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    Just wondering which internship programme to pick, so I thought I would ask for how you guys would rank them.

    1. HSBC - asset Management
    2. Morgan Stanley -Equity Research
    3. RBS - orgination (debt capital mkts)

    I have offers from two of them, and an assesment centre coming up for the other, what do u guys think??
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    I'd take MS.
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    Personally, MS. But it should all depend on what you're most interested in.
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    MS. Any day.
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    It is obvious that Morgan Stanley is the strongest banks, but do you like asset management, equity research or DCM? They are very different roles, so you should go for the one you like more, regardless of the bank.

    Asset management is probably the hardest to get into... too bad it's at HSBC and not MS.
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    (Original post by anfitrion)
    It is obvious that Morgan Stanley is the strongest banks, but do you like asset management, equity research or DCM? They are very different roles, so you should go for the one you like more, regardless of the bank.

    Asset management is probably the hardest to get into... too bad it's at HSBC and not MS.
    Asset Management isnt really the hardest to get into. Perhaps a handful of specific desks are hard to get into. Compare GSIP to GSAM. No comparison whatsoever.
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    If it was me I would pick MS just for brand value.
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    Obviously Morgan Stanley, for brand name alone. Also, ER is very competitive. I'm guessing MS is the one you have an upcoming AC for though.
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    Ms again as has already been said, strong brand value/awareness/"prestige" that will give a great amount of strength to your cv
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    MS for equity research? I wouldn't go there. Sure, it's Morgan Stanley (not the best bank either, reported almost a $bn loss). But it's equity research and ER is not their forte. Go to MS for M&A.

    I am not trying to downplay asset management. If it's a hedge fund, I would go for it. But other than that, there is little money in it and it's not a competitive field to get into.

    I suggest you take RBS DCM offer. It's their most prized division.
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    Going for what one likes is sooo demode.
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    Nice to see this forum is still squarely frozen in time in Spring 2007.
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    (Original post by CityMonkey)
    Nice to see this forum is still squarely frozen in time in Spring 2007.
    Ummm... so you think HSBC AM or RBS DCM are better than his MS offer now, or are you commenting on something else?
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    (Original post by Teenage Pirate)
    Ummm... so you think HSBC AM or RBS DCM are better than his MS offer now, or are you commenting on something else?
    ER and DCM are 2 different things completely. The decision would be based almost exclusively on which I want to do and the franchise value of the firm in that area.

    I wonder what 'prestige' people talk of when speaking about any bank, unless it's GS, JPM or BarCap. Does anyone pay any attention to business models, balance sheets, busines outlooks and franchise value/position anymore? Even Lehman Brothers was "prestigious" at one point.
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    (Original post by CityMonkey)
    ER and DCM are 2 different things completely. The decision would be based almost exclusively on which I want to do and the franchise value of the firm in that area.

    I wonder what 'prestige' people talk of when speaking about any bank, unless it's GS, JPM or BarCap. Does anyone pay any attention to business models, balance sheets, busines outlooks and franchise value/position anymore? Even Lehman Brothers was "prestigious" at one point.
    Barcap? 100% sure you'd bracket with GS and JPM?
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    (Original post by Teenage Pirate)
    That's a fair point and MS has pretty much underperformed those three (and the likes CS, DB) recently and doesn't exactly have the brightest of outlooks, but in the context of this thread it's up against RBS and HSBC. Now while HSBC is probably healthier than MS and looks better as a firm, in investment banking/asset management MS is ahead by far enough to sort of offset that.

    Yes MS is a sinking ship but being there until it sinks might be better than working at a franchise that isn't seriously committed to investment banking. And just a note, it's not all doom-and-gloom for MS, they have strong divisions and they would probably take a smaller hit from the recent proposals than most banks...
    Forget HSBC, you could easily do AM anywhere with MS ER under the belt. I'm talking about DCM and ER.. those 2 are very different. Taking ER on the basis that it's MS when you really just want to do banking is plain silly, and vice versa. Sure, MS has strong franchises in areas, but what use is it to me that M&A is a strong franchise when Im considering an ER career? Just doesn't make any logical sense.

    Funny you say MS will take the smaller hit, since their stock fell the most out of any banks on the Obama announcement (-7% vs. -5% sector avg). Peachy.

    Besides, has anyone posting here actually even glanced at MS' 4Q announcement? Or read any analyst research on the firm? Or talked to anyone inside the firm to gauge the employee reaction? No? Hmm.
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    MS all day, everyday!
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    edited
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    (Original post by Teenage Pirate)
    But since the OP hasn't stated which one he/she prefers that is irrelevant for now. Btw MS equities isn't exactly horrible either from the (admittedly few) market share graphs I've seen.

    I've already said it's not exactly the healthiest firm out there or the firm with the brightest prospects... The Q4 was below analyst expectations and I wouldn't want to be a stockholder, but for an employee, MS basically gave out massive compensation/revenue compared to the other banks. And yes, Q4 looked **** compared to Goldman but as I said, MS is not Goldman, MS is not JPM, MS is not BarCap, DB or CS.. but MS is still a better investment bank than RBS or HSBC.
    - MS HAD to give massive comp/revs since their headcount shot up +50% or something, and rev growth has underperformed, to say the least. How many of those stock options are already underwater courtesy of Obama?

    - What is your definition of 'better investment bank'? Net incomes? Operating margins? RoEs/RoAs? other ratios? market shares? relevance of bottom line to your business/desk? 'prestige' value? Too loose a definition. Quantify.
 
 
 
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