Rothschild vs Bulge Bracket (think UBS/DB/CS)

What are people's thoughts on Rothschild vs Bulge Bracket low-tier (think the likes of UBS/DB/CS)?

That's a truly difficult decision to make.

How did you like the people at each bank?
Do you want to move to PE as soon as possible?
Do you want pure M&A experience or are you keen on learning about the entire IBD landscape (i.e. also advise on equity and debt financing)?

CS is not a low-tier BB. They have been on very good deals during the last years and several teams at CS regularly place at top PE funds (LevFin just to name one team). If you should have an offer from CS, I would take it over the other options.

DB/UBS/Barc are currently (!) on the lower end of the BBs but are obviously still good and have strong teams, meaning that you will be able to move into PE if you really want to lateral to a higher-tier BB or EB.

Rothschild has by far the best deal flow, however, you will mostly be working on MM deals. That is not necessarily a con, but something to keep in mind since some PEs favor experience on large deals which sometimes come with a higher degree of complexity.

(edited 6 years ago)

Reply 2

internbankeribd

OP

5

Original post by Tremonia

That's a truly difficult decision to make.

How did you like the people at each bank?
Do you want to move to PE as soon as possible?
Do you want pure M&A experience or are you keen on learning about the entire IBD landscape (i.e. also advise on equity and debt financing)?

CS is not a low-tier BB. They have been on very good deals during the last years and several teams at CS regularly place at top PE funds (LevFin just to name one team). If you should have an offer from CS, I would take it over the other options.

DB/UBS/Barc are currently (!) on the lower end of the BBs but are obviously still good and have strong teams, meaning that you will be able to move into PE if you really want to lateral to a higher-tier BB or EB.

Rothschild has by far the best deal flow, however, you will mostly be working on MM deals. That is not necessarily a con, but something to keep in mind since some PEs favor experience on large deals which sometimes come with a higher degree of complexity.

That's very helpful, thanks! It seems like BB is also probably a better place to start as an analyst? I'm thinking of the network/training/structure of the teams etc.

But on the other hand, in case of a downturn Barc/UBS/DB will definitely struggle and might cut jobs, so maybe that's something to consider vs the stability of Rothschild?

Reply 3

Tremonia

6

Original post by internbankeribd

That's very helpful, thanks! It seems like BB is also probably a better place to start as an analyst? I'm thinking of the network/training/structure of the teams etc.

But on the other hand, in case of a downturn Barc/UBS/DB will definitely struggle and might cut jobs, so maybe that's something to consider vs the stability of Rothschild?

Given the shere size of Rothschild and its generally outstanding reputation, I don't think you are necessarily getting a better training or network at a BB.

You may be right, DB/Barc/ UBS are certainly not in the best position right now and you don't know whether they won't downsize their IBD. However, I would leave that out of consideration here.

The biggest pro of Rothschild is the deal flow, its reputation (which beats the one of Barclays and UBS and currently probably also DB's) and, more importantly, the exposure to pure-play M&A advisory.

Again, I would decide based on the people you got to know. This is often underestimated. Irregardless of your choice, all banks will allow you to pursue your way.

I personally would decide between Rothschild and DB, assuming you would get into the group you like.

It might make sense to go UBS/ Barc if you liked the people better and can place into a top group.

Reply 4

BusMan21

11

Rothschild is an obsessively culture-fit oriented business, if you don’t ‘fit’ then you may not like it there. People are probably nicer and more approachable at the others banks. But undoubtedly Rothschild has that superior brand repetition, deal flow and stability.

Reply 5

gr8wizard10

21

none of them, don't do banking

/thread.

Reply 6

username2903378

13

Original post by BusMan21

Rothschild is an obsessively culture-fit oriented business, if you don’t ‘fit’ then you may not like it there. People are probably nicer and more approachable at the others banks. But undoubtedly Rothschild has that superior brand repetition, deal flow and stability.

I agree with this.

Rothschild is absolutely crazy about their culture.

I had an AC at Rothschild, I interviewed fairly well but didn't get the offer. As soon as I arrived it was clear I didn't fit well within their culture and I wouldn't have enjoyed my time there.

Great reputation and deal flow there, if I didn't care for enjoyment or fitting in, I'd take it over all those banks. Exit Opps will be very good too.

Reply 7

internbankeribd

OP

5

Original post by gr8wizard10

none of them, don't do banking

/thread.

What if I told you I wanted to do banking. What would your thoughts be on Rothschild vs low tier BB (e.g. DB/Barc/UBS)?

Reply 8

internbankeribd

OP

5

So it seems like most people think Rothschild > Barc/UBS/DB in terms of reputation/prestige? I kinda think Bulge Bracket is still the way to go for a junior?

Reply 9

CaptainKirk12

5

There is no doubt that Rothschild is much better than UBS/DB/CS/Barclays. DB is really bad right now and I don't think they can recover. Even their best team is struggling massively and CVs are floating around as people are looking to jump ship. Same with Barclays. With UBS and CS, IBD will never be a focus for them as they are so big in wealth management and private banking. Probably there's no bank in London that can offer as much learning and transaction experience as Rothschild, but that can lead to longer hours at times.

You should only pick the BBs if you really like the people there.

Reply 10

username2903378

13

Lazard vs Rothschild vs Evercore vs Citi vs BAML in the UK? Lets debate that one now...

Reply 11

CaptainKirk12

5

Original post by Quiet_Male

Lazard vs Rothschild vs Evercore vs Citi vs BAML in the UK? Lets debate that one now...

Lazard

Reply 12

BusMan21

11

Original post by Quiet_Male

Lazard vs Rothschild vs Evercore vs Citi vs BAML in the UK? Lets debate that one now...

Depends on what. IBD? Brand? Culture? Working life? General?

Reply 13

katuok

4

Original post by gr8wizard10

none of them, don't do banking

/thread.

How is FT compared to summer? Tougher than expected?

Reply 14

gr8wizard10

21

Original post by katuok

How is FT compared to summer? Tougher than expected?

as expected (: but alot more responsibility

Reply 15

katuok

4

Original post by gr8wizard10

as expected (: but alot more responsibility

Heard the Sep-Nov period tends to be the busiest of the whole year. I imagine it gets better with time. Good luck in any case!

Reply 16

elisabethangel

1

Original post by BusMan21

Rothschild is an obsessively culture-fit oriented business, if you don’t ‘fit’ then you may not like it there. People are probably nicer and more approachable at the others banks. But undoubtedly Rothschild has that superior brand repetition, deal flow and stability.

can you elaborate more on how the culture be like in Rothschild? in terms of learning curve and/or deal transaction. I'm preparing for an interview at Rothschild next week, so your answer would be helping me. thank you so much

Rothschild vs Bulge Bracket (think UBS/DB/CS)

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