courteous before, during and after the interview. They contacted me when they said they were
going to, stuck to scheduled meetings, etc.
My interview was a panel interview with seven vice presidents, and it was extremely competitive. They were looking to hire someone who is sel-
motivated and an overachiever.
Union Bank, N.A.
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0reat mentorship programs, social events and unlimited access to senior people."
Summer experience encompassed live transaction experience, networking events with peers and senior leadership o the investment bank, and
both formal and informal mentoring.
0reat experience, met senior management and now have a great network throughout 1PM, as my peers are in all dierent divisions."
Satisfaction [8.50]
/lthough an intern, have learned very much and have been given great responsibility."
'm currently in the leadership development program. 'm astonished by the opportunity we currently have to train in all operations o the bank."
Not only do eel that am a positive contributor to the desk, but the work and position's responsibilities seem very worthwhile, and the pay seems
very fair for the work required.
The only complaint have is in regards to work ethic. am used to, and enjoy working extremely hard. The Union Bank atmosphere is work-oriented,
but they also are huge on work/life balance. Dont get me wrong, this is a good thing, but I do wish it was a little bit more work-focused.
\ery satised. love working with all the top management and attending management meetings. love that my company doesn't micromanage and
that management was very supportive throughout my training.
Firm Culture [8.44]
The culture is unortunately too conservative. ou have many people who have been with the organization or decades and resist anything
new. I get a sense, however, that this is slowly changing. In addition, the bank as a whole seems to be extremely risk averse to the point that its
detrimental.
Employee-oriented and always looking or ways to create a positive working environment."
For banking, my rm is very social and laid-back."
0verall, the culture is great, but still have to deal with cross department silos."
\ery supportive and open to change and improvement."
There is a great emphasis on the balance o work and enjoyment at this internship. Everyone on the Noor has taken time to introduce themselves,
their profession and what resources they might be able to provide. I feel included in the desk trading and derivative work.
Friendly and ocused on the tasks needed."
Easygoing, down-to-earth people who are always willing to help."
The management is very supportive and they believe in work/lie balance."
Smart, interesting people. More relaxed than other banks have come into contact with."
Hours [8.56]
working hours are Nexible and workNow is manageable."
Sometimes eel like my time could be used more productively."
Being an undergraduate at a top university, nd it very helpul how the internship hours demanded are very Nexible in regard to scheduling.
Furthermore, I am encouraged to come to the ofce whenever I might have free time, not necessarily to do more work, but instead to gain exposure
to the lifestyle and environment on a more regular basis.
/s an intern, the bank works around my school schedule as needed."
wish worked a little bit more. which understand is my own ault, but will argue that it is easier to be motivated when the atmosphere calls
for hard, long hours.
work 40 hours a week."
Union Bank, N.A.
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Managers always treat us with respect."
1unior proessionals are valued and utilized as great resources."
have the opportunity to work closely with the management workorce due to my training program. we have the opportunity to be exposed to all
upper management, who very welcoming and supportive.
The senior proessionals treat me as they would any employer on the Noor: with respect and compassion. Not only are they amiable in all interactions,
but they are also willing to advise me, ask for my assistance and provide exposure to many facets of the derivative trades.
My superior is an extremely respectul person. He is smart, hardworking and very attuned to making sure am keeping busy."
normal training is much more requent than ormal training."
The majority is on the job."
'm in a training program. Training is structured and extensive."
0ers a lot o training but some classes are redundant, ater-college classes."
The bank does not seem to have much ormal training beyond day the rst days ater recruitment. However, training with an individual's team or
department can be quite extensive.
ou need to be a go-getter to be successul."
There are ormal corporate training classes that you can attend. really enjoy these corporate training classes and encourage others to attend
them.
Compensation [7.50]
0ood or an intern."
For someone who is less than two years out o college, base salary is very good. However, bonuses are minimal, and didn't receive a signing
bonus due largely to the recession.
The incentive bonuses are rather poor in comparison to other commercial banks."
Compensation is acceptable but low compared to other banking jobs."
0reat compensation while attending school. No bonuses based on individual perormance, and no reimbursement or attaining proessional
certications.
believe or the high level o expectations and responsibilities, the compensation is low."
The compensation is very airly matched to the responsibilities required, especially in light o the Nexibility to scheduling."
/s ar as know, Union Bank pays below industry standards. But you have to take that with a grain o salt: you work 40 hours per week in an
easygoing environment, so if that ts your lifestyle, you will be very thankful of the pay.
Perks
Free lunch."
Pension plan."
Low gym membership ee located at our corporate oce."
The bank's relationship with other companies gives employees discounts on our personal phone plans."
\acation buyout."
free parking, free or subsidized gym memberships, telecommuting, ex-time, paternity leave and extended maternity leave.
Union Bank, N.A.
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The oce Noor is lled with women and minorities."
Men seem to be avored in this position."
The Noor has a large diverse population o men and women o all backgrounds and cultures. believe that the diversity results in a very well
rounded, respectful culture on the oor.
/s ar as can tell, Union Bank is air in their hiring. n addition, have seen many women and minorities in high-level positions, which leads me
to believe they are extremely open to diversication.
Plastic and paper recycling bins are located on all corners o the oce."
They use a lot o paper. hope they can change some o their policies and stop printing lots o unnecessary pages."
we recycle. There are programs to keep employees aware o the environment. t also tracks its carbon ootprint reduction."
0ur rm is pushing electronic or paperless projects to support the going green movement."
The rm constantly reminds employees to operate with green awareness, especially in regard to usual business practices o printing and using
disposable goods.
Ofce Space [6.81]
Comort is acceptable, decor is awul, location is ideal."
Basic cubes."
The desks are arranged or teamwork and an ecient Now o communication. /lso, the many windows and urnishings allow or an open and
inviting atmosphere on the oor.
Not the greatest, but not the worst."
Surviving the recession largely intact. The bank is poised to make big advances in the next ew years."
0ur company keeps growing and is in healthy nancial condition."
t just bought another bank and is expecting more acquisitions."
The rm is positioned or growth. The specic derivative structured products are gaining popularity with consumers."
0iven recent economic conditions, many banks are hurting signicantly. But Union Bank, which is very conservative relative to other large
commercial banks, has survived this downturn amazingly well and is making a move to be a big player in the near future.
Fun facts
we are owned by the 1apanese-based Bank o Tokyo-Mitsubishi and are no longer traded on the NSE."
Ofce Space [6.95]
Tribeca is cool, but lunches are expensive and restaurant options are limited."
0reat Tribeca location away rom annoying tourists in Midtown and chaotic wall Street. 0reat neighborhood and restaurants nearby."
1ust moved to a new Noor, which is great. My old Noor was awul."
Cubes are spacious and MD oces are very nice. we're right on the Hudson River and have gorgeous views. ou can even see the Statue o Liberty
from some ofces.
Tribeca oces are dated."
Union Bank, N.A.
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/verage. 've seen worse, and better."
/ttention to employee comort needs improvement."
0reat location and very comortable and spacious. The Noors are an even split between bland and well decorated."
0utlook is good. The rm has redirected its strategy and streamlined its businesses."
Continuing to improve. Hiring has already picked up, and people are much more positive than they were a year ago."
we are back in the green."
Citi just posted an unexpected prot and morale is high."
Losing business and employees."
Moral is not too high as there have been quite a ew deections, and hiring has been tough, in particular on the junior levelit's been dicult to
acquire talent out of school because sought-after students are no longer excited to come to Citi.
/ lot o hiring o senior, top-tier bankers. Citi nally has moved beyond its bad reputation and situation with the government."
Citi has really ocused on cleaning house and building on its core strengths over the last couple o years. while clearly going in a dierent and less
glamorous direction than Goldman, which is generating a strong share of its earnings from its own trading book, the client-centric model looks like
it will provide solid and consistently strong R0 return on investment! o the rm's capital."
Citi is positioned or a strong rebound."
Fun Facts
The elevators! we have a very weird elevator system that conuses everyone when they rst arrive."
The rm is run almost entirely by Morgan Stanley alumni."
There's a guy who works in the building who used to be an Elvis impersonator and he retains the Elvis hairstyle. He can oten be ound outside
smokingmany times a day. If you work here, you may be lucky enough to catch a glimpse of him. Hes known by some simply as mullet man.
The government made a ton o money on buying our common equity."
Union Bank, N.A.
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800 Nicollet Mall
Suite 800
Minneapolis, MN 55402-7020
Phone: (612) 303-6000
Fax: (612) 303-8199
www.piperjaffray.com
DEPARTMENTS
Asset Management
Institutional Investing & Research
Investment Banking
THE STATS
Stock Symbol: PJC (NYSE)
Chairman & CEO: Andrew S. Duff
2009 Net Revenue: $482.4 million
2009 Net Income: $24.89 million
No. of Ofces: 26
KEY COMPETITORS
Houlihan Lokey
Jefferies
Strong in health care middle market
Mid-market focus
Strategys always changing
THE BUZZ
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PIPER JAFFRAY COMPANIES
17
PRESTIGE
RANKING
RANKING RECAP
#11-Selectivity
#15-Culture
#15-Hours
#19-Formal Training
#20-Ofce Space
#29-Prestige
UPPERS
Heavy exposure to clients and deal experience as a junior
banker
High caliber and quality of peoplegood to work with, very
capable and generally team players
Great company culture
DOWNERS
Below-industry compensation with industry-standard
hours
The uphill battle I had to experience when competing
against bulge bracket analysts for the same exit
opportunities, just from a branding perspective
Sometimes tries to be a bigger rm than it actually isit
participates in every area, whether effective or not
EMPLOYMENT CONTACT
See career opportunities under our company section of
www.piperjaffray.com.
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THE SCOOP
Beyond Minneapolis
Piper Jaffray & Co. is the operating subsidiary of holding company Piper Jaffray Companies, which focuses on investment banking, institutional
investing and research and asset management. Headquartered in Minneapolis, Piper Jaffray serves middle-market corporations, private equity rms,
public companies, nonprots and institutional investors. With nearly 1,100 employees in 26 ofces worldwide, it provides advisory services, equity and
debt capital markets products, public nance services, institutional equity and xed income sales and trading, research, and high-yield and structured
products. For the rst six months of 2010, according to Thomson Reuters, the rm ranked No. 23 in U.S. M&A volume for deal values up to $500
million.
Piper Jaffray specializes in over a dozen industry sectors, including education; media, entertainment and telecommunications; technology; aircraft
nance; clean technology; nancial institutions; state and local governments; real estate, housing and senior living; hospitality; consumer; business
services; cultural and social services; health care; and industrial growth. Its proprietary research covers nearly 700 companies; at the annual 2010
FT/StarMine Global Analyst Awards, two senior research analysts from Piper Jaffray received awards for their stock picking prowess.
Piper plus Jaffray
In 1913, H.C. Piper Sr. and C.P. Jaffray opened a commercial paper brokerage in Minneapolis, where grain elevators and milling businesses had
created a serious demand for promissory notes. Four years later, Piper and Jaffray merged with local rival George Lane, who had established his
brokerage rm in 1895. In 1929, a nearby investment rm, Hopwood & Company, was decimated by the stock market crashso Piper Jaffray was
able to acquire it on the cheap.
As Piper Jaffray Hopwood the rm set its sights beyond Minneapolis, picking up a seat on the New York Stock Exchange and opening ofces across
the country. Its shares debuted on the Nasdaq exchange under the symbol PIPR in 1986; in 1992, the rm name was trimmed to Piper Jaffray Inc.
A $730 million acquisition by U.S. Bancorp in 1997 marked the end of Piper Jaffrays independence, but the tie-up was short-lived: in 2003, Piper
Jaffray was spun off, becoming an independent public company (PJC on the New York Stock Exchange). A nal restructuring came in 2006 when
Piper Jaffray sold its private client business to UBS Financial Services for $510 million.
GETTING HIRED
Selectivity [7.92]
Piper is looking or down-to-earth team players willing to stretch themselves."
we hire very specic candidates that have a strong t at the rm. Each o our coverage/product groups is small. Fit at all levels is crucial to Piper
Jaffray.
t depends on the oce. The Minneapolis oce preers Midwestern, down-to-earth types. n San Francisco, we generally hire on non-traditional
banking campuses.
Structured, on-campus interview process. nterviews include situational, analytical and t questions. Best candidates are leaders who are
enthusiastic about the job and the rm. Cultural t is very important.
nterview process is similar to other investment banks. Piper looks or candidates that can take responsibility and run with a project with not much
guidance. You have to intelligent, creative and street smart.
For internships, there are one to two phone screens and then a Super Day. For ull-time positions, there are rst-round interviews on campus and
then a Super Day. We look for people with a nance background who are able to come in and more easily hit the ground running. Further, at the
analyst level, the role requires a lot more than just good analytics; one must interact well with senior bankers, feel comfortable interfacing with clients,
be able to run calls and truly represent the rm in the marketplace. Analysts are often asked to wear their associate hats while associates are often
asked to wear their VP hats. The analyst role is uid and more multifaceted than at a bulge bracket bank (I previously worked at Lehman).
Piper hires associates! specically or individual industry groups, not or a generalist program. So, experience in that specic industry is important.
Piper is looking for associates that have experience in nance and dont need a lot of training.
Looking or team-oriented people that are ercely competitive, without massive egos."
The main thing that think distinguishes our process rom others is that we usually look or analysts who are presentable to ace clients on day
one.
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well-run summer process. Small summer analyst class means lots o attention rom senior bankers and human resources."
During my internship worked on live deals, including P0s as well as buy-side and sell-side M&/s. worked on models, valuation, board
presentations and industry research.
\ery ullling. 'd done an internship with Lehman Brothers previously, and the internship with Piper 1aray was a much more rich and multiaceted
experience. I had the pleasure of working on M&A sell- and buy-side work, a hostile takeover, a follow-on equity offering and a convertible
offering.
0reat summer. Had lots o senior-level exposure, participated in drating and printer sessions, attended a ew pitches, had lead analyst role on
multiple pitches, worked on models, got dinner, made copies, xed printers. Okay, it wasnt all glamorous, but it was good enough for me to come
back full time.
was treated like a ull-time employee. This was not just a meet-and-greet summer. got real experience, so at the end o the summer there was
no question whether or not my employer liked me or I liked them. It would have been very difcult to pretend for the entire summer if this was not
a good t.
OUR SURVEY SAYS
Satisfaction [7.59]
'm very satised. 've had the opportunity to get involved in dierent things, and the rm has given me Nexibility when 've needed it."
work about as many hours as my peers do at bulge bracket rms."
0reat rm to work or. Compensation tends to be a little lower but worth it or the good cultural t and the types o transactions we ocus on."
n the past three years 've worked on over a dozen deals that have closed. 'm satised on my transaction experience."
've loved having the chance to do technical nancial modeling (which the analyst owns, associates rarely do any modeling, even the most complex
ones); interface regularly with clients (sometimes on a weekly basis); work directly with managing directors and principals; work on a host of
investment banking products (buy- and sell-side M&A, IPOs, follow-ons, convertibles, debt restructuring among the varied industries within Tech);
and have a much more well rounded experience. The work is very demanding but not impossible. I still have somewhat of a life outside work.
The capital markets are slow, so high-level work has been inrequent."
really enjoy my job. The people are great, and there are ewer jerks and tools here than at most other banks."
\ery top heavy at the senior level and very ew lower and mid-level employees."
The companies my group works with are interesting and my team is good to work with, but we are not compensated enough."
Firm Culture [7.93]
Fast-paced, entrepreneurial, dynamic, team-oriented, collaborative."
t's Midwestern at heart. t doesn't mean there are no sharp elbows like everywhere else in this business, but people understand the importance
of a personal life. Thats why you see a lot of high quality people around the rm with very long tenures.
we're paid poorly and there is a air amount o bureaucracy, but everyone is cool and there's a lack o ego, which bodes well or young proessionals
like myself.
t's a little more laid-back than other investment banks. we work hard, but we have a good time and get along well. Since the company is
headquartered in the Midwest, the people are generally nicer and more chill than the typical Wall Street bank.
They claim to be more o a 'liestyle' rm, but rom what hear, analysts are working just as much as at other banks. Being in a satellite oce,
feel like headquarters doesnt care about us at all. They pretend face time doesnt happen here.
\ery siloed. People work within their groups. There's not much interaction with other parts o bank."
work more hours than did when was at a bulge bracket bank, but nd that senior bankers are much more interactive and respectul here.
Senior bankers do not carry themselves with the same level of arrogance. Associates are also great.
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0reat work ethic. Smart and innovative. Collaborative and nimble. Not a sweatshop. There's an understanding o important events outside o work
was married during my rst year as an analyst and people covered for me during the wedding and honeymoon. The rm really doesnt believe in
face time, and we all stay and help each other out. Its a common practice before you take off to go ask others who are still cranking if you can help
them out with anything to lighten their load, understanding that others will do the same for you when youre in their position.
t's an investment bank, you'll be lying i you say that every person that you meet is pleasant. Being a Midwestern rm, though, Piper tends to be
lot more family-friendly.
like the people work with in my group. The team interacts well and has a good sense o humor."
Hours [6.64]
wake up, go to work, go home, sleep. wash, rinse, repeat."
Most senior bankers try not to create extra work and do a lot o upront thinking to avoid many revisions."
The rm oers Nexibility with regards to work location (oce, home, etc.). No one is looking over your shoulder as long as you get what you need
to done.
t's a allacy to think that you will work ewer hours than at a bulge bracket. what you won't have is ace timeno one cares when you come in to
work or when you go home, as long as you get the work done.
typically work 90 hours a week and travel at least three times a month."
Hours are comparable to other investment banks. Low and mid-level employees should expect to work 60 to 100 hours per week."
The hours are long, no matter how you slice it. would say that weekdays are probably marginally better than the larger bulge bracket banks.
Weekends are not mandatory and I often have both days off. When I do have to work on the weekend (which is still very common), my colleagues
are great about guring out a way to still be able to have plans for Saturday night or Sunday religious services. When it comes to investment banking
work hours, Piper Jaffray is probably middle of the pack, which makes hours relatively manageable.
can usually have a more Nexible weekend where determine my hours, but 'm still usually putting in eight to 10 hours a day on the weekend.
During the week if I get out by midnight its a good day, and I get ack if I show up later than 9 a.m.
Less than eared, but they still suck."
Most managers think o juniors as their peers."
while some associates and \Ps are riendly, they aren't araid to crack the whip. My MDs view analysts as so generic and replaceable that they
often send e-mails to the wrong analyst for various projects.
have never encountered poor treatment in my eight years at the rm."
t's a culture o respectup, down and sideways. 1uniors work hard and long hours, but we don't abuse them. we could be more critical o
ourselves at timesthis goes for all levels.
Can vary slightly based on individual group dynamic, but generally speaking, everyone is treated with a very high degree o respect."
1unior bankers work very closely with senior bankers. Most senior bankers are very understanding o time requirements and try to keep junior
bankers occupied but not over-worker.
Most o the senior guys are very disorganized and when this backres they take it out on analysts. There's denitely a 'shit Nows downhill' kind o
mentality. On the plus side, our group is relatively at, so I get a lot of exposure to senior bankers, even if it just means youre closer to the re.
1unior members are treated pretty well. Senior bankers expect you to work when it is there, but they aren't all about ace time. They have reasonable
expectations and realize that youre a human being.
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The training at the beginning could be better. There are three weeks in Minneapolis, two o which are used or Training the Street. t is adequate,
but from what I hear of other training programs, it is middle of the pack or below. That said, where we may lack in formal training we make up well
with the small groups and mentoring that we experience on the job. I havent felt ill prepared at any point in time, and know that others are always
prepared to help if I have questions.
Formal training was constructive. would say there's a good amount o on-the-job teaching that takes place in the rst couple months, but then
youre on your own for the most part, and its almost offensive to people when you dont know something that youve never before encountered.
Too short o a training program, but decent inormation is provided."
Training is taken seriously. Most people are willing to help inormally as well."
The rm does not have ongoing training or training resources. There is no inormal training or mentoring program."
The team is quite small so it is dicult to learn rom peers."
Piper trains its employees very well. The ormal training beore we start is great and in-depth. while on the job, our managers and peers generally
make it a habit to spread best practices and give us many opportunities to learn difcult modeling.
Compensation [4.67]
Notorious or paying their employees below Street."
Unspeakably disappointing."
0ood, but typically 10 to 20 percent below the average bulge bracket."
Piper just recently moved up its salary to match industry peers. 0ur bonuses are usually at least 25 percent below the Street at the analyst level.
Piper has really taken advantage of the decreased expectations of employees during the downturn to slash their compensation.
'm well aware that made less than my peers at other banks, and know the disparity only gets worse as you get to more senior levels."
Piper is now on par with salary, but we were slow to adopt the new industry level. 0ur bonuses have not been in line with other rms, which has
been very disappointing, especially given the fact that we work just as hard and that Piper has done so well through the downturn, coming out of
it with signicant market-share gains. Bonuses were well below industry averages. Multiple analysts left after receiving their numbers, and major
grumblings have been heard at the senior level as well.
Compensation (both salary and year-end bonus) is always at the low end o the Street. High proportion o compensation in stock that cli-vests
after three years.
've never hit it out o the park, and 've never been brought down to tears. guess there is always next year."
Perks
Flex spending."
think we have some ree passes to Minneapolis museumswhich are less useul when you're in San Francisco."
The rms is very ocused on improving recruiting and retention related to diversity, and has started a number o new initiatives to drive uture
success: off-site womens symposium for employees, and job shadow programs for female undergraduate and MBA candidates, etc.
Not long ago there was only one emale banker in the entire San Francisco oce."
nadequate."
The rm goes to great lengths to try to attract women and minorities through ormal programs and targeted recruitment."
don't think that Piper is dierent than other rms. Most o us are all just white males, partly because o the demands o the job. Piper takes the
best applicants, and the current make up of the rm is how those have shaken out.
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Most meetings involve our to ve white dudes showing up in suits. t's an old school male culture, and there are some hal-assed eorts to change
this. Prior to 2010! we hadn't had a emale analyst in our oce in two years."
0ur CF0, Deb Schoneman, is an important role model or many aspiring women. The leadership team is very ocused on creating a workplace
that will promote women.
Neither great nor terrible. Par or the course."
work in clean tech. Piper does a ne job in thinking green."
we adopted some trees on employees behal a couple years back. we could denitely do more, though."
Recycling programs and partnerships with environmental programs, but no direction rom management about managing resources."
Ofce Space [6.21]
/s an analyst, have an oce with a view. The oce space is great and pleasant to work in."
we have a great building and the oces are pretty nice. The conerence rooms sometimes have problems with technical issues."
Class / high rise with good amenities."
Current space is pitiul, but we're set or a relocation in late '10."
Moving to new oce space at 345 Park late in 2010. will be a signicant upgrade."
0reat location and ne or working, but decor is nothing to write home about."
Drab and bland. t would be nice i headquarters gave us the same level o comort as the San Francisco oce."
we're well positioned or the uptick in the P0 market and the acceleration in M&/.
we are in a great position to succeed. we've maintained our ocus on our clients and haven't done anything to jeopardize their trust, and we're
seeing the fruits of our global re-alignment of resources.
Strength in the capital markets, but challenges lie ahead on the M&/ side o the business."
/nalyst morale is particularly low right now. we've been understaed or some time and working much longer hours than any other department.
At the same time, were convinced that we will get the same bonus as other departments and that bonus will be well below Street average. One of
our analysts just left to take a job at Goldman Sachs and the general reaction was that it was great for him and a good move, and that we would all
be screwed because we wouldnt be able to get a new analyst in here soon.
think we'll keep doing well, but to be honest, eel like a lot o the senior bankers would leave i a marginally better opportunity came up."
Platorm is gaining traction and is taking advantage o the recent investment banking turmoil to increase market share o corporate nance and
M&A business.
we have some very strong industry groups, but glaring weaknesses in other groups. Not having the legacy in some areas and lack o balance sheet
make it difcult to see how we can penetrate those areas in any big way. The areas of strength for Piper (growth industries) will do very well in the
next 12 to 36 months. Employee morale is just OK.
Fun Facts
Piper took many well known companies public: Medtronic, 0eneral Mills, Pillsbury, etc."
t's been around or over 100 years (ounded in 1895). t's the only growth bank that leads P0s. t was the sole bookrunner o the best perorming
IPO of 2009: Duoyuan Global Water, which rose 124 percent from IPO to year-end.
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1221 Avenue of the Americas
New York, NY 10020
United States - Map
Phone: (646) 562-1000
Fax: (646) 562-1741
www.cowen.com
BUSINESSES
Institutional Sales & Trading
Investment Banking
Research
THE STATS
Ticker Symbol: COWN (NYSE)
CEO: Peter Cohen
2009 Revenue: $260.8 million
KEY COMPETITORS
Edward Jones
Raymond James Financial
Excellent equity research
Small; mid-cap focus
Strong health care reputation
Wannabes
THE BUZZ
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COWEN AND COMPANY, LLC
18
PRESTIGE
RANKING
RANKING RECAP
#9-Hours
#13-Ofce Space
#14-Formal Training
#15-Selectivity
#17-Compensation
#18-Culture
UPPERS
Great, caring and understanding coworkers
Hours are much better compared to bulge rms; managers
are as respectful as possible regarding weekend work
Team environment
DOWNERS
You wont typically be working on the biggest deals out
there
Compensation is not on par with the bulge bracket
Some individuals are more challenging to work for than
others
EMPLOYMENT CONTACT
www.cowen.com/CareerOpportunities.asp
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THE SCOOP
Growth sector gurus
The Cowen Group, Inc. is a diversied nancial services company with two businesses: Ramius, which provides alternative investment management
products; and Cowen and Company, which provides investment banking services. Cowen and Company focuses on small and midsized public
companies as well as private companies in seven emerging growth sectors: aerospace and defense, alternative energy, health care, consumer goods,
telecommunications and technology. Investment banking services include mergers and acquisitions advisory, equity and convertible debt nancing,
private placements and restricted security sales.
Cowen and Company also operates busy institutional sales and trading and research units. Over the years, the rm has become a leader in after-market
trading services among market makers in tech and health care stocks. Similarly, it has proven successful at equity capital raising in these sectors.
The rm has kept busy over the years, advising on a number of M&A deals. In 2008, according to Thomson Reuters, Cowen ranked No. 8 in U.S. M&A
deal volume for deals with values under $50 million, outranking competitors Goldman Sachs and Morgan Stanley. In other M&A categories based on
deal value, Cowen ranked No. 19 for deals up to $100 million, No. 16 for deals up to $200 million and No. 19 for deals up to $500 million.
A subsidiary no more
In 1918, Harry Cowen and Arthur Cowen Sr. opened a small bond brokerage business in New York Citys nancial district. By the 1920s, the Cowens
rm had joined the New York Stock Exchange, and began offering clearing and execution services for correspondent clients. Research and institutional
sales were added in the 1960s, around the same time the rm relocated to a new headquarters at 45 Wall Street. A decade of rapid expansion
followedduring the 1970s, Cowen opened six ofces across the U.S. and began making its rst acquisitions. Cowen launched a retail business in
1970 with the purchase of Greene & Ladd, then expanded its retail services in 1977 by acquiring Hardy & Company. The rms expertise in technology
and health care dates back to 1976, when Cowen bought Boston-based institutional research rm G.S. Grumman.
Cowens reach went beyond U.S. borders in the 1980s with the opening of ofces in London, Tokyo, Paris and Geneva. The investment banking unit
debuted in 1986, but it really took off a few years laterby the time the 1990s rolled around, Cowens lead-managed transactions accounted for one-
third of the rms business.
In 1998, Cowen was acquired by Frances Societe Generale and continued operating as SG Cowen Securities Corporation. A few years later, SG Cowen
sold its retail business in an effort to focus on the core businesses of research and investment banking. By 2006, Cowen was an independent company
once again: its parent SocGen agreed to a spin-off, and Cowen issued its IPO in July 2006, trading under the symbol COWN. Kim Fennebresque, who
guided Cowens restructuring under SocGen and the subsequent IPO, led the transition. Today, Cowen employs 450 people in eight U.S. ofces and
ve international afliate ofces in Beijing, Geneva, Hong Kong, London and Shanghai.
In spite of its layoffs in 2008, the company did make some hires: Stuart Gould joined as head of electronic trading from Morgan Stanley; Christine
Arnold, another MS alum, was named senior analyst covering managed care and health care service providers; and Michael Costa, formerly with Merrill
Lynch, joined the rm as vice chairman to lead the M&A effort. The rm also made hires in its capital markets and sales and trading groups.
Slumping toward Bethlehem?
Cowen posted disappointing earnings throughout 2008. In the rst quarter, total revenue was $55 million, down 25 percent from the same period a
year earlier. Net income for the rst quarter of 2008 was $0.7 million. In the second quarter of 2008, total revenue was $62.7 million, a 12 percent
decrease from the same period in 2007. The net loss for the second quarter of 2008 was $0.7 million. In the third quarter, Cowen reported $58 million
in revenue, a 1 percent increase from third quarter 2007. But the company once again posted a net loss, this time of $61.7 million.
For full-year 2009, the rm posted $260.8 million in revenue, up from $217.32 million it posted in 2008. The rm posted a net loss of $67.9 million
for the year, less than the $72.15 million net loss it posted in the previous year. The rm cited the disarray in the nancial markets as part of the
reason for the disappointing results.
GETTING HIRED
Selectivity [7.47]
nterviews are conducted through three or our rounds with the candidate meeting bankers o increasing levels o seniority and responsibility. Each
session lasts roughly 30 minutes; each day lasts three to ve hours.
ou'll generally go through at least two phone interviews or on-campus interviews beore being selected to participate in a Super Friday. n the nal
round youll generally meet with almost everyone in the group you are interviewing for. Interviews here can tend to get more out of the box than your
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traditional investment banking interview, and may ask you questions outside of areas of nance (even for nance majors). Most analyst hires speak
at least two languages uently and have nancing internship experience.
First-round interviews were generally behavioral, only had to walk through one discounted cash Now analysis. Final/second-round interviews were
a bit more technical, but the most difcult part was making it through eight separate interviewers, as it became very exhausting. Most interviewers
were nice and left me with a positive impression of the rm.
Candidates should have at least a 3.5 0P/, and some nancial services experience is also desirable."
we are always looking or hardworking, talented individuals that thrive in a rigorous, entrepreneurial environment."
The culture is very entrepreneurial and even young bankers can take leadership roles and initiative, so it's important bankers can think outside
the box.
Excellent exposure to analyst-level work, the ocus is on working hard and playing hard."
ou begin the summer with one week o training, including an overview o Excel tips, Training the Street and accounting. worked side-by-side
with another analyst who taught me the ropes.
OUR SURVEY SAYS
Satisfaction [7.00]
0eneralist culture at entry- and mid-level positions, which allows or exposure to multiple types o deals within the industry. This has seemed to be
a positive way to build general understanding of the overall product.
0ur hours are probably some o the best on wall Street, and everyone is on several live deals."
worked or an 80,000-employee organization beore, and the approach o Cowen ts me better."
Due to the small size o the group, you are given a lot o responsibility and do a lot o direct work with the senior members o the team. t can be
rewarding when all is said and done, but the long days, the sheer amount of work and level of stress can taint the overall experience.
There could be more deals going on."
Firm allows everyone to take on as much responsibility as they want."
ou can have a large impact since deal teams are lean."
Firm Culture [7.68]
Collegial, open-door policy."
There is no culture here, it was destroyed in the downturn."
My group (technology) has the reputation o being the toughest in the New ork oce."
MDs are accessible to everyone, including analysts."
Culture is very strong, in technology and health care in particulartwo areas o the rm that compete head to head with other rms. 0ther
emerging industries (business services, media, FIG, aerospace and defense) have niche-like cultures that dont represent the culture of the entire
rm (because theyre small and fairly new).
0n the whole, the rm has a pleasant culture, but certain groups are more challenging than others."
Relatively laid-back compared to what 've heard about other banks. Even as a junior member o the team, there is no strict lter on what can say
during the day. Senior members of the team are pretty approachable and receptive to questions.
Friendly, results-oriented, allows room to grow."
Caring senior bankers and mid-level \Ps, and associates who will spend time to develop your analyst skills."
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Hours [5.53]
0verall ace-time requirement has decreased, however, ew days end beore 10 p.m. due to workload."
The hours can be easier here than at other rms, but you still have to do a lot o B.S. work."
knew what was getting into with investment banking."
Cyclical: some weeks work 70 hours, other weeks 120 hours."
'm an associate but work harder than an analyst at a bulge bracket because enjoy the responsibility and have the drive to take it urther. Most
days I set up my own schedule, whereas at prior jobs I was given a to-do list every day.
7:30 a.m. to 10:30 p.m. is the norm during the week. Fridays might be a bit earlier, but 'm not usually out beore 9 p.m. Every Sunday 'm in rom
about 2 p.m. to 8 p.m., and I work on Saturdays about 70 percent of the timeit could be all day or for just a few hours. There are no big issues
with face time, but it denitely still exists. Associates and VPs are so accustomed to working all day that theres no rush to get out of the ofce at a
decent time during the week, even if theres not much going on. And youre expected to be accessible at all times during the weekends.
work about 70 hours a week."
Balanced work hours or an investment banking job."
\ery little ace time past 9:00 p.m."
Hours are dependent on teams and projects. Most managers are very cognizant and respectul o junior olks' time."
t varies wildly rom group to group. Some at the \P level can be terrible, while others are great to work or."
t varies by group but the treatment o junior people is excellent. The managing directors in my group are thoughtul o personal time away rom
work and mentoring.
\ery hot and cold. Certain group members are very easy to work with and eager to teach, while others can be extremely condescending and
impossible to please.
Feedback is provided on the Ny so that individuals can progress. Each new hire starting at the associate and up must meet the head o the bank
before obtaining an offer. Bankers are hired for the long term, not to jump ship after one year.
Relatively respectul on a personal level, but proessional expectations can be very demanding."
Most managers treat their juniors with respect."
Formal Training [6.56]; Informal Training [7.06]*
Four-week intensive training program prior to moving into a specic group."
we had no ormal training this year."
was given three days o Training the Street in 1anuary 2010."
Full training program but no ocial mentoring program post-training."
Legal training to run an P0 process, otherwise, it's all on-the-job training. teach analysts on a one-on-one basis and spend time explaining
things.
Shotgun start: was entirely trained by the rst-year analyst on duty. Corporate nance groups had ormal accounting/valuation training."
Five-week summer training program or associates and analysts, as well as ongoing training and mentoring."
Formal training not as extensive as the bulge bracket but internal training is superior."
*According to Cowen and Company, Given the nancial crisis, in the summer of 2009 we deferred our incoming analysts and associates for several
months, though all were guaranteed jobs. Instead of starting the class all at once, we staggered their start dates as our business improved. The result
was we didnt run formal training programs in 2009, but we did for the 12 years prior, and we began running them again in the summer of 2010.
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Compensation [6.17]
0ur base salaries and signing bonuses are equivalent to the top pay rms on wall Street. However, bonuses can vary."
/nalysts and junior associates are typically paid competitively with leading banks but the gap widens beginning as a senior associate."
'm very satised with the level o compensation or Cowen analysts."
Salary is market, but analyst bonus was below market in 2009. /ssociate bonus in 2010 was above market."
Bonus is all cash (up to \P level) and is very competitive compared to other banks."
ear-end bonuses were below the Street."
Base salary is no longer competitive to the Street. Bonus is on the lower end o the Street. Dinner meals are compensated up to $20."
Perks
Free snacks rom the vending machines."
Free ood in oce. Free tickets or sports games."
free parking, free or subsidized gym memberships, telecommuting, paternity leave and extended maternity leave.
There is only one emale (an analyst) in my group and two women with oces in all o investment banking."
Firm is air with everyone and hires based on perormance, t and track record."
Everyone does their best."
wish there was less waste. The rm should have a policy o monitoring how much paper is used and how much colored printing is used."
Ofce Space [7.00]
Plenty o space, with associates getting their own oces. Located in a good building in downtown San Francisco."
The oce is a short walk rom my apartment."
Location is perect, at least or my commute. Space is better and bigger than other rms. Laptop works perectly and is ast. That's all that matters
to me.
\ery weak in 2009 but business is beginning to look more promising."
Pipeline is very strong, we need strong brains to execute. 0ten, we're not dependent on brains but market conditions. they're avorable, the rm
will make a lot of money this year.
Fun Facts
we recently merged with a large hedge und (Ramius)."
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FBR CAPITAL MARKETS
1001 19th St. North
Arlington, VA 22209
Phone: (703) 312-9500
Fax: (703) 312-9501
www.fbrcapitalmarkets.com
BUSINESSES
Asset Management
FBR Mutual Funds
Institutional Brokerage
Investment Banking
Prime Brokerage
Research
THE STATS
Ticker Symbol: FBCM (Nasdaq)
Chairman & CEO: Richard J. Hendrix
2009 Net Revenue: $292.2 million
No. of Ofces: 9
KEY COMPETITORS
Cowen and Company
Fox-Pitt Kelton
Jefferies
Stifel Nicolaus
UPPERS
Flat management structure: its easy to get face time with
senior leadership and your ideas and opinions heard
Camaraderie, good teamwork, fun environment
Location: Washington, D.C., is probably better than NYC
DOWNERS
Earnings stream at the rm is unpredictable
Compensation is lower than at Wall Street peers
No specic [formal] training
EMPLOYMENT CONTACT
See working at FBR under the our company tab a
www. fbrcapitalmarkets.com.
Niche player
Are they still around?
Known for their research
Never heard of it
THE BUZZ
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PRESTIGE
RANKING
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THE SCOOP
Southern bookrunner
Based in Arlington, Va., FBR Capital Markets Corporation offers a full range of investment banking, institutional brokerage, prime brokerage and asset
management services. In addition to headquarters in the Washington, D.C.-metropolitan area, the rm has U.S. ofces in Boston, Dallas, Houston,
Irvine, New York and San Francisco. An international outpost is maintained in London.
At its inception, FBR Capital Markets set out to deliver research on a select group of industries. The rm has since expanded its capabilities, and
today concentrates on seven industries: consumer, diversied industrials, energy and natural resources, nancial institutions, insurance, real estate,
and technology, media and telecommunications. FBR Capital Markets complements its advisory, sales and trading offerings with an equity research
team that covers more than 570 companies.
Going public
In 2005, FBR Group, FBR Capital Markets former parent company, made the decision to separate its investment banking businessits longtime
star performerfrom the rest of the company. FBR Capital Markets and FBR Group ofcially separated in a private IPO in July 2006, but only began
trading as separate public companies following FBR Capital Markets public IPO in June 2007.
Recent gures and awards
In 2009, the rm booked net revenue of $292.2 million, a healthy increase versus the $181.9 million it recorded for 2008. Investment banking had a
good year, with revenue in the unit rising to $138.7 million from $97 million. The banks institutional brokerage unit, meanwhile, experienced a slight
decline, to $133.1 million from $138.6 million, as result of a market-wide decline in equity trading volume. During scal 2009, the rm made one
major acquisition, picking up New York-based investment banking boutique Watch Hill Partners in September.
More recently, one of the rms analysts received quite an accolade. In June 2010, FBR Capital Markets Senior Financial Analyst Paul Miller was
named the No. 1 over overall sell-side analyst by Forbes.com in its annual Blue Chip Analyst Awards. Miller, who beat out ore than 2,700 of his peers
to receive the honor, also ranked as the No. 1 banks and thrift analyst, for the third consecutive year.
GETTING HIRED
Selectivity [6.81]
The rm is pretty good about responding to candidates promptly."
Motivated candidates willing to work above their title. Smaller teams so candidates need to be outstanding."
Rather inormal: head o the department runs recruiting."
Can include multiple days o interviews and meeting with many individuals. Ultimately, it may all to luck in terms o timing and need."
Looking or committed, hardworking people who think outside the box. Strong work ethic is a must."
Current process is demanding as it involves phone interview, in-person interview and completion o a test to determine skill set."
Must know someone to get hired."
The hiring process is competitive: lots o people interested in limited supply o available positions."
My summer internship was the way got my oot in the door."
My internship experience helped lay a solid oundation or an equity research job. /s an outsider to wall Street, think my internship experience
help me gain great perspective. I received help from some great mentors.
Helpul, insightul and opened up opportunities.:"
FBR Capital Markets
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Satisfaction [7.65]
am very satised with the work do at FBR. am also grateul that the rm recognizes my experience and rewards me."
'm not satised with my compensation, and worry about the rm's outlook, given its 'elephant hunting' approach to investment banking and recent
losses. We seem to always be just around the corner from a big deal, but we lose money when they dont materialize.
Firm outlook and protability remains muddled and under pressure."
/wesome job, awesome opportunities. Can be micromanaged sometimes, though."
really enjoy what do. /dditional resources are always helpul in addressing bandwidth issues, but the rm does a good job at cultivating an
entrepreneurial environment by giving employees the exibility and responsibility to take ownership of their work and careers.
Firm Culture [7.80]
The rm's average age is 34. / group o very smart people who are interested in success."
0ood culture within my department, less so rm-wide. People talk o the FBR amily, but the rm is quick to cut people who are not producing,
and quickly changes focus area and the areas were exiting.
\ery open, inormal culture in which all employees have access to the top management. Strong bonding among the workgroups enhances
opportunities for team projects.
oung, energetic, everyone knows everyone."
Firm culture is strong. you're interested in nance in the washington, D.C., area, your primary targets are FBR and Carlyle. FBR has a strong
local reputation. Employees feel a sense of common identity and camaraderie.
Hours [6.95]
would love to have more balance in the number o hours worked."
nstitutional sales desk:13 hours per day."
work 60 to 70 hours per week and should probably work more."
Hours can be demanding."
don't work crazy hours."
Hours are long, as they are elsewhere in investment banking, but we certainly aren't relegated to wall Street hours."
Employees are denitely encouraged and are able to have a lie outside o the oce. Time commitments are cyclical and depend on the market
and time of the quarter.
Managers treat all employees with respect."
t all depends on your manager, mine are good."
This is one o the best aspects o the rm. The manager/junior relations are extremely cordial. we work together in a small tightly-knit team and
decide on our priorities jointly.
/ll but one manager is awesome."
Treatment is very respectul, and relationships tend to be strong. There's a pronounced sense o common identity, having endured the economic
crisis as a team. Senior managers are generally receptive to feedback, even if they disagree or arent in a position to make changes. Feedback is
encouraged.
FBR Capital Markets
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Could use much more structure."
when joined the rm, we had ormal training classes ocused on areas related to my job, which provided me a jump start and helped transer the
knowledge I gained in school to the eld.
Mainly thrown into the re to gure it out. No specic training."
Training programs were essentially set aside during the economic crisis as the rm cut operating expenses. Training is still limited, but it has
rebounded a bit, with the addition of new employees, notably junior professionalsanalysts and associates. But tuition assistance wasnt cut during
the economic downturn, and employees are encouraged to take advantage of the benet.
Compensation [6.40]
ear-end bonuses are a signicant part o total comp and are dictated by banking business rather than what my department does. ndividuals'
numbers seem to come from a black boxvery tough to know what drives your total comp. Salaries are too low, and bonuses have also been
disappointing. If we were located in New York, you would see a lot more attrition.
ear-end bonuses have been low, in my opinion."
Bonuses and base salaries have been good or entry-level employees."
Compensation is lower than at wall Street peers, but on a relative basis, given the lower cost o living in washington, comp is generally
comparable.
Perks
Pretty thin on the amount o perks around here. They have been cutting, not adding. They took away 401(k) match and lunches."
Employee Stock Purchase Plan.
Respondents also point out that the rm offers free car rides home and dinner if working late, moving expense reimbursement, free or subsidized gym
memberships, telecommuting, ex-time, emergency day care, paternity leave and extended maternity leave.
don't know o any issues, but the general population o the rm is not very diverse."
The company is very open to sponsoring visas or international workers, and is able to create a diverse and strong pool o employees."
have no idea, its not emphasized."
They are pretty open about recycling."
Ofce Space [6.83]
like the location, but the research Noor has not been updated in many, many years. 0ther areas have been, but research has been neglected."
\ery nice, great location, close to Metro, great view o D.C."
FBR Capital Markets
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we're losing money and not doing enough banking deals. we pay up or big bankers, analysts and teams rom competitors, only to have them leave
after a year or two with minimal contribution.
During the downturn, the rm invested in new businesses, potentially diversiying the revenue stream. This should be helpul as we come out o
the recession and should boost employee morale.
Made a lot o changes, hired a lot o people, had a very strong balance sheet, now need to execute to make money."
Fun Fact
/round town, FBR stands or Friends, Brothers and Relatives, since there's a large population o olks who are related or have worked together at
other rms who now work together at FBR.
FBR Capital Markets
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399 Park Avenue
New York, NY 10043
Phone: (800) 285-3000
Fax: (212) 793-3946
www.citi.com
BUSINESSES
Commercial Business
Consumer Finance
Retail Banking
Retail Distribution
THE STATS
Employer Type: Division of Citigroup Inc.
CEO, Citigroup, Inc.: Vikram S. Pandit
CEO, Consumer Banking North America:
Manuel Medina-Mora
2009 Net Income: -$1.6 billion*
No. of Ofces: 7,730
*Citigroup Inc.
Backseat to Chase locally but dominant internationally
Sinking ship
THE BUZZ
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CITI CONSUMER BANKING
20
PRESTIGE
RANKING
KEY COMPETITORS
Bank of America
HSBC
Wells Fargo
UPPERS
Global presence and brand recognition
Flexible management in terms of working hours; respectful
of families/motherhood
Interesting, challenging work
DOWNERS
Passive aggressive and bureaucratic culture
Compensationnot much incentive to perform above
average
The public perception of Citi is not fun to listen to all the
time
EMPLOYMENT CONTACT
www.oncampus.citi.com
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THE SCOOP
Global giant
Although its ofcial name is Citigroup Inc., the global banking group based in New York and known throughout the world was rebranded as simply
Citi back in 2007. Citi has over 200 million customer accounts in more than 100 countries around the world. Citis main business divisions are
consumer banking, the institutional clients group and global cards.
Citis commercial and consumer businesses are carried out by the consumer banking group, which includes U.S. and international retail banking
(offered by Citibank, CitiFinancial, Primerica Financial Services and Citibank Direct), U.S. consumer lending (including student loans, real estate
lending and auto loans), international consumer nance, a commercial nance group (offering banking, leasing and commercial real estate), and
a micronance group. The global consumer group is one of Citis biggest revenue drivers, typically bringing in more than half of each years Citi-
wide earnings. The institutional clients group includes global banking services such as merger and acquisition advisory, debt, equity, restructuring
and underwriting, as well as global capital markets, transaction services and alternative investments. The global cards business encompasses Citis
worldwide credit card business.
Prior to its rebranding, Citi was revered as the worlds largest banking and nancial services group, but the nancial storm in the recent past has not
been kind to this global giant, which has seen billions of dollars wiped off its market value, laid-off tens of thousands of employees, taken $45 billion in
assistance from the U.S. government and has sold off some assetsincluding its brokerage arm to longtime rival Morgan Stanley in January 2009.
From City Bank to Citibank
In 1812, Samuel Osgood, the rst commissioner of the U.S. Treasury, used $2 million of capital to found a commercial bank called the City Bank of
New York. His creation expanded through the 1800s, offering consumer lending and conducting business internationally. It took the name City Bank
in 1865 and, by 1894, was the largest bank in the U.S. By 1929, it was the largest commercial bank in the world.
First National City Bank (as it was then known) became Citibank N.A. in 1976; its holding company was known as Citicorp. In 1998, Citicorp merged
with Travelers, a corporation which included the Travelers Corp. insurance company, the Salomon Smith Barney investment bank, the Commercial
Credit loan company and Primerica nancial services. The resulting entity was Citigroup, led by former Commercial Credit chairman Sandy Weill.
In 2003, Charles O. Chuck Prince III took over from Weill. Prince led a 2007 overhaul of the banks image, swapping its red umbrella logo for a
streamlined red arc and changing its brand name from Citigroup to simply Citi. The old red umbrella can still be seen at Travelers insurance ofces
Travelers was spun off from Citi and merged with the St. Paul Companies in 2004, becoming St. Paul Travelers.
Look whos on top
Vikram Pandit became the chief executive of Citigroup in December 2007, replacing interim chief executive Sir Winfried Bischoff, who became
chairman of the board as well as remaining chief executive of Citigroup in Europe. Pandit succeeded Chuck Prince (Charles O. Prince III), who had
taken his post in 2003 amid some shareholder frustration that Citis stock prices werent matching those of its peers. Pandits job has not been easy,
taking the helm of the worlds largest banking and nancial services group during the worst nancial crisis the world has seen in modern times.
Pandit joined Citi just after the global banking group purchased Old Lane Partner, the hedge fund that Pandit set up after leaving Morgan Stanley.
At the time of his appointment, industry commentators noted that in the wake of the losses which the group was hit with under Prince, Pandit would
have to address the rms risk management practices to win back the condence of staff and investors. Although Pandit lowered the banks costs and
allowed reinvestments in growth in 2007, the following year was not so peachy. In 2008, the rm received a United States Federal Reserve bailout of
a whopping $45 billion.
OUR SURVEY SAYS
Hiring Process [7.00]
There's a resume drop or pre-screening ollowed by rst-round interviews on campus: two 30-minute interviews with alumni. The nal-round
interview is held on site: three 30-minute interviews with senior managers. For the management associate programs, the best candidates are ones
who have a good analytical background.
nterviews within the consumer banking business are mostly behavioral or the rst round, and case-based and problem solving or the second."
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Recently, the second-round interview takes place on campus the day ater the rst-round interview. Formerly, the second-round interview took
place several weeks (or even a month) after the rst-round interview. For MBA hiring, Citi Cards is looking for employees with leadership potential
and who can work well in large, matrixed organizations. As such, they should have a proven track record of leading without authority and of being
strong team players. Creative and strategic thinking in addition to analytical aptitude will also be important for most positions within Citi Cards.
deal candidate is client-ocused, innovative and excellent in a team environment, with a high level o integrity."
Candidates should expect to articulate clear examples o challenges they've aced and their thought process when overcoming them."
Looking to hire candidates who are motivated to work or this specic rm, not just the industry in general."
The internship program within the consumer banking division was very well structured and organized. t provided a great balance between individual
and group tasks, and provided a lot of exposure to the senior leadership of the organization.
Satisfaction [5.36]
Unlike the summer experience, ull-time experience has largely been a drag. This is mainly due to the level o uncertainty within the organization
and the placements that have taken place with no consideration to a candidates interest in a specic area within the organization.
eel am well compensated and my job is challenging, but Citi has taken a signicant hit during the global nancial crisis and struggling to recover.
My responsibility and autonomy have declined during this time.
'm in my third rotation, having seen marketing, nance and now risk. This has been a great opportunity, though changes in the larger economic
market and the business in the past two years have denitely limited some opportunities or areas that were of interest to me when I was getting my
MBA.
enjoy leading cross-unctional work that combines marketing strategy, business execution and analytics. also enjoy that have a airly healthy
work/life balancerelative to other bankers, at least.:
The rm changed our program to our detriment midway through. The opportunities now available are not on par with what we were told upon getting
hired. HR and senior management withdrew all support for the program.
People are greatsmart and niceand compensation is okay. But right now 'm totally overwhelmed with work, which doesn't t my view o a
good work/life balance.
/s a result o the general economic conditions, advancement and salary growth have been limited."
Firm Culture [5.14]
People are very cooperative. t eels like we are all working or the same goal."
/lthough the rm's culture is extremely pleasant and collaborative, it's the individual department culture that inNuences perspectives the most. That
said, there are pockets within the organization whose culture does not match the overall rm culture and can potentially prove to be detrimental to
employees performance.
Management is disconnected rom the realities o the business, and innovation is lacking."
Citi promotes hard work and is trying to overcome the underdog status that's been assigned to it in the past ew years. There are a lot o interesting
and exciting initiatives going on that people can rally behind. But with layoffs and changes in management and direction in the past two years, it
hasnt been an entirely pleasant place to work.
Banking culture is in Nux due to tremendous market and management changes."
People are generally extremely riendly. The downside o our riendliness is that we don't deal with conNict very directly. This reluctance sometimes
leads to ineffective conict resolution, passive aggressive behavior and projects oating around without a solid direction. People agree in meetings,
but then act differently within their own teams and spheres of inuence.
The morale is airly low coming o o this recent nancial crisis."
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Hours [7.45]
0reat work/lie balance."
/pproximately 50 hours per weekor 10 hours in the average day."
9 a.m. to 6 p.m."
The company is very Nexible. So, or example, tend to go to the oce a little late in the morning (about 9:45 a.m.) but also leave later than most
employees (about 7 p.m.).
Hours vary by department and role, obviously. But all o my managers have been Nexible with any needs that havevacation, travel, working rom
homeand have been right there with me whenever I had to put in long hours.
Not araid o hard work, but not satised with the type o work."
Some managers are very disrespectul and dicult to work with. 0n the other hand, some are very respectul, easy to work with, and will help you
advance your career within the rm and industry.
Management associates at Citi are denitely respected and sought ater. The program has a reputation or hard workers and good skill sets, so
were denitely in high demand. There are times, though, when we may be overworked.
Still very hierarchical: senior managers expect junior proessionals to do as told, without questions."
Managers are generally very giving o their time to inormal mentoring o more junior employees and generally treat them with respect. They do,
however, sometimes dump a lot of work on them without a lot of direction, which often leads to re-work in the end that could have been avoided.
This type of behavior is very manager-dependent, but Ive seen it more here than in the software/defense/aerospace sector where I used to work
before transferring to banking.
0enerally speaking, managers are proessional and courteous."
There's a moderate level o both ormal and inormal training available."
0ur training programs are extensive but need to be improved, with a renewed ocus on risk management and the other core components o our
business model. Informal mentoring can be accomplished, but it is a challenge to nd good advice and role models.
The ormal training was short at our initial orientation, but a lot o that slack is picked up by the specic department where you end up. The inormal
training is what you make of it. If you seek out a mentor and have good relationships with managers in your department (or outside of it) youll be
successful in this area. And senior managers have always been helpful and responsive to my questions about feedback and career goals.
Hard to nd time to take the ormal training given work demands, but when you're able to do so, it's very good. They recently cancelled the
mentoring program, but I have found it easy enough to network and nd my own mentors by working on a variety of projects and generally impressing
the people with whom Ive worked.
There is not a high degree o training. Employees are required to learn navigate and sel educate oten."
The best learning is through your network and contacts, ormal classes are completed purely or compliance reasons."
Compensation [5.77]
0verall, the compensation package is quite competitive. However, there is not much o a year-end bonus, which may be due to the act that this
is the consumer banking business of the rm as opposed to investment banking or trading arms.
n addition to base compensation, our rm oers signing bonuses, incentive bonuses and relocation bonuses. with the recent government ocus
on banking compensation and bonuses, Citi has set rigid structures around the split/mix of these. At my level, for instance, my base salary makes
up 80 percent of my total pay, and I am eligible for another 20 percent via incentive bonus. At the level below me, the base salaries are lower and
the mix is 85/15. At the level above me, the base salaries are higher and I believe the mix is 75/25.
Compensation is not a primary motivator to work in retail banking."
Base compensation hasn't been raised or the past two years, and year-end bonuses have allen drastically.":
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ear-end bonuses and salaries are not at par with other banks."
0bviously, given the T/RP unds and government ownership, things have changed with respect to compensation. Base salary is okay, signing
bonus is OK and relocation bonus is okay. But there really isnt an incentive bonus pool. This may change, but for now I feel were slipping behind
other rms.
Perks
nd that the discounts oered to Citi employees rom our clients are especially extensive and deep versus other major corporations 've worked
for.
really haven't taken advantage o or sought out any additional perks."
Free dinners and car rides home are only available when people have to work ater 10 p.m."
No unusual perks oered."
Respondents also point out that the rm offers prot-sharing programs, moving-expense reimbursement, free or subsidized gym memberships and
emergency day care.
My initial hire class o 40 was extremely diverse: 16 men and 24 women, and probably 16 white and 24 minority or international. My current work
team is also very diverse, both at the entry- and senior-level. m not sure about retention efforts, but I havent seen or heard of any issues with
unfairness in this area.
Citi Cards is not perect, but it's done a better job o this than most large corporations where 've worked."
There are a ew women networks that are very active and ecient."
we need o more Hispanic and black women in senior and executive management positions. we're still largely male- and /sian-dominated in
certain sectors.
Citi tries to be extremely diverse and may even go overboard in those attempts: quality is sometimes sacriced in avor o diversity."
we take our environmental policies very seriously and are actively involved in LEED building, reducing reliance on paper, etc."
There are denitely eorts both business-related (donations to charities and unds based on certain credit cards that are used) and workplace-
related (in the cafeteria and each oor for conservation). Im not sure what other rms are doing, but there is always room for more in this area.
Exceptional: green team, policies and resources dedicated to this cause."
Ofce Space [6.09]
0ur company has a number o oces and the quality varies. Most locations are above average and very comortable."
The location is not the best: Long sland City, not Manhattan. The building is new and comortable. The desks and oces, though, could be
larger.
Furniture in need o upgrade or repairs."
t's good, but nothing too ancy. 0reat views o New ork City rom Long sland City oce, where work. Some conerence rooms on the top Noor
are quite nice.
Most employees are in open space. Senior managers have closed oces."
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163
Uncertain. Employee morale within the credit card division is currently very poor."
think Citi is poised to turn the corner and return to success. The rst-quarter earnings really buoyed the spirits o those across the rm. /nd know
that there are changes to the business that will lead to growth (acquisitions, new offerings) that people can really rally behind. But until we nally sell
off the governments stake and get rid of that part of the negative public perception associated with it, I think morale will still not be perfect.
Morale is low given the banking industry and company challenges."
Crisis deeply impacted morale, but morale is slowly picking up again and heavily correlated to the rm's perormance, opportunities available to
employees and compensation.
The rm is positioned or growth over the next 12 months. However, employee morale needs a serious boost in order to maintain motivation and
the drive to get things done, especially for the new hires.
Things are beginning to turn around in the credit markets, and we're starting to turn our ocus on growing the business againwhich eels pretty
great after the last couple of years of shrinkage.
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SUNTRUST BANKS, INC.
Southern focus
Mediocre research at best
SunBust
THE BUZZ
21
PRESTIGE
RANKING
303 Peachtree Street NE
Atlanta, GA 30308
Phone: (404) 588-7711
Fax: (404) 332-3875
www.suntrust.com
BUSINESSES
Consumer Banking
Corporate & Investment Banking
Mortgage
Retail Banking
Wealth & Investment Management
THE STATS
Ticker Symbol: STI (NYSE)
Chairman & CEO: James M. Wells III
No. of Ofces: 1,694
KEY COMPETITORS
Bank of America
BB&T
Citi
Regions
Wells Fargo
RANKING RECAP
#15-Formal Training
#17-Hours
#19-Ofce Space
#19-Selectivity
#20-Compensation
#20-Culture
UPPERS
The people here are excellent. I have a lot of great friends
at work.
Location in Atlantanot being in New York.
Junior bankers are given a ton of responsibility and access
to senior managers.
DOWNERS
Compensation is sub par.
Lack of career development through training and
mentorship.
Poor back-ofce support; technology is always lagging.
EMPLOYMENT CONTACT
suntrust.com/careers
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THE SCOOP
Deep in the heart of Georgia
Atlanta-based SunTrust Banks, Inc., a holding company for more than 50 geographically focused banking units, operates under a decentralized
management structure whereby local managers are responsible for business generation and community involvement. SunTrust is one of the nations
largest banking organizations, with $179.1 billion in assets as of March 2009.
SunTrust offers consumer banking, commercial leasing, mortgage banking, credit-related insurance, asset management, brokerage and investment
banking services to consumer, commercial, corporate and institutional clients. Through its network of companies, SunTrust has a signicant presence
in the southeastern U.S., with more than 1,700 branches primarily in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee,
Virginia and Washington, D.C.
SunTrusts investment banking arm, SunTrust Robinson Humphrey, launched in 1894 as the Robinson-Humphrey Company. In 2001, impressed
with its investment banking record, SunTrust acquired the rm. And in 2007, SunTrust integrated its corporate banking, investment banking and
capital markets units, packaging them as SunTrust Robinson Humphrey. Today, the unit offers capital raising, strategic advisory, risk management,
investments, and treasury and payments services.
GETTING HIRED
Selectivity [7.12]
was interviewed on campus and notied within the next couple o days that was being invited or nal-round interviews in /tlanta. was given
my formal offer less than a week after my nal interviews.
Looking to hire top perormers out o Southeastern-based universities, including 0eorgia, Florida, U\/, UNC, \anderbilt, washington and Lee, and
Emory.
Typically we look within the /CC and SEC schools. n addition, we look at some private colleges in the region get a look."
The interview process rst begins with an on-campus interview in which a student meets with two directors or in a 30-minute interview. Potential
candidates for future full-employment are selected two to three weeks later and invited to a Super Saturday of interviews at our corporate ofce in
Atlanta. Each potential candidate will be interviewed ve times by two directors (two per interview) throughout the corporate and investment bank.
Offers are typically given during the last week of October.
nterview process consisted o a dinner meet-and-greet, then one round o on-campus interviews. t was simple and smooth. Firm looks to hire
people with strong academic records but also people who will t into the banks culture.
The process seemed too short."
we sometimes put too much weight on a candidate who ts the 'box' or the analyst program as opposed to candidates who bring a unique and
translatable skill set. Also, I believe we dont weight analytical skills as much as we should.
we are looking or top students rom nance/economic undergraduate programs who want to work or a ully unctioning investment bank located
outside of New York City.
\ery competitive and getting more so with the market downturn. 0ne o the only available banking jobs in /tlanta, which makes it competitive or
those looking in the area.
From my experience, SunTrust is looking or candidates to specically t the mold here, not just be a banker in general. ou have to want to be in
Atlanta because its denitely not anything like banking in New York. Groups are smaller, so you will have to take on greater responsibility. Personality
and t is crucial here.
\ery thorough interview process. \ery quick callback."
0rades are important but t is key."
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was impressed with the amount o responsibility they gave interns, it enabled me to learn a lot and ully understand what a ull-time position
entails.
\ery general program. interned in a dierent area than now currently work. Program was unorganized at times but overall was a good
experience.
0reat. Though was not in the area that ended up being placed into."
Training was good, and co-workers were very welcoming and encouraging. The only downside was that oten ound mysel looking or work.
would have liked the opportunity to shadow more people.
The 10-week internship was very helpul or getting to know more about the company, dierent groups and the culture. Level o responsibility was
lower than a full-time employee but only because the knowledge base wasnt at the same level.
Extremely valuable. would not have gotten the job without it."
Satisfaction [6.51]
'd like to work on more deals, but the people are good."
work load and deal exposure is highly dependant on group. Some groups are particularly strong in this area, oering a good experience."
'm very satised but then am in trading, exactly where wanted to be.
t's not where want to be long term."
Dramatic disconnect between work expectations and compensation."
think i the economy were better, and our clients were in better shape, the job would be more enjoyable."
n general, really enjoy the undamentals o my job, particularly the transactional nature o the product. However, any positive eelings are tempered
by increasing levels of administrative red tape and compensation that lags the market.
SunTrust is not competitive in terms o salary. They want to work like major investment rms without oering the equivalent compensation. /lso,
there is not a great sense of camaraderie and teamwork across the rm.
Each year that 've been in my current position, the job has grown less desirable. My position has been transormed into a saety net catch-all
position, where tasks that no one else either wants to do or knows how to do land. The complaints that I heard on my rst day on the job are still
relevant, and management has not taken any steps in my time employed to remedy what is essentially a broken business structure. It should be no
surprise then that only a quarter of the employees that I started with in the corporate training program still work for the bank.
'm very satised with people work with and work/lie balance."
'm challenged and have worked on a number o memorable transactions."
Firm Culture [6.80]
Laid-back. People are willing to help others."
Still has a Southern eel and is generally collegial, but has become a lot more intense and competitive the past year or two."
People are typically more concerned with being well liked and part o a group o riends than with actually getting the job done and presenting the
best work product.
t varies group by group. The culture is ne, but as a company, SunTrust has no strong culturewhich would consider to be a bad thing."
My group has a very open-door policy, and team members respect each other proessionally and like each other, or the most part."
There is a dichotomy o culture at SunTrust. t's a hometown /tlanta bank with strong roots, but hiring outside talent over the last three to our years
has caused a divide. New talent hired from larger shops tends to look down on talent that has grown from within.
SunTrust Robinson Humphrey has begun to lure away talent rom the bulge bracket rms as a result o the economic downturn. There is denitely
a sense of continuing improvement as the rm strives to compete with larger middle-market and bulge bracket rms.
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The culture at SunTrust is one o the ew positives about my job. People are extremely riendly, and enjoy the people that 've worked with.
However, our rm is in a sort of identity crisis, as people seem to be stuck between the idea of SunTrust being a regional bank and SunTrust focusing
on an investment banking platform with a national presence.
SunTrust does make sure to distinguish itsel rom other investment banks by providing a much more relaxed and riendly atmosphere. 0roup
outings are encouraged, and Id say some of my closest friends are my co-workers.
Denitely Southern Republican. Kind o yuppie as well, but suppose that is to be expected. 0verall, culture is okay and have a couple o close
friends. But everyone else is strictly a work colleaguenothing more and nothing less. Emphasis within the corporate and investment bank is
denitely on revenue generating roles, so project management analysts dont carry as much clout as other positions within CIB.
0rowing more into an investment banking culture."
Hours [6.63]
They could denitely be worse."
M&/ at SunTrust involves signicant work hoursless than bulge bracket hours, though. estimate work, on average, 8:30 a.m. to 10 p.m.
Saturdays are generally free, and I probably work four to seven hours on Sundays.
work hours are not bad."
My hours are market-driven. generally work a 10 to 12 hours per day, arriving around 7:30 a.m. and rarely leaving ater 7:30 p.m."
t may be dierent since 'm in sales and trading, but 'm typically out o the oce by 6 p.m. will stay as late as need to, but have never worked
past 8 p.m. or on the weekend. Again, sales and trading is different in that regard.
Standard hours are 7:15 a.m. to 6:30 p.m. 0ne o the major perks o the job, as opposed to an investment banking position, is having known work
hours. Weekend work is very rarepersonal time is denitely respected by the company.
when working on a live transaction, 'll log 60 to 70 hours per week, and some weekends. 0therwise, average around 50 hours per week."
Some people bust their butts 50 to 60 hours a week and want to go home or dinner with the amily. 0thers live at the oce, valuing ace time
over efciency, which is ridiculous.
Hours are not good or a regional investment bank, and not commensurate with pay. 0n average, work rom 8:30 a.m. to 11:00 p.m. Some nights
are better, but many are a lot later.
The work schedule would not be as bad i was compensated better."
Compared to New ork rms, can't complain. However, by working in SunTrust's /tlanta oce, have to compare my hours to my riends'
hours. And when I see my friends earning as much as I do while working half as many hours with far fewer demands, its unsettling. If I were better
compensated, I would be completely ne with it.
Hours are highly group dependent, but the better groups work longer hours. The sell is to take under-market pay (the /tlanta discount") because
you wont work near the number of hours as others do at a bulge bracket banks. But leaving at 11 p.m. rather than midnight doesnt quite equate
to the pay discount.
1unior proessionals work very closely with senior proessionals on a day-to-day basis. Seniors are very respectul o opinions and insight rom
juniors. Im very satised with this aspect of the job.
0verall, they're respectul o us, but there's not a tremendous amount o interaction."
Some are better than others. 'm treated ne."
Not bad, but not great. Managers don't do a good enough job o inorming juniors o what is going on."
n my group, managers have an open-door policy or junior people. /nd they work hard to make sure junior people learn and progress and are
given appropriate levels of responsibility. Feedback from junior people is requested and appreciated.
n general, the rm is small enough to allow culture to transcend job titles and allow teammates, rom MDs to analysts and associates, to work well
together. I do feel that my manager respects me, though I know other junior people who do not share that view.
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"\aries by individuals, which is expected. There is some denite avoritism, and some junior employees are oten unairly treated based on reasons
other than work performance.
we don't have the big egos that 've seen or heard about at other rms. Not an air o superiority around here. Most managers are hands-on and
involved.
Due to the small deal teams, requently interact with senior bankers, who expect a lot out o their sta but are very appreciative o the hours they
work.
\ery respectul and great bosses. No ace time with clients, though, and little to no traveling or junior sta."
Usually ormal training is six-weeks long, but my class was so small that we didn't have any."
0ur analyst class trained or a month in a school setting beore we even knew which groups we would be placed in within debt capital markets.
The training was a great boot camp for those of us without nance backgrounds, modeling training or a lot of accounting skills. We also spent time
out of class meeting with the groups and getting to know more about the corporate culture. I was very pleased with the training.
we had a ew weeks o training when we rst arrived. Most valuable training came on the job."
New hires within the corporate and investment banking 'associates' program undergo an extensive six-week training program. During this period,
various courses are offered, on accounting, corporate nance and nancial modeling. Time is also spent learning about the business specialty groups
within CB such as energy, health care, consumer, media, etc., as well as the dierent product groups, including F/, sales and trading, and asset-
based lending. Weekly socials are also held to enable the analysts to meet with upper-level management of each group and learn how each of the
various groups operates and what business/specialty they focus on.
Formal training o new analysts has evolved over the last ve years rom a year-long program to just a couple o weeks in the classroom. This has
allowed for more on-the-job training, which in this industry is appropriate.
nitial training is strong, and we are working to develop the ongoing training. 0ne problem o ongoing training is that not all managers believe junior
workers should take time away from work to continue training/development.
Beyond the initial training program that an analyst or associate will go through, urther training is nonexistent. 0ccasionally, once every ew years,
SunTrust will bring in a local accounting professor from Georgia Tech to highlight trends in the industry that seemed to have taken place two to three
years earlier. But thats about the extent of additional training. And the idea of informal training or mentoring at SunTrust does not exist.
am awed by how much have learned since startedand the learning never stops. My manager and teammates continue to mentor me and
add to my professional development.
0pportunities or inormal training are basic and not publicized extremely well."
0lder analysts and associates should make a point to oer tips, guidance and inormal training on modeling, valuation, work expectations, work/
life balance and anything else new employees may be struggling with.
Compensation [5.50]
Compensation is good, given the hours and quality o lie associated with this job. However, 'm not sure that (at the analyst level) compensation
is linked strongly enough to performance.
we are not paid what our peers make in New ork."
Consistently pays below market and stingy with merit-based increases and promotions."
/nnual bonuses have sucked during my tenure. This is actor o market dynamics and SunTrust's pay culture."
SunTrust wants to act like a wall Street shop, but it does not want to pay like one. Not even close."
Cumulatively, the signing bonus and year-end bonus were very generous given the nancial landscapecertainly more than expected."
Compensation continues to lag Bo/ and wachovia, but seems to be getting slightly better."
\ery good considering the hours worked."
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SunTrust's compensation program, or lack there o, has been the direct actor o many o my colleagues leaving the bank. SunTrust likes to talk
about institutions such as JPMorgan and Bank of America being our peers, but SunTrust has never rewarded the effort and work it actually tales to
compete with those rms. You cannot expect people to work investment banking hours and then compensate them a fraction of investment banking
compensation.
Perks
\arious corporate discountsretailers, hotels, tickets, etc.through a program called SparkNy."
Cell phone discounts as well as many other discounts or entertainment, ood, etc."
Not much . pay or parking, pay or the on-site health club, pay or an aternoon soda in the on-site caeteria. Expense cutting is paramount
at SunTrust.
Dinners can be expensed i you work late. / new gym just opened at SunTrust headquarters."
Respondents also point out that the rm offers, in some locations, the following perks: free parking, prot-sharing programs, moving-expense
reimbursement, free or subsidized gym memberships, emergency day care, paternity leave, extended maternity leave, ex-time working options and
telecommuting options.
women eel respected and comortable. But there is not much racial and sexual diversity."
The number o women has noticeably increased over the last several years. Though we do actively recruit at several traditionally black colleges and
universities, African-American hiring is rare.
Some male managers are unreceptive to Nex-time or telecommuting options or working mothers."
SunTrust does a good job when it comes to the hiring and promoting o women within the rm. There are many extremely talented women
in prominent positions through the organization. On the other hand, SunTrust does not do a good job hiring minorities. The number of African
Americans within my part of the institution is extremely low. The same can be said for the hiring of Asians and Latinos. I cannot comment on
SunTrusts diversity regarding GLBT individuals, as I do not know any openly GLBT individuals at my workplace. But I have not seen any outright
discrimination or negative attitudes toward GLBT individuals displayed in the workplace.
've asked about a recycling program on our Noor and was told that i you put it in the trashcan, someone else sorts out the recycling. 'm not sure
I believe thats what happens with our trash.
There could be a better eort to be green."
SunTrust does a decent job when it comes to environmentally-riendly policies. However, they do not tend to be openly publicized."
T\s are let on all weekend long on the trading Noor."
Coke machines on every Noor but typically not a recycling bin in sight. Seems like recycling and trash all gets thrown in same pile so no one does
it.
ncredibly wasteul with paper."
Ofce Space [6.37]
0ood physical location, comortable oce and desk space. work on the trading Noor, and enjoy the busy and loud atmosphere."
workspace is adequate. 0ce is in a good location. t's a trading Noor. Nice phone turrets, multiple monitors, televisions, and everyone has a
Bloomberg.
Buckhead oce is nice and in a good location, with views o the city. The trading Noor is a trading Noor: smaller desks, little personal space, no
privacy.
Basic and pretty old."
0ce space is dated. Technology is weak."
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Plenty o space but terrible decor. /lmost embarrassing to have clients here."
while luxurious is not a word that would use to describe the rm's oce space, neither is the word shabby. Most o the oce space is comortable
and kept clean, but it is a bit embarrassing when your rm has managing directors operating out of cubicles instead of actual ofces.
The /tlanta Financial Center is antastic!"
The space varies by department, but overall it is nice."
My oce is very comortable. love it."
Employee morale is low because o low comp. think the market is turning, though, and we are positioned to do well in that regard."
/ lot o investment in higher quality bankers. Certain groups are stronger than others. t's a more intense environment overall that it has been in
the past, with higher expectations.
Employee morale is at an all time low. The 2009 year-ending compensation was well below everyone's wildest expectations, and SunTrust has
continued a trend of not rewarding their employees. I can honestly say that everyone in my group is currently looking for a new job, whether it be
within a different part of SunTrust or with a different institution entirely. It has nally gotten to the point where employees realize that managements
inability to recognize talent and effort shows no sign of improving and therefore are looking to move somewhere they will be rewarded for their
efforts.
Things seem to be improving but the worst may not be behind us. Hope that we can take advantage o conditions like larger banks have
recently.
The investment bank is growing well. SunTrust Bank is a common target in takeover talk."
'd say SunTrust Robinson Humphrey beneted slightly rom the economic recession in late 2008 and 2009. /s a conservative bank, it avoided a
lot of the bad deals that were in the market. That said, as we enter a recovery period, this conservative nature is likely to hold us back. When things
are good, the bank tends to perform worse than it investment banking peers since were not willing to be as aggressive in terms of pricing or risk
tolerance as other rms. In addition, we often lose business to JPMorgan, Wells Fargo, Wachovia and Citi due to their size and willingness to open
up the wall to win deals.
Fun facts
The original copy o Coca-Cola's amous ormula is held in SunTrust Bank's main vault in /tlanta. The bank's predecessor, the Trust Company,
was the underwriter for the Coca-Cola Companys initial public offering in 1919.
when Bank o /merica moved its investment banking unit rom Charlotte to New ork, many o Bo/'s senior people came to /tlanta and SunTrust
instead.
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1585 Broadway
New York, NY 10036
Phone: (212) 761-4000
Fax: (212) 762-0575
www.morganstanley.com
DEPARTMENTS
Asset Management
Institutional Securities
Global Wealth Management
THE STATS
Ticker Symbol: MS (NYSE)
Chairman: John J. Mack
CEO: James P. Gorman
2009 Revenue: $30 billion
No. of Ofces: 1,200
Great name, smart guys
Missing the prestige it used to have; what is John Mack
doing?
Very strong brand, pays exceptionally well
Good brand but perhaps the most arrogant of all
THE BUZZ
MORGAN STANLEY
22
PRESTIGE
RANKING
RANKING RECAP
#4-Prestige
KEY COMPETITORS
Citi
Credit Suisse
Deutsche Bank
Goldman Sachs
J.P. Morgan
UBS
UPPERS
Respectful culture
Good company to work for; provides a wide range of
benets
DOWNERS
Work hours tend to be long
Mixed reports on diversitysome insiders say its well
diversied but others say a more diverse culture is
needed
EMPLOYMENT CONTACT
See careers at www.morganstanley.com.
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THE SCOOP
Over 40 years in Europe
New York-headquartered investment banking giant Morgan Stanley is divided into three main businesses: institutional securities, which offers equity
and xed income sales and trading, including prime brokerage; nancial advisory services, which included M&A advisory, restructuring, real estate,
project nance and capital raising; asset management, which offers institutional investment products and mutual funds across a range of xed income,
equity and alternative investments; and global wealth management, which provides nancial planning and wealth management services, annuities and
insurance, and brokerage and investment advisory services that cover a wide range of investment alternatives.
J.S. and J.P.
In 1854, Junius S. Morgan, an American banker from Massachusetts, began working for a London banker named George Peabody. Morgan took over
the business after 10 years, changing the rms name to J.S. Morgan & Company. His son J. Pierpont Morgan learned the banking business at his
fathers side, but eventually returned to America to found the rm that would become J.P. Morgan & Company. J. Pierpont rose to fame as a hotshot
nancier, backing the construction of the American rail system and helping establish General Electric and US Steel. In 1935, J. Pierponts grandson
Henry Morgan and fellow J.P. Morgan partner Harold Stanley left to start their own company: Morgan Stanley.
Responding to tough times
The global nancial crisis began to take its toll on Morgan Stanley in early 2008, as the rm struggled to recover from $9.4 billion in write-downs.
Morgan Stanley sacked about 1,500 peopleprimarily from mortgage divisionsand the rms British home lending business was shuttered.
In September 2008, amid the crisis, Morgan Stanley requested and received permission from the United States Federal Reserve to convert itself into a
bank holding company, which means it now operates under tougher leverage ratios and capital reserve rules than it did as an independent investment
bank. On top of that, its subject to oversight from the Fed. (Its main competitor, Goldman Sachs, also became a holding company).
Shortly after the structure conversion, Morgan Stanley agreed to accept $9 billion from Japans Mitsubishi UFJ Financial Group in exchange for a
21 percent stake in itself. The move was intended to calm fears about Morgan Stanleys capital reserves. At the same time, Mitsubishi and Morgan
Stanley agreed to establish a strategic partnership and look for opportunities to work together. (The rst such opportunity was revealed in March 2009,
as the rms announced the planned combination of Mitsubishi UFJ Securities Co. Ltd. and Morgan Stanley Japan Securities Co. Ltd. The combined
business, of which Morgan Stanley owns 40 percent, offers a full range of institutional services as well as a Japanese retail brokerage network. ) Morgan
Stanley and Mitsubishi UFJ Financial Group, Inc. commenced operations of the announced joint venture on May 1, 2010.
In October 2008, U.S. Treasury Secretary Henry Paulson announced that the Treasury would inject a total of $250 billion into U.S. banks in order to
help restore condence to the markets. Morgan Stanley was among the rst group of banks to receive U.S. Treasury money, with an investment of $10
billion. The injection followed in the footsteps of some European countries, which announced similar moves earlier to help thaw their credit markets.
In June 2009, on the heels of the U.S. governments highly publicized banking stress tests, Morgan Stanley, along with several other U.S. rms, were
granted permission to repay the government the funds they took under TARP.
A few months later, in September 2009, Morgan Stanley announced that its CEO John Mack would be stepping down effective January 1, 2010, at
which time handed over the chief executive reins to Morgan co-president James Gorman. Mack remained chairman of the rm.
In Gorman, Morgan Stanley received a new leader who had led the rms global wealth management business and who, along with working for Merrill
Lynch in the past, has experience as an attorney and a consultant (he once worked for prestigious consultancy McKinsey & Co.). Gorman is originally
from Australia, where he graduated from the University of Melbourne. He also received an MBA from New Yorks Columbia University.
JV with Smith Barney
In early 2009, Morgan Stanley and Citi announced plans for a wealth management joint venture. The deal, which closed on May 31, 2009, combined
Morgan Stanley's global wealth management group with three Citi businesses: U.K.-based 0uilter, Smith Barney /ustralia and Citi Smith Barney.
Operating under the name Morgan Stanley Smith Barney, the joint venture comprises about 18,000 nancial advisors in 1,000 ofces worldwide, with
client assets of $1.5 trillion as of July 2010. Morgan Stanley owns 51 percent of the joint venture.
Morgan Stanley
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GETTING HIRED
Try the back way
Getting a job offer with Morgan Stanley may begin with a typical job seekers move, such as answering an online job postingbut thats certainly not
the only way to begin your tenure there. The rm recruits at colleges, and one insider applied to a position through a job board without knowing
the position was with Morgan Stanley. A head hunter got back to me and said I just applied with Morgan Stanley, and set up the interview, adds
the insider.
But you can also go the old-fashioned way (in this technological age, at least) and check out the careers section of its web site and read all about the
current openings with the rm. The main page provides links to three key areas: university-level jobs, experienced-level employment and the nancial
advisor program. The university section provides information about the company, detailed descriptions of available programs, organized by department
and education level, an on-campus recruiting calendar, proles of current Morgan Stanley employees; interview tips and recruiting videos from various
groups within the rm. Applicants can search for jobs within functional area, location, key word and line of business.
Internships are also a very good way to get your feet wet at the rmand the pays not bad, either. Interns are paid as rst-year analysts, just with
no bonus, explains one insider. Sources say if youre lucky enough to land a summer internship, youve just about got it made. A large percentage
of my summer class got offers to return full time, reports one banker.
Best behavior
Interviews are largely based on behavioral questions. Use common sense and just be truthful and you should be ne. Expect at least two or three
roundsmaybe ourincluding the possibility o a Super Day in the oces with six interviews back to back." had three additional rounds ater
the on-campus interview!, all in New ork," reports one contact. /n MB/ student interviewing or an internship had a similar experience. He says the
extensive interview process started with on-campus interviewing, then continued with a series of three callbacks in New York. A contact in Europe
says, Associates have four to ve rounds, which are pretty intense. The source also says even if you do land a job at Morgan, you might still have to
do some more interviewing. Summer interns applying for full-time jobs go through an M&A game where they work with senior people on a simulated
M&A case. It lasts all day long. And during your interviews, anticipate that more or less all questions asked to be based off of your resume.
OUR SURVEY SAYS
Down to business
The culture is business friendly, very motivated, professional, respectful and busy environment at Morgan Stanley, and everybody seems
to want to serve. But it also feels like everybody is running a marathon and to that end, you have to be very energetic and willing to adapt to
changes.
But all in all, Morgan Stanley is a good company to work for as it does provide a wide range of benets, including 401(k) with an employer match,
tuition reimbursement, medical, dental, vision and life insurance, vacation and sick time, exible hours and a team/family environment.
And Morgan Stanleys compensation receives high marks from sources. The rm also offers a gym membership subsidy, a $20 dinner allowance,
cabs after 9 p.m. and a car service home after 10 p.m.
Settle in
Work hours tend to be long. While the hours were typically market hours, workers have a tendency to go above and beyond the call of duty of
a regular basis. Most employees arrive early and remain long after the market closes. Sources also report that six-and-a-half days a week in the
ofce is normal, and add that its standard to start earlyaround 7:30and leave around 6 or 7 p.m. One insider admits that when it comes to
hours spent at the ofce, Morgan is tougheven for an I-bank.
Morgan Stanley
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Melting pot?
Diversity, some insiders say, is very goodalthough others say a more diverse culture is needed for this white shoe rm. And while Morgan
Stanley may get a passing grade on the ethnic diversity frontone insider says the bank is well diversied and includes international employeesits
treatment of women may leave a little to be desired. One contact reports that the culture is not friendly toward women, and another adds somewhat
resignedly that banking is one of the oldest boys clubs in the worldand I have no idea how to change it. That said, Morgan Stanley has a female
CFO and two women have seats on its board of directors. In addition, Morgan Stanley has been named one of the Top 50 Companies to Work For
by Working Mother magazine for nine consecutive years, and one of the 50 Best Companies to Work for in the U.S. by LATINA Style magazine.
Additionally, in 2010, the International Gay and Lesbian Chamber of Commerce named the rm one of the top ve most GLBT-friendly corporations in
the world, and Asian Enterprise magazine named Morgan Stanley one of the top U.S. companies for Asian Pacic Americans.
As for the rms immediate outlook, the companys overall strategies are still on right track. After going through massive layoff across regions and
divisions due to the subprime crisis (in which some good people had to leave), the rm has recently been adding rather than subtracting employees.
The rm recently hired 400 people in its global sales and trading business, as well as 100 private bankers in its wealth management unit.
Morgan Stanley
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30 Rockefeller Plaza
New York, NY 10020
Phone: (212) 632-6000
www.lazard.com
Asset Management
Financial Advisory
THE STATS
Ticker Symbol: LAZ (NYSE)
Chief Executive: Kenneth M. Jacobs
2009 Operating Revenue: $1.63 billion
No. of Ofces: 40 ofces in 26 countries worldwide
Top boutique, well respected by all
IPO has created chaos at the partner levelcould be a
disaster
Good name in M&A and restructuring
Great name but uncertain futurethe loss of Bruce
Wasserstein may hurt
THE BUZZ
LAZARD LTD
23
PRESTIGE
RANKING
RANKING RECAP
#6-Prestige
KEY COMPETITORS
Goldman Sachs
Morgan Stanley
Rothschild
UPPER
Very good training
DOWNER
You will work your butt off
EMPLOYMENT CONTACT
Careers at www.lazard.com/careers
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THE SCOOP
M&A masters
Called the Granddaddy of M&A, Lazard has advised on some of the most signicant mergers and acquisitions in Europe and the Americas since
the mid-19th century. The rms modern history can be traced to 2002, when dynamic dealmaker Bruce Wasserstein took over the helm of the rm,
becoming chief executive. Wasserstein had a plan when he took leadership of the companyto expand the rms business so that the Lazard name
would be known throughout the world. The rm went public in 2005, and today, Lazards inuence indeed reaches almost every corner of the globe.
It has approximately 2,300 employees and ofces in 40 cities across 26 countries on ve major continents, and manages more than $100 billion in
assets for its clients. A couple of its latest high-prole M&A assignments include advising Barclays PLC on its $13.5 billion sale of Barclays Global
Investors to BlackRock, and advising InBev on its $52 billion acquisition of Anheuser-Busch, the largest cash deal in history. Lazard has also advised
the United Auto Workers in VEBA (Voluntary Employee Beneciary Association) restructurings with General Motors, Ford and Chrysler.
At Lazard, there are two main business units: nancial advisory and asset management. Its respected mergers and acquisitions practice is divided
into industry groups that include consumer, nancial institutions, nancial sponsors, health care and life sciences, industrials, power and energy,
infrastructure, real estate, and technology, media and telecommunications. Each industry group is managed by regional or global heads. Lazard
also offers advice to governments, sovereign funds and major corporations. The rms well-known restructuring business has been particularly busy
as of late, given a nancial environment where companies have been crumbling and ling for bankruptcies in record numbers. Underscoring its
restructuring prowess, Euromoney magazine named Lazard the Best Global Corporate Restructuring House for 2009, noting that the rm boasts
the industry's largest and most experienced team o restructuring proessionals and has! taken leading roles in the most signicant restructurings in
recent years. Lazards asset management business is mainly comprised of equity products, but it also offers xed income and alternative investments.
Lazards principal executive ofces are in New York, London and Paris.
Gold rush roots
How much does it cost to start a nancial services rm? For the Lazard brothers of New Orleans, Louisiana, the initial investment was $9,000, which
funded a dry goods business in 1848. One year later, the Lazards relocated to the gold rush town of San Francisco. The brothers, French immigrants,
expanded into banking in Paris in 1852. An ofce in London and a new American headquarters in New York were opened in 1870 and 1880. For
decades the three Houses of Lazard operated mostly autonomously, developing their own specialties and client lists.
Unication took place in 2000 when the three Houses merged. Michel David-Weill, a distant relative of the original Lazards, took over the company
in 1977. After the merger, David-Weill became manager of the rms executive committee, naming William Loomis as CEO. Loomis resigned in 2001
(reportedly due to wrangling between partners in London and Paris, all of whom were accustomed to having their way). Bruce Wasserstein, founder
of Wasserstein Perella, stepped in to lead the rm, and embarked on an ambitious plan to expand the rms international business and recruit top
investment bankers from around the world.
RIP Bruce
In October 2009, Lazards famous dealmaking CEO Bruce Wasserstein died at the age of 61 of an undisclosed illness. Wasserstein, whose negotiating
skills earned him the nickname Bid Em Up Bruce (which he reportedly did not like), began his career at the prestigious law rm Cravath Swaine
& Moore, after graduating from Harvard with degrees in law and business. He joined the investment bank First Boston in 1977 and, after helping to
build one of the most powerful M&A units on Wall Street, left to start his own rm with fellow First Boston banker Joseph Perella called Wasserstein,
Perella & Co. Perella left the rm less than ve years later, and Wasserstein ended up selling the rm to Dresdner Bank in 2000. In 2002, Wasserstein
joined Lazard as CEO and, in 2005, was instrumental in taking Lazard public. Wasserstein, who worked on some of the largest M&A deals in history
such as KKRs takeover of RJR Nabisco, was survived by his fourth wife, Angela Chao, and seven children.
Jeffrey Rosen, a longtime friend and colleague of Wassersteins at First Boston and Wasserstein Perella, had this to say about Bruce in a May 2010
Vanity Fair article: I believe that what made his life remarkable was the impact he had on people: the people in whom he believed, the people who he
supportedand obviously there were those who he didntand the effect that he had on the professional and personal development of those people
over a long period of time. His success in building rms was his success in building people. And you can see those people throughout Wall Street
today.
A month after Wassersteins death, Lazard announced his replacement: Kenneth Jacobs, the head of the rms North American business.
Lazard
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GETTING HIRED
Only top-shelf, please
Walk into what the rm calls an entrepreneurial, nonhierarchical environment Lazard limits its recruiting efforts to a select group of top-tier colleges,
universities and business schools. For undergrads, this list includes Harvard, Yale, Wharton and other Ivy League schools, as well as the University of
Illinois, University of Virginia and University of Michigan. Lazard sends MBA recruiters to a similarly elite pool of universities and collegesHarvard,
Wharton, Columbia, Chicago and Stanford. Sources say that theres a very strong representation of Wharton and Princeton at all levels inside the
rm. Another adds, Most Lazard people are from the Ivy League, the University of Virginia or Duke. Its mainly a Northeast crowd. A recruiting
schedule for investment banking and contact information for other departments are available at the rms website.
Best foot forward
Be sure you have your GPA in top shape before applying to the rm. Lazard isnt only looking for students from the best schools, its also interested
in those schools crme de la crme. In other words, students who dont have top marks need not apply. Otherwise, Lazards full-time analyst and
associate recruiting process is pretty standard. First, says a contact, We go to campuses and give a presentation. We say this is who we are, and
were coming back on such-and-such date to do on-campus interviews. After those initial on-campus interviews, which are usually two-on-ones,
Lazard brings back a select group for a Super Saturday in its ofces, where recruits will meet with ve to six bankers for 30 minutes each, in mostly
one-on-one interviews. All in, candidates should expect to meet approximately eight to 10 people.
Fit in
At a prestigious bank like Lazard, you might expect interviews to include some tough technical questions, but this isnt the case, say insiders. I found
the interview process to be quite informal, remarks a source. Interviews are relaxed. That contact adds that the interview with her future boss was
completely t-basedno technical questions. One Lazard source who has conducted several interviews agrees, saying, Interviews are fair. I dont
believe that undergrads should know all sorts of technical stuff. Were not going to ask technical questions to a history major at Brown. We might,
though, ask where they think theyve learned analytical skills, or to tell us about a group project. A recent candidate says, My interview was very
straightforward. I dont think these guys want to hear B.S. about culture; they want to hear that you are willing to work ridiculously hard and that you
have the ability to hit the ground running. The contact does say that his interview was a bit more technical than others, but admits, maybe that
was because I have a nance background. According to one insider, Lazard believes you can teach all that technical stuff to bright people. So we
give recruits! a chance to talk, to tell us what they've been taught." Even so, expect a ew questions to include some numbers such as, How many
hours are in a week? and What would you say if I told you that youd be working on average almost 120 of them? (The answers are 168 and
sounds good.)
The rm does offer summer internships, and one Lazard intern-turned-full-time employee says during that program, I did typical rst-year analyst
work and was paid the same rate as a rst-year ull-time! analyst. /ter that, it was very easy to talk to and get oers rom all the other investment
banks.
OUR SURVEY SAYS
Smells like team spirit
Insiders describe Lazard as a hardworking bank with team spirit. However, it doesnt have as much of a frat guy culture as other rms, says
one insider. It has a more professional atmosphereits really quiet. Sources say this low-key vibe results not only from the mentality of the rms
senior bankers, but also from the physical layout of the place. Lazard doesnt have huge bullpens with 200 people sitting in an open space where
people are throwing a football back and forth like there are at bulge bracket rms, explains a contact. At Lazard, at most four analysts sit together
in a pod. ou go in there, get your work done and get out o there. People aren't hanging out and messing! around as much as they do at other
places. Even after working hours, the rm has a less fraternal atmosphere than other banks. People dont go out with co-workers as much as
at other places, explains one former insider. Its not because people are mean or snobbish, but I guess they gure they spend enough time with
each other at the ofce. That said, another source describes the rm as kind of like Goldman, with a club to go with it. He adds, Its a little too
touchy-feely and very politically correct.
Lazard
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Up from the Streeta little
Lazard, long recognized for record remuneration, may not be so far ahead of the pack any longer. Says one insider, Generally, Lazard is known for
paying better than the Street, but during the last few years compensation has been all over the place. Another comments, Salary used to be way
above market but in recent years has been at market or only marginally higher. One insider says he received an offer to be a second-year analyst
at Lazard midway through my second year in an analyst position at a Wall Street bulge bracket rm. The contact adds, Lazard offered a $70,000
signing bonus for me to jump ship. But the cash may be a trade-off. For the time Lazard analysts put in, some would argue that they pay employees
relatively poorly. According to a current analyst, Because Lazard has less people, people tend to work harder than they do elsewhere, regularly
putting in 100-hour weeks.
A former summer intern says that no matter what your paycheck looks like, you will work your butt off. I did roughly 80- to 120-hour weeksmore
than anybody else I knew on the Streetand only had about ve days completely off the whole summer. That said, the contact did get to work on
one o the top-10 biggest deals ever," and had the experience o dealing directly with partners." He adds, you can come to terms with the long
hours!, there is no better summer opportunity in the world, and there is no experience that will open more doors or you down the road."
Another positive spin on the long hours is that analysts at Lazard, unlike peers at bulge bracket rms, dont have to worry about face time. Also, says
one source, Partners know you work hard, so it is common for them to say that they dont want to waste your time coming to pick up a book from
their oce and that you should send your secretary." There are trade-os. Lazard expects more than other banks! rom an analyst in terms o
getting work done accurately, and some analysts function as associates or VPs in their second year, explains an analyst in M&A. Partners will give
you more responsibility than you can get elsewhere, but theyll likely care less about you as a person elsewhere.
The personal touch
If you like feeling like a face and not a number, Lazard may be the rm for you. Something you wont get everywhere else is personal attentionthe
admin person knows who you are, says a Lazard contact. The rm is good about handling all the little stuff. You dont get nickel-and-dimed like you
might at big rms. And you dont get lost like you might at Citigroup or Merrill. One source says other perks include free transportation home after
8 p.m. and $25 dinner allowances. Training receives good marks as well. The rms formal six-week analyst training program is very good, says
one former staffer. They bring in all kinds of professors from different schools to teach business skills, accounting, etc. The contact adds, And
bankers teach you Lazard-specic stuff such as building merger models and leading a restructuring.
One analyst has a different spin on life at Lazard, describing the environment as tough and saying managers can be arrogant. In terms of preparing
new hires, the source says that while the initial program is similar to other banks classroom training, on-the-job training is tougher. They expect
you to come in running and get the numbers right. On a more positive note, You will learn how to build models from a blank Excel screen, unlike
at most rms, where they have an in-house model.
Playing it safe
Lazard is a much safer place to work as far as cuts go, says a former banker. It can absorb more pain because it doesnt have massive overhead.
Thats because Lazard is an advisory and asset management rm, absent of conicts that other banks have: it doesnt underwrite securities, and it
doesnt provide research. As a result, Lazard is in a good position, says a source. Other places are out of favor because of their research, insider
trading and underwriting problems. However, the contact adds, A few years ago, during the Internet boom, we werent as exible. Other banks
were cashing in. In other words, While Lazard didnt soar the way some of its competitors did during the bull market, today its pure advisory model
is winning a ton of business.
Lazard
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60 Wall Street
New York, NY 10005
Phone: (212) 250-2500
www.db.com
Corporate & Investment Bank
Corporate Finance
Transaction Banking
Private Clients & Asset Management
Asset Management/DWS Investments
Private & Business Clients
Private Wealth Management
THE STATS
Ticker Symbol: DBK (Frankfurt); DB (NYSE)
Chief Executive: Dr. Josef Ackermann
2009 Revenue: 7.2 billion
2009 Net Income: 1.8 billion
No. of Ofces: 2000 Ofces in 72 countries
Gaining momentumhuge advances over the past 10
years
Strategy always changing
Skilled employees
Not known for anything special
THE BUZZ
DEUTSCHE BANK AG
24
PRESTIGE
RANKING
RANKING RECAP
#7-Prestige
KEY COMPETITORS
Credit Suisse
Goldman Sachs
J.P. Morgan
Morgan Stanley
UBS Investment Bank
UPPERS
Good culture and interesting work
A pretty diverse place, both in terms of race and gender
DOWNERS
High-pressure and very hectic
There are a lot of politics
EMPLOYMENT CONTACT
www.db.com/careers
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THE SCOOP
All around the world
Boasting more than 80,000 employees across 72 countries, Deutsche Bank truly has a global footprint, with particular strength in Europe and its
homeland of Germany. Deutsche Banks international presence encompasses retail banking branches, corporate and investment banking, and asset
management. Its made up of two main divisions: corporate and investment bank (CIB), and private clients and asset management (PCAM). The whole
group is directed by a management board, which controls resource allocation, accounting and disclosure, strategy and risk management.
Deutsche Banks corporate and investment bank group oversees the capital markets (origination, sales and trading), corporate advisory, corporate
lending and transaction banking businesses. It also oversees mergers and acquisitions, and gives general corporate nance advice primarily to global
corporations, nancial institutions and sovereign entities.
Deutsche Banks private clients and asset management group, or PCAM, comprises two subdivisions: asset and wealth management services, and
private and business client services. Its asset management services include traditional asset management and alternative investments, the latter
encompassing absolute-return strategies and specialist real estate asset management. Its client base includes retail clients and institutional investors
such as pension funds. The asset management group at Deutsche Bank is one of the largest asset managers in the world. The banks private wealth
management division caters to high-net-worth individuals and families. It offers traditional and alternative investments, risk management strategies,
lending, wealth transfer planning and philanthropic advisory, among others services.
A complex history
In 1870, a private banker named Adelbert Delbruck and a politician named Ludwig Bamberger opened Deutsche Bank in Berlin as a specialist bank
for foreign trade. By 1876, it had become the largest bank in Germany and, by 1880, its investments were scattered across the globe (including in
North and South America, Eastern Asia and Turkey). Before the turn of the century, the German giant had invested in projects like the Northern Pacic
Railroad in the U.S. and the Baghdad Railway.
After World War II, Deutsche Bank closed its ofces in Soviet-occupied areas and was scattered into 10 regional ofces while western Germany was
under occupation. By 1957, the bank had regained its footing as a unied Deutsche Bank AG with headquarters in Frankfurt am Main. By 1986, the
rm made its rst major bank acquisition outside of Germany with the purchase of Banca dAmerica e dItalia. Other acquisitions included the Morgan
Grenfell Group (1989), the U.S. rm Bankers Trust (1999), the U.S. asset manager Scudder Investments (2002), the Swiss private bank Rued Blass
& Cie (2003) and the Russian investment bank United Financial Group (2006).
DBs shares have been listed on the Berlin Stock Exchange since the banks birth in 1870. The bank also listed in Frankfurt in 1880, on the Paris Stock
Exchange (now Euronext) in 1974, on the Brussels exchange (also now Euronext) in 1979, in Tokyo in 1989 and on the New York Stock Exchange in
2001. In 2009, the bank announced that it would be holding on to CEO Josef Ackermann for three more years after his contract runs out in 2010.
GETTING HIRED
Cutting to the chase
Deutsche Bank recruits on campuses and through its online job postings, and it seems that its interviewing process is similarly clear cut. The method
of acquiring a position at Deutsche Bank can be surprisingly straightforward and much more friendly than insiders say they initially expected.
Expect at least two to three rounds of interviews, much of them behavior-focused. Be willing to voice your interest but also be exible. And, though
it should be obvious, make sure you have a passion for the job. One insider opines that if you are passionate about the position, conduct yourself
well and come to the interviews prepared, you will get at least past the rst round.
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OUR SURVEY SAYS
Pleasant work
The rm boasts agood culture,and interesting work, though its not always the most team-oriented. Because of this, if youre not hard-nosed
now, you soon will be. Its a high-pressure environment and its very hectic, with everyone being responsible for everything.
But working at Deutsche is very rewarding and management denitely appreciates your efforts and contributions, and works hard toward creating
a fun, relaxed environment. When it comes to time spent in the ofce, though hours at all banks are awful, DB is among the more reasonable,
with only a few all-nighters. In terms of hours, its also all about results, but the results are viewed myopicallythey have to be what the boss
wants, and this is not necessarily whats right for the organization.
Navigate the politics
You really need to make some noise to move within the organization, says one employee, while another complains that opportunities for advancement
are linked to relationships or perceptions of those who matter like senior bankers on the compensation and promotion committees. However, others
believe, The culture at Deutsche is pretty at and open to meritocracy, and say that although politics matter if you want to succeed in certain parts
o the bank, there are many recent examples o the rm! promoting rom within" on grounds o merit.
Insiders at Deutsche relish the up-and-coming feel of the rm, even though it lacks the brand recognition of some of its peers. Dont underestimate
this rms competitiveness, declares one insider. Another says that Deutsche is beginning to reap the benets of some smart moves in the past.
When the competition began laying off talented employees during the bear market, Deutsche was selectively picking up some of the best minds in
nance. This investment has started to pay off.
Relaxing a little
While Deutsche Bank is home to some of the smartest but most demanding senior managers on Wall Street, sources report a slight recent loosening
of the banks tie. Dress is business casual at the moment, a shift from the formal-only policy of the past. The code is business casual, although
we are in formal business attire for client meetings, says an analyst.
There is a lot of diversity within the rm, insiders say. In addition, there are many women in high positions. All in all, Deutsche is a pretty diverse
place, both in terms of race and gender, insiders say. The bank maintains a host of diversity networks, including Women on Wall Street, Rainbow
Group/LGBT Networks, Deutsche Banks Diversied Network and Multicultural Partnership Network. In addition, it works with the National Black MBA
Conference, Reaching Out MBA Conference, Inroads and the Sponsors for Educational Opportunity (SEO) Program.
Sources also believe the banks willingness to implement exible work schedules helps women and parents juggle their lives; Deutsche also offers
programs that allow employees lengthy unpaid leaves of absence to care for children or relatives. All in all, Deutsches people say theyre satised.
Employees seem genuinely happy to be here, but not in a cultish, drink-the-punch sort of way, as at some other banks, opines one insider.
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BARCLAYS CAPITAL
745 Seventh Avenue
New York, NY 10019
Phone: (212) 526-7000
www.barcap.com
DEPARTMENTS
BARX
Distribution
Global Markets
Investment Banking
Research & Indices
THE STATS
Employer Type: Division of Barclays Bank PLC
Chief Executive: Robert E. Bob Diamond Jr.
No. of Ofces: Locations in over 30 countries
RANKING RECAP
#8-Prestige
KEY COMPETITORS
Goldman Sachs
Morgan Stanley
UBS Investment Bank
UPPER
Upper management is strong
DOWNER
Destructive politics
EMPLOYMENT CONTACT
www.barcap.com/campusrecruitment
Addition of Lehman platform has been a huge boost to
performance and culture
All debt, no equity with weak US presence
Strong banking practice, great market share
Aggressively expanding but yet to deliver
THE BUZZ
25
PRESTIGE
RANKING
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THE SCOOP
Debt masters
Known as a powerhouse in the xed income marketplace, Barclays Capital is the investment banking arm of Barclays Bank PLC, a venerable London
bank that dates back to 1690. The investment bank, often referred to as BarCap, was created in 1997 to provide strategic advisory, nancing
and risk management services to corporate, government and institutional clients around the world. Although its younger than many of its peers,
Barclays Capitals relationship with Barclays Bank PLC allowed it to grow at an astonishing rate: today it has ofces in over 30 countries and 23,000
employees.
The main clients of Barclays Capitals services are corporations, institutions and government entities, which are offered nance, advisory and risk
management solutions. The rm has expertise in a wide variety of products and services, including bonds, commodities, convertible bonds, credit
products, electronic trading, emerging markets, equity derivatives, equity origination, foreign exchange, fund-linked derivatives, fund solutions, index
products, ination-linked products, interest rate products, leveraged nance, loans, M&A, market making, municipal nance, prime services, private
equity, research, restructuring, securitization and structured investments.
Born in the 80s
Barclays Capitals parent company Barclays Bank PLC can trace its roots back to London in the 17th century, when city streets were paved with
goldsmith bankers who nanced colonialism by funding monarchs and merchants. John Freame and Thomas Gould were two such goldsmiths, who
set up their own rm in 1690. In 1736, a man named James Barclay married into Freames family, laying the foundation for what would eventually
become Barclays Bank. By the beginning of the 20th century, Barclays was one of the ve-biggest banks in the U.K. In 1925, Barclays merged with
the Colonial Bank, the Anglo Egyptian Bank and the National Bank of South Africa, establishing operations in the Middle East, Africa and the West
Indies.
Barclays buys the Brothers
More recently, Barclays became famous for buying big in New York, agreeing to acquire Lehman Brothers North American investment banking
business for $1.75 billion in September 2008. The deal, struck just one day after a struggling Lehman had led Chapter 11 bankruptcy, included
Lehmans equity, xed income and M&A advisory units, as well as approximately 10,000 Lehman employees. The deal also included Lehmans trading
assets, which had an estimated value of $72 billion; liabilities worth $68 billion dollars; Lehmans New York City headquarters; and two ofces in
neighboring New Jersey, with a combined market value of about $1.5 billion. Barclays expressed delight at the acquisition, making clear an ambition
to increase its presence in the U.S. Barclays Capitals chief executive, Bob Diamond, conrmed the joy when announcing the Lehman deal, stating,
This is a once in a lifetime opportunity for Barclays. A few months after the Lehman buy, in January 2009, Investment Dealers Digest named
Diamond its Best Banker of the Year for 2008.
Hiring spree
In 2009, Barclays Capital went on somewhat of a hiring spree. In May 2009, Barclays Capital said it hoped to hire about 65 bankers for its Europe-
based M&A advisory division in 2009. Paul G. Parker, the global head of mergers and acquisitions, said in an interview with Bloomberg that Barclays
Capital planned to hire 30 to 40 bankers in Italy, Germany and France, and 15 to 25 workers in the U.K. A few months later, in August 2009, Barclays
Capital CEO President Bob Diamond told Dow Jones Newswires in an interview that Barclays Capital would hire up to 1,000 new investment bankers
by the end of 2009. The companys hires will be tilted towards Asia, according to Diamond.
The increase in headcount seems to be paying off. According to Thomson Reuters, for the six months of 2010, Barclays Capital ranked No. 9 in
announced global M&A deal volume, up three spots from its nish for the same period a year earlier. And in U.S. announced M&A, the rm ranked
No. 3 for the rst six months of 2010, up four spots. In global and debt and equity underwriting, Barclays Capital slipped a spot to No. 3 from No. 2
for the rst half of 2010, but it worked on 32 more deals than it did for the same period in 2009.
GETTING HIRED
Friendly folks
True, Barclays Capitals interview process is a very selective, very difcult one, but you can also expect very friendly interviewers, insiders say.
Candidates need to meet the personality the rm is looking for, proving that they have the right skills and talents. The rm puts candidates through
a relatively long and challenging selection process. Only once a candidate has passed through several rounds of scrutiny can he or she expect to
receive a job offer. And the candidates who do get asked in for interviews must be a t with Barclays corporate culture in addition to having the
technical skills required.
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You may be asked behavioral/t-type questions, too, so be prepared. Insiders have also reported being asked about experience in previous
positions and general questions like Why are you leaving your current job? Make sure youre able to put a positive spin on your departurethe
rm likes to ask questions about the most and least enjoyable parts of your previous work.
During the interview process, you should be ne as long as your answers show some level of analysis and knowledge about the company. We had
some interesting discussions, enthuses one contact. And at the end of the interview, you can ask any questions to the interviewer.
Barclays Capital targets more than 30 top-tier graduate and undergraduate schools, including NYU, Cornell, Penn, Princeton, Duke, Columbia, Yale,
Harvard, Dartmouth, Carnegie Mellon, Chicago, Boston College, Colby, Georgetown, Rutgers, UVA and MIT. If you are not from a target school,
says an insider, its extremely difcult to get in the door, especially if you dont know anyone within the bank to refer you. Still, sources note its not
impossible to get hired from a mid-range school.
On the same level
One intern recalls that workers treated me more like an employee than an intern and found his internship to be worthwhile, saying, I was never
asked to do any of the typical intern activities like getting coffee or ordering lunch. He also reports going beyond my assigned tasks and getting to
learn quite a lot, including how exactly securities are acquired and structured.
Still, the rms summer internship program is what you make of it. One insider recommends taking advantage of the time you meet with senior
management. Talk to them about the possibilities to move around once youre hired full time and prove that the rm should hire you. The
compensation for interns is competitive with other rms on the Street.
Jerks, kindly stay away
For all of its business-minded ambition, Barclays Capital doesnt seem to be tolerant of ruthless boors with large egos. Barclays Capital President Jerry
del Missier invokes the no jerk decree for those wanting to work at the rm, meaning that potential employees should be team players without bad
attitudes. In addition to understanding the rms culture, its important that candidates have the proper background.
OUR SURVEY SAYS
Great expectations
Mostly, Barclays Capital is a great place to work. Insiders report that it is a good company to work for and a very pleasant experience. Just be
prepared to work. Since it is a growing company, the work culture is hectic, and employees are generally involved in enhancements and process
improvements rather than just business as usual, admits one insider. Even so, innovation is encouraged.
Hours spent at the rm tend not to be hectic. Working hours are what you would expect at any investment bank, but there are not too many long
days. Another insider agrees that hours are not too bad, adding, You still have a life.
Running the gamut
Management gets mixed reviews from insiders. Some call higher-ups extremely nice, supportive and always ready to help. But others cite
destructive politics and poor leadership on the team and desk levels. Still, upper management is strong. Basically, you can meet anyone you
want to meet, and they are all helpful. Ofces receive high marks from insiders as well, as does the company dress code, which contacts describe
as smart casual, meaning you can leave the top hat and tails at home.
Equality in action
Diversity within Barclays Capital is huge and encouraged, which might be why people from all over the world work together within the company.
The rm is an equal opportunity employer, say insiders, proven by the new hires and promotions. Insiders also describe the company as a true
melting pot, saying there are people from virtually everywhere at Barclays Capital. Women, too, share an equal standing, and quite a few are in
very important positions throughout the rm.
Barclyas Capital
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300 Park Avenue, 23rd Floor
New York, NY 10022
Phone: (212) 389-1500
Fax: (212) 389-1700
www.greenhill.com
DEPARTMENTS
Merchant Banking
Restructuring
THE STATS
Ticker Symbol: GHL (NYSE)
Chairman: Robert H. Niehaus & Simon A. Borrows
CEO: Scott L. Bok
No. of Ofces: 12
Very highly regarded boutique, extremely strong
reputation
Solid, but has it grown too much?
Good M&A shop, does some good deals
Has lost momentum, but great IPO opportunity
THE BUZZ
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GREENHILL & CO., INC.
26
PRESTIGE
RANKING
KEY COMPETITORS
Goldman Sachs
Houlihan Lokey
Morgan Stanley
UPPERS
No face time
Greenhill provides cereal for breakfast, free sodas and
beverages, designer coffee and snacks
DOWNERS
Earnings potential is very low in this rm
There are still not many women working here
EMPLOYMENT CONTACT
Careers at www.greenhill.com
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THE SCOOP
Open Book
In 1996, Robert F. Greenhill, former head of Smith Barney and former president of Morgan Stanley, struck out on his own and founded an eponymous
boutique rm. He led the company for 11 years before stepping down from as CEO in October 2007. Greenhill handed the reins to new co-CEOs
Scott Bok and Simon Borrows, and has since remained chairman of the rm.
Greenhill calls itself a unique investment rm, and to be sure, it follows a model quite unlike the structure of its behemoth competitors. At Greenhill,
independence is the guiding philosophybecause it is not part of a larger nancial institution, the rm seeks to avoid conicts of interest. Greenhills
second rule is focus. It has no research, trading or lending divisions to distract from its advisory work. Thanks to the rms tiny size, it can also afford
more transparency than most on Wall Street. In January 2007, Greenhill President Scott Bok told the press that theres no heated whispering about
year-end bonuses at Greenhill. Instead, the rm writes a detailed memo that explains each managing directors bonus, and every MD receives a copy
of the memo. Its a strange policy, Bok admitted. But it works.
Greenhill went public in 2004 but remains closely held by its managing directors. Many of these MDs are former Morgan Stanley bankers who knew
Greenhill during his 30-year tenure there. The rm is headquartered in New York, with ofces in Dallas, Houston, Chicago, Los Angeles, San Francisco,
Toronto, London, Frankfurt, Tokyo, Sydney and Melbourne.
Expansion during recession
Although 2008 was a year in which most nancial rms contracted, Greenhill & Co. did the opposite, expanding its global and national mandates. It
scooped up talent from ailing rival banks and even launched a new department, its fund placement advisory group, staffed entirely with former Lehman
Brothers employees. Weve interviewed more managing director candidates in the past eight weeks than at any other time in the rms history, Scott
Book told the now-defunct New York Sun in May 2008. So its no surprise that, following the demise of Lehman and Merrill Lynch, CNBCs Guy Adami
named Greenhill among the boutique investment banks that are the new winners of Wall Street.
Greenhill also opened three new ofces in 2008, beginning in January with its San Francisco outpost directed by Andrew K. Woeber. Woeber joined
the rm from Morgan Stanley, where he was a managing director. In November, Greenhill hired three senior bankers from Lehman to open a Chicago
ofce; the managing directors, who focused on industrial clients at Lehman, were brought in with the intention of bolstering Greenhills business in
the Midwest.
Greenhill opened its Tokyo ofce in October 2008, in an effort to capture part of the still-bubbling Japanese acquisitions market. Japanese buyouts
of overseas rms rose to a record $75 billion in 2007, bolstered by the strengthening yen.
All told, in 2008, Greenhill added 14 managing directors to its roster, bringing its total number of MDs to 49. It also named Richard J. Lieb its new
CFO; Lieb has been with Greenhill since 2005. Prior to joining the rm, Lieb spent 20 years in the real estate investment banking group at Goldman
Sachs. He replaced John D. Liu, who left the join one of the rms (unspecied) clients.
In early 2009, the expanding continued, as Greenhill & Co. announced that it planned to develop its presence in the restructuring sector by starting up
a nancing advisory and restructuring group and appointing two new senior bankers. The bankers, Ken Goldsborough from GE Capital and Andrew
Kramer from UBS restructuring unit, will join Greenhill as managing directors.
A year later, Greenhill went building again, hiring four bankers in March 2010 from Credit Suisse to break ground on a real estate placement advisory
practice. That same month, Greenhill acquired Caliburn Partnership Pty Ltd., an independent nancial advisor in the Australasian market, giving
Greenhill two new outposts in Sydney and Melbourne.
GETTING HIRED
Sharp skills
Generally, the rm seeks out those with strong academic backgrounds and analytical abilities who have communication skills, leadership ability and
teamwork orientation. Individuals interested in working for Greenhill can enter the rm as an analyst (full time or summer), associate or lateral hire.
The full-time analyst program typically lasts two years, with strong performers offered the option to stay on for a third. And standout third-year analysts
may be offered an associate position. For analysts and associates, Greenhill offers a unique opportunity to work across the rms three groups
mergers and acquisitions, private equity investing and corporate restructuring. Interviews for the full-time analyst and associate positions typically take
place during the fall, while candidates for summer positions usually meet with the company in February and March. Lateral hires can apply at any
time, and should send their cover letters and resumes to the appropriate ofces e-mail address (for New York: nylateralhire@greenhill.com).
Greenhill & Co., Inc.
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OUR SURVEY SAYS
So-so salaries
If youre not in the higher ranks of the rm, you may be in for some sticker shock when it comes to compensation, which receives average marks from
insiders. One source says, Earnings potential is very low in this rm unless youre a partner or managing director, and limited stock options were
allocated when the rm went public. The contact adds those options vest over a ve-year period. As far as perks, the rm seems to provide all the
basics, plus a little more. Explains one associate in New York, Theres a gym at the ofce thats stocked with workout clothesall you need to bring
is sneakers. Additionally, he says, You get a $25 meal allowance and a free car service or taxi if you work late. And the company provides cereal
for breakfast, free sodas and beverages, designer coffee and snacks. Another contact adds that theres equity participation for ofcers, and an
associate points out that the modern New York ofce has a new oor and nice chairs and desks. As far as dress code, its banker blues and
grays only, which means formal attire. Though, the rm does go casual on Fridays.
One insider is happy to report that theres no face time. You only stay if youre busy. He adds, Hours uctuate widely due to the small size of the
rmwhen youre working on something important, you work very hard, but when youre not, hours can be light. Another contact notes that you
work ewer hours than those at! bulge-bracket rms." Most employees, rom associate on up, report working between 60 and 70 hours per week,
which usually includes one weekend ofce visit a month.
/lthough there's not as much ormal training at 0reenhill! as at bigger rms, it's very adequate," says one young banker. n addition, he notes that
theres lots of on-the-job training. Others, though, arent as pleased with the rms training practices, rating the rm well below average in this area.
Diversity hiring practices also receive below-average marks. There are still not many women working here, says one source, but were very fair and
ready to hire more.
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ABT ASSOCIATES INC.
55 Wheeler Street
Cambridge, MA 02138
Phone: (617) 492-7100
Fax: (617) 492-5219
www.abtassociates.com
LOCATIONS
Cambridge, MA (HQ)
Atlanta, GA
Bethesda, MD
Durham, NC
Lexington, MA (Abt Bio-Pharma Solutions, Inc.)
New York, NY (Abt SRBI)
PRACTICE AREAS
Behavioral Health Biometrics & Clinical Operations Child
& Family Education Environment & Resources Health
Economic Research & Quality of Life Evaluation Services
(HERQuLES) Health Market Research & Consulting
Health Policy Health Systems, HIV/AIDS & Infectious
Diseases Housing International Economic Growth Public
Health & Epidemiology Registries Reproductive, Maternal
& Child Health Survey Research Workforce & Civic
Renewal
THE STATS
Chairman: John A. Shane
CEO & President: Wendell J. Knox
2008 Employees: 1,251
UPPERS
Potential to share ownership in the rm
DOWNER
Some ofce locations arent very cosmopolitan
EMPLOYMENT CONTACT
Go to the Careers tab of the companys web site
DOWNERS
Great public policy rm
Dull research shop
Family-friendly
Sales-focused.
Dull research shop
Family-friendly
Sales-focused
THE BUZZ
189
1
PRESTIGE
RANKING
EVERCORE PARTNERS
55 East 52nd Street
New York, NY 10055
Phone: (212) 857-3100
Fax: (212) 857-3101
www.evercore.com
DEPARTMENTS
Investment Banking
Investment Management
THE STATS
Ticker Symbol: EVR (NYSE)
Chairman: Roger C. Altman
President & CEO: Ralph Schlosstein
No. of Ofces: 9
RANKING RECAP
#11-Prestige
KEY COMPETITORS
Blackstone Group
Goldman Sachs
Morgan Stanley
Greenhill & Co.
Lazard
UPPER
Laid-back atmosphere
DOWNER
Hours can be brutal
EMPLOYMENT CONTACT
Under contact us, see careers at www.evercore.com.
Elite boutique; good reputation
Growing, but unclear if in the right way
Strong senior bankers with amazing connections
Trying very hard to move up in the rankings
THE BUZZ
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27
PRESTIGE
RANKING
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Evercore Partners
THE SCOOP
Boutique on the rise
Founded in 1996 by Blackstone veterans Roger Altman and Austin Beutner, investment banking boutique Evercore Partners went public in August
2006 with an $82.9 million initial public offering. Its public debut was astonishing: Evercores revenue increased 47 percent in 2006 while net income
rose 80 percent.
Evercore operates from ofces in New York; Los Angeles; San Francisco; Boston; Washington, D.C.; Houston; London; Mexico City; and Monterrey.
It also has alliances in Japan, China, Brazil and France. Its advisory services include corporate advisory and restructuring advisory, serving both
public and private companies, with an emphasis on large multinational corporations. Corporate advisory services include mergers and acquisitions,
divestitures and sale transactions, and special committee and fairness opinion assignments. The restructuring advisory business works with debtors
and creditors both in and out of court. Its services include restructuring, raising and structuring DIP (debtor-in-possession) and exit nancing; M&A
advice; raising debt and equity nancing; expert testimony and fairness opinions; and general nancial analysis. In June 2010, Evercore announced
the launch of an institutional equities business upon receiving regulatory approvals and establishing a sales, trading and operational infrastructure.
The business will initially focus on the nancial institution and technology, media and telecommunications industries, and will engage both in sales and
trading and in underwriting of equity securities. Research coverage of various companies is expected to begin in the second half of 2010.
In addition, Evercore has recently expanded its investing businesses with the acquisition of Neuberger Bermans Private Funds Group; the acquisition
of 49 percent of Atalanta Sosnoff Capital, LLC, a large institutional asset manager; an investment in Trilantic Partners, a middle market private equity
rm focused on LBOs and other investments in the U.S. and Europe; and the launch of Evercore Wealth Management, LLC, which provides customized
investment and wealth management services to families, individuals and related institutions. It also recently established Evercore Trust Company, N.A.,
which specializes in providing independent duciary services, including investment management and duciary decision-making services to employee
benet plans; it has approximately $12.8 billion of assets under management.
In January 2010, Evercore was named Boutique Bank of the Year by Investment Dealers Digest, which highlighted the rms success in advising on
a number of large transactions (such as General Motors restructuring and Burlington Northern Santa Fes sale to Berkshire Hathaway) during the low
point of the economic cycle, while avoiding the write-downs and others troubles that plagued its larger, bulge bracket competitors.
In fact, Evercore has continued to grow at a rapid pace through the recent industry downturn. At the end of 2007, Evercore employed 289 people,
including 28 advisory senior managing directors. By the end of 2009, the rm had boosted its total headcount by 53 percent to 443, while increasing
its number of advisory senior managing directors by 46 percent to 41. As of mid-2010, rm had a staff of 464.
Gaining a new CEO from BlackRock
In May 2009, Evercore scored a major coup, hiring Ralph Schlosstein as its new president and CEO. Schlosstein previously worked for BlackRock,
where he spent nearly two decades as president, helping to grow BlackRock from a start-up into one of the worlds leading nancial services rms
(Schlosstein also co-founded BlackRock). Roger Altman will continue to serve as full-time chairman of Evercore, focusing on client relationships and
transactions, while Schlosstein focuses on managing the rm and growing the investment management side of its business. Schlosstein took over the
role left vacant by the retirement of Evercore Co-Founder Austin Beutner. Schlosstein had previously begun working in partnership with Evercore in
2008, setting up HighView Investment Group.
In addition to Schlosstein, Evercore picked up several additional senior bankers during 2009 and 2010. Its new hires included Mark Burton, a
former vice chairman of Barclays Capital and 28-year Lehman Brothers veteran who has advised on huge deals such as Royal Bank of Scotlands
acquisition of ABN Amro and Golden Wests sale to Wachovia; Perk Hixon, the former co-head of global industrials and head of global metals, mining
and materials banking at Lazard; Martin J. Cicco, the founder of MJC Associates and previously vice chairman and global head of real estate at Merrill
Lynch; Mark K. Friedman, formerly one of Merrill Lynchs chief advisors to transportation rms in New York and one of the former banks senior energy
investment bankers in Houston; and Robert A. Pacha, another former Merrill banker who opened Evercores Houston ofce and leads its midstream
energy practice.
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Evercore Partners
GETTING HIRED
In search of those who check the t box
Evercore is highly selective and closely scrutinizes for both competence and t. There are a very limited number of spots per year and only a few
analysts get hired from schools other than Wharton. Bulge-bracket experience is also looked upon favorably. Its pretty difcult to get a full-time
offer without summer experience from a bulge-bracket rm. The rm does have its own small summer intern class of seven or eight analysts, but
most worked in other banks before coming to work here. Participating in Evercores program will give a leg up in the recruiting process, because
the rm has used the 10 weeks as an extended job interview, allowing it to choose the very best from the preselected pool. But, an internship with
the rm is not essential.
Regardless of where you intern, Evercore wants people with a strong background in accounting and analysis, which makes nance and accounting
coursework a must. The rm focuses on pedigreed undergrad and MBA programs, and likes candidates with client-interaction experience.
Although the rm recruits only at a small set of schools, it will consider any resumes that are submitted. Last, but denitely not least, candidates
must be a good t for the rm. A contact says, Fit is usually where people get cut. Its imperative to have solid technical skills and a good work
ethic, but if you dont check the t box, you will not be hired.
Time to get technical
Evercores interview process is short and transparent. Most candidates interview on-campus, followed by a full day of interviews in the rms New
York City ofce. The number of on-site interviews can range from four to as many as 10; interviews are held by associates, VPs and partners.
These 30-minute interviews tend to be technically rigorous. Interviewers also look to gauge t by asking questions about candidates interest in
investment banking and the boutique environment. Sources say the question ratio breaks down to about 50 percent technical and 50 percent t.
But one source recalls, The questions I received were much more technical than ones asked by other investment banks.
Evercore recruits analysts at top undergraduate business schools only. Historically, target schools have included Harvard Business School,
Wharton, Columbia, Kellogg and University of Chicago at the graduate level, and Penn, NYU, Western Ontario, UVA and University of Michigan at the
undergraduate level.
OUR SURVEY SAYS
An edge on bulge brackets
Insiders at Evercore think their rm has an edge over bulge-bracket competition. At this smaller rm, there is less distance between junior and
senior people, which creates a second-to-none experience for analysts. In addition to great exposure to some of the most talented and highly
regarded senior bankers on the Street, Evercore offers analysts signicant responsibility and the chance to work on different deal types. The
rm also offers a more manageable social life than most bulge brackets, and for the times when long hours are required, you wont mind pulling
all-nighters with the people here. Evercores culture is comprised of a tight-knit group of extremely bright, talented and motivated individuals who
have uncanny goal congruence about how to build and run a business. In this fun, laid-back, non-bureaucratic working environment, bankers do
not t into the arrogant banker stereotype. Everyone is nice and willing to explain complex concepts to you, and people hang out on weekends
and after work.
Evercore is also results- and responsibility-driven. A contact says, There is a David vs. Goliath mentality when we think of our rm compared to its
counterparts on Wall Street. This contributes to a more collegial, helpful working environment, but also means substantially longer hours and more
responsibility shouldered by the analysts. Indeed, a lot is expected out of employees, and everyone is expected to be a quick learner and to push for
responsibility beyond what may be expected elsewhere. Expectations are set extremely high, and A+ performance is demanded every day, including
those days that begin with S. Fortunately, people are recognized for all their hard work, because Evercore is very much a meritocracy.
Saying thanks with perks
Evercore bankers enjoy higher compensation than peers. Almost unanimously, insiders give high marks to their pay packages, which, in addition
to nice salaries, include a number of perks. Bankers enjoy a generous meal allowance of $30 for dinner during the week and $50 on weekends.
Theres also a stocked kitchen with fruit, drinks, bottled water and other snacks. To top it off, free breakfast is provided every morning. Evercore
also offers generous travel and expense policies, discounts on gym memberships, and free car service to and from work after 9 p.m. as well as
on the weekends.
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Evercore Partners
The softer side of brutal hours
New bankers should expect to work hard, especially in their rst years. Although hours are generally better than at bulge-brackets rms, they
can be brutal at times and normally average around 90 per week. Most analysts and junior associates work pretty much every weekend, with an
average of one weekend off per month. Some say weekend work is sporadic, while others say, Saturdays and Sundays are just like Mondays
and Tuesdays. The good news is that the rm is fairly thoughtful about hours worked. When youre at the ofce, it is usually for good reasons.
There is no face time and minimal wasteful, unnecessary work. Hours can be long and unexpected, but the rm does a good job with working
around analysts schedules when they have plans. Theres also a strong emphasis on taking your vacations. The bottom line is you should expect
very demanding hours, but with consideration for family time and vacation.
On-the-job learning
At Evercore, analysts and associates work closely with senior partners on a daily basis. This can be stressful, but also provides an opportunity to
learn more and get the proper recognition for your hard work. Analysts and associates are treated with a great deal of respect, especially from the
partners. Many subordinates build real, in-depth relationships with their managers. At times, this collegial environment can lead to inefciencies,
but generally speaking, managers recognize that banking can be difcult for junior employees and are willing to help.
Its a good thing Evercores managers are so willing to help, because training is pretty much 100 percent on the job. New employees are expected
to come to Evercore already knowing accounting and nance. The rm requires self-starters content with two weeks of DealMaven training.
Fortunately, people understand there is a learning curve and are extremely helpful when you start. Still, incomers should be prepared for a learn-
as-you-go environment. That said, in 2010, Evercore initiated a new analyst training program using teachers from Training the Street.
New ofce in Midtown
Evercore analysts work from pretty big cube areas, which offer little privacy. Associates and above have nice, windowed ofces with nice views.
Everyone works from the rms newly renovated oor of a prime Midtown Manhattan building. Plus, the kitchen is stocked with drinks, and theres
free breakfast of fresh fruit and bagels every morning. There sometimes can be a lack of basic resources like stationery, as well as technology
issues, because the rm lacks the expensive resources that bigger banks have. But most sources give high overall marks to Evercores facilities,
and one says the rms ofce is a 1,000 percent improvement compared to the one he worked in while employed at Goldman Sachs.
No Herms required
The dress code at Evercore is somewhere between business casual and business formal, unless youre meeting with a client, in which case its
always formal. On regular days, some people wear ties every day, some dont. Although some people like coming in suits and ties, insiders say
Evercore is not like Lazard, where everyone wears identical Herms ties and silver monogrammed belt buckles. A contact says, People here really
dress differently and however they want to. In fact, one of the partners doesnt even own a tie.
Time to get formal about diversity
Although hiring is done on a sex-blind basis, there is no formal mentor or hiring initiative for women. Shedding light on why few women are
attracted to the rm, one insider says Evercore has no formal programs because its not necessary. The few women who are in senior roles are
highly respected and treated pretty much the same as everyone else. And some say the ratio will improve with the new analyst class. New analyst
and associate classes are currently running about 30 to 50 percent female.
Evercore is without a formal program for hiring or retaining ethnic minorities as well. Despite that, sources say the rm is surprisingly diverse for its
size. For a small rm, Evercore hires a lot of foreigners, and several senior execs are minorities. All are highly respected and treated well like
everyone else. Similarly, there are multiple gay people in senior roles, and they receive total respect.
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ABT ASSOCIATES INC.
55 Wheeler Street
Cambridge, MA 02138
Phone: (617) 492-7100
Fax: (617) 492-5219
LOCATIONS
Cambridge, MA (HQ)
Atlanta, GA
Bethesda, MD
Durham, NC
PRACTICE AREAS
Renewal
THE STATS
UPPERS
DOWNER
EMPLOYMENT CONTACT
DOWNERS
Dull research shop
Family-friendly
Sales-focused.
Dull research shop
Family-friendly
Sales-focused
THE BUZZ
193
1
PRESTIGE
RANKING
100 North Tryon Street
Charlotte, NC 28255
www.bankofamerica.com
Consumer & Small Business Banking
Corporate Units
Global Risk
Global Technology & Operations
Finance
Global Human Resources
Global Marketing & Corporate Affairs
Global Banking and Markets
Global Commercial Banking
Global Wealth & Investment Management
Home Loans & Insurance
THE STATS
Ticker Symbol: BAC (NYSE)
CEO: Brian T. Moynihan
No. of Ofces: 5,900 (retail ofces)
Addition of Merrill makes them more prestigious
Has lost too many key seniors, both legacy BofA and
Merrill Lynch bankers
Big player in leveraged nance and xed income
An overly corporate culture, stiing
THE BUZZ
BANK OF AMERICA CORPORATION
28
PRESTIGE
RANKING
RANKING RECAP
#12-Prestige
KEY COMPETITORS
Citigroup
Goldman Sachs
JPMorgan Chase
Morgan Stanley
Wells Fargo
UPPERS
Big, global bank now a lot bigger thanks to the Merrill deal
Generous benets
DOWNERS
Merrill acquisition = culture in ux + uncertain future
Training could use improvement
EMPLOYMENT CONTACT
www.bankofamerica.com/careers
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Bank of America Corporation
THE SCOOP
Beyond America
Headquartered in Charlotte, N.C., Bank of America is one of the worlds largest nancial institutions, with customers in more than 150 countries. The
company has business relationships with more than 80 percent of the Global Fortune 500. And, as of the beginning of 2009, it could boast about
making one of the most high-prole acquisitions in banking history.
In September 2008, Bank of America made just about every headline in the world, announcing that it would buy New York-based investment bank
Merrill Lynch. On January 1, 2009, the bank acquired Merrill Lynch in exchange for common and preferred stock with a value of $29.1 billion. BofA,
which called the purchase a great opportunity for our shareholders, expects to achieve $7 billion in pretax expense savings by 2012. When the deal
closed in early 2009, it made BofA the biggest U.S. bank in terms of assets, with more than $2 trillion. It also made the combined rm the largest
brokerage rm in the world, with about 16,000 nancial advisors; one of the leading investment banking advisory rms, with signicant operations in
M&A advisory as well as debt and equity underwriting; and one of the worlds top wealth management rms.
In January 2009, not long after the Merrill deal closed, BofA accepted its second round of TARP (Troubled Asset Relief Program) funds from the U.S.
government, taking $20 billion in exchange for preferred stock in the rm. That brought BofAs total TARP funds to $45 billion (in October 2008, the
U.S. government gave $15 billion to BofA and $10 billion to Merrill Lynch under TARP in exchange for preferred shares). In December 2009, BofA
paid back all $45 billion of the funds it borrowed under TARP (plus interest). That same month, the bank also named Brian Moynihan its new CEO,
ending a long, difcult and highly-publicized search for a successor to Ken Lewis, BofAs chief since 2001. Moynihan, the former head of numerous
major BofA business units, ofcially took over as CEO on January 1, 2010.
Time after time
Bank of America can trace its roots back to the late 18th century when Massachusetts Bank was chartered in 1784 and the Providence Bank was
created in Rhode Island in 1791. These banks were among the rst banks in the United States of America. As decades passed and the population
expanded, these banks would grow with the country, expanding and merging with smaller rms and businesses.
Two centuries later, in the swinging 1960s, a southern bank known as North Carolina National Bank (NCNB) had began an aggressive plan of
expansion based on the model of a hometown bank where a branch would individually cater to the needs of the community it served. NCNBs model
proved popular, and the bank expanded rapidly through the 1970s and 1980s.
In 1991, NCNB merged with Citizens & Southern National Bank (C&S)/Sovran Corporation to form NationsBank, which acquired BankAmerica in
1998 to become Bank of America. The new entity was mighty in that its business reached throughout the country. But that wasnt all for growth and
consolidation. In 2004, Bank of America acquired FleetBoston Financial for $47 billion dollars, and in 2006, the bank paid $35 billion for the MBNA
credit card business, which, in addition to its U.S. ofces, had operations in Great Britain and Canada. The bank acquired U.S. Trust in 2007.
In spring 2007, Bank of Americas growth ambitions were once again the subject of business headlines, as the bank entered into an agreement in April
to purchase the American business of Dutch bank ABN Amro Holding NVthe ABN Amro North American Holding Companywhich was the parent
of U.S.-based LaSalle Bank Corporation and its subsidiaries. The deal was completed in October 2007. In 2008, Bank of America purchased the
U.S. diversied nancial services holding group Countrywide Financial Corporation in an all-stock transaction worth about $4 billion, before acquiring
Merrill in September.
Merrills history
The Merrill in Merrill Lynch was Charles E. Merrill, who founded the rm in New York City in 1914. He met his partner, Edmund Lynch, while living in
a rented room at the YMCA. From these meager beginnings grew a rm with about 900 ofces in 40 countries and total client assets of approximately
$1.6 trillion. Before being acquired by BofA, Merrill Lynch had established itself as one of the worlds leading wealth management, capital markets
and advisory companies, serving private clients, institutions and corporations and small businesses. As of mid-2008, the rm employed nearly 63,100
people worldwide.
Merrill Lynch had two main business segments when it came into the BofA fold: global markets and investment banking (with sub units of sales
and trading; xed income, currencies and commodities; equities; and investment banking), and global wealth management (which included global
investment management and global private clients).
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195
GETTING HIRED
Casting a careful net
At Bank of Americas careers page (www.bankofamerica.com/campusrecruiting), you can search for job openings and complete an online application
by clicking the link at the end of the description of your chosen position. Vacancies arise across the bank in a number of departments and divisions,
including consumer and small business banking, home loans and insurance, commercial banking, global markets, investment banking, wealth and
investment management, risk management, technology, nance and human resources.
Clearly, we are very selective, declares one Bank of America contact. Still, there are several ways to get a foot in the door. BofA recruits at more than
200 schools globally; its careers website maintains an up-to-date calendar of events, and has a Career Fit Tool to help candidates nd programs
that best suit their skills and interests. Recently, BofA recruiters have turned to places like Columbia, University of Chicago, University of Virginia, NYU,
Harvard, University of North Carolina (at Chapel Hill), Duke, Georgetown, Clemson, Howard, Penn State, Michigan State, Georgia Tech, Purdue, MIT,
Arizona State, UNC, Florida State and Texas A&M.
It was difcult to get a job at Bank of America, says one respondent, because at the time, my MBA school was not a core school that they traditionally
recruited from. Adds another source in investment banking, For non-junior hiring, the process is driven by a teams need, and therefore can be
very specic. All interested students, regardless of school, can create their proles via the rms website, upload their resumes and select programs
of interest.
Overall, BofA is looking for students who are well rounded and intellectually curious. One non-campus applicant says that after submitting my
resume through the Bank of America website, I was contacted by a recruiter and then quickly invited to a series of interviews that culminated in a
job offer.
A summer internship is another optionand its denitely much easier to get hired after completing the internship, a current insider says. Intern
applicants can apply online or through their career services centers, and must be a full-time graduate or undergraduate student. Yet another option
is joining one of the banks programs in which it partners with colleges. These programs support specic learning tracks such as technology in which
students work full-time at the company; the programs vary in length, lasting from a few months to a year.
Overall, the good news for BofA hopefuls is this: according to the bank, since 2009, it has more than doubled the size of its intern program as well as
its graduate hiring due to business need and growth from acquisitions.
Round after round
On the consumer banking side of things, the interview process is a positive one, but it can also be disorganized, insiders report. Some describe it
as a very lengthy and tricky process. Another source says the interviews are very relaxed, more like a conversation, and adds, I was not asked
any specic questions. It seemed more like they already knew they wanted to hire me and were just spending the requisite 45 minutes talking to
me, condes one contact. Yet another interviewee says, Everyone was very social, personable and kind, and they treated me and all others with
respect. Another insider interviewing for a management position says, I was asked very few questions, as it appeared that my resume was used
to make their decision. The insider reports being asked questions such as What is the highest number of people youve managed and whats the
lowest number?
Pleasant times in investment banking
The hiring process for investment banking hires typically involves at least two rounds of interviews. Expect to meet with your future team. One
insider says the atmosphere was very pleasant, lighthearted and informal. And for students, There is an on-campus interview process to screen the
best candidates. Selected students are invited to New York for a Super Day. Candidates usually interview with four or ve individuals on-site, mostly
senior employees on the business side. The interview process is rigorous, warns a source. During each round, a candidate can expect to meet with
six to 10 bankers in various industry and product groups, an analyst says. One contact recalls meeting with a diverse group of interviewers, from the
group head to second-year associates. After surviving Super Day, the student is either given an offer or asked to come back for more interviews.
As for interview questions, expect a focus on personality and t. Still, interview questions can be very technical, such as stating the three basic
nancial statements and how they tie together. There may also be specic questions about prior work experience, interest in the business and
knowledge of the market. From my experience, the interviews can range in material from the typical t interview to highly technical questions, an
analyst says. A candidate can expect almost every interviewer to ask them to walk through their resume highlighting relevant work and leadership
experience.
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Want in?
An internship is a huge advantage for those seeking employment at Bank of America. The rm offers summer internships for analysts (undergrad) and
associates (grad students). I essentially functioned as a rst-year associate while I was a summer associate in investment banking. I was paid, pro
rata, a rst years salary, says an insider. A former summer analyst reports earning the same salary as a rst-year analyst, adding that the work is
geared toward building up to that of a rst-year analyst.
Interns are more likely to move to the head of the hiring line, but they get other benets, too. Networking and mentoring offered during the summer
allows you to build what could be lifelong friendships, a former intern says. The global markets summer rotational program allows you to test more
than one part of the business to nd a good t for you and your skill set. Interns may participate in several networking events throughout the summer
and are often staffed directly on projects with other employees. Work assignments can vary based on the demonstrated ability of the intern as well
as the workload, but some summer analysts may even get the opportunity to travel on a road show or to client meetings.
OUR SURVEY SAYS
It all depends
With respect to corporate culture, different groups operate totally differently, says a source. Some groups are more laid-back, while some operate
with a lot of intensity. I would say this is because different bankers came from different banks and like to do things their own way. The Bank of
America culture can also be a very dynamic one, according to one insider. Another agrees that it is different in every region. It depends on what
bank was absorbed by Bank of America. There are many cultures among Bank of America, so there is no real consistency in each region.
That said, despite a collegial and friendly culture that encourages success and competitiveness in the units acquired in the Merrill deal, some
insiders note that the BofA acquisition led to a sad situation, with morale taking a toll due to a lot of folks getting laid off. Still, notes a source, the
majority of the employees are great people, have strong work ethics, and take their responsibilities very seriously. And another is very optimistic about
BofAs future with Merrill, noting, Going forward, were in an excellent business position.
Though Bank of America has no formal dress code, it is business casual in most departments, and they notify employees when business attire is
required due to executive or client visits. But it largely depends on your division. Some say the code is always professional. As far as hours go,
expect to work normal business hours, including half days on Saturdays. One insider adds, however, that hours are similar to Wall Street, but
given the staff cuts, expect to put in more hours regardless of your group.
Get to class
On the training front, Bank of America offers formal classroom style and on-the-job training. The training youll receive largely depends on your
department, however. Some departments such as customer service type departments often have lengthy training lasting up to six weeks, admits
one contact. The training is combination classroom training and side-by-side training with experienced employees, says another. Still, some call
the training substandard. One insider says, There are many personal bankers out there who dont know what they are doing, and consumers trust
them with their private information.
Meanwhile, management-level employees dont get to wriggle out of hard work. Managers are expected to work extended hours and be available on
weekends, says one insider. Mobile devices are often issued to managers.
Benets-wise, youre in good hands if youre an employee. Even part-time employees get full benets, which includes pension and 401(k) with
match, paid vacation plus sick days along with tuition reimbursement, and 12 weeks of paid maternity, paternity and adoption leaves. There is
also denitely potential for growth within the company, and there are resources such as the in-house job postings, where positions are opened for
employees before they are released to the public.
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ABT ASSOCIATES INC.
55 Wheeler Street
Cambridge, MA 02138
Phone: (617) 492-7100
Fax: (617) 492-5219
LOCATIONS
Cambridge, MA (HQ)
Atlanta, GA
Bethesda, MD
Durham, NC
PRACTICE AREAS
Renewal
THE STATS
UPPERS
DOWNER
EMPLOYMENT CONTACT
DOWNERS
Dull research shop
Family-friendly
Sales-focused.
Dull research shop
Family-friendly
Sales-focused
THE BUZZ
197
1
PRESTIGE
RANKING
Rothschild North America
1251 Avenue of Americas, 51st Floor
New York, NY 10020
Phone: (212) 403-3500
Fax: (212) 403-3501
www.us.rothschild.com
BUSINESSES
Asset Management
Investment Banking
Real Estate
THE STATS
Chairman, Rothschild: Baron David de Rothschild
Ch ief Executive Ofcer of Rothschild North America:
Jim Lawrence
2009 Net Income: 407 million
No. of Ofces: 49
Still dominates sell-side mandates
Difcult place to work but good name
European
Past its prime
THE BUZZ
ROTHSCHILD
29
PRESTIGE
RANKING
RANKING RECAP
#14-Prestige
EMPLOYMENT CONTACT
www.us.rothschild.com/careers
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Rothschild
THE SCOOP
Well connected
Rothschild is one of the worlds largest independent merchant and investment banks. Perhaps best known as a high-powered advisor, Rothschilds
investment banking division provides debt advice and restructuring services, mergers and acquisitions advice, equity advice, and advice on divestitures
and privatizations. Other divisions cover private banking and trust, merchant banking and corporate banking. It has approximately 2,800 employees
in 49 ofces worldwide, though its footprint remains largest in Europe.
Rothschilds four North American ofces are in New York; Washington, D.C.; Toronto; and Montreal. As part of Rothschilds global investment banking
network, the North American investment banking operation collaborates with ofces around the world on cross-border deals, with a special emphasis
on the middle market. Its services include mergers and acquisitions advisory, private placements, restructuring and project nance for U.S., Canadian
and multinational clients. In the real estate department, Rothschild Realty Inc., a real estate investment advisor established in 1981, has $800 million
under management through the Five Arrows Realty Securities family of funds.
Asset management services come courtesy of Rothschild Asset Management, an independent business unit headquartered in New York City.
Founded in 1970, Rothschild Asset Management specializes in U.S. equities, and manages nearly $6 billion in assets for corporations, endowments,
foundations, healthcare organizations, high-net-worth investors, public pension funds and Taft-Hartley plans.
How the story began
The investment banking arm of the family-owned Rothschild Group, Rothschild has been serving governments, corporations and wealthy individuals
for two centuries. Its London headquarters have never moved from New Court, St Swithins Lane, though over the years its ofces have been rebuilt
and expanded. The latest version, a Rem Koolhaas-designed tower with a rooftop pavilion, is slated for occupancy in mid-2011.
The Rothschild story began in 1769 when Mayer Amschel Rothschild began offering banking services in his home town of Frankfurt, Germany. His ve
sons carried the family businessand the family nameacross Europe, winning fame as the nanciers who funded the Duke of Wellingtons victory
over Napoleon. In later years, the Rothschilds arranged loans for the Prussian government, kept the Bank of England aoat during a nancial crisis,
nanced the British governments purchase of a controlling stake in the Suez Canal, helped De Beers founder Cecil Rhodes establish his eponymous
scholarship at Oxford and played a major role in nancing the London Tube. The modern Rothschild family includes vast holdings of art and land, not
to mention historic estates and some of the most esteemed vineyards in the French wine country.
There are also the nancial services businesses, of course. These underwent reorganization in 2003 when a new holding company, Concordia BV, was
created to oversee operations in Europe. Rothschilds Continuation Holdings AG is the holding company for U.K. and other international businesses;
while it remains under the control of the Rothschild family, Hong Kong-based Jardine Strategic owns a 20 percent stake and Rabobank owns 7.5
percent.
Deal masters
Each year, Rothschild picks up its share of banking industry recognitions. In 2009, EuroWeek dubbed Rothschild the LBO Advisory Bank of the Year,
and Acquisitions Monthly recognized the banks work on the 7.8 billion ($15.4 billion) acquisition of Scottish & Newcastle plc by Carlsberg A/S and
Heineken, naming it the Cross Border Deal of the Year. In 2010, Acquisitions Monthly named Rothschild Germany M&A Adviser of the Year and
Restructuring House of the Year, and gave the rm M&A Deal of the Year honors for its work on the Porsche-Volkswagen merger. The Banker also
singled out Rothschild for its work advising VW, giving it a European M&A Deal of the Year award. For the rst six months of 2010, Rothschild ranked
No. 11 in worldwide announced M&A deal volume, according to Thomson Reuters. Rothschild also ranked No. 8 in European announced M&A and
No. 5 in U.K. announced M&A.
GETTING HIRED
A steep learning curve
Rothschild promises extensive opportunities for graduates while warning of the steep learning curve involved in becoming a fully-edged Rothschild
banker. The company recruits graduates in investment banking in most of its ofces, with the graduate training program being run out of London (for
Europe and all overseas ofces excluding North America) and New York (North America).
The rst six weeks in the London ofce consist of intensive classroom training to teach you the ins and outs of nancial analysis, investment banking,
nancial markets and legal issues. After this, U.K. graduates will carry out short placements in the investment and corporate banking divisions, where
theyll be seconded to a range of teams and see live work. If you have applied for a position in, for example, Madrid or Paris, this stage will see you
join an ofce in your chosen city.
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Rothschild
Considering that Rothschild is not a conventionally hierarchical rm, youll nd yourself receiving a lot of responsibility from the start. The majority of
your tasks will include research and analysis, as well as nancial modeling, such as investigating the likely effect on a company of an acquisition or
disposal. The steep learning often mentioned on Rothschilds careers website will require long hours, exibility and team-working skills.
In order to apply for a graduate role at Rothschild, you should have a degree from a recognized university. Additional language skills are a bonus.
Applicants should also have a personal interest in investment banking, and understand takeovers, mergers and cash ow statements.
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55 Wheeler Street
Cambridge, MA 02138
Phone: (617) 492-7100
Fax: (617) 492-5219
LOCATIONS
Cambridge, MA (HQ)
Atlanta, GA
Bethesda, MD
Durham, NC
PRACTICE AREAS
Renewal
Dull research shop
Family-friendly
Sales-focused
THE BUZZ
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ABT ASSOCIATES INC.
1
PRESTIGE
RANKING
THE STATS
UPPERS
DOWNER
EMPLOYMENT CONTACT
DOWNERS
Dull research shop
Family-friendly
Sales-focused.
767 Fifth Avenue
New York, NY 10153
Phone: (212) 287-3200
Fax: (212) 287-3201
www.pwpartners.com
DEPARTMENTS
Asset Management
Financial Advisory
THE STATS
Chairman and CEO: Joseph Perella
No. of Ofces: 5
PERELLA WEINBERG PARTNERS
30
PRESTIGE
RANKING
RANKING RECAP
#15-Prestige
KEY COMPETITORS
Evercore Partners
Greenhill & Co.
Lazard
Moelis & Company
EMPLOYMENT CONTACT
See careers section of www.pwpartners.com
High-end M&A boutique
Lots of hype but little real talent
Strong restructuring and M&A groups
Instant bank (just add water) thats not taking off as
planned
THE BUZZ
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THE SCOOP
Morgan and Goldman alum team up
Founded in June 2006, Perella Weinberg Partners offers two services: advisory and asset management. Its advisory business includes mergers,
acquisitions and restructuring, while its asset management unit focuses on alternative investment products. Currently, the rm consists of more than
250 employees, who work out of ofces in New York, San Francisco, Austin, Denver and London (U.K.).
Perella Weinberg Partners launch in 2006 was one of the most closely watched debuts in banking history. Founder Joseph Perella made his name
as a pioneer dealmaker at First Boston in the 1980s, then left to create Wasserstein, Perella & Co. with Bruce Wasserstein (now chairman and CEO of
Lazard). Perellas last gig was as vice chairman and managing director of Morgan Stanley, where he became close with some of Americas top M&A
talent. A shareholder revolt at Morgan Stanleythe ruckus that led to the 2005 resignation of chairman Philip Purcellprompted Perella to leave the
rm, sparking rumors that he would open his own boutique. Indeed he did, and several Morgan Stanley advisors jumped ship to join him, becoming
Perella Weinbergs rst hires.
As for Weinberg, that would be Peter Weinberg, former CEO of Goldman Sachs International and an accomplished banker as well. He and Perella
teamed up with quite a lineup of senior bankers and talented professionals recruited from a wide variety of leading global nancial institutions. The rm
raised $1.1 billion in capital from a group of noteworthy investors (including Mitsubishi UFJ Financial Group and Dubais Istithmar PJSC) to establish
operations and fund investments in its asset management business.
It was Perellas name and the team assembled that made that kind of fundraising possibleafter all, he worked on deals like America Onlines 2001
purchase of Time Warner (the biggest merger in history), and the $36 billion merger between Ciba-Geigy and Sandoz that created Novartis in 1996.
He also advised MBNA on its $35 billion sale to Bank of America.
In its short existence, Perella Weinberg has already worked on some monumental deals. Some of its highest prole assignments include advising
Thomson Corporation on its $18.3 acquisition of Reuters Group, Wachovia on its $15.1 billion merger with Wells Fargo, Continental on its $35 billion
sale to Schaefer and UST on its $11.7 billion sale to Altria Group. The rm was recently enlisted by BlackRock on its pending $13.5 billion acquisition
of Barclays Global Investors and by the FDIC for strategic advice on the ongoing developments in the nancial services industry.
Restructuring experts welcomed aboard
In November 2006, Perella Weinberg Partners acquired restructuring experts at Kramer Capital Partners (KCP). Under the terms of the deal, KCP
founders Michael Kramer and Derron Slonecker joined Perella Weinberg as partners; KCPs team of professionals also joined the rm. KCP moved its
ofce, small staff and active engagements from Stamford, Conn., to Perellas New York ofce. Since the acquisition, Perella Weinbergs restructuring
deals have included advising debtors, creditors and third parties. Debtor-side transactions have included Masonite International and Spectrum Brands
(both had more than $2 billion of debt). Recent creditor assignments have included advising Herbst Gamings noteholders. Also in the casino industry,
Perella Weinberg Partners advised Columbia Sussex Corporation in connection with Tropicanas restructuring of $3 billion of liabilities and Dubai World
in connection with its MGM Mirage joint venture for the $8.5 billion CityCenter project. Government-related restructuring assignments have included
advising the New York State Insurance Department and the Pension Benet Guaranty Corp.
He knows how to pick em
Besides being known as a king of deals, Joseph Perella is famous for nding and training Wall Street talent. He is credited with discovering the late
Bruce Wasserstein (back in his First Boston days), and when he and his protg formed Wasserstein Perella, they built a team that went on to take
the business world by storm.
Some of Perellas other winning picks include Robert Wiesenthal, who got his start as a Wasserstein Perella summer intern and is now CFO of
Sony; Raymond McGuire, co-head of global investment banking at Citigroup; Douglas Braunstein, head of investment banking at J.P. Morgan; Gail
Zauder, who became the rst woman managing director in Credit Suisses M&A group and then founded her own boutique, Elixir Advisors; and Walid
Chammah, head of investment banking at Morgan Stanley.
Nearly top 10
In its short time in existence, Perella Weinberg has made a big splash in M&A. Underscoring its prowess in the space, Perella Weinberg ranked No.
11 in U.S. M&A deal volume for the rst half of 2010, up from No. 15 a year earlier, according to Thomson Reuters. Perella Weinberg also ranked
No. 17 in worldwide announced M&A deal volume, up from No. 26 a year earlier. Perella Weinberg advised on 12 deals during the six-month period
worth a total of $35 billion.
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GETTING HIRED
Take the best, leave the rest
Perella Weinberg Partners interviews at an admittedly very limited number of U.S. and European universities and graduate business schools. This
selective campus recruiting is how the rm lls the majority of its full-time and summer internship positions in its advisory practice. However, interested
candidates may mail a resume and cover letter, addressed to human resources, to either the London or New York ofce. According to the rm,
Analysts and associates are an integral part of all deal teams and get the opportunity to interact with senior professionals dailya differentiator for
those looking to join the business.
Perella is still open to top-notch lateral hires, though it doesnt make its job openings public and says it hires on a very opportunistic basis. Candidates
presently employed at another rm can mail their materials to human resources in New York or London, specifying their interest in advisory, asset
management or rm administration. If theres a match, Perella will be in touch.
Either way, the rm says its looking for exceptional talentand people who are excited about the idea of working in a small, private partnership. Since
its advisory partners currently have an average of 20 years experience, only the best of breed will do.
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ABT ASSOCIATES INC.
55 Wheeler Street
Cambridge, MA 02138
Phone: (617) 492-7100
Fax: (617) 492-5219
LOCATIONS
Cambridge, MA (HQ)
Atlanta, GA
Bethesda, MD
Durham, NC
PRACTICE AREAS
Renewal
THE STATS
UPPERS
DOWNER
EMPLOYMENT CONTACT
DOWNERS
Dull research shop
Family-friendly
Sales-focused.
Dull research shop
Family-friendly
Sales-focused
THE BUZZ
203
1
PRESTIGE
RANKING
420 Montgomery Street
Phone: (866) 249-3302
www.wellsfargo.com
BUSINESSES
Community Banking
Home & Consumer Finance
Wholesale Banking
THE STATS
Ticker Symbol: WFC (NYSE)
Chairman, President & CEO: John Stumpf
No. of Ofces: 10,000 (branches)
Powerful future earnings potential
A supermarket
Expanding, growing
A behemoth, but can they play in investment banking?
THE BUZZ
WELLS FARGO & COMPANY
31
PRESTIGE
RANKING
KEY COMPETITORS
Bank of America
JPMorgan Chase
U.S. Bancorp
UPPERS
Endless training opportunities
Very accessible and helpful management
DOWNERS
No race in senior management other than white
Salary increases are relatively low for non-bonus
positions
EMPLOYMENT CONTACT
www.wellsfargo.com/careers
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THE SCOOP
A new era begins
The 150-year old institution of Wells Fargo ushered in a new era of banking in 2008 when it merged with banking giant Wachovia, creating the fourth-
largest bank in assets in the U.S. Today, the behemoth has $1.2 trillion in assets, services 48 million banking households, employees 278,000 people
and boasts 10,000 branches throughout the nation. Wachovia formerly traded under the stock symbol WB but now trades under the umbrella of
Wells Fargo & Co. (WFC to traders). The new company is the largest retail branch banking network in the country.
The Wells Fargo empire
Wells Fargo & Company is a nancial holding company and a bank holding company, providing retail, commercial and corporate banking services.
Through subsidiary arms, Wells Fargo offers securities brokerage and investment banking, wholesale banking, consumer nance, mortgage banking,
leasing, agricultural nance, commercial nance, data processing, trust services, advisory, mortgage-backed securities and venture capital investment.
It has over 80 lines of business, some of the largest being community banking, wholesale banking, home and consumer nance, and investments
and insurance.
Services provided by the community banking business include products for individuals and small businesses, including investment, insurance and
trust services. This division operates mostly in the Midwest and West; its mortgage and home equity business spans all 50 states.
Wholesale banking includes corporate banking, commercial real estate, treasury management, asset-based lending, insurance brokerage, foreign
exchange, trade services, specialized lending, equipment nance, capital markets and institutional investments.
Finally, Des Moines, Iowa-headquartered Wells Fargo Financial provides real-estate secured lending, auto nancing, consumer and private-label credit
cards and commercial services. It operates in 48 states, 10 Canadian provinces, Puerto Rico and recently expanded to the Pacic Rim. However,
in July 2010, Wells Fargo announced that it would be restructuring the consumer nance unit, resulting in the closing of 638 Wells Fargo Financial
outlets and the laying off of 3,800 employees. The move was part of the reorganization in connection with the Wachovia acquisition. According to
a Wells Fargo press release, Because of the 2008 merger with Wachovia, Wells Fargos customers now have access to the companys 6,600 Wells
Fargo and Wachovia community bank stores and its 2,200 Wells Fargo Home Mortgage locations, eliminating the need for a separate network of Wells
Fargo Financial local ofces.
Wagons west
Henry Wells and William Fargo founded Wells, Fargo & Co. in 1852 during the Wests gold rush. Their rm offered banking services (buying gold
assets and selling paper bank notes in exchange for gold) and secure express delivery of gold, notes and other valuable assets. From its ofce in San
Francisco, Wells Fargo grew to include ofces in other Western mining towns. In the 1860s, it sealed its reputation for trustworthiness by opening its
famous stagecoach line, which made trips through the then-Wild West to ensure delivery across the country. In 1861, it took over the routes of the
short-lived Pony Express.
In 1918, Wells Fargos network was commandeered by the American government as part of its World War I efforts, leaving the bank with just one
location in San Francisco. Wells Fargo rebuilt in the 20th century, becoming a regional bank in northern California and operating in San Francisco
as a bankers bank for the region. By the 1980s, Wells Fargo was a major presence in California and the seventh-largest bank in the nation. In the
1990s it returned to the rest of the country, opening locations throughout the West, Midwest and some Eastern states.
Before the big one
Wells Fargo completed several mergers in 2008 before its historic acquisition of Wachovia. The rst was its acquisition of St. Louis-based Insurance
Brokers of America. The Insurance Brokers of America is a small company that offers risk management services including property and casualty and
employee benets coverages. Details of the deal were not disclosed.
In May 2008, the company went on to acquire the Flatiron Credit Company, the seventh-largest premium nance company in the United. Before
the merger, Flatiron Credit Company was a subsidiary of TD Banknorth, North America. The Flatiron Credit Company originates, funds and services
insurance premium nance contracts. It is headquartered in Denver with ofces in San Antonio, Philadelphia, Boca Raton, Boston, Chicago, and San
Francisco.
Salary insanity
After banks began accepting money under the U.S. governments TARP program in late 2008, the American public (and press) called for many TARP-
sponsored CEOs to give up their bonuses for 2008. As of January 2009, Stumpf was on record saying that his bonus was within the purview of the
board. And in March 2009, his compensation for 2008 became public knowledge: he took home $13.8 million for the year, during which Wells Fargo
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205
booked $2.66 billion in prots. He did not, though, receive a cash bonus, because the bank did not hit certain performance goals. A month later, in
April 2009, Wells Fargo booked record net income of $3.05 billion for the rst quarter 2009, thanks to low mortgage rates that helped homeowners to
renance. For the full year 2009, the bank booked $12.3 billion in net income.
GETTING HIRED
Get serious about banking
Selectivity at Wells depends on what ofce you are applying to, but generally speaking, the rm is very competitive. According to one Minneapolis-
based source, There were four of us picked out of an applicant pool of 800. Wells has high standards when it comes to ethics, grades, experiences
and leadership abilities, as there are only a few spots every year for entry-level analysts. Because of this, many good candidates are turned away,
especially since the economic down turn and cost-cutting measures have resulted in fewer full-time hires. Applicants for the rms commercial
banking team must have a good foundation in business and accounting. Candidates must exhibit strong knowledge of nance, especially with
regard to cash ow. And prior understanding of risk a plus. Wells wants people with serious interest in banking, and the company constantly
has its eye out for future leaders. The recruiting process is tough, but those who demonstrate determination and interpersonal skills will go far
in the interview process.
Process of elimination
Step one in Wells recruiting process is differentiating yourself in meeting with recruiters at the career fair. Recruiters are looking for candidates
whose resumes stands out and qualify you for a rst-round interview. During rst-round interviews, candidates must show not only personality but
also nancial ability by answering various questions. The nal step in the process is the in-ofce interview, during which applicants have to stand
out from the other 10 candidates. This process can vary depending on what ofce you are applying to and for what position. Some experience
one of these three steps as a formal phone interview instead. Others have extensive on-campus interviews with two interviewers followed by one
in-ofce interview that involves up to eight separate meetings. Some candidates may be asked to participate in more than one on-site interview day.
At minimum, applicants coming out of college are required to participate in at least two-to-three interviews.
Candidates should expect to be on their toes during the interview process, as many interviewers throw out rapid-re questions and expect answers
just as quickly. Some typical questions include the following: Name three things I should know about you. Name the four nancial statements. What
are the three parts to the cash ow statement? Walk me through the operating section of the cash ow statement. What does a COO worry about
at night? What does Wal-Mart worry about at night? Tell me everything you know about our company. Another thing that might come up is how a
candidate will t into the geographical area of the ofce they are applying to. Interviewers might also want to know if you are OK with traveling.
For certain, candidates should be prepared to discuss various nance and accounting concepts as well as questions about personal drive.
Wells recruiters search for qualied candidates at career fairs, through professional associations and its own internal recruiting programs, and, of
course, on college campuses. Big schools for Wells include the University of Illinois, Marquette and DePaul University, as well as business schools
such as Berkeley, USC and UCLA. The rm hits both public and private universities, nationally and abroad.
Helpful, but not a must
Insiders say Wells Fargos internship program, while very important because the rm looks rst to its summer interns for full-time hiring, is not
mandatory. It is denitely not imperative to have an internship here to get an offer. While it does get your foot in the door, its not a necessity.
The summer internship is designed to be an introduction into the rms full-time rotation program. If an intern has performed well, they are looked
favorably upon for a full-time position. And its a great learning experience. Most former interns say the internships are a preview of a full-time
analysts job. It is an opportunity to see if Wells Fargo is a good t for you. Even if you cant score an internship at Wellsthe rm normally hires
about three interns from a pool of 40insiders say prior internships outside of the company are looked upon favorably as well. Whether its Wells
or someplace else, those with hiring power at the rm believe it is very important to have internship experience with some nancial institution.
OUR SURVEY SAYS
One Wells Fargo
This rm is very big on the Wells Fargo culture. The One Wells Fargo slogan emphasizes working together company-wide. This in-it-together
attitude fosters a cooperative, noncompetitive environment in which people work hard but enjoy an ofce atmosphere that is social and enjoyable.
A contact says, From the heads of departments to the administrative assistants, people at Wells are down-to-earth and awesome. Employees are
smart and know their stuff, but dont have the Master of the Universe attitude that you nd at Wall Street banks. At Wells, there is the sense that
people really like the company they are working for. Many people have been with the bank for over 20 years. Those who stick around enjoy the
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laid-back attitudes and good hours at Wells. People are friendly and helpful, yet still results-driven and professional. A contact says, The
atmosphere is serious, but managers work hard to make things fun and interesting on a daily basis. They want people to be happy, as Wells is a rm
thats very focused on retention. Some employees have a beef or two with managers, however. Senior management gets involved with minutia,
says one source, and the atmosphere can turn into a very political environment too where everybody is territorial. There is absolutely no respect
for employees unless you suck up to senior management, asserts another.
The bank is more conservative than other banks, which results in very structured job roles. But the upside there is that incoming employees
have a dened career path that provides transparency about where they will be in one year or ve years. In addition, because of this conservatism,
job stability is pretty much assured. Another complaint insiders have about Wells is bureaucracy. There can be lots of red tape, which makes
it hard to get things done fast. The rm is very old-fashioned about working remotely, causing things to sometimes take longer than they need
to. There can also be some big-company corporate politics. The bright side of working for a rm this big, however, is that there is lots of room for
advancement. Insiders say the sky is the limit at Wells Fargo. As long as you know what you want, you can get there. Sources say Wells Fargo
is a great place to launch a career because advancement opportunities are huge.
No complaints about hours
The Minneapolis ofce is very laid-back about taking personal time and the type of hours you work, as long as you get your work done and make it to
meetings. Most in that location work between 40 to 60 hours per week, and rarely or never work weekends. It is rare to need to work weekends.
Sometimes employee will stay late during the week to work on pressing projects, but even thats not so bad, because you can make up the time
by leaving early when it is slower. The rm fosters a very good work/life balance and most insiders say hours are reasonable. The rule of thumb
is that you are expected to nish the work you are given, so if you need to stay later, you do. The normal working hours are 9 a.m. to 4 p.m., but
many junior analysts get in relatively early, before 7 a.m., and nish work around 4:30. Some opt to stay an additional one to two hours beyond that
to study for the CFA exam. Hours tend to be in line with the compensation, but some say that extra hours are not compensated, as the analyst
program sets a ceiling on bonuses. This has a tendency to minimize the incentive to work beyond what is required.
Decent, all things considered
Although most are content with the number of hours required, many Wells insiders believe compensation could be improved. Sources say salaries
do not always line up with the job hours. And compared to other banks, compensation is not adequate. A contact says people at Wells are not
as highly compensated as those from other nancial services rms. And salary increases are relatively low for non-bonus positions. Still, those in
the optimistic camp point out that although compensation may be higher at other rms, the work/life balance and job security are arguably better
at Wells Fargo. Plus, employees enjoy great health care benets and paid time off. The rm grants 25 days of vacation a year (even for entry-
level employees), which insiders call one of the more generous and uncommon paid time-offs in American companies today. The amazing health
benets even include reimbursement for Weight Watchers. Wells also matches 401(k) contributions up to 6 percent and offers stock purchase
options and other investment tools. Sources also speak of huge discounts on activities, stores and services, including cell phones and gym
memberships. Some ofces even provide free lunch every day and free soft drinks. The rm also has a tuition reimbursement program, and
in New York City, there is a commuter discount plan.
Location, location, location
Ofce conditions vary by location. In Minneapolis, some rst-year analysts have their own ofces, which are very nicely decorated, clean and airy.
Others work from basic cubes. The rms Minneapolis crew recently moved to a new ofce and is now enjoying the accompanying perks. In Los
Angeles, employees enjoy great views of the west side of Los Angeles from anywhere in the ofce. Phoenix-based respondents are less enthusiastic
about their working condition. There, even some senior vice presidents have cubicles versus closed-door ofces. Wells Fargo is not frivolous when
it comes to ofce dcor, which some consider a bit inferior to competing employers. In Dallas, break rooms are not pleasant to look at. In Denver,
cubicles are a decent size, but carpet needs to be replaced and dcor is drab and dry. The New York City ofce is comfortable but very bare with
minimal windows, and lighting is poor. In the Big Apple, there is no cafeteria, outdoor space or lounge, but insiders report that the ofce is clean
and in a good location. According to one, Some of the Wells Fargo buildings are newer and very nice in terms of layout and amenities, while some
of the older buildings are not quite as nice.
Wont see too many ties
Wells Fargos dress code falls somewhere between business casual and formal. One contact explains, They say its business casual, but all the
directors have their own ideas of what is appropriate. Usually people dress up a little more than business casual, but not business formal in terms
of a suit and tie every day. Regardless of who your director is, employees always need to dress as if we could meet a client that day. In some
ofces, youll never have to wear a tie, and there might even be jeans on Fridays. Some places, jeans are not as common on Fridays, but they
are generally acceptable. Usually, business casual or suits are the norm. Most say jackets are not necessary. In the rms Los Angeles ofce,
employees enjoy casual summers, and even throughout the rest of the year, everyone is dressed in a collared shirt and slacks. There are no ties
and no suits except when meeting with clients.
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Managers have your back
At Wells Fargo, the majority of upper management is very accessible and helpful. Superiors at the rm are competent and very willing to help
subordinates create career paths. No question is too dumb, as Wells managers dont look down on subordinates, and they trust and value
everyones opinion. Managers and analysts work side-by-side and complement each other very well. Management is always willing to hear
feedback from employees. For the most part, managers are hands off in that they allow subordinates to direct the workow. But, if something
is brought to a managers attention, they will take care of it ASAP. The rms managers have signicant experience and industry knowledge, and
they have a desire to pass that on to those who want to learn and advance.
Among the best in training
Wells Fargo spends a great deal of time and money on training their employees. One insider began work at Wells Fargo with two-and-a-half weeks
of training in Houston, with 30 other analysts, then will head to San Francisco for six months of extended training, all paid for by Wells. This is a
typical routine for an incoming banking employee. Upon being hired, training is very formal. The initial weeks of training are normally followed by
a period of reading and testing. Then going forward, most training is done online. Theres also a great deal of on-the-job training. Sources
say both on-the-job and the structured classroom-based trainings are very valuable to development. Overall, the rm provides endless training
opportunities around the country. Simply put, Wells Fargo is among the best of the big banks for training. The rms best-of-breed programs far
exceed what competitors do.
Big on diversity
Wells Fargo places signicant emphasis on diversity. In addition to its existing recruiting and support efforts, the rms diversity council is taking
signicant steps to further diversity to ensure that our employee base reects the customers and communities we serve.
When it comes to women, Wells Fargo consistently ranks as one of the best companies for women to work for. No wonder, there are plenty of
successful women working here. According to a contact, All of the new analysts hired last year were female. In most locations, insiders say the
ratio is about 50/50, with women always treated equally. Some say the ratio is as high as 65 percent women. (According to the rm, about 60
percent of the rms employees are female.) Wells Fargo offers very reasonable to maternity leave, and its a place where females are treated with
the utmost respect. Women do not receive any preferential treatment and are not discriminated against. One source points out that the rms head
of commercial banking is an Asian female. Generally speaking, women are extremely powerful and inuential at the company.
At Wells Fargo, youll nd people from multiethnic backgrounds such as Korean, Chinese, Guatemalan, Fiji, Armenian, white, Mexican, Italian, Jewish
and German. One source says, If you walk through just about any department in Wells Fargo, you will easily see a diverse workforce in terms of ethnic
minorities. The rm encourages ethnic diversity in the recruiting process and recently, has begun focusing on it more and more. According to
one Denver-based insider, The ofce puts a lot of emphasis on ethnic diversity in the hiring process, but there is not as much diversity in the actual
numbers. Most agree, however, that diversity is a priority. It is a scorecard metric on which all managers are graded. Diversity is held in high
regard and is considered a big issue at Wells Fargo, according some insiders. But not everyone feels the same way. The environment is often
prejudiced against seniors, African-Americans and other cultures, says one employee, and there are no African-Americans or other race in senior
management, other than white.
When it comes to gay and lesbian employees, however, insiders say they receive the same treatment as all others. The rm offers benets for domestic
partners and does not put any pressure one way or the other on gay and lesbian individuals. A contact says, Our company is completely inclusive
to GLBT community members.
Looking ahead
Considering the state of the economy, the future is looking relatively bright for Wells Fargo. Wells Fargo is actually faring well, say insiders. Many
of its competitors are either going bankrupt or being bought out by other nancial institutions, but Wells Fargo is still managing to stay aoat, which
may be due to the fact that it has a conservative nature and is risk-averse. In my time at Wells Fargo, says one employee who has worked with
the company for 12 years, the stock has risen slowly and steadily. It was like watching grass grow and grow. The stock denitely dropped in 2008
and early 2009, but has recovered and now is doing very well.
THOMAS WEISEL PARTNERS GROUP, INC.
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55 Wheeler Street
Cambridge, MA 02138
Phone: (617) 492-7100
Fax: (617) 492-5219
LOCATIONS
Cambridge, MA (HQ)
Atlanta, GA
Bethesda, MD
Durham, NC
PRACTICE AREAS
Renewal
Dull research shop
Family-friendly
Sales-focused
THE BUZZ
2010 Vault.com Inc.
208
ABT ASSOCIATES INC.
1
PRESTIGE
RANKING
THE STATS
UPPERS
DOWNER
EMPLOYMENT CONTACT
DOWNERS
Dull research shop
Family-friendly
Sales-focused.
HSBC NORTH AMERICA HOLDINGS INC.
26525 North Riverwoods Blvd.
Mettawa, IL 60045-3428
Phone: (224) 544-2000
www.hsbcusa.com
BUSINESSES
HSBC Bank USA
Commercial Banking
Global Banking & Markets
Personal Financial Services
Private Banking
HSBC Bank Canada
HSBC Finance Corporation
Card & Retail Services
Consumer & Mortgage Lending
HSBC Insurance
Taxpayer Financial Services
THE STATS
Employer Type: Subsidiary of HSBC Holdings plc
CEO: Brendan McDonagh
No. of Ofces: 470+
RANKING RECAP
#19-Prestige
UPPER
Committed to a good work/life balance
DOWNER
Better known in the Europe than the U.S.
EMPLOYMENT CONTACT
See careers section of www.hsbcusa.com.
Global focus, not too strong in US
Still trying to nd their way in the US
Open for lending
THE BUZZ
32
PRESTIGE
RANKING
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209
HSBC North America Holdings Inc.
THE SCOOP
North American arm
As its name implies, HSBC North America Holdings contains the U.S. and Canadian businesses of London-based HSBC (the names an acronym of its
predecessor, the Hongkong and Shanghai Banking Corporation, which remains part of HSBCs global business and the largest bank in Hong Kong).
With $580 billion in assets, the North American group includes HSBC USA, HSBC Canada and the HSBC Finance Corporation, which provides retail
banking, credit cards, lending, insurance and other consumer services. In the U.S., HSBCs business lines are commercial banking, personal nancial
services, private banking, and global banking and markets. The vast majority of its 460-plus branches are in the state of New York, but others can be
found in Connecticut, New Jersey, Maryland, Delaware, Illinois, Oregon, Washington State, California, Florida, Virginia and Washington, D.C.
British parent
HSBC Holdings is one of the largest nancial services rms in the world. Headquartered in London, the global banking group has more than 289,000
employees throughout Europe, North and South America, Asia, Africa and the Middle East. It has more than 8,000 ofces in 88 countries, and Its
commercial banking unit serves more then three million clients worldwide.
HSBC was established as the international and uniform brand name in order to better promote the banking group as a whole in 1999. However, with
a truly international presence and established local presence in so many countries, HSBC took its internationalism a step further in 2002 by marketing
itself as the worlds local bank, an approach thats still taken by the rm.
HSBCs largest and most-recognized subsidiaries include HSBC Bank plc in the U.K., HSBC France, Hang Sent Bank Limited in Hong Kong,
Household International and HSBC Bank USA N.A. in the U.S., and HSBC Private Banking Holdings (Suisse) S.A. in Switzerland, Hong Kong SAR,
Monaco, Luxembourg, Singapore, the Channel Islands and the U.K.
In addition to being known throughout the world for its size, HSBC has earned a reputation for being a well-run organization. While many other large
banking groups have struggled in the midst of the worldwide nancial crisis that began in 2007, HSBC has remained relatively (though not completely)
unscathed. It has not had to take any government bailout money, remaining one of the better capitalized banks in the world.
Change of address
In 2006, HSBC North America announced plans to relocate its corporate headquarters from suburban Prospect Heights, Ill., to the village of Mettawa,
about 13 miles north. Construction began on a new 440,000 square-foot campus and occupancy started in early 2008, with nearly 2,400 employees
installed by summers end. The building, which can accommodate up to 3,000 people, is intended to support our continued growth plans while
offering the greatest convenience for the overwhelming majority of our Chicagoland employees, according to executive vice president Steve Gonabe.
By all appearances, HSBC is preparing to stay at its new headquarters facility for quite some timeits leasing the space for 13 years, with an option
to renew for up to 30 years.
How the CEO got his job
HSBC North America CEO Brendan McDonagh hasnt been at the top for longhe started his job in February 2008, following the ouster of former
chief Bobby Mehta. The cause of Mehtas troubles was fallout from HSBC Finance Corporations exposure to the U.S. subprime market; HSBC was
one of the rst banks to be hit by the crisis, thanks (or no thanks) to the 2003 acquisition of mega-lender Household International, which became
HSBC Finance Corporation after the $14.2 billion transaction was complete. Also booted in the housecleaning was HSBC Bank USA executive Sandy
Derickson, who had been vice chairman of HSBC Finance.
McDonaghs no stranger to HSBC, though. Before assuming the top spot he had served as chief operating ofcer of the banks North American
consumer nance business.
A storied history
HSBCs origins stretch back to the mid-19th century, when Thomas Sutherland, the Hong Kong Superintendent of the Peninsular and the Oriental
Steam Navigation Company identied a need for local banking branches both in Hong Kong and along the Chinese coast. The Hong Kong and Shanghai
Banking Corporation Limited was founded in 1865, and opened ofces in both Shanghai and London. And, over the coming decades and then century,
the bank opened branches throughout China, Southeast Asia and the Indian sub-continent, also further expanding in Europe and North America.
In 1959, almost a century into its existence, the Hong Kong and Shanghai Banking Corporation acquired the British Bank of the Middle East, which
was originally known as the Imperial Bank of Persia and had a number of operations in the Gulf Arab states, as well as the Mercantile Bank, which had
banking operations in India and South East Asia. In 1965, six years after purchasing the two banks, the Hong Kong and Shanghai Banking Corporation
bought a controlling interest in the Hang Seng Bank, which had been based in Hong Kong since 1933.
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Through the rest of the 1960s, 1970s, and 1980s, the bank continued its strategy of moving into new markets. It established the Hong Kong Bank of
Canada in 1981 and the Hong Kong Bank of Australia in 1986. The following year in the U.S., the Hong Kong and Shanghai Bank acquired the New
York-based Marine Midland bank, further strengthening its U.S. operations. By this point, the group had a global constellation of operations, which
needed to sit unied under one umbrella. In 1991, the international conglomerate of banks and companies owned by Hong Kong and Shanghai Bank
were brought together under the single ownership and control of a newly-created umbrella banking holding company called HSBC Holdings (where
they have remained ever since).
In July 2000, HSBC kicked off the millennium by paying $11 billion dollars for French banking group Crdit Commercial de France (CCF). The
acquisition of CCF, which was established in 1894, gave HSBC a network of 650 branches in France and prompted HSBC to list on the Paris Stock
Exchange (now Paris Euronext). In 2003, HSBC opened a new European headquarters in London. The following year, 2004, was a signicant one
in the history of HSBCs European operations, which continued to grow through strategic acquisitionsone of its largest purchases was the nancial
services arm of the Marks and Spencer Group. The same year, HSBCs French business, CCF, increased its stake in the French private bank Banque
Euron S.A to a domineering 84 percent. In 2005, celebrating 140 years in business in China, HSBC signicantly increased its business in the Chinese
market, particularly in the areas of insurance. The following year, the banking group expanded considerably in Latin America through HSBC Latin
American Holdings (UK) Limited.
All was going well until 2007 rolled around. The subprime crisis began to snowball, creating a year of huge challenges for the worlds banks, including
HSBC, which was directly affected by the struggling U.S. property market through its American subsidiary, HSBC Finance Corporation. By the end of
2007, HSBC had to close its U.S. sub-prime mortgage loans business, Decision One.
In 2008, HSBC became the rst foreign bank to take on at least a 20 percent interest in a domestic Vietnamese bank by increasing its existing stake
in Techcombank. Also in 2008, HSBC strengthened its Central and Eastern European operations, opening new ofces in the former Soviet states of
Georgia and Kazakhstan, and expanding its existing services in EU member countries Poland, the Czech Republic and Austria.
GETTING HIRED
More of a challenge
If anything, HSBCs recruitment process is getting tougher, warns one insider. As far as qualications go, the rm tends to select the best, but
a big part of getting hired is your timing and the position youre applying for. Potential candidates must go through several rounds of one-on-one
interviews, group interviews, analytical and verbal tests, and case studies. After the process concludes, each candidate is discussed and an offer is
extended only to those on whom all interviewers agree. Expect up to seven individual and group interviews that include the standard background
and experience questions, as well as slightly offbeat ones such as Whats your favorite color?
HSBC recruits from all over the country and the globe but tries to woo candidates who are mostly from the top 20 undergraduate schools. Though,
it will interview applicants from any school, provided that they have what it takes.
Settle in
The interviewing process varies and seems to include a bevy of different questions asked by interviewers. These questions might range from Whats
your strategy to be up-to-date with current nancial news? to Describe a situation when a group of people disagreed with you and tell me how you
managed it. (For the latter, one insider suggests, Briey explain the situation, your role, your contribution and what you ultimately learned from it.)
You might also have to eld these: Tell me an example of a time where you realized more than what you expected, Tell me about a time where you
used something you learned in your studies, applying it to a real business situation, and What recent events may have an inuence on HSBC? In
addition, be ready to answer this one: Where do you see this company in ve to 10 years?
Most of all, they want to get a feel for you as a person. The interview aims at understanding whether you feel condent when your ideas are challenged
and whether you are able to change your opinion based on new facts. You might also be asked about your educational background, personal
achievements and willingness to work long hours.
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211
OUR SURVEY SAYS
Striking the balance
While long hours at the rm might be in the cards, rest assured that the bank is committed to a good work/life balance in theory, and has an
ongoing campaign to be a best place to work. The culture is collegial, but life in the branch was revolved around getting new customers, serving
existing ones, sales meetings and one-on-one meetings with branch managers who would push us to reach the numbers. And even though it can
be demanding, people are friendly. One example of this comes from an insider, who says HSBC accommodated his severe allergies. The
department I work for has made tremendous efforts to accommodate me, he explains, including implementing a scent-free ofce. They were very
willing to accommodate me with a special schedule.
Life at HSBC
The dress code at HSBC is business casual Monday through Thursday, but on Friday, jeans and casual clothing are permissible. In fact, the only
ofce that seems to follow a formal dress code is the Washington, D.C., ofce. Still, the dress code is formal when working with clients.
When it comes to treatment by management, employees report an overall very good experience. There is a good dialogue that goes on, and I feel
comfortable consulting with my managers if Im confused. One insider says he works for a great team and has never been berated or made to
feel like I dont play an important part of the team.
Ofces mostly receive less-than-stellar marks, however. The building is quite old, and it shows, says one New York employee. On some trading
oorsthere are three in New Yorkthe ceiling is too low, and there is very little space on the desks and between rows, making you feel cramped.
The insider concedes that the London and Hong Kong ofces are much nicer. Another New York contact says, I covet high walls, but they are
renovating our oor this year, so things will be changing. My oor happens to be fairly boring, but other oors are very nice.
Covering the bases
The training offered by the rm is a nine-week process thats pretty comprehensive. It involves not just nance stuff, but also interpersonal training
that enabled the analysts to form lasting connections. Though, in some cases, instructors couldve been better. Nothing beats the real world.
Another contact notes that a lot of what you learn doesnt mean anything until youre actually in the middle of it.
Always room for improvement
For the most part, HSBC is an incredibly diverse group, and I see absolutely no evidence of discrimination. While women are often not seen in
trading roles, many work in sales and structuring. And some very high positions are staffed by women, so I dont think that its an issue for HSBC.
But the representation of ethnic minorities could improve somewhat, says one insider, who admits that the lack of diversity might be representative
of the industry. The hiring of gays and lesbians at the rm receives high marks, though one contact comments, I believe racial diversity is more
evident. Another insider reports that employees are very diverse ethnicity-wisethere are many Chinese, French and Indian workers, as well as
many Canadians.
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55 Wheeler Street
Cambridge, MA 02138
Phone: (617) 492-7100
Fax: (617) 492-5219
LOCATIONS
Cambridge, MA (HQ)
Atlanta, GA
Bethesda, MD
Durham, NC
PRACTICE AREAS
Renewal
Dull research shop
Family-friendly
Sales-focused
THE BUZZ
2010 Vault.com Inc.
212
ABT ASSOCIATES INC.
1
PRESTIGE
RANKING
THE STATS
UPPERS
DOWNER
EMPLOYMENT CONTACT
DOWNERS
Dull research shop
Family-friendly
Sales-focused.
Two World Financial Center
New York, NY 10281-1414
Phone: (212) 436-2000
Fax: (212) 436-5381
www.investmentbanking.deloitte.com
BUSINESSES
Acquisitions, Joint Ventures & Alliances
Capital Advisory
Capital Raising
Corporate Development Advisory
Fairness Opinion
Public Private Partnerships for Infrastructure
Sales & Divestitures
THE STATS
Employer Type: Subsidiary of Deloitte Financial Advisory
Services LLP
DCF National Managing Director: Bob Coury
No. of Ofces: Ofces in 140 countries*
* Deloitte Touche Tohmatsu
Good training ground for entering bulge bracket banking
Fall-back option
Well known; very common place to have worked
A three (on a scale of one to 10)
THE BUZZ
DELOITTE CORPORATE FINANCE LLC
33
PRESTIGE
RANKING
RANKING RECAP
#20-Prestige
KEY COMPETITORS
Houlihan Lokey
KPMG Corporate Finance
UPPER
Supportive and respectful management
DOWNER
Work hours can be long for a non-bulge-bracket rm
EMPLOYMENT CONTACT
deloitte.com/careers
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213
THE SCOOP
Well connected
Deloitte Corporate Finance LLC (DCF) is a registered broker dealer that offers investment banking advisory services to large and midsized companies. It
specializes in sales and divestitures; acquisitions, joint ventures and alliances; capital raising; and corporate development advisory. DCF serves clients
across numerous major industries, including aerospace and defense, automotive, business services, consumer business, nancial services, food and
beverage, general industrials, life sciences and health care, manufacturing, metals, plastic, paper and packaging, and retail.
DCF is a wholly owned subsidiary of Deloitte Financial Advisory Services LLP (FAS), which is a subsidiary of Deloitte LLP, the American member rm of
Deloitte Touche Tohmatsua global accounting and consulting network with operations in over 140 countries. The U.S. member rm has ofces in 80
cities nationwide. Other units of FAS are valuation services, reorganization services, and forensic and dispute services. FAS contributes approximately
5 percent of Deloittes overall revenue. That leaves FAS behind Deloittes audit, tax and consulting businesses, but DCF has carved out its own niches.
The corporate nance units specialty is the middle market, focusing on deals worth $25 million to $500 million.
Although Deloitte is a giantits not called the Big Four for nothingDCF operates as a boutique within the conglomerate. At the same time, DCF
can draw on Deloittes extensive resources, including Deloitte Tax, Deloitte Consulting, FAS and the Chinese Services Group of Deloitte & Touche
USA (which assists on China-related cross-border deals). DCF national managing director Bob Coury also holds the position of principal at Deloitte &
Touche, and sits on the FAS executive committee. There are ve DCF ofces in the U.S. (Detroit headquarters, plus New York, Chicago, Dallas and
Los Angeles).
William and George
The Deloitte behemoth was born in 1849, when Great Western Railway, a British joint stock rm, hired local accountant William Welch Deloitte to
conduct an audit of its business. This was a novel idea at the time, but soon other public companies followed Great Westerns lead. George A. Touche
opened his own audit and accounting rm in London in 1898, moving his ofce to New York two years later. There, Touche and partner John Niven
built up their business, taking advantage of Americas new business regulations and income tax laws.
By the end of the 1960s, Touche, Niven became Touche Ross, and William Deloittes eponymous rm was operating as Deloitte Haskins Sells. The
two rms merged in 1989, creating Deloitte & Touche, a full-service rm that offered consulting and advisory as well as accounting services. In 1993,
Deloitte & Touche realigned itself as a Swiss verein, a membership organization in which each member rm operates as a separate, independent legal
entity. Deloitte Touche Tohmatsu (DTT) became the international umbrella name for Deloitte member rms around the worlda nod to Tohmatsu &
Company, which had become part of Touche Ross in 1975.
GETTING HIRED
Top of your game
Candidates applying for positions normally have a high GPA, and have demonstrated leadership and academic skills within their college or at their
previous work experiences. The rm recruits from top universities throughout the nation as well as experienced hires with relevant skill sets.
Expect several rounds of interviews, which tend to be composed of at least two or three rounds, although this varies by function and team. You
may end up interviewing with everyone from peers and human resources to partner representatives. Expect to represent your qualications in
addition to facing general interview questions that depend on the team and position youre applying for. Sometimes there are case studies involved
or specic exercises that are relevant to the position. You can also expect fairly general interview questions about background and behavior, which
might range from the simple tell me about your background to slightly more complicated ones such as why should we hire you?
And the rm offers internship opportunities, too. Getting into the rm that way denitely gives you an opportunity to make a favorable impression and
increase your chances of getting hired, although the same rigorous criteria applies to our intern candidates as does our regular full-time recruits.
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2010 Vault.com Inc.
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OUR SURVEY SAYS
Support network
Insider report that the rms culture has many high achievers but is also congenial, cooperative, respectful and fun. I enjoy spending time with
the people I work with both inside and outside of work. Managers get high marks from respondents as well. I have a great team that includes great,
supportive and respectful management. One contact says we work hard, but we are always willing to assist each other.
Hours spent in the ofce largely depend on your department. One insider describes working heavy work hours while limited to only ofcially billing
40 hours per week. Another says he works about 50 to 60 hours per week and says the company is very exible, although its not uncommon to
make a weekend ofce visit. But one respondent says its not bad overallI often only go to the ofce and/or to visit clients two or three days a week
and work from home other times. (When youre in the ofce, business casual is typically the code of the land.) And despite the fact that weekend
work takes place, its out of choice and its not a requirement.
As for the future of the company, Deloitte will always be around. For every person that quits, they nd two to three other new hires to replace them
with.
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ABT ASSOCIATES INC.
55 Wheeler Street
Cambridge, MA 02138
Phone: (617) 492-7100
Fax: (617) 492-5219
LOCATIONS
Cambridge, MA (HQ)
Atlanta, GA
Bethesda, MD
Durham, NC
PRACTICE AREAS
Renewal
THE STATS
UPPERS
DOWNER
EMPLOYMENT CONTACT
DOWNERS
Dull research shop
Family-friendly
Sales-focused.
Dull research shop
Family-friendly
Sales-focused
THE BUZZ
215
1
PRESTIGE
RANKING
BNP PARIBAS SA
16, boulevard des Italiens
75009 Paris, France
Phone: +33-1-40-14-45-46
Fax: +33-1-40-14-69-73
www.bnpparibas.com
DEPARTMENTS
Investment Solutions
Retail Banking
THE STATS
Ticker Symbol: BNP (Euronext Paris)
CEO: Badouin Prot
2009 Prot: 5.83 billion
No. of Ofces: Locations in 83 countries
RANKING RECAP
#23-Prestige
KEY COMPETITORS
Credit Agricole
HSBC Holdings
Societe Generale
EMPLOYMENT CONTACT
careers.bnpparibas.com
Excellent for debt capital markets
Not well known
Growing presence
Middle market focus
THE BUZZ
34
PRESTIGE
RANKING
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BNP Paribas SA
THE SCOOP
Leader of the pack
BNP Paribas is the largest bank in France and the fth largest in the world based on annual revenue. In 2008, BNP Paribas was named Global Bank
of the Year by The Banker magazine, the eighth safest bank in the world by Global Finance and the 13th-largest company in the world by Forbes. In
2009, Brand Finance named BNP Paribas the worlds eighth top banking brand.
In addition to enviably strong European operations, the banking powerhouse has a solid and growing international presence, spanning 83 countries,
with strong operations in both the United States and Asia. The banking groups total employee network worldwide boasts approximately 183,700
employees, most of which work in Europe.
BNP Paribas can trace its roots back to the early 1800s, though the modern day version of the bank began to take form in 1966, when Comptoir
National dEscompte de Paris and Banque Nationale pour le Commerce et lIndustrie united to form Banque National de Paris (BNP). The Paribas
Group was formed in 1988 after many (notorious) years of French nationalization and reorganization; the group included the Banque Paribas,
compagnie Financiere de Paribas and Compagnie Bancaire. In 1999, after the French nancial markets authorities gave BNP the green light, it took
control of the Paribas Group, creating one of the largest nancial institutions in Europe. (In case youre curious, Paribas comes from the phrase Paris
et Pays-Bas, which means Paris and The Netherlands.)
The bricks and mortar of it all
BNP Paribas international business is comprised of three key divisions: retail banking; corporate and investment banking; and investment solutions.
The banking groups retail banking operations include retail banking both in France and internationally, branch banking, personal nance and BNL
Banca Commerciale. The corporate and investment banking business encompasses various divisions, including equities and derivatives, xed income,
corporate nance, structured nance and cash management. The asset management and services business is comprised of private banking, asset
management, online savings and trading, securities services, real estate services and insurance.
The American way
BNP Paribas North America has U.S. ofces in New York, Houston, Chicago, Miami, Los Angeles, San Francisco and Dallas, plus branches that operate
under the brand names First Hawaiian and Bank of the West. The vast majority of BNP Paribas employees are based in France and the Eurozone;
the bank employs approximately 15,000 people in the United States.
A fully registered NASD broker-dealer, BNP Paribas underwrites, trades and markets a wide range of global and domestic xed-income and equity
products in the U.S., and works in tandem with its CooperNeff afliate on proprietary portfolio strategies. The asset management, private banking and
securities group includes BNP Paribas Asset Management, which also maintains an afliation with American asset manager Fischer Francis Trees &
Watts; private banking operations are based in Miami and works frequently with Latin American clients. Brokerage services are located in New York
and Chicago, offering clearing, custody and execution on U.S.-listed equity and derivative markets.
North American retail banking operations are carried out under the Bank West brand, with over 350 branches in Oregon, Washington, California, Idaho,
Nevada, New Mexico, Hawaii, Guam and Saipan.
Plagued by recession, the 2008 was tough for BNP Paribas: losses in the third quarter led to tougher risk management in the investment banking
division, as well as a 5 percent worldwide stafng reduction (translation: 800 jobs lost). BNP Paribas was also a victim of Ponzi schemer Bernard
Madoff, losing $470 million to Madoffs hedge funds (BNP did not invest directly with Madoff, but had risk exposure to his funds through trading and
collateralized lending activities).
However, although protable, BNP Paribas did have an overall tough 2008, not unlike many other nancial institutions did. For the year, the bank
booked revenue of 27.4 billion and net prot of 3.02 billion, down from 31 billion and 7.82 billion, respectively, in 2007. In 2009, though, BNP
rebounded and booked more than 40 billion in revenues and nearly 6 billion in net income.
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BNP Paribas SA
GETTING HIRED
Take responsibility
Internship programs are offered in all industry segments and are highly recommended by current BNP Paribas insiders. Specically, for graduates
looking for a position within the investment banking division, a previous internship in nance is a real advantage, the rm notes. A former intern says
that his experience involved learning by doing, provided good integration and led to an employment proposal. Another contact calls his internship
an incredible experience for those avid to learn about the nancial markets in all its aspects. And yet another insider who had interned at multiple
nancial rms in the past calls BNPs internship the most organized of all.
International prospects abound on the site, offering potential employees choices from Bahrain to Switzerland. There are also more than 300 possible
positions to choose from, spanning every core business in which BNP Paribas operates. To apply for a position, candidates must send a cover letter
and resume to the respective regional ofce in which they want to work; BNP Paribas provides a full list of the appropriate contacts online. The hiring
process can be three-tiered: telephone interview, rst meeting and second meeting. A current insider describes the process: Generally, human
resources will organize meetings with groups of 20 to 30 people, then an individual interview with an HR manager takes place. Then there is another
round of three to ve interviews with operational managers. The interviews focus on motivation, capacity to evolve in the group and professional
behavior.
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55 Wheeler Street
Cambridge, MA 02138
Phone: (617) 492-7100
Fax: (617) 492-5219
LOCATIONS
Cambridge, MA (HQ)
Atlanta, GA
Bethesda, MD
Durham, NC
PRACTICE AREAS
Renewal
Dull research shop
Family-friendly
Sales-focused
THE BUZZ
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ABT ASSOCIATES INC.
1
PRESTIGE
RANKING
THE STATS
UPPERS
DOWNER
EMPLOYMENT CONTACT
DOWNERS
Dull research shop
Family-friendly
Sales-focused.
ROYAL BANK OF SCOTLAND GROUP PLC
36 St. Andrews Square
Edinburgh, EH2 2YB
United Kingdom
Phone: 44 (0) 131 556 8555
Fax: 44 (0)131 557 6140
www.rbs.com
DEPARTMENTS
EMEA Retail & Commercial
Finance
Global Banking & Markets
Global Transaction Services
RBS Insurance
Risk & Restructuring
Support Division
UK Corporate
UK Personal
US Retail & Commercial
THE STATS
Ticker Symbol: RBS (LSE, NYSE)
Chairman: Sir Philip Hampton
CEO: Stephen Hester
2009 Net Income: -3.6 billion
No. of Employees: 183,700 (Worldwide)
No. of Ofces: 2,720 (Worldwide)
KEY COMPETITORS
Barclays
Citigroup
HSBC
RANKING RECAP
#24-Prestige
UPPERS
Everyone on the team puts in the hours
Friendly and open
DOWNERS
Company is going through tough times
It isnt uncommon to put in 60-hour weeks
EMPLOYMENT CONTACT
Follow the careers link at www.rbs.com
Poised for a rebound
Firm turmoil has hurt reputation
Good progress in high-yield
The question is will they be able to make use of their
largest trading oor in the world?
THE BUZZ
35
PRESTIGE
RANKING
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THE SCOOP
Royal in name and lineage
The Royal Bank of Scotland Group (RBS) was chartered by King George in 1727; at the time, its only rival was the non-royal Bank of Scotland. For
the rst 50 years of its existence, the Royal Bank operated from a single location in Edinburgh, but in 1783, it opened a branch in Glasgow. By the
1870s, RBS had set up shop in London, and from there it grew rapidly, acquiring a number of English banks and opening a New York ofce in 1960.
More mergers followed in modern times, as RBS swallowed the National Commercial Bank of Scotland in 1969 and celebrated Britains biggest bank
takeover with the 2000 acquisition of National Westminster Bank (NatWest). Then in 2007, RBS led a consortium to acquire ABN AMRO, marking
the biggest bank takeover in the world.
The Royal Bank of Scotland has 10 main divisions: U.K. corporate banking, U.S. retail and commercial banking (which offers services through the
Citizens and Charter One brands), global banking and markets, risk and restructuring, support (HR, strategy and communications), U.K. personal
banking (which operates through the RBS and NatWest brands), RBS Insurance, EMEA retail and commercial banking (through the Ulster Bank brand,
global transaction services and nance.
RBS in the U.S.
In the U.S., RBS operates its commercial banking activity under the brand names Citizens and Charter One (Citizens acquired Charter One in 2004, a
deal that added about 600 branches to its network). Citizens is certainly no newcomer to the U.S.its had a presence in New York, Houston, Chicago
and Los Angeles since the 1960s. Today, it has operations in Connecticut, Delaware, Illinois, Indiana, Massachusetts, Michigan, New Hampshire, New
York, Ohio, Pennsylvania, Rhode Island, Vermont and Virginia. Further south, it maintains ofces in the Bahamas, Bermuda and the Cayman Islands.
It has about $167 billion in assets, $98 billion in deposits, 23,000 employees and more than 1,450 branches.
RBS Asset Finance is a big lessor in America, with over $5 billion in assets. Citizens credit card arm, RBS Card Services, is headquartered in
Bridgeport, Conn., and provides consumer and commercial credit cards nationwide. RBS Lynk, meanwhile, provides electronic payment processing
services.
In the U.S., RBSs global banking and markets group encompasses corporate banking, leveraged nance, project nance, loan and high-yield markets,
as well as RBS Greenwich Capitalan institutional xed-income rm that supplies corporate nance and debt capital markets services. In addition to
the U.S., RBS has a presence in Argentina, Brazil, Chile, Columbia, Mexico and Uruguay in the Americas.
The worst is (hopefully) over
The Royal Bank of Scotland set a record in scal year 2008but it wasnt the kind of record any bank wants to set. The banks annual loss of over
24 billion represented the biggest annual loss of any corporation in British history. In February 2009, one week after dropping that bombshell, RBS
became the rst bank to join the British governments asset protection program for troubled institutions. The asset protection plan allowed RBS to
move 325 billion of toxic assets from its global markets division into a taxpayer-backed pool. In exchange, RBS promised the government it would
divest itself of any remaining illiquid assets within ve years, and vowed to increase lending. It also gave the British Treasury preferred shares worth
19.5 billion.
The asset-relief plan was not the rst time RBS had turned to the Treasury for help. In October 2008, RBS accepted funds from a 50 billion bailout
plan, a move that left the British government with a 70 percent stake in the bank. The events of early 2009 meant that the governments stake in RBS
would rise to nearly 95 percent.
Changes at the top
The nancial crisis led to a massive shake-up at RBS, as former chief executive Sir Fred Goodwin and former Chairman Sir Tom McKillop were deposed
in October 2008. Calls for their resignation mounted in as RBS accepted bailout funds from the Treasury; the bank initially brushed off rumors that
the two men might leave. It was Goodwin who had built RBSs reputation as a ruthless, acquisition-hungry predator that wasnt afraid to eliminate
thousands of jobs at a time (his nickname: Fred the Shred). He supervised a megamerger with rival NatWest in 2000 and led the RBS-backed
consortium that bid 54 billion for Dutch giant ABN AMRO in 2007, despite early signs of the coming credit crisis. Goodwin also raked in more than
4 million in annual compensation, making him an easy target for shareholders ire.
In mid-October 2008, RBS announced that Goodwin would resign and be replaced by newcomer Stephen Hester, chief executive of British Land.
Chairman McKillop agreed to step down at the RBS annual meeting in April 2009, at which point he was replaced by Sir Philip Hampton.
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Circling the wagons
With new management secured and the Treasurys toxic asset plan in place, in early 2009, RBS hunkered down to plan its way back to protability.
According to announcements made in February, the bank plans to cease operations in 36 of the 54 countries in which it currently works. It also
intends to realize a one-sixth reduction in costs. Putting a number on that would mean about 2.5 billion in costs cut from RBSs worldwide operations
over the next three to ve years. As a preliminary step, in April 2009, the bank announced deep rounds of cuts that would impact 9,000 jobs, 4,500
of them in the U.K. These layoffs came on top of the approximately 6,000 job cuts that took place in smaller rounds earlier in the year and in 2008.
Although specic details were not provided, RBS said the layoffs would have the most impact in its group manufacturing division.
One thing after another
RBSs nancial problems in 2007 and 2008 were centered in its global banking and markets (GBM) division, which carries out the rms investment
banking operations. One of the biggest blows was a goodwill impairment charge of over 15 billion, fallout from the 2007 purchase of ABN AMRO.
(Critics of the ambitious acquisition got their I told you so moment, as did critics of former CEO Sir Fred Goodwin, who spurred the purchase
to fruition.) The ABN AMRO impairments were accompanied by yet another 6.5 billion credit impairment loss in scal year 2008, 3 billion of
which stemmed from GBM. The rm was also forced to write down approximately 8 billion on its exposure to structured credit vehicles, including
collateralized debt obligations. As if that werent enough, RBS was also heavily exposed to the $50 billion frauds perpetrated by U.S. trader Bernie
Madoff. This exposure stands to cost RBS at least 400 million.
GETTING HIRED
Here and abroad
Candidates looking for a job with Citizens should check out the careers section of the company website (www.citizensbank.com), which has information
about career opportunities and life at the bank, as well as answers to a list of frequently asked questions. For jobs with RBSs global markets group,
you can check the careers link on the RBS website and read about opportunities by location (including the U.S.). Recent grads wishing to check out
opportunities in Europe or elsewhere should also go to the RBS site. RBS gas graduate and internship programs throughout the Americas, Asia and
Europe. Candidates should have boundless energy and bags of enthusiasm, according to the rm, which also values uency in a second European
language and, of course, previous work experience.
Face the challenge
In general, the interview process for banking positions tends to take place in two stages: one thats based more around t questions and another thats
based more around competency. The interviews are usually two-on-one, and the questions are challenging and based on scenarios, actions and
results. But dont fret too much about the toughness. Though they do try and stretch you, they also try to get the right information out of you.
OUR SURVEY SAYS
Walk the extra mile
The banks culture places an emphasis on delivering as a team with exceptional standards and pushes to be market leader in all its markets. Its
also friendly and open, and everyone in the ofce works extremely hardbecause there is an emphasis on teamwork, people are happy to go the
extra mile. And workers actually enjoy each others company, it seems. There are company social activitieseveryone seems to get along extremely
well with each other, reports one insider.
Theres also a focus on teamwork when it comes to hours spent in the ofce. Since everyone on the team puts in the hours, it really doesnt feel
like an issue. Hours vary, but, if the pressure is on to meet a project deadline, it isnt uncommon to put in 60-hour weeks and come in on the odd
weekend.
Add it up
It pays to look at the big picture when it comes to compensation, insiders report. They may not pay huge salaries like some other rms, but when
the package is totaled up, it works out to be pretty competitive. And pension contributions are paid at 15 percent of base salaryI have not heard
of many better offers than this, admits one respondent. On its website, the rm also offers perks ranging from pet insurance to the option of buying
or selling a week of allotted vacation during the banks annual benets enrollment.
There are few complaints when it comes to the dress code, too. Although attire is business casual in many areas, formal dress is only required if
there is a meeting with a third party.
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221
Credit where credit is due
An ironclad pecking order is something thats conspicuously absent within the bank, sources say. It was difcult to notice much of a hierarchy,
because the work station of the head of the department was the same as mine. And while the workload can be very demanding at times, management
is good at recognizing commitment with either a quick email to the team or a social event covered by the company.
And the bank doesnt leave workers out in the cold when it comes to their personal development. Theres a seemingly unlimited budget for training,
particularly for professional qualications, and theres also the opportunity to move around the groupthey offer training to help you reach your
goals, even if they do not sit in your existing business area. Advancing within the rm is based on your performance and displayed behaviors, so it
is as meritocratic of an environment as you can expect in a large organization.
Diversity is a near-tangible concept at the rm, contacts say. It was extremely diverse, as I would hear several different languages every day. One
insider adds that a lot of the people that I worked with had MBAs from top U.S. business schools, but it seemed like there were analysts from all over
the world.
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55 Wheeler Street
Cambridge, MA 02138
Phone: (617) 492-7100
Fax: (617) 492-5219
LOCATIONS
Cambridge, MA (HQ)
Atlanta, GA
Bethesda, MD
Durham, NC
PRACTICE AREAS
Renewal
Dull research shop
Family-friendly
Sales-focused
THE BUZZ
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ABT ASSOCIATES INC.
1
PRESTIGE
RANKING
THE STATS
UPPERS
DOWNER
EMPLOYMENT CONTACT
DOWNERS
Dull research shop
Family-friendly
Sales-focused.
THE BANK OF NEW YORK MELLON
CORPORATION
One Wall Street
New York, NY 10286
Phone: (212) 495-1784
Fax: (212) 809-9528
www.bnymellon.com
BUSINESSES
Asset Management
Asset Servicing
Broker-Dealer & Advisory Services
Issuer Services
Treasury Management
Wealth Management
THE STATS
Ticker Symbol: BK (NYSE)
Chairman & CEO: Robert P. Kelly
2009 Net Income: - $813 billion
No. of Ofces: Ofces on 6 continents in 42 countries
RANKING RECAP
#25-Prestige
KEY COMPETITORS
Citi
JPMorgan Chase
State Street
UPPERS
There are opportunities to move around within the
company
Management is very open and easy to work with
DOWNERS
No sick days
No overtime pay given
EMPLOYMENT CONTACT
www.bankofny.com/careers
Good work life
Mediocre
Trust bank
Transaction services leader but not well known
THE BUZZ
36
PRESTIGE
RANKING
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The Bank of New York Mellon Corporation
THE SCOOP
No. 1 on Wall Street
Established in July 2007 from the $17.6 billion merger of Mellon Financial Corporation and The Bank of New York Company, The Bank of New York
Mellon is a securities services and asset management company with 42,300 employees operating across 42 countries. Headquartered in New York
City, at the enviable address of One Wall Street, The Bank of New York Mellon has about $22.4 trillion in assets under custody or administration and
more than $1.1 trillion under management.
The rm services some of the worlds leading corporations, governments, unions, foundations, endowments, mutual funds and high-net-worth
individuals through six main business units: asset management, asset servicing, wealth management, issuer services, treasury services, and broker-
dealer and advisory services. The Bank of New York Mellon offers asset management services through 15 wholly owned and three partially owned
subsidiaries.
BNY Mellon operates six main business lines. Pershing LLC and Pershing Advisor Solutions are the banks broker-dealer and advisor service
businesses, and they perform an average of 119,000 trades on a daily basis. The banks treasury management services is the third-largest payment
processor in the U.S., with more than 170,000 wire transfers daily.
From New York and Pennsylvania to the world
Founded in 1784, BNY can honestly claim to be the oldest bank in the U.S. Chartered by a group of New Yorkers (including Alexander Hamilton), it
was the rst corporate stock to be traded on the New York Stock Exchange, which opened in 1792. The bank played a major role in nancing industrial
and economic growth in New York City, building its assets through the 1800s and into the 1900s. In 1922, BNY gained a trust business by acquiring
the New York Life Insurance and Trust Company; it survived the stock market crash of 1929 and went on to acquire the Fifth Avenue Bank and the
Empire Trust Company. In the 1960s, BNY went where it had never gone beforeoutside New York, by opening a London ofce and purchasing
National Community Banks in New Jersey and the Putnam Trust Company in Connecticut. The 1988 acquisition of the Irving Bank Corporation created
what was then the 10th-largest bank in the U.S.
Mellon, on the other hand, was founded in 1869 by Thomas Mellon and his two sons. One of those sons, Andrew Mellon, eventually became the U.S.
Treasury Secretary. Many industrial giantsfrom an oil company to a steel empirewere backed by Mellon, and it was known for taking investment
risks as well as allowing the burgeoning industrial community in southwestern Pennsylvania to thrive. Throughout the 1980s and 1990s, it bought
up a number of banks in its native state of Pennsylvania, and eventually nabbed such rms as the Boston Company, the Dreyfus Corporation, United
Bankshares and insurance company Safeco Corporation.
Up to its old tricks
Shortly into its marriage, The Bank of New York Mellon was acquiring companies as a combined entity. In December 2007, the rm bought ABN
AMRO Mellon Global Securities Services B.V., a 50/50 joint venture company established by Mellon Bank N.A. and ABN AMRO in 2003 to provide
global custody and related services to institutions outside North America. The rm became known as BNY Mellon Asset Servicing B.V. and a part of the
asset servicing division of The Bank of New York Mellon. The bank continues to be headquartered in Amsterdam and regulated by De Nederlandsche
Bank. Existing ABN AMRO Mellon clients will remain contracted to BNY Mellon Asset Servicing B.V., as will ABN AMRO Mellon staff at the companys
operational centers around the world. In conjunction with the deal, ABN AMRO Mellon CEO Nadine Chakar took up a new position as chair of the
supervisory board of BNY Mellon Asset Servicing B.V., and Pim Nederpel, ABN AMRO Mellons CFO, was appointed CEO.
The Bank of New York Mellon made another international purchase in January 2008 when it completed the acquisition of ARX Capital Management,
an independent asset management business headquartered in Rio de Janeiro, Brazil. ARX specializes in Brazilian multi-strategy, long/short and long
only investment strategies, and has more than $2.8 billion in assets under management.
Big-name clients
In June 2009, Bank of New York Mellon was selected by mortgage provider Freddie Mac as designated custodian. In this role, Mellon will be the
custodian for all documents related to mortgages delivered to Freddie Maca role Freddie Mac will be relinquishing. Mellon ofcially began providing
custodial services in October 2009.
Back in October 2008, BNY Mellon was named master custodian overseeing the Treasury Departments $700 billion bailout. Among its responsibilities
as master custodian are providing record-keeping services and overseeing the bailout funds cash and assets; providing pricing and asset valuation
services; and managing reverse auctions for troubled assets and executive compensation limits. The company outbid Citigroup, Wells Fargo and State
Street for the job, according to The New York Times.
And when Lehman Brothers infamously went bankrupt in September 2008, BNY Mellon was a corporate trustee for Lehman debt issues and sat on
the committee overseeing the Lehman bankruptcy proceedings.
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GETTING HIRED
Cradle robbers
For potential candidates, especially those just beginning their careers, you just might be in luck. On the rms career site, individuals with
undergraduate degrees seeking entry-level positions can apply for positions such as branch banking, corporate trust, investment accounting, stock
transfer, unit investment trust and American Depositary Receipts. For MBAs, BNY Mellon regularly hires newly minted business grads to serve as
corporate banking associates, investment management associates, and media and telecommunications banking associates. The bank also offers
an MBA summer associate program where business students work for 12 weeks in one of the following divisions: asset management, private client
services, capital markets, corporate banking, international banking, product management, marketing or operations management. BNY Mellon summer
internships for undergraduate students are typically in the rms branch banking group. The company generally likes to hire new college grads, says
a current insider. It is an excellent opportunity right out of college. Another adds that it is a good rst-time job. The rms website makes the
application process easy, allowing you to submit your resume online.
Just relax
The interview process, insiders say, is relaxed, relatively informal and nothing fancy. One insider, who says he interviewed with three different
managers and supervisors, reports being asked basic questionsmany of them behavioral. Expect at least three rounds, but dont expect bells
and whistlesits a fairly straightforward process, insiders say.
OUR SURVEY SAYS
Theyre pros
The bank houses a very professional, yet laid-back working environment, insiders say. Overall, the corporate culture at the rm is traditional, but
with a very good work environment for everybody. Maybe thats because where teamwork is the core of business. Although people need to work
hard, its likely an offshoot of the fact that the company has grown up very quickly in recent years. But theres a ip side, toothe bank also has
people who are dead set on leaving the ofce by 4:59 p.m. Then again, if you are ambitious, there is no limit to the amount of exposure you can
receive here. So, for the brightest, this is an open eld in terms of experience and learning.
Hours spent in ofce tend to be reasonableyour basic 8:30 to 5 and 10 to 7, says one insider. Still, there is overtime which pays you time and a
half for nonexempt employees. But be warnedonce you get to be an analyst and above, you do not get paid overtime, so many become more
reluctant to stay late and take on extra work or work that has yet to be nished.
On the management front, sources seem to be pretty content. My supervisors and managers are very open and easy to work with. Theyre also not
overly demanding, but expect you to carry your weight and complete your daily work with accuracy.
Pretty poor perks
But the reluctance may also stem from the paltry salary and benets. Actual bonuses were small, one insider condes, and not even close to
compensating for overtime. Plus, bonuses are paid four months after theyre earned to force staff to stay longer. There are four weeks of vacation
and medical/dental benets offered but only for the employee, so any dependents or spouses must pay their own medical/dental premiums.
Insiders report being offered stock options, but no sick days. (One contact adds that the interview process after taking any time off from work
was demeaning and very much like being questioned about an absence in high school. Another source reports that the only other benets are free
coffee and teabut staff must supply their own milk and sugar and adds the milk is frequently stolen from the company fridge by other staff.
On the bright side, the training offered gets a thumbs-up. There are terric online educational programs that range anywhere from in-depth education
about daily activities to a CFA prep course, one contact notes. And there are opportunities to move around within the company, including some of
BNY Mellons subsidiary divisions. Another aspect of rm life that does receive high marks from insiders is a business casual dress code that allows
jeans and sneakers on Fridays and specic manager-permitted weekdays. However, use common sense when dressing for the ofce. There are no
cargo pants and no T-shirts with words, phrases or logos allowed for women and men. Meanwhile, there are no city shorts, low-cut blouses or
revealing camisoles allowed for women.
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A long way to go
On the diversity front, there appears to be more women than men, and the majority of the administrators were very young. But there are a low
number of African-Americans and an even smaller number of Hispanics. There is, however, notable diversity in management, insiders report,
but when it comes to advancing, it seems as though its important to say the right thing and impress the right person to get ahead. One contact
says there was political correctness in name onlyactions and tone spoke louder than words. One insider notes that in recent years, the bank
has adopted a policy of no discrimination based on sexual orientation. This was the rst time the bank acknowledged that there was a sizable gay
employee population, and didnt reserve the anti-discrimination policies to only race and sex. This is a move that denitely denotes progress, the
contact asserts. For a stodgy, old-world bank, this moved the institution light years ahead.
And the rm seems to be on the right track for the future. Due to the recent merger of Bank of New York and Mellon, the company is now the biggest
custodian in the world and still has much room for growth, especially in Asia. It seems that on the whole, Bank of New York Mellon is in very strong
standing and should be for the long term.
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55 Wheeler Street
Cambridge, MA 02138
Phone: (617) 492-7100
Fax: (617) 492-5219
LOCATIONS
Cambridge, MA (HQ)
Atlanta, GA
Bethesda, MD
Durham, NC
PRACTICE AREAS
Renewal
Dull research shop
Family-friendly
Sales-focused
THE BUZZ
2010 Vault.com Inc.
226
ABT ASSOCIATES INC.
1
PRESTIGE
RANKING
THE STATS
UPPERS
DOWNER
EMPLOYMENT CONTACT
DOWNERS
Dull research shop
Family-friendly
Sales-focused.
125 Broad Street
New York, NY 10004
Phone: (212) 668-8000
www.opco.com
PRODUCTS & SERVICES
Asset Management
Estate Planning
Investment Banking
Trust Services
Wealth Management
THE STATS
Employer Type: Subsidiary of Oppenheimer Holdings
Chairman: Albert Lowenthal
No. of Ofces: 80
Getting stronger
Dont hear about them too much since CIBC merger
Good research rm
Mid-market focus
THE BUZZ
OPPENHEIMER & CO.
37
PRESTIGE
RANKING
RANKING RECAP
#26-Prestige
KEY COMPETITORS
Jefferies
EMPLOYMENT CONTACT
See careers under about Oppenheimer section of www.
opco.com.
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Oppenheimer & Co.
THE SCOOP
Back to Fahnestock
Oppenheimer & Co. is a New York City-based investment bank that provides nancial services and advice to high-net-worth investors, individuals,
businesses and institutions. Oppenheimers business is organized into four divisions: capital markets, wealth management services, Oppenheimer
Asset Management and Oppenheimer Trust Company. The rm is a wholly owned subsidiary of Oppenheimer Holdings, a Canadian nancial services
holdings company. Neither Oppenheimer nor its parent is related to well-known OppenheimerFunds, the mutual fund management subsidiary of
Massachusetts Mutual Life Insurance.
The U.S. broker-dealer is backed by over 125 years of history. The rms roots go back to 1881, when William Fahnestock founded Fahnestock
& Co. Through over a century of expansion and merger activity, Fahnestock & Co. eventually became Fahnestock Viner Holdings, which acquired
Oppenheimers U.S. private client and asset management divisions in 2003, and changed its name to Oppenheimer Holdings. When that happened,
the companys principal operating subsidiary, Fahnestock & Co., was renamed Oppenheimer & Co. In the years that followed, Oppenheimer made two
big acquisitionsMcDonald Investments and UBSs Fishkill, N.Y., ofcefurther solidifying itself as a leading nancial services company.
Four pillars
Oppenheimers capital markets group offers investment banking, research and trading solutions to growing companies, thriving communities and
institutional investors. Oppenheimers bankers work across a variety of industries, including consumer, energy, nance, health care, industrials, media,
telecom and technology. The rms public nance department works closely with cities, states and public authorities to develop efcient nancing
plans.
Wealth management services is comprised of over 1,300 nancial advisors located in more than 90 ofces across the U.S. The division provides advice
on a broad range of products and services to individuals, families, corporate executives, businesses and institutions. The rms asset management arm
was founded in 1985 to help individual and institutional investors build customized investment plans based on strategic asset allocation. Today, more
than 150 professionals work for Oppenheimer Asset Management, which provides customized professional money management through the consulting
group, Oppenheimer Investment Advisers and the alternative investments group of Oppenheimer Asset Management. Oppenheimer Trust Company
was established as a service to longstanding, high-net-worth clients and their families. The division provides clients with access to duciary services.
I-banking gets a boost
For the calendar years 2008 through 2012, CIBC will receive payment of at least $5 million a year, based on the performance of Oppenheimers capital
markets businessbut Oppenheimer doesnt have to start paying until the rst quarter of 2013. In addition, Oppenheimer will borrow $100 million
from CIBC, and CIBC will provide a warehouse credit line, initially as much as $1.5 billion, with which a new Oppenheimer U.S. entity will nance and
hold syndicated loans for U.S. middle market companies. Our rm is now positioned to service clients with a complete offering of capital markets
services, including M&A advisory, equity underwriting, high-yield xed income origination and loan syndication, said Oppenheimer Holdings chairman,
Albert Lowenthal, in a statement.
GETTING HIRED
Find your niche
Financial advisors and experienced hires alike get their own respective sections under the careers area at www.opco.com. If youre interested in a
position as a nancial adviser, you can ll out a short online form detailing your work experience and background. Unfortunately, there arent any job
listings for those with a little more experience under their belts to peruseyou are, however, encouraged to send in your resume and a cover letter to
human resources at humanresources@opco.com.
227
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55 Wheeler Street
Cambridge, MA 02138
Phone: (617) 492-7100
Fax: (617) 492-5219
LOCATIONS
Cambridge, MA (HQ)
Atlanta, GA
Bethesda, MD
Durham, NC
PRACTICE AREAS
Renewal
Dull research shop
Family-friendly
Sales-focused
THE BUZZ
2010 Vault.com Inc.
228
ABT ASSOCIATES INC.
1
PRESTIGE
RANKING
THE STATS
UPPERS
DOWNER
EMPLOYMENT CONTACT
DOWNERS
Dull research shop
Family-friendly
Sales-focused.
125 West 55th Street
New York, NY 10019
Phone: (212) 231-1000
Fax: (212) 231-1010
www.macquarie.com/us
Client Services
Corporate Finance & Advisory Energy Supply &
Management Solutions Institutional Stockbroking &
Research Lending & Asset Financing Real Restate
Structured Finance Treasury & Commodities Activities
Infrastructure & Specialised Funds Institutional & Retail
Funds Management Real Estate Capital
Product Solutions
Business Banking Services Commodities Funds German
& Austrian Closed-End Funds Equity Derivatives UK
Investment Funds Wealth Management services
THE STATS
Ticker Symbol: MQG (Sydney)
Chief Executive: Nicholas Moore
2009 Revenue: AU$5.5 billion
2009 Prot: AU$479 million
No. of Ofces: 70 ofces in 28 countries worldwide
Growing presence in the US
Still trying to nd its way in the US; unclear if US build-out
will succeed
Trying to expand
Struggling to establish itself
THE BUZZ
MACQUARIE GROUP (U.S.)
38
PRESTIGE
RANKING
KEY COMPETITORS
Citi
Deutsche Bank
Goldman Sachs
UPPERS
Friendly people
Communicative and helpful managers
DOWNERS
Women are still outnumbered in the workplace
Employees often work Sundays or Saturdays
RANKING RECAP
#27-Prestige
EMPLOYMENT CONTACT
See careers under about Macquarie at
www.macquarie.com.au.
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Macquarie Group (U.S)
THE SCOOP
Born in 69
Macquaries origins date back to 1969, when three men founded Hill Samuel Australia bank in Sydney, a wholly owned subsidiary of U.K. merchant
bank Hill Samuel & Co Ltd. The bank grew quickly thanks to its expertise in a diverse range of nancial services and products. It wasnt until the
1980s, 15 years after Hill Samuel was rst established in Australia, that the banks directors decided to restructure their rm into an Australian trading
bank; they received government approval to do so in February 1985. At that time, they renamed the bank Macquarie after the popular early Aussie
governor, Lachlan Macquarie (1761-1824), who is fondly remembered for guring out how to solve the then looming problem of a currency shortage
by purchasing Spanish silver dollars and punching out their centers to create two new coins, the Holey Dollar and the dump, ingeniously increasing
their worth, while doubling the number of coins in circulation. This prevented currency leaving the British colony.
Hill Samuels directors chose the Holey Dollar as the logo to represent their new banking entity, as they regarded Governor Macquaries ingenious
creation of the Holey Dollar as the ultimate inspired solution to a difcult problem.
Working in America
Lately, Macquarie has been beeng up its operations in America, increasing headcount and getting its hands on more and more deals in the U.S.
Most of the banks business in the U.S. is carried out through its subsidiary, Macquarie Securities (USA) Inc. Its business lines include commodity
and energy markets, debt markets, electricity trading, emerging markets, energy capital, institutional stockbroking and research, natural gas trading,
private equity funds management, real estate capital, real estate structured nance, residential community development and residential mortgages.
Theres also Macquarie Capital Advisors, which handles mergers and acquisitions and restructuring advisory services in nine industry groups:
infrastructure and utilities, natural resources, health care, security and defense, transportation, nancial services, retail and consumer products, oil and
gas and telecommunications, media, entertainment and technology (TMET). In April 2007, Macquaries restructuring and special services advisory
arm got a boost from the acquisition of Giuliani Capital Advisors (yes, New York City mayor-turned-presidential hopeful Rudy Giulianis rm). GCAs
specialty was advising distressed companies, and the deal added 100 investment banking professionals to Macquaries North American headcount.
Finally, Macquarie Capital Funds manages listed and unlisted investment vehicles; Macquarie Electronics (USA) provides lease nancing, used
equipment sourcing and remarketing services to the electronics manufacturing industry; and Macquarie Equipment Finance provides IT nance,
services and logistics.
The groups and divisions
Macquarie Group Limited is listed on the Australian Stock Exchange as MQG. In the U.K., it owns Macquarie Bank International and is regulated
by the U.K.s Financial Services Authority. Macquarie Group is organized into ve key operating groups (Macquarie Capital, Macquarie Securities,
treasury and commodities, Macquarie Funds Group, and banking and nancial services) and two divisions (real estate banking, and corporate and
asset nance).
Macquarie Capital (MacCap) provides corporate advisory, equity underwriting and specialised funds management businesses (including infrastructure
and real estate funds). MacCaps services include mergers and acquisitions, takeovers and corporate restructuring advice; equity capital markets,
equity and debt capital management and raising; specialized funds management; debt structuring and distribution; private equity placements; and
principal products.
Macquarie Securities is made up of three subgroups: cash, which is a full-service institutional cash equities broker in the Asia Pacic region. In Europe,
it operates as a specialized institutional cash equities broker; Delta 1, which oversees the groups equity nance, arbitrage trading and synthetic product
businesses, catering to both institutional and hedge fund clients; and derivatives, which offers equity-linked investments, trading products and risk
management services to clients around the world.
The treasury and commodities group encompass a range of products and services relating to commodities, futures, debt, interest rate and credit
derivatives, foreign exchange and emerging market bond broking. The Macquarie Funds Group is a full-service fund manager, offering a diversied
range of funds-related products and services. Finally, Macquaries banking and nancial services group offers banking services to private and
corporate clients, in addition to brokerage services, private portfolio management, mortgage management, credit cards, funds management and life
insurance.
The real estate banking divisions activities encompass listed and unlisted real estate funds management, asset management, real estate investment,
advisory, development management and real estate project and development nancing. The corporate and asset nance divisionlocated in
Australia, New Zealand, Asia, North America and Europespecializes in providing leasing and asset nance services, debt and nance solutions,
asset remarketing, sourcing and trading.
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Macquarie Group (U.S)
New chief
In May 2008, Macquarie hired a new CEO as longtime leader Allan Moss stepped down after nearly 15 years in the chief executives ofce. He was
succeeded by Nicholas Moore, who previously served as head of the Macquarie Capital business, which accounts for over half of the groups prots.
David Clarke, Macquaries chairman, called Moore the obvious choice to succeed Moss, citing his remarkable vision, energy and acumen.
Moore has been with Macquarie for two decades, and has held a seat on the executive committee for more than 10 years. He is credited with leading
Macquarie Capitals growth in corporate advisory, institutional stock broking, equity capital markets and infrastructure funds; his successor there is
Michael Carapiet, former global joint head of Macquarie Capital Advisers.
GETTING HIRED
Back in the U.S.A.
As far as the rms U.S. presence goes, Macquarie has an extensive career section on its web site (www.macquarie.com/us) where undergraduates,
graduate students and experienced professionals can search for job openings and learn more about positions at the rm as well as the interview
process. Theres also a meet our people section of employee proles that gives job hunters insights as to day-to-day life at the rm. Applications
are taken beginning each year in August.
Be up for anything
What youll encounter during the interview process could vary pretty wildly. One insider describes interviewing with a manager who just wanted to
know if I could do the job. But expect at least two rounds of interviews, in which candidates meet both HR and executive staff. While some banking
rms give their potential hires mathematical aptitude tests, Macquarie administers a psychometric assessment to their new hires. And expect to
undergo a reference and credit check, tooalong with original documents such as your certicate, training certicates, driving license and bank
statements.
OUR SURVEY SAYS
Team up
At Macquarie, everyone is part of the team, and the ofce is full of friendly people. The corporate culture has an Australian feel in the sense
that its very different from a typical Wall Street bank. Workers are very intense and intelligent, but theyre also more laid-back and tend to feel
less constrained by hierarchy. But its not too laid-backworkers abide by a formal always dress code.
Respondents report little trouble with the hours, which they call better than those at bulge bracket rms. But there may be a catch-22 when it comes
to working overtime at the rm. Theres little pressure to stay late when youre not working on a live deal, but youre usually working on at least one
live deal. More often than not, 60 hours is a good week, and 80 hours is on the heavy side. Weekend work seems to be a fact of life, but despite
having to often work Sundays or Saturdays, employees very rarely [have to work] both days on a weekend.
Rising through the ranks
As far as management goes, theres a variety of management styles and abilities. But thankfully, most are good. Most managers have come
up through the ranks and understand the business very well. Moreover, they have a signicant consideration for my personal development and
dont care about face time. For the most part, theyre communicative and helpful, though if they need your help, they wont hesitate to keep you
longer.
Macquaries diversity efforts receive mostly high marks. But when it comes to women in the workplace, the rm may be very receptive and
consideratebut women are still outnumbered. Another insider even says that it can be a very male-dominated Caucasian environment.
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ABT ASSOCIATES INC.
55 Wheeler Street
Cambridge, MA 02138
Phone: (617) 492-7100
Fax: (617) 492-5219
LOCATIONS
Cambridge, MA (HQ)
Atlanta, GA
Bethesda, MD
Durham, NC
PRACTICE AREAS
Renewal
THE STATS
UPPERS
DOWNER
EMPLOYMENT CONTACT
DOWNERS
Dull research shop
Family-friendly
Sales-focused.
Dull research shop
Family-friendly
Sales-focused
THE BUZZ
231
1
PRESTIGE
RANKING
270 Park Avenue
New York, NY 10017
Phone: (212) 270-6000
Fax: (212) 270-2613
www.chase.com
DEPARTMENTS
Business Credit
Commercial Real Estate
Corporate Banking
Equipment Leasing
Middle Market Banking
THE STATS
Employer Type: Subsidiary of JPMorgan Chase & Co.
CEO: Jamie Dimon
No. of Ofces: 73 (US)
Great for retail banking but J.P. Morgan is the stronger
brand
Consumer-focused
THE BUZZ
CHASE COMMERCIAL BANK
39
PRESTIGE
RANKING
RANKING RECAP
#28-Prestige
UPPERS
Exciting workplace
Good benets
DOWNERS
Lots of politics
Not-so-great pay
EMPLOYMENT CONTACT
careers.jpmorganchase.com
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THE SCOOP
Diverse services
Chase Commercial Bank, a subsidiary of JPMorgan Chase, operates along ve business lines. Its middle market banking division, which includes over
600 bankers and 700 service professionals, serves companies with annual revenues ranging from $10 million to $500 million, offering everything from
investment banking to cash management and credit. Companies with annual revenue of between $500 million and $2 billion turn to the corporate
banking division for traditional banking services and select investment banking products; Chase corporate bankers serve these clients through a
partnership with J.P. Morgans investment banking teams.
Meanwhile, the business credit, commercial real estate and equipment leasing divisions provide structured asset nancing (including loan structuring,
syndication and collateral analysis); commercial banking for real estate investors and developers; and equipment nancing, respectively.
Yeah, we do that
All told, Chase Commercial Banks more than 5,000 employees work with over 26,000 clients, including nancial institutions, municipalities,
corporations and nonprot entities, in 22 states. Chase can boast that its the No. 2 middle market lender in the U.S. and the countrys No. 1 asset-
based lender. Its also the top commercial bank in its retail branch footprint, which reaches from New York to Arizona. And, perhaps most important,
thanks to several recent monstrous mergers on its parents part, Chase Commercial Bank is part of one of the worlds biggest nancial services rms:
JPMorgan Chase employs more than 226,600 employees in more than 60 countries.
Chase Commercial has industry expertise in nearly two dozen sectors, including nancial institutions, health care, art galleries, cultural institutions, labor
unions, automotive, entertainment, jewelry and apparel, theaters, sports, technology, funds managers, lawyers and law rms, associations, nonprots,
municipal governments, associations, social services organizations, Native American tribes, public companies, higher education, restaurants and
restaurant suppliers, and specialty retail.
Plenty of clout
Parent JPMorgan Chase is one of the great legends of U.S. banking history, with roots that date back to 1824, when the Chemical Bank of New York
was formed. Over the decades JPMC incorporated or otherwise evolved from First Chicago, the National Bank of Detroit, Manufacturers Hanover,
Bank One, Chase Manhattan and the original J.P. Morgan & Company.
A 1996 merger between Chase Manhattan and Chemical Bank formed the countrys then-biggest bank holding company, which subsequently merged
with J.P. Morgan & Co. to form JPMorgan Chase. The new powerhouse was led at rst by J.P. Morgan CEO William B. Harrison. In 2004, JPMorgan
Chase combined with Bank One, which had been created in 1998 by the merger of Banc One Corp. and First Chicago. In 2006, former Bank One
CEO Jamie Dimon became chairman and CEO.
Buying Bear
Less than two years later, in March 2008, when legendary nancial institution Bear Stearns crumpled under the pressure of the credit crisis, JPMorgan
Chase was standing by to pick up the piecesliterally. In May 2008, JPMorgan Chase announced that it had completed its acquisition of Bear Stearns;
under the terms of the deal, each share of Bear was converted into 0.21753 shares of JPMorgan Chase common stock.
Bears fall sent shockwaves through the banking industry, and U.S. regulatory agencies went to extraordinary lengths to smooth the acquisition effort
and subsequent transitions. In July 2008, the Federal Reserve allowed JPMorgan Chase to purchase a $44 billion portfolio of derivative transactions
and hedgesincluding Bear Stearns Forex and Bear Stearns Credit Productsfrom the remains of Bear Stearns, which it already owned. Under
normal circumstances, a buy that big would be prohibited by rules governing asset sales between banks and their afliate companies. The Fed also
exempted JPMorgan Chase from regulations governing its transactions with Maiden Lane, a limited liability company constructed with the New York
Fed to hold some of Bear Stearns assets.
Rescuing WaMu
Another banks failure resulted in a major acquisition for JPMorgan Chase. Washington Mutual Bank, the countrys biggest savings and loan, collapsed
in spectacular fashion: it was shut down by the Ofce of Thrift Supervision, placed into FDIC receivership and awarded the dubious title of largest
American bank failure.
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Once more, JPMorgan Chase was there to pick up the debris, acquiring WaMus 2,200 branches and its $135 billion in deposits for $1.836 billion.
However, the deal also saddled JPMorgan Chase with WaMus extensive portfolio of tanking mortgage-backed investments. To fortify its capital reserves
against write-downs and losses associated with the acquisitionnearly $31 billion to startJPMorgan Chase quickly raised $10 billion through a stock
sale. WaMu branches, which reopened for business upon completion of the acquisition, are undergoing a rebranding process thats slated to be
complete by the end of 2009.
Was snatching WaMu from the brink of disaster a risky move for JPMorgan Chase? Perhaps, but the two banks had history: in March 2008, JPMorgan
Chase had made an unsuccessful $8 per share offer for the savings and loan. So, in the end, JPMorgan Chase got what it wanted, including WaMus
coveted West Coast branch network and the distinction of being the nations biggest bank (nally surpassing Bank of America).
GETTING HIRED
Sell yourself
Chase is very selective when it comes to hiring, only bringing in individuals who are highly qualied and have great skills. Indeed, the effort they
put into the process showsthey screen well and they have a return of reliable and hardworking people.
One source says the interview process consisted of a pre-interview dinner with senior bankers and one interview with two senior bankers at my
school. The questions the rm likes to ask are largely behavioral in nature, such as give me an example of when you were a leader, describe
how youve worked in a team environment and name three things you like and dislike. You may also get asked questions regarding what classes
youve taken. They asked me a wide range of questions, explains a source, from working in teams to ideas on how to improve the bank from an
outsiders perspective. Occasionally theres also one written test and one group activity observed by the managers.
Fit in
Expect at least three rounds of interviews that will help determine candidates who have the best t. So always remember to be prepared to discuss
what the rm does and how your department contributes to the rms bottom linethe answer is not always a nancial one. Questions might target
your skill and ability to deal with the scope and complexity of the diverse enterprises that make up the rm. Interviewers want to partly know if
youre good at your jobbut more importantly, they want to know if you can function in the environment. But interviews arent necessarily hard or
nerve-wracking and seem based largely on t. I was asked about my motivations, knowledge of the banking industry, and why I chose to attend the
university I did, reports one insider. You may also be asked is money or enjoyment more your objective in this position? During the interview, you
can also expect to be asked about what you are looking for in a position and what your ambitions are. Theyre also likely to see what you know
about banking through testing and questions. Interviewers may also ask what your ambitions are and see if they can be lled by the company.
One insider says my interview and hiring process was very down to earth and professional, adding I felt welcomed and relieved that I wasnt made
to feel like I was food for an ant eater.
OUR SURVEY SAYS
Exciting times
Chase provides an exciting, fun and challenging workplace, respondents say. The bank also provides a highly ethical, very relaxed, very
open great environment with a at structure. All the employees are helpful and treat everybody with respect. Workers at the rm get the work
done when they need to get it done, but they try to have fun and interact with other people while doing it. Youre also given responsibility early in
your career within a at structureyou can go into anyones ofce and ask them for help. And the rm trims the fat where it canwe are goal-
oriented to cut costs and achieve results while being a diverse rm that provides the best nancial services. While there can be lots of politics,
insiders generally give the overall company culture high marks.
Layer after layer
Insiders report mixed feelings regarding management. One insider says there are too many layers of management, although he concedes that it is
easy to see how unproductive the bureaucracy can be. Another contact concedes that in the nearly ve years Ive worked at Chase, Ive reported
to 12 different managers, but adds that you have to embrace change and get used to the manager shufe that goes on there. And while there are
also people there who have managed to hold onto the same position and job for long periods of time, even they cycle through many managers.
But there is also constant team-building throughout the rmnot just managers paying lip service to corporate mandates. Managers were attered
when you reached out to them, one insider.
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Expect to work mixed hours, too. Although most employees leave at 5 p.m., there is a strong group of people who stay late. In spite of this, hours
are exible and many work from home on Fridays. Mostly, as long as you get your work done and make your meetings, its not mandatory to be
in the building. (Of course, if your team worked with a remote group in India, you would need to be at work by 8:30 for conference calls, but if
you are not working with a remote team, it would be very feasible to show up at 10.) And turbulent market conditions frequently make for longer
hours, one insider confesses.
For the most part, the dress code is a generally business casual one when client meetings arent involved, where slacks and a button-down
become many employees standard dress. Depending on the department, however, some would go quite casual with dark tennis shoes and rolled
up sleevesbut most stick with the standard.
Mixed bag
One thing insiders arent particularly keen on, however, is the pay. Poor compensation is an issue, according to insiders. Its not all about cold hard
cash, thoughthe company also offers full benets, four weeks vacation and ve personal and six sick days. You also have the opportunity
to buy company stock at a 5 percent discount. As far as advancing goes, opportunities happen pretty much through the grapevine. You get to
know people and they ask your superior if they could acquire you for their team.
Diversity is mandatory
Insiders call the diversity at the rm amazing. Diversity efforts put forth by Chase include mandatory group sessions that used large physical maps
that included details like what the diversity mix will be in 2050, says one insider. Another contact adds that people from all races and socioeconomic
levels work hand in hand at the rm.
The future
The outlook for the rm is strong, maybe because the rm is highly regarded. Chase is seen as the only bank lately that can add value to
shareholders, says one insider. Indeed, its the only publicly owned bank that can utilize its size and strength to lend credibility in shaky times. Its
also very well positioned relative to other banks suffering from credit write-downs and liquidity issues.
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ABT ASSOCIATES INC.
55 Wheeler Street
Cambridge, MA 02138
Phone: (617) 492-7100
Fax: (617) 492-5219
LOCATIONS
Cambridge, MA (HQ)
Atlanta, GA
Bethesda, MD
Durham, NC
PRACTICE AREAS
Renewal
THE STATS
UPPERS
DOWNER
EMPLOYMENT CONTACT
DOWNERS
Dull research shop
Family-friendly
Sales-focused.
Dull research shop
Family-friendly
Sales-focused
THE BUZZ
235
1
PRESTIGE
RANKING
NOMURA HOLDINGS, INC.
2 World Financial Center, Building B
New York, NY 10281-1198
Phone: (212) 667-9300
www.nomura.com/americas
Asset Management
Global Investment Banking
Global Markets
Global Merchant Banking
Retail
THE STATS
Stock Symbol: NMR (NYSE)
CEO: Kenichi Watanabe
2010 Revenue: 1,356.8 billion
No. of Ofces: 190
RANKING RECAP
#31-Prestige
KEY COMPETITORS
Barclays Capital
Citi
Credit Suisse
Deutsche Bank
Goldman Sachs
HSBC
J.P. Morgan
Lazard
Morgan Stanley
Rothschild
UBS Investment Bank
UPPERS
Friendly culture
Lehman acquisition added prestige
DOWNERS
Lack of decision-making ability among managers
Not a household name in the US
EMPLOYMENT CONTACT
Follow the careers link at www.nomura.com.
Picking up Lehmans Asia and Europe operations is fueling
a new energya rm to watch
No ones ever sure what Nomuras doing
Lehman personnel expanded the reputation
Whos still there from Lehman?
THE BUZZ
40
PRESTIGE
RANKING
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2010 Vault.com Inc.
236
THE SCOOP
From Tokyo to the world
With 190 ofces in 30 countries, Nomura Holdings is Japans largest securities group. In the Americas, the bank does business through Nomura
Holding America, and has U.S. ofces in New York, Chicago, Los Angeles and San Francisco. Its four operating divisions in the Americas (equities,
xed income, asset management and investment banking) work jointly with Nomuras businesses around the world, allowing Nomura to conduct plenty
of international and cross-border deals. Its broker-dealer is Nomura Securities International.
This legend of Japanese nance arrived in New York in 1927. Today, its U.S. ofces provide capital raising, mergers and acquisitions advisory,
sales and trading, foreign exchange, derivatives, research and asset management. Its M&A group, based in New York, works both domestically and
internationally on deals, often collaborating with Nomuras Asian and European staff on divestitures, joint ventures, restructurings and valuations. It
has provided advisory services to companies in the consumer, nancial institutions, healthcare, industrial, retail and technology sectors.
Nomuras equity capital markets group is also based in New York, and offers origination, structuring, marketing, placement of equity-related securities
and strategic advice to corporate, institutional and government clients. This group works most closely with Nomura staffs in Tokyo, Hong Kong and
London, helping non-U.S. companies list on U.S. exchanges, arranging offerings in Asia and Japan for North American companies, offering investment
opportunities abroad for U.S. investors, executing global equity offerings and listing North American companies on the increasingly attractive Japanese
exchanges.
Best known in Japan as a domestic retail bank, Nomura has shown increasing interest in expanding its global operations. Worldwide, Nomura offers
a full range of securities and investment banking services, including asset management, merchant banking, corporate advisory, derivatives, foreign
exchange, sales and trading, research and capital raising. In Europe, its focus is on securities brokerage services, underwriting, M&A advisory and
asset management.
Journey from Osaka to New York
The son of an Osaka moneychanger, Tokushichi Nomura II was born in 1878, the year the Osaka and Tokyo stock exchanges were founded. At that
time, Osaka was Japans business and nance center. After a three-year transcription in the Japanese army, young Nomura joined his father at the
family business (called Nomura Shoten, or Nomura Shop). By 1904, the younger Nomura was running the shop, and he decided to add stock sales,
trades and spot transactions to his fathers currency exchange business. In 1906, Nomura created an in-house research department, and, to this
day, research is a central aspect of his rms operations. He began publishing a daily newsletter called the Osaka Nomura Business News, which
contained stock analysis, economic research and trading reports. Nomura became well known throughout Japan; no other broker at the time was
putting out such reports.
Thanks to his solid reputation, Nomura and his company survived the Japanese market crash of 1907. A year later, he took his rst trip to New
York. Nomura returned to Japan with the intention of creating a global nance rm that could compete with the best in America; his rst step was
to expand his research department and create a translation department so he could become involved in foreign currency-denominated bonds.
Underwriting and international trading were ramped up, and by 1917, Nomura Shoten became Nomura Shoten Incorporated. In 1922, Nomura
formed a holding company to contain his empire, and three years later, his securities division was incorporated separately as Nomura Securities. In
1927, Nomuras dream of opening an ofce in New York came true. By then, Nomuras enterprises included the stand-alone securities division, bond
sales, underwriting and commercial banking under the Osaka Nomura Bank name.
In 1946, the rms headquarters shifted to Tokyo, and ve years later, it launched an investment management business. Nomura is credited with
pioneering the use of investment trusts. It was also one of the rst foreign-owned companies to gain membership on the London Stock Exchange. In
2007, Nomura paid $1.2 billion to acquire Instinet, Inc., a major electronic trading services provider with 1,500 clients worldwide.
Landing Lehman
In September 2008, Nomura found itself at the center of the world nancial crisisand made the purchase of a lifetime. After the spectacular collapse
of U.S. investment bank Lehman Brothers, Nomura swooped in to buy Lehmans equities and investment banking operations in Europe, Asia and the
Middle East. The Asian businesses sold for 123 million (US$225 million), while the European and Middle East arms went for the nominal sum ofthis
isnt a typo1.09 (US$2), which was not a bad deal, considering that Europe and Asia typically represented half of Lehmans annual revenue.
The move preserved thousands of Lehman bankers jobs outside the U.S. and boosted Nomuras head count by over 8,000. In London alone, Nomura
added about 2,500 people to its existing staff of 1,500; Nomura moved the bulk of its businesses into the Lehman Brothers building in Canary Wharf.
Under the terms of the sale, several Lehman managing directors remained in place, and reports revealed that Nomura offered generous compensation
and all-cash bonus payments to retain several top Lehman bankers.
The Lehman acquisition was clearly Nomuras leap for the major leaguesthe businesses it inherited included rosters of FTSE 100 clients and over
20 ofces in Europe and the Middle East.
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237
In October 2009, Nomura Holdings purchased another prized asset, completing the acquisition of NikkoCiti Trust and Banking Corporation for 19
billion in cash. As of March 2009, just prior to the announcement of the deal, NikkoCiti Trust and Banking had 4.5 trillion in trust assets and more
than 100 employees, while Nomuras trust division possessed 19.5 trillion in assets and 261 employees.
GETTING HIRED
Coming to America
Nomuras main career page provides links to sites for four geographic areas: Japan, Europe, America and Asia/Pacic. The rms careers site also
offers a space to search for available positions and apply online, as well as several video interviews with insiders at the rm, giving interested candidates
an idea of what its like to work for Nomura through the words of its own employees. If youre interested in a job in America, Nomura advises you to
to attend careers fairs and on-campus events to meet business representatives and discover rst-hand their thoughts on the rm, our culture and
working environment.
Worthwhile experience
One intern at Nomura was hired after sending a resume, followed by one round of interviewing consisting of six or seven meetings, all with senior
professionals who had a fairly relaxed and polite interviewing style. Internships at the bank can be a good way for candidates to get an idea of what
its like to be a full-time banker. One intern was tasked with conducting extensive analysis into competitors in the biopharma venture capital market,
focusing on size of fund, investment objectives, co-investors and market segmentation. The intern was praised for designing research parameters
and appropriate questions, and for analyzing the research results. The intern gained excellent communication skills and a key ability to listen to
people through in-depth discussions with venture capital managers. Despite the fact that not that much training was given, and compensation was
a little under what most interns got paid, the intern says, I didnt feel that they were ripping me off or anything.
OUR SURVEY SAYS
Traditions tough to break
Nomura is a friendly rm where employers are respectful and respondents generally seem happy to work there. One source says, though, that
the culture can be quite bureaucratic. There can be a bit too much red tape everywhere, due in part to the risk-averse, muddled Japanese
culture. One former insider says that the team often complained about the way things are run around Nomura. Some have fewer gripes, calling the
culture simply traditional Japanese. One source notes that in the junior ranks, the London ofce is fairly diverse, made up of Brits, Americans,
Asiansthough they were Asian Britsand Aussies.
Doing time
Some sources say that experiences at Nomura differ drastically among business groups. There is no movement and no communication between
equities and xed income, according to one respondent. Another points out that hours at the rm can be tough, while one contact is not happy with
working 50 to 60 hours per week, but still manages to rarely or never work weekends. Yet another insider, who works 9 a.m. to 7 p.m., says hours
are not that bad, but points out that some of the team stays later.
Dress code at Nomura is smart, says one source, but the rm allows casual Fridays in some locations. Opinions about the rms ofce space vary,
with some calling it nice and others wanting more space. Nomura gets below-average marks on compensation and training, but scores well on
receptivity to women, ethnic minorities, and gays and lesbians.
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55 Wheeler Street
Cambridge, MA 02138
Phone: (617) 492-7100
Fax: (617) 492-5219
LOCATIONS
Cambridge, MA (HQ)
Atlanta, GA
Bethesda, MD
Durham, NC
PRACTICE AREAS
Renewal
Dull research shop
Family-friendly
Sales-focused
THE BUZZ
2010 Vault.com Inc.
238
ABT ASSOCIATES INC.
1
PRESTIGE
RANKING
THE STATS
UPPERS
DOWNER
EMPLOYMENT CONTACT
DOWNERS
Dull research shop
Family-friendly
Sales-focused.
100 King Street W., 1 First Canadian Place
Toronto, Ontario M5X 1H3
Canada
Phone: (416) 359-4000
115 S. LaSalle Street
Chicago, IL 60603
www.bmocm.com
SERVICES
Capital Raising
Market Risk Management
Merger & Acquisition Advisory Services
Research
Treasury Services
THE STATS
Employer Type: Subsidiary of BMO Financial Group
CEO: Thomas Milroy
2009 Revenue: C$3.5 billion
2009 Net Income: C$1.1 billion
No. of Ofces: 27 (including 15 in North America)
Up and comer
Amateurish
Strong mining shop, strong middle-market lender
Usually a co-manager on deals, never the lead
THE BUZZ
BMO CAPITAL MARKETS
41
PRESTIGE
RANKING
RANKING RECAP
#32-Prestige
KEY COMPETITORS
Baird
Bank of America
Barclays Capital
Deutsche Bank
Houlihan Lokey
Piper Jaffray
RBC Capital Markets
TD Securities
UBS Investment Bank
Wells Fargo
UPPER
Great corporate culture where everyone respects
everyone else
DOWNER
Few minorities in professional positions
EMPLOYMENT CONTACT
See careers section of www.bmocm.com.
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239
BMO Capital Markets
THE SCOOP
North American leaders
A division of BMO Financial Group, BMO Capital Markets offers a full range of wholesale banking services, including advisory, capital markets,
research, risk management, sales and trading, treasury management and institutional brokerage. BMO Capital Markets has over 2,200 employees
working from ofces in 27 locations around the world, including 15 in North America. In the U.S., BMO Capital Markets focuses on mid-cap and growth
companies. Wealth management services are provided to these middle market clients through BMOs subsidiary Harris Private Bank. In Canada, the
rm caters to larger clients and is a major underwriter and advisor on Canadian transactions.
BMO Capital Markets is a listed member of all the following major stock exchanges: NYSE, Nasdaq, American Stock Exchange, The London Stock
Exchange, AIM (London Stock Exchanges international market for smaller, growing companies), The Toronto Stock Exchange and The TSX Venture
Exchange.
Coming to the U.S., standing strong in Canada
BMO Capital Markets has been focusing on grow its presence in the U.S. through increased product penetration, improved cross-selling, expanded
trading activities and enhancing client coverage within key industries. Underlining the rms success south of the Canadian border, during its 2008
scal year, the rm doubled the size of its U.S. municipal bonds business through the acquisition of Grifn, Kubik, Stephens & Thompson Inc. (BMO
Capital Markets has been active in originating Build America Bonds, which were introduced in the American Reinvestment and Recovery Act of 2009),
and the rm advised U.S. Sugar Corporation on a multibillion-dollar sale to support Florida Everglades restoration. In addition, during the second
quarter of BMO Capital Markets scal year 2009, over 50 percent of its net income was earned in the U.S. (and during the quarter, the rms revenue
grew 17 percent versus the same period a year earlier and net income rose by 33 percent).
A year later, although the rm didnt nd itself atop the U.S. investment banking league tables, it was solidly atop the Canadian tables. According to
Thomson Reuters, for the rst six months of 2010, BMO ranked No. 7 in Canadian announced M&A deal volume and No. 5 in Canadian completed
deals. In addition, the rm ranked No. 3 in Canadian equity and equity-related underwriting, No. 3 in common stock underwriting, No. 2 secondary
offering underwriting and No. 5 in Canadian debt deals.
GETTING HIRED
Consider the odds
Beyond academic and professional experience, personality and cultural t are highly emphasized in the selection process, a source says. Because
the rm prizes its tight-knit culture and has small analyst and associate classes relative to the bulges, the recruiting process can be somewhat
selective.
According to one contact, BMO has been more selective every year, but does not necessarily target the top business schools, so its not so hard to
get hired. Instead, the rm targets selected schools within its footprint. Chicago sources say the Big 10, Morehouse, Depauw and the University
of Chicago are frequent feeders, while the New York ofces targets often include Brown, Columbia, Wharton, Villanova and Emory.
The decision process takes longer for senior hires, but is quite clear-cut for analysts and associates, an insider says. We are not hiring in large
numbers for the New York ofce, so it is competitive.
A social process
Candidates who come from nontarget schools must go through one or two preliminary interviews before being invited to a full day on site. For
campus recruits, the process begins in the fall with an informational presentation session on campus, explains a source. About a month later there
are one-on-one interviews on campus. Within two weeks of the interview, selected candidates will be called back to the head ofce for a series of
second-round interviews plus a meal with several employees at the same level as the candidate.
There may be an additional socializing event or dinner with fellow candidates the day before the nal rounds. On-site interviews may be conducted
by a range of senior analysts and associates along with a few vice presidents, and sources say its the second round that has more technical
questions. Behavioral questions are still in the mix, though: a contact recalls naming examples of times when I was challenged or took a leadership
position. Generally, you can expect a rst round thats more technical and skills-based, while the second round is more qualitative-oriented. The
company wants to know how you will t with the banks culture and atmosphere.
Another insider notes that BMO tries not to leave candidates hanging too longoffers are made promptly after the nal round.
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2010 Vault.com Inc.
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BMO Capital Markets
Few summer slots
The rm does offer summer positions for both undergraduate and graduate students, but participation is not critical to getting hired. Of course,
it is one important way to learn about our rm and gain consideration for full-time employment, but BMOs summer classes tend to be far smaller
than our classes of full-time hires.
An insider adds that there are limited summer opportunities available in the rst place, though this varies by ofce. Even at the analyst level there
are few summer opportunities in New York, he says. Most of the summer opportunities are in Chicago. Those who do enter the summer program
will nd that pay is market, based on an equivalent rst-years rate. Summer staffers work alongside coverage, M&A or commercial bankers doing
live deals. They also get additional training and go to events.
OUR SURVEY SAYS
No freaking out
The rm has a great corporate culture where everyone respects everyone else. The company boasts great people, and your input actually
counts for something. Also a plus: theres no yelling or freaking out. Perhaps this is because the company culture is steeped in Canadian politeness.
The BMO culture is very collegial and reective of our Canadian roots, sources say. Theres a strong emphasis on teamwork, but a contact points
out that individuals who excel are able to quickly take on more. Senior bankers are smart and busy, but very approachableeveryone knows
each other by name. An open-door policy helps managers delegate more and more responsibility. There is also direct access to and work
directly with directors and managing directors as a rst-year analyst, reports one insider. Superiors actually care what you think and take an interest
in your develop and career track.
Overall, there is a charismatic style of leadership among managers at BMO. And managers seek to help and guide junior professionalsand not
as subordinates. Managers outside my group know my name and make the effort to say hello and to ask how things are going. Expect a great
deal of respect from seasoned managers who know the business. According to this source, It is rare to nd big egos here.
One managing director appreciates that BMO has the resources of a large rm, but the entrepreneurial spirit of a small rm. And although it covers
all industry groups and provides all investment banking products, BMO is less structured than a large bank. This creates a very tight network
between junior bankers. We celebrate the wins rather than getting yelled at for the misses, explains an insider.
Theres a common spirit of having fun while getting deals done, and young bankers get lots of visibility. The downside, insiders say, is that while
you can work closely with upper-level management, you must sacrice the volume of deal ow that larger banks enjoy.
Big deal, long hours
BMOs marks on pay are mostly above average. One associate says, If you are in banking only for money, BMO is not bad, as it pays competitively.
However, if you are in banking for exit opportunities or deal ow, BMO may seem less attractive. Besides offering competitive compensation, BMO
provides a 401(k) matching plan with up to 5 percent of salary before taxes, and an employee stock option purchase plan with a 15 percent discount
on the purchase price. Senior bankers can take advantage of a long-term incentive plan paid out over three years with a tie to stock price. For
those working late in New York, theres $25 a night for dinner and $25 per meal for up to two meals on the weekends, and car service if you work
after 8 p.m. or on weekends. In Chicago, employees get meals and cabs after 7:30 p.m., company-provided lunches once a month or so, plus
free downtown parking and discounted gym memberships.
In terms of time spent in the ofce, the company offers pretty good hours for investment banking, but hours do depend on the time of year and
what live deals are going on. There can be crazy weeks, but, in general, employees work the amount of time that we need to, and there is little
required face time. Some weeks are about 60 to 70 hours, while others can easily be 80 hours or more, says an insider. The situation can also
become more manageable as employees work their way up the management ranks. As a director I control my hours more than I used to, says a
source, but it is almost impossible to go a weekend without a phone call or answering emails. Work on the weekends can vary, reports an analyst,
who averages about ve to 10 hours split between both days. A completely free weekend is rareabout once a month. BMOs lean teams can
help keep individuals from getting overwhelmed, however. The group is small enough that we look out for each other, so workload is pretty evenly
distributed, a contact explains.
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241
BMO Capital Markets
Dodge the tourists
For BMOs New York City employees, the ofce location in the heart of Times Squares bustle is a major downside. However, the rm occupies
the top four oors of the Reuters building, and the conference rooms are very modern and cubes are spacious. Its very typical ofce space,
but BMO does provide a fully stocked kitchen and decent comfort and amenities. A banker in Chicago says, I have a nice big ofce, although it
lacks windows.
The business casual dress code means that ties are optional, unless you are pulled into meetings. And usually in the summer we can dress
slightly more casual, a source says. Then again, casual seems to have its own meaning at BMO. The company dress code is business casual
daily but more business than casual. Casual in this case means business casual and business formal for client meetings, claries one insider. But
people dress appropriately and you rarely see khakis on the banking oor except on Fridays. But generally, there is a broad range of standards
and the code is what you make of it.
Lots to learn
BMOs current training program rst started in summer 2006, and it is trying to mimic the training programs of other banks on the Street. Sources
describe initial training as very good, thanks to the rms extensive training environment. The formal training session is just the right lengthsix
weeks. A contact notes, It is very relevant to how business gets done at our rm, and helps get new hires up to speed quickly. It is also a great way
to meet people. After initial training, learning takes place on the job or through seminars. Says a source, Informal training is good, because you
are exposed to a lot of hands-on experience and can work directly with senior bankers.
Trying to cultivate
Generally, the rm has a diverse workforce throughout the entire bank. There are many women in upper management at BMO and there is great
opportunity for women in the rm. In fact, 40 percent of the incoming I-banking analyst class was female, and although few senior bankers are
women, those who are do a good job of mentoring. But theres always room for improvement. Specically in terms of women, nance companies
need to offer more opportunities for women to work part time or ex-time, notes one insider.
Although the bank tries very hard to recruit women and minorities, there are still very few minorities in professional positions. One insider suggests
making sure that there is a diverse group that goes to recruit at the universities. But the rm is making progressHaving a mentoring program
of men-to-men and women-to-women set up for the new hires has been great. Treatment of gays and lesbians receives generally high marks from
employees as wellWe extend all benets to spouses and life partners. Still, for GLBT staffers a dont ask, dont tell mentality prevails; an insider
believes that the rm is underrepresented relative to the general population.
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55 Wheeler Street
Cambridge, MA 02138
Phone: (617) 492-7100
Fax: (617) 492-5219
LOCATIONS
Cambridge, MA (HQ)
Atlanta, GA
Bethesda, MD
Durham, NC
PRACTICE AREAS
Renewal
Dull research shop
Family-friendly
Sales-focused
THE BUZZ
2010 Vault.com Inc.
242
ABT ASSOCIATES INC.
1
PRESTIGE
RANKING
THE STATS
UPPERS
DOWNER
EMPLOYMENT CONTACT
DOWNERS
Dull research shop
Family-friendly
Sales-focused.
711 5th Avenue
9th Floor
New York, NY 10022
Phone: (212) 832-8000
Fax: (212) 832-8023
BUSINESS
Investment Banking
THE STATS
President & CEO: Herbert A. Herb Allen Jr.
No. of Ofces: 1
Leading media bank
Good in its niche market, but small and not an important
player in the big picture
For such a secretive companythey dont even have a
websitethey have done a great job of building a brand
Inconsistent quality; prestigious name partner and a couple
others
THE BUZZ
ALLEN & COMPANY LLC
42
PRESTIGE
RANKING
RANKING RECAP
#35-Prestige
UPPER
Work on huge, high-prole deals
DOWNER
Workplace is male-dominated
EMPLOYMENT CONTACT
Allen & Company
711 5th Ave.
9th Floor
New York, NY 10022
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243
Allen & Company LLC
THE SCOOP
Allens singular status
How is Allen & Company unlike other banks? Let us count the ways: It has no website, no barrage of press releases touting recent deals, no sprawling
menu of nancial services, no research division, no employment contact and no formal recruiting process. What Allen & Company does have is a
platinum reputation and serious mystique, earned over eight decades of semi-secretive, exclusive advisory and wealth management work with some of
the biggest names in corporate America. The rm is an institutional broker and money manager for high-net-worth individuals, including the founding
Allen family; it also provides M&A, underwriting and related advisory services. The rm regularly ranks as one of the top-25 M&A advisors by deal
volume each year.
Three-Herbert rm
Founded in 1922 by brothers Charles and Herbert Allen, the (very) private company is now helmed by the third generation of Allens, each of whom
has the same rst name. Founder Herbert Allen relinquished control to his son Herbert Anthony Allen in 1966; Herbert Anthony Allen Jr. took the
reins in late 2002. (Rule of thumb around the Allen world: Allen Sr. is always Herbert, while Allen Jr. is always Herb.)
When Herb Allen began his tenure as CEO, the rm quietly revamped its legal structure, creating a limited-liability company called Allen & Co. LLC.
The LLC, seeded with $40 million of Allen family capital, took over the operations of Allen & Co. Inc., which remains alive as an investment vehicle
for the Allens.
Coke is it
Most of Allen & Companys clients hail from the media, sports, entertainment, communications and technology sectorsthis tiny boutique was a
player in Googles 2004 initial public offering. Its also been behind the scenes of such headline-worthy deals as Time Warner/Comcasts purchase of
Adelphia, the Disney/ABC tie-up and the 20-year, $400 million deal that gave Citigroup naming rights to the Mets ballpark.
But Allen & Co.s closest ties are to Coca-Cola, thanks to a relationship that dates back to 1982. Then-CEO Herbert Allen had bought a controlling
stake in Columbia Pictures in 1973 (he paid just $4 per share for the legendary studio). In 1982, Coke bought Columbia, paying a whopping $750
million. Allen pocketed $45 million and earned himself a seat on the Coke board; the marquee deal also catapulted Allen & Company into the upper
echelons of i-banking, helping it win a number of prestigious clients.
Since its rst deal with Coke Allen & Co. has done over 15 subsequent deals and underwriting assignments for the soft drink giant and its afliates,
raking in millions of dollars in advisory fees. The Allen family still owns a chunk of Coke shares and theres been some boardroom back-and-forths,
too: Coke president Donald Keough became chairman of Allen & Co., and his son Clarke joined the banks institutional sales group.
The place to be
By all accounts, 1982 was a very good year for Allen & Companythats also the year the rm launched its annual media conference in Sun Valley,
Idaho. The exclusive executive retreat has become ground zero for big media deal making, attracting the likes of Barry Diller, Bill Gates, Michael
Eisner, Sumner Redstone and Oprah Winfrey.
The event is widely covered by business media outlets, which dispatch reporters to eavesdrop around the closed-door meetings in the hopes of
breaking news about a hot deal. Arena Football League Commissioner David Baker (another Allen & Company client) has called the phalanx of
corporate jets that land in Sun Valley at Allens behest the largest private air force in the world.
The cream of the crop
Many boldface names have made their way onto Allen & Companys list of managing directors. Among them are former U.S. Senator Bill Bradley;
George Tenet, the former director of the CIA; Priceline.com director (and media M&A powerhouse) Nancy Peretsman; and Steve Greenberg, former
Major League Baseball deputy commissioner.
As for CEO Herb Allen, until 2009, he and his family had ranked on the Forbes 400 Richest Americans list every years since the lists inception in 1982.
In the 2008 edition, Herb Allen and family ranked at No. 227, with an estimated net worth of $2 billion. In 2009, Allen dropped out of the list.
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Allen & Company LLC
GETTING HIRED
Good luck
Though former CIA Director George Tenet landed a job as managing director with the rm, that doesnt mean youll easily gain employment there. (Even
the hiring of Tenet himself wasnt announced in a company release and only leaked months later.) Needless to say, getting hired at Allen & Company
is no small feat. The rm doesnt publicize job openings, and the companys human resources department doesnt accept outside phone calls. The
company will, though, accept resumes mailed to its headquarters. Experience is necessary, as the company generally hires only MBAs with at least
a few years of work experience under their belt. Allen & Company Chairman Don Keough has said that those interested in landing a job at the rm
should develop a broad range of interests, get some international experience and learn a foreign language. Naturally, media industry experience is a
prerequisite. Intensive networking would seem to help as well.
OUR SURVEY SAYS
Nothing but winners
If you manage to join the ranks of the elite at Allen & Company, take heartits a wonderful rm with management who are kind and considerate
of their employees, insiders say. In turn, staffers are very loyal. And although its still largely a boys club, some women occupy high positions
within the company.
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Abt AssociAtes inc.
55 Wheeler Street
Cambridge, MA 02138
Phone: (617) 492-7100
Fax: (617) 492-5219
LocAtions
Cambridge, MA (HQ)
Atlanta, GA
Bethesda, MD
Durham, NC
PRActice AReAs
Renewal
tHe stAts
UPPeRs
Potential to share ownership in the frm
DOWNER
Some offce locations arent very cosmopolitan
EMPLOYMENT CONTACT
downeRs
Great public policy frm
Dull research shop
Family-friendly
Sales-focused.
Great public policy frm
Dull research shop
Family-friendly
Sales-focused
tHe bUzz
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1
PRESTIGE
RANKING
*In July 2010, Stifel Financial Corp. acquired San Francisco-based investment banking boutique Thomas Weisel
Partners for $7.60 per share, a healthy premium above its $4.36 close on the Friday before the deal was struck.
A well-known name in the industry, Thomas Weisel Partners had offered investment banking, asset management,
equity research and brokerage services from headquarters in San Francisco, as well as out of offices in Baltimore,
Boston, Chicago, Denver, New York, Portland, Calgary, Toronto, London and Zurich. Thomas Weisel Partners was
founded in 1998 by Thomas W. Weisel (Wize-ul), the man who founded Montgomery Securities 37 years earlier.
Thomas Weisel Partners went public in 2006, launching a self-underwritten IPO. The stock debuted strong and rose
30 percent above its $15 per share offering price on its first day of trading. However, after its successful debut,
Thomas Weisel Partners stock had been volatile and, at the time that Stifel purchased the firm, the price lingered
at about one-third of its debut.
tHomAs weiseL PARtneRs GRoUP, inc.*
43
PRESTIGE
RANKING
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55 Wheeler Street
Cambridge, MA 02138
Phone: (617) 492-7100
Fax: (617) 492-5219
LOCATIONS
Cambridge, MA (HQ)
Atlanta, GA
Bethesda, MD
Durham, NC
PRACTICE AREAS
Renewal
Dull research shop
Family-friendly
Sales-focused
THE BUZZ
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ABT ASSOCIATES INC.
1
PRESTIGE
RANKING
THE STATS
UPPERS
DOWNER
EMPLOYMENT CONTACT
DOWNERS
Dull research shop
Family-friendly
Sales-focused.
KEEFE, BRUYETTE & WOODS, INC.
The Equitable Building
787 Seventh Avenue, 4th Floor
New York, NY 10019
Phone: (212) 887-7777
Fax: (212) 541-6668
www.kbw.com
BUSINESSES
General Advisory
M&A Advisory
Mutual Thrift & Insurance Company Conversions
Structured Finance
THE STATS
Ticker Symbol: KBW (NYSE)
CEO: John Duffy
No. of Ofces: 10
RANKING RECAP
#38-Prestige
KEY COMPETITORS
FBR Capital Markets
Fox-Pitt Kelton
Sandler ONeill + Partners
UPPERS
Very supportive culture
No real pressure to put in long hours
DOWNERS
The brand name isnt as big as other rms
If you want to feel like a master of the universe, this isnt
the place for you
EMPLOYMENT CONTACT
www.kbw.com/contact_us.html
Best FIG bank
Never heard of it
THE BUZZ
44
PRESTIGE
RANKING
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Keefe, Bruyette & Woods, Inc.
THE SCOOP
Three leafed clover
KBW, Inc. is the parent rm of three subsidiaries: Keefe, Bruyette & Woods, its American investment banking business; Keefe, Bruyette & Woods
Limited, its international operation; and KBW Asset Management. All three parts of the rm focus on the nancial services and institutions sector.
Keefe, Bruyette & Woods serves banking and insurance companies, broker-dealers, mortgage banks, asset management companies, REITs, specialty
nance rms and securities exchanges. Its services include mergers and acquisitions advisory, general nancial advisory, equity capital markets, xed
income markets, mutual thrift and insurance company conversions and structured nance. According to Dealogic and SNL Financial, KBW managed
more IPOs and follow-on equity offerings in the nancial institution sector from 2004 to 2010 than any other investment bank, and also advised on
more nancial institution-related M&A deals from 2004 to 2009 than any other rm.
The three arms of KBW Inc. employ a total of 450 people in 10 ofces around the world; Keefe, Bruyette & Woods is staffed by approximately 75
professionals in Atlanta, Boston, Chicago, Columbus, Hartford, Houston, New York, Richmond, San Francisco and London.
Overcoming all obstacles
Formerly headquartered in the World Trade Center, Keefe, Bruyette & Woods lost 67 employees in the September 11 attacks. The rm fought hard
to rebuild, and in 2003, it opened a new, permanent New York ofce in midtown Manhattan. (Group CEO John Duffys book Triumph Over Tragedy
details the rms rebuilding process.)
In November 2006, KBW, Inc. completed the nal phase of its post-September 11 recovery by launching an IPO of 6.8 million shares. Priced at $21 a
share, the offering was also an opportunity for Keefe, Bruyette & Woods to work with Merrill Lynch as joint bookrunners. Within days the rm sold the
full slate of shares at the top end of its expected price range, reaping nearly $143 million. Analysts were impressedKBW wasnt the only boutique
bank to go public, but it was one of the few whose offering was so successful.
Cutbacks and expansions
In April 2009, an insider told the industry publication Private Equity News that Keefe, Bruyette & Woods laid off 7 percent of its workforce40 staffers
in total. According to KBW, there had been two layoffs in the xed income division, but the rm didnt say in which departments the other layoffs took
place. A KBW spokesperson told Private Equity News that the rm is examining the current makeup and leadership of its 70-employee xed income
department.
A little more than a year later, however, it was revealed that KBW was primed for an expansion. In June 2010, Keefe, Bruyette & Woods CEO John
Duffy told Investment Dealers Digest that KBW was expanding into the Asia region. KBW plans to provide investment banking services to rms in the
nancial institution sector in China, Japan, Korea, India, Indonesia and Australia.
GETTING HIRED
Get ready to schmooze
KBW is specialized due to its nancial services focus, and for that reason, it can be tough to get in. While the rm makes signicant efforts to locate
and hire good undergrads and MBAs, our size and scope obviates many traditional recruiting programs, says one insider who explains that KBW is
very small, and focused on the banking industry only. The contact adds, As a result, its not the kind of place where a regular stream of new analysts
and business school interns come through. In general, observes another source, hiring tends to be done on an as needed basis, and the truth is
that you really need to know someone or have some connection to get in the door. Yet another insider conrms, explaining that hiring tends to be
from within the industry, based on prior relationships or on having amassed a major track record at another rm focusing on the nancial industry.
Still, sources say that there are plenty of KBW employees that knew no one initially. For those with the energy to actively hunt down a position with
KBW, insiders have a few words of advice. First, one source says, youll want to know exactly what we do, what our business units are, and who the
important people in them are. Then contact those people and ask what kind of needs they have. If, on the other hand, you dont have that much
energy, you can use the KBW website and send a message to the departments. Individuals who take the latter route are less likely to get a response.
Insiders report that KBW classically likes people who are smart and easy to get along with. Humility probably helps more than bravado, adds a
source. For individuals interested in sales or trading, contacts advise, humor helps. Those looking at research or corporate nance should have a
willingness to work extraordinarily hard. Interviewing is a thorough process that involves a variety of questions with nothing thats prescripted.
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Keefe, Bruyette & Woods, Inc.
OUR SURVEY SAYS
Collegial culture
The rms culture is excellent, very supportive and collegial. And even though theres positive interdepartmental rivalry like there is at any rm,
there are few complaints. KBW is small and quite unieda rm with a family feel, notes one banker. Housed on one oor of a large building in
New York, its easy to know and interact with just about everyone. There is very little formality and there are a lot of close friendships. Just like at
home, dress is still apparently casual except for client contact. The guys at Keefe long ago came around to the epiphany that no one really wants to
wear suits, says another. People keep the place neat, and no one really thinks about it.
The rm has little hierarchy thanks to at structures and management availability. Compensation is at market, as are hours. One of the hallmarks
of this rm is that not only is there no real pressure to put in long hours, theres no real consciousness of the issue, says a source. They give us a
clear premise: well talk at the end of the year and see if you made money.
But Keefe isnt for everyone, says one insider. To work here, you have to be geared to a small rm and its reach and resources. I guess the brand
name isnt as big as Goldmans, so maybe there are times when you have to work harder to make an imprint on new clients. The contact adds, If
you want to feel like a master of the universe, this isnt the place for you; they just dont care about the trite side of Wall Street.
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ABT ASSOCIATES INC.
55 Wheeler Street
Cambridge, MA 02138
Phone: (617) 492-7100
Fax: (617) 492-5219
LOCATIONS
Cambridge, MA (HQ)
Atlanta, GA
Bethesda, MD
Durham, NC
PRACTICE AREAS
Renewal
THE STATS
UPPERS
DOWNER
EMPLOYMENT CONTACT
DOWNERS
Dull research shop
Family-friendly
Sales-focused.
Dull research shop
Family-friendly
Sales-focused
THE BUZZ
249
1
PRESTIGE
RANKING
25 Gresham Street
London, EC2V 7HN
United Kingdom
Phone: +44 (0) 20 7626 1500
Fax: +44 (0) 20 7489 3484
www.lloydsbankinggroup.com
BUSINESSES
Insurance
Retail
Wealth & International
Wholesale
THE STATS
Ticker Symbol: LYG (NYSE)
CEO: Eric Daniels
No. of Ofces: 2,000+
LLOYDS BANKING GROUP PLC
45
PRESTIGE
RANKING
RANKING RECAP
#39-Prestige
KEY COMPETITORS
Barclays
HSBC
Royal Bank of Scotland
UPPERS
Hands down its the people: everyones so talented,
intelligent and geared towards succeeding that it just
motivates you
The opportunity to work internationallyits a true
differentiator among competing banks
The culture: more relaxed than most banks
DOWNERS
Terrible reputation these days
Low morale given issues with compensation
Lots of cumbersome internal processes
EMPLOYMENT CONTACT
See our people at www.lloydsbankinggroup.com.
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THE SCOOP
Dropping the TSB
London-based Lloyds Banking Group operates through four main business units: retail, wholesale, insurance, and wealth and international. Its retail
division caters to an estimated 30 million personal customers, operating through brand names such as Lloyds TSB, Halifax and Bank of Scotland. The
wholesale unit mainly operates through Bank of Scotland in Scotland, and Lloyds TSB in England and Wales, while insurance does business mainly
under Scottish Widows. Wealth and international has three main subdivisions: private banking, asset management and international banking; the unit
operates under several brand names in more than 36 countries worldwide.
Formerly known as Lloyds TSB, Lloyds Banking Group was formed in January 2009 after Lloyds TSB acquired mortgage giant HBOS (Halifax Bank of
Scotland). The previous incarnation of Lloyds was also created from a huge merger. In 1995, Lloyds Bank and TSB Group combined to form Lloyds
TSB, then the second-biggest U.K. bank by market cap (after HSBC). Of course, Lloyds can trace its history much further backit was established
as the private bank of Taylors & Lloyds in Birmingham in 1765. Over the next 200 years, the bank grew through mergers and organic expansion to
become one of the biggest banks in the U.K.
The history of the savings bank movement (where the TSB came from) goes back to 1810 when the Revd Henry Duncan founded the worlds rst self-
supporting savings bank in Ruthwell, Dumfriesshire. The savings banks remained local organizations until the 1970s when the banks amalgamated
into regional institutions. TSB Group plc was formed in 1986 following otation on the Stock Exchange.
In 1999, four years after Lloyds TSB was created, all TSB and Lloyds Bank branches in England and Wales were rebranded with the identity of the new
entity (Lloyds TSB). A year later, the bank paid 7 billion pounds to acquire Scottish Widows, an Edinburgh-based mutual life-assurance company,
further strengthening Lloyds TSBs grip in the U.K. market. Also in 2000, Lloyds TSB established its asset nance division after its 627 million pound
purchase of Chartered Trust from Standard Chartered Bank.
Lloyds TSB sold its credit card business Goldsh to Morgan Stanley in 2005 for 1 billion pounds and sold its Abbey Life insurance business to German
banking giant Deutsche Bank for a cash consideration of 977 million in 2007. Lloyds also made headway in the U.K. banking market when it became
the rst among its peers to offer Sharia-compliant business accounts.
In September 2008, only two days after the infamous fall of Lehman Brothers, it was revealed that Britains Lloyds TSB was in takeover talks with HBOS
plc; investors became weary of HBOSs funding capability after the Lehman collapse, sending the U.K.s largest mortgage lenders shares plunging.
Two months later, the acquisition and participation in the U.K. governments recapitalization scheme were both agreed upon by Lloyds Banking Groups
shareholders (HBOS shareholders approved of the takeover a few weeks later). The acquisition was ofcially completed on January 16, 2009, at which
point Lloyds TSB changed its name to Lloyds Banking Group.
A new chair
In May 2009, Lloyds Banking Group Chairman Victor Blank said he would resign by the rms annual general meeting in 2010, a decision that came
as the bank faced a tough nancial situation after purchasing HBOS in late 2008. Senior Independent Director Lord Alexander Leitch was named as
deputy chairman, and the rm began to search for a successor to Blank.
Two months later, in July 2009, Lloyds named Winfried F. W. Bischoff, a former chairman of Citigroup and adviser to the British government, to succeed
Blank as chairman as of September 15, 2009. Bischoff recently co-chaired a panel that released a report favoring broad-based banking models.
GETTING HIRED
Top of its class
Lloyds actively recruits new hires from some of the largest and most prestigious universities in the U.K., including Cambridge, Bath, Edinburgh and
Durham. Insiders agree it is easier to land a job at Lloyds Banking Group after having a summer internship, but it is far from required, as many
current graduates and employees did not complete one. However, those that did join as an intern spoke highly of the experience. One contact says
his internship involved working on the management of private banking clients portfolios, commenting that the work was diverse. The experience, he
adds, certainly helped me in getting back into the organisation, as I knew how the bank operated.
While some insiders maintain that Lloyds is not an overly selective rm, the company say it has an extremely robust selection process that includes
a full day at an assessment center. Sources say the interview and selection process is relatively comprehensive, and potential hires are subject to
psychometric testing and competency based interviewing. A contact describes his hiring experience as a very straightforward process. There will
usually only be one interview for internal candidates, says another insider. The number of interviews for external candidates depends on the grade
of the appointment. There are a number of ways to land one of the vacancies that Lloyds has open for graduates. Applications are taken online from
September for graduates, industrial placements and interns.
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So many options
There are a number of different training programs, including a graduate leadership program, a summer vacation internship program and a 12-month
industrial placement program.
In the graduate leadership program, you will spend two years developing your technical expertise, leadership and management skills in selected
assignments. The program, recently revised, now has a greater emphasis on senior support, giving participants access to a senior manager and
a dedicated graduate development specialist. Your career journey will include formal training, one-on-one reviews and placements where you can
employ your management capabilities. Some of the placements also include study towards a professional qualication. The specic streams of the
program are general management, nance, corporate markets, human resources and IT.
Doing well during the 10-week, paid summer internship could see you fast-tracked to the leadership program when you graduate. These programs
tend to begin in June, but check the rms website for specic dates.
The yearlong industrial placement program is for those in the penultimate year of college. The program will give you excellent exposure to real work
and responsibility in all Lloyds Banking Groups major business functions.
Applications can be lled out online by clicking any of the apply now links on the Lloyds Banking Group career pages and completing the online
application. Applications for 2010 programs will begin in September 2009, although candidates were able to register their interest from in June.
Deadlines for programs vary, so make sure you carefully research the application dates for the program you are applying to.
OUR SURVEY SAYS
Think of England
On the company culture front, Lloyds is a very, very English bankor so it would like to be perceived as such. Because of this, it is very, very slow
to adapt to changeone proof that it still does not have an investment banking arm. The companys employees behave like wannabe bankers,
says one source. For example, they will use gloried terms to describe simple situations, but at the end will not have any substance in whatever they
were presenting.
Despite the somewhat uneven culture, Lloyds does look poised to endure. Lloyds survived the collateralized debt obligation backslash only because
it did not have the infrastructure and capability to generate more of this product, explains one contact. In this regard, Lloyds is a very, very quaint
English retail bank in essence, and you go there to work only if you want a career in retail or wholesale banking.
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55 Wheeler Street
Cambridge, MA 02138
Phone: (617) 492-7100
Fax: (617) 492-5219
LOCATIONS
Cambridge, MA (HQ)
Atlanta, GA
Bethesda, MD
Durham, NC
PRACTICE AREAS
Renewal
Dull research shop
Family-friendly
Sales-focused
THE BUZZ
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ABT ASSOCIATES INC.
1
PRESTIGE
RANKING
THE STATS
UPPERS
DOWNER
EMPLOYMENT CONTACT
DOWNERS
Dull research shop
Family-friendly
Sales-focused.
RAYMOND JAMES FINANCIAL, INC.
880 Carillon Parkway
St. Petersburg, FL 33716
Phone: (727) 567-1000
Fax: (727) 567-5529
www.raymondjames.com
DEPARTMENTS
Asset Management
Financial Planning
Investment Banking
THE STATS
Ticker Symbol: RJF (NYSE)
Chairman: Thomas A. James
CEO: Paul C. Reilly
2009 Net Revenue: $2.02 billion
No. of Ofces: 2,300
RANKING RECAP
#40-Prestige
KEY COMPETITORS
Edward Jones
Morgan Keegan
Wells Fargo
UPPERS
Working at Raymond James is phenomenal
Extremely exible hours
DOWNERS
Formal attire only in some ofces
Diversity efforts could be improved for gays and lesbians
EMPLOYMENT CONTACT
See professional opportunities section of www.rjf.com.
Growing boutique investment bank
Small; mid-cap focus
Mid-market leader; beginning to build up a reputation
Nice and stable
THE BUZZ
46
PRESTIGE
RANKING
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THE SCOOP
Financial Floridians
Founded in 1962, Florida-based Raymond James Financial (RJF) is one of the largest nancial services rms in the U.S., with 2,300 ofces around the
world. RJF subsidiary Raymond James & Associates is the largest full-service investment rm and New York Stock Exchange member headquartered
in the Southeast. Its business falls into four core areas. The private client group offers securities transaction, investment advisory and nancial
planning services to approximately 1.9 million client accounts. It operates through subsidiaries Raymond James & Associates (RJA) and Raymond
James Financial Services (RJFS) in the U.S. In Canada, its known as Raymond James Ltd., and in the U.K., it is Raymond James Investment Services.
The private client group consists of more than 5,300 nancial advisors.
The equity and xed income capital markets group includes institutional sales, investment banking, syndicate, equity research, equity and xed income
trading and public nance. It also provides research on more than 600 companies and market-making in 330 common stocks, as well as bond trading.
And its research group is well regarded on the Street.
RJFs professional asset management division includes proprietary asset management operations, internally sponsored mutual funds, nonafliated
private account portfolio management alternatives and several nondiscretionary fee-based programs. As of mid-2010, assets under management
totaled nearly $30 billion. The asset management group also includes personal trust services and two private equity funds. Finally, the Raymond
James Bank is a federally chartered savings bank providing loans and deposit accounts to clients of the rms broker-dealer subsidiaries.
From thrift to commercial
In September 2008, The bank announced its intention to change from a thrift to a commercial bank. The company issued a statement declaring
that the move had been part in the works for years. For some time, the Raymond James Financial board has been concerned about the limitations
associated with Raymond James Banks thrift status, leading to alternative charter considerations, the rm said in a statement. The move would
permit a higher proportion of corporate lending, which has historically been more protable and bears less interest rate risk, it said. Overall, the rm
said, the switch will have little impact on the rms overall operations and organizational structure.
The announcement followed Goldman Sachs and Morgan Stanleys announcements that they, too, would change become bank holding companies.
But then-Raymond James CEO Tom James emphasized that the spirit of these transformations are more form than substance. He also sought to
put distance between his rm and the other, troubled banks that had made the switch.
Hometown spirit
At Raymond James Financial, customer service is a No. 1 priority. In practice, this means that nancial advisors are given a certain degree of autonomy
in their dealings with clients. As Raymond James Chairman Thomas James has put it, good customer service cant come from automatons who only
read scripts provided by the home ofce. For his leadership, Thomas James won the 2008 entrepreneur of the year award presented by Ernst &
Young (James was CEO of RJF back then; in May 2010, he passed on the baton to current CEO Paul Reilly).
RJFs philosophy extends to its community, and many Floridians know it as a major supporter of local arts, sporting events and charities. The rm
sponsors the Raymond James Gasparilla Festival of the Arts, an arts and crafts festival that has been held in downtown Tampa since 1971. The
RJF main campus in St. Petersburg is also home to over 1,800 works of art, almost all of which are owned by CEO Tom James and his family. It is
considered one of the largest private art collections in the Southeast. In addition, Super Bowl XLIII was played in the Raymond James Stadium in
Tampa, Fla. According to Joyce Julius & Associates, a research company, the hubbub leading up to and during the Super Bowl granted Raymond
James an estimated $37.3 million worth of media exposure. That included pre-game mentions of the stadiums name and references to it in print-
media for the two weeks prior to the game, Reuters reported.
GETTING HIRED
Seasoned pros wanted
Be sure youre at the top of your game if you want to apply for Raymond Jamesinsiders say you must have attained a higher level of production
and seasoning in your eld to be considered for employment with the rm. If you feel up to the challenge, job openings available at Raymond James
can be found by checking the career opportunities link at www.raymondjames.com. There, the rm has full job listings in all of the rms locations,
detailed descriptions of job duties in each of its 18 departments and a section extolling life at Raymond James. For entry-level opportunities in
investment banking, Raymond James offers undergraduates three avenues: nancial analyst, research associate and syndicate analyst. RJF offers a
three-year nancial analyst program where, according to the rm, analysts play an integral role in the departments activities and are given a high level
of responsibility as a member of a specic industry-focused team. Research associates work directly with senior research analysts in the rms equity
research department. And syndicate analysts work closely with the investment banking, research, institutional sales and trading departments, gaining
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a broad understanding of equity public offerings and the equity markets.
Expect many rounds of interviews if youre asked into the ofce. Youll likely go through generally at least three interviews and possibly take a
multiple-choice personality and intelligence test. An investment banking analyst, for example, reports going through an on-campus interview that
consisted of t questions, and second rounds that typically last two days and involve many interviews of varying types some t, some technical.
The source adds, You also take a test that has math, logic and psychological questions. A research associate, who went through two rounds of
interviewing, says the rst round was a three-on-one, on-campus interview with numerous macroeconomic questions. The source faced six senior
interviewers in the second round and warns prospective researchers to know the current market environment very well. Insiders advise applicants
not to stress about the rms assessment test, describing it as standard in the industry. The 100-question exam, which youre not expected to
complete, measures the ability to think quickly and accurately. One insider even says they also asked all the nancial planners in my geographic
region about my integrity.
And dont try to hide anything, because you likely wont get away with it. The company requires an extensive background check before any
prospective employees join the Raymond James team.
OUR SURVEY SAYS
Happiness all around
Generally, employees at the rm seem content. Working at Raymond James is phenomenal, asserts one insider. The exibility to change jobs is
provided because the company strives to ensure each employee loves his or her job and is happy doing it. Another says the company culture is
greatvery family-friendly and family-oriented. More than one correspondent mentioned integrity when it comes to the workplace culture. One
insider simply calls it great, adding, Thats why Ive been here for more than 20 years. The company works for me and allows me to make the best
recommendations to my clients. And in striving to maintain a personal atmosphere, Raymond James is more laid-back than your average bulge
bracket New York rm, says a source in investment banking whos pleased with the exposure to management and deals. The investment banking
group is small, and analysts have access to managing directors and senior management within equity capital markets. Because industry teams are
smaller, you develop better relationships with superiors and are often given signicant responsibility. Another insider who says that Raymond James
has a strong history of family values supports the claim by pointing to associate phone directories listed by rst name instead of last, and company-
wide events, including scal year-end parties, graduation ceremonies for [the rms] in-house education system and annual company festivals.
A little bit of everything
The rm also offers a wide range of perksalthough benets offered may hinge on your ofce location. In independent ofces, each individual
chooses the perks they want to have. Some perks the rm offers include 401(k), prot sharing, stock options and a retention bonus. Raymond
James also offers signicant educational benets, including tuition reimbursement and rm-run training (Raymond James University), which includes
industry- and product-related courses, as well as leadership development classes. Vacation time offered is two weeks for the rst year, and it keeps
increasing based on length at the company. Plus, unused vacation and sick time can be rolled over for one year, after which it is lost.
As far as hours go, many employees are allowed to set their own extremely exible hours. But staffers will meet with clients as needed. One contact
is ne with maintaining a certain exibility, adding that if meeting with clients means coming in on Saturday or Sunday, thats cool. There also may
be travel required at times. One insider reports their time out of the ofce as happening two or three days per week. But if youre looking to quickly
move up the company ladder, you may be in luckopportunities for advancement are available to anyone seeking such, stresses one insider.
Wide wardrobe
Outerwear required for the job is based largely on where in the country you happen to work. An insider based out of Atlanta says the code is mostly
formal always, while a Tampa contact calls the required dress code business casual. Were expected to wear a collared shirt, but jeans arent
allowed. And another working out of a Los Angeles branch says casual summer attire is allowed.
Tackling diversity
In terms of diversity with respect to women, theres no glass ceiling, as evidenced by the number of women at the top of our company, one insider
says. Underlining its commitment to the development of women, the rm has two in-house groups to promote the cause: the Womens Advisory Council
(WAC) and the Womens Initiative Network (WIN).
Ethnic diversity receives high marks as well. The rm has a Cultural Awareness Week and color is not an issue in our company, another source
reports. But when it comes to the companys treatment and hiring of gays and lesbians, the jury may still be out. One contact reports that our
company is denitely family-oriented, but our independence allows all walks of life to coexist.
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ABT ASSOCIATES INC.
55 Wheeler Street
Cambridge, MA 02138
Phone: (617) 492-7100
Fax: (617) 492-5219
LOCATIONS
Cambridge, MA (HQ)
Atlanta, GA
Bethesda, MD
Durham, NC
PRACTICE AREAS
Renewal
THE STATS
UPPERS
DOWNER
EMPLOYMENT CONTACT
DOWNERS
Dull research shop
Family-friendly
Sales-focused.
Dull research shop
Family-friendly
Sales-focused
THE BUZZ
255
1
PRESTIGE
RANKING
140 Broadway
New York, NY 10005-1101
Phone: (212) 483-1818
Fax: (212) 493-8545
www.bbh.com
BUSINESS
Corporate Banking
Corporate Finance
Global Custody
Investor Services & Markets
THE STATS
Managing Partner: Douglas Digger Donahue
Great boutique rm with long-standing roots
Small player
Private partnerships are the way to go
Dusty, antiquated
THE BUZZ
BROWN BROTHERS HARRIMAN & CO.
47
PRESTIGE
RANKING
RANKING RECAP
#43-Prestige
KEY COMPETITORS
Bank of New York Mellon
J.P. Morgan Private Bank
Northern Trust
State Street
UPPER
Culture supports a work/life balance
DOWNER
Some face time required: modest pressure to be in the
ofce
EMPLOYMENT CONTACT
See career opportunities at www.bbh.com.
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THE SCOOP
What, me worry?
North Americas oldest and largest partner-owned and managed bank, Brown Brothers Harriman has seven ofces in the U.S. and seven overseas,
employing about 4,000 people. In addition to a full range of commercial banking services, the rm provides global custody, foreign exchange, private
equity, mergers and acquisitions services, investment management for individuals and institutions, personal trust and estate administration, and
securities brokerage. It also operates a subsidiary, Brown Brothers Harriman Investment Management LLC.
In July 2006, BBH converted its New York trust company into a nationally chartered trust, Brown Brothers Harriman Trust Co., with ofces in New
York, Boston, Chicago, Charlotte, and Philadelphia.
The Brothers history
Alexander Brown left his native Ireland for America in 1800, arriving in Baltimore to establish an import/export business built on his experience as an
auctioneer in the Belfast linens market. Ten years later, his four sons opened a merchant banking rm in Liverpool; a branch ofce in Philadelphia
followed in 1818. In 1825, Brown Brothers & Co. opened an ofce in New York City, and proceeded to expand their business into shipping and
banking. By 1857, Brown Brothers banking business had become the focus of the operation, and import/export work was discontinued. In 1931,
two businesses owned by railroad tycoon E. H. Harriman merged with the Browns company, forming Brown Brothers Harriman (BBH).
Minor reshufings
In early 2008, Brown Brothers Harriman merged its investor services and treasury and markets businesses. The new division, known as investor
services and markets, is led by William B. Tyree. He replaced Douglas A Digger Donahue Jr., who became BBHs new CEO as of January 1,
2008.
The divisional merger also saw some shufing of staff. Although senior management stayed in place, the company said in a statement, each partner
assumed additional responsibilities: Andrew J.F. Tucker became head of the companys market-related activities; Susan C. Livingston was named to
oversee the asset manager and fund client relationships and related services; Jeffrey R. Holland became head of client relationships and related services
for the nancial institution group; and Timothy J. Connelly was named head of client technology solutions and subcustodian network management.
Ready for M&A
BBHs mergers and acquisitions practice is focused on growing mid-market businesses, with special industry emphasis on health care services, medical
technology, telecommunications and media and outsourced business services. The M&A group is part of BBHs corporate nance department, which
also includes the private equity and mezzanine groups. BBH offers equity and mezzanine capital for corporate growth via its 1818 Funds. The
corporate nance department serves private and closely held companies, advising on middle-market mergers and acquisitions for companies with
values between $50 million and $500 million. In April 2010, BBH ranked as the No. 1 Securities Lending provider in the annual Global Custodian
Securities Lending survey fpr the second year in a row. The rm has also been named ranked as the No. 1 global mutual fund administration provider
by Global Custodian magazine.
Unlike some private banks that boast of their advisory groups independence, BBH believes its ability to be both advisor and investor creates several
unique advantagesthe rm takes an owner-oriented approach to examining strategies for clients.
GETTING HIRED
From all corners
The rm utilizes multiple resources to trafc in top-shelf candidates. Brown Brother Harriman recruits via colleges, job fairs, internal postings
and referrals, Internet job boards and even cold-call recruiting. But no matter how they get them, the rm is known for selecting candidates
from the top schools around the world and certainly in the U.S., says a source. This is also true of the institutional equities business, on the sales
desk in particular. The recent history of hiring patterns in institutional equities has shown somewhat of an Ivy League bias in sales. On the ip side,
another insider notes that not all departments are so stringent. In research I think they look for something a little less traditional. I think they are just
looking for really good thinkers, maybe with a air for the creative, no matter what school they went to.
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Interested candidates can check out the rms open positions on the company website, www.bbh.com. Applicants can search the rms database of
job opportunities by title, keyword, location, line of business and career level. Postings include a full list of responsibilities and qualications. Brown
Brothers has an internship program, but one former intern calls the experience a little dull. There is a lot of back-ofce activity and interns rarely get
exposed to the revenue generating parts of the company. But internships are also available in all areas and if youre willing to do a little drudgery,
you may be rewarded, since most interns/co-ops get full-time offers.
No applicant is an island
Expect competency-based interviews where the questions are all pretty similar, but teamwork is a main focus. Also, most of the teamwork
questions were specic and I needed to give detailed examples of how I inuenced others within my group, how I solved a problem within a group,
etc. Candidates interviewing for positions at Brown Brothers Harriman are also advised to study your resume really well. One source says it is
important for applicants to know yourself and know what you want in life. Candidates whose resumes spark interest among Brown Brothers recruiters
may receive a phone call from human resources to go over the position and the company. One source remembers the phone interview as a good
opportunity to have my questions answered, as well as for Brown Brothers to get a feel for my personality and see if I would be a good t for them.
Recruiters ask a variety of questions, including ones about basic knowledge of nance and the stock market, as well as ones to determine how much
the candidate has researched the rm.
After one or two phone interviews, candidates are invited to Brown Brothers ofces, where a number of interviews take place. One investment banking
recruit recalls one extremely vigorous eight-hour Super Day. I met everyone, including Brown Brothers Harrimans equivalent of the CFO, the senior
partner managing the institutional equities business, managing directors, strategists and associates. Another recruit recalls meeting a senior portfolio
manager, an assistant and a manager in the group hed be working for. This candidate was asked various questions about managing peoples
money and how I saw the market in the near term.
Another source says the most difcult interview was with one of Brown Brothers strategists, who initiated a conversation about my thoughts on the
market and what was going on out there, probing me for opinions and what I knew. One source recalls a lot of product questions, which I feel took
some of the interviews to a level of detail they otherwise would not have gone to. Other interviewers just want to see if I was comfortable talking
with people and could think on my feet, according to one source. The process could involve up to 20 interviews depending on your level, reports
one insider (yes, you read that correctly20 interviews). One insider vying for the position of vice president calls the process rigorous and says its
very careful about who it brings in at senior levels. Another insider reports going through seven or eight interviews over the course of a nine-month
period.
On the whole, interviewing days can be long, but theyre fair. No one was out to give me a hard time, says one source. My impression was
that people seemed more interested in how I was as a person, what I was like to work with, and how I would t in with a team that works long hours
together. Just dont expect the process to be fully over once the interviews are nished. Anticipate a background check (though theyre mainly
just concerned if youre wanted by the law and that you havent declared bankruptcy in the last few years), a drug test and a reference check.
OUR SURVEY SAYS
Life, meet work
Theres a good work/life balance at Brown Brothers Harriman, which is supportive of career development. Some also call the rm very tapped
in to the prep school and old wealth networks, as well as conservative and risk-averse. It also places an emphasis on individual results, but
employees are encouraged to do the best thing for their clients and there is no pressure to sell inappropriate products. Still, you will have a life
outside the rm if you work here, since management is very respectful of personal lives and other commitments.
No major complaints
Compensation gets a thumbs-up from most sources. One source, who says Brown Brothers is a true meritocracy, agrees that your bonus and raise
depend solely on your performance. Benets are nothing to complain about, says another. The rm matches 50 percent of employees 401(k)
contributions for up to 6 percent of salaries. After ve years with the company, you are fully vested in 401(k) contributions. Vacation time is good,
adds one respondent, who currently has about 28 days vacation.
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2010 Vault.com Inc.
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You may feel a little pressure ...
As far as hours spent in the ofce, theres a modest pressure to be in the ofce, but face time is not as important as other shops. I work a lot of
hours due to personal devotion to my work, says one workaholic. But no one asks me to stay late. One source reports spending less than 40 hours
per week at work and rarely or never working weekends. Managers at the rm dont require face time, but one contact notes, Your colleagues will
denitely pay attention to your hours. If they feel youre not working hard enough, theyll give you a tough time, but its all in good fun.
If youre a big boss, expect to dress to impress. The managersvice presidents and above seem to wear suits every day except Fridays. But for
everyone else, the dress code at Brown Brothers is business casual. Collared shirts and slacks will sufce, says one source. There are no jeans
allowed, but no tie required. People dress in khakis and a polo shirt.
The rms training programs get mixed reviews, with some calling them very useful and others giving them below-average ratings. Brown Brothers
Harriman scores well on diversity with respect to women, ethnic minorities, and gays and lesbians. But theres always room for improvement. I think
the rm is eager to hire women, but I dont see a lot of formal efforts with respect to promoting and mentoring them. Even so, insiders say theyve
never encountered any problems or prejudice.
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ABT ASSOCIATES INC.
55 Wheeler Street
Cambridge, MA 02138
Phone: (617) 492-7100
Fax: (617) 492-5219
LOCATIONS
Cambridge, MA (HQ)
Atlanta, GA
Bethesda, MD
Durham, NC
PRACTICE AREAS
Renewal
THE STATS
UPPERS
DOWNER
EMPLOYMENT CONTACT
DOWNERS
Dull research shop
Family-friendly
Sales-focused.
Dull research shop
Family-friendly
Sales-focused
THE BUZZ
259
1
PRESTIGE
RANKING
520 Madison Avenue
New York, NY 10022
Phone: (212) 508-1600
Fax: (212) 508-1633
www.pjsolomon.com
DEPARTMENTS
Fairness Opinions/Independent Committees
Family Business Advice
General Financial Advisory
M&A
Recapitalizations, Renancing & Restructurings
THE STATS
Founder & Chairman: Peter J. Solomon
No. of Ofces: 1
Very strong franchise in retail investment banking
Small
What a year theyre having; lots of traction in their sectors
Never heard of it
THE BUZZ
PETER J. SOLOMON COMPANY
48
PRESTIGE
RANKING
RANKING RECAP
#44-Prestige
KEY COMPETITORS
Evercore Partners
Goldman Sachs
Greenhill & Co.
Morgan Stanley
UPPERS
You are respected
Very friendly and understanding managers
DOWNERS
Training may not be as comprehensive as at larger banks
There is not too much ethnic diversity
EMPLOYMENT CONTACT
See careers section of www.pjsolomon.com.
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THE SCOOP
Ex-Lehman Brother branches out
Peter J. Solomon opened his eponymous Manhattan rm in 1989. Before striking out on his own, the Harvard-educated Solomon had spent many
years at Lehman Brothers. As of mid-2010, the rms upper crust included the founding chairman, Peter Solomon; Frederick Frank, vice chairman;
Kenneth T. Berliner, president; 14 managing directors; and six senior advisers.
Peter J. Solomon Company (PJSC) offers strategic and nancial advice to owners, chief executives and senior management of public and private
companies. The rms industry expertise includes retail, wholesale and catalog distribution; branded and unbranded consumer products; health care
and life sciences; media and communications; energy, pulp and paper; and consumer products. Since its founding, PJSC has completed more than
400 advisory assignments.
Business at PJSC is divided into ve primary divisions: mergers and acquisitions; recapitalizations, renancings and restructurings; nancing advisory
services; the special committee practice (which provides counsel to corporate boards and renders fairness opinions); and the family business advice
practice. But dont mistake this last division for something out of Norman Rockwell; PJSC advises families like the Fortunoffs, the Comers (who owned
retail giant Lands End), the Rabbs (former owners of the Stop & Shop grocery chain) and the Wylys (who owned the Michaels craft supply stores, and
entered into a $5.6 billion leveraged buyout agreement with Bain Capital and the Blackstone Group).
PJSC is a well known powerhouse in retail dealsit worked on Phillips-Van Heusens acquisition of Tommy Hilger and Walgreens acquisition of New
York drugstore chain Duane Readand from the beginning of 2009 through May 2010, the rm advised on a higher volume of M&A deals than any
other investment bank, according to Bloomberg. During the period, PJSC advised on $5.6 billion worth of total merger and acquisition deals, which
was more than Goldman Sachs, Morgan Stanley and Credit Suisse, among others.
Private bankers public persona
In 2007, Peter J. Solomon told The Deal that he intended to keep his rm private. But the veteran bankerdubbed a Master of the Universe by The
New York Timesseems to relish bringing his opinions to the public. Solomon published a number of articles in 2008 and 2009, in the Times and
the New York Sun, criticizing the particulars of the governments bailout plan.
As constituted, he wrote in the Times, TARP is an incipient disaster. He also criticized then-Treasury Secretary Henry Paulson for repeatedly
changing the objective of the program; pointed out that the two-page application for federal assistance is shorter and less detailed than a mortgage
application that a homeowner must complete; and concluded that TARP is an example of ineffective, inefcient government. Furthermore, he wrote,
taxpayers need protection from proigate bailouts, which have the potential of making earmarks look penny ante.
As an alternative, Solomon proposed creating an independent agency based on the Reconstruction Finance Corporation, which was implemented under
the New Deal. The agency, staffed by professionals, would answer to the Treasury secretary and Congress; would offer the sort of bipartisanship
advocated by President Obama; and separate dealmaking from policy, empowering the Treasury secretary to fashion policies that will restore long-
term growth.
In addition to his industry experience, Solomon has public-service credentials to back him up: he served as counselor to the secretary of the Treasury
under President Carter and was New Yorks Deputy Mayor of Economic Policy and Development under Ed Koch.
GETTING HIRED
Make the top ve
The rm is very selective in that it accepts as few as six analysts per year. And since it is a relatively small place, with everyone working on one oor,
t is extremely important. PJSC nds potential candidates at a variety of schools, such as University of Michigan, MIT, Harvard, Wharton, Columbia,
University of Chicago, NYU, Duke and select undergraduate business school programs.
Expect two or three interviews in total, starting with a rst-round campus interview. The second round is usually a Super Day featuring an interview
with three to six bankers, ranging from analysts to senior managing directors, followed by a dinner with analysts and associates. The on-campus
interviews will typically be two-on-ones with a partner as well as either an analyst or an associate, and about two or three people from each school
are invited back for the nal round of interviews, which is usually a mix of partners and associates. During the process, expect to eld some technical
questions, and if a candidate has trouble with technical questions, it is much more difcult for them to get hired. But expect a wide range of queries
as well. One candidate recalls There were all types of questions, ranging from resume-based questions to technical questions.
Interns may face slightly better odds. The rm hires two to three summer interns who get a real idea of what its going to be like as far as day-to-
day tasks. And they denitely have an advantage in getting a full-time offer if they perform well. In 2010, the rm hired four summer interns.
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261
OUR SURVEY SAYS
Both sides now
The culture is described by insiders as hardworking within a family company thats analytically intensive but simultaneously extremely friendly.
Youre denitely expected to work hard, but in general, you are respected, an insider adds. Another comments that its a small rm with a good
culture. Yet another says, We have quarterly outings for analysts and associates to sporting events, dinners, billiards and bowling. Some insiders
paint a different picture of the culture. Though you can take on serious amounts of responsibility while dealing with very senior people both internally
and with senior clients, one insider notes that senior partners show little care or consideration for analysts well-being.
Theres a range
Insiders disagree about PJSCs salary package. Some say its about average for the Street, others say its well below what the rest of the Street pays.
Perks, however, mostly receive pretty decent marks. The company springs for half of employees gym memberships, offers a $25 dinner allowance for
night work, provides all weekend meals, reimburses taxis home past 10 p.m., provides a BlackBerry and offers a fully stocked fridge with juice
and soda every day. But insiders also warn that the rm has a strong tendency of pinching pennies, and nickel and diming employees. Practices
like questioning taxi cab receipts add up and create bitterness among the junior people.
Watch out for the hours
As for hours, these are unpredictable, possibly because some insiders say that face time is requiredpeople often stay later than they have to,
waiting for senior bankers to leave before them. One insider warns that though the rm claims there is no face time policy, PJSC has one of the
worst unspoken of face time policies on the Street. Though the hours are better than those typically required at larger banks, there are still late
nights and weekends, and we are always on call. And dont even think about being late: There are times when attendance is taken and scolding
mass emails are sent regarding having to be in the ofce between certain hours. Sources tell us that, When projects arise, there can be times when
people work 100-plus hours per week.
A few bad apples?
Overall, managers are very friendly and understanding and treat the junior resources well and with respect, though more than one insider notes
that one bad banker can spoil the whole bunch. It only takes one inuential banker to make life difcult, he observes. Another tells the story of a
partner who treats analysts with no respect whatsoever, sending out weekly emails scolding analysts, masquerading as helpful career advice that
are all aimed to call out and embarrass a particular analyst.
But bad behavior from the higher-ups seems to be the exception to the rule at PJSC. Insiders say that, Most senior bankers are great to work for
and that associates at the rm are very good teachers and managers. Management also seems to take an active interest in developing junior
peoples work potential and understanding for the subject matter. Junior analysts are brought to client meetings and participate on conference calls
whenever possible, which tends to happen more frequently at a smaller rm like PJSC. And communication is encouraged, as the open-door policy
actually means something here.
Look sharp
The rms digs are very nice, comfortable and appealing, and offer great views from the New York ofces. Enthuses one staffer, Its one of
the nicer I-banking ofces I have seen. The ofces also have roomy cubicles, and there are multiple conference rooms and spare rooms. Plus,
the building is very well maintained.
But be prepared to maintain your appearance to match your ofce surroundings. The dress code has always been governed by a formal always rule,
even at the height of the dot-com bubble. And while it can be annoying, its a part of life at PJSC, respondents say. Dont expect to scoot by on
charm, either. Appearance is very important and scrutinized and systematically checkedfrom the type of shirt to shaving every day. And although
weekends are casual, the protocol for the rest of the week is unyieldingYou have to be fairly well put together every day.
Getting the skill set
While the training offered provides individual attention and specic skills, its also not as formal as bigger banks. Its mostly led by associates
and senior analysts but includes classes with an outside accounting professor. Training typically lasts four weeks and denitely provides the skills
necessary to succeed on the job, but may not be as comprehensive as at larger banks. Part of the program is outsourced and includes a visit to
Bloomberg headquarters and seminars with outside specialists, though the nuts and bolts of analyst training is done in-house by other bankers.
But once the formal training process concludes, the rm makes sure that learning doesnt stop. Classes are often taught throughout the year and
continually improving training is a real focus for the rm, sources note.
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Putting forth the effort
Although the workplace culture is somewhat male-dominated, the rm is making more of an effort to recruit women. PJSC actively seeks female
analysts and has three female managing directors. One insider adds that about 33 percent of his rst-year class was female. But the rms attempt
at ethnic diversity could use a shot in the arm. There are very few minorities in the ofce and overall, there is not too much ethnic diversity.
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ABT ASSOCIATES INC.
55 Wheeler Street
Cambridge, MA 02138
Phone: (617) 492-7100
Fax: (617) 492-5219
LOCATIONS
Cambridge, MA (HQ)
Atlanta, GA
Bethesda, MD
Durham, NC
PRACTICE AREAS
Renewal
THE STATS
UPPERS
DOWNER
EMPLOYMENT CONTACT
DOWNERS
Dull research shop
Family-friendly
Sales-focused.
Dull research shop
Family-friendly
Sales-focused
THE BUZZ
263
1
PRESTIGE
RANKING
PNC FINANCIAL SERVICES GROUP, INC.
One PNC Plaza
249 Fifth Avenue
Pittsburgh, PA 15222-2707
Phone: (412) 762-2000
Fax: (412) 762-7829
www.pnc.com
BUSINESSES
Asset Management
Corporate & Institutional Banking
PNC Global Investment Servicing
Retail Banking
THE STATS
Ticker Symbol: PNC (NYSE)
Chairman & CEO: James E. Rohr
No. of Ofces: 2,700
RANKING RECAP
#45-Prestige
KEY COMPETITORS
Bank of America
TD Bank
Wells Fargo
UPPERS
Collegial environment
People are friendly
DOWNERS
Some managers dont want to delegate or offer feedback
Ofces need a little updating
EMPLOYMENT CONTACT
See careers under About PNC section of www.pnc.com.
49
PRESTIGE
RANKING
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THE SCOOP
Strong as steel
The Pittsburgh Trust & Savings Company was founded in 1852, making it that citys oldest bank. After a century of growth and mergers, PT&S was
known as the Pittsburgh National Bank and played an important role in the growth of Pittsburgh industry. In 1982, Pennsylvania rewrote its banking
laws to permit statewide banking; Pittsburgh National joined with Provident National in what was, at the time, the biggest bank merger in U.S. history.
The convenience of the two entities shared initials made naming easy, giving birth to PNC Financial Corporation.
Four years later, the bank stepped outside state borders, merging with Kentucky-based Citizens Fidelity. In the 1990s, PNC spread across its home
state and advanced into Ohio, Kentucky and New Jersey. A number of strategic acquisitions brought PNCs business to Florida, Massachusetts,
Maryland and Virginia. In 2005, it added Harris Williams, a leading middle-market M&A advisor, as a wholly owned PNC subsidiary. Harris Williams,
named Middle Market Investment Bank of the Year by Investment Dealers Digest in January 2008, operates from its own ofces in Richmond, Va.;
Boston; San Francisco; Philadelphia; and Minneapolis. In 2008, PNC acquired rival bank National City Corp for $5.2 billion.
Weathering the storm
PNC Financial Services suffered setbacks in 2008 but seemed ultimately to emerge ahead of its rivals. The bank received $7.6 billion in government
assistance, which it used in part to buy rival National City Corporationa purchase that further enhanced PNCs geographic reach and capital base.
The rm did shed jobs in 2008 and early 2009, to reduce redundancies as a result of its acquisition of National City and as a result of losses sustained
during the fourth quarter of 2008. But, unlike so many other nancial institutions, the Pittsburgh-based powerhouse wound up 2008 in the black.
By mid-2010, PNC held assets under management of $105 billion with total deposits of $182.5 billion. Its retail banking division serves over 6 million
individual and small business clients. Also included in retail banking is a wealth management group. The PNC corporate and institutional banking
division includes asset-based lending, real estate lending and nancing, credit, treasury management and capital markets products and services
aimed at the middle market. Its PNC Global Investment Servicing division (formerly known as PFPC) oversees $2.3 trillion in total assets and provides
processing, technology and business solutions to the global investment industry. PNCs asset management division is handled by its 34 percent stake
in BlackRock, one of Americas largest publicly traded investment management rms with $1.31 trillion in managed assets.
Well regarded in many circles
Since 2004, PNC has been named one of Training Magazines Top 100 Companies for Employee Training. The bank has been ranked among
Fortunes Most Admired Companies and made the BusinessWeek 50. DiversityInc has included PNC on its annual list of 25 Noteworthy Companies,
while Working Mother has included PNC on its list of 100 Best Companies for working mothers every year since 2003. Additionally, BusinessWeek
has called it one of the Best Places to Launch a Career, and Barrons has ranked it as one of the top 10 wealth managers in the U.S.
GETTING HIRED
Get close
Some insiders think Pittsburgh-based PNC cant be as selective as a rm in New York simply because of its location. Others think the rm is very
selective, and a corporate nance analyst believes some lines of business are more difcult to be hired into than others. Selectivity is fairly high,
says another source, although you can set yourself apart by building close relationships with the recruiters.
Candidates who graduate from a well-known school in PNCs footprint are said to have an advantage. Recruiting takes place on a number of
campuses, including University of Pittsburgh, Penn State, University of Pennsylvania, Georgetown and Hampton. The rm goes as far west as Notre
Dame and maybe the University of Michigan, adds an insider. It goes as far south as Atlanta.
Screening them out
PNCs booths at campus career fairs serve as a screening process, and follow-up interviews are conducted on campus. Second-round interviews
are held at PNCs headquarters in Pittsburgh. PNC will take care of your housing and transportation arrangements, an analyst says. I was driven
in a private car from the airport to the hotel, put up in a luxurious hotel, and was driven to the airport after my interviews ended around 4 p.m. on the
following day, recalls one respondent.
On the interview front, the mood of the interview depends on the personality of the manager. But there are a few consistencies in the process
expect at least four interviews that may take place with human resources and managers from different departments. For one investment banking
analyst, the process lasted four or ve hours. I met with all my current team members, he says, and the questions were mostly behavioral.
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Specically, PNC is looking for evidence of leadership and teamwork, as well as times you have succeeded, how you responded to a failure, a time
when you took initiative and most importantly, a time when your integrity was tested. They may also ask about your exibility in relation to the type of
work environment and work to be done, such as mundane tasks or projects. One respondent recalls that the only interview question that I can and
will always remember is what would I like written on my tombstone? And watch out for this last one, warns a credit analyst. Do not talk about a time
when you wanted to a cheat on a test or told on someone who cheated, thats not what theyre looking for. They want to know how you will respond,
even under pressure, to make sure your personal ethics are not easily thrown away. After completing the interview process, most candidates can
expect to be contacted within a month regarding the decision. Though, this isnt always the case. One insider recalls that his rst interview was an
exploratory oneone year from my actual hire date. He explains, When an opening appropriate for my level became available, I was interviewed by
the hiring manager and received an offer within a week.
Enter the pipeline
Internships at PNC mean real work with real deadlines, plus related networking opportunities with employees and executives. A former intern
in Pittsburgh adds, We also elded one of the ercest kickball teams in the city. The internship experience exceeded all of my expectations, a
current analyst says. The work I did was primarily research and analytics, in combination with systems testing and report writing. The internship
proved extremely helpful in getting hired full time. My current job is an extension of my intern responsibilities. Agrees another analyst, I found it
easier to get hired in my particular position because my resume was oating around. In fact, some say the internship program is designed to be a
direct pipeline into the organization.
In addition to cash, former interns report receiving free housing as well. Many appreciate the weekly rmwide intern activities designed to build
camaraderie and learn more about other areas of the bank. PNC also works with other local companies to arrange after-work functions with interns
all over Pittsburgh. Throughout the rm, PNC interns work involves various projects that range in difcultybut never mindless busy work.
Several people who took part in the internship program during college say they returned to campus as seniors with a job offer already in hand.
OUR SURVEY SAYS
Ask and you shall receive
Its a collegial environment over at PNC. When I began at the company, I asked a lot of questions and not once was there any hesitation or
reluctance to help me exceed, explains one analyst. The culture is one of open communication, insiders say. Others say PNCs corporate culture
is very conservative, though insiders generally say that people are very nice and welcoming. The company operates from a core set of values,
and every employee is evaluated on how well they live the values, notes one PNC insider. Indeed, theres a focus on producing exceptional work,
but employees still have fun. The rms emphasis on teamwork and community means cordial relationships with peers, managers, and even the
security at the front desk.
I would characterize our culture as very un-bureaucratic, an analyst says. Just about everyones door is always open. Its a low-stress
environment, another source agrees. Most nd that PNC is a great learning experience because people are friendly and always willing to answer
questions and help with problems that may arise. Despite the hardworking atmosphere, most employees are laid-back. And every employee
has a voice and is encouraged to get involved.
Diversity at the rm is supported by members of an employee resource group who meet and offer their suggestions to the CEO. One woman says
that at least some of their recommendations are implemented annually. Others say that there are a lot of women in managerial, senior or executive
positions throughout the bank, and one source points out that PNC provides benets for domestic partners. However, in terms of ethnic minorities,
a few respondents say that the rm doesnt seem to be very diverse. A PNC veteran says theres a lack of effective diversity strategies. Another
insider believes the rm could make a better investment in building long-term relationships with smaller organizations that target minority and womens
groups.
A sweet balance
One source speaks for many when he says, Im happy with my job but would like an increase in salary. While compensation woes are common,
respondents do enjoy perks like a top-notch 401(k) plan with a 100 percent match (up to 6 percent of salary), discounted bank products,
company stock at discount and a pension plan. PNC also supports volunteeringemployees are provided up to 40 paid hours of volunteer time
each year for volunteer activities at child care centers related to PNC Grow up Great, the companys signature cause, and allows employees to set
aside a portion of their pretax earnings for transportation and health care costs. The rm also offers discounted pricing on several services and
retail products. The bank also provides tuition reimbursement on a per semester basis.
The work/life balance at PNC is very good, with sources saying they work a maximum of 50 to 60 hours a week. People typically work from 8 a.m.
or 8:30 a.m. to about 5:30 p.m., a corporate nance insider offers. Even high-level management seems to keep within a 40 to 60 hour workweek.
Even in investment banking, one analyst puts his hours at 50 to 60 per week-and the only regular weekend work is a few hours to straighten things
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out for the week on Sundays. Of course, the load can depend on deadlines and workow, but at PNC the emphasis is on work completion and
not time spent at the ofce. Another contact notes, I have a little discretion as to when I want to come in. I can come in a half-hour early, take a
short lunch and leave early. On a typical day, your boss expects you to leave at 5 p.m.
Dress appropriately
PNCs ofces need a little updating, say insiders. There are cubicles everywhereor, as one Pittsburgh-based respondent puts it, bland cubicles
and bad chairs. Space is limited, and one woman says the rm can be stingy with small and silly, yet very frustrating, things like making color
copies or buying ofce supplies. She adds, I know several departments that guard the key to the supply closet. When this happen, and the CEO is
getting tremendous bonuses, it is very frustrating for employees.
At least theres some comfort to be found in the PNC dress code, which has its own in-house term: business appropriate. This really just means
you dress depending on the situation, an insider explains. The standard dress is business casual, but if you are on a client meeting then you may
need to adjust accordingly. Know your calendar and you will be ne. The business appropriate code tends to be more formal for client facing roles
in general, and whenever vendors or suppliers are present. For men, typical daily wear involves slacks and an Oxford shirt or golf shirt, and for
client meetings, its suits or sport coats.
Big praise for the big shots
Management is rated highly by sources, who describe bosses with glowing positives like exceptional and awesome. Everyone has been extremely
helpful with my transition from school to work, says a corporate nance rookie. I have yet to see a manager treat any subordinate here in a way
that is at all disrespectful or uncomfortable, a woman remarks. While there may be a few managers who dont want to delegate or offer feedback,
the majority are excellent and willing to provide junior employees with great assignments and challenging work. They also maintain very
good relationships within the rms fun and productive environment. The management team tries to promote teamwork, says one respondent.
Company executives instruct people to address them by their rst names.
PNCs training, too, is topnotch and highly regarded in the industry. The rm really puts emphasis on training its young employees, sources say,
with programs of varying lengths depending on the position. Some initial training programs involve 8 a.m. to 5 p.m. classroom-type courses taught
by experienced professionals or hired consultants. There are also numerous and extensive ongoing training classes, and one underwriter says he
takes part in at least two to four trainings a year, each lasting one to three days. Other continuing education options include monthly brown-bag
lunches that cover a wide range of topics.
Climbing the corporate ladder within the rm is also strongly encouragedbut youll need to work for it. Opportunities for advancement are high but
are dependent upon your eagerness to learn, admits one insider. Plus, seniority is not key for advancement.
What the future holds
As for the companys immediate nancial outlook, we dont look for quick xes to affect long-term strategy, asserts one insider. Because of this, PNC
has weathered the current nancial storm and has a bright outlook as they look to expand in areas that their competition isnt covering.
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ABT ASSOCIATES INC.
55 Wheeler Street
Cambridge, MA 02138
Phone: (617) 492-7100
Fax: (617) 492-5219
LOCATIONS
Cambridge, MA (HQ)
Atlanta, GA
Bethesda, MD
Durham, NC
PRACTICE AREAS
Renewal
THE STATS
UPPERS
DOWNER
EMPLOYMENT CONTACT
DOWNERS
Dull research shop
Family-friendly
Sales-focused.
Dull research shop
Family-friendly
Sales-focused
THE BUZZ
267
1
PRESTIGE
RANKING
MORGAN KEEGAN & CO., INC.
Morgan Keegan Tower
50 N. Front Street, 17th Floor
Memphis, TN 38103
Phone: (901) 524-4100
Fax: (901) 579-4406
www.morgankeegan.com
BUSINESSES
Investment Banking
Private Client
Wealth Management
THE STATS
Employer Type: Subsidiary of Regions Financial Corporation
CEO: John Carson Jr.
President: R. Patrick Kruczek
No. of Ofces: 300 (approx.)
RANKING RECAP
#46-Prestige
KEY COMPETITORS
Edward Jones
UPPERS
Friendly, fun people
Challenging and rewarding
DOWNERS
Salaries could be higher
Corporate politics
EMPLOYMENT CONTACT
www.morgankeegan.com/MK/CareerOpp/default.htm
Preeminent rm within the Mid-South
Not good technical marketers
Good co-manager
Known for its private wealth practice
THE BUZZ
50
PRESTIGE
RANKING
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THE SCOOP
Out of the South
Morgan Keegan is the brokerage and investment banking arm of Regions Financial Corporation, one of the top 12 bank holding companies in the U.S.
and the largest regional bank in the Southeast. In 2004, Alabama-based Regions merged with Memphis, Tenn.s Union Planters Corp., and in 2006,
the entity merged with Birmingham, Ala.-based AmSouth Bancorporation in a massive $9.8 billion deal. These mergersplus the companys organic
expansion effortshave turned Regions into a national banking powerhouse, with over $146 billion in assets and $89 billion in deposits.
Morgan Keegans story began in Memphis in 1969, when it went into with just ve employees and one ofce. By 1972, Morgan Keegan had secured
a seat on the New York Stock Exchange, opened a second location and launched a xed-income group. It added an investment banking division in
1976, and after a successful IPO in the 1980s, expanded into asset management. Although it made a handful of acquisitions, Morgan Keegan stuck
close to home, buying smaller investment boutiques in Mississippi, Louisiana and Arkansas. It was acquired by Regions in 2001, and today, Morgan
Keegans clients include corporate, institutional and individual investors around the world. Regions has used some of its vast resources to grow Morgan
Keegan, which employs approximately 4,300 people in 300 ofces across the country. And when Regions sealed its big deal with AmSouth, all of
AmSouth Investment Services accounts and brokers were handed over to Morgan Keegan.
Top underwriter
Morgan Keegans underwriting prowess was again demonstrated in the rst half of 2010, when the rm continued to have success in its municipal
bond business. According to Thomson Reuters, the rm ranked No. 8 in underwriter of municipal bond issues for the rst six months of 2010, with
326 issues valued at $7.7 billion. The rm was also the No. 1 underwriter in all of the South Central U.S. (Alabama, Arkansas, Kentucky, Louisiana,
Mississippi and Tennessee), and No. 1 in number of issues in Louisiana, New Hampshire, Tennessee, Virginia and Georgia.
Research power
Morgan Keegans equity research department consists of 22 senior analysts who cover more than 300 companies from 10 industry sectors, including
consumer services, energy, nancial services, health care, industrial distribution/construction, real estate, security, safety and defense, special
situations, technology and transportation. Recently, 10 Morgan Keegan equity research analysts were ranked among the best analysts in the U.S. by
both The Wall Street Journal and Financial Times/StarMine. In fact, Morgan Keegan equity research analysts have been named to The Wall Street
Journals annual top analyst rankings for 13 straight years and to the FT/StarMine analyst rankings for eight consecutive years. In 2010, Simon
Leopold, communications equipment analyst for Morgan Keegan, was recognized as the No. 1 earnings estimator in the U.S. in the Financial Times/
StarMine rankings. Leopolds No. 1 ranking across all industries marked the second time in the last ve years that a Morgan Keegan analyst topped
the rankings.
GETTING HIRED
All on le
Check out the rms open positions at www.morgankeegan.com/MK/CareerOpp, which are separated by location (headquarters or elsewhere) and
division. Candidates for senior positions at Morgan Keegan should expect to go through a very difcult hiring process with two to three interviews.
A senior nancial planner notes that when she was hired years ago, it was a very easy interviewing process. Now, its a much longer procedure,
meeting all management and department employees. Although they can be arduous, Morgan Keegan interviews are generally informal and are
reported to consist primarily of questions about experience. I met with professionals from trading, sales and research, says one contact. Another
says, No one really interviews. Its a who you know thing at Morgan Keegan. Interested candidates can apply for desired openings through an
online application process.
Certain departments at Morgan Keegan such as investment banking, equity capital markets and xed income like to recruit from the top MBA schools
in the country, says a source, but its possible to get a job without that credential. If you are sharp and have a good rapport with management, you
can get hired. Another contact says that Morgan Keegan mainly recruits by word of mouth, but says the rm usually swings by the campuses of
Duke, the University of North Carolina, the University of Virginia, Vanderbilt, Washington University and the University of Texas on a quest for new
analysts and associates.
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OUR SURVEY SAYS
Family affair
According to insiders, Morgan Keegan is a regional rm with a small, family feeling. Its also competitive, young, challenging and rewarding. The
employees are said to be friendly, fun people who have numerous interests outside of work. One source conrms that there is a very exible culture
that rewards people who can make money for the rm. Downsides at Morgan Keegan include competing with bigger rms with more resources,
says one insider. But they want results and the good thing, though, is that Morgan Keegan can deliver. As for the dress code, its professional
business attire only. Everyone is expected to be in suits, says a contact in Morgan Keegans Memphis headquarters. However, the rm does allow
for casual Fridays during the summer.
Managers get fairly high marks. One source warns, though, that banking is a tough industry. If you want to get treated with great respect, you should
probably work for a government entity, not an investment rm. For those outside investment banking, the workweek isnt too strenuous, but junior
investment bankers can work long hours. As for climbing up the corporate ladder, one contact believes that getting promoted at Morgan Keegan
is largely a function of who you know, not what you know. Another conrms, Corporate politics are terrible. The source, a female banker, also
complains that women still fall behind men in pay and management. Another, more vocal contact adds, Women are not respected. Cultural and
ethnic diversity is not accepted. You are expected to assimilate to move up the ladder.
Bottom of the barrel
Most Morgan Keegan sources believe their salaries could be higher. One insider notes that bonuses are paid in August and February. The August
bonus is a xed percentage of base salary, while the February bonus is based on the protability of the department.
Perks at Morgan Keegan include discounted gym memberships, plus the rm matches part of the 401(k) contribution, and it issues options and
restricted cash. There is also a deferred compensation plan. One contact reveals that the rm used to have a stock purchase plan but it stopped
when Regions bought us. The source adds that stock options are available for senior VPs and up. Other benets at Morgan Keegan include a
qualied parking/mass transportation plan, partial tuition reimbursement for approved courses, and free counseling for employees and their families.
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THE VAULT 100
FIRMS 1-50
Vault Guide to the Top 100 Law Firms
Breaking into the Industry
Consulting
Accounting
Finance
The best of the rest
THE BEST OF
THE REST
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BANK LEUMI USA
579 5th Avenue
New York, NY 10017
Phone: (917) 542-2343
Fax: (917) 542-2254
www.leumiusa.com
BUSINESSES
Advisory Services
Brokerage Services
Cash Management
Corporate Services
Deposit Products
Insurance Products
Lending
Leumi Direct
Leumi Global Link
Trade Finance
Wealth Management
THE STATS
Employer Type: Subsidiary of Bank Leumi le-Israel
Chairman: Eitan Raff
President, CEO & Director: Uzi Rosen
No. of Ofces: 13
Bucket shop
Never heard of them
THE BUZZ
2010 Vault.com Inc.
272
KEY COMPETITORS
Israel Discount Bank
UPPERS
Good perks
Leumi has potential
DOWNERS
Limited technology
Poor management
EMPLOYMENT CONTACT
Follow the careers link under about us at
www.leumiusa.com.
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Bank Leumi USA
THE SCOOP
Loans, not handouts
The Bank Leumi story began in 1902 as part of a Jewish repatriation effort. The banks founder, Dr. Theodore Herzl, established the Anglo Palestine
Company in London; as he explained at the time, Jewish settlers in the Land of Israel do not need charity, but rather bank loans. Herzl believed that
a Jewish state could not survive without a robust industrial and nancial infrastructure, and, over the years, the institution that became Bank Leumi
has played a major role in Israels development.
Today, Bank Leumi is the biggest bank in Israel by market share, and the Leumi Group includes some 300 branches in Israel and 20 countries around
the world. At the group level, services are divided into four business lines: middle-market commercial banking, corporate banking, private banking
and retail banking.
Bank Leumi USA is one of Leumi Groups nine international banking subsidiaries. Based in New York, it also has operations in California, Florida and
Illinois.
New York roots
Bank Leumi USA was established in New York City in 1954, and for the rst two decades of its existence, expansion was conned to the ve boroughs.
After changing its name to Bank Leumi Trust Company of New York in 1973, the subsidiary opened additional branches in Manhattan and Queens,
as well as a foreign exchange facility at Kennedy International Airport.
In 1975, the bank made its way to Chicago and opened a branch in Beverly Hills, Calif. A 1976 acquisition deal with American Bank & Trust Company
added ve more branches, and in later years Leumi unveiled locations in Long Island, Florida and offshore centers in the Bahamas and the Cayman
Islands. Bank Leumi USAs nationwide presence ballooned in the 1980s with the launch of a dozen more branches, a leasing corporation and an
international banking facility.
A slimdown began in the 1990s, as Leumi sold off its retail branches concentrate on core commercial, private and international banking businesses.
Its name went on a diet, too: the Bank Leumi Trust Company of New York became Bank Leumi USA (occasionally abbreviated BLUSA) in 1997.
A brokerage is born
In recent years, Bank Leumi USA has moved into the brokerage business with the 2001 debut of Leumi Investment Services, Inc., a wholly owned
subsidiary that provides nancial planning, insurance programs, investment plans and services, equities, bonds, mutual funds, annuities and hedge
fund products.
As an FDIC-insured, full-service bank, Leumi USA provides a complete range of international, commercial and private banking services to middle
market businesses, multinationals, nonprots and high-net-worth individuals. One of Leumis prime niches in the U.S. is its ability to serve as an
intermediary for American companies and individuals with investments in Israel.
Rosens rise
CEO Uzi Rosen came to Bank Leumi USA from another Leumi subsidiary, Bank Leumi U.K. A 20-plus year veteran of the Leumi Group, Rosen
replaced Dr. Zalman Segal at the top spot in late 2004.
Rosen rose through the ranks after joining the Leumi Groups corporate division in 1982; from there he became a regional manager in charge of 65
branches, then served as head of the banking divisions commercial credit department. He became head of the banks construction and real estate
division in 1995, then took over at the U.K. subsidiary in 2001but departed after a few years to focus on the United States business.
GETTING HIRED
Send it off
If youre interested in applying for a job at Bank Leumi, check out the Careers section of www.leumiusa.com. From there, applicants can look at
detailed job openings and send their cover letter, resume and salary requirements to the banks physical address or to jobsusa@leumiusa.com.
Alternately, Leumi hopefuls can fax their resumes to (917) 542-2352.
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OUR SURVEY SAYS
A little bit of everything
Potential candidates looking for a rm that offers options that extend above and beyond traditional compensation packages will probably be pleasantly
surprised with Bank Leumi. In the way of company perks, the rm extends amenities such as gym reimbursements, referral services for child care
and elder care, work/life lunchtime seminars and in-ofce preventative health screenings.
And all employees get a fair shake (at least ofcially)the bank doesnt discriminate against race, creed, color, sex, national origin, religion, age,
disability, marital status or sexual orientation.
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BB&T CORPORATION
200 W. Second Street
Winston-Salem, NC 27101
Phone: (336) 733-2000
Fax: (336) 733-2009
www.BBT.com
DEPARTMENTS
Asset Management
Brokerage
Commercial Banking
Commercial Finance
Equipment Finance
Insurance
International Services
Investment Services
Mortgage
Retail Banking
Trust
Wealth Management
THE STATS
Ticker Symbol: BBT (NYSE)
Chairman & CEO: Kelly S. King
No. of Ofces: Approximately 1,500 branches
Protable commercial bank
Small regional, limited capital markets
Good co-manager
Richmond hurts status, middle-market focused
THE BUZZ
RANKING RECAP
#50-Prestige
KEY COMPETITORS
Bank of America
SunTrust
Wachovia
UPPER
Work hours are conducive to having a life outside of work
DOWNER
Compensation is below average compared to industry
peers
EMPLOYMENT CONTACT
See careers section of www.BBT.com.
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BB&T Corporation
THE SCOOP
Southern comfort
With over $163 billion in assets as of March 2010, Winston-Salem, N.C.-based BB&T is the 10th-largest nancial holding company in the U.S. Through
its subsidiaries, the rm offers retail and commercial banking, brokerage, commercial nance, insurance, trust and investment services through more
than 1,800 branches principally in the Southeast and Mid-Atlantic States. BB&T ranked No. 217 on Fortunes 2010 list of the 500 top corporations
in the country, up considerably from its No. 260 spot in 2009.
Small town story
Before BB&T grew to such proportions, it was more of a small-town story. Its history begins like a late 19th-century novel: Alpheus Branch, the son
of a wealthy planter, moved to eastern North Carolina to attend military school and married into a prominent Wilson County family. He set up a small
trade business, through which he met Thomas Jefferson Hadley, who was trying to set up an educational infrastructure in Wilson. The duo thought
the county could use a reliable bankswindlers were taking citizens money right and leftso they set up Branch and Hadley in 1872. The county
residents slowly started leasing money from Branch and Hadley, using its loans to build up their farms and plant a new crop, tobacco.
Branch bought Hadley out in 1887. As the years went on, the bank added savings accounts, trust departments and, come World War I, liberty bonds.
Insurance and mortgage products were offered by the early 1920s. When the stock market crashed in 1929, dozens of North Carolina banks had to
close their doors. BB&T survived and grew, doubling the number of branches and tripling its assets between 1929 and 1933.
Size without red tape
BB&Ts main subsidiary is Branch Banking and Trust Company, but the bank owns many other businesses, including Agency Technologies, an
insurance software and computer hardware provider; BB&T Insurance Services and Prime Rate Premium Finance Corporation, insurance offerings;
Scott & Stringfellow, brokerage and private client services; BB&T Investment Services, a discount brokerage; BB&T Equipment Leasing; BB&T
Commercial Finance, a rm that buys, manages and provides funding for accounts receivable for various clients in the furniture, textile and home-
furnishing industries; FARR Associates, leadership development consulting; Grandbridge Real Estate Capital, which provides commercial real
estate nancing; Lendmark Financial, offering consumer nance; Liberty Mortgage, specializing in wholesale mortgage lending to brokers; Regional
Acceptance, for auto nancing; Shefeld Financial, for small equipment nancing; and Stanley, Hunt, DuPree & Rhine, which offers employee benets
consulting.
To help such a sprawling organization run efciently, BB&T management has streamlined the decision-making process, organizing its banking network
into 33 regional groups, each run by a separate president. Each region is able to apply strategies and policies applicable to its particular area without
the red tape of securing approval from BB&Ts headquarters.
Buyback time
In June 2009, BB&T announced that it was leaving the Troubled Asset Relief Program by repurchasing the preferred stock it sold to the U.S. Treasury
in November 2008. The bank paid the Treasury $3.1 billion along with a dividend payment of approximately $13.9 million. In total, BB&Ts dividend
payments under the program came to about $92.7 million. All in all, 10 banks have received permission from the TARP program to repay their
loans.
King of BB&T
Kelly King assumed the role of chief executive ofcer of BB&T on January 1, 2009, after the retirement of John Allison, who had served the company
for 19 years as CEO. King took the helm after more than 35 years with the company. The Raleigh native was one of a group of young MBAs known as
the fab ve who shook up the company in the early-1980s. The group included outgoing CEO John Allison, and fellow executives Ken Chalk, Scott
Reed and Kings good friend Henry Williamson. Kings group was the driving force behind the series of acquisitions which began in the late-1980s
that eventually catapulted the company to its spot as the 10th-largest nancial holding company in the country. Before being elected as CEO, King
served as COO of the rm.
Kings era of leadership will undoubtedly be fraught with challenges. King acknowledged the enormity of his task in a press release announcing
his promotion. If youre someone who relishes a challenge, then you certainly couldnt ask for a better time to assume the role as CEO of a major
nancial services company than right now. In light of the credit crisis and complications in the residential mortgage industry, the rm will focus
on four main areas of improvement under Kings leadership; continuing to work through the credit crisis, revenue growth, client service quality and
expense control.
Just two weeks after his appointment as CEO of BB&T, Kelly King was elected to service on the board of the directors of the Federal Reserve Bank of
Richmond. King will serve a three year term as a Class A director.
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On January 1, 2010, one year after King assumed CEO duties, he also took over as chairman of the rm, having been elected to the spot at the end
of 2009. As he did as CEO, King succeeded Allison as chairman.
GETTING HIRED
Make them feel special
Selectivity at BB&T varies greatly depending on the position being sought. The rms leadership development program, for example, is very
selective and the process is difcult. Only the cream of the crop receives offers, as the rm focuses on hiring intelligent individuals with a lot
of potential for success. A contact says, We are looking for long-term relationships not only with our clients, but also with our employees. To nd
these people, recruiters turn to universities all across the U.S., with emphasis on the Southeast. It is not typical for them to recruit schools in the
Northeast, but they will take applications from all over.
Overall, BB&T is generally looking for intelligence and basic nancial knowledge and interest with strong academics when it comes to its college
recruiting. The rm whittles its list over the course of two or three interviews. A typical experience starts with an on-campus interview with a recruiter,
followed by a wine and dine dinner and two interviews, and ending with a nal round of in-depth meetings with prospective bosses. Some simply
have one on-campus interview followed by a full day on site. Potential questions include the following: Why do you want to work for a nancial
institution? What are your strengths and weaknesses? Why would you be valuable to our corporation? In addition, there can be role-play skits that
make you think on your feet. When going through the interview process, the important thing is to walk through a reasonable thought process that
leads to a reasonable answer, which demonstrates logical thinking ability, shares one insider. The company wants to know about your personal skills,
asking about situations where you dealt with teams and difcult people. They also want to know that you have done your research on the bank, its
operations and its culture. And be sure to let them know why you want to join them instead of one of their immediate competitors. Insiders say
that largely, the process is smooth, but warn it can take a while to hear back from them between the rst and second interviews.
Under-the-radar internship program
Those looking for a leg up might consider participating in one of BB&T internships, which are offered in an informal basis by select departments.
Insiders say participation is not overly important, but does give you an edge over an outside candidate because they are familiar with your work
ethic. Its not surprising that internships are not vital for someone seeking employment, considering few BB&T insiders even know they are offered.
Still, those who are aware of them say participation is an excellent opportunity.
OUR SURVEY SAYS
Growing pains?
While BB&T is denitely a conservative banking culture, its also a growing organization, insiders say. BB&T insiders cant say it enough: This is
a value-driven rm. The rms mission is to adhere to 10 core values: teamwork, productivity, self esteem, pride, justice, integrity, honesty, reason,
reality and independent thinking. These are continually discussed and emphasized. This altruistic bank is uncommonly focused on the well-
being of the client, which creates a highly moral environment in which employees are treated fairly. A contact says, Ive worked for several other
banks, and BB&T is the rst bank where I have not questioned whether I was in the right place. People at BB&T really do follow the mission of the
rm. Insiders say BB&T is very disciplined and conservative compared to peers. The old-school banking culture, though, is not stuffy. Theres
a healthy dose of work/life balance and those who contribute the most are rewarded the most. Its a family-orientated place that people come
to because of the environment.
Some say there is a disconnect between the corporations beliefs and the regions responsible for implementing them. BB&T expects a lot from
its employees, but also offers a great deal of job security. This isnt always a good thing, however. A contact says, There are a great number of
employees who y under the radar that should be forced out based on retirement age or red for incompetence. This might be because the good
ole boys seem to run the place, causing age and tenure to be treated as a skill. Some nd the rm to be nave, ignoring problems that should
be dealt with. And sometimes the politics and personal agendas can be frustrating.
Excellent benets arent enough
BB&T insiders are not thrilled with their pay packages. At BB&T, you are not paid to industry standards, states one insider. I believe that there is
more to life than money, but bills must be paid. Compensation is below average compared to industry peers. And the formula for annual bonuses
is too complicated. Not only that, but the incentive structure makes co-workers work against each other rather than together. New employees
might have an edge, because they treat existing employees unfairly in terms of compensation. According to one source, They will bring in a new
employee in a higher salary bracket than someone who has proven himself year after year. Employees do enjoy some nice perks, including excellent
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stock options and excellent medical care. The rm also picks up the tab for travel services, including hotels and rental cars, and per diem food
expenses. In one case, the company paid the initiation fee to join a tennis/social club. The health incentive program offers insurance premium
discounts and motivates employees to purchase discounted gym memberships. Employees also enjoy exible vacation schedules and a 401(k)
matching plan.
Flexibility counts
Theres a little bit of wiggle room when it comes to hours worked at BB&T. The hours are somewhat exible, and have an allowance of plus or
minus an hour around the typical 8:30 a.m. start time and 5:30 p.m. departure. Most employees work between 40 and 60 hours per week and
rarely on weekends. Some log 10-hour days and are still asked to do more, but the consensus is that work hours are conducive to having a life
outside of work. And the rm overall is pretty exible to allow for personal issues. Some departments are expected to stay late and held to higher
expectations, but for the most part, working extra hours is not mandatory. Newer employees may nd it necessary to work extra to keep up with
the workload. One source, who works between 60 and 70 hours per week and often on weekends, says, I wake up at 5:30 a.m. and read The
Wall Street Journal and other materials. Im at work between 8 and 8:30 a.m., and leave around 6 p.m. After a few hours with my family, I work from
around 11 p.m. to 1 a.m.
Learning experience
BB&Ts managers are amazing mentors and coaches. Subordinates are treated very fairly and receive a great deal of assistance with career
development. Most managers are very open and inviting, offering support and empathy to those working for them. Some say leadership skills
could be improved. According to one source, Everyone is friendly and respectful, but some managers have never been in lower positions, so they
dont set realistic expectations. And some feel favorites are apparent. Managers have their own agenda and will play favorites to other managers
to pad their pockets. Overall, treatment by managers is pretty respectful.
Insiders cant say enough about training for the rms leadership development program. The LDP program is the best training program in the
industry. This nationally recognized program teaches not just specic work-related classes but also various skills such as MS Ofce and public
speaking. The banks impressive dedication to employee training and development is evident in its exceptional offerings. BB&T always tries to
further educate its employees and provide appropriate resources.
Dont come looking for luxury
BB&Ts ofce space is a mix of bare-to-reasonable styles inherited through its acquisitions. The Baltimore digs are horrible and look bad. In
Raleighs very old ofces, it seems there are no upgrades given until it is absolutely necessary, and even then it is just enough to where it is
presentable. The Greensboro, N.C., location does not provide ofces (meaning its all cubes), which can make it difcult to conduct activities
related to my job.
By way of contrast, down in Atlanta, some rst-year employees have their own ofces. This is rare, however, as the ofce in Wilson, N.C., is 90 percent
cubicles. The Asheville ofce is a fairly nice facility. In Orlando, Fla., meanwhile, ofces are adequate and comfortable with a responsible sense
of scal responsibility. Frederick, Md., employees enjoy a fairly spacious, clean and comfortable facility.
Not quite obligatory
Overall, BB&Ts dress code is business casual but not strictly enforced. Generally, the companys dress code is pretty conservative, with most
wearing business casual-to-professional attire. On Fridays and Saturdays, people drift more to the business casual end of the spectrum, but no
khakis or jeans are worn. A button-down shirt or a golf shirt is acceptable on these more casual days. For women, shoes must have a dened
heel and panty hose is always encouraged. Managers must always wear a jacket, but a contact says, In Florida, the jacket policy slides a bit.
Difcult at all levels
Insiders admit there isnt a lot of diversity at BB&T, and it just gets worse the higher up you go in the organization. Although the rm offers ongoing
diversity and communications training opportunities, and is open to minorities, insiders say it is not racially diverse. There are some obvious issues
with the number of minorities that are employed at BB&T. Essentially, if you are not a white male coming through the Leadership Development
Program (LDP), you can forget about going very far there. As for diversity with respect to women, sources say there are not a lot of women in
leadership positions at BB&T. Some note that the rm is still probably superior to other rms in this regard, but the reality is that most of upper
management is men. A contact says, We have 33 regions and three of them are run by female regional presidents. That speaks for itself. However,
insiders add that this doesnt necessarily indicate a preference for men over women.
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BROADPOINT GLEACHER SECURITIES GROUP
12 East 49th Street 31st Floor
New York, NY 10017
Phone: (212) 273-7100
www.broadpointsecurities.com
DEPARTMENTS
Broadpoint Amtech (Equity Capital Markets)
Broadpoint Descap
Investment Banking
Venture Capital
THE STATS
Ticker Symbol: GLCH (Nasdaq)
Chairman & CEO: Eric Gleacher
No. of Ofces: 8
Growing capital markets platform
Prestige diluted by Broadpoint
Losing its luster
Never heard of them until three months ago
THE BUZZ
KEY COMPETITORS
Cowen and Company
Evercore Partners
Greenhill & CO.
Stifel
William Blair
UPPERS
Culture is changing
US platform is a mix of professionals from many different
backgrounds
DOWNERS
In terms of hours, conditions are difcult today
Needs to pay competitive bonuses to retain top
performers
EMPLOYMENT CONTACT
Human Resources
Fax: (518) 447-8115
Email: careers@broadpointsecurities.com
See careers under about us section of
www.broadpointsecurities.com.
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Broadpoint Gleacher Securities Group
THE SCOOP
Rebuilding from scratch
Broadpoint Gleacher Securities Group is a New York-based investment bank whose most recent incarnation was formed in June 2009 when Broadpoint
Securities Group acquired Gleacher Partners for $20 million in cash. Today, Broadpoint Gleacher focuses on serving middle market and emerging-
growth companies, and, in addition to its headquarters in Manhattan, its nearly 300 employees work out of ofces in Boston, Chicago, Minneapolis,
San Francisco, St. Louis and London.
In the wake of the subprime crisis and the subsequent collapse of the global markets, along with making a major acquisition, the rm recently added
restructuring and recapitalization groups, and expanded its debt capital markets business.
Five areas of business
Broadpoint Gleacher has ve main businesses: investment banking, Broadpoint Amtech, debt capital markets, Broadpoint Descap and venture
capital.
Broadpoints investment banking group offers M&A Advisory services including buy-side and sell-side advisory, fairness opinions, board and special
committee advisory; recapitalization and restructuring advisory including in and out of court restructurings, exchange offers, Chapter 11 reorganizations,
distressed asset sales, company, creditor and board advisory; debt nancing solutions including public debt, bank debt, high yield, private debt and
equity nancing solutions including IPOs, follow-ons, PIPEs, registered directs, private placements, convertibles and other equity-linked securities.
Broadpoint AmTech is the rms equity capital markets group. It provides equity research, sales, and trading to institutional investors, covering more
than 130 stocks and 300 institutional account relationships. Broadpoints debt capital markets is a group of approximately 50 professionals that
provide primary issuance and secondary trading of debt securities. It trades more than $36 billion in securities annually. The Broadpoint DESCAP
group provides primary issuance, and secondary sales and trading in mortgage and asset-backed securities. Broadpoints FA Technology Ventures
provides growth capital to early and expansion-stage companies in information technology and energy technology, and assists management in
developing new companies.
The name game
Before it became known as Broadpoint Gleacher, the rm was known as Broadpoint Securities Group, a name it picked up in December 2007. Prior
to that time, it was known as First Albany Companies. The Broadpoint moniker entered the fold after the rm sold its municipal bond unit for $12
million to Dublin, Ireland-based DEPFA Bank. The sale to DEPFA gave the former First Albany a more streamlined focus on investment banking, and
gave DEPFA the rights to the First Albany name (the municipal bond unit is now called DEPFA First Albany Securities). As a result, First Albanys
board voted to change the rms name to Broadpoint Securities Group.
Also in the fall 2007, MattlinPatterson, a private equity rm, invested $50 million in Broadpoint and gained controlling interest of the company. This
gave MatlinPatterson control of the board and the right to name a new CEO, Lee Fensterstock. Prior to joining Broadpoint, Fensterstock founded
Bonds Direct Securities, and served as its chairman and co-CEO until it was sold to Jefferies Group. Previously, he was president and COO of Gruntal
& Co., a regional broker dealer. Earlier in his career, Fensterstock worked for PaineWebber. Under the new Broadpoint name, First Albany CEO Peter
McNierney was bumped to second place, taking on the president and COO titles. After acquiring nancial advisory rm Gleacher Partners in June
2009, it was rechristened Broadpoint Gleacher Securities Group.
Where the Gleacher comes from
Eric J. Gleacher, who founded Gleacher Partners with some former colleagues from Morgan Stanley, made his mark on the nancial world in 1978
when he started the mergers and acquisitions practice at Lehman Brothers. He defected to Morgan Stanley in 1985 but only stayed there until 1990,
when he set out on his own.
Before being acquired by Broadpoint, Gleacher offered investment banking and asset management services, advising companies on mergers and
acquisitions, restructurings and capital raising. The rm had advised clients on over $250 billion of M&A transactions, representing such big-name
clients as Apollo Management, AT&T, BAE Systems, Bank of Scotland, British Airways, ConAgra, General Dynamics, Hexion, Telewest, WebMD and
Wyeth.
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GETTING HIRED
Selective
Broadpoint Gleacher is in search of good, quality people who want to make an impact. The rms main priority is nding people who embody its
personal ethic of dedication and accountability to clients. But one source notes that in certain departments, candidates must have niche or area of
concentration to be hired.
Junior people looking to join the rm normally go through a three- or four-step interviewing process. The company recruits mostly at New York
City-area schools for its internship program and full-time positions. More senior, experienced candidates typically go through a two- or three-step
interviewing process.
Insiders say Broadpoint Gleacher is among the most selective rms in terms of hiring (at least, Gleacher Partners was before it was swallowed by
Broadpoint). According to an associate, individuals from Ivy League schools, top undergraduate programs and selected top-20 MBA programs often
get the most consideration. Perhaps because of the rms relatively small size and high selectivity, the interview process is very comprehensive. Their
combination of quality and focus creates a tremendous opportunity for junior professionals to make an impact in addressing the most complex and
challenging situations, according to the rm.
OUR SURVEY SAYS
Happy on payday
The companys culture is changing in the U.S., according to one associate in the Atlanta ofce, who adds that Broadpoint Gleacher is morphing
substantially into a much more aggressive middle-market type of organization. Working at the rm yields employees standard fare in terms of lifestyle
perks, according to one source who praises the summer program for new hires, which takes place in Toronto over several weeks time. Ofces are
generally well liked by employees, and respondents report that the rm has a casual dress code, except when meeting with clients. Although insiders
are split with respect to treatment by management, an associate relays that manager treatment tends to be situation-specic. That contact, whos
very happy with the way his superiors treat him, praises the diversity of his U.S.-based group, saying, Our U.S. platform is a mix of professionals from
many different backgrounds. Other respondents, though, say that Gleacher needs improvement in the areas of diversity with respect to women and
minorities.
Insiders do quite well in the money department, with sources reporting annual bonuses signicantly exceeding their annual salaries. An associate notes
that the rm realizes it needs to pay competitive bonuses to retain top performers, and praises the rms wealth accumulation plan, which allows
associates to defer pretax bonus dollars into various investment vehicles. But they work hard for their money. An analyst notes that he works between
60 and 70 hours per week, and he works weekends often. Another contact, who reports working between 90 and 100 hours per week, complains
that its difcult to make a blanket statement on hours, but conditions are difcult today. He adds that generally the market conditions dictate the
hours worked, noting that the long hours also include travel related to transaction processing and marketing.
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CANACCORD GENUITY INC.
99 High Street
Suite 1200
Boston, MA 02110
Phone: (617) 371-3900
Fax: (617) 371-3793
www.canaccordgenuity.com
BUSINESSES
Corporate Services
Investment Banking
Research
Sales & Trading
THE STATS
Employer Type: Subsidiary of Canaccord Financial Inc.
President: Jamie Brown
No. of Ofces: 10
KEY COMPETITORS
Jefferies
RBC Capital Markets
TD Securities
EMPLOYMENT CONTACT
Careers at www.canaccordgenuity.com
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Good technology equity research
Just use them for research
High quality
Never heard of them
THE BUZZ
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Canaccord Genuity Inc.
THE SCOOP
A new face for Canaccord
Formerly known as Canaccord Adams, Canaccord Genuity is the capital markets division of Canaccord Financial Inc., a full-service nancial services
rm that dates back to 1950. Canaccord Genuity is a product of a January 2006 merger between Canaccord Capitals Global Capital Markets Group
and Adams Harkness, as well as an April 2010 acquisition of Genuity Capital Markets (by Canaccord Financial) worth $277 million.
In addition to research, sales and trading, Canaccord Genuity provides merger and acquisition advice, debt and equity underwriting, valuations and
fairness opinions. It has over 470 employees, including about 370 investment banking professionals and research analysts, who cover more than 600
companies in eight focus sectors. For the year ended March 31, 2010, Canaccord Financial (Canaccord Genuitys parent company) recorded revenue
of C$577 million and net income of C$38.5 million.
Canaccord Genuity focuses primarily on the following industries: metals and mining, energy, technology, life sciences, real estate, consumer,
sustainability and infrastructure. The rm works on banking and research desks in Boston, San Francisco, New York, Houston, Toronto, Vancouver,
Montral, Calgary and London. Notable clients include Rubicon Technology and Monotype Imaging. (technology); Integra Lifesciences and Luminex
(health care); and Telvent and Enernoc (sustainability).
The roots of the franchise
The rms parent, Canaccord Financial can trace its roots back to 1950. In 1968, its partners acquired Hemsworth Turton & Co. and renamed their
rm Canarim Investment Corporation. By 1992, the rm set about embarking on a series of mergers and acquisitions to broaden its base. The strategy
seemed to have worked, and by 2003, its employees, clients and transactions had tripled from the previous decade. In June 2004, Canaccord became
a public company and made its $70 million (CAD) initial public offering on the Toronto Stock Exchange under the symbol CCI. The company is also
listed on the AIMa market operated by the London Stock Exchange. Today, it has 37 ofces worldwide.
The Adams name that used to be a part of the rms name can trace its roots to the 1960s, when Weston W. Adams founded a brokerage rm called
Adams, Harkness & Hill. The Adams family carried a lot of weight in the Boston area, and Westons father, Charles, was the founder of the NHLs
Boston Bruins. The family remained principal owners of the team until 1951 and maintained a presence until 1973. The company branched out
into institutional research in 1967, and two years later, became Adams, Harkness & Hill. In April 2001, it expanded into Europe, opening ofces in
London and Paris.
GETTING HIRED
Canaccords careers
To snag a job at Canaccord Genuity, rst log on to careers section of its web site, where you can search out positions that match your background
and experience. Whether or not youre selected for an interview, the human resources department will keep your resume on le for six months in case
the perfect position happens to come up.
Job openings may include those specic to I-banking (like trading and research) as well as general elds (like MIS and accounting). The site lists
some of the benets, including medical, dental and life insurance.
Canaccord hires the majority of its U.S. investment banking analysts and associates via a fall recruiting process that includes on-campus interviews
at top-tier U.S. institutions and culminating in a Super Saturday in November. Resumes are also accepted from candidates who are students at
universities not being visited during the recruiting process.
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CANADIAN IMPERIAL BANK OF COMMERCE
(WHOLESALE BANKING DIVISION)
US Headquarters:
425 Lexington Ave
New York, NY 10017
USA
Phone: (212) 856-4000
www.cibcwm.com
PRODUCTS & SERVICES
Capital Markets Sales & Trading
Cash Equities
Debt Origination
Fixed Income
Foreign Exchange
Structured Products
Corporate Credit Products
Investment Banking
Strategic Merchant Banking
US Real Estate Finance
THE STATS
Employer Type: Division of Canadian Imperial Bank of
Commerce (CIBC)
CEO: Richard Nesbitt
2009 Revenue: C$9.9 billion*
2009 Net Income: C$1.2 billion*
No. of Ofces: 19
*Canadian Imperial Bank of Commerce
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UPPER
Friendly workplace
DOWNER
Hours can be long
EMPLOYMENT CONTACT
www.cibcwm.com/careers
Pretty decent
Unclear about their IB strategy
Not well known
THE BUZZ
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Canadian Imperial Bank of Commerce (Wholesale Banking Division)
THE SCOOP
Canadian contender
Canadian Imperial Bank of Commerce, commonly referred to as CIBC, is one of the largest banks in Canada. Its wholesale banking business (CIBC
World Markets Inc.) provides a wide range of credit, capital markets, investment banking, merchant banking, and research products and services to
government, institutional, corporate and retail clients worldwide. The rms global headquarters are located in Toronto, and it has additional ofces
across Canada and the U.S. as well as in other nancial centers around the world. The rms investment banking and capital markets divisions offer
a range of nancial services, including equities, commodities, xed income, foreign exchange, money market and securitizations. CIBC is one of
Canadas top M&A advisors in a number of industries, and is a leader in Canadian equity underwriting and structured products.
CIBCs wholesale banking division was born in 1988 when CIBC acquired a majority interest in Wood Gundy Inc., a leading Canadian securities dealer
established in Toronto in 1905. Combining CIBCs capital with Wood Gundys underwriting reputation, CIBC Wood Gundy Inc. became a powerful
investment banking arm, quickly establishing itself as a leading North American investing institution. Until recently, the marketing name of CIBCs
wholesale banking division was CIBC World Markets. (Today, technically speaking, CIBC World Markets Inc. (Canada) and CIBC World Markets
Corp (U.S.) are wholly owned subsidiaries of Canadian Imperial Bank of Commerce, and form the banks wholesale banking arm, which also includes
other afliates such as CIBC World Markets plc., CIBC World Markets Securities Ireland Limited, CIBC Australia Ltd., and CIBC World Markets [Japan]
Inc.)
Neighbor to the south
In the U.S., Canadian Imperial Bank of Commerces wholesale banking division maintains a specialized focus on a handful of business lines:
investment, corporate and merchant banking; global equities; xed income and currencies; and real estate nance. Another key business area is
cross-border U.S.-Canada M&A transactions and investment management.
In early 2008, CIBC sold its U.S.-based investment banking, leveraged nance, equities and related debt capital markets businesses to Oppenheimer
Holdings Inc., exited its leveraged nance activities in London, and placed its structured credit business in runoff. Certain other activities within
continuing businesses, including derivatives trading and asset-backed commercial paper conduits, were also reduced. CIBC retained its other U.S.
wholesale businesses, which include real estate nance, equity and commodity structured products, merchant banking and oil and gas advisory, as
well as the balance of its U.S. debt capital markets, Asia and U.K. businesses. CIBC also maintained its corporate lending capability and its ability to
distribute Canadian equities and xed income products in the U.S. and international markets on behalf of its Canadian clients.
In addition to its U.S. headquarters in New York City, CIBCs wholesale banking arm has ofce in Atlanta, Salt Lake City, Houston, Los Angeles and
Chicago.
Restructure, revamp, recover
In February 2008, amid an executive reorganization, the former chief executive of the Toronto Stock Exchange, Richard Nesbitt, was appointed chairman
and chief executive ofcer of CIBCs wholesale banking division. Nesbitt succeeded Brian Shaw in the role. In addition to the management change,
the rm divided its investment banking, corporate banking and merchant banking departments into three distinct units. Upon the announcement,
Nesbitt told staff that the strategic changes would allow the rm to further enhance and broaden [its] client focus and take advantage of market
opportunities resulting from changes in the global credit markets. Nesbitt also noted that the rms investment banking team was well positioned
to prot from the increasing signicance of Canada as a contributor to the world economy across various sectors and industries.
Top of the tables
CIBC regularly ranks near or at the top of the Canadian investment banking league tables. According to Thomson Reuters, CIBC ranked No. 5 in
announced Canadian M&A deal volume for the rst six months of 2010 and No. 2 in completed M&A volume. In addition, the bank ranked among
the top ve for the same period in Canadian equity and equity-related underwriting, Canadian IPO underwriting and Canadian corporate debt deals.
GETTING HIRED
Solid learners
Qualications required for specic positions vary, but in general, the rm says it looks for self-starters with a solid work ethic who have the ability
to work in a team, a basic understanding of the nancial services industry and the ability to learn quickly. Like its competitors, CIBCs wholesale
banking business runs a very competitive hiring process, focusing its recruiting efforts on undergraduates at top schools in the U.S. and Canada (in
the U.S., think Universities of Michigan and Virginia, Cornell, Columbia and other Ivies), and MBA candidates at select programs such as Wharton and
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Columbia. Interested candidates should check in with their career services centers for postings.
Prepare for questioning
During the interview process, expect basic questions revolving around organization and preparation, what do I do if I need help, and questions
such as tell me about a challenge you had and how you overcame it. Most questions are framed in a behavioral question format. Interviews are
conducted by professionals of all levels and normally span two rounds, with a preliminary on-campus interview followed by four to ve back-to-back
meetings at CIBCs ofces. One insider who went through two rounds of interviews says he rst went through meetings with human resources, and
then a hiring manager and director, with questions based on the posting and also some behavioral interview questions. Another goes so far as to
say an ideal candidate is good-looking, condent and smooth, and also advises to make sure you look glamorous but businesslike during your
interview.
One contact who attended a non-core school was more closely scrutinized, sitting through an additional four to ve interviews. Summer interns
reveal that it is generally easier to get hired after completing an internship, but the rm still weeds out unwanted would-be full-timers. One source
reports that after his summer stint, only four of 12 summer associates received offers (the contact was one of the four).
CIBCs wholesale banking business looks more for a personality t than someone with the best corporate nance skills, says one source, but another
contends that more and more, CIBC is nding that it needs to recruit people with a nance background, because we dont have the long training
programs of the bigger banks. (The Wholesale Banking full-time new hire training program lasts four weeks.) Fit questions may include Why
banking? and Why us? as well as seek to determine a candidates strengths and weaknesses. One analyst applicant adds that his interviewers
wanted to know that I could handle the hours and looked for passion about the markets. Technical questions are customary for banking interviews
and may test a candidates basic understanding of accounting, valuation and nancial statements. One current insider advises, If you have
experience in this eld, you wont have much to prepare, and another says, Condence and well-rounded abilities go very far in this organization.
Experienced hires can search the Wholesale Banking web site for listings according to location, type, category and keyword. Postings are also listed
by date (most recent rst), provide detailed application instructions, and include information on the business units and specic job requirements.
OUR SURVEY SAYS
Friendly facesmostly
Overall, CIBC is a very receptive and friendly place to work for on the whole. Each group has their own personality. For example, M&A is reputed
to be the most hardworking, and leveraged nance is touted as the most laid-back. Still, the corporate culture tends to vary according to levels,
though its friendly at the lower levels.
Employee morale is strong, says a contact, and CIBC can be an intense meritocracy, where good teamwork is the norm and people on the whole
are good to work with and personable. One source who works in a satellite ofce calls the atmosphere very frat-like, and says his co-workers are
very cool to one another, and we all get along very well. Another conrms: There are quite a few running gags, inside jokes and workplace legends
that are quickly passed on from one employee to another. Everyone gets along with everyone, even managers. Perhaps a reason the fraternity analogy
is tting is that the rms male-to-female ratio is extremely male-heavy. However, another says that while balancing the workforce is on the rms to-do
list, CIBC is no worse than the rest of the industry.
CIBC expects its junior staffers to be hardworking and to take on a lot of responsibility, and a contact adds that it is not a place where title restricts
your responsibilities or ability to have an impact. A former summer associate says that he was treated like any other deal team member, although
I was typically staffed with another full-time associate. The relatively thin junior ranks are a big reason why young bankers can take on so much,
though a lot of responsibility often means a lot of hours. One banker who logs 80 to 90 hours per week says that the hours can be brutal at times.
If you are free, he says, theyll give you more work because the rm is so understaffed. Another insider conrms: I almost never go home before
midnight. And thats the same on weekends, too. Others report constant weekend work but not a lot of pressure to put in face time. One contact
has noticed that some have the attitude that they stay longer than others because it is some sort of badge of honor. But hours tend to vary depending
on location. Work hours are loosely based on the 9-to-5 model, one insider says, adding that at 6 p.m., the lights are out for good, and if youre still
around, people start asking questions. Overall, however, the general sentiment is that the hours are very unpredictable but typical for banking.
On the management front, insiders admit that the rm has become ever more disorderly over the past few years, with numerous senior management
changes over a series of public embarrassments on what seems like an annual or biannual basis. And, says one source, while senior bankers
say they treat junior bankers better here than at other banks, his experience is that its the same as other banks. In other words, there is no
consideration for a junior bankers outside life. Another insider opines that it depends entirely on the individual managers style, but regardless,
junior people are worked very hardand sometimes for no reason. One associate, who calls his relationship with his superiors collegial and friendly,
admits that his direct superior is employed because hes a great banker, not because hes a great manager. Overall, though, the treatment of junior
staffers is generally acceptable with some management doing a better job at mentoring and teaching than others.
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Not on par?
According to some employees, the rm pays consistently below the Street average but luckily not by much. One associate, however, thinks that
pay is higher than average, adding that he works fewer than average hours. Another says, CIBC pays fairly, but tends to try to smooth out on a
departmental basis, overcompensating poor performers at the expense of the people bringing in most of the money. The perks are standard for the
industry, and include a late night and weekend meal allowance and car service. Still, you get three weeks of vacation, though you need to get special
approval to take the three weeks at the same time.
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CARIS & COMPANY, INC.
853 Camino Del Mar
Suite 100
Del Mar, CA 92014
Phone: (858) 704-0300
Fax: (858) 704-0320
www.cariscompany.com
BUSINESSES
Equity Research
Institutional Investors
Investment Banking
THE STATS
Chairman & CEO: Darren J. Caris
No. of Ofces: 4
KEY COMPETITORS
Edward Jones
EMPLOYMENT CONTACT
Caris Careers under About Caris & Company at
www.cariscompany.com
Email: info@cariscompany.com
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Caris & Company, Inc.
THE SCOOP
Coast to coast
Research-oriented boutique Caris & Company was founded in 2002 by CEO Darren Caris, who got his start on Wall Street as a trader at Gruntal and
Co.in fact, he rose to become one of the rms top 10 producers after just two years on the job. A graduate of the University of California at San
Diego, Caris headed back west in 1996 to join Torrey Pine Securities in Del Mar, serving as vice president and building the rms institutional sales
and equity trading infrastructure. His efforts launched Torrey Pine into the national spotlight as a market maker in West Coast tech securities like Dell,
Intel, Cisco and Microsoft.
In 1999, Caris moved to San Diego to become a partner of the Granite Financial Group. There he led the capital markets business and was responsible
for overseeing the institutional sales, equity research, retail sales, equity trading, operations and compliance divisions. Cariss eponymous rm was
launched with the idea of bringing bulge bracket-caliber research and advisory services to Southern California, although these days Caris has four
ofces nationwide: rm headquarters in Del Mar, plus outposts in Boston, New York and San Francisco. In true California style, CEO Caris spends
his downtime surng.
Research pros
Equity research is at the heart of Caris & Companys operations, with a focus on four industry sectors: consumer goods, health care, technology and
energy. The rms research platform covers companies that make up more than 75 percent of the S&P 500, and the average market capitalization
of its research companies is $4.5 billion. Caris is careful to avoid conicts of interest by drawing a bright line between its coverage and its advisory,
claiming that Caris & Company is a research boutique rst.
The rms institutional investors group serves portfolio managers and buy-side analysts, offering research sales, institutional sales trading and equity
trading. Peter Newman, a former Thomas Weisel Partners principal, heads Caris institutional sales and trading division; the esteemed research division
is directed by David S. Moskowitz, who joined in October 2008 after serving as group head of health care research at FBR Capital Markets.
Small bank, big on experience
In addition to its well-respected research products, Caris offers mergers and acquisitions advisory, corporate advisory, valuations, public equity capital
raising, private equity and venture capital services. Its advisory and capital services professionals cater to clients in the technology, biotechnology,
health care, nancial, specialty manufacturing and construction industries.
According to the rm, its investment bankers average over 20 years of experience, and it shows. Over the years Caris has worked with such clients as
Cardax Pharmaceuticals, Response Genetics, Nextest Systems Corporation, Omnicell Inc. and SGX Pharmaceuticals; among its most notable public
equity transactions were Spansions $567 million IPO, Esperions $64 million follow-on offering and Corgentechs $110 million IPO. And while Caris
has retained its boutique sizeperhaps making it an appealing target for acquisitionfounder Darren Caris has yet to show any signs of selling. As he
told American Banker a few years after launching his rm, Were too small, and were too young to get swallowed up by a bigger commercial bank.
GETTING HIRED
The winning combo
Caris & Company is looking for a few good men and women with the desire, drive and creativity to step up to the plate for its clients. Under the Caris
Careers link under About Caris & Company at www.cariscompany.com, applicants can peruse detailed job listings for each city the rm serves. Just
make a mental note that you might not get a reply immediately (or at all)Caris cautions that it cant guarantee a response to your submission. But one
important aspect to note that will help you get a response is to ensure that your experience level matches the background the rm is looking for.
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CASCADIA CAPITAL LLC
Columbia Center
701 Fifth Avenue, Suite 2600
Seattle, WA 98104
Phone: (206) 436-2500
Fax: (206) 436-2501
www.cascadiacapital.com
BUSINESSES
Corporate Finance
Strategic Advisory Services
THE STATS
Chairman & CEO: Michael Butler
No. of Ofces: 1
UPPER
Supportive environment
DOWNER
Pay could be improved
EMPLOYMENT CONTACT
Email: jobs@cascadiacapital.com
www.cascadiacapital.com/careers.html
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Cascadia Capital LLC
THE SCOOP
The new A team
Current Cascadia Capital CEO Michael Butler and executive vice president Kevin Cable founded the company in 1999, in the waning days of the late-
1990s mergers and acquisitions boom. The edgling boutique survived the early aughts and remained independently held; revenue in 2001 was just
$5 million, but ve years later, earnings had tripled.
Butler, a Seattle native, had put 15 years on Wall Street with Morgan Stanley and Lehman Brothers. His decision to move back to the Pacic Northwest
was in part a desire to get homeand in part a desire to build a top-shelf investment bank that catered to small and emerging companies. Small
business is paying for the A team and getting the B team from the big banks on Wall Street, Butler told Fortune Small Business in 2006. Those
bankers wont get out of bed for less than $2 million or $3 million in fees. By offering lower fees, but the same caliber of service as the bulge bracket,
Butlers strategy has paid off. Over the years, Cascadia has had a hand in notable deals involving clients like QPass, Nighthawk Radiology Services,
Dotster and Lenel International.
In an August 2008 interview with Xconomy Seattle, Butler revealed that Cascadias biggest challenge is one of geography. Out here you have to
educate people about what an investment bank does, he explained. Back east, everyone knows. Were a facilitator of taking capital and getting it to
companies. The perks of a Seattle HQ? Some critical distance from what Butler calls the group-think and day-to-day noise of Wall Street.
Still, recruiting top talent from the hordes of MBAs headed for New York is another concern. Cascadias executives keep tabs on rising bankers in San
Francisco and New York, watching for any who have roots or family connections in the Pacic Northwest and launching recruiting efforts accordingly.
In Butlers words, Its all about the people.
Going green?
Cascadias investment banking services come in three avors: corporate nance, mergers and acquisitions, and strategic advisory services, all of which
cater to mid-market and emerging grow companies in North America. Its industry focus is on the middle market, technology (including Internet and
new media and information technology) and sustainable industriesthink alternative energy and green technology.
Chairman and CEO Michael Butler heads up the rms sustainable industries practice, while ex-Pagemill Partner Michael Orbach leads the information
technology group. The middle markets practice, which covers everything from retail to health care to consumer services, is helmed by managing
director Christian Schiller and and senior vice president Bryan Jaffe.
Spotlight on clean technology
Underscoring Michael Butlers environmental commitment, he joined Marc Cummings of the Pacic Northwest National Laboratory and David Benson
of law rm Stoel Rives in January 2009 to assemble a private-sector task force, appointed by Washington Governor Chris Gregoire, to analyze the
states preparedness for clean technology development and growth. One major issue on the table: U.S. President Barack Obamas proposed stimulus
spending on renewable resources and clean tech projects. According to Butler, Washingtons biofuel, smart grid, solar and energy efciency sectors
stand to gain the most from state stimulus allowances.
Butlerwhos fast becoming one of Washington States biggest clean tech championshas also analyzed the states regulations, tax policies and
infrastructure with an eye toward making clean tech-friendly improvements that would boost business in the sector. As part of his task force work,
he has reached out to local companies like Boeing, Puget Sound Energy and Powerit, as well as trade organizations like the Washington Technology
Industry, and urging their executives to provide insight that will help the state government organize its priorities.
GETTING HIRED
Everyones opinion counts
Cascadia nds new hires by recruiting regionally near its Pacic Northwest headquarters as well as nationally, but sources say its overall presence
on school campuses is limited. The rm also looks to alumni of current employees alma maters as well as experienced hires. Resumes can be
submitted directly to Cascadia via e-mail; the address is jobs@cascadiacapital.com.
For most candidates, the interview process includes two to three rounds, the rst of which might be a brief phone screen for those who live at a
distance from Seattle. Next comes on-site Q&As with senior personnel, followed by interviews with a broad sampling of staff-and this round means
some extreme meeting and greeting. One insider recalls a full day of interviews with senior management, and another says he met with almost
everyone in the ofce. Yet another candidate says he endured a total of eight interviews. Cascadia introduces potential employees to as many people
as possible for one simple reason: the rm must have consensus about a candidate before an offer is extended. Interview questions, say insiders,
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Cascadia Capital LLC
typically revolve around t, attitude, interest in the rm, schooling, previous work experience and personal interests. Cascadia also offers
internships, which insiders call very important to have on your resume.
OUR SURVEY SAYS
Social creatures
For the most part, the Cascadia team is very sociable, collegial, supportive and respectful. And the atmosphere is an intellectually
challenging one. Its entrepreneurial and somewhat loose culturetypical of a small rmallows newbies to take responsibility early on in their
careers. Sources say they rarely get tangled in the kinds of red tape that can bog down a bigger companythere are relatively few bureaucratic
processes and procedures with which to contend. And though the rm is focused and results-oriented, its a team-based workplace and
insiders describe themselves as a close-knit group. In keeping with the rms collegial environment, managers at Cascadia routinely get high marks
for their management expertise and treatment of junior staff.
Off the Street
Some Seattle-based Cascadians grumble about their pay, which tends to be slightly below New York scale; on the other hand, those who love the
Pacic Northwest cite their ofce location as a major plus. Perks at the rm include stock ownership (for some employees), full payment of medical
insurance costs and shared distributions from equity received from certain mandates.
The pay may not be in line with New York-based investment banks, but then again, neither are the hours. Insiders at Cascadia say their hours top
out at 70 per week, on average, and some add that theres ample exibility in terms of scheduling. Theres no face time at the rm, declares a
senior vice president. Most employees work at least one weekend a month, but overall theyre happily aware of the fact that their schedules are more
bearable than those on Wall Street.
When it comes to preparing new hires, say current employees, training is on the joband the rms ofcial training processes could use some
tightening up. Diversity is another area that respondents feel deserves improvement. Cascadia needs to hire more women and ethnic minorities,
admits one executive, but opportunities have been limited.
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COMERICA BANK
Comerica Bank Tower
1717 Main St.
Dallas, TX 75201
www.comerica.com
BUSINESSES
Business Banking
Retail Banking
Wealth & Investment Management
THE STATS
Ticker Symbol: CMA (NYSE)
Chairman, President & CEO: Ralph W. Babb Jr.
No. of Ofces: 520
Good energy lender
Sinking ship
THE BUZZ
UPPER
Flexible working time
DOWNER
Recent cuts make advancing difcult
KEY COMPETITORS
Bank of America
Citi
EMPLOYMENT CONTACT
See the career center link under the About Comerica page
of www.comerica.com.
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Commerica Bank
THE SCOOP
Leaving Motor City behind
Comericas history begins in Detroit, where the Detroit Savings Fund Institute opened its doors in 1849, with the goal of extending banking services to
the citys laborers. Six customers deposited a total of $41 on its rst day of businesses, but by 1870, the company held signicantly more: $1 million
in assets, thanks in large part to the emerging auto industry and a growing worker class.
In 1956, Detroit Savings Fund merged with three other regional banks to form Detroit Bank & Trust, which reorganized under a holding company
following regulatory changes in 1973. The Comerica name debuted in 1982, marking a period of expansion that brought the bank to major markets
in Florida, Illinois and Texas. Additional mergers (with Texas Grand Bancshares, Plaza Commerce Bancorp and InBancshares in California and
Manufacturers National Corporation) grew the company in size and in reach. By 2004 Comerica offered nationwide banking to its customers.
As the auto industry faltered in 2007, Comerica began relocating its headquarters to Dallas. The transition was completed in early 2010.
The Comerica three-step
Comerica operates through three segments: wealth and institutional management, retail banking and business banking. The wealth and institutional
management business includes institutional and personal trust services, the Comerica Securities brokerage, private banking, investment account
management, retirement services and insurance. The retail bank offers the usual range of services, including consumer lending, mortgages, deposits
and small business banking. Middle-market companies and large corporations turn to Comericas business bank, which provides cash management,
credit, international trade nance, loan syndication, leasing, corporate nance and capital markets products services.
And subsidiaries, too
Comerica Inc. is comprised of Comerica Bank and its subsidiaries. These include Comerica Insurance Services; Comerica Securities; Comerica
Leasing Services; Comerica West Inc., which provides banking services to businesses in the Western U.S.; Wilson, Kemp & Associates, which provides
investment account management; World Asset Management Inc.; and W.Y. Campbell & Company, an investment bank specializing in middle market
M&A advisory services.
Signing up for help
In September 2008, as the federal government unrolled plans to stabilize the nancial sector, Comerica announced that it had received approval from
the U.S. Treasury Department to participate in Treasurys capital purchase program, to the tune of $2.25 billion. Two months later Comerica said
it would continue to participate in the temporary liquidity guarantee program, which provides its customers with a full guarantee, without any dollar
limitation, on funds held in all of Comericas noninterest-bearing accounts through the end of 2009. The program, which was designed to restore
liquidity to the national banking system, also provides FDIC guarantee on newly issued senior unsecured debt until the debt matures, or June 30,
2012, whichever is earliest.
GETTING HIRED
Blaze your own pathor tread Comericas
Peruse the career center link at www.comerica.com and conduct your own search for jobs across the countryor check out Comericas list of
featured jobs, which draw from a listing of all available positions. Though one insider nds that candidates with several years of experience are
hired very easily and entry level is very difcult, another banker maintains that qualied candidates are subject to internal promotions, which make
it somewhat more difcult to be hired as an external candidate. Another source notes, The company has an internal credit program and hires from
within, but also looks to nd experienced personnel from other banks.
Once the rm expresses interest, expect a number of phone interviews prior to a esh-and-blood one. After they call you in, you may go through
up to four interviews or even a half-day of meetings at the home ofce. And anticipate facing questions involving career goals, specic
accomplishments and assorted job-related scenarios. One insider who went through two round of interviews says he was hired the same day as
his second-round Q&A. My skills and work history were all they were looking for, he adds.
In general, the rm is very strong at developing talent, so if youre interested in a position with the company, be sure to put your best foot forward.
Impress interviewers by having a knowledge of the company and read information on the Comerica website, suggests one insider.
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Commerica Bank
OUR SURVEY SAYS
One of a kind
The company has a very unique corporate culture, but its one that also tends to vary from market to market. In California, for example, the culture
is fast-paced, results- and customer-driven with a stress placed on taking creative and performance-related risks. Generally, though the rm has
a conservative culture with a high focus on regulations and customer retention, it also boasts great people to work with.
When it comes to compensation, Comerica receives mixed reviews. One insider complains my bonus is just a little over $5,000 and another says
that the rms stock option programwhich is only available to senior ofcersis not very generous. And while the company does provide some
perks, its also pretty tight when it comes to expenses, insiders say. New employees receive two weeks of vacation, six sick days per year and
three personal days.
All about respect
Insiders report being treated with a good deal of respect by managers. Managers are very open and supportive, says one source. They want
you to succeed. A colleague in corporate nance agrees: There is respect for all within our group from all levels of management. Yet another
says, Executive management works hard to know as many people in the organization as possible and understand their roles and contributions to our
success. Although one naysayer believes, Management is not supportive of getting the best out of their employees, at the end of the day, most
respondents describe Comerica as having an open-door policy.
Working many different hours is pretty common within Comerica. Still, hours typically number around 40 to 50 per week, and some respondents
report setting their own hours. But some Comerica insiders say that the rms emphasis on productivity and cost containment can translate to heavy
workloads and long hours. With the focus on cost containment, we have an environment that requires long hours, skipped lunches and occasional
weekend days to keep up, says one source, who reports working 50 to 60 hours a week. A different contact doesnt nd the workload so demanding,
not saying, I have exible work hours and am measured on production more than on number of hours in the ofce. The source adds, Time can be
taken during normal business hours to participate in volunteer work. Another source says, Ive found the company to be very exible with employees,
working with hours and scheduling to individual needs as long as the customer is taken care of and the job gets done. This all depends on what eld
you are in, of course. Other sources report schedules hovering between 40 and 50 hours a week. In general, weekend work is not uncommon, with
employees logging in hours on a Saturday or Sunday about once a month.
Follow the gang
Dress tends to be casual always with the exception of client contact, but specic departments also have their own dress codes. A vice president
in the rms asset management group describes the dress code as formal always, while her colleague in corporate nance reports casual always,
except for client contact. Another contact says, We do business professional, which is a step up from business casual. Generally, attire is business
casual overall, although some ofces prefer to be more formal than not.
Good opportunities
As for training, Comericas programs and educational opportunities are better than at most other rms in this market. And although sometimes
it feels like too much, its generally a great benet to the personal and professional development of those who take advantage of the events. One
contact notes that theres a three-week training course in Detroit, and in the corporate nance group, Comerica has begun an internal training
program to help further careers. On the other hand, an insider nds that one general training course for one or two days per year hardly makes for
a well-trained staff. On the whole, Comerica really tries to take care of everyone through training, special groups, outside activities and volunteer
programs.
Up the ladder?
When it comes to moving up the ladder, you can advance with the company if you have the proper background, but it is hard now that the company
has made a number of cuts lately, reports one insider. This makes it harder than it once was to move up within the company. Another enthuses
that the opportunities that Comerica Bank provides for advancement is great! She adds that email notices are sent out informing all employees of
opportunities, prior to them being published elsewhere and positions of all different levels, departments, and locations are included.
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Commerica Bank
Committed to maintaining?
Comerica is very committed to diversity, asserts one insider. But other sources are mixed as to whether Comerica effectively recruits and retains a
diverse workforce. According to insiders, the rm possesses a largely female workforce, with largely male senior management. Theres been some
improvement by hiring more senior female managers from outside the company, but theres an overall lack of mentoring of current female employees
to bring them up the ranks. However, another contact observes, The two top department heads for the company are women, and there are several
women in management roles.
In terms of ethnic diversity, one insider from the corporate nance division describes the group as very diverse with several different ethnic backgrounds
represented. Another source reports that Comerica takes very seriously the need to be diversied at all levels of the company. However, a colleague
disagrees, saying, In California, our employee pool does not match the diversity of the state, particularly with regard to Hispanics.
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CRDIT AGRICOLE CORPORATE AND
INVESTMENT BANK (CIB) CO., INC.
1301 Avenue of the Americas
New York, NY 10019
Phone: (212) 261-7000
Fax: (212) 261-3289
www.ca-cib.com
BUSINESSES
Transaction & Commercial Banking
Coverage & Investment Banking
Equity Brokerage & Derivatives
Fixed Income Markets
International Private Banking
Structured Finance
THE STATS
Employer Type: Subsidiary of Crdit Agricole
CEO: Patrick Valroff
No. of Employees: 13,000 (Worldwide)
No. of Ofces: 6 (US)
KEY COMPETITORS
Societe Generale
BNP Paribas
Deutsche Bank
UPPER
Respectful culture
DOWNER
Difcult to advance
EMPLOYMENT CONTACT
www.ca-cib.com/group-overview/human-resources.htm
Growing and growing
French
Friendly environment
Never heard of it
THE BUZZ
297
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Crdit Agricole Corporate and Investment Bank (CIB)
THE SCOOP
A little piece of France
Headquartered in Paris, Crdit Agricole Corporate and Investment Bank (CIB) is a business unit of French banking giant Crdit Agricole Group, a
sprawling corporation with a presence in 60 countries. Formerly known as Calyon, Crdit Agricole CIB changed its name in February 2010 as part of
parent Crdit Agricoles strategy of bringing its varied units under a single brand name.
One of the top foreign banks in the U.S., Crdit Agricole CIB operates in six divisions, including international private banking, equity brokerage and
derivatives, xed income markets, coverage and investment banking, structured nance, and transaction and commercial banking. Its industry
expertise includes aerospace and defense, agrifoods, automotive, energy, nancial institutions, gaming, health care, homebuilding, lodging, media and
communications, real estate, transportation, water and environmental and forest, paper and packaging. Crdit Agricole CIB also maintains a European
group that focuses on international deal making.
Crdit Agricole CIB was originally formed in 2004, when Crdit Agricole Indosuez consolidated its banking operations with the corporate and investment
banking division of Crdit Lyonnais, which was promptly absorbed into Crdit Agricole.
All about the IB
Investment banking at Crdit Agricole CIB is split between a mergers and acquisitions practice and a corporate advisory practice. The M&A group
advises clients and prospects of the entire Crdit Agricolo Group network; the U.S. team works closely with colleagues in Paris, London, Hong Kong,
Singapore and Warsaw. Because of the banks international reach, cross-border transactions are the name of the game, and Crdit Agricole CIB
staff members are trained in international planning, due diligence, negotiation and execution. Crdit Agricole CIB typically focuses on middle-market
transactions valued at $50 to $500 million, and almost all of its deals involve European buyers seeking U.S. targets (or U.S. buyers going after European
targets).
The corporate advisory group deals with nancial strategy, working in conjunction with Crdit Agricole CIBs international equity, xed income,
specialized industries, nancial sponsor, loan syndications and structured product and project lending teams. It also provides fairness opinions and
transaction structuring advice.
Out with the old
A major change that the rm implemented as a result of the credit crisis was the ouster of rm CEO Mark Litzler. Litzler was only announced as
the new CEO of Crdit Agricole CIB in July 2007 (when the rm was still named Calyon) and came under re from the board of directors almost
immediately. Litzlers error was a failure of oversight on an authorized position at the New York subsidiary of Crdit Agricole CIB, which resulted in the
company taking a charge of 250 million. The controversy coupled with the rms massive losses in the subprime market resulted in Litzlers eventually
resignation in May of 2008.
Litzler was replaced by Patrick Valroff, who had previously headed the banks consumer credit arm, Sonco. Valroffs credentials also include serving
as an advisor to Jacques Chirac when he was prime minister. Valroff is a conrmed manager, who is used to negotiating with corporates, said Credit
Agricole Group CEO Georges Pauget.
On the charts
For the rst half of 2010, Crdit Agricole CIB found itself again represented on the all-important Thomson Reuters league tables for investment banking.
In announced European M&A deal volume, the rm ranked No. 19, with 19 deals worth a total of more than $13 billion. Crdit Agricole CIB also
ranked No. 7 in announced French M&A volume and No. 6 in Italian announced M&A.
The rm enjoyed an equally good six months in the capital markets. According to Thomson Reuters, Crdit Agricole CIB ranked No. 14 worldwide
in overall debt, equity and equity-related underwriting; the bank worked on 106 transactions worth a total of $33.6 billion. It also ranked No. 16
in overall global debt, No. 17 in U.S. investment grade debt, No. 19 in European common stock offerings and No. 8 in European convertible stock
underwriting.
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Crdit Agricole Corporate and Investment Bank (CIB)
GETTING HIRED
Find it all
Check out full descriptions of responsibilities and qualications necessary for positions when you visit Crdit Agricole CIBs website. Candidates
interested in working for the bank can visit the HR Section under the tab marked Crdit Agricole CIB 01. Applicants can search for open positions
and apply online.
Expect the interview process to be numerous and friendly. Once called in for an interview, candidates can expect a process that one insider says is
the easiest I have gone through. Its an honest process, with questions more directed at motivation and career ambitions rather than experience.
You will typically have three meetings and, depending on your level, you will meet all the heads of desks before an offer is made.
Prospective employees shouldnt feel too much pressure about picking the perfect job right off the bat. Crdit Agricole CIB offers employees an internal
transfer option which allows them to move between departments after working at the rm for at least 18 months. And for those seeking an American
base but some global exposure, Crdit Agricole CIB employees can take advantage of international assignments (when available), typically located in
the banks Paris headquarters.
OUR SURVEY SAYS
Parlez-vous Franais?
Crdit Agricole CIBs corporate culture, which is called formal, kind, respectful and multicultural, is often dened by its French connections.
Very, very French, says one insider. Another contact reports, Regardless of what it pretends to be, Crdit Agricole CIB is still a very French
environment. Everything is very political. But this contact also notes the upside of the French aesthetic: Being a French bank, the dress code is the
most interesting aspect of a typical working day. All are suited with ties but its more for the trendy than actual obligation. The extremely various and
often casual dress code, it turns out, is the most frequently praised aspect of Crdit Agricoles culture (along with the rms strong marks for diversity).
In general, its more relaxed than in the banking industry.
For the most part, corporate culture has really easy access to the top management. However, there are some complaints. [It is] difcult to
understand the strategy of the rm due to the ongoing process of change of strategy. Also, there is some inexibility in relationships between high-
level management and the rest of the staff. Another contact says that there are lots of politics, which seems to be their favorite game. And there
are plenty of overpaid, badly performing French managers who protect each other. No drive, no innovation, no comparison with the top American
investment banks.
When it comes to advancing within the rm, opportunities for advancement do exist, but are somehow rare as the hierarchy is very at. And although
advancement opportunities do exist, so do stagnant positionsthat is, try your best to stand out in this evolving rm, or else you very well may be
lost in the shufe. One insider even says its better to be French in order to get promoted and receive recognition.
Pretty standard
For the most part, employees are happy with their compensation. Crdit Agricole CIB bankers receive a relatively standard compensation and benets
package, including a 401(k) program, health and dental insurance, as well as tuition reimbursement for qualifying personnel. However, bonuses are
below market, except for the top happy few. Another insider agrees, noting that while basic salaries hit the markets average, bonuses are below
the mark. But employees do enjoy the companys perk package. In the past, employees have also had the opportunity to purchase company stock at
a discounted price. In New York, staffers can join the Lyons Club, an employee club that entitles members to receive corporate discounts (e.g., gyms
and cultural events) and participate in various activities such as ski trips and volunteering for nonprot organizations. And due to the rms strong
international network, diversity is wide, with a lot of different backgrounds in terms of cultures, education and citizenship.
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DUFF & PHELPS CORPORATION
55 East 52nd Street, Floor 31
New York, NY 10055
Phone: (212) 871-2000
www.duffandphelps.com
BUSINESSES
Dispute
Investment Banking
Legal Management Consulting
Tax
Transaction Advisory
Valuation
THE STATS
Ticker Symbol: DUF (NYSE)
Chairman & CEO: Noah Gottdiener
No. of Ofces: 25
UPPERS
Laid-back culture
Senior-level attention
Hours are relatively good for investment banking
DOWNERS
Slightly less brand recognition than some rivals
Below-market pay
Bureaucratic review format
KEY COMPETITORS
Alix Partners
Alvarez & Marsal
Deloitte
Ernst & Young
FTI Consulting
Houlihan Lokey
Huron Consulting Group
KPMG
Navigant Consulting
Zolfo Cooper
EMPLOYMENT CONTACT
www.duffandphelps.jobs
Boutique
Never seems to grow or improve
THE BUZZ
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Duff & Phelps Corporation
THE SCOOP
Beyond research
Headquartered in New York, Duff & Phelps is an independent provider of nancial advisory and investment banking services worldwide. It focuses
on offering advice in the areas of valuation, transactions, nancial restructuring, dispute and taxation. It has industry expertise in several industries,
including aerospace and defense, consumer products, energy and mining, nancial services, food and beverage, industrial products, real estate, media
and entertainment, and technology, information and communications. Investment banking services are provided by Duff & Phelps Securities LLC, the
rms registered broker-dealer. Duff & Phelps has ofces in 23 citied worldwide and employs more than 1,100 people.
Duff & Phelps began in 1932 as an investment research services company with a niche focus on the utilities industry. Over the years, the rm
diversied into other nancial services, including investment management, investment banking and credit rating. It also added expertise in other
industries. In 1994, Duff & Phelps sold its credit rating business, and in 2005, it acquired Standard & Poors Corporate Value Consulting business. In
2006, it acquired specialty investment bank Chanin Capital Partners, LLC and in 2007, it formed a strategic alliance with Tokyo-based Shinsei Bank,
Ltd. Under the terms of the alliance, Shinsei took a 10 percent stake in Duff & Phelps; in exchange, it offers its Asian clients a range of valuation
services through Duff & Phelps. The year 2008 was one of expansion for Duff & Phelps. The rm made three strategic acquisitions, broadening
its business structure in a variety of different industries. More recently, in June 2010, it acquired Toronto-based Cole & Partners, a 20-professional
advisory and investment banking rm founded in 1975.
GETTING HIRED
All schools welcome
Duff & Phelps is typically very selective, but not as selective as bulge bracket rms, sources say. However, selectivity is driven by the fact that there
are fewer positions available in at any given time. That means the rm will interview hundreds of candidates per year for a handful of jobs.
Duff & Phelps recruits for its investment banking segment from key schools near New York, Chicago and Los Angeles. While some new hires hail
from the Ivy League, insiders say, Traditionally many hires have come from Big 10 schools, with an emphasis on Illinois, Wisconsin, Indiana and
Michigan. In recent years, as the New York and Los Angeles ofces have increased their campus hiring, more hires have come from Northeast schools
like NYU and Cornell, and West Coast schools like USC. The rm also sends representatives to a select number of career fairs and events around the
country; candidates are also sourced on the Web via the rms careers page.
Technical skills count
Expect two or three interview rounds before receiving an offer. Most preliminary interviews take place on campus or over the phone, though some
experienced hires may simply participate in two rounds of interviews at the ofce. In some cases, there may be a third round over the phone
with a managing director. A current associate says the nal in-ofce round consisted of ve interviews, two with managing directors, two with vice
presidents and one with an associate. This isnt uncommon: while on site, candidates end up meeting almost everyone in the ofce, from junior
staff to senior management.
Though candidates are initially hired into specic groups (which shapes the interview process, to some extent), sources say there is some room
for future movement. I was hired into the nancial advisory services group and later moved to M&A, a contact reports. Interview questions are
extremely technical, says one analyst, requiring a thorough understanding of valuation and corporate nance. Another contact recalls queries
ranging from conceptual valuation topics to specic formulas and what-if questions.
Here, there or anywhere
Many Duff & Phelps insiders say theyre unaware of the rms internship program, which reveals something about its importance in hiring. To set the
record straight: eight- to 12-week summer internships are available, but according to the rm, The number of openings available depends on market
demands.
Participation in the rms intern program is not very important to gain employment, says one vice president, though another adds that it is extremely
important to have some nancial internshipit just doesnt have to be at Duff & Phelps.
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OUR SURVEY SAYS
Done and done
Investment banking sources say Duff & Phelps runs a lean organization with a get-it-done philosophy. This goal-oriented, results-driven
culture can be intimidating at rst, but those who thrive in that setting say its fantastic, and allows for leeway in personal life. Once you have
established your work ethic, you can leave early and work from home, or choose to work on the weekends rather than stay late if deadlines allow,
one banker elaborates.
But insiders are quick to note that professional doesnt mean uptight or unfriendly. I came in from an ofce at another company that was stiff,
intense and cold, a lateral hire says. The balance of D&Ps culture was like a breath of fresh air. In general, the rm is very exible, but work
must get done accurately and in a timely fashion. If theres one complaint at Duff & Phelps, its that the rm needs to increase compensation for
the majority of its employees.
Raises, please
Middling marks on pay come from insiders who say their compensation is below the level it should be. Benets include three weeks of vacation, and
meals and transportation home are reimbursable when working overtime. Employees may also receive stock options and restricted stock grants, but
incremental special perks, like tness clubs and golf memberships, have largely been eliminated. Some new hires also report receiving no signing
bonus, but chalk that up to a reection of the current nancial crisis.
Great experience
During this nancial meltdown I have gotten the opportunity to work on deals that have put me at the center of the nancial world, says one M&A
insider who calls himself very pleased with the rm and the department. The technical rigor that I have come accustomed to has enhanced my
general knowledge base and attention to detail.
A recent corporate nance hire sounds a similar note, saying, I have worked on very prestigious projects in my short time with the rm. Another
corporate nance insider notes that the department pays well relative to other groups, but wishes he was able to foster a better relationship with
some of our MDs.
Meet your BlackBerry
Although we spend a lot of hours in the ofce, the time is used efciently, say sources, and thanks to current technology, work can be performed
from most anywhere. (The downside: We are expected to be available and accessible by Blackberry at all times.) As a result, many people end
up working from home at night or on the weekendsone M&A insider estimates that in addition to ofce time, theres an extra 10 to 20 hours per
week of off-site time.
Though hours may be slightly less than at bigger banks, they can change on short notice. My hours have ranged from 70-hour workweeks to 50-hour
weeks based on specic projects and the overall capacity of the ofce, one analyst says. Another source reckons Its a solid 60-hour workweek on
average. Sometimes its much more, and sometimes its a bit less. And thanks (or no thanks) to the recession, this past year wasnt nearly as hectic
as the prior year in terms of hours worked, says a corporate nance insider. However, things can get very busy very quickly, so its often difcult to
make plans on evenings, holidays and weekends.
Mileage may vary
Opinions differ regarding rm management. Most vice presidents are typically respectful and appreciative of my work, says an associate, while
most managing directors are not. Another source disagrees, calling MDs very approachable, with an open-door policy. Most direct supervisors
are welcoming to newbies and seem interested in training their subordinates. However, rm insiders wish for a bit more transparency between
levels, calling for more visibility into bonus policies and promotion requirements. Promotion should be based on merit, no matter what, declares
one insider.
When I started out here, there was no formal training program in place, a ve-year veteran says. Thats changed, now that Duff & Phelps has hired
Wall Street Prep for our modeling training. New hires attend an offsite training center for two weeks, and while the ofcial training gets decent marks
from respondents, sources say training is still mostly a learn on the job business.
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Nice, not fancy
Clean, professional and relatively comfortable is how one Chicago insider describes the ofce. Another says theres nothing too extravagant, but we
have ample space and a plethora of resources at our disposal. New Yorkers enjoy the convenience of a full kitchen on site, but as a vice president
puts it, the Duff & Phelps interior design philosophy is reasonable yet not ultra-luxurious. We are a public company so we cannot spend excess
capital on low value-added material items. We havent done too many green initiatives, either, but sources say the rm implemented a recycling
program in the last year or two.
Business casual is the norm on most daysthink slacks, shirt, no tie. The exception is suits for client visits. Casual Fridays are said to exist
only in the Los Angeles ofce.
Wide open
We dont have many women in our group, but weve hired a few lately, a corporate nance insider reports. From what I know, our rm is certainly
open and willing to hire women. We have two female vice presidents, adds another source, and modest analyst/managing director representation.
For the most part, Duff & Phelps gets good ratings on diversity and openness. One vice president declares, I am an ethnic minority, and have been
hired and promoted up the ladder over the past nine years.
In the right position
Tough times have prompted Duff & Phelps to eliminate perks, slice travel budgets and downsize its workforcebut despite all that, insiders say theyre
optimistic about the future. Explains an associate, The rms business lines are pretty well diversied, so overall, weve still done relatively well even in
the face of the current economic environment. Being a leader in restructuring is a particular strength right now; and as one insider concludes, We
have a very strong brand name in our market, which continues to allow us to bring in new business in this time of economic difculty. In addition, we
have many recurring revenue streams and products that increase usage during a downturna boost that many investment banks may not have.
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FIFTH THIRD BANCORP
38 Fountain Square Plaza
Fifth Third Center
Cincinnati, OH 45263
Phone: (513) 579-5300
Fax: (513) 534-0629
www.53.com
BUSINESSES
Branch Banking
Commercial Banking
Consumer Lending
Investment Advisors
THE STATS
Ticker Symbol: FITB (Nasdaq)
Chairman, President, & CEO: Kevin T. Kabat
No. of Ofces: 1,300+
KEY COMPETITORS
Bank of America
U.S. Bancorp
UPPER
Superior benets
DOWNER
Internal advancement is slow
EMPLOYMENT CONTACT
See careers section of www.53.com
Solid midsized bank
Regional player
Consumer focus
Doesnt earn that much money
THE BUZZ
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Fifth Third Bancrop
THE SCOOP
Midwest contender
Fifth Third Bancorp began its existence in 1858 as the Bank of the Ohio Valley. In 1871, the Bank of the Ohio Valley was acquired by the Third National
Bank, and in 1908, the combined company decided to merge with The Fifth National Bank, creating the Fifth Third National Bank of Cincinnati. The
name was subsequently changed to its current form. Fifth Thirds recent acquisitions include the June 2008 purchase of First Center Corporation,
the May 2008 buy of nine First Horizon branches, the November 2007 acquisition of R-G Crown Bank and the January 2006 purchase of Card
Management Corporation.
Today, Fifth Third Bancorp (whose logo is 5/3) is a diversied nancial services company headquartered in Cincinnati, Ohio. As of March 2010,
it had $113 billion in assets, and operated through had 16 afliate companies and 1,306 full-service banking centers in Ohio, Kentucky, Indiana,
Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses:
commercial banking, branch banking, consumer lending and investment advisors. Fifth Third also has a 49 percent interest in Fifth Third Processing
Solutions, LLC.
In 2010, Fifth Third ranked No. 248 on the 2010 Fortune 500 and No. 387 on the Forbes Global 2000. Among the largest money managers in the
Midwest, Fifth Third had $190 billion in assets under management as of March 31 2010. Investor information and press releases can be viewed at
www.53.com. Fifth Thirds common stock is traded on the Nasdaq National Global Select Market under the symbol FITB.
GETTING HIRED
Learning the ropes
Training is a big priority at Fifth Third, as the company runs several training programs for new hires, including associate programs in nance,
commercial banking, investment advising, retail banking (focusing on branch operations, customer service and ofce managers), operations and IT.
For GPA and background requirements, as well as open job postings, see the career section of the rms website (www.53.com). Candidates also can
submit resumes through that site. We are very selective about the talent we hire, notes a source inside the company. Other sources say the rm is
about average when it comes to selectivity.
As far as the interview process goes, be sure to do your homework. Interestingly enough, I was not asked very many questions when I interviewed
for the bankrather, I was given the opportunity to ask all the questions I could. (One insider even says I didnt know enough then to ask the right
questions.) Another contact relates a surprising scenario and says that in one of his interviews, the vice president in the afliate warned me about
the sink-or-swim mentality of the bank, and advised me to be careful before accepting an offer.
OUR SURVEY SAYS
Fluid but not quite laid-back
While the bank is an extremely uid and a very goal-driven environment to work in, it also can be confusing. On the plus side, it is good if you
are of an entrepreneurial mindset and have great people skills, because you can for the most part decide your own direction, work how you want to
work and come up with your own unique style of doing business. But then again, the lack of structure can be maddening sometimes. There is
not usually any accepted process or procedure for getting something done, explains one insider. If one exists, it is not documented well or at all and
many of the key players do not know how to do it correctly. Because of this, networking is key. The only way to get something accomplished is to
build internal relationships with competent people and then leverage those relationships.
Maybe because of this (or in spite of it) internal advancement is slow, and the bank tends to place new hires from other organizations in better
positions than they were at their organization rather than promote internally. For that reason, its always good to keep your resume on the market,
one insider advises. But in the meantime, be prepared to dress to the nines. The dress code is strict and conservative banking style, with few casual
days.
Lots of benets
The rm offers superior benets, such as dependent day care FSAs, 401(k) matching, electronic ling of out-of-pocket expenses, stock
options and prot sharing. Compensation receives average ratings from employeespay is good, not great or poor. But this factor may hinge
largely on your negotiation skills. If you negotiate well, you can get top dollar, believe it or not, confesses one insider. Some people get paid way
more than what they would get at one of the Fortune 500.
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Fifth Third Bancrop
Hours, meanwhile, get high marks, as sources report working anywhere from 40 to 50 hours a week to 50 to 60, but not much more. The hours
are great, reports one happy insider. But its also good to not be the last to arrive and rst to leave.
As for managers, one insider says, Ive been lucky to work for someone who is not only a good manager but is a good person. At Fifth Third, the
manager makes all the difference, adds one insider. If you are making a decision on whether to work for the bank, make sure you know who you
are working for.
In terms of work/life balance, you can generally set your own schedule and as long as youre making your goals. Plus, most sources report rarely
having to work on the weekends, and vacation time tends to be generous, with the option to buy even more time annually.
Working its way up
In terms of diversity, the company is great at the lower levels, but at the upper levels it is more typical of a Midwestern good-old boys club. Mostly,
however, diversity with respect to women and minorities gets decent marks from contacts. Another source says that the rm is very focused on
diversity, but a different contact feels that the rm doesnt take diversity very seriously.
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FIRST HORIZON NATIONAL CORPORATION
165 Madison Avenue
Memphis, TN 38103
Phone: (901) 523-4444
Fax: (901) 523-4266
www.fhnc.com
BUSINESSES
Banking
Business Banking
Capital Markets
Investing, Insuring & Planning
Loans & Lending
THE STATS
Ticker Symbol: FHN (NYSE)
President & CEO: D. Bryan Jordan
2009 Net Income: -$258 million
No . of Ofces: 200 bank locations, 18 capital markets
locations
KEY COMPETITORS
Regions Financial
SunTrust
UPPER
Very supportive team culture
DOWNER
Limited resources
EMPLOYMENT CONTACT
See careers section of www.fhnc.com.
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First Horizon National Corporation
THE SCOOP
Whats on the horizon
First Horizon National Corporation is a national corporation that includes FTN Financial, its capital markets division and one of the nations top
underwriters of U.S. government agency securities; and First Tennessee Bank, which offer retail and commercial banking services. Historically, First
Horizons regional banking segment has produced the bulk of its revenue followed by mortgage banking, capital markets and the corporate unit. First
Horizon has been on AARPs list of Best Employers for Workers Over 50 every year since 2003, and Working Mothers 100 Best Companies for Working
Mothers list since 1995.
Est. Memphis, 1864
First Horizon can trace its roots back to 1864, when the Civil War brought Memphis, Tenn., under military control, virtually ceasing trade in the city
and moving business to a standstill. Local resident Frank S. Davis believed the answer to his hometowns woes could be found in the National Banking
Act, which had been passed the year before. This law created a system of national banks chartered and supervised by the federal government, and
Davis was determined to bring a bank to Memphis. The institution he founded, the First National Bank of Memphis, was his citys rst national bank
and the predecessor of todays First Horizon National Corporation.
Davis bank survived the rocky rebuilding of Memphis, as well as two yellow fever epidemics and two world wars. By 1967, it was the largest bank in
the mid-South. It was reorganized in 1971 as a multi-bank holding company and renamed First Tennessee National Corporation. When the company
expanded into Virginia in 2003, it named its branches First Horizon, and in 2004 the company was ofcially renamed First Horizon National Company
to reect its reach across the U.S. Today, First Horizon remains a major player in its native Tennessee and the South, but its growth has taken its
ofces into more than 30 states and around the country.
New leadership
The rms current chief executive ofcer took over the reins in July 2008 when then-CEO Jerry Baker announced that he would be retiring (though
he also announced he would be staying on as vice chairman until his ofcial exit in December 2008). Baker was replaced by Bryan Jordan, who had
been serving as chief nancial ofcer of First Horizon since 2007. William C. B.J. Losch, who previously served as the senior vice president and
chief nancial ofcer for the general bank at Wachovia Corporation, took over as CFO for Jordan.
A month later, in August 2008, there was a shake-up in the top brass of First Horizons investment banking division (FTN Financial) when its president,
Mark Medford, resigned in order to take a position as CEO of Vining Sparks, a Memphis-based investment rm. He was replaced by Frank Gusmus,
who was originally appointed to the position as the interim president but was given the permanent position in October. Gusmus is a rm insider, having
worked at FTN Financial for more than 25 years.
According to the rm, these changes in leadership led to a refocused strategy on its core businesses of regional banking and capital markets, while
it exited the national mortgage business.
Powering your dreams
In early 2009, in the midst of very dire economic times, First Horizon National Corporation rolled out a new tagline with a distinctly positive tone. The
banks subsidiary First Tennessee Bank promised that it would be Powering Your Dreams in 2009, a not-so-subtle indication that the bank was up
and running to make loans, kick-start the economy and make peoples dreams come true.
GETTING HIRED
Step inside
In addition to its online application process (www.fhncareers.com), First Horizon tends to get employees from the competition and by word of mouth.
Candidates interested in the company need to do some diggingas one source points out, They do not advertise this gold mine. The rm recruits
across the country and hires mostly experienced people. Specically, its after professional, genuine, respectable individuals. Insiders report
that First Horizon is relatively choosy when it comes to bringing in new employees. As one source puts it, Because we have a reputation as one of
the nations best employers, we can be selective in our hiring.
One insider calls the interview process comprehensive. The rst step is an initial phone screening, followed by an online application and resume
review. Next, candidates sometimes have two face-to-face interviews, the second of which is normally with a department head. One respondent
reports having three interviews: with a district manager, operations manager and regional president. Another contact says he had a single round
of interviews where I met with the team lead for the area I would be working, his manager, and the department headeach one individually. An
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First Horizon National Corporation
internal candidate says he went through a couple of informal interviews, due to the fact I already knew and had worked with the hiring manager.
Another recalls meeting with a president and vice president. Interview questions vary, but are designed to gauge a candidates personality as much
as nancial knowledge. Some examples include: Who is your biggest fan and why? and How does that person describe you? Recruiters at First
Horizon tend to move quickly. One source says the timeline for hiring is approximately two to three weeks. One way for candidates to get their feet
in the door is through an internship. Some are paid, while others are for college credit. In general, internships give students a better idea of what its
like to work for First Horizon. One former intern reports, The internship helped me understand how I could t in here.
OUR SURVEY SAYS
A solid reputation
Theres teamwork and communications at play at First Horizon. Almost across the board, insiders say the rm lives up to its reputation and backs up
its advertised employees rst culture. And the rst thing to know about FHNC is that ethics is serious business. There has always been a deeply
held code of doing things the right way. One insider raves that his co-workers are good people to work with, and calls the rm a solid company.
Its professional and genuine. Another agrees that there is a very supportive team culture. The personnel here are all about your personal success
and development. Others call it conservative but add that it has its own regional air.
Taking care of employees
In terms of perks, the rm offers a matching 401(k), health and wellness programs, ex dollars, workplace exibility and a meal allowance while
traveling. Its a good thing insiders give the rm high marks for its perks, because hours can be long, with pressure being fairly intense and weekend
work happening more than once a month. And given the time spent in the ofce, its probably a good thing that the dress code is fairly lax in some
locations, which allow business casual and casual Fridays without client contact.
While one source calls the level of stafng poor and the resources limited, most insiders have only positive remarks about the rms culture. And
one contact whos been with the company since 2001 says, I have been trained in many departments and I have been given all the training and tools
I need. Then again, not all are happy with the current training systemone insider complains that the focus is too much on compliance and not
enough on education.
One thing the rm does put a focus on, however, is charity. There is a $2,000 pool per employee that FHNC will use as matching gift for 50
percent of any donations to charitable organizations, one insider reports. Plus, the tech division yearly collects enough money to grant oneor two,
sometimeswishes to a Make-A-Wish child. We host a party for the child we are granting the wish for where they nd out they are getting their wish
granted.
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FOCUS
1133 20th Street, NW
Suite 200
Washington, DC 20036
Phone: (202) 785-9404
Fax: (202) 785-9413
www.focusbankers.com
BUSINESSES
Corporate Development Consulting
Corporate Finance
Strategic Advisory Services
Strategic Partnering & Alliances
Structured & Project Finance
Wealth Transition Advisory Services
THE STATS
CEO: Doug Rogers
No. of Ofces: 4
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KEY COMPETITORS
Jefferies
EMPLOYMENT CONTACT
Email: info@focusbankers.com
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Focus
THE SCOOP
Middle-market managers
FOCUS is a national investment bank that was established in 1982 to serve businesses with annual revenue between $5 million and $300 million.
The rm is based in Washington, D.C., and has additional ofces in Atlanta, Chicago and Los Angeles. FOCUS cites its systematic, open and proven
transaction process as the distinguishing factor that makes it unique in the clustered investment banking eld.
With longevity comes knowledge, and FOCUSs 28 years in business proves that it has enough experience to weather any market. FOCUS
catchphraseSeasoned, Systematic, Successfulis service marked and appears virtually everywhere on its homepage. The rm backs up the latter
part of the phrase by only taking transactions in which it feels has at least a 75 percent change of success. As for the seasoned portion of the FOCUS
catchphrase, there is evidence that demonstrates that the company can back that up with fact. FOCUS wants to position itself as the No. 1 company
for middle market deals and has recruited veterans of the business. The rm boasts that all of its partners have signicant C-level experience. The
managing partners at FOCUS are known to be more hands-on, meaning that they will personally manage all M&A deals.
FOCUSs services include mergers and acquisitions, strategic advisory, corporate nance including debt and equity nancing, strategic partnering and
alliances, corporate development consulting, wealth transition advisory and corporate valuation. The company works with buy- and sell-side corporate
clients, private equity groups, holding companies, and early stage venture capital rms in a wide range of nancial sectors, encompassing everything
from aerospace technology to systems integration. The rms securities transactions are conducted through its afliated registered broker-dealer,
FOCUS Securities LLC.
GETTING HIRED
Worth a try
If you want to join the FOCUS team, prospective applicants probably should rst grasp the notion that theres no clear path to employment with the
rm. But that doesnt mean you cant give it a shot. Within the rms contact us section on its website at www.focusbankers.com, you can either try
charming the rm by emailing it directly at info@focusbankers.comor you can try pasting in your resume and cover letter within its online contact
form (hey, you never know). Alternately, you can snail mail your resume to 1133 20th Street, NW, Suite 200, Washington, D.C. 20036.
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JMP SECURITIES LLC
Suite 1100
Phone: (415) 835-8900
Fax: (415) 835-8910
www.jmpsecurities.com
BUSINESSES
Investment Banking
Research
Sales & Trading
THE STATS
Employer Type: Subsidiary of JMP Group Inc.
CEO, JMP Group: Joseph A. Jolson
No. of Ofces: 4
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KEY COMPETITORS
Cowen and Company
FBR Capital Markets
Jefferies
Piper Jaffray
EMPLOYMENT CONTACT
Email: resumes@jmpsecurities.com
See careers under about JMP Securities at
www.jmpsecurities.com.
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JMP Securities LLC
THE SCOOP
Parent goes public
JMP Securities is one of two subsidiaries operated by JMP Group Inc. (the other is Harvest Capital Strategies). Founded in 1999, San Francisco-based
JMP Group spent many years insisting it wouldnt follow other boutiques down the IPO road, but in February 2007, it led to go public. Its own JMP
Securities, as well as Merrill Lynch and Keefe, Bruyette & Woods, were signed on as joint book runners, and in May 2007, eight million shares were
priced at $11 each. Although many boutique banks met with resistance when their IPOs launched, analysts had a rosier outlook for JMP, citing its
diverse lines of business and strong earnings potential.
Business at JMP Securities is divided between investment banking, equity research, and institutional equity sales and trading. Its industry focus
falls on ve sectors: consumer, nancial services, health care, real estate and technology. Clients include public and private companies. The rms
headquarters are in San Francisco, with branch ofces in New York, Chicago and Boston. Since it was founded, the rm has worked on over 440
investment deals worth a total of more than $49 billion.
Belief in boutiques
Joseph A. Jolson, Carter D. Mack and Gerald L. Tuttle Jr. founded JMP Group in 1999 and opened JMP Securities at the start of 2000. The trio
had previously worked together at Montgomery Securities, which was purchased in 1997 by NationsBank Corp. and became Banc of America
Securities following NationsBanks acquisition of Bank of America the next year. Following the sale of Montgomery, Jolson, Mack and Tuttle decided
to jump ship and create their own investment bank. They didnt like watching top-quality independent research boutiques get swallowed up by big
commercial banks and gured that the best solution was to create their own rm. Instead of trying to compete for business with bulge bracket banks
focused on large corporate clients, the trio pledged to serve small and mid-sized companies, which were becoming increasingly ignored by Wall Street
conglomerates.
To get the rm off the ground, CEO Jolson employed some unusual business practices. In the early years, he capped all base salariesincluding his
ownat $100,000. He also encouraged multitasking: He personally covered several specialty nance companies for JMP Securities research arm,
while simultaneously getting JMP Asset Management (now Harvest Capital Strategies) running. In 2002, he attracted former Montgomery Securities
partner Craig R. Johnson to help build the rms equities business.
JMP also made an early decision to avoid focusing solely on emerging growth opportunities. In contrast to many of its competitors, the rm organized
its research department to cover old economy sectors like nancial services in addition to more cutting-edge industries like high technology. Today,
Jolson remains CEO of JMP Group and Johnson serves as its president; both men attend to the operation of Harvest Capital Strategies and its asset-
gathering strategy. Co-founder Mack and Mark L. Lehmann serve as co-presidents of JMP Securities; Mack directs investment banking, and Lehmann
oversees equities.
Plenty of deals
JMP underwrote equity offerings for a number of rms in 2009 and the rst half of 2010. Most recently, in June 2010, it co-managed Higher Ones
$124.2 million IPO, Felcor Lodging Trusts $174 million secondary offering and Digital Realty Trusts $393.3 million secondary offering. In May 2010,
JMP co-managed secondary offerings for Ziopharm ($35 million), Diamond Rock Hospitality ($193.2 million), Resource Capital Corp. ($45.3 million)
and American Capital Agency ($177.7 million). In 2009, the rm either co-managed or served as co-lead manager on numerous IPOs for rms such
as Colony Financial ($287.5 million), Fortinet ($179.7 million), Crexus ($200 million), CDC Software ($57.6 million) and Cypress Sharpridge ($115.1
million).
GETTING HIRED
Meet the challenge
At www.jmpsecurities.com under the careers link, prospective job candidates can read about JMPs mission. JMP says its looking for extremely
motivated people who can thrive in the rms challenging, dynamic environment and who will mesh with its senior executives. JMP lays out its
standards on its company website: Every JMP employee is encouraged to take initiative and exceed expectations.
The California-based JMP does some regional recruiting, scouting schools like the University of California-Berkeleys Haas School of Business, UCLAs
Anderson School of Management, Stanford University, Claremont College and Pomona College. In more recent years, it has also looked further aeld
at campuses such as Georgetowns McDonough School of Business, the Wharton School of the University of Pennsylvania, the University of Chicago
Graduate School of Business and Notre Dame.
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JMP Securities LLC
Candidates who cant nd a JMP recruiter on their campus are advised to submit a cover letter and resume directly to the rm (resumes@jmpsecurities.
com). Materials should not be sent by regular mail, and phone calls are strictly verboten. Most important of all, an emailed resume should be sent
correctly: the rst word of the subject line must be Resume, or the email will not be opened.
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KEYCORP
127 Public Square
Cleveland, OH 44114
Phone: (216) 689-6300
Fax: (216) 689-0519
www.key.com
BUSINESSES
Consumer Banking
Investment Management Services
Technology
THE STATS
Ticker Symbol: KEY (NYSE)
Chairman & CEO: Henry L. Meyer III
No. of Ofces: 1,500
KEY COMPETITORS
Bank of America
FBR Capital Markets
Fox-Pitt Kelton
U.S. Bancorp
Sandler ONeill + Partners
UPPERS
There is truly a team spirit here
Very diverse
DOWNERS
A little too corporate
Unable to compete with New York or middle-market rms
EMPLOYMENT CONTACT
www.key.com/careers
315
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KeyCorp
THE SCOOP
Loyal to Cleveland
Clevelands KeyCorp has a long history with the city, as it counts among its predecessors the Society for Savings of Cleveland, which was established in
1849. In modern times, the Society for Savings became the Society Corp. of Cleveland, which merged with Albanys Key Bank in 1994 to form KeyCorp.
Its most recent boost was the $575 million acquisition of Union State Bank Holding Company in January 2008, which added $3 billion in assets and
a number of New York branches to Keys holdings. As of March 31, 2010, Key had $95 billion in assets, and in addition to a network of 1,501 ATMs,
Key had more than 1,000 full service branches in 14 states, with 15,772 employees. On the 2010 Fortune 500 list, Clevelands hometown bank came
in at No. 356, up from No. 382 a year earlier.
Business falls into four, well, key groups: consumer banking, which is the nations 10th-largest home equity lender; corporate and investment banking;
investment management services, which provides a range of asset management, capital markets and investment banking services; and technology,
which provides e-banking services to Keys network of ATMs, branches and websites. In fact, Key was the rst nationwide bank to link branch, ATM,
phone and online banking transactions to provide instant account information to customers.
Inside the businesses
Key Consumer Banking calls itself a community-focused retail bank, and to that end, it works in 26 geographic districts nationwide. Individuals and
small businesses turn to Keys retail division for mortgage and home equity loans, education loans, deposit accounts and other traditional banking
services.
Investment management services are carried out through two subsidiaries, Victory Capital Management (which operates in Cleveland, Cincinnati and
New York City, managing the Victory family of mutual funds); and KeyBanc Capital Markets, which provides institutional investors, nancial institutions
and middle-market corporate clients with capital raising services, strategic advice and customized nancial solutions.
The corporate and investment banking division provides specialized nancing and services through a handful of internal groups. KeyBank Real Estate
Capital, as the name implies, provides construction and interim loans, equity and long-term mortgages for most property types nationwide. This group
is made up of 450 professionals in 25 ofces; on an average year, they nance about $6 billion of commercial real estate. Cash and treasury services
are provided by the Key Global Treasury Management Group, which works with international partners and cutting-edge tech systems to help companies
control their cash ows and functions. Key Equipment Finance works with everyone from small businesses to large corporations to provide equipment
leasing solutions; it also manages an equipment portfolio of approximately $12.6 billion.
Last but not least, the banks technology division elds customer calls (seven million of them during 2009) and processes some 14.5 million electronic
transactions per month.
Not immune
KeyCorp did not have much exposure to the collateralized debt obligations and mortgage-backed securities that decimated larger national and
international banks, but it did have a hefty portfolio of commercial property and construction loans. The credit crisis and slowdown in the real estate
market meant serious losses in these loan holdings; Key announced that its uncollectible debts may be 1.3 percent of average total loansor even
more. And in October 2008, Key received $2.5 billion under the U.S. Treasurys troubled asset relief program (TARP), lifting its capital ratio from
12.31 percent to 14.59 percent. It also agreed to lower its prime lending rate from 4.5 percent to 4 percent, and assured worried consumers that
despite the frozen credit markets, it was still lending: $5.7 billion in fourth quarter 2008 alone, mostly loans to individuals and small and mid-sized
businesses, bringing the banks total loan portfolio to $77 billion.
KeyCorp Chairman and CEO Henry Meyer had stern words for those who accused banks of dragging their heels in the loan market. We make money
by lending money, he told the Cleveland Plain Dealer. To say were not lending would be putting up a for sale sign. To not lend money would be
crazy.
GETTING HIRED
Bringing em in
KeyCorp gets leads on employees from recruiters, but it also has a more ofcial means of reeling in potential candidates. KeyCorp conducts four
formal college recruiting programs. The analyst program, within the corporate/investment banking division, includes training on nancial analysis and
rotations in various lines of business, such as portfolio management, global treasury management and commercial banking. Analyst candidates should
have a degree in nance or accounting, a 3.3 GPA, relevant internships, strong communication, analytical and interpersonal skills, and knowledge
of Microsoft Word, Excel and PowerPoint. The nance management associate program focuses on the treasury, nance/planning and forecasting
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groups, with associates rotating through these departments. Candidates should have a strong background in nance or accounting, relevant internship
experience, and strong communication, analytical and interpersonal skills. The corporate and investment banking analyst program focuses on the
areas of real estate capital, global treasury management, xed income, bank capital markets, commercial banking, syndicated nance, equity capital
markets, equipment nance and portfolio management. It requires a BA or BS degree in accounting or nance with a minimum GPA of 3.3, strong
analytical skills and relevant work or internship experience.
Prepare yourself
Once youre in, the rst round of questions asked may consist of your educational background, work experience and all-around personality.
One interviewee says you must ask a great deal of your own questions. During the second interview, expect more of a focus on seeing if your
personality will mix well with the others working there. If they like what they see (and hear), youll have a drug test and then attend two weeks of
training. The rst week of training was standing in another branch for a full week and just watching what everyone was doing, says one contact.
The second week consisted of computer training and becoming comfortable with the system, he adds, although I ended up learning most of what
I knew on the job.
OUR SURVEY SAYS
A bad twist?
It seems as though the rm has taken a bit of a turn for the worst lately in terms of the company culture. KeyCorp is a Cleveland-centric bank, says
one insider. If you live in Cleveland, youll love this placebut if you have worked at other rms, youll hate it. The investment banking unit is top-
heavy, has mediocre relationships and is unable to compete with New York or middle market rms. Employees also conde that Key is only able to
work with small companies in struggling industries. Their lending teams have poor judgment and are currently stuck with a loan portfolio that will sink
the bank. One insider recommends that potential employees stay away until the stench goes away.
On one hand, some sources enjoy working at KeyCorp. This is the best job Ive ever had, enthuses one contact. Its a great job and a great
corporation, says another. Key has always been good to its employees, adds one insider. Its philosophy is employees are customers, too, and
should be treated well. Though one respondent calls Key entrepreneurial, another says it is a little too corporate, but the benets far outweigh the
boring banker image. A few respondents note the accountability standards at the bank, saying theres an expectation of high performancealways
looking for continuous improvement. Agrees another, The main thing is what did you do today to increase revenue.
Indeed, some insiders have strong feelings regarding some of the rms practices. There is no overtime pay for working Saturdays, says one. You
are required to take off equivalent time, excluding overtime. My branch required employees to be involved with the community which consists
of Chamber of Commerce meetings once a month from 6 p.m. to 10 p.m., which were required, but completely unpaideither monetarily or with
equivalent time off. And you are also required to cover any other branch that is short within a 50 mile radius.
Depends on who you ask
In terms of benets, the rm offers good insurance, 401(k), stock options, a stock purchase plan, great vacation and holiday pay and even
a pension plan. And theyre reasonable about reimbursementalthough theyre not a culture to allow pricey expense reporting. Insiders are
generally satised with their paychecks, with one source noting that compensation is directly related to prots earned for the bank, so basically you
eat what you kill.
In terms of hours worked in the ofce, one employee says, If there is a crisis, you will be expected to give up your lunch hour without pay and overtime
is not paid you are given time off. Although weekly hours depend on the position, usually management is reasonable about exibility of hours.
Typically, employees work 40 to 60 hours per week, though not in the standard 9 a.m. to 6 p.m. setup. Many employees do put in some time outside
of the ofce. Says one source, Im a sales rep and am able to work from home. Another comments, I frequently take work home with me, which
creates on average an additional ve hours of work per week. And an education nance consultant reports, I travel a great deal, but it is worth it by
allowing me to have a home ofce.
Professional all around
Management types who seek to wreak havoc with underlings dont have a prayer at the rm. Managers who are abusive will not last long at Key,
warns one insider. Generally, employees are treated well. Others say that although managers are smart, organized and reasonable, theres
not much vision or creativity.
There isnt much room for creativity when it comes to the dress code, either, since employees are expected to abide by the formal always rules.
Sometimes it varies by manager, but most will want formal dress, says one insider. Im in the Midwest, and its a bank. Enough said.
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fces, which mostly consist of a small cubicle environment, get mediocre marks from employees. Though spaces are all reasonable and
comfortable, theyre not exactly rst class.
From all walks of life
However, insiders are mostly impressed with the company on the diversity front, calling KeyCorp very diverse. It appears that they do not
discriminate on race, age, sexual orientation, etc. Says one contact, Some departments are more diverse; my department is heavily Caucasian.
Generally, sources tell us the rm would probably want more diversity. But KeyCorp also has employee-led diversity councils and an executive-run
board of inclusion. The purpose of the board is to help recruit and retain a diverse workforce. Furthermore, Key partners with various organizations,
including the National Black MBA Association, the National Society of Hispanic MBAs and INROADS to help with minority recruiting. Despite Keys
efforts, one source still thinks that minorities at Key face a glass ceiling. On the other hand, insiders report that much of upper management is
female and there are numerous women in very high positions. Diversity is very important and valued by the management team, according to one
source. They invest in diversity initiatives and take it very seriously.
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KPMG CORPORATE FINANCE LLC
757 Third Avenue
New York, NY 10017
Phone: (212) 872-2920
www.kpmgcorporatenance.com
SERVICES
Advisory Services
Financing
Infrastructure Advisory
M&A
Private Equity Coverage
Special Situations Advisory
THE STATS
Employer Type: U.S. based subsidiary of KPMG LLP (US)
Managing Director, Head of KPMG Corporate Finance
LLC: Nick Jachim
No. of Ofces: 9
KEY COMPETITORS
Duff & Phelps
Harris Williams
EMPLOYMENT CONTACT
www.kpmgcorporatenance.com/careers
OK in the US
Smaller deals
THE BUZZ
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KPMG Corporate Finance LLC
THE SCOOP
Not just audit
KPMG Corporate Finance LLC, a member of FINRA (Financial Industrial Regulatory Authority) and registered as a broker dealer with the SEC, is a
U.S. subsidiary of KPMG LLP (US), a limited liability partnership. KPMG LLP, one of the Big Four accounting rms, is an independent member
rm afliated with KPMG International Cooperative. In 2009, KPMG LLPs three lines of serviceaudit, tax and advisorybrought in global revenue
of $20 billion. KPMG International is one of the worlds largest professional services rms, with over 135,000 employees working in more than 140
countries.
A member rm of KPMG Internationals corporate nance practice, KPMG Corporate Finance LLC operates in 62 countries and comprises more
than 2,200 professionals. KPMG Corporate Finance provides investment banking and advisory services to domestic and international clients. Its
professionals advise clients on mergers and acquisitions, sales and divestitures, buyouts, nancings, debt restructurings, equity recapitalizations,
infrastructure project nance and other strategic initiatives. On a global basis, KPMGs corporate nance practice regularly outranks almost all other
nancial advisers by volume of deals completed annually. In 2009, it completed 290 deals, more than J.P. Morgan (250), Goldman Sachs (240),
PricewaterhouseCoopers (229) and Morgan Stanley (222).
Perhaps pointing to why KPMG has been able to close so many M&A deals over the years, a January 2009 Financial Week review of middle-market
M&A activity noted that the Big Four accounting rms, while primarily known for their audit prowess, had certain advantages over pure investment
banks, such as a well-coordinated network of professionals around the world. The larger KPMG network provides access to on-the-ground intelligence
and cultural sensitivities that competitors cant match.
Since October 2007, KPMG Corporate Finance LLC has included the realty advisory practice of Long Island-based Keen Consultants; the business now
operates as a wholly owned subsidiary of KPMG Corporate Finance LLC. In the aftermath of the subprime mortgage crisis, KPMG Corporate Finances
real estate services team shifted from solely focusing on traditional acquisition and disposal services to a broader focus that includes providing lease
mitigation servicesa means for companies to reduce their lease costs and effectively raise capital amid restrictive credit markets.
Declaration of independence
A unique feature of KPMG Corporate Finances operations is that the rm is completely independent of nancing sourcesit does not underwrite,
make loans to or invest in any of its clients, and it doesnt have an in-house research division. According to the rm, Our independence helps insure
that our interests are aligned with those of our clients.
Speaking of clients, at KPMG Corporate Finance, they fall into 10 industries: business services, consumer markets, energy and natural resources,
nancial services, health care and pharmaceuticals, insurance, media and marketing services, real estate, industrial markets, and technology and
software. The rms corporate nance ofces are located in Atlanta; Austin; Baltimore; Chicago; Dallas; Los Angeles; Long Island, N.Y.; New York City;
and Orange County, Calif.
GETTING HIRED
Fitting the ideal
The career section of the rms website (www.kpmgcorporatenance.com/careers) gives information on available opportunities within its U.S. ofces.
The rm describes itself as having enlightened leadership, shared values, and a diversity of talent, saying it strives to recruit employees whose
aim is to maintain an environment in which each individual achieves their personal goals. Employees who demonstrate these qualities are given
opportunities for advancement, according to the rm. The ideal candidate for most positions should also possess a bachelors degree in nance,
economics or accounting, as well as strong research and nancial analysis skills, a willingness to learn, Microsoft Ofce skills, high attention to detail,
strong written and verbal communication skills, the ability to work independently and with a team, and one to three years of experience for entry-level
positions and more than seven for managing and upper-level positions.
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LEERINK SWANN LLC
1 Federal St., 37th Floor
Boston, MA 02110
Phone: (617) 248-1601; (800) 808-7525
Fax: (617) 918-4900
www.leerink.com
BUSINESSES
Equity Research
Investment Banking
Private & Corporate Client Services
Strategic Consulting
THE STATS
CEO: Jeffrey A. (Jeff) Leerink
No. of Ofces: 3
KEY COMPETITORS
Canaccord Genuity
UPPERS
Manager/junior staff relations are great
Humane, positive, relaxed environment
DOWNERS
The hours can be very volatile, making it hard to make
plans in your personal life
Thinly staffed
EMPLOYMENT CONTACT
Careers at www.leerink.com
Respected in health care
Havent heard of them
THE BUZZ
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Leerink Swann LLC
THE SCOOP
Healthy business
Bostons Leerink Swann is a specialist boutique that focuses exclusively on the health care industry. The rm was founded by now-CEO Jeff Leerink in
1995; by 1999, it had landed a spot on Inc. magazines Americas 500 Fastest-Growing Private Companies list. Today, Leerink has ofces in Boston,
New York and San Francisco; its service lines include investment banking, institutional sales and trading, equity research, strategic consulting, and
private and corporate client services. Leerinks investment banking professionals offer services related to mergers and acquisitions, public offerings,
private placements and private investments in public equity (PIPE) offerings.
Backing the rms health care expertise is its MEDACorp network, a brain trust of more than 35,000 physicians, researchers and other health care
experts in North America, Europe and Asia. Leerink professionals work closely with MEDACorp memberswho are paid consulting fees for their
servicesto advise the rms clients. The network is pitched as an opportunity for members to network with clients senior executives and health care
industry insiders who have the capability to support clinical trials and other research efforts.
To crack down on conicts of interestand to maintain its standards for consultingLeerink regularly audits network mem-bers, and denies
membership to employees of publicly traded companies and government employees.
Providing it all
Leerink Swann Consultants provides a range of advisory services, working in close collaboration with the rms investment banking group; these
services include portfolio management and product search processes, like identifying licensing opportunities; corporate strategy development; product
and therapeutic area strategy for clinical development, marketing and positioning; and M&A-driven growth and transaction strategies.
A single stake
Leerink has been privately held since its inception, but in 2007, it sold a $35 million minority stake to Los Angeles-based private equity rm Lovell
Minnick and fellow i-banking boutique March Group. Representatives from both investing rms now sit on Leerinks board of directors. CEO Jeff
Leerink said at the time that the capital would fund expansion efforts.
Research awards galore
Industry publications regularly single out Leerink Swans research analysts for their stock-picking prowess. Over the years, the rms analysts have been
given awards and honors by The Wall Street Journal, Thomson Reuters StarMine and the Financial Times, among others. Leerink Swans sales team
is not slouch, either. In 2008, it took rst place in Institutional Investors All-America Institutional Sales Team Healthcare Survey of chief investment
ofcers, portfolio managers, buy-side analysts, research directors and other investment professionals. Leerinks sales team also came in No. 2 in the
surveys biotechnology category. The team is certainly no stranger to Institutional Investor kudosfor seven years in a row it was dubbed Best of the
Boutiques in multiple health care categories.
GETTING HIRED
Passionate about health care?
At www.leerink.com, applicants can search job listings that span a number of divisions. According to the rm, its looking for employees with
backgrounds in and passions for medical, scientic and/or business disciplines. To land a spot as an investment banking associate, candidates
should also have prior experience as a nancial analyst in investment banking, an MBA degree with outstanding academic credentials, and strong
nancial modeling and analytical skills. It also doesnt hurt to be personable, highly motivated, energetic and capable of managing multiple
tasks within a short window of time. If you dont think the rm is currently listing your perfect job, Leerink still encourages those who are passionate
about the health care industry to contact them anyway at human.resources@leerink.com.
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M&T BANK
One M&T Plaza
Buffalo, NY 14203
Phone: (716) 842-5445
Fax: (716) 842-5839
www.mtb.com
BUSINESSES
Business Banking
Commercial Lending
Consumer Lending
Investment Group
Residential Mortgage
Retail Banking
THE STATS
Ticker Symbol: MTB (NYSE)
Chairman & CEO: Robert G. Wilmers
No. of Ofces: 750 (branches)
KEY COMPETITORS
HSBC
PNC Financial
UPPERS
Very exible in terms of work hours
Tremendous focus on efciency
DOWNERS
Work is needed for retaining minorities
Slow to adopt new technologies
EMPLOYMENT CONTACT
www.mtb.com/careers
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M&T Bank
THE SCOOP
Buffalos best
M&T Bank has been headquartered in Buffalo, N.Y., since 1856 when the Manufacturers and Traders Bank opened for business. Today, M&T
trades on the New York Stock Exchange under its own name and symbol, MTB, which represents its holding companys current titleM&T Bank
Corporation.
From its base in Buffalo, M&T has extended its reach through New York, Maryland, Pennsylvania, Virginia, West Virginia, Delaware, New Jersey and
Washington, D.C. With more than 750 branches, more than 1,800 ATMs and approximately $68.4 billion in assets as of March 31, 2010, M&T has
become one of the top regional banks in the U.S.
M&T offers commercial and retail banking services to individuals, businesses, institutions and governments agencies, and also provides mortgage
banking, investment advisory, securities trading, mutual fund sales, brokerage services, asset management, leasing, trust services, community
development loans and reinsurance. The companys philanthropic activities are carried out through the M&T Charitable Foundation.
Northern exposure
Though M&T bank is often known as a regional bank, it became an international entity in 2008 when it opened its rst non-domestic ofce. The
company announced plans to open a commercial banking ofce in Ontario to further expand its business beyond the border. M&T Bank hopes to
take advantage of the U.S.-Canadian trade relationship, as roughly 30 percent of all of the two countries trades cross the border in the Buffalo region.
John McLeod will be the principal ofcer for the Canadian ofce.
Moving into Maryland
In 2009, M&T Bank Corporation signicantly expanded its regional reach by completing the acquisition of Maryland-based Provident Bankshares
Corporation. The acquisition was completed via a stock-for-stock transaction worth approximately $274 million. As a result of the merger, M&T gained
Providents $6.4 billion in assets as well as 143 additional branches and 198 ATMs in the Maryland and Virginia region. The bank also took on $4.3
billion of loans from Providents loan portfolio and $4.6 billion in deposits, giving M&T the second largest deposit share in Maryland and tripling its
presence in Virginia.
Not long before M&T Bank acquired Provident, it made a smaller acquisition in the Baltimore area. In July 2008, M&T Securities acquired Peremel &
Company, a brokerage business formerly owned by PNC Investments. Peremel had assets of more than $700 million and approximately 6,000 clients
at the time of the acquisition. Peremels employees were added to the team already in place in M&T Securities Baltimore ofce.
GETTING HIRED
Plenty of opportunities
Recruiters at M&T look for t more than anything else, according to insiders. The rm is fairly (or moderately) selective for most positions, with
the exception of its executive associate program, which is described as very selective.
M&T seeks candidates at a number of schools, including University of Virginia, University of Maryland, Duke, Harvard, University of Michigan,
University at Buffalo, University of Rochester, Georgetown, University of Chicago, Cornell, Penn and Carnegie Mellon. If your educational background
is from a top-tier undergrad school or one of the recruited MBA programs, and your work experience shows loyalty to one employer with substantial
experience, the process runs smoothly, a source says. Adds another, If you make it out of the initial on-campus interview process, they do a good
job of giving you opportunities to interview with multiple groups in multiple locations.
Do you t?
Dont expect many brainteasers during the M&T recruiting process. Once youve made it to the interview, there appears to be an understanding that
you can do or learn the job, an employee explains. The interviews were more for personality and t. Most candidates will go through a minimum
of two rounds of interviews, and typically three or more. For students, the process begins with an initial screening interview done on campus where
a high-level executive from the bank interviews you. Those who pass that round move on to a second round in the business area of your choice
for on-site interviews.
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On location, you will interview with a minimum of three people from your area of interest, says a source. If you choose two potential areas of
interest to interview with, you could potentially have three to eight interviews the whole day. Executive associate applicants may have as many as 12
interviews with various levels of vice presidents within their area of interest, plus HR.
Its a fairly intimate application process that focuses heavily on t and situational questions. Each round of interviews involves meeting the most
senior level people in the target division, with questions like tell me about a time when you led a team, where do you see yourself in ve years?
and describe your background. Candidates should also know M&T. Interviewers might ask recruits to tell [them] a little bit more about the
company.
One good option
A summer internship at M&T can be a great opportunity to help secure a full-time position, insiders say, but it is not a detriment if you do not
intern with the company. The summer program is selective, and summer employees who do well have rst choice of open positions. But there
are more full-time opportunities than summer internship opportunities, so theres room for many additional hires. Another source breaks down the
numbers: There are typically 10 to 12 summer executive associates and 25 full-time hires annually. Still, a former intern says, there is no better
way to determine mutual t than to work somewhere for 10 or 12 weeks before making a full-time commitment. Another agrees, saying, It allows you
to better assess M&T and vice versa. You are a known entity so that will give you much more visibility and access in the hiring process. A current
insider who interned recently notes, got paid roughly $18,000 for 10 weeks of work or so. The internship was in Buffalo, so those wages were much
better than one would get in New York City on a relative basis.
OUR SURVEY SAYS
Sense of pride
The M&T culture is collegial, with a strong sense of pride in the company. Respondents call their bank very down-to-earth, even old-school
and pragmatic, with tremendous focus on efciency. The corporate headquarters takes on the almost-Midwestern personality that is prevalent
in Buffalo. In other words, this can mean a conservative and traditional feel, though people are generally pretty nice, especially at company
headquarters. Other locations have more fragmented cultures, a source reports. Another describes the bank as being distinctly divided between
Western New York and the Mid-Atlantic.
M&Ts middle-of-the-road size is a benet for some. I like the size of the company, one insider explains. I felt it was big but not too big, and that I
would have a lot of responsibility and visibility right away. The rm is data-driven, and analysis is important to all decisions. The result is lots of
committeesvery few decisions are made by a single executive. The conservative business model is slow to adopt new technologies and cautious
when it comes to capital spending. Many insiders wish M&T was willing to invest in better technology to lessen the administrative and sometimes
very manual burdens on employees. Others say that management should do a better job of explaining how ofcer promotions work, outlining the
key objectives an employee needs to meet in order to move to the next level.
Lots of access
Unlike some larger rms, M&T offers great visibility to senior management. One source says, Im on a rst-name basis with two of the three top
executives at the bank, and have excellent access and relationship with the head of the investment banking division. I work very closely with one
of the executive VPs, says another contact. Despite a wide difference in tenure and rank, I am treated like an equal. My input is requested and
listened to. However, some extraneous layers of bureaucracy can mean that its tough for managers to get things done.
If there are any complaints about management, its that there can be generational differences-management sticks to tried-and-true ways. M&Ts
training doesnt get very high marks: Once you are done with the orientation process, additional training is few and far between, an insider complains.
It is tough to learn in a vacuum. Another says that openness to training would be useful.
Fair and exible
M&Ts corporate culture places a priority on getting the job done but is very exible in terms of work hours, sources say. People stay late to nish
important projects, but late nights are not the norm, an insider adds, although some people use evening hours to entertain clients or network. A
senior associate says, On a relative basis, compared to peers on the Street, the working hours at M&T are fantastic, with no face time requirements.
Most employees report averaging 40 to 50 hours a weekat times more, but generally hours are very manageable. Theres a lot of exibility to work
from home on the weekends, notes one insider. Overall, work/life balance does not seem to be a problem.
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Company perks include a mortgage discount, banking services discounts and discounts at major retailers. Theres also an employee stock
purchase program, though one source notes that M&Ts stock isnt doing so well lately. Several locations provide new mothers nursing facilities
and gyms, and some sources report a generous signing bonus and relocation allowance. The executive associate program carries its own benets.
One source explains, Upon promotion to assistant vice president, those who come in via the EA program usually receive stock options. As for base
pay, insiders say that MBA pay is high by M&T standards but not high for MBAs.
Lagging behind
Cutting-edge isnt the phrase insiders use to describe M&Ts physical infrastructure. Systems are older, more antiquated, and the dcor is classic
bland cubicles, sources say. M&T doesnt like to invest in depreciating assets, so ofce equipment can be dated, another source agrees. Besides
furniture woes, many M&Ters wish the rm had better tech. I think were behind our peers in technology investment, both internal and customer-
facing systems, one source opines. Im not saying we should open our wallets, but I think theres room for improvement here. As for the dress
code, relationship managers usually dress formally. If youre in other parts of the bank, business casual is the norm. No jeans allowed, though.
Suggested improvements
M&Ts intentions are good when it comes to diversity, but work is needed on retention of minority employees. The bank has recently started a
womens networking group for MBA hires to increase advancement of women, which is a good start, one contact says. Oftentimes MBAs are given
a same-sex mentor. I think there are opportunities for women, but at the same time, much of the upper levels are comprised of white men. Another
source thinks M&T could improve matters by increasing recruitment efforts at prestigious national conferences like the National Hispanic MBA
Association and the National Black MBA Association.
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MCGLADREY CAPITAL MARKETS LLC
575 Anton Boulevard, 11th Floor
Costa Mesa, CA 92626
Phone: (888) 543-0711
Fax: (714) 327-8850
www.mcgladreycm.com
BUSINESSES
Capital Raising
Divestitures
Fairness Opinions
Recapitalizations
Restructurings
THE STATS
Employer Type: Subsidiary of RSM McGladrey Inc.
President: Hector J. Cuellar
No. of Ofces: 4
KEY COMPETITORS
Houlihan Lokey
Jefferies
RBC Capital Markets
William Blair
UPPERS
Close-knit crew
Great management support
DOWNERS
No formal training program
Its like a frat houseboys only
EMPLOYMENT CONTACT
Phone: (714) 327-8687
See careers under about us at www.mcgladreycm.com.
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McGladrey Capital Markets LLC
THE SCOOP
By any other name
RSM EquiCo ofcially became McGladrey Capital Markets on September 29, 2008. The investment banks name change was the culmination of a
four year transformation period during which president Hector J. Cuellar worked to develop RSM EquiCo into an internationally recognized force in the
world of investment banking. Cuellar said that the bank also recognized the need to develop industry specialization, expand beyond our exclusive
focus on sell-side mergers and acquisitions and that the changes have been successful beyond expectations. The evolution of our business has
been so impactful we felt a name change was in order, Cuellar concluded.
The name change also represents a closer relationship with the banks parent company RSM McGladrey, Inc., which is a member rm of RSM
International and a wholly owned indirect subsidiary of tax giant H&R Block. McGladrey Capital Markets is headquartered in Costa Mesa, Calif., with
additional ofces in Chicago, Boston and London.
Sectors and deals
McGladrey Capital Markets caters to privately-owned mid-market businesses and mid-cap public companies, offering services like M&A and divestiture
advisory, capital raising, fairness opinions, recapitalizations and restructurings. The rm is a registered broker-dealer and provides global investment
banking services with an emphasis on the North American middle market. Nearly 46 percent of McGladreys deals involve private equity rms.
Business at McGladrey Capital Markets covers a number of industries, including aerospace and defense, basic industries, business services, chemical,
energy services, engineering, construction and building materials, food and beverage, global nancial services, government services, health care,
recreation and leisure, rubber and plastics, technology, and media, entertainment and gaming.
GETTING HIRED
Be prepared to show your stuff
McGladrey Capital Markets looks for individuals with investment banking or other nancial services experience. The rm can be very picky
regarding experience within the industry, requiring people to have essential experience in accounting, market research and sales. Also, its big
on cultural t. Although it can help to know someone on the inside, some still ght tooth and nail to get a foot in the door. According to one
insider, McGladrey looks for slightly different skill sets in the junior staff than most bulge brackets. Hard skills like modeling are less emphasized,
while the ability to interact with clients and buyers seems to be more important. On the VP level, McGladrey looks for people who can both execute
and originate. The rm looks for proven producers for senior level positions and motivated individuals at the junior level.
Since McGladreys headquarters are in Southern California, two big alma maters are USC and UCLA. But your school colors dont matter much,
since the rm does not recruit on campus. McGladrey hires primarily through references, headhunters and internet job postings. The rm also
places ads in the newspaper and on online job boards. McGladrey counts on other investment banks and Internal references for talent.
Meeting the team
The interview process varies by position. Many candidates receive numerous callbacks and will meet with a variety of people from analysts all the
way up to the president. One contact recalls three rounds of interviews: one informal one with the head of my ofce, another one with the head of
the rm and a half-day interview with three different people. The rm has a team approach to hiring, with candidates typically rotating among
about seven or eight people. Each meeting is roughly an hour. To build consensus, sometimes the rm will introduce the candidate to up to
10 people. Interviews with senior management tend to be relationship-based. Some say questions are all over the place in regards to t and
industry specic topics. Candidates with no prior banking experience are not asked anything too detailed. Many are asked about educational
and work background, as well as current events in nancial markets and M&A. All interviews seek to assess both on personality and technical
knowledge.
Ad hoc internships
McGladrey offers internships, but on an unofcial basis. For this reason, participation in the intern program is not critical, but it certainly helps with
future employment. Interns prepare presentations and marketing documents, and potential lists of targets. It can be an important opportunity to
gain real-life experience in this environment. A contact says, An internship helps you get hired full time only if you go into it knowing modeling and
nancial analysis, research and Excel. Its not a good training ground for those unfamiliar with nance. Some feel the program offers no advantage
over non-intern applicants.
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OUR SURVEY SAYS
Down a notch in intensity
McGladrey is an entrepreneurial rm with open-door policies and Wall Street-level professionalism. The boutique environment is one in which
analysts take on a variety of projects spanning several different industries. They also engage with C-level executives at great companies. The rm
is small enough to where an individual can make a difference. McGladreys close-knit crew supports each other to drive towards goals. At this
collegial rm, there is a solid work/life balance, and quality, consistency and diligence are very important. There is a lack of obvious silos, and
much openness throughout the ranks. Though there is not quite the intensity of large bulge bracket rms, bankers are still competitive.
Advancement is very meritocracy-based, and there is a high degree of responsibility placed on junior and midlevel staff. In fact, senior leadership
encourages voicing differences in opinion, and encourages employees to actively manage their own careers by making offers to supervisors regarding
advancement. At times, success is harder earned than it should be, but the consensus is that McGladrey is an easygoing rm compared to the
rest of investment banking, which creates a very positive working environment. Some say it can feel very top heavy.
Not cutting it
Although compensation is meritocracy, most McGladrey insiders are not happy with their pay packages. Pay is subpar compared to other banks.
Most feel as though the pay needs to be improved in order to keep and attract quality talent. Bonuses are tied to deal fees once you are expected
to help generate fee income. This can be quite discouraging if your deals dont close, because it feels as though there is a disconnect between
bonus and effort. A contact says, The comp structure at the associate level does not work. It seems unfair to link compensation to deals closed
when the associate has less direct impact on whether a deal closes than the VP running things. Bottom line: If you want to get rich and retire at
35, this isnt the place to do it.
Besides not being thrilled about the bonus structure, McGladrey employees arent offered much in the way of perks. There is a less than enticing
employee stock purchase program through which employees get a 10 percent discount on the parent companys stock. The rm offers discounts
at local gyms and has a free gym in the building. Meals can be ordered after 7 p.m. on your company card, and bankers can take advantage of
garage parking and education reimbursement.
Flexible, if you earn it
Some McGladrey bankers work long hours, but most agree that they are not as bad as at bulge bracket rms. Hours uctuate based on how
many deals you have on your plate, but typically, people leave around 6 or 7 p.m., which is very early by investment banking standards. There is
a reasonable amount of pressure to produce, but there is absolutely no pressure for face time, and the rm is pretty accommodating if you need
to take off early here and there. Whats more, bankers rarely come into the ofce on weekends, although coming in does score you points with any
senior bankers who happen to come in over the weekend. Most weekends are spent doing some type of work from home, because McGladrey
offers employees that exibility. In fact, there is no real need to even stay too late during the week if you bring your laptop home. This kind of
exibility is granted on the assumption that the work gets done. A contact says, If you want to take advantage of your exible schedule, you must
deliver quality and on-time work.
Most managers score high
McGladrey tries hard to grow its young bankers. As such, the rms senior leadership listens and tries to do the right thing. Junior bankers
enjoy excellent management support and mentorship. A contact says, Coming from a larger rm, its nice having constant interactions with my
managers. I feel like I can go to them with any questions at any time. And VPs and MDs are very respectful and mindful of your workload. There
are, of course, exceptions. Some managers are arrogant know-it-alls who merely want you to do their bidding, yet others value outside opinion and
try to give you input on deals. Sometimes there is favoritism, and some people are held to a much higher level of accountability than others.
But overall, although managers can be demanding, they are open for questions and available to help, and most subordinates enjoy excellent
collaboration with their superiors.
Fend for yourself
McGladrey has no formal training program, which is why the rm tends to stay away from folks directly out of undergrad. One source says, Since
there is no class of analysts and associates that start at the rm, we dont really have a focused and coherent training program. Its really more learn-
as-you-go. The rm does offer ad hoc training sessions on various topics, but most insiders say, Training is not a strongpoint of the rm. This
makes it pretty tough to be successful without prior experience. Especially since no one goes out of their way to make sure you know what you
need. Training is becoming more formalized, although its still rudimentary and nothing that actually helps you learn M&A.
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Comfy about sums it up
McGladreys ofces are not uncomfortable, but denitely not luxurious. They could use some enhancements. Insiders say itd be nice if the
facilities were less suburban-like, with more art and upgraded hardware. Bankers work from pretty standard cubes in the rms modern ofces
in Southern California.
The typical dress code at McGladrey is suits minus ties. On Fridays and short days preceding holidays, some people wear jeans or short sleeve
polos. The rule of thumb is to dress professionally when the time or situation calls for it, which normally means suits for clients. Things are
sometimes a little more formal in the Costa Mesa headquarters.
The skinny on diversity
McGladrey gets mixed marks on diversity. Although the rm is trying when it comes to improving the number of female employees, McGladrey is a
typical male-dominant environment. Others say, The percentage of women in the rm reects the ratio of women who want to focus their careers
on investment banking. McGladrey has a handful of female employees, and several in high places. There is no bias or discrimination toward
women, only toward those who do not have or want to acquire what it takes to succeed in a challenging environment.
When it comes to ethnic minorities, the rm does not discriminate. There is lots of ethnic diversity. You can nd employees of all ethnicities
at McGladrey. It is denitely not all white men working here, although an insider points out, There are lots of Republicans. That doesnt seem to
scare away gay and lesbian employees. The rm has numerous homosexuals, and insiders say, Its never been a problem for them or any of their
colleagues. A contact adds, The overwhelming amount of people who work here would not care about a persons sexual preferences, and if they
did, they wouldnt show it at work.
Running the gamut
For what I make, the hours are not too bad, admits one senior analyst, adding, On average, Im out of here by 7 p.m. or so and I do not have to
typically come in on weekends. As long as they stay this way, Im ne. Another insider says It could be worse in terms of hours. Many insiders
report working anywhere from 40 to 70 hours a week. One contact who says he is on the road most of the time, working 60 hours a week
voluntarily, adds, I enjoy this. Plus, theres not a whole lot of face time needed in my ofce. If you get your work done in a timely manner and it
is of good quality, you arent expected to be in the ofce until late in the evening every day. But theres usually an ebb and owwork hours vary
depending on the need of the projects being worked on.
Mismatched management?
The great management support is very much appreciated, says one insider. Another says we have experienced managers that have been there and
know how difcult the job is. But again, insiders report a wide variety of experiences within the rm. Some say there is no respect from managers
and also management through intimidation. It may just be a pattern of unevenness. Some vice presidents and managing directors are great to
work with, while others are terrible, says one contact.
Change of clothes
The rms dress code has undergone a few changes latelyit used to be formal always before changing sometime in 2006 to business casual dress
(with casual Fridays). Although contact with clients requires kicking up the apparel choices a notch or two, most of the companies are very small
and suits are rarely required. On casual Fridays, Dockers and golf shirts are a perfectly acceptable choice of attire.
Be your own teacher
In regards to training, insiders describe McGladreys philosophy as pretty much learn on the job and sink or swim. There is no formal training
program, grumbles one source. But the rm also has a tendency to hire mostly trained people One insider who reports getting some initial training
calls it good but adds, Id like to see other areas covered in training, even though time restraints may not allow it.
Could aim for more
McGladreys diversity with respect to women is very good, but even though there are successful women here, it could be substantially better. One
female insider paints a blunt picture of the culture: Its like a frat house.
In terms of ethnic diversity, There are successful minorities here, says one insider. Others say the rm seems quite diverse and the door is open
to qualied prospects. Still, the rm could improve their methods for tracking down diverse candidates, insiders say. The opportunity to attract
and retain women and minorities could be accomplished better by targeting specic vertical recruiting methods geared towards locating women with
strong personalities and higher educated minorities, one insider says. The rms reception of gays and lesbians receives high marks as well. One
respondent notes that sexual orientation has never been an issue.
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MILLER BUCKFIRE & CO., LLC
153 East 53rd Street
22nd Floor
New York, NY 10022
Phone: (212) 895-1800
Fax: (212) 895-1800
www.BBT.com
DEPARTMENTS
Advisory Practice (Capital Raising, M&A, Restructuring)
Asset Management
THE STATS
Employer Type: Private Partnership
Chairman: Henry S. Miller
CEO: Kenneth A. Buckre
No. of Employees: TK
No. of Ofces: 1
Strong restructuring practice
A restructuring specialist; little known outside the eld
Prestigious
THE BUZZ
RANKING RECAP
#49-Prestige
KEY COMPETITORS
Houlihan Lokey
Lazard
Rothschild
EMPLOYMENT CONTACT
See careers section of www.millerbuckre.com.
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Miller Buckfire & Co., LLC
THE SCOOP
Henry and Kenny
The Miller and Buckre in the rms name come from the rst monikers of two of its founders: Henry S. Miller and Kenneth A. Buckre. In 2002,
Miller and Buckre, along with Martin Lewis, left jobs at Dresdner Kleinwort Wasserstein (where the three led the investment banks restructuring
practice; they were previously with Wasserstein Perella & Co.) and teamed up to start an eponymous investment bank focusing on large-scale corporate
restructuring transactions. Headquartered in New York City, the bank started out with 19 bankers. In 2003, it added a third partner and was renamed
Miller Buckre Lewis Ying & Co. In 2004, Lewis left the rm and the name became its current incarnation, Miller Buckre & Co.
In 2007, Miller Buckre gained a big partner in monstrous German bank Sal. Oppenheim, which bought a 10 percent share in the investment bank
as part of a strategic partnership to provide cross-border restructuring M&A advice. At the time the deal was struck, Miller Buckre had restructured
more than $180 billion in debt, advised on M&A transactions worth more than $14 billion and worked on nancings worth a total of more than $29
billion. Since its founding, Miller Buckre has worked on transactions for such high-prole clients as The Weinstein Company, Kmart, Polaroid and
Readers Digest. Underscoring its prowess in the restructuring space, Miller Buckre ranked No. 13 in worldwide completed restructuring deal volume
for the rst half of 2010, according to Thomson Reuters. During the six-month period, Miller Buckre worked on 7 deals worth a total of $4.4 billion.
In U.S. completed restructuring volume, the rm ranked No. 10, with ve deals worth a total of $3.6 billion.
GETTING HIRED
Join the (small deal) teams
Candidates interested in joining Miller Buckre as a summer intern or full-time analyst or associate should log on to the rms careers section of its
web site. There, Miller Buckre details the sort of candidates its looking for (in analysts: highly-motivated, energetic, team-oriented individuals who
excel in a challenging, fast-paced environment; in associates: those with outstanding academic records and have demonstrated strong leadership
ability through involvement in extracurricular endeavors such as student government, athletics and cultural and entrepreneurial activities); the rm
also includes a prole of a current MIller Buckre full-time analyst and a current associate (in the words of the analyst featured: I have been pleasantly
surprised by the amount of client and other professional interaction I have had; the associate: I have been given increased responsibility to lead
various aspects of client engagements).
For summer interns, Miller Buckre interviews undergraduates beginning in January of each year. In 2010, it visited the campuses of Penn, Virginia,
Johns Hopkins, Georgetown, Harvard, NYU and Princeton in order to nd summer analysts. To search for summer associates, it visited Harvard,
Wharton (Penn), Kellogg (Northwestern), Columbia and Booth (Chicago). According to the rm, Summer analysts will have the opportunity to work
closely with, and learn from, senior bankers on a variety of transactions across a wide range of industries. Since our deal teams tend to be small (3-5
bankers), summer analysts often play an integral role in every transaction. Regarding its summer associate program, the rm notes, If you cannot
nd the summer associate position listed with your school, please send your resume to marisa.cox@millerbuckre.com.
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SCOTIABANK
Scotia Plaza
44 King Street West
Toronto, Ontario
Canada M5H 1H1
Phone: (416) 866-6161
Fax: (416) 866-3750
www.scotiabank.com
BUSINESSES
Scotia Capital
ScotiaMcLeod
ScotiaMcLeod Direct Investing
Scotia Private Client Group
THE STATS
Ticker Symbol: BNS
CEO, Director & President: Richard E. Waugh
No. of Ofces: 2,331
RANKING RECAP
#47-Prestige
KEY COMPETITORS
CIBC
RBC Capital Markets
TD Bank
UPPERS
Supportive, with a strong commitment to team spirit and
success
Amazing diversity
DOWNERS
Communication between senior and junior bankers could
be improved
A lack of overall privacy
EMPLOYMENT CONTACT
www.scotiabank.com/careers
Mid-market focus
Revamping compensation
THE BUZZ
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Scotiabank
THE SCOOP
Home sweet Canada
Scotiabank calls Canada home, but that doesnt mean that it hasnt spread its wings to embrace the rest of the world. Founded on the northeastern
Canadian island of Nova Scotia in 1832, the company moved to the big Ontario city of Toronto in 1900. Today, it ranks as Canadas third-largest bank,
and provides a wide range of services, concentrating on retail, corporate and investment banking. Scotiabanks other services include personal savings
and checking accounts, as well as lending, brokerage and trust services. The company also offers asset management (including mutual funds) and,
through its Scotia Capital division, investment banking services, including underwriting, and mergers and acquisitions advising.
The banks biggest area of operations remains its homeland, Canada, where it offers banking services through a national network of about 1,000
branches, commercial and business banking centers, and four call centers. But with nearly 68,000 employees, Scotiabank and its afliates lay claim
to about 14.6 million customers internationally, operating in approximately 50 countries around the world.
The rm trades on the Toronto, New York and London Stock Exchanges, and is the leading provider of nancial services in the Caribbean. It has the
broadest Asian network of any Canadian bank, and is active in the Latin American market through subsidiaries in Chile, Costa Rica, El Salvador and
Mexico, and afliates in Peru and Venezuela.
The bank also has a long track record of community involvement. To celebrate its 175th anniversary in 2007, the bank commissioned and donated
new artwork by John Hartman, a Canadian painter, to the Art Gallery of Nova Scotia. Waugh said the donation offered a unique way for us to create
a permanent tribute to Halifax, Scotiabanks city of origin, and all of the communities in which we share a long and rich history.
Market expansionat home and abroad
Throughout 2008 and 2009, Scotiabank CEO Rick Waugh continued to expand Scotiabanks overseas reach. In October 2008, Scotiabank bought
Sun Life Financials stake in CI Financial Income fund for C$2.3 billion, giving Scotiabank a 37.6 percent stake in CI, the No. 3 mutual fund company
in Canada. A few months earlier, in July 2008, Scotiabank agreed to buy the Canadian operations of E*Trade Financial Group from the U.S.-based
E*Trade for $442 million, expanding Scotiabanks wealth management business and adding 125,000 active accounts to its stable. E*Trade Canada
had 190 employees and C$4.7 billion in assets under administration at the time of the deal.
In May 2008, Scotiabank bought Banco del Trabajo, then the ninth-largest commercial bank in Peru. And in February 2008, Scotiabank acquired
Banco de Antigua in Guatemala and select assets of Banco de Ahorro y Credito Atlas Cumbres in the Dominican Republic. Banco de Antigua had 47
branches and 98 rapidito kiosks at the time of the deal, and had 160,00 clients with $82 million in assets under management. Banco de Ahorro y
Credito had six branches and 35 kiosks, and served some 39,000 clients; it had $29 million in assets under management. Scotiabank also recently
starting working out of ofces in Russia and Turkey.
By mid-2009, according to Bloomberg, Scotiabank had spent more than C$2 billion to acquire foreign banks and lenders during Waughs tenure.
Down South
Scotiabank maintains six locations in the U.S.Atlanta, Chicago, New York, San Francisco, Houston and Portlandfrom which it caters to large,
national and multinational corporations through its subsidiary, Scotia Capital. Scotia Capital has operated in the U.S. for more than a century, overseeing
the banks global relationships with large corporate, institutional and government clients. The subsidiary specializes in syndicated lending, corporate
debt and equity underwriting, mergers and acquisitions, xed income and institutional equities sales and trading, foreign exchange, derivatives, and
precious metals products and services.
GETTING HIRED
Watch employees testify
Check out Scotiabanks fairly comprehensive employment guide on its website, www.scotiabank.com, where you can do everything from watch video
interviews with current employees to peruse a list of current openings. Job seekers also have the option of searching for open positions by city, state
or province, division or by performing a keyword search. Potential candidates can ll out an online application or simply submit a general resume
and application. The company also provides a general HR email and snail mail address where resumes can be sent. Resumes are kept on le for
six months.
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Scotiabank
Get ready to eld it all
During the hiring process, candidates typically face at least three interviews. One insider reports being asked questions related to job function and how
I could contribute to improving processes in addition to questions regarding my ability to make decisions in leadership and employee management.
And be preparedyou may be subject to a behavioral interview as well.
OUR SURVEY SAYS
They love it
Respondents seem to love working for Scotiabank. Our motto is one team, one goal, and I experience that every day, boasts one insider. The
bank is great, another says simply. Other contacts call the work environment at Scotiabank exible, service-oriented, customer-focused,
supportive and say that it provides excellent career opportunities. Others say theres a very strong commitment to team spirit and success,
and the rm tries for work/life balance. Everyone is always busy but nds the time to help each other as the need arises, sometimes without even
being asked.
It seems one way the rm attempts to achieve that balance is to truly embrace and practice exible and mobile work arrangements. Though you
are expected and required to spend the necessary hours to complete your assigned tasks, regardless of the number of hours paid, hours for most
employees tend to fall somewhere within the range of 40 to 50 per week. Sometimes after-hour demands are extensive, but in general, hours are fair,
believes this insider. And while employees are not compensated by money as far as overtime goes, they can take the extra time off as needed.
The rm offers employees an array of perks (though they tend to vary with location), from an employee share ownership plan to free banking
within reason. One insider says when it comes to stocks, the bank purchases 50 cents for every $1 employees invest. On an annual basis, the
company awards its employees a set number of what it calls ex credits that they can use to buy company benets or take as cash. The company
also offers ex hours, ex days and telecommuting options.
Praise for superiors
It seems as though employees (mostly) love their managers. Insiders say, There is great respect from my superiors and the feelings are mutual, even
though communication can be at times removed and greater presence amongst staff would go a long way. For the most part, though, employees
report being very pleased and say respect, encouragement and mentoring are all alive and well. Offers one staffer, We are a family here, and
since each of us has ups and downs, we dont take it personally. But if something is wrong, it is usually taken to management, and then its taken
care of with delicate understanding.
Fancy pants
While the rms ofcial policy on dress leans toward business casual with casual Fridays, there seems to be an insider consensus toward keeping things
a little more elegant. I am more comfortable with more formal dress, admits one insider. Another employee agrees, noting that while sometimes
summer dress is a little more casual, dress shouldnt swing toward overly casual. I dont think jeans are appropriate.
Could stand an upgrade
Generally, respondents arent delighted with the state of their ofce space. One says the ofces are a little noisy at times as we work in an open-
concept environment, while another complains about the ofce being housed in a very old building where ventilation is difcult and uctuates. And
one contact complains that there are no ceilings in the ofces that are right beside teller linetheres a lack of overall privacy.
The rms training programs receive meager marks from sources as well. Scotiabank gave no training at all when I was promoted to my current
position, reports one contact. Another adds that the banks formal program is a little weak, although informal and formal coaching is very
strong.
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Scotiabank
Receiving recognition
The rm is all-inclusive and offers equal opportunity to women and men, insiders report. And those outside Scotiabank seem to agree as well. The
rm was honored with the 2007 Catalyst award for their Advancement of Women initiative. Presented to just a few companies per year, the award
singles out efforts toward developing womens careers.
Scotiabanks recruitment and retention of ethnic minorities receive high marks, though employees dont seem to recall an ofcial company policy
regarding gays and lesbians. My location is rural, and clients are conservative, says one insider. However, I have never felt my rm has any opinion
on gays and lesbians. Its just not an issue.
Another contact working in Calgary is stunned by the diversity within the company. The diversity in our branch alone is amazing and truly reective
of Canada as a global melting pot. We have employees from countries like Ethiopia, India, Ukraine, Denmark, Philippines, South Korea, Vietnam and
Zimbabwe. And being as diverse as our branch is, were always learning more about each other through social events and pot-luck lunches.
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STEPHENS INC.
111 Center Street
Little Rock, AR 72201
Phone: (501) 377-2000
Fax: (501) 377-2470
www.stephens.com
BUSINESSES
Capital Management
Insurance
Investment Banking
Private Equity
Public Finance
Research
Wealth Management
THE STATS
Chairman, President & CEO: Warren A. Stephens
No. of Ofces: 28
KEY COMPETITORS
Houlihan Lokey
Jefferies
Morgan Keegan
William Blair
UPPER
Stephens takes care of its employees
DOWNER
Somewhat good ole boy culture
EMPLOYMENT CONTACT
See careers at www.stephens.com.
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Stephens Inc.
THE SCOOP
Finance whizzes
Little Rock, Ark.-based Stephens Inc. operates through eight main units: investment banking, public nance, private equity, research, capital
management, insurance, wealth management, and institutional sales and trading.
Stephens investment banking team focuses on small- and middle-market mergers and acquisitions advisory. Its industry expertise includes aerospace
and defense, building products and construction services, business services, consumer and retail, nancial services, health care and life sciences,
information technology, power and energy solutions, telecommunications and media, and transportation and logistics.
Stephens has been active in public nance since its beginning in 1933. Its nancing efforts typically involve governments, schools, utilities, housing
authorities, not-for-prot organizations, industrial development and health care organizations.
The rms award-winning equity research division covers about 300 stocks in the aerospace and defense, consumer, nancial services, health care,
industrial, IT, technology and transportation sectors. Its analysts have been honored in Institutional Investors All-American Research poll and The
Wall Street Journals annual Best on the Street ranking.
Stephens Capital Management (SCM) has been a registered investment advisor since 1982, and currently supervises portfolios of equity and xed-
income assets worth over $3 billion. Through Stephens Insurance, the rm provides personal and business insurance solutions. The rm also offers
wealth management (including a full-service private client group), and institutional sales and trading.
Family values
In 1933, at the height of the Great Depression, W.R. (Witt) Stephens formed a rm to buy up cheap Arkansas bonds. Stephens paid 10 cents on the
dollar for the devalued bonds, held them until the states economy came back to life a few years later, and sold them at a handsome prot. Witts
brother Jack joined the family business in 1946 and served as CEO from 1956 to 1986. He also joined Witt in investment ventures through a family
holding company now known as SF Holding Corp. Upon his retirement, Jack handed the reins to his son Warren A. Stephens, who has remained at
the helm since then.
Jack Stephens died in 2005, triggering a reorganization within the family. Witt, Jr. and Elizabeth Stephens Campbell sold their interest in Stephens
Inc., the investment bank, to their cousin Warren, who now holds 100 percent of its stock.
Latin American air
Stephens conducts in Latin American business through Stephens Cori Capital Advisors, which provides services including mergers and acquisitions,
debt and equity capital raising, family-owned company strategic advisory, restructuring, private equity advisory and independent valuations. The
company has signicant reach into the Latino and Hispanic American business communities, having completed more than $4 billion in M&A
transactions and raised $2 billion in capital since its inception.
Talking bout a regulation
In April 2010, at the height of the battle on Capitol Hill over nancial regulatory reform, CEO Warren Stephens penned an op-ed in Fortune that critiqued
the legislation that was then on the table (and was later passed by both the U.S. Senate and House of Representatives). In the piece, Stephens argued
that instead of placing restrictions on consumer credit, our government ofcials should be setting limits on leverage and capital ratios and enforcing
the laws already on the books. Specically, they should impose a 15-to-1 leverage ratio on all investment banks ... They should also require higher
capital ratios at commercial banks and at the holding-company level.
When the overhaul bill was nally passed by the Senate in July 2010, all but sealing its enactment into law, it did not include any mention of limits on
capital ratiosa fact that many industry observers (including Stephens) considered to be a big mistake.
Speaking of capital ratios, a year earlier an August 2009 Forbes prole of Stephens Inc. revealed that the investment bank was leveraged 2-to-1 as
opposed to many of its rivals 30-to-1 ratio, and that it had more than 50 percent of its assets in government securities.
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Stephens Inc.
GETTING HIRED
Bring the energy
Candidates that will turn the heads of the rms recruiters tend to be high-energy individuals who have strong interpersonal, accounting and nance
skills, according to Stephens. The general careers section of Stephens website provides an online inquiry form directed to the companys human
resources department, and indicates that candidates can contact the company directly at its Little Rock address or at resume@stephens.com.
The interview process seems to be on par with the banking world. According to one insider, First-round interviews are held on campus with an
associate. The contact adds, After passing that round, I was invited to a Super Saturday at the headquarters. Expect a nice reception on interview
weekend. One source reports that Friday night involved a ve-course dinner in the board room on the top oor [of the rms headquarters] with an
open bar, and mingling with the senior vice presidents and managing directors. Dinner was followed by a social gathering to mingle with everyone
else in the department, including employees from other ofces in different cities.
The Saturday interviews started at 8 a.m., offers one contact, and there were eight of them, with people ranging in rank from associate to MD to
the head of the department.
The source adds that the rm is mainly after personality and t, but a few simple nance questions were asked. Another contact reports that the
rm wont ask you anything too nance-y, but it might ask questions like How do you run a DCF? and How do you value a company? Another
question candidates might get is Why do you want to live in Little Rock?
OUR SURVEY SAYS
Southern avor
Stephens harbors a culture thats denitely Southern. And it may have quite a lot to do with the fact that most employees come from the South,
so you should be prepared for the culture if you are not from around there. And the culture also emphasizes a generalist approachanalysts are
expected to work on a wide variety of assignments, rather than being forced into a particular industry and product.
Employee morale is quite high at Stephens, and it being the largest full-service investment bank headquartered in the South as well as family owned
only helps to boost this morale. Stephens takes care of its employees, says one insider. Even under bad market conditions, Stephens pays its
employees extremely wellmore than I would have expected after talking to my friends on Wall Street. Explains another contact, If you enjoy doing
things outdoors, being in Little Rock puts you within 20 minutes of hiking, biking, water sports, huntingyou name it. And because Little Rock
is much cheaper than New York, boasts one insider, its feasible to get an extremely nice and large apartment for $1,000 a month that that would
cost $3,000 to $4,000 in New York City.
However, one former insider calls Stephens culture somewhat good ole boy, explaining that some people were hired because they were smart,
while others were hired because their fathers were golng buddies at Augusta with the higher-ups. The contact concedes, though, that the corporate
culture fosters learning at all costs. Stephens also fosters loyalty, say insiders. By looking to promote junior bankers from within, observes a source,
they have an extremely loyal employee base. Its not uncommon for bankers to have come to Stephens right out of college and stay there until they
retire, after having made millions.
Keep the formalities
The hours at Stephens are fairly typical for investment banking; rst-year analysts can expect to work between 70 and 100 hours per week, says an
insider, with the average non-holiday workweek to be about 80 hours, including weekends. As for diversity at Stephens, it could use improving, say
respondents. (Though, according to Stephens, it employs over 100 minorities.)
The dress code is business formal, but you get used to it after a while. But this means wearing formal attire every day until 8 p.m., excluding the
weekends. Business casual on Fridays is observed in the summers between Memorial Day and Labor Day, notes a banker, adding, If traveling to
a client who is business casual, you are allowed to be business casual as well.
Staying power
Sources praise some of the perks the rm provides, and one source points out a major perk that not many investment banks can claim to have these
days, saying, Since the bank is owned by Warren Stephens, it can readily survive bad times without mass layoffs.
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STIFEL FINANCIAL CORP.
501 N. Broadway
St. Louis, MO 63102
Phone: (314) 342-2000
Fax: (314) 342-2151
www.stifel.com
BUSINESSES
Asset Management
Client Services
Fixed Income
Institutional Group
Investment Banking
Markets
Research
THE STATS
Ticker Symbol: SF (NYSE)
Chairman & CEO: Ronald J. Kruszewski
No. of Ofces: 310
Good research
Strong; mid-cap focus
THE BUZZ
KEY COMPETITORS
Canaccord Genuity
Cowen and Company
FBR Capital Markets
Jefferies
JMP Securities
Piper Jaffray & Co.
UPPERS
The people are creative, intelligent and friendly
Its still a small rm
Growing fast inevitably creates various levels of
opportunities for those savvy enough to pursue them
DOWNERS
The pay
Lack of formal and ongoing training
Very few additional perks
EMPLOYMENT CONTACT
Careers at www.stifel.com
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Stifel Financial Corp.
THE SCOOP
A steady powerhouse
Stifel Financial is a St. Louis-headquartered investment bank that focuses on providing nancial services to middle-market companies. Stifel
provides brokerage, trading, investment banking, asset management, research, advisory and other nancial services to customers in the U.S and
Europe. Investment banking is handled by Stifel, Nicolaus & Company, Incorporated (Stifel Nicolaus), which was founded in 1890 and is one of the
largest middle-market investment banks in the U.S. Its also home to one of the nations largest domestic equity research programs, with over 1,000
companies under coverage. Although the rms headquarters are in St. Louis, its capital markets efforts are based in Baltimore. As of mid-2010, Stifel
Financial had about 5,000 employees; including 1,500 nancial advisors managing more than $60 billion in client assets.
Buying Thomas Weisel
Since 2007 Stifel has been a buying spree, making many key acquisitions, but none has been more signicant than the $318 million all-stock deal it
struck in July 2010 to purchase San Francisco-based investment banking boutique Thomas Weisel Partners.
A well-known name in the industry, Thomas Weisel Partners offered investment banking, asset management, equity research and brokerage services
from headquarters in San Francisco, as well as out of ofces in Baltimore, Boston, Chicago, Denver, New York, Portland, Calgary, Toronto, London and
Zurich. Its acquisition shuold go a long way towards Stifels goal of building the premier middle-market investment bank in the U.S.
Thomas Weisel Partners was founded in 1998 by Thomas W. Weisel (Wize-ul), the man who founded Montgomery Securities 37 years earlier. In
1997, Weisel sold Montgomery to NationsBank for $1.3 billion. When NationsBank merged with BankAmerica to form Bank of America, he left his
rst rm behind to start another. Thomas Weisel Partners went public in 2006, launching a self-underwritten IPO. The stock debuted strong and
rose 30 percent above its $15 per share offering price on its rst day of trading. This strong performance shocked Wall Street insiders who had
predicted a less rosy future for the IPO after Goldman Sachs backed out as the underwriter just one month before TWP went public. However, after
its successful debut, Thomas Weisel Partners stock had been volatile and, at the time that Stifel purchased the rm, the price lingered at about one-
third of its debut price. Ultimately, the Stifel acquisition valued Thomas Weisels stock at $7.60 per share, a healthy premium above its $4.36 close
on the Friday before the deal was struck.
Big openings and buys pre-TWP
In February 2007, Stifel closed a deal with BankAtlantic Bancorp to buy one of its wholly owned subsidiaries, Ryan Beck Holdings. Through its
principal subsidiary, Ryan Beck & Co., the New Jersey-based Ryan Beck provided nancial advice to individuals, institutions and corporate clients.
Its private client group included approximately 400 nancial advisors (most of them located in the mid-Atlantic region), and over $19 billion in client
assets. Under the terms of the transaction, Ryan Becks 1,000-plus employees and 40 ofces operated as a Stifel subsidiary and were integrated into
Stifel Nicolaus over the course of 2007. The combination of Ryan Beck and Stifels private client group brought together Ryan Becks 395 nancial
advisors with Stifels 564 advisors. At the close of the acquisition, Ryan Beck chairman and CEO Ben A. Plotkin was invited to join the Stifel board of
directors.
If 2008 was the year of the bust, Stifel Nicolaus never got the memo. Instead, the St. Louis-based rm opened more than a dozen new ofces,
acquired another nancial advisory for its docket, and racked up accolades and revenue. During the year, the rm opened 14 new private client
ofces throughout the U.S. Three of the rms new outpostsPhoenix, Ariz.; Seattle, Wash.; and Medford, Ore.represented the rms rst forays
into those states. Stifel also opened ofces in Brevard, N.C.; Florence, S.C.; Frontenac, Mo.; Harwich, Mass.; Memphis, Tenn.; Oconomowoc, Wis.;
Ramsey, N.J..; and Springeld, Ill. Additionally, it doubled its number of ofces in California with openings in Lincoln Hills, Monterey, Oxnard and
Westlake Village.
In 2009, Stifel agreed to acquire up to 55 branches from the UBS Wealth Management Americas branch network. The 55 ofces are located in 24
states throughout the U.S., and employ approximately 320 nancial advisors, who have approximately $15 billion in assets under management. At the
beginning of the year, Stifel also closed on its $12 million acquisition of Butler Wick & Company, a nancial advisory rm with 175 employees spread
across 23 ofces in three states. Butler Wick was founded in 1926 and is headquartered in Youngstown, Ohio.
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GETTING HIRED
Selectivity [6.44]
Looking or sel-motivated individuals interested who understand they'll have to work hard to get to the next level."
/ more extensive interview process is needed. we have a tendency to hire entrepreneurial-minded individuals, but perhaps we need look or those
with more experience.
went through multiple interviews with as many as three people to get hired."
Human Resources is very bad at callbacks and ollowing up with candidates."
n our department, the interview and callback process is great. However, the bottleneck occurs in our Human Resource department. believe our
rm is looking to hire someone that learns very quickly and can multitask. I also believe we are looking for people who are enthusiastic about taking
on challenges and are not afraid to ask questions.
believe the rm looks or individuals who can bring experience and quality to our rm and our clients, and whose ideas, belies and work ethic
are in line with the rms mission.
we work with a designated recruiter who qualies the candidates, makes oers and places callbacks. we look or someone with integrity, and who
is personable and dedicated.
Many doors are open or interns to gain experience in dierent areas."
OUR SURVEY SAYS
Satisfaction [8.20]
love my job and have a great manager, but it seems like we can be overworked or less pay than what other companies' bankers make."
Stiel has allowed me a great deal o reedom to learn and develop ideas."
\ery young and vibrant atmosphere with ability to move up."
enjoy being challenged and love the client contact."
think 'm well paid and that is satisying. Sometimes get a little antsy, being tied to a desk and computer all day, but other than that, all is
well.
am presented with new challenges on a daily basis. have been given a variety o job responsibilities, which very much enjoy. do something
different every day. The culture that has been created at Stifel is like no other I have seen. The team environment and the camaraderie that we have
here makes it easy to get up in the morning and come to work.
Stiel is a wonderul rm that provides me with the necessary tools to take care o my clients. They also stay out o the headlines, which has not
really helped me, but at least it hasnt hurt me.
Firm Culture [8.44]
0rowth-minded and entrepreneurial."
we are traditional in nature, but the inNux o new talented employees have helped kick-start a transition to a more modern culture."
\ery positive environment. 0reat management, who care about their employees."
Team-ocused and client-ocused. we operate under an open-door policy in our department. have never elt intimidated to walk into a manager's
ofce and ask questions or present my ideas.
t's like being one big amily whose goal is to continuously help each other in an eort to give the client the best service possible."
Has the same core values as when we were much smaller."
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343
Best culture have ever worked in."
Everyone works together, knowing the end result is that we will all make money and be successul."
Hours [8.64]
when projects, assignments or goals need to be completed there can be a great deal o time required. However, during slower periods there is
freedom to cut back.
work probably 55 to 65 hours a week. 0n occasion, am able to work rom home."
The tasks perorm throughout the day help to make the days go by quickly. don't have much lag time."
have recently hired some really great people, who have reed up a lot o my time."
we work until we get the job done."
am very satised with my work hours. Stiel is Nexible with work hours, as long as the work gets done."
For the most part, work a normal 40-hour workweek. However, when required, put in 50 to 60 hours per week. This does not bother me at all,
as my main goal is to do the best job I can do to service our clients to the best of my ability.
we have Nex time, so that's nice."
work more than would like, but think it comes with the job."
Senior proessionals are very big picture minded. 1unior proessionals are allowed to nd the best way to accomplish a goal. \ery little direction
provided.
They talk to you as though you are equals and make you want to impress them."
"/s long as you're willing to work to complete your tasks and give your all, you are treated very well. you don't, you may be disciplined. /nd i you
dont correct your behavior, you will not be employed for long.
They are always willing to help and educate are always there i problems arise and you need guidance."
The relationships between managers and sta is great. Managers seek out our ideas and challenge us to nd new ways o doing things. we operate
in an open-door environment and I have never felt intimidated to walk into a managers ofce and present my ideas with condence.
eel that in our home oce the senior proessionals and managers treat the junior proessionals very respectul. However, in the branches, that
can be a totally different story. While the branch ofce I work in is very professional and respect-oriented, I have worked in another branch ofce
in which there was very little respect.
Senior management does not demonstrate much care or consideration o middle management or home oce personnel."
Everyone is respected and trained well beore taking on the greater tasks. t's a proessional environment."
There is very little ormal training provided. / great deal o training comes rom mentoring."
we would benet rom a more ormalized training program."
The rm has online programs to help educate employees, and the department heads are always willing to help with any questions."
we could use more training or new associates."
This is denitely one area that Stiel can improve upon, at least in the administrative areas o the rm. we do not have any ormal training programs
in our department. We rely on training each other and trial-by-error training. This is denitely something I feel denitely needs to be better and needs
to be moved up on the priority list, especially if we want to remain efcient.
we have continuing education classes to maintain licensed employees and yearly training or brokers and sales assistants."
Here's your desk, go to work."
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Compensation [5.96]
The year-end bonus and base salary are very low compared to other rms."
ncentive bonuses are not tied to anything. t's very dicult to know i you're doing a good job or not."
0reat bonuses, but 'm young and don't have a lot o experience with bonuses. Seems to get better every year."
'm compensated well or my title but only adequately or my duties."
Maybe had low expectations, but make more money than ever thought would. try like crazy to be worth it."
don't eel like payment or bonuses are based on perormance. t makes motivation to improve very dicult."
Fair vs. industry standard."
Perks
The rm has very ew perks, just s 401(k) and employee stock."
Cheap soda (25 cents), occasional tickets to a ballgame or sporting event, group discounts."
Respondents also point out that the rm offers moving expense reimbursement, free parking, free or subsidized gym memberships, telecommuting,
ex-time, paternity leave and extended maternity leave.
The industry and the company continue to be dominated by white, heterosexual males (old, stued shirts)."
The company does not discriminate. the talent and education o a candidate ts our needs, then that individual will be considered or positions,
promotions, etc.
don't think there is any big push or diversity, but people appear to be promoted based on merit."
believe the rm's policies or the above are in line with those o other companies."
Male-dominated business and that is obvious here."
we are committed to green ideas. we also have a long way to go in achieving an overall goal."
"we've begun green initiatives concerning vending, and a sustainability/green initiative concerning construction. we promote recycling, no-smoking
policies and ride-share programs.
have not seen any specic environmentally riendly policies, but do know that we are attempting to move to a paperless environment."
Not aware that we are or are not committed."
Ofce Space [5.73]
we are quickly running out o space."
0ce building location is great: it's convenient or associates to commute via car or mass transit. nternal desks and decor could be rereshed,
though.
we have a very nicely decorated oce space. t is clean, easily accessible and has recently been updated."
0ur oce space is comortable, but believe the oces could have been made smaller so as to t in more space or more sta. /s o now, we do
not have anymore room for staff, so we are going to have to redesign the ofces in order to make more room.
Never enough room, and the accommodations range rom adequate to very inadequate."
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Stiel is positioned well or rapid growth."
we've been growing or the last 14 years."
Because o our proactive management team, we are well positioned to thrive. we were expanding even when other companies were contracting."
Fortune 500 survey lists Stiel as one o the astest growing companies in the nancial sector."
Promotions are not based on perormance, which hurts morale. t's hard to nd reasons to improve when you're not going to get rewarded."
0ur CE0 is continuously adding value to our rm through mergers and buyouts that benet employees and clients, which makes us very
competitive.
Firm is nancially healthy and management is shrewd."
Fun Facts
Largest research rm in the U.S."
we have been operating or over 100 years."
t's pronounced Stee-el."
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SUSQUEHANNA INTERNATIONAL GROUP, LLP
(SIG)
401 City Avenue
Suite 220
Bala Cynwyd, PA 19004
Phone: (610) 617-2600
Fax: (610) 617-2689
www.sig.com
BUSINESSES
Institutional Sales
Investment Banking
Market Making
Private Equity
Research
Trading
THE STATS
Managing Director: Jeffrey Yass
No . of Ofces: 12 ofces (North America, Asia Pacic &
Europe)
KEY COMPETITORS
Citadel
Goldman Sachs
Interactive Brokers Group LLC
UPPER
Entrepreneurial spirit
DOWNER
Not the place it was in the high-ying days of the tech
boom
EMPLOYMENT CONTACT
See working here at www.sig.com.
Trading operation, with some corporate nance
Never heard of it
THE BUZZ
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Susquehanna International Group, LLC (SIG)
THE SCOOP
Services for all
Founded more than 20 years ago, Susquehanna International Group offers investment banking services and provides execution services for Nasdaq
and listed stocks, ETFs, ADRs, options and program trading through its institutional brokerage afliate, Susquehanna Financial Group, LLLP (SFG).
The investment banking team is made up of mostly corporate nance and equity capital markets (ECM) professionals. Corporate clients are provided
with differentiated banking services, including public equity, mergers and acquisitions advisory services, private placements, PIPEs, registered
direct offerings and nancial advisory services. SFG also offers equity research to institutional investment managers and prides itself on providing
independent analysis. In 2006, SIG created a new private equity platform consisting of multiple strategies.
Sticking around
The rm prides itself on its low turnover rate, lack of pigeonholed job descriptions and absence of corporate constraints, but its recognized for even
more. Best known for its impressive trading capabilities, the Susquehanna International Group of companies (SIG) offers investment banking, research,
institutional brokerage and market making services to institutional and corporate clients. The rm is a member of numerous local, national and
international stock exchanges, including the New York Stock Exchange, Nasdaq and all of the U.S. option exchanges. SIG is headquartered outside of
Philadelphia and, in addition to its domestic presence, has ofces in Europe, Asia and Australia. A December 2007 article in the Philadelphia Inquirer
focused on the diversity of businesses in the region and noted that SIG is one of the areas highly specialized rms.
Traditional meets modern
What distinguishes the rms investment banking services from competitors is the way SFG integrates traditional banking services with SIGs extensive
trading operations in equities, ETFs and derivatives. SIG has extensive algorithmic trading capabilities, and trades over 80 million shares on a daily
basis. SIG handles roughly one out of every seven stock options traded in the world. The rm is also a market maker for more than 3,000 Nasdaq
stocks. SIG is also one of the biggest U.S. option market makers and a specialist in more index options than any other market maker. The rm is a
big player in other securities areas as well, including ADRs, international securities, exchange traded funds (ETFs), OTC equity, currency and xed-
income derivatives.
Card sharks
In the high stakes world of investment banking, everything is a gamble. The founders and senior traders at SIG take this philosophy very seriously,
integrating poker playing into the fabric of the rms social culture. In addition to its famous internal poker tournaments, SIG has also used poker as
a way to recruit employees in the past. The rm has held Texas Hold Em events in New York, San Francisco and Los Angeles. The events were
open to clients and employees. One of SIGs most famous employees is Bill Chen, a World Series of Poker star, who works in its quantitative trading
department.
GETTING HIRED
Polish your personality
Get a sense for SIGs ideal traits in a candidate (such as the ability to work well under pressure, using critical and nonlinear reasoning and being
able to communicate effectively with other team members) by checking out the rms working here section at www.sig.com, where the company
also posts a full recruiting schedule. SIG recruits at a number of top schools including the Ivies, Carnegie Mellon, MIT, Caltech and others. For
students not enrolled at these schools, the company accepts online applications. Prospective employees of all levels (graduates and experienced
hires) can also use the web site to search for jobs by location, experience level, employment category, department and keyword. Postings include
a job summary and list of qualications.
Get focused
No need to worry about not nding a position that will match your skillsSIG makes sure to list several areas of focus within the working here
section of its website. The rm offers career paths in three primary areastrading, technology and researchas well as in administration, accounting,
and human resources and recruiting. Assistant traders start off their tenure with SIG through the formal trader training program, which is widely
recognized for its comprehensive curriculum. The training begins with a two-week orientation during which students attend classes in options theory,
risk management, behavioral economics, decision science and game theory. Following this initial phase, trainees take after-work sessions while gaining
practical experience for approximately a year to 18 months. After this apprenticeship, trainees are invited to a nal 10-week course that combines
theory with application.
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The focus on education isnt limited to initial training at SIG. According to the rm, Education is of paramount importance at SIG. Indeed, the
company has an entire department devoted to education, staffed with experienced senior traders who devote their full attention to educating
and training. Susquehanna also invites top academics to conduct seminars on topics such as derivative valuation, probability and game theory.
Employees can supplement classroom training with out-of-class studying in the library or online interactive instruction. Furthermore, staff members
are encouraged to take advantage of the experience of their peers through the rms mentoring program.
Rise to the occasion
While the rm admits it spares no effort in pursuing candidates who meet our job requirements, youll have to survive the interviews rst. The
interview process is one of the most rigorous on the Street, says one contact. You will be grilled, and each round of questions gets progressively
harder and harder. Insiders say that the interview process at SIG usually lasts two or three rounds. Current students can expect an initial 30-minute,
on-campus interview, while others may have a series of phone interviews before nal rounds. While one source says the rm asks lots of personality
and Why do you want to be a trader? type questions, another advises, Just know probability. Also be aware that the focus is largely placed on
gambling, as it is central to the SIG trading philosophy.
Overall, it seems that as the rounds progress, the interviews become increasingly quantitative. For example, one contact who interviewed for an assistant
trader position reported an initial round over the phone with a member of the recruiting team where he was asked about general information from
[his] resume and then some basic probability questions. The second round was another phone interview with a recruiter, but it was a much more
quantitative round and the sources nal round included much more math. That interview involved members of the recruiting team and a managing
director. Throughout the experience, the candidate found SIG to be more concerned with skill set than experience in industry or grades, and he
ended up accepting their offer because I was challenged by everyone I met and liked the emphasis on education and in-house training.
Know when to hold em
In October 2007, SIGs university recruiting department held its annual poker invitational tournament for potential job candidates in order to get a
rsthand look at their critical thinking abilities through their betting habits. Participants were applicants for SIGs development programs in business
and technology, and quite a few of the days invitees secured job offers. The free 10-hour tournament paid the top nisher $25,000 in cash, $15,000
for second, and $10,000 for third.
Summer work
Interested candidates can also try their luck as interns. In summer 2007, SIG rolled out a new, more formalized program, hiring 60 interns across
many business and technology areas. The 11-week program combines practical work experience, workshops, classroom training and social events,
providing students entering their nal year (or term) a thorough introduction to the organization. As part of the new program, SIG introduced a full
spring semester on-campus campaign focused on interviewing for the summer spots.
SIG has a history of including co-ops as part of its recruiting strategy, and recently begun adding more schools to its roster. Many full-time hires began
as co-ops, including the heads of some of the most high-prole desks and areas within the rm.
OUR SURVEY SAYS
Mostly satised
The rms culture, for the most part, receives high marks from insiders. SIGs web site describes the rms culture as a at corporate structure, absent
of hierarchies. A recruiter in the rms Bala Cynwyd headquarters echoes this characterization, saying the rm has as few levels of management as
are necessary to run a business efciently. As a consequence, the source nds the structure at SIG fosters open communication and accessibility.
In addition, says the contact, Merit-based advancement and an entrepreneurial spirit allow for creativity and success in terms of responsibility
assumed at a very young age. SIG also claims to maintain a work environment that allows employees to excel without being bogged down by red
tape, job descriptions or other corporate constraints. This unrestrained atmosphere has attracted some of the smartest, most competitive and creative
people to our doors. And according to the rm, those people stay at SIG, as turnover is very low. But there are views from both sidesone insider
admits the company is not the place it was in the high-ying days of the tech boom.
Dress at the rm is casual and one source who went in for an interview remembers, The environment was so laid-back and casual, I had no idea
the interviewer was a managing director until he left the room and someone told me. He was wearing jeans and a plaid shirt.
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Get the education
There is great opportunity for learning, reports one contact. SIG has an education department that makes sure traders, tech support staff and analysts
keep abreast of the latest developments in their eld. Senior traders take the lead in educating the staff, supplemented by professors brought in to
teach seminars on derivative valuation, nancial engineering or game theory. Assistant traders are also enrolled in a two-week orientation on complex
nancial frameworks, after which they attend after-work sessions on similar topics, culminating in a 10-week course at Susquehanna headquarters.
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THINKEQUITY LLC
San Francisco, CA 94111-2702
Phone: (415) 249-2900
www.thinkequity.com
BUSINESSES
Investment Banking
Research
ThinkWealth Management
THE STATS
Employer Type: Subsidiary of Panmure Gordon & Co.
Chairman & CEO: Greg Wright
No. of Ofces: 6
KEY COMPETITORS
Burrill & Company
Canaccord Adams
FBR Capital Markets
UPPER
Merit-based rewards for employees
DOWNER
Has become stagnant and corporate
EMPLOYMENT CONTACT
See careers at www.thinkequity.com.
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ThinkEquity LLC
THE SCOOP
Sticking to its guns
When he launched ThinkEquity in 2001, Michael Moe intended to create a bold rm devoted to nding companies with massive growth potential.
Moe stepped down as CEO in 2008, but the rm still appears to be adhering to its founding principles, recently launching a new health care team, for
example, even though investment banks are leaving the biotech sector in droves on account of liquidity concerns.
Five arms for growth
ThinkEquity has its sights set on ve main sectors that it believes are the most primed for growth: health care and life sciences; technology (specically
software and semiconductors), media and Internet; consumer and business services; and greentech and emerging technologies. Each sector is broken
down into subcategories that further narrow the focus of what ThinkEquity considers up and coming.
ThinkEquity works with clients ranging from institutional investors, corporate clients, venture capitalists, entrepreneurs and nancial sponsors. Its
services include targeted research, investment banking, wealth management and asset management. In March 2007, ThinkEquity became a wholly
owned subsidiary of London stockbrokerage Panmure Gordon & Co.
Flying high-net-worth
Extending its mission statement to focus on growth sectors, ThinkEquity has branched out its business to include one of the fastest growing and most
protable areas of business available today: managing the nances of high-net-worth clients. The wealth management portion of ThinkEquity called
ThinkWealth caters exclusively to high-net-worth families, partnerships and nonprot organizations. ThinkWealth was launched in 2004 and covers a
wide range of services, including asset allocation, portfolio construction, investment advisory services, consolidated reporting, equity and xed income
trading, cash management, and hedging and monetization of concentrated equity positions.
One special quality that ThinkEquity offers its high-net-worth clients is a peer-to-peer networking forum called Visible Path. Visible Path is a relationship
capital management platform that helps ThinkEquitys partners, staff, close advisors and VIP clients to network with each other under the veil of virtual
privacy.
Transatlantic merger
ThinkEquity went from being a boutique start-up to an international multi-service operation when it was purchased by Panmure Gordon Company in
March 2007. Panmure was attracted to ThinkEquitys meteoric growth over the six years it had been in business, including its revenue jump from
$12.2 million in 2002 to $64 million in 2006. The buying price for the U.S. rm was $62.3 million, plus $27 million for the assumption and repayment
of debt and liabilities.
The merger provided a powerful partner for ThinkEquity. Panmure Gordon was established in 1876 and is one of the oldest stockbrokers in London.
As of the time of the merger, it had a capitalization of 116 million ($229 million) and was the stockbroker to approximately 85 companies. In the U.S.,
the company will be known as ThinkEquity, a Panmure Gordon company, and will assume the name of Panmure Gordon in the U.K. and Europe.
GETTING HIRED
Think it over
The rms careers section of its website is rather sparse. Other than touting itself as one of the fastest growing full service investment banks in the
United States, and telling prospective hires that it strives to cultivate an environment in which creativity, excellence and integrity are not just ideals,
but the simple truths that characterize everything we do, the rm provides this address to which you can send a resume: thinkjobs@thinkpanmure.
com.
OUR SURVEY SAYS
A different direction?
As far as the company culture goes, ThinkEquity may be heading down a different path than it was previously. The rm used to be very entrepreneurial
and reward its employees based on merit, but times have since changed, insiders say. With the recent loss of leadership, it has become very stagnant
and corporate, one contact admits.
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U.S. BANCORP
800 Nicollet Mall
Minneapolis, MN 55402
Phone: (651) 466-3000
Fax: (612) 303-0782
www.usbank.com
BUSINESSES
Consumer Banking
Payment Services
Wealth Management
Wholesale Banking
THE STATS
Ticker Symbol: USB (NYSE)
President, Chairman & CEO: Richard K. Davis
No. of Ofces: 3,002
Strong and still lending
Midwestern commercial bank
Escaped subprime
Competitive
THE BUZZ
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KEY COMPETITORS
Bank of America
JPMorgan Chase
Wells Fargo
UPPERS
Employees are always treated with respect
Good job of hiring for diversity
DOWNERS
The pay is far less than what we deserve
No special perks
EMPLOYMENT CONTACT
www.usbank.com/careers
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U.S. Bancrop
THE SCOOP
Finding its footing
U.S. Bancorp is the parent company of U.S Bank, the fth-largest commercial bank in the United States. Based in Minneapolis, the rm offers a full
range of banking, brokerage, insurance, investment, mortgage, trust and payment services to individual consumers, businesses and institutions.
Business is divided between four core lines at U.S. Bancorp. The wholesale banking division provides commercial banking to middle-market
companies, as well as commercial real estate services, correspondent banking, equipment nance, foreign exchange and international banking,
government banking, treasury management, dealer commercial services, consumer banking and small business services. Approximately 25 percent
of the companys total revenue each year is contributed by its payment services division. The payment services division offers corporate payment
systems, merchant payment systems, retail payment solutions (including debt, credit and gift cards), and consumer and integrated credit and debit
card processing through Elavon, formerly Nova Information Systems.
The wealth management and securities services division includes a private client group, plus corporate trust services and institutional trust and
custody. FAF Advisors distributes U.S. Bancorps proprietary mutual funds family, First American Funds. Funds, investments and insurance are
handled through U.S. Bancorp Fund Services, LLC; U.S. Bancorp Investments, Inc.; and U.S. Bancorp Insurance Services, LLC respectively. Most
of its business is centered in the U.S., although it does offer merchant services in Canada and parts of Europe; those operations, however, are not
material.
Finally, the rapidly expanding consumer banking division provides community banking, metropolitan branch banking, in-store and corporate on-site
banking, consumer lending, nancial sales, small business banking, home mortgages, community development, workplace and student banking, and
transaction services.
The company has 3,002 banking ofces (primarily in 24 states in the Midwest and the West) as well as 5,309 ATMs in the country. U.S. Bancorp is
proud of its Five Star Service Guarantee, which it claims as a unique customer service experience to change forever what you expect from a nancial
institution. This includes the promise of 24/7 service, accurate online account information, and a response via email inquiries within 24 hours.
GETTING HIRED
Log on
U.S. Bancorp primarily keeps a local focus to its recruiting. However, the company website allows applicants to search for open positions by job
category or location (the link is www.usbank.com/careers). There, candidates can also nd scheduled recruiting events at regional job fairs, including
those aimed specically at minorities (like the National Black MBA conference). While some respondents dont think U.S. Bancorp is overly selective,
the company emphasis is on customer serviceand thats a key consideration for recruiters and hiring managers. The bank says its guiding principle
is its Five Star Service Guarantee, which ensures specic performance standards that reect our customers expectations for quality, responsiveness,
accuracy and availability.
After an initial resume screen, most candidates go through multiple interviews. One corporate nance staffer recalls half a dozen interviews, round-
robin style. Two or three is normally the minimum, says another source.
Quick and painless
The interview process is a very brief one, especially compared to other banks, insiders say. Theres the initial submission of your resume, then
an HR review and phone interview with an HR representative. If you pass that initial interview stage, youre brought in for an in-person interview,
which one contact describes as lasting around an hour. Then, you interview with your direct reporting manager or managers who ask a few standard
interview questions and a few questions regarding your goals and expectations. You may also be asked about your overall ability to work in a
banking atmosphere, your resume, and working in a team versus working independently.
Employee love
U.S. Bancorp recently showcased a lm about its employees in 75 different locations around the nation. Featuring real employees, the lm allows
U.S. Bancorp workers from different divisions the chance to share what they love about the company. The movie will be used to recruit new talent,
and showcases new employee programs, such as Five Star Volunteer Day, a paid day off to volunteer with a nonprot of the employees choosing.
U.S. Bancorp also announced that it had created an employee assistance fund to aid workers who have experienced natural disasters, illness or other
extreme situations.
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U.S. Bancrop
OUR SURVEY SAYS
Be up for anything
Insiders call U.S. Bancorp a great company to work for and a decent employer, but also note that the corporate culture varies greatly from
department to department. Even so, one characteristic that seems to be constant is that the company has a lot of great employees and great
expectations. On the other hand, however, the corporate culture does not stress challenging the status quo. Put another way, one insider
extrapolates, the way the business operates is the same today as it was 15 years ago.
As far as management goes, employees are always treated with respect and challenged, insiders say. My manager is incredible, enthuses one
insider, even though the company has yet to promote this manager even though [he is] taking care of multiple branches at the same time and has
improved the quality of employees and the quantity of sales. Another contact says, My manager cares strongly not only about the business but the
employees who work for him and the customers who help keep him in business. Salaries, however, dont receive quite such glowing reviews from
insiders. The pay is far less than what we deserve, says one insider. With my experience and education, I am not being paid what is standardnot
even in my state, says one source. I have done the research and I am being paid $7,000 less a year than I should be. Plus, raises are very
low and based on overall corporate performancethere arent any performance incentives. All in all, this is a great company to work for, they
only need to adjust the pay for their employees, admits one respondent. Benets, too, could use a little jazzing up. There are no special perks or
reimbursements and no stock options. Benets are not the greatest, says one contact. Although employees are presented with many options
for benets, none are all that great.
There are a few aspects that insiders seem to enjoy universallythe standard, 9-to-5 work hours, for one. And theres also a lot of room for
advancementthe company recognizes achievement. There are numerous opportunities to apply for other positions within the bank after being
in your position for one year, says one employee.
Running the gamut
When it comes to the dress code, employees can expect anywhere from casual to business formal, depending on ofce. In other words, the dress
code varies from jeans to a suit-and-tie daily, with no casual Fridays. One insider in a more formal outpost says wryly, Regarding casual dressI
wish, adding, We are not allowed to wear jeans or T-shirts. Granted, I dont have to wear a blazer every day, but we do not get to go casual. The
bottom line, says one contact, is that we feel that our customers should always see us at our best.
One thing U.S. Bancorp is staunch about are its principles. They have a no tolerance policy on ethical issues, says one insider. And diversity within
the rm is greatHR does a good job of hiring for diversity. Another says diversity is excellent, adding that working here you get a chance to
meet so many people from different cultures.
Whats next?
By and large, U.S. Bancorps future prospects look bright. I think the rm will succeed for years to come, says one source. It has not, like some
banks, been very impacted by the mortgage crisis. Additionally, the rm is growingespecially into the international marketsand continues to
look for new opportunities in distribution channels, products and services.
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WEBSTER FINANCIAL CORPORATION
Webster Plaza WFD730
Waterbury, CT 06702
Phone: (203) 465-4364
Fax: (203) 465-4364
www.websteronline.com
BUSINESSES
Commercial Banking
Consumer Finance
Retail Banking
Wealth & Investment Services
THE STATS
Ticker Symbol: WBS (NYSE)
Chairman & CEO: James Jim C. Smith
UPPERS
The work is pretty intellectually stimulating
Respectful management
DOWNERS
Minorities appear to be lacking
Not much training
EMPLOYMENT CONTACT
Follow the careers link at websteronline.com.
Tiny player
Never heard of them
THE BUZZ
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Webster Financial Corporation
THE SCOOP
Yankee banking
Webster Financial Corporation is the holding company for Connecticut-based Webster Bank, the largest independent bank headquartered in New
England. Websters four lines of business are retail banking, commercial banking, consumer nance, and wealth and investment services.
Webster was founded in 1935 by Harold Webster Smith, then just 24 years old. Smith borrowed from his relatives to open First Federal Savings of
Waterbury, a lending institution dedicated to providing home loans at low rates to Connecticut citizens. It soon focused on expanding its commercial
business, and in the process grew beyond Connecticut.
Today, the Webster footprint extends to the suburbs of Boston, through southern Massachusetts and Rhode Island, and into New York. The bank
offered its rst shares to the public in 1986. First Federal was renamed Webster Bank in honor of its founder in 1995. Ten years later, in March 2005,
Webster acquired the Wisconsin-based State Bank of Howards Grove, which it now operates under the name HSA Bank. In October 2006, Webster
closed its stock-for-stock acquisition of Connecticut savings bank NewMil Bancorp, in a deal valued at $172.5 million.
How Webster works
Retail banking has historically been Websters biggest line of business. This segment serves about 400,000 consumer households and 60,000 small
business customers in New England and New York; its distribution network includes nearly 500 ATM locations, 180 banking ofces and online banking
services. Retail also includes HSA Bank and home equity loans, mortgage lending and investment products offered through Webster Investment
Services.
The consumer nance division provides rst mortgages, home equity loans and direct installment lending programs through Webster Bank and its
wholly-owned subsidiary, Peoples Mortgage Corporation (PMC).
Wealth and investment services are two business units operating as one division. Webster Financial Advisors (WFA) targets high-net-worth individuals,
nonprots and business clients. Webster Investment Services (WIS), a registered investment advisor, offers securities, brokerage and advisory
services.
GETTING HIRED
Best foot forward
Being presentable and articulate may be the key to getting hired at Webster. As long as you have the skills and demeanor, getting hired here is not
difcult, admits one insider. And once youre in, the rm, like many regional banks, is known as an employee-friendly place to work. Websters
careers web site notes its Six Commitments to employees, which include building nancial security, professional growth, the ability to contribute and
be recognized, a healthy lifestyle environment, the opportunity to support the local community, and an overall great working environment. In terms
of professional growth, the company offers internal training programs specic to different positions and lines of business, and partners with external
providers. The rm also uses several methods to bring in the candidates such as talking with colleagues from other institutions and using recruiting
rms.
Go to the top
For college students, Webster offers both full-time positions and internships, with internships usually leading to regular employment for top performers.
Although the company considers applicants from all elds of study, it typically recruits students in one of four majors: nance/accounting, marketing,
computer science and liberal arts. For each concentration, the rm provides a list of departments that match up with the particular skill set and
knowledge base. For example, according to Webster, a good t for a marketing major might be product management, retail banking or, of course,
marketing. The company participates in campus recruiting through career fairs, open houses and online job postings. It provides a simple application
page through the career site.
The rm allows potential candidates to search for jobs online by location, and to read extensive descriptions, qualications and responsibilities of each
of the various positions that are currently available. The rms interview process usually starts with an on-campus interview; second-round interviews
are granted to those individuals who appear to be a good t for the culture and needs of the bank. On-site interviews are the nal step in the process,
and often include contact with members of Websters leadership. By the time one contact was extended an offer, he had spoken with a hiring
manager, treasurer, HR manager and team member.
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Webster Financial Corporation
OUR SURVEY SAYS
All clear
In the realm of Webster culture, theres fairly open communication with management, and its not too hierarchical. One insider enthuses that the
work is pretty intellectually stimulating and keeps me busy. Others laud the employee stock purchase plan (under which employees receive a 15
percent discounted rate), a ve percent match on 401(k) and a strong Health Savings Account medical plan. And there arent too many complaints
when it comes to pay. I get compensated relatively well.
Hours get positive feedback from employees, too. Working 45 to 55 hours per week is the norm, and theres no billing pressure. Even though one
insider admits to several instances of working on weekends and late into the night, he adds that its not a common occurrence. Notes another,
Right now, I work about one weekend a month, but thats not the norm. Usually its only a couple of times per year.
The enjoyable and the not-so-enjoyable
Management is excellent, treats subordinates very well and is respectful when it comes to the needs of employees. One employee calls his
manager a very good teacher who is enjoyable to work for. Still, they can be demanding at times, admits another contact.
Ofce space could stand to be a little snazzier, insiders say. Ofce decor is pretty plain and uninspiring, grumbles one staffer. The rm needs
to create a more appealing atmosphere. The corporate headquarters ofces are old and in need a serious refurbishing. Some insiders say this
affects all aspects of the rm: If you want Webster to be a rst-class institution, the appearance needs to reect that, so employees will be proud of
their ofce space. It will promote more loyalty and production.
Put away the cummerbund
The dress code is business casual, meaning slacks or khakis and a dress shirt, but no tie is required. And though employees are not allowed
to wear jeans or shortsexcept for client contactits still a laid-back place.
Unfortunately, Webster might be a little too laid-back when it comes to training. One insider admits simply, Theres not much training offered in my
area.
A level playing eld?
In the diversity sphere, the rm may be wise to concentrate more on the big picture, some insiders say. While there may be diversity in the branches,
the corporate areas do not appear to have much minority diversity. Though one insider notes, I dont believe they discriminate in hiring, the
company doesnt really seek out a diverse workforce, either. Women within the rm may be slightly better off than minorities, however. Sources tell
us that, There are a decent amount of women in positionswomen are respected, and promoted based on skills and experiencebut minorities
appear to be lacking. Adds another insider, To boost diversity, Webster should look more into MBA programs for minority applicants to ll more
corporate positions, one contact suggests.
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WR HAMBRECHT + CO
Pier 1, Bay 3
Phone: (415) 551-8600; (877) 828-5200
Fax: (415) 551-8686
www.wrhambrecht.com
BUSINESSES
Asset Management
Capital Markets
Investment Banking
Research
THE STATS
Chairman & CEO: William R. Hambrecht
No. of Ofces: 4
UPPERS
Relaxed, easygoing culture
My ideas are integral to the projects we work on
DOWNERS
Currently understaffed
Managers get their work done by intimidation
EMPLOYMENT CONTACT
See employment under about us at
www.wrhambrecht.com.
Regional investment bank
Auction IPOS
Never heard of them
THE BUZZ
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WR Hambrecht + Co
THE SCOOP
The Open source
Headquartered in high-tech heaven San Francisco, WR Hambrecht + Co. uses technology and online auction process to give its clients access to
nancial markets. The rms proprietary OpenIPO auction, patterned after Dutch auctions, is designed to level the playing eld in IPOs by allowing
individuals and institutional investors alike to place online bids for shares. In the end, the auction determines the price that everyone pays. Another
Hambrecht technology, OpenBook, takes a similar approach to corporate bonds, providing transparent, real-time price information. OpenFollowOn is
the logical next step, giving investors interactive bidding and real-time pricing for follow-on equity offerings.
Founded in 1998 by William R. Hambrecht, WR Hambrecht + Co. operates on the principle that online technology is the easiest way to create open, fair
markets. By allowing investors and market forces to price IPOs, the argument goes, a true market price can be foundwith less behind-the-scenes
dealing by investment bankers. The rm serves the technology, health care, nancial services, consumer/retail and telecommunications sectors. It
provides a full range of underwriting, advisory, equity research, sales and trading, brokerage and private equity offerings online and off. In addition to
its San Francisco headquarters, Hambrecht has ofces in Boston, New York and Philadelphia.
The rm was created after William Hambrecht retired from Hambrecht & Quist, which he co-founded in 1968. It is backed by American Century,
Crimson Ventures, epartners, Fidelity Ventures, Novell, and Park Avenue Equity Capital Partners, LP.
Disrupting the peace
The public relations department at WR Hambrecht & Co. has given the company a strange slogan: A disruptive investment rm for people who think
for themselves. The word disruptive here refers not to a group of young hooligans throwing stones, but to a theory of economics posited by Harvard
Business professor Clay Christensen. Christensen asserts in his books, The Innovators Dilemma and The Innovators Solution, that disruption in the
market can be a powerful force for growth. He goes on to explain that disruptors can make waves by targeting new, ignored or over-served clients,
creating an entirely new market. Christensen points to companies such as Kodak, Sears, Sony and McDonalds as examples to back up his theory.
WR Hambrecht & Co. puts itself in the category of disruptive companies due to its pioneering of the OpenIPO auction platform. The company hosts
a forum called The Disruption Forum, in which the ideas of Bill Hambrecht and Clay Christensen are discussed and elaborated upon by people
who think for themselves.
Friends in high places
For many years, William Bill Hambrecht has enjoyed dinners and family get-togethers with his friend NancyCalifornia Representative Nancy Pelosi,
that is. When Pelosi, a Democrat, was sworn in as the rst female Speaker of the House in 2007, the San Francisco Chronicle noted that her contacts
in the close-knit San Francisco business community suddenly had a very important friend in Washington. Bill Hambrechtwho helped take Apple,
Adobe, Netscape and Amazon public in the 1990s when he ran Hambrecht & Quisthas been described as one of the most powerful links between
Silicon Valley and the Democratic Party. Besides being a major political donor, Hambrecht has been invited to speak at White House conferences on
the new economy.
Getting disruptive
In 2009, a New York Times prole of WR Hambrecht + Co. founder William R. Hambrecht showcased the rms innovation over the years. Hambrecht
expressed surprise at the fact that an auction for OpenIPO works better on the bigger deals, adding that as the market gets more efcient working
its way down, WR Hambrecht will get more efcient doing smaller auctions. Hambrecht also noted that Goldman Sachs, Credit Suisse and Morgan
Stanley arent interested in $50 million and $100 million deals anymore. They want to keep the half-a-billion and billion-dollar deals that make them
money.
IPOs arent the only game WR Hambrecht is working to master. Hambrecht also co-founded and helped give nancial backing to the United Football
League, which will compete with the National Football League. Hambrecht told the Times he sees the UFL as a tremendous opportunity to be very
disruptive in the media market.
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WR Hambrecht + Co
GETTING HIRED
Roll over, competition
W.R. Hambrecht + Co.s homepage employs the image of none other than pioneer of rock n roll Chuck Berry to drive home its point across about
being a different kind of rm (if disruption were a musician, it would be Chuck Berry, the site asserts). So if youre disruptive, as the site asks,
check out the rms current openings. In each listing, the rm posts the responsibilities and skills necessary to succeed, and even lists attitude/work
ethic qualications the successful candidate will need to meet.
As selective as they want to be
Theres a few ways to get into the rm, but knowing someone whos already there certainly helps matters. WR Hambrecht + Co has grown more
selective in recent years, but the rm does not rule out applicants based on college like some rms do. Moreover, one source says, We do not
recruit on many campuses, explaining that any campus recruiting is centered on the alma maters of the rms current employees. Even so, one
source cites most Ivies as well as Stanford and UC Berkeley as typical schools at which the rm recruits. Still, she does admit, We also receive
and consider many incoming resumes from other schools. Other insiders say the rm goes to Penn, Harvard, Dartmouth, MIT, Georgetown and
NYU, among others, to nd employees. With respect to what the rm is looking for in a candidate, a junior banker explains that culture is the biggest
obstacle for a candidate. You need to t in and work well with the people.
Round after round
Generally, candidates can expect two to three rounds of interviews. One source indicates that junior bankers handle the rst round of on-campus
interviews (Its usually a phone screen for laterals for the rst round), which are followed by meetings with ve to 10 senior bankers for the intense
second and nal round. Still, one analyst in the corporate nance department characterizes the hiring process as very decentralized, with each
ofce typically [handling] its own hiring. The contact adds, If a managing director in New York needs more junior support, he will often handle the
search himself with the help of his junior bankers. Another veteran employee in the rm notes that, not surprisingly, having contacts in the company
helps to a great extent in landing a job.
OUR SURVEY SAYS
The West Coast lifestyle
According to an insider whos been with the rm for several years, the rms culture is very entrepreneurial and easygoing, as were focused on
technology and based in San Francisco. He adds that while a lot is expected, face time isnt a requirement for success. Additionally, he stresses
that people are given lots of responsibility quickly and more if they do well with it. The view from the rank and le is a little less optimistic. The
culture is far more relaxed than at major banks, notes an analyst, but that is changing as the rm grows. The source adds, The rm is currently
understaffed, especially at the junior level, which can make hours miserable at times.
Another insider notes that the rms West Coast technology foundation allows for a less formal setting than bulge brackets given that everyone is more
laid-back and easygoing. He adds that analysts get great exposure, and they participate in a lot of client meetings, get a lot of responsibility and
have direct interaction with senior management. The consensus was that the hours and lifestyle are pretty desirable for an investment banking
position, although one analyst notes that while she normally works until 7 p.m., on bad weeks, I consistently stay until 2 a.m.
Cool on training, but plenty perky
Training could be better, say insiders. We really need some work in this [area], says a source out of New York. Right now theres no time and no
resources to train new employees. Its a listen-in-and-gure-it-out-as-you-go situation here. An insider in San Francisco explains that the rm has
a two-week training program for analysts, and a one-week training program for summer interns. After that, most of the training is on the job, since
youll have to learn the style and resources of particular industry verticals or product groups. One contact says the training is improving. The training
program has been greatly enhanced, he explains, but was relatively low key until lately.
The rm offers the same perks as the largest investment banks on the Street, such as meal allowances and free transportation if working late, a 401(k)
plan, and discounts on movie tickets and other entertainment events. In addition, the rm has season tickets to the 49ers and the [San Francisco]
Giants, which are shared regularly with members of the investment banking team. One employee brags that he got tickets to one post-season Giants
game, and three games in the regular season. He adds, And these are third row seats right next to the third-base line.
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WR Hambrecht + Co
Managers get mixed reviews
Sources have varying opinions about management. I have no problem talking to my superiors, says one analyst. Theyre very open to our
suggestions. Another analyst has even stronger things to say: Im treated really well. If I have a lot of work, managers help me out so I wont end up
staying too late. Even when this analyst does stay late, he gets help. Ive pulled all-nighters with MDs in the rm. He adds that his direct superior
is great, and really honest, personable, direct and understanding.
But not everyone feels this way. The management style is shoot from the hip, explains one source. Another contact thinks, Managers get their
work done by intimidation and not motivation. Despite the varying opinions, insiders seem to agree that theres a strong culture of mutual respect
here, and several stress that the small size of the rm is an incredible advantage. One young banker says, Im the only rst-year analyst working
in my sector and that makes me a serious asset to my team. I love the fact that I have ownership of my sector and that my ideas are integral to the
projects we work on.
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About the Editor
Derek Loosvelt has a BS in economics from the Wharton School at the University of Pennsylvania and an MFA in creative writing from The New
School. He is a writer and editor, and has worked for Brills Content and Inside.com. Previously, he worked in investment banking at CIBC and Duff
& Phelps.

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