Brian DeChesare

OCTOBER 18, 2023

Even though we’ve covered industry groups vs. product groups and teams such as M&A , ECM , DCM , and Leveraged Finance , we continue to get questions about capital markets vs. investment banking. The questions usually go like this: Are capital markets teams (ECM, DCM, and LevFin) “real” investment banking? Do you learn anything?

Banking 59

Banking Marketability Start-ups Equity 59

Brian DeChesare

JANUARY 10, 2024

If you want to read angry comments and long threads with plenty of insults, you can’t go wrong with the wealth management vs. investment banking debate. And wealth managers at large banks may advise people with as little as a few hundred thousand to invest. The truth is that both claims are correct but incomplete.

Banking 59

Banking Start-ups Equity Corporate Finance 59

Brian DeChesare

AUGUST 3, 2022

As investment banking internships wind down each year, interns everywhere wake up and mysteriously come up with a similar idea: “I want to switch banks for my full-time role! Unfortunately, switching banks, groups, or locations after your internship is much easier said than done. Why Switch Banks?

Banking 90

Banking Start-ups Enterprise Value Marketability 90

Brian DeChesare

APRIL 6, 2022

Ask anyone joining a large bank which group they’re most interested in, and consumer retail investment banking is a likely answer. The benefits of the group are almost like the benefits of getting into investment banking : brand/prestige, technical skills, and exit opportunities. public transportation where it exists).

Banking 98

Banking Start-ups Equity Marketability 98

Brian DeChesare

FEBRUARY 9, 2022

Recruiting: If you don’t work in one of the top groups at a bulge bracket bank (or an elite boutique ), you don’t have much of a chance at these firms. For example, if you’ve worked in a good industry group at a bulge bracket bank, you could recruit for these firms.

Equity 53

Equity Banking Start-ups Finance 53

Brian DeChesare

AUGUST 16, 2023

As with investment banking in Hong Kong , I can summarize private equity in China in one sentence: “If you’re not Chinese, don’t even think about it, and even if you are Chinese, it’s best if you have great connections within the CCP and want to stay in China long-term.” is better for domestic funds. for a few years.

Equity 82

Equity Banking Start-ups Private Equity Firm 82

Brian DeChesare

AUGUST 23, 2023

Almost nothing is worse than recruiting for investment banking internships , winning an offer, preparing , completing the internship, and then not getting a return offer. All the large investment banks – bulge brackets , elite boutiques , and middle-market firms – use internships as a recruiting tool for Analysts and Associates.

Banking 52

Banking Start-ups Finance Marketability 52

Brian DeChesare

JANUARY 19, 2022

FSG Investment Banking: What the Financial Sponsors Group Does The Financial Sponsors Group vs. the Financial Institutions Group The Financial Sponsors Group vs. Leveraged Finance vs. Debt Capital Markets Recruiting: Who Gets Into the Financial Sponsors Group? Table Of Contents. normal, non-wealthy individuals).

Private Equity Firm 84

Private Equity Firm Banking Equity Finance 84

Brian DeChesare

SEPTEMBER 7, 2022

If you want an investment banking internship , you need a previous investment banking internship, usually at a smaller firm. And as the recruiting process has moved up , this problem has gotten worse because you need these “pre-internships” even earlier to have a good shot at the large banks later.

Finance 96

Finance Banking Start-ups Marketability 96

Brian DeChesare

JULY 12, 2023

This startup claims that its service can boost Analyst productivity by 30% and generate millions in extra fees for the average bank, and it plans to sell it to boutique banks for $2,000 per month. They plan to target these smaller and mid-sized banks because they’re easier to reach and they have fewer resources for pitch book creation.

Banking 52

Banking Marketability Compliance Finance 52

Brian DeChesare

MARCH 2, 2022

As investment banking recruitment has moved up earlier – especially in the U.S. These factors have made the off-cycle investment banking internship a popular strategy for many students. vs. elsewhere, and it also differs at different types of banks. many students “miss” the process or start too late to have a good chance.

Banking 59

Banking Start-ups Finance Equity 59

Brian DeChesare

FEBRUARY 16, 2022

One of the more controversial industry groups is public finance investment banking. The controversy starts with the name: Is public finance “really” investment banking? You could argue this either way, but the short answer is yes , public finance still counts as investment banking. more limited exit opportunities).

Finance 66

Finance Banking Equity Marketability 66

Brian DeChesare

DECEMBER 14, 2022

One topic that I’ve never fully explained on this site is the investment banking target school. And why do banks focus so heavily on a few schools? Definitions: What are “Investment Banking Target Schools”? Investment Banking Target Schools by Region and Level.

Banking 52

Banking Finance Start-ups Corporate Finance 52

Brian DeChesare

DECEMBER 7, 2022

The first thing to understand about investment banking in Hong Kong is that it’s unlikely you’ll ever be able to work in investment banking in Hong Kong. Hong Kong is still an important financial center, but banks there now focus almost exclusively on mainland China in terms of deals, clients, and new hires. Huatai Securities.

Banking 52

Banking Equity Start-ups Finance 52

Brian DeChesare

AUGUST 10, 2022

With the possible exception of FIG , oil & gas investment banking generates the highest number of panicked emails and questions. But before delving into the exit opportunities and the long-term outlook, let’s start with the fundamentals: Oil & Gas Investment Banking Defined. Recruiting into Oil & Gas Investment Banking.

Banking 94

Banking EBITDA Dividends Equity 94

Brian DeChesare

MAY 10, 2023

I’ve found that two main groups care about investment banking in Singapore : Students who are from Southeast Asia and are considering whether they want to work in Singapore, NY, London, or other places. It’s just that it’s smaller than you might expect, which means a lower investment banking headcount than true financial centers.

Banking 103

Banking Start-ups Equity Marketability 103

Brian DeChesare

FEBRUARY 15, 2023

When it comes to investment banking in Australia , it’s easy to find complaints online. These complaints center on a few aspects of the banking industry there: Recruiting – People often claim that it’s much more difficult to win interviews and job offers, that nepotism is widespread, and that there aren’t many “side doors” into finance.

Banking 97

Banking Finance Equity Start-ups 97

Brian DeChesare

MARCH 27, 2024

If you go by most online discussions, investment banking spring weeks in the U.K. are as essential as oxygen or high grades if you want to work at a large bank. Banks are also to blame because they now market spring weeks to students as young as 16. How to Apply for Investment Banking Spring Weeks Who Wins Spring Week Offers?

Banking 101

Banking Start-ups Finance Corporate Finance 101

Erik A. Lopez

OCTOBER 19, 2016

Draft prepared by bulge bracket financial institution. Length: 2 pages | Format: Microsoft Word $25 - Purchase View Sample Form of Written Consent of Board Appointing Officers & Amending Bylaws Adopts amended and restated bylaws, establishes corporate offices, appoints officers and grants banking authority to specified officers.

Compliance 52

Compliance Banking 52

Brian DeChesare

MARCH 22, 2023

Before delving in, though, I want to start with the elephant in the room: I was partially wrong ~5 months ago when I wrote about Credit Suisse, UBS, and Deutsche Bank, and whether they would become Lehman Brothers 2.0. billion at a P / BV multiple of 0.1x – exceptionally low for a commercial bank. with flying colors !

Banking 95

Banking Start-ups Corporate Finance Marketability 95

Brian DeChesare

APRIL 5, 2023

So, your best option in most cases is to gain traditional investment banking or private equity experience and use that to move in. or European citizen with experience at a large bank, you probably have the best shot at Middle Eastern SWF roles at firms like ADIA, QIA, PIF, and Mubadala. If you are a U.S.

Equity 59

Equity Start-ups Private Equity Firm Banking 59

Brian DeChesare

JUNE 22, 2022

I published an article on this topic of investment banking in New York vs. Chicago vs. San Francisco vs. Los Angeles vs. Houston vs. other cities a long time ago – but a fair amount has changed since then: Remote / hybrid work means that some of the advantages and disadvantages of different cities are more nebulous. Tech / healthcare?

Banking 97

Banking Start-ups Finance Marketability 97

Brian DeChesare

APRIL 24, 2024

But then recruiting moved up, the MBA process became more structured, and now we have 4-year-olds aiming for “Target Kindergartens” so they can eventually get into investment banking ~15 years in the future. Interestingly, there are not many investment banks on these lists.

Start-ups 59

Start-ups Banking Finance Equity 59

Brian DeChesare

FEBRUARY 2, 2022

I did not expect to revisit investment banker salary and bonus data for a while, but the banks ruined my plans by changing base salaries multiple times in less than a year. based roles at large banks as of early 2022, along with total compensation from 2021. What Happened to Investment Banking Fees? More on this below.

Banking 130

Banking Start-ups Equity Finance 130

Brian DeChesare

NOVEMBER 2, 2022

In addition to Prime Ministers that serve for only 44 days and questionable weather/food, the United Kingdom is also known as a global hub for investment banking. Many would argue that investment banking in London is second only to New York in terms of compensation, exit opportunities, deal flow, and “prestige.”. Barclays, and UBS).

Banking 87

Banking Start-ups Finance Equity 87

Brian DeChesare

FEBRUARY 28, 2024

For the right person, though, fixed income research can be even better than equity research, whether you’re at a bank, an asset management firm, a hedge fund, or a credit rating agency: Table of Contents: What is Fixed Income Research? Also, it can be quantitative or fundamental – or both! . – power & utilities , FIG , or industrials ).

Equity 59

Equity Banking Start-ups Finance 59

Brian DeChesare

SEPTEMBER 6, 2023

Only wealthy individuals and institutions could invest, so governments cared less about PE firms than commercial banks and brokerages. The main issues here are: 1) The “private funds” industry has grown tremendously since 2008 and has over $25 trillion in assets , more than the entire commercial banking sector in the U.S. In the U.S.,

Equity 101

Equity Finance Private Equity Firm Banking 101

Brian DeChesare

APRIL 20, 2022

A long time ago, it didn’t matter that much if you applied for summer internships at the large banks but failed to win a single offer. When someone says they “didn’t get any internship offers,” typically they mean: They were recruiting for investment banking internships after their 3 rd year of university or their 1 st year of an MBA program.

Banking 116

Banking Corporate Finance Finance Start-ups 116

Cooley M&A

FEBRUARY 1, 2024

However, by Q4 2023, banks largely had cleared acquisition debt taken on in 2021 (such as Citrix and Twitter) from their balance sheets and were assertively looking to reenter the acquisition finance fray. Still, average leverage levels in sponsor buyouts declined from 7.1x in 2022 to 5.9x

Equity 59

Equity Finance Marketability Start-ups 59

Brian DeChesare

MAY 25, 2022

Improving Your Odds: Most of the screening process is based on your bank, group, university, and GPA, so you cannot do too much to improve your initial selection chances. But even if you’re at a top bank and you pass the initial screen, it’s 100% possible to fizzle out and end up with no job offers. In on-cycle recruiting in the U.S.,

Equity 52

Equity Private Equity Firm Start-ups Banking 52

Brian DeChesare

OCTOBER 5, 2022

Over the past week, there has been a ton of speculation on social media that Credit Suisse – and possibly also Deutsche Bank or UBS – is about to have its “Lehman Brothers” moment. Everyone knew the bank was troubled throughout 2007 and 2008, but most people assumed the government would bail it out, as it had already done for Bear Stearns.

Banking 128

Banking Start-ups Equity Compliance 128