What is the best investment bank?

wow, so you're pretty much doomed if you arent at oxbridge lol

Yeah, it does massively depend on the type of trading, but looking at S&T as a whole JP/GS are quite far ahead of other banks (and I don't think it's too unfair to consider banks as a whole, given that pretty much all recruitment in markets now is done via summer internships and very few banks give out summer offers on a desk specific basis).

So are they only going to hire one of the interns? Wow, I didn't know there was a low conversion rate for s&t.

(Congrats on getting the internship btw)

Fair points. Even then, for someone who knows what product they want to be trading, wouldn't it be wise for them to consider the banks strong in that area? Say someone wants to trade equity derivs, thus opts for BNPP.



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I assume you are looking for prestige and the fastest/broadest exits opps. possible (like most of us) go with GS MBD (preferably Equity/Credit), JPM LevFin or MS M&A execution (and avoid activism advisory within the team).

No idea about how BNPP do internships, but if they do desk specific offers and you got an offer for a good desk then you're fine pretty much.

I am the only intern on my desk, but trading at JP does have a fairly low conversion rate (generally 30-40%) although I'm told the intern on my desk in the past has nearly always secured a trading job somewhere in rates within the bank, if not at their specific desk.

Thanks

For S&T, GS/JP are the two places to be, I'd pick (and did) JP over GS.

agreed generally, apart from for equity s&t, if I am not mistaken, isn't MS a powerhouse in that and consistently ranks number 1 globally for it?

if only I was in the position of having an offer from one of the tier 1s </3

The teams you mentioned are from the US point of view and are not true for Europe/EMEA (of course on a very (!) high level)

This seems like an important issue. Most of the info I've gathered thus far has been US-centric which may not accurately reflect the London offices. Ideally, if one wants to work in M&A, for instance, are they better trying to make a huge push for the NYC offices where the bigger deals may be made?

This seems like an important issue. Most of the info I've gathered thus far has been US-centric which may not accurately reflect the London offices. Ideally, if one wants to work in M&A, for instance, are they better trying to make a huge push for the NYC offices where the bigger deals may be made?

The teams you mentioned are from the US point of view and are not true for Europe/EMEA (of course on a very (!) high level).

I would not place PJT, especially M&A - Blackstone R&R was the one to go in London, not M&A - in the same league as GS/JPM/MS. However, the rx and special sit. business is very strong, especially without the internal clash with GSO. If I am not mistaken they ranked first in debtor and creditor year to date, but you should not take rx league tables too seriously (you do not always get credit for the deals you have done).

Most of the teams at the three US banks will suit you well for an exit, but the ones i have mentioned have (at least in my opinion) the broadest and best exit opps.

I would not recommend GS MBD - their conversion rate is below 25%.

Regarding PJT, juniors work across M&A and R&R. BX / PJT always had the best exit options in London. Now they're also #1 in EMEA R&R and hired a bunch of heavy hitters as M&A partners.