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Copyright © 2009 by, 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 Inc. Vault, the Vault logo, and “The Most Trusted Name in Career InformationTM” are trademarks of, Inc. For information about permission to reproduce selections from this book, contact, Inc., 75 Varick Street, 8th Floor, New York, NY 10013, (212) 366-4212. Library of Congress CIP Data is available. ISBN 13 : 978-1-58131-835-7 Printed in the United States of America

Thanks to everyone who had a hand in making this book possible. We are extremely grateful to Vault’s 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!


Table of Contents

A Guide to this Guide . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1



What’s What? Industry Overviews . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Investment Banking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Commercial Banking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 The State of the Industry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7



The Ranking Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13 The Vault 50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14



Quality of Life Ranking Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19 Best 15 Firms to Work For . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20 Overall Satisfaction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21 Selectivity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22 Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23 Hours . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24 Treatment by Managers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25 Offices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26 Training . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27 Business Outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28 Culture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29 Green Initiatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30



Best 15 Firms For Diversity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32 Diversity with Respect to Women . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33 Diversity With Respect To Ethnic Minorities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34 Diversity with Respect to Gays & Lesbians . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .35



1. Goldman Sachs Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .38 2. The Blackstone Group L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45 3. Morgan Stanley . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .51 4. J.P. Morgan Investment Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .56


The Vault Guide to the Top 50 Banking Employers, 2010 Edition Table of Contents

5. Lazard Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .62 6. Greenhill & Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .67 7. Credit Suisse's Investment Banking Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .71 8. Evercore Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .77 9. Deutsche Bank AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .82 10. Rothschild . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .87 11. Barclays Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .91 12. Perella Weinberg Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .96 13. Moelis & Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .100 14. UBS Investment Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .106 15. Houlihan Lokey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .113 16. Jefferies & Company, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .118 17. Citi Institutional Clients Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .124 18. HSBC North America Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .130 19. Wells Fargo & Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .135 20. Allen & Company LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .142 21. Bank of America Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .145 22. Macquarie Group (U.S.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .152 23. Piper Jaffray Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .156 24. Oppenhiemer & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .160 25. RBC Capital Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .163 26. Nomura Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .168 27. Royal Bank of Scotland Group plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .173 28. Chase Commercial Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .178 29. Dresdner Kleinwort* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .182 30. BNP Paribas SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .186 31. Thomas Weisel Partners Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .190 32. Deloitte Corporate Finance LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .195 33. Canadian Imperial Bank of Commerce (Wholesale Banking Division) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .198 34. Centerview Partners LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .203 35. Keefe, Bruyette & Woods, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .209 36. Robert W. Baird & Co. (Baird) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .213 37. Broadpoint Gleacher Securities Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .218 38. William Blair & Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .222 39. The Bank of New York Mellon Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .228 40. Cowen and Company, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .233 41. Citi Consumer Banking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .238
*Folded into Commerzbank AG's corporates and markets division on September 1, 2009; the Dresdner Kleinwort name was dropped


© 2009 Inc.

. . . . . . . . .286 The Bank of Nova Scotia (Scotiabank) . . . . . . . . . . . .335 KeyCorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inc. . . . . . . . . . . . . . . KPMG Corporate Finance LLC . . . . . .345 M&T Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .366 Stifel Financial Corp. . . . . . . . . . . . . . . . . . .248 44. . . . . . . . . Peter J. . . . . . . . Raymond James Financial. . . . . . . Morgan Keegan & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .349 McGladrey Capital Markets LLC . . . . . . . . . . . . . . . . . . . Solomon Company . . . . . . . . . . . . . . . . . U. . . . . . . . . . . . . . . . . . . . .298 Caris & Company. . . . . . . . . . . . . . . . . . . . . . . . . . .311 FBR Capital Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .vault. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .325 FOCUS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .389 Visit Vault at www. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BB&T Corporation .270 49. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2010 Edition Table of Contents 42. . . . . . . . . . . .244 43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . career message boards. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LLP (SIG) . . . . . . . . . . . . . . . . . . . .307 Duff & Phelps Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .380 TD Securities . . . . . . . . . . . .354 PNC Financial Services Group. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BMO Capital Markets . . . . . . . Sandler O'Neill + Partners. . . . . the Vault Job Board and more. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .321 First Horizon National Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . .294 Canaccord Adams Inc. . . . . . . . . . .370 SunTrust Banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Brown Brothers Harriman & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .373 Susquehanna International Group. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inc. . . . . .com for insider company profiles. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .P. . . . . . . . . . . . . . . .253 45.289 Calyon . . . . . . . . . . . . . . . . . . . . . . . .384 ThinkEquity LLC . . . . . . . .275 50. . . . . . . . . . . . . . . . . . . . . . . . . .360 Stephens Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .266 48. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .338 Leerink Swann LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .279 THE BEST OF THE REST 285 Bank Leumi USA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .332 JMP Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .329 Fox-Pitt Kelton Cochran Caronia Waller (USA) LLC . . . . . . . . . . . . . . . . . . . . . . Inc. . . . . . . . . . . . . Inc. . . . . . . . . . . . . . . . . . .342 Lloyds Banking Group PLC . .258 46. . . . . . . . . . .301 Cascadia Capital LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .304 Comerica Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . expert advice. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .316 Fifth Third Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . L. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . expert resume reviews. . . .The Vault Guide to the Top 50 Banking Employers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .263 47. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .S. . . . . . . . . . . . . . . . . . . . . . . . . . . .

. .392 Webster Financial Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .399 ABOUT THE EDITOR 404 x © 2009 Vault. . . 2010 Edition Table of Contents Union Bank. . . . . . . . . . .The Vault Guide to the Top 50 Banking Employers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .com Inc. . . . . . . . . . . . . . . . . . . .395 WR Hambrecht + Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A. . . . . . . N. . . . . . . . . . . . . . . .

A Guide to this Guide
All of our profiles follow the same basic format. Here’s a guide to each entry.

Departments: The firm’s major divisions. The Stats: Basic information about the firm, usually information that’s available to the general public. This includes the firm’s 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 firm has confirmed that information), number of employees and number of offices. Key Competitors: The firm’s 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 firm. Uppers and downers are taken from the opinions of insiders based on our surveys and interviews. Employment Contact: The person (or people) that the firm identifies as its contact(s) for submitting resumes or employment inquiries. We’ve 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 firms ask that all employment-related inquiries be sent to a central processing office, while other firms 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 firms they were rating. Survey respondents were not able to comment on their own firm. We collected a sampling of these comments in The Buzz. We tried to include quotes that represented the common outside perceptions of a given firm. The quotes may not always reflect what insiders say in our surveys and interviews. We think The Buzz is a way of gauging outside opinion of a company.

Most profiles are divided into three sections: The Scoop, Getting Hired and Our Survey Says (some profiles have only Scoop and Getting Hired sections). The Scoop: The company’s history, a description of the business, recent clients or deals and other significant developments. Getting Hired: An overview of the company’s 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, offices, dress code and other important company insights.




The Vault Guide to the Top 50 Banking Employers, 2010 Edition


© 2009 Inc.

The Vault Guide to the Top 50 Banking Employers, 2010 Edition What’s What Industry Overviews

What’s What? Industry Overviews
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 investors—either public or private—to raise this capital. These securities come in the form of stocks or bonds. Generally, an investment bank comprises the following areas:

Corporate finance
The bread and butter of a traditional investment bank, corporate finance generally performs two different functions: 1) mergers and acquisitions advisory, and 2) underwriting. On the mergers and acquisitions (M&A) advising side of corporate finance, bankers assist in negotiating and structuring a merger between two companies. If, for example, a company wants to buy another firm, then an investment bank will help finalize the purchase price, structure the deal and generally ensure a smooth transaction. The underwriting function within corporate finance involves raising capital for a client. In the investment banking world, capital can be raised by selling either stocks or bonds to investors.

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 investors—those 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 firms.

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 market—often 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 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 fixedincome 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 firm. Corporate finance bankers rely on research analysts to be experts in the industry in which they are working. Reputable research analysts can generate substantial corporate finance business and substantial trading activity, and thus are an integral part of any investment bank.

The hub of the investment banking wheel, syndicate provides a vital link between salespeople and corporate finance. 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 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 folks—buyers of stocks and bonds—to 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 don’t command the eye-popping salaries and prestige that investment bankers receive.

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The Vault Guide to the Top 50 Banking Employers, 2010 Edition What’s What Industry Overviews

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 borrower’s subsequent business decline can damage a commercial bank’s bottom line, a stock that plummets after an offering has no effect on the investment bank that managed its IPO.

We’ll take your money
Commercial bankers make money by their legal charter to take deposits from businesses and consumers. To gain the confidence 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). Deregulation—especially the Financial Services Modernization Act of 1999—and 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 bank’s 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 forms—standard 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 inflation, 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 percent—if anything—on 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).


© 2009 Inc.

The Vault Guide to the Top 50 Banking Employers, 2010 Edition The State of the Industry

The age of the bailout
When the world of finance was rocked by billion-dollar write-downs, mass layoffs, declarations of bankruptcy, rumors of nationalization of the world’s biggest banks and grim-faced government officials unveiling plans to bail out financial institutions, experts from New York to Tokyo turned to each another and asked, “What just happened?” We’ll be parsing the events of 2007, 2008 and 2009 for decades to come; the scope of the crisis fallout—and blame—is still being assessed. For now, we know that the banking landscape has been permanently changed. In a nutshell, here’s what happened. The U.S. housing market, which had risen steadily through 1990s, finally began to slow down. At the same time, mortgage lenders were making increasingly risky loans—approving mortgages for “subprime” customers who were at high risk of defaulting. (Later, the world heard horror stories about unemployed people being approved for expensive home loans, despite having no real proof of income.) Meanwhile, banks had figured out ways to securitize home loans and the risks involved with them, packaging and slicing these new securities into arcane derivatives. These derivatives wound their way through the world’s financial system, piling up in banks’ balance sheets. This created a ticking time bomb: as people began defaulting on their mortgage payments, these assets’ values evaporated, leading to massive write-downs and losses. In fall 2008, the world’s investment banks were in a state of panic, fearing for their own—and others’—safety. Things that looked like assets on paper proved worthless. Because of the way credit risk was spread through the system, banks began freezing lines of credit to other banks and consumers: no one knew for sure who was liquid and who was on the verge of collapse. The credit crunch slammed the brakes on an already-slowing economy, and banks, mortgage lenders, insurers and public companies scrambled to avoid bankruptcy. Some were successful; some were not. It’s unsurprising, then, that banking revenue has been less than stellar lately. Banks’ earnings soared through 2005, 2006 and the first half of 2007. Then came the downswing. According to Dealogic, in the first quarter of 2009, global investment banking revenue was $9.2 billion, down from $15.4 billion in first quarter 2008, and far from the peak of $26 billion in the second quarter of 2007. Because the U.S. and Europe were hardest-hit by the global recession, Asia (and, to an extent, the Middle East and Africa) has risen in relative importance and fee income. Some banks have begun shifting resources to the East, where private equity and a reasonably stable financial system have relatively kept deals flowing.

Giants fall
Perhaps the most lasting legacy of the financial crisis will be its impact on banking’s biggest players. Bear Stearns was the first to collapse, and the U.S. government helped engineer a sale of Bear to JPMorgan Chase in March 2008. Lehman Brothers toppled into bankruptcy in September 2008 and was sold in pieces to Nomura Securities, which now owns its European and Asia Pacific businesses, and to Barclays, which owns its North American operations. (The U.S. government’s refusal to step in for Lehman, as it had for Bear, remains a source of anger and bewilderment for its former employees.) Also during September 2008, after 94 years in business as an independent investment bank, Merrill Lynch (part of the so-called bulge bracket) admitted defeat and agreed to be sold to Bank of America. That left Goldman Sachs and Morgan Stanley as the last independent bulge bracket banks on Wall Street. But even they succumbed. In late September 2008, both banks received permission from U.S. regulators to convert themselves into bank holding companies, a restructuring move that allowed them to receive government assistance—but also left them bound by strict regulations and rules regarding leverage and risk-taking. This raised an important point: in the U.S. (and in the U.K.), banks that took government assistance (“bailout funds”) faced the imposition of new operating requirements. In other words, the government poured billions into its banks and thus wanted a say in how they’re run, especially in light of the fact that many industry observers blamed loosely regulated derivatives trading for fueling the crisis. Will banks—or the banks that acquired them—ever go back to their unfettered ways? Perhaps. In some cases, banks will be able to win back some freedom if they can repay their bailout allotments (many of them have already repaid). But the bottom line is the days of high-flying, overleveraged risk-taking are over, at least in the near term. International and local regulators, politicians and taxpayers are watching banks like hawks, keeping an eye on everything from executive compensation to the state of their balance sheets.

Commercial consolidation
In the wake of subprime crisis, two huge commercial banking firms were swallowed by even larger firms. In September 2008, not long after the fall and purchase of Bear Stearns, another bank’s failure resulted in a major acquisition for JPMorgan Chase. When Washington Mutual Bank, the country’s biggest savings and loan, collapsed in spectacular fashion—it was shut down by the Office of Thrift Supervision, placed into FDIC receivership and awarded the dubious title of “largest American bank failure”—JPMorgan Chase was there to pick up the debris, acquiring WaMu’s 2,200 branches and its $135 billion in deposits for $1.836 billion. Of course, an acquisition of that size meant there would be significant job cuts due to overlap. In

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The Vault Guide to the Top 50 Banking Employers, 2010 Edition The State of the Industry

total, JPMorgan said it would slash 12,000 positions as part of its integration of Washington Mutual. WaMu branches, which reopened for business upon completion of the acquisition, are undergoing a rebranding process slated to be complete by the end of 2009. Also in the third quarter 2008, Wells Fargo agreed to acquire North Carolina-based Wachovia Corporation for about $15 billion, creating the fourthlargest bank in assets in the U.S. and the largest retail branch banking network in the country. The marriage didn’t exactly take place with everyone holding their peace. Originally, Citigroup had won Wachovia’s hand, striking a deal to acquire Wachovia’s banking operations—but not its brokerage and asset management units. The Wells Fargo deal, however, covered all of Wachovia and thus was considered to be the better one for Wachovia’s shareholders (the pershare price of that deal was much higher). Unsurprisingly, Citi wasn’t pleased and contested the Wells Fargo transaction, filing a lawsuit seeking $20 billion in compensation and $40 billion in punitive damages for interfering in its deal. A session of legal wrangling followed, including a bid by Citigroup to prevent the merger. Though Citigroup soon dropped the legal challenge that would have prohibited Wells Fargo from acquiring Wachovia, it still plans on seeking nearly $60 billion worth in damages. Meanwhile, the Wells Fargo-Wachovia merger became official on December 31, 2008.

The old-fashioned merger
In June 2009, Morgan Stanley combined its global wealth management group with three Citigroup businesses: U.K.-based Quilter, Smith Barney Australia and Citi Smith Barney. Operating under the name Morgan Stanley Smith Barney, the joint venture is comprised of 18,500 financial advisors in 1,000 offices worldwide, with more than $1.3 trillion in client assets. In effect, Citi sold a 51 percent majority stake in the joint venture to Morgan Stanley for $2.7 billion. Upon the closing of the deal, it was reported that Morgan Stanley was expected to acquire full control in various phases over the next five years. Currently, Morgan Stanley Co-President James Gorman serves as chairman of the new company.

Enjoy the TARP
In October 2008, several of the largest banking firms in the country were given capital to strengthen their balance sheets under the U.S. government’s highly publicized (and highly scrutinized) Troubled Asset Relief Program, commonly referred to as TARP. Recipients of TARP funds included Citigroup ($45 billion), Bank of America ($45 billion), Goldman Sachs ($10 billion), Morgan Stanley ($10 billion), JPMorgan Chase ($25 billion), Wells Fargo ($25 billion), SunTrust ($3.5 billion) and the Bank of New York Mellon ($3 billion), among many others. In all, about 70 firms took TARP funds (in addition to banking firms, insurance giant American International group, automakers Chrysler and GM, and auto finance companies Chrysler Financial and GMAC received significant funds under the program). In April 2009, four banks (Signature Bank, Old National Bancorp, Iberiabank and Bank of Marin Bancorp) became the first wave to begin repaying money borrowed under TARP. In June 2009, Goldman Sachs, Morgan Stanley, JPMorgan Chase and seven other lucky firms were also given the green light to repay a collective $68.3 billion borrowed under the U.S. government’s Troubled Asset Relief Program. Two months later, Bank of America said it would soon begin paying back some of its TARP money. And in September 2009, Wells Fargo indicated it wouldn’t be long until it repaid its TARP funds, adding that since it was in such solid financial shape, it wouldn’t have to issue additional equity to do so (like a few other banks were forced to do). Failure to repay bailout money could have serious consequences for U.S. banks such as Citi and Bank of America, which both don’t have any plans to fully pay off their Uncle Sam debt any time soon. President Barack Obama has called for a $500,000 cap on salaries and bonuses for bailed-out banks’ executives, and suggested that firm “excesses” (like private jets and corporate sponsorships) should be posted online for taxpayers to see.

Losses, layoffs, clawbacks and pay czars
Losses and write-offs led to layoffs, bonus cuts and pay freezes at many top banks in 2008 and 2009. For the full-year 2008, the financial services sector cut over 225,000 jobs worldwide. Banks took severe hits to headcount, with cuts coming from virtually all of the biggest firms, including Goldman Sachs, Morgan Stanley, UBS, Credit Suisse and Bank of America Merrill Lynch, among others. Jobs will likely recover before salaries do, and it may be some time before bankers can count on receiving the colossal paychecks and bonuses to which they were accustomed. Most bankers in finished 2008 with a wary “wait and see” approach about their compensation. Uncertainty about base salary raises and bonus payouts made it difficult for many people to predict what they’d be making in a year, let alone in a few years (unlike the old days, when promotions and raises were fairly locked in). And at the uppermost levels of the boardroom, CEOs have come under increased pressure from lawmakers to cut compensation for the highest-paid executives, and to bring bonuses in line with profits. Many CEOs have already responded to the pressure. Citi’s Vikram Pandit famously announced in February 2009 that he would forego a bonus and only make a $1 annual salary until his firm starts making money again (the announcement came after Pandit took home a total of $10.8 million in 2008). Morgan Stanley CEO John Mack also decided not to take home a bonus (for 2008) and implemented a firmwide bonus “clawback” provision— starting in 2009, all Morgan Stanley senior executives became subject to a performance-linked compensation plan tying their payouts to the firm’s return on equity, total shareholder return and the firm’s return on equity relative to other banks. Citi, Morgan Stanley and other firms, including UBS and Credit Suisse, also increased salaries while decreasing bonuses, giving appearances, at least, that they were decreasing incentive compensation, which had come under fire for increasing risk-taking.


© 2009 Inc.

say. Morse. who reports to Treasury Secretary Timothy Geithner but is said to have nearly complete autonomy. In an interview with Reuters.. boutiques have been largely untouched in the financial crisis. small banks In recent years.S. having an extraordinary quarter. for talent. which increased net revenue by more than 50 percent to $6. Goldman Sachs. saying that “a lot” of bankers have become “unsatisfied with where their institutions are or where their jobs are going … so the availability of talent is very high. takes its name from another former UBS dealmaker. at least at a few firms. Barclays Capital announced that it would hire hundreds of new bankers by the end of the year (as BarCap reshuffled people to accommodate its purchase of Lehman in North for insider company profiles. Feinberg. Robert Morse. While Feinberg began to review executives’ paychecks.C. Chrysler. including asbestos-damage lawsuits and the Virginia Tech massacre lawsuit in 2007. And in August 2009.8 billion. former Morgan Stanley President Bob Greenhill started his eponymous firm. an ex-Goldman insider and former Morgan Stanley banker got together to hatch Perella Weinberg. more recently. Morgan Stanley announced it would hire about 400 traders and bankers. was working pro bono as the head of the September 11th Victim Compensation Fund. Moelis & Company. Moelis & Company. Visit Vault at www. Ten years later. 13 worldwide in M&A advisory work in 2008. however. career message boards. they’ve been able to pick up business. the infant in the advisory game at 14 months old.vault.09 billion in the same period of the previous year. Morgan may turn to a boutique for personalized advisory and a guarantee of independence—boutiques that focus solely on advisory services are less likely to run into conflicts of interest with research and sales departments. Morgan Stanley and the firm formerly known as Bear Stearns. Centerview was born the same year when veterans of Morgan. Among the preeminent boutiques today are Greenhill & Co. there were signs that the mass banking firings had turned into hiring. they’ve been desirable places to land to avoid the prospect of increased government regulation—specifically. Greenhill hired bankers away from Morgan Stanley. mined senior bankers from Merrill. each with more than 20 years of experience. the Vault Job Board and more. Jefferies. For most boutiques. And Centerview Partners—which ranked No.S. two former Blackstone insiders partnered to create a bank called Evercore. in some cases challenging their larger competitors for deals and. 2010 Edition The State of the Industry In June 2009. In 2008. on the heels of its main competitor. And for experienced bankers. Citi.” The flow Bok speaks of also continued to several other firms. GM. raised $1 billion to start to his own Hong Kong-headquartered bank called Primus Financial Holdings. the selling point is simple: world-class service (their founders and top executives are often refugees from bigger banks) with a personal touch. (Goldman booked $3. who’s partnering with two other ex-Citi bankers. up from $2. 9 . He has been involved in a number of high-profile cases over the years. another top M&A advisor.. including Perella Weinberg Partners. Perella Weinburg Partners and Centerview Partners. Ken Moelis. each have between 125 and 300 employees—and none have been around for that long. Piper Jaffray and Sander O’Neill—as well as to brand new firms. Evercore Partners. presenting themselves as a safer alternative to banks that are being kept alive by taxpayer funds.S.. in the same year. J. likely making acquisitions of divisions of established firms along the way.The Vault Guide to the Top 50 Banking Employers. Obama gave Washington. even those that have repaid their funds. Morse cited the trend of executives moving from big firms to smaller ones as a reason for Primus’ founding. In the first half of 2009. Since they lack the trading floors and vast securities portfolios of their mega-rivals.P.. the ex-chief executive of Citigroup’s Asia investment banking business.” Morse also pointed out that the big Citi and other large banks aren’t exactly afraid of small firms like Primus making too large of a dent in its business. a few months after President Obama announced his salary cap. Before becoming pay czar for the Obama administration. currency and commodities trading division. Morgan and UBS Investment Bank. in 2006. In May 2009.P. Feinberg worked as a lawyer. Perhaps his most well-known case. UBS. salary capping. Evercore Partners. pummeling Evercore and Moelis in total deal volume—picked up three high-ranking ex-Merrill bankers in one month in early 2009. Feinberg will determine both base pay and bonuses for top executives at the companies. which now ranks among the top 15 M&A advisors in the U. Moelis transformed a second-rate UBS into a global M&A player. lawyer Kenneth Feinberg the power to establish pay for 175 executives working at seven of the country’s biggest companies—AIG. in 1993. Chrysler Financial. meaning he can reclaim compensation that’s already been given to executives (this extends to all TARP firms. where he decided benefits and assigned financial values to the lives of victims of the attack. The Feinberg Group. also has the power to activate clawback provisions. he appointed a “pay czar” to oversee executive compensation for firms that took money from the U. He consequently wrote the book What Is Life Worth? as a narration of his work in the case. founding his own firm. Clients who worry about getting lost in the shuffle at.44 billion in net income for second quarter 2009. recently picked up senior-level personnel from Bank of America as well as UBS. Moelis & Company. plans to focus on the Asia market but will also do business in Europe and the U. Houlihan Lokey. The rise was largely due to the bank’s fixed income. J. GMAC and Bank of America—which all received billions of TARP dollars. expert resume reviews. Greenhill’s co-CEO Scott Bok ended a recent press releases announcing the hiring of two ex-UBS executive by bragging that the “flow of talented bankers from the historic bulge bracket investment banks to Greenhill continues. bringing in a total of 14 bankers. independent firms—have been on the rise. More recently. whose resume contains some of the highestprofile firms of investment banking’s yesteryear: Drexel Burnham Lambert and DLJ (Donaldson Lufkin & Jenrette). If anything. In one of the most significant ground breakings of 2009.) Feinberg is expected to rule on executive compensation proposals and guidelines by the end of October 2009. expert advice. positions opened up). Wasserstein Perella and UBS joined forces. D. In 1996.) Big banks. several “boutique” investment banks—small. Citi. In his role as pay czar.

Compounding these issues is the fact that trading activity has increased as a proportion of investment banking revenue. business dipped in 2001. respectively. Speaking of losses. Private equity groups. just about anything. traditional trading at investment banks consisted of dealing in equities. Morgan was the most active debt underwriter. which were raising ever-larger funds. though. J. working on 695 deals worth a total of $318 billion. 2010 Edition The State of the Industry Bankers vs. Goldman Sachs was the top worldwide merger and acquisition advisory for 2008. with Goldman placing second.P. bonds and basic financial derivatives for currency and interest rate products.5 trillion.P. potential buyers were less likely to buy.7 billion (down 38 percent versus 2007). J.4 percent in the first six months of 2009 versus the same period a year earlier. Goldman stayed atop Thomson Reuters’ worldwide announced M&A table halfway through the year. In 2000. as former traders have risen in prominence at their respective firms. Management buyouts were also a thriving contributor. while Citi took the No. The growth of hedge funds drove banks to build prime brokerage units. announced M&A deals.5 billion (down nearly 30 percent versus 2007). Huw Jenkins. Barclays Capital and Bank of American Merrill Lynch were the second and third most active underwriters. 1 in announced U. When they get it right.7 trillion by 2005. investment banks and brokerage firms used to act only as agents: they bought and sold securities on behalf of their clients. peaking in mid-2007.S. respectively. The New Year didn’t bring much luck when it came to increasing combinations and purchases. When they get it wrong. M&A boom and bust Mergers and acquisitions advisory was. Goldman Sachs and Morgan Stanley were the second and third most active equity underwriters. The global recession that nearly destroyed banks in 2008 took a big toll on mergers and acquisitions. That changed when banks began inventing new kinds of derivatives. underwriting 175 deals worth a total of $53.5 billion. banks’ M&A revenue dwindled. Global debt issuance fared a lot better than M&A and equity deals.The Vault Guide to the Top 50 Banking Employers. which offer dedicated financing. Morgan placed third. Global M&A activity was up to $2.2 trillion worldwide. Morgan and Citi took the second and third spots on the table. a former commodities trader. an effort to wring more return from. Some of the major investment banks played a significant role in this development. As a result. What’s more. Equity capital markets units also had a slow six months as global equity underwriting volume fell 17. few CEOs wanted to take on any unnecessary risk. clearing. using firm assets to make their own bets. well. as worldwide fixed-income underwriting volume increased 11 percent in the first six months of 2009 versus the same period in 2008. Without access to cheap.14 trillion. For the first six months of 2009. who led UBS until stepping down in 2007 after massive losses at the investment bank. New types of derivatives allow banks to trade contracts based on future energy prices. According to Thomson Reuters. Embattled companies made less-attractive targets. versus 129 worth $70 billion in the same period in 2008. Goldman also snagged the No. and Oswald Grubel. were buyers on an unprecedented scale. however. Only 117 IPOs worth a total of $13 billion were underwritten worldwide in the first two quarters of 2009. securities lending. the world’s volume of M&A activity totaled almost $3.P. and in 2002. traders have reaped big rewards for their employers. respectively. while J. Now they’re just as likely to be principals in trades. working on announced deals worth $831. 2 spot on the table and J.P. A notable feature of the mid-2000s M&A boom was the major part played by financial purchasers. the lowest six-month output in five Inc. M&A for the six months ending June 2009. working on announced deals worth a total of $572. traders Investment banks have long contained two cultures: traders and corporate finance advisers. The lines have blurred. the losses can be devastating.) Among the traders who worked their way to the top: Goldman Sachs CEO Lloyd Blankfein. 10 © 2009 Vault. as the world discovered in 2007 and 2008. low interest rates and thriving stock prices raised confidence and spurred dealmaking. According to Thomson Reuters. M&A deal volume fell by 35 percent versus the same period a year earlier to $1. Things picked up in 2004 as a strong global economy. for most of the late 1990s and early 2000s. and brokerage services have expanded at many banks. (Some corporate financiers have responded by heading out on their own to start boutique advisory firms. it was back on track by mid-2009 as many of the major hedge funds showed solid earnings for the first six months of the year). Morgan worked on more equity deals (by volume) than any other bank. It was the latter who traditionally became firms’ chief executives and chairmen. plentiful credit. a former floor trader who served as CEO of Credit Suisse until taking over for Jenkins at UBS. The top of the league tables. Mergers and acquisitions groups weren’t the only ones to feel the pinch of the recession in early 2009. 1 spot for U. even the odds of another company defaulting on its debt. a leading source of revenue for the global investment banking industry. custody and advisory services to major investors and hedge funds (though the hedge fund industry took a sever hit in 2008.S. . deal volume was down to $1. And in a climate of no confidence. but Morgan Stanley ranked No. and deals kept going through 2006. complicated bundles of currency prices. including some multibillion-dollar deals. looked much the same as they did in years past.

PRESTIGE RANKINGS The Vault Guide to the Top 50 Banking Employers. 2010 Edition .

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Moelis & Company. training and more. Morgan Investment Bank jumped a spot to No. and Oppenheimer ranked No. which retained the No. the Vault Job Board and more. 13 . Participants were also asked to rate companies with which they were familiar on a scale of 1 to 10.The Vault Guide to the Top 50 Banking Employers. Participants were not allowed to rate their own employer. Beyond the top five. The online survey consisted of questions about life at the professionals’ firm or former firm. Vault sought contacts at the firm to take the survey through other proprietary sources. Duff & Phelps. 8. along with a prestige rating. 4 (7. Cowen and Company. With a score of 8. as well as on various factual data. 13 this year. 2010 Edition The Vault Prestige Rankings THE RANKING METHODOLOGY The Vault Guide to the Top 50 Banking Employers rates 79 firms with significant commercial banking or investment banking operations in North America. Morgan Stanley again ranked No. A total of 624 banking professionals filled out Vault's 2009 Banking from February 2009 through April 2009. 26 and Evercore Partners leaped 17 places to No. UBS Investment Bank and William Blair—agreed to distribute the survey. many firms took big leaps in the rankings. while J.vault. 12 spot. Citi Institutional Clients Group. expert advice. both rose 11 notches. career message boards. scoring 8. Vault averaged the prestige scores for each firm and ranked them in order. Perella Weinberg took the No. 24. J. with 10 being the most prestigious. the New Yorkbased firm retained the top spot.382). Seventeen companies—Centerview Partners. (Baird). with the highest average score belonging to our No. Moelis & Company soared 29 places from No. We chose these 79 firms based on previous Vault surveys that gauged opinions of industry insiders.696.P. All surveys were completely anonymous. Houlihan Lokey.613) and Lazard moved up two places to No. questions asked during the interview process. diversity. including annual revenue and number of employees. For those companies that opted not to distribute the survey. relations with managers. 42 last year to No. compensation. TD Securities. Robert W. Survey participants were asked to comment on qualifications the firm looks for in new employees. Goldman Sachs. Jefferies. Visit Vault at www. Nomura went from not cracking the top 50 a year ago to landing at No. Credit Suisse.P. 5 (7. RBC Capital Markets. with a score of 7. Goldman for insider company profiles. specific tips on getting hired. Vault averaged the prestige scores for each firm and ranked them in order. 3. two other firms made double-digit jumps: Perella Weinberg Partners and Oppenheimer & Co. Morgan Investment Bank. The firms we identified were all asked to distribute Vault’s 2009 Banking Survey to their banking professionals. SunTrust Banks. 2 spot. expert resume reviews. Baird & Co. Citi Consumer Banking. In addition.158. hours worked. beating out The Blackstone Group. firm culture. 1 firm.519. Those professionals took the same survey as the employees at firms that participated.

Credit Suisse* Evercore Partners Deutsche Bank AG Rothschild Barclays Capital Perella Weinberg Partners Moelis & Company UBS Investment Bank Houlihan Lokey Jefferies & Company. NY New York. NY Minneapolis.3992 5. NY New York.6319 2009 RANK 1 2 3 5 7 13 8 25 9 15 14 23 42 10 21 24 11 20 28 34 17 36 27 35 30 HQ/LARGEST OFFICE New York.1579 7. NY RANK 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 *Credit Suisse's Investment Banking Business 14 © 2009 Vault.2617 6. NY New York.) Piper Jaffray Companies Oppenhiemer & Co.8036 5..2768 5.S.9014 5.8684 6. NY New York.7764 4.5749 5. Inc. RBC Capital Markets SCORE 8.5190 8. Morgan Investment Bank Lazard Ltd. Wells Fargo & Company Allen & Company LLC Bank of America Corporation Macquarie Group (U. Citi Institutional Clients Group HSBC North America Holdings Inc. NY Charlotte. Morgan Stanley J.TOP 50 BANKING EMPLOYERS THE VAULT 50 [MOST PRESTIGIOUS BANKING EMPLOYERS] • 2010 FIRM Goldman Sachs Group.3642 5. NY New York. NY New York.3816 7. NY New York. NY New York. . NY San Francisco.7515 6.7442 4. CA New York.0395 4.P.P. NY New York. Inc.1165 5. NY New York.1833 6.2563 5. NY New York.8952 4.8947 5. NY New York. NY New York.6134 7. NY New Inc. Inc.5134 6.6960 7. Greenhill & Co. The Blackstone Group L. NY New York. NY New York. NC New York. MN New York. NY New York. NY New York.6166 5.

Ontario Memphis. Deloitte Corporate Finance LLC Canadian Imperial Bank of Commerce** Centerview Partners LLC Keefe. IL New York.P. NY St.4124 4. (Baird) Broadpoint Gleacher Securities William Blair & Company The Bank of New York Mellon Corp. BB&T Corporation †Folded SCORE 4.7805 3. MN Toronto. Inc.RANK 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 FIRM Nomura Holdings.7811 3. NY San Francisco. NY New York. the Dresdner Kleinwort name was dropped **Canadian Imperial Bank of Commerce (Wholesale Banking Division) 15 . NY New York. Inc. Petersburg. Inc. CA New York.. NY New York. NY New York. Bruyette & Woods.4184 4.9808 3.2462 4. TN Winston-Salem.3475 4. NY New York. Peter J. Sandler O'Neill + Partners. New York. Royal Bank of Scotland Group plc Chase Commercial Bank Dresdner Kleinwort† BNP Paribas SA Thomas Weisel Partners Group.4667 4.0145 4.1188 4.0141 3. NY Chicago. Robert W.1473 4.5403 4.9279 3. FL New York.2936 4.9500 3. LLC Citi Consumer Banking Brown Brothers Harriman & Co. Inc. L. Bancorp BMO Capital Markets Morgan Keegan & Co. Ontario New York. 2009. Cowen and Company. Raymond James Financial.5986 4. NY New York. Baird & Co.9541 3. NY New York.1983 4.7159 2009 RANK BofR 22 12 29 33 31 26 38 NR 43 40 41 39 32 48 19 50 46 BofR BofR 37 45 BofR BofR BofR HQ/LARGEST OFFICE New York. NC into Commerzbank AG's corporates and markets division on September 1.3158 4. NY New York. NY Minneapolis.4138 4.S.6311 4.4123 4. Inc. NY Toronto.5484 4. NY Milwaukee. Solomon Company KPMG Corporate Finance LLC U. NY New York. NY New York.


2010 Edition .QUALITY OF LIFE RANKINGS The Vault Guide to the Top 50 Banking Employers.

.com Inc.18 © 2009 Vault.

and diversity with respect to gays and lesbians. 2010 Edition The Vault Quality of Life Rankings Quality of Life Ranking Methodology In addition to ranking other firms in terms of prestige. compensation. expert advice. survey respondents were asked to rate their own firms in a variety of categories.The Vault Guide to the Top 50 Banking Employers. treatment by managers.vault. with 1 being the lowest and 10 the highest. green initiatives. Visit Vault at www. training. the Vault Job Board and more. business outlook. diversity with respect to women. career message boards. On a scale of 1 to 10. respondents evaluated their firms in the following “quality of life” and “diversity” categories: overall satisfaction. Firms with fewer than 10 survey responses for any given question were excluded from that ranking category. selectivity. Only firms that distributed the Vault survey to their employees were ranked. diversity with respect to ethnic minorities. culture. 19 .com for insider company profiles. hours. expert resume reviews. offices.

722 7. (Baird) Credit Suisse RBC Capital Markets Cowen and Company Citi Institutional Clients Group Jefferies William Blair Moelis & Company SunTrust Banks TD Securities Citi Consumer Banking SCORE 9.P. we used a formula that weighed the most relevant categories for an overall quality of life ranking. .905 7. Each firm's overall score was calculated using the following formula: *50 percent overall satisfaction *10 percent hours *10 percent compensation *10 percent treatment by managers *10 percent diversity (women. minorities and GLBT) *10 percent training Like our Top 50 prestige rankings.825 7.878 7. some of whom may be biased in favor (or against) their firm. By its nature.230 20 © 2009 Vault. Baird & Co.463 7.441 7.The Vault Guide to the Top 50 Banking Inc.289 7.893 8. the list is based on the perceptions of insiders.794 7. 2010 Edition The Vault Quality of Life Rankings THE BEST 15 FIRMS TO WORK FOR Which are the best firms to work for? For some. RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 FIRM Centerview Partners Goldman Sachs Houlihan Lokey J.544 7. Morgan Investment Bank Robert W. this is a far more important consideration than prestige. To determine our Best 15 Firms to Work For.750 8.395 7.100 8. our Best 15 Firms to Work For is meant to reflect the subjective opinion of insiders.925 7.

654 for insider company profiles. 21 .167 8. expert resume reviews.476 8. my overall satisfaction is: RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 FIRM Centerview Partners Goldman Sachs Houlihan Lokey J.500 8.960 7. 2010 Edition The Vault Quality of Life Rankings Overall Satisfaction On a scale of 1 to 10.905 8.800 7.333 9. the Vault Job Board and more.765 7.P.480 9. (Baird) William Blair RBC Capital Markets Credit Suisse Cowen and Company Jefferies Moelis & Company Citi Institutional Clients Group TD Securities SunTrust Banks Duff & Phelps SCORE 9.216 8. where 1 is not at all satisfied and 10 is extremely satisfied.The Vault Guide to the Top 50 Banking Employers.636 7. career message boards. Baird & Co.200 7.vault. expert advice. Morgan Investment Bank Robert W.207 8.625 Visit Vault at www.

174 9.306 8.700 8.115 8. Baird & Co.267 22 © 2009 Vault. 2010 Edition The Vault Quality of Life Rankings Selectivity On a scale of 1 to 10.500 8.958 7.333 8. how easy is it to get hired at your firm? RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 FIRM Houlihan Lokey Centerview Partners Goldman Sachs Moelis & Company Citi Institutional Clients Group William Blair Citi Consumer Banking J. .615 8.The Vault Guide to the Top 50 Banking Employers.136 8. where 1 is very easy and 10 is nearly impossible. (Baird) Cowen and Company RBC Capital Markets UBS Investment Bank Jefferies Duff & Phelps SCORE 9.029 Inc.296 8. Morgan Investment Bank Credit Suisse Robert W.138 8.P.944 8.840 8.

Morgan Investment Bank Jefferies Citi Consumer Banking TD Securities Robert W. 2010 Edition The Vault Quality of Life Rankings Compensation On a scale of 1 to 10. (Baird) Duff & Phelps SCORE 8.810 6.The Vault Guide to the Top 50 Banking Employers.909 for insider company profiles.238 7.813 5.167 7.385 Visit Vault at www.vault. 23 .035 6.100 7. where 1 is far below average and 10 is far in excess of industry average. expert resume reviews. my total compensation is: RANK 1 2 3 3 5 6 7 8 9 10 11 12 13 14 15 FIRM Centerview Partners Houlihan Lokey Moelis & Company Goldman Sachs Credit Suisse William Blair Citi Institutional Clients Group Cowen and Company RBC Capital Markets J.619 6.P.583 6.167 5. Baird & Co.216 7. expert advice.520 7.667 5. the Vault Job Board and more. career message boards.438 7.

(Baird) TD Securities Jefferies Credit Suisse William Blair SCORE 8. Morgan Investment Bank RBC Capital Markets SunTrust Banks Goldman Sachs Duff & Phelps UBS Investment Bank Citi Institutional Clients Group Robert W. please rank your satisfaction with the number of hours you work: RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 FIRM Citi Consumer Banking Centerview Partners Houlihan Lokey J.235 6.913 7. .571 7. 2010 Edition The Vault Quality of Life Rankings Hours On a scale of 1 to 10.135 5.366 6.P.833 6.606 6. where 1 is not at all satisfied and 10 is extremely satisfied.792 7. Baird & Co.600 6.225 Inc.The Vault Guide to the Top 50 Banking Employers.429 7.800 6.714 24 © 2009 Vault.593 6.500 7.

654 Visit Vault at www. career message boards.480 9.576 8. 2010 Edition The Vault Quality of Life Rankings Treatment by Managers On a scale of 1 to for insider company profiles.The Vault Guide to the Top 50 Banking Employers.731 8. 25 . Morgan Investment Bank Houlihan Lokey Robert W.556 9. where 1 means poorly and 10 means with great respect. expert advice.227 8.929 7. by managers? RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 FIRM Goldman Sachs Centerview Partners J.P.vault. (Baird) UBS Investment Bank Cowen and Company RBC Capital Markets Jefferies SunTrust Banks Credit Suisse William Blair Citi Consumer Banking TD Securities Moelis & Company SCORE 9.824 7. expert resume reviews. Baird & Co. how would you rank your treatment. on average.464 8.111 7.870 8.917 7. the Vault Job Board and more.048 8.381 8.280 8.

comfort and decor. .269 7.500 8.706 6.118 7. Baird & Co.125 7.P. in terms of space.905 6. the offices I work in are: RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 FIRM Houlihan Lokey William Blair RBC Capital Markets Robert W.357 7.620 6.273 26 © 2009 Vault.784 6.696 6.381 7.The Vault Guide to the Top 50 Banking Employers.333 6. 2010 Edition The Vault Quality of Life Rankings Offices Where 1 is uncomfortable and 10 is ultra-luxurious.039 6. Morgan Investment Bank Credit Suisse Cowen and Company UBS Investment Bank Centerview Partners Jefferies Goldman Sachs SunTrust Banks SCORE Inc.759 6. (Baird) Duff & Phelps TD Securities Moelis & Company J.

the training at my firm (both formal and informal) is: RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 FIRM Goldman Sachs Citi Institutional Clients Group UBS Investment Bank Centerview Partners Credit Suisse Cowen and Company J.769 7.657 8.818 8. (Baird) Moelis & Company Citi Consumer Banking TD Securities SCORE 9. where 1 is non-existent and 10 is superior.680 7. expert advice. career message boards.500 Visit Vault at www.956 7.The Vault Guide to the Top 50 Banking Employers. 27 . 2010 Edition The Vault Quality of Life Rankings Training On a scale of 1 to 10.vault.100 8. expert resume for insider company profiles.417 6.P. the Vault Job Board and more.222 9.955 7.654 8.853 8.571 8.500 7.174 7. Baird & Co. Morgan Investment Bank Houlihan Lokey Jefferies SunTrust Banks William Blair Robert W.

930 6. 2010 Edition The Vault Quality of Life Rankings Business Outlook On a scale of 1 to 10.625 8. how would you rank your firm's overall business outlook? RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 FIRM Houlihan Lokey Moelis & Company Centerview Partners Goldman Sachs J.583 8. Morgan Investment Bank RBC Capital Markets Jefferies Duff & Phelps Credit Suisse TD Securities SunTrust Banks William Blair Cowen and Company Robert W.520 8.188 7.385 5. .524 7.971 28 © 2009 Vault.The Vault Guide to the Top 50 Banking Employers.048 7. (Baird) UBS Investment Bank SCORE 9. where 1 means extremely poor and 10 means excellent.923 6.469 7.063 6.114 Inc. Baird & Co.P.294 8.759 6.

227 8.059 7.480 Visit Vault at www. 2010 Edition The Vault Quality of Life Rankings Culture On a scale of 1 to for insider company profiles.269 9.The Vault Guide to the Top 50 Banking Employers. 29 . how would you rate your firm's culture? RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 FIRM Goldman Sachs Centerview Partners Robert W.vault. the Vault Job Board and more.620 8.400 8. expert resume reviews.P.429 8. Baird & Co.440 9.048 8. (Baird) Houlihan Lokey J.568 8.818 7. expert advice.744 7. career message boards.385 8. Morgan Investment Bank Jefferies Credit Suisse Cowen and Company Citi Institutional Clients Group William Blair RBC Capital Markets TD Securities UBS Investment Bank SunTrust Banks Moelis & Company SCORE 9. where 1 is extremely poor and 10 is excellent.722 9.250 9.

where 1 is not at all committed and 10 is extremely committed. Baird & Co. Morgan Investment Bank RBC Capital Markets TD Securities Jefferies Credit Suisse William Blair SunTrust Banks Robert W.333 30 © 2009 Vault. .286 5. how dedicated is your firm to pursuing environmentally sustainable ("green") business practices? RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 FIRM Houlihan Lokey Goldman Sachs Centerview Partners UBS Investment Bank J.559 7.The Vault Guide to the Top 50 Banking Inc.353 7.292 9.000 4.095 5.556 6.059 8.P. (Baird) Citi Consumer Banking Cowen and Company Duff & Phelps SCORE 9.222 7.565 4.044 7.818 6. 2010 Edition The Vault Quality of Life Rankings Green Initiatives On a scale of 1 to 10.071 6.559 5.

2010 Edition .DIVERSITY RANKINGS The Vault Guide to the Top 50 Banking Employers.

595 8.215 8.848 7.933 32 © 2009 Vault.347 7.695 7. with respect to minorities.589 7.The Vault Guide to the Top 50 Banking Employers. (Baird) Moelis & Company Jefferies SunTrust Banks Duff & Phelps SCORE 9.294 8.480 8.177 7.314 7. the diversity rankings reflect the opinions and perceptions of insiders. and with respect to gays and lesbians. .P.283 7.489 7.133 7. To determine our Best 15 Firms For Inc. Morgan Investment Bank Citi Consumer Banking Credit Suisse TD Securities UBS Investment Bank Cowen and Company RBC Capital Markets Robert W.071 5. Baird & Co. RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 FIRM Goldman Sachs Houlihan Lokey Centerview Partners J. we used a formula that weights the average score in all three categories equally. 2010 Edition The Vault Diversity Rankings Best 15 For Diversity Insiders were asked to rate their firm’s commitment to diversity with respect to women. Like our other rankings.

485 for insider company profiles.vault. career message boards.500 7. where 1 means needs a lot of improvement and 10 means exemplary.P. the Vault Job Board and more. Morgan Investment Bank Centerview Partners TD Securities Cowen and Company Citi Consumer Banking SunTrust Banks UBS Investment Bank Robert W.333 8. (Baird) RBC Capital Markets Credit Suisse Jefferies Moelis & Company Duff & Phelps SCORE 9.560 7.600 8. how receptive is your firm to women in terms of hiring.200 Visit Vault at www.677 7.958 8. expert advice.The Vault Guide to the Top 50 Banking Employers.267 8. promoting. expert resume reviews.409 8.047 7. mentoring and other programs? RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 FIRM Goldman Sachs Houlihan Lokey J.364 6.083 8. 33 .477 6. Baird & Co.192 8. 2010 Edition The Vault Diversity Rankings Diversity With Respect To Women On a scale of 1 to 10.

178 7.939 7.533 7.917 7. (Baird) SunTrust Banks Duff & Phelps SCORE 9.P. 2010 Edition The Vault Diversity Rankings Diversity With Respect To Ethnic Minorities On a scale of 1 to 10.400 7. how receptive is your firm to minorities in terms of hiring.976 6. mentoring and other programs? RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 FIRM Goldman Sachs Centerview Partners Houlihan Lokey Credit Suisse J. .com Inc.000 8.818 7.059 7.The Vault Guide to the Top 50 Banking Employers.160 6.200 34 © 2009 Vault. Morgan Investment Bank UBS Investment Bank Citi Consumer Banking Moelis & Company RBC Capital Markets TD Securities Cowen and Company Jefferies Robert W. where 1 means needs a lot of improvement and 10 means exemplary.810 8. promoting.727 8.947 7. Baird & Co.722 7.

vault.150 6.818 6. Baird & Co.333 for insider company profiles.400 8. 2010 Edition The Vault Diversity Rankings Diversity with Respect to Gays & Lesbians On a scale of 1 to 10. (Baird) UBS Investment Bank Jefferies Cowen and Company RBC Capital Markets SunTrust Banks William Blair SCORE 9. expert resume reviews. 35 .222 8.191 5.100 8.875 6. mentoring and other programs? RANK 1 2 3 4 5 6 7 8 9 10 11(TIE) 11(TIE) 13 14 15 FIRM Goldman Sachs Citi Consumer Banking J.222 7. expert advice.143 Visit Vault at www. where 1 means needs a lot of improvement and 10 means exemplary.667 7.313 8. career message boards.000 7. promoting.P.875 6. how receptive is your firm to gays and lesbians in terms of hiring. the Vault Job Board and more. Morgan Investment Bank Centerview Partners Houlihan Lokey Credit Suisse Moelis & Company TD Securities Robert W.286 7.The Vault Guide to the Top 50 Banking Employers.


2010 Edition .THE VAULT 50 FIRMS The Vault Guide to the Top 50 Banking Employers.

cuts in compensation. of Employees: 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 2008 Revenue: $53. insane hours” • “The gold standard of investment What insiders at other firms are saying • “Still the best” • “Snobby. but be careful about being a small fish in a big pond” THE BUZZ 38 © 2009 Vault. RANKING RECAP Quality of Life #1 – Culture #1 – Training #1 – Treatment by Managers #2 – Best to Work For #2 – Green Initiatives #2 – Overall Satisfaction #3 – Selectivity #4 – Business Outlook #4 – Compensation #7 – Hours #14 – Offices Diversity #1 – Best for Diversity #1 – Diversity with Respect to Gays and Lesbians #1 – Diversity with Respect to Minorities #1 – Diversity with Respect to Women 85 Broad Street New York. 1” • “Opportunities to be seen and heard by senior leaders” • “The people” KEY COMPETITORS Barclays Capital J. attacks from the press and government” EMPLOYMENT CONTACT “Careers” at . Morgan Morgan Stanley DOWNERS • “Fast-paced and stressful environment—”pressure to be a top performer” • “Long hours” • “Layoffs. INC.58 billion 2008 Net Income: $2.PRESTIGE RANKING 1 GOLDMAN SACHS GROUP.32 billion No. NY 10004 Phone: (212) 902-1000 Fax: (212) 902-3000 www. of Offices: 62 UPPERS • “Commitment to being No. but a dented gold standard” • “Remains the most prestigious.

and maintains offices in London.” Aleynikov—who worked for Goldman from 2007 until June 2009. In February 2009. Goldman’s fixed income. June and October—when it announced significant staff cuts from its global workforce. Another big shift occurred in fall 2008. 2008. It was also the first investment bank to create a dedicated mergers and acquisitions group.8 billion. expert resume reviews.S. During a court appearance held on July 4th. Goldman and Morgan both requested to become bank holding companies. further succumbing to the worst financial crisis in decades.S. In 1986. Inc.000 bail. investment banking. Founded in 1869. it was the first firm to focus on the institutional sales market. growing 46 percent to $13. Goldman announced it would cut a further 10 percent of its staff. resulting in financially safer institutions with limited upside potential with respect to profits. representing about 3. In October. securities and investment management services to a substantial and diversified client base that includes corporations.S. 2010 Edition Goldman Sachs Group. The holding company status also means Goldman and Morgan will have to lower the amount they borrow versus their capital. Tokyo. a longtime Goldman leader. the venerable Goldman Sachs has a slew of “firsts” to its credit. Blankfein replaced Henry Paulson at the firm’s top post. After witnessing the sudden bankruptcy of Lehman Brothers and Merrill Lynch’s acquisition by Bank of America.” Aleynikov was released after posting a $750. Business at Goldman Sachs is divided into three departments: asset management and securities.44 billion for the second quarter.500. March. helping the firm improve its computer platform—was charged with misuse of Goldman’s proprietary computer codes. and trading and principal investments (encompassing the equities. As bank holding companies—like commercial banking behemoths Citi. financial institutions. Treasury. left the bank to become Secretary of the U. Goldman sacks Like many of its competitors. Goldman Sachs already had $20 billion in retail deposits). Hong Kong and other major financial centers around the world. and in 1996. The firm’s net revenue also rose significantly. Attorney Joseph Facciponti said that Aleynikov’s alleged thievery of secrets creates a threat for U. Goldman Sachs made headlines throughout 2008—in January.500-strong workforce (globally). markets. Aleynikov’s lawyer Sabrina Shroff said Aleynikov didn’t attempt to sell the secrets or utilize it “contrary to my employment agreement with Goldman Sachs. 39 . representing 4 percent of what was then the firm’s European staff of 5. Goldman Sachs posted income of $3. A second major change came in 2006 when Lloyd C. Goldman opened an office in Beijing. currency and commodities trading division was largely to thank for the boost—the unit’s revenue increased more than 50 percent to $6. Goldman entered a new era when it went public in 1999. up from $2. However.76 billion. Goldman played a major role in establishing the IPO markets in the early 1900s.000 people worldwide. Frankfurt. Goldman Sachs and Morgan Stanley—the last two large independent investment banks still standing—decided to take matters into their own hands. It employs nearly 28. The firm said most (about 220) would occur in London. principal investments and fixed income. In the midst of Congress endeavoring to pass a $700 billion rescue package for big Wall Street players.260 jobs. Paulson. for insider company profiles.09 billion in the same period of the previous year.K. Assistant U. and not only overseen by the Securities and Exchange Commission. In 1994. negotiate a trade on the New York Stock Exchange and use emerging computer technology to distribute its research reports electronically. THE SCOOP First among many Goldman Sachs provides investment banking. governments and high-net-worth individuals. it was the lead underwriter of the Yahoo! initial public offering. Widely considered the most prestigious name in investment banking activities. expert advice. it became the first American bank to rank in the top-10 in M&A volume in the U. BofA and JPMorgan Chase—Goldman and Morgan Stanley will now be closely regulated by several federal supervising organizations. The firm opened its first international office in London in 1970. the firms could operate with the backing of bank deposits instead of having to rely on high-risk forms of financing (as of August 31. and since. IN THE NEWS July 2009: A golden sign? Far surpassing analysts’ predictions. Visit Vault at www. Then in December 2008. five decades later. The first round of major cuts occurred in January 2008. a further 250 Europe-based staff cuts were announced. when the firm let go the “underperforming” 5 percent of its 31. July 2009: Ex-insider accused of stealing secrets Goldman Sachs’ ex-programmer Sergey Aleynikov was arrested by the FBI and accused with “theft of trade secrets. The requests were granted by the Federal Reserve on September 21. the Vault Job Board and more. career message boards. Goldman is headquartered in New York. currency and commodities businesses).The Vault Guide to the Top 50 Banking Employers.vault. in addition to the 10 percent it cut at the end of 2008. Goldman moved to cut 10 percent of its global workforce.

Global Alpha has faced harsh times recently. up from $1. June 2009: Payback time Goldman Sachs received permission to repurchase 10 million shares the U. According to a Dow Jones report citing insiders. which accepted a taxpayer-funded bailout package. Filling Carhart and Iwanowski’s shoes was Katinka Domotorffy. Analysts. currency and commodities division.7 million in Winkelried’s internal hedge funds (about 10 percent) and paid Palm $38. 1 spot for U. the research co-head. advising on Genentech’s $41. predicting the firm to post about $ Inc.43 billion from $8. which was helped by strong activity in interest rate products and commodities. thanks to a very dry deal market. announced M&A deals. Taking over Winkelried’s duties was co-COO Gary Cohn (who will continue to assume his current duties as well). and repaid the $10 billion it received from the program.5 billion in 2008 from $12 billion in the previous year. Goldman’s M&A deal volume was down nearly 30 percent versus 2007. Goldman announced it would be offering $5 billion worth of its common stock to the public.3 million for about 25 percent of his assets. 2 spot in European announced deals. Goldman Sachs revealed that it had bailed out two of its own senior executives. December 2008: M&A is down. . 1 with 342 deals worth $831. Goldman’s investment funds mandate that investors continue to add capital to them. Inc. who served as strategy head for the firm’s quantitative division. Goldman has worked on some big-name deals recently. who won’t accept severance after stepping down. they weren’t the only rescue acts happening. The firm says it plans to use the money from the sale to help pay back its borrowed TARP funds.23-per-share earnings announcement.7 billion (down a whopping 38 percent versus 2007). with its assets dropping to $2.5 billion in the same period in 2008.The Vault Guide to the Top 50 Banking Employers. which may reach up to hundreds of thousands of dollars. insiders told The New York Times. March 2009: Personal bailouts While federal bailouts became a fairly common occurrence in the finance industry in 2008. the firm’s general counsel.) Goldman also snagged the No.000 of its employees. The firm’s results were bolstered by record quarterly net revenue in its fixed income. rising to $9. but on the same day it revealed its earnings.3 billion bid for pharmaceutical company Roche in July 2008 as well as Belgian beer brewer InBev’s $60 billion purchase of Anheuser-Busch. In a proxy statement. Separately. but Goldman still on top Goldman Sachs was sitting pretty atop the worldwide announced merger and acquisition tables for 2008. Revenue for the quarter also increased. Goldman chose to buy about $19. as did Giorgio De Santis. Treasury bought from the company under its Troubled Asset Relief Program.S. Instead. repurchasing shares of internal investment funds owned by Jon Winkelried. March 2009: Covering their assets Goldman Sachs offered to loan funds to more than 1. and Gregory Palm.S. would be retiring from the firm at the end of March 2009. February 2009: President steps down Goldman Sachs announced that Jon Winkelried. advising on 198 deals worth $572. investors may have become spooked. As usual.S.5 billion. insiders told Reuters. the firm’s co-president and co-chief operating officer. (However. And the firm took the No. Global Alpha’s Mark Carhart and Raymond Iwanowski took leave of Goldman. its co-chief operating officer who recently retired. first joined Goldman in 1982 and helped conduct much of the firm’s recent wave of job cuts. An insider told The New York Times that if employees do not make the fund payments. if the post were to become available. the largest M&A transaction of the year. nine other firms were given the go ahead to return a collective $68. 40 © 2009 Vault. more than the original estimate of $25 billion in funds expected to be returned in 2009. they could lose their jobs. Winkelried’s retirement was tied to his understanding that he was “not in the pole position” to ultimately become CEO of the company. were surprised with the $3. The loans. Insiders said Cohn had the inside track to become CEO. coming in at No.8 billion.3 billion to the U. according to Thomson Reuters.34 billion in the first quarter 2008. Winkelried. April 2009: Hitting above the mark Goldman Sachs posted a bit of (pleasantly) shocking news—the firm’s profits for the first quarter of 2009 came in at $1. Bank directors became worried that if the executives had sold the shares to outside purchasers. a condition that the firm realized some employees may have trouble meeting after receiving smaller bonuses than usual. The firm. Treasury. is not yet certain how many workers will decide to opt in on the loan offer. Along with Goldman. March 2009: Hedge fund heads step down Goldman Sachs announced the retirement of the firm’s heads of Global Alpha (Goldman’s biggest hedge fund) and its computer-based investment group. are being given as an option for employees who are finding their personal investments (which include Goldman’s investment funds) deflated by market conditions.60 a share. 2010 Edition Goldman Sachs Group.

at the time of the announcement.2 billion from $46 billion in 2007. career message boards. IPO issues fell 85.4 billion.6 percent versus 2007. other firms followed). October 2008: Mining for a merger? It was also reported that soon after Goldman received approval to convert its status to holding company. as U. U. 3 in EMEA equity and equity-related deals. Paulson said. Wall Street analysts had predicted an average of a $3. Goldman’s fixed income. the Vault Job Board and more. investment banking revenue tumbled nearly 50 percent to $1. when it reported a $2. (Like the M&A market. whose revenue fell 71 percent from 2007 to $9 billion. Goldman employees have to wait until their age plus their years of service add up to 60 in order to retire (the former figure was 55). 2 in equity and equity-related issues.) The Visa deal certainly helped Goldman jump from No.9 billion initial public offering in March 2008. was expected to influence Goldman’s rivals to decide to make a comparable move (and indeed. Inc. December 2008: New rules for riding off into the sunset Goldman changed its retirement rules in order to push some employees to leave the firm by the end of 2008. Under the terms of his deal with Goldman. followed in the footsteps of some European countries. underwriting US$45. which had already announced similar moves designed to help thaw their credit markets. However. “The needs of our economy require that our financial institutions not take this new capital to hoard it. Goldman’s share price had dropped 56 percent in 2008. or $4. The firm leaped four spots to No.1 billion loss. Morgan) Visa’s US$17. for its fiscal fourth quarter. Though the loss was not Goldman’s first quarterly loss (in 1998. meanwhile. Berkshire Hathaway. Goldman reported fiscal 2008 earnings of $2.73-per-share loss for the firm (although some had forecast a loss of $6 per share).1 billion). hitting a 31-year low. Treasury Secretary Henry Paulson (the former Goldman head honcho) announced that the Treasury would inject billions of dollars into U. it dropped two spots to No. currency and commodities trading unit posted negative revenue of $3. 41 .vault. According to the new rules.03 billion and asset management revenue dropped 19 percent to $945 million. On the global equity for insider company profiles. According to the Financial Times. analysts said Buffett’s confidence in the struggling Goldman—especially since he had previously abstained from investing in the financial industry—might mean that other investors will follow in his footsteps. Although partners receive a larger share of the firm’s bonus pool. Revenue.The Vault Guide to the Top 50 Banking Employers. 6 in global debt. which was structured as a Citi takeover that would likely have led to thousands of job cuts in both companies’ investment banking departments. as did investors.S. Citi roundly rejected the proposal.S.S. a year before going public.P. December 2008: Goldman’s first public loss Goldman suffered its first loss ever as a public company in December 2008. Full-year results for Goldman didn’t look much better. the IPO market was down in 2008. which went into effect in 2009. The firm’s largest dip came from its trading and principal investments division. banks in order to help restore confidence to the markets. the U. expert resume reviews. would buy $5 billion in preferred shares in Goldman. a big dip from the $7. decreased 52 percent to $22. which immediately pushed Goldman’s stock up 16 percent in after-hours trading. 2008. 7 in global initial public offerings and six spots in EMEA IPOs. 8 to No. expert advice.6 billion loss. but to deploy it.S. and moved up two spots in U. its lowest annual earnings since 2002 and an 80 percent plunge versus 2007. and bonuses were expected to dwindle further now that Goldman had become a bank holding company.97 a share. Treasury in an effort to recapitalize the markets. Goldman CEO Lloyd Blankfein approached Citigroup CEO Vikram Pandit regarding the possibility of a merger. underwriting (along with J. 2008 was likely to be different. equity and equity-related issues (Goldman worked on 584 deals worth $228. Goldman had a bit of a reversal of fortune when investing guru Warren Buffett said his firm.S. Visit Vault at www. Buffet received an interest rate of 10 percent on his $5 billion and the right to buy $5 billion in the bank’s common stock at $115 a share during the next five years.S. the firm sustained its first loss). November 2008: Setting an example Executives from Goldman Sachs requested that they not receive bonuses for 2008. principal investments posted a $3.01 per share the firm earned during the same period a year earlier.1 billion in deals. Goldman also moved up to two spots to rank No. The day after the news broke. September 2008: Buffett wants in on the action On September 23. its first as a public company was nevertheless devastating across almost all of its business lines. Goldman also worked on the largest IPO of the year. Meanwhile. quickly approved by the company’s directors. The step. IPOs. 2010 Edition Goldman Sachs Group. October 2008: Still gold Goldman Sachs asked 94 employees to become partners—down from the 115 asked in 2006 (partners are inducted every other year) but still respectable given the financial crisis.” With the injection. Goldman raised another $5 billion in a stock offering—twice what it was hoping to raise via sales of its shares.32 billion. Analysts applauded the move. October 2008: A gift from Hank (and Uncle Sam) Goldman Sachs found out that it would receive $10 billion from the U.

The second round is usually in New York. with the right people who I wanted to share many late nights with. one source notes. Inc.The Vault Guide to the Top 50 Banking Employers. during the interview process they may be “recommended to an entirely different division than the one they applied for. “The first round will be on campus. If you did not. Duke.” an insider explains.” Once on board.” “Goldman spends a great deal of time and resources to hire the right type of person. interns commence “an amazing 10-week program consisting of two weeks [or less] of training. we didn’t either. Goldman announced that it will send two of its top bankers East. as well as personality and culture fit with the firm.” The real trick is in securing the internship.” Other topics may include “dedication level.” “Super Day” second-round (“and third rounds.” says an ex-intern. which means undergoing a process that’s just as tough as regular recruiting.” with some conversation about each candidate’s “strengths and weaknesses. “There are typically two rounds of interviews for undergraduate summer analysts. “With several Asian economies growing at more than three times the pace of major Western countries. Georgetown. and worked on a group project and presentation regarding opening an office in an emerging Inc. “The interviewers were fair.” GETTING HIRED Be the best The prestigious teams at Goldman Sachs are populated by “the best and the brightest from top universities. and the candidate can expect to interview with two or four employees.” 42 © 2009 Vault. VPs and even MDs. both in terms of business fit.” “I assisted a project manager on the commissioning stage of a data center construction project. Ravi Sinha will move from New York to Hong Kong to co-manage the firm’s Asian investment banking unit. worked on projects for the desks and did mock stock pitches.” based largely on those schools’ “success in past years.” an insider explains. “Some applicants may view this as tedious or excessive. and Richard Campbell-Breeden will move from London to Hong Kong to co-manage mergers and acquisitions.” Interns are given so much responsibility. Stanford. “There were no brain teasers or anything like that. but sources say that “each division has its own target schools that they recruit from every year. Goldman is just one of several banks moving talent to Asia.” No cakewalk The “grueling” interview process starts before a single question has been asked: “It required several months of networking to get onto the interview list.” Sources say. work ethic and market knowledge. but not the only way to get a full-time offer from the firm. .” An important note: while candidates may apply to specific divisions.” That said.” Ivy League schools.” including some “technical questions that focused on equity valuation as well knowledge of the current market environment. that “clients did not realize we were summers. 2010 Edition Goldman Sachs Group.” says an associate who landed a summer internship and then a full-time offer. says a current associate. be prepared to talk about it in detail.” Other students may find ways in via “on-target recruiting events that bring in pools of talented candidates from non-traditional schools or backgrounds. and the candidate may go through four separate interviews. “a vast majority” of new hires come “out of our summer program. Berkeley and NYU are among Goldman’s regular feeders.” Interview questions range “from personality and fit questions to specific finance questions.” Still. MIT. and by the end of the 10 weeks. According to the International Herald Tribune. “Questions run the gamut from very technical accounting and valuation questions to penetrating. The first round “is typically a two-on-one interview geared towards determining whether the applicant is a fit for Goldman Sachs in general.” and those in the securities division will then go through “eight weeks of desk rotations . though the first round interview may be conducted by phone.” Nice work if you can get it “Summer positions are the best. University of Chicago. they will focus on evaluating what other skills you do have that could be transferable. Expect “at least two rounds of interviews” for either summer or permanent positions. nontechnical questions designed to gain insight into the applicant’s motivation and personality. Another “shadowed traders. but I found it to be an opportunity for me to confirm that this was the right place. investment banks are moving managers to Hong Kong and Mumbai to capitalize. Each candidate may expect to “meet with more than a dozen different people in the division to which he or she is applying. if necessary”) interviews involve “associates. “the firm runs an extremely competitive recruiting process. If you did study finance.” According to an insider.” and as a result. May 2008: Eastward bound As a result of a slow investment banking deal market in the West caused by the credit crisis.” but one former intern remembers being asked “to pitch a stock or other equity investment idea with quantitative support to back it up.” and as one analyst remarks.

expert resume reviews. It’s up to you to manage your own time. I’m sure analysts at other firms probably have a higher base salary.” Others note that “cooperation” is a practice. “Compensation is usually paid in a combination of cash and restricted stock.” But “clients come first. Peers in New York like to complain about the “below average” digs. “And everyone is expected to consistently perform at the highest level and add value.The Vault Guide to the Top 50 Banking Employers. 2010 Edition Goldman Sachs Group. I’m not sure. but I still felt that I was compensated fairly. “When we all work together on a transaction. as well as many other departments that I work closely with. “Everyone is given a role and a voice.” Over in corporate real estate. which further adds to our cohesive culture. The firm also has a 401(k) contribution program.” At least “we work on a lot of exciting projects and deals..” an insider explains. “For entry level people.” Because there are so many “extremely motivated and intelligent people” around.” “The ironic way that things work here is that good work is always rewarded with more work. “We are not afraid to lose business in the short term if it doesn’t make long-term sense. Bonuses in 2008 heavily reflected the economic environment and the weaker firm performance from prior years.” Goldman employees (in certain divisions) are no strangers to the 12-hour workday. which are infamous for their “low-key and not very fancy” décor. “We need to make sure that the quality of work does not suffer as a result. I wouldn’t consider doing this job anywhere else. but they do have everything we need to do our job. and insiders boast that “it’s a culture of integrity and character.” The drive for excellence doesn’t translate to reckless risktaking.” adds another insider.” The better you get . and the nature of the work is new and exciting every day.” explains an insider. Inc.vault. “It is investment for insider company profiles. “The firm has a very generous vacation policy that starts at two weeks. consensus-building. there’s also a certain amount of unpredictability built in to the workflow. “I think my department has made great strides in being at the forefront of what is going on with the firm and the environment.” says a contact. one contact cheers. 43 .” While the flexibility (and “ability to log in from home”) helps. “When we’re busy we’re extremely busy.” When’s the moving crew coming? Boston offices are “nothing extravagant. which is challenging. corporate citizenship and meritocracy” are Goldman’s buzzwords. “so no one loves the hours. says an analyst.” Employees also get some flexibility in being “allowed to choose their benefits.” says a source in New England. career message boards. “we are moving to new offices Visit Vault at www. However. Work to do “I feel that my department. but are encouraged to take the down times to relax.” “Everyone pitches in.” Perks include “stipends for dinner and free transportation by car if you work a late night at the office. “You work hard when you need to. “The people I work with are the best and brightest in the industry. and many report putting in time on weekends as well. however. which is nice.” Don’t forget the “great employee gym that we can join at low rates” and a “relocation package for college graduates. Whether this means establishing more efficient processes or hiring more people.” Comfortable compensation Goldman Sachs insiders say they’re happy with their compensation—even if current events have meant some cutbacks. the Vault Job Board and more. OUR SURVEY SAYS In it to win it “Teamwork. thanks to overseas clients.” one source says. Luckily.” and many find their time can be “somewhat flexible. and say the “flat hierarchy makes the more senior and experienced people very approachable.” An operations source says his department is working hard to stay abreast of changing conditions.” Overall. expert advice. “I was happy with my 2008 base salary. where people genuinely value the perception of the firm. senior and junior. and increases with service and seniority. My department is also very supportive of external events and participation in industry forums to keep up to date with the market. constantly aligning itself and its goals with that of the firm. I still felt that it was fair given these considerations.” admits a risk management contact. the hours become much more bearable.” and—honeymoon alert—Goldman throws in an extra week of vacation “the year you get married or register as a domestic partner. requests will keep pouring in.” agrees an associate. it is not uncommon to spend 70 hours a week in the office. which can be difficult because we often work for multiple teams and managers who do not know what else you have on your plate. they wouldn’t last here.” “While there clearly are superstars at the firm. I felt that I got a fair raise from 2007.” declares one contact. not just a catchphrase.” a contact in the M&A department reveals. Goldman presents “the kind of environment that really pushes you to perform your best. are understaffed.” so there’s “no backstabbing” and “no superstar mentality. if they ever acted like stars. “Once people trust you to get quality work done efficiently..” and there’s “a great reimbursement policy for health care. “morning conference calls and meetings.” an insider explains.” Those at the analyst level “get about three weeks of vacation.

” The “open office environment” means that “managers are accessible at all times. I also had the opportunity to participate in a leadership program designed specifically for women at my level. “The firm is moving toward bench-style seating in its new headquarters—no cubicles and very few offices. “They are quick to give credit where credit is due.” one New Yorker says. they do fear ongoing pressure from external events.” 44 © 2009 Vault.” says one Inc.” On the same page Yes. “Our commitment to our 2005 environmental policy has not changed. if not experience Managers and subordinates “work together.” and “Goldman Sachs has also invested in land in Patagonia called Tierra del Fuego. with junior employees constantly learning from senior employees. That said. from reduced office budgets to layoffs.” says a source. it is our chance to outshine the remaining competitors. “I’m an active member of my division’s network.” a source says. Another adds. My relationship with subordinates is friendly— everyone is viewed as part of a team. “analysts and associates generally don’t wear a tie. “We keep sustainability at the forefront of all business objectives. “both in terms of targeting certain audiences for specific skill sets and concerns as well as overall content.” and as a bonus. absent client meetings. by end of 2009 or early 2010” “We cannot wait to move. which has no doubt affected my career and how I think about doing my day to day role.” one respondent raves. “I have a lot of faith in the leadership of the firm to do the right thing and make the right decisions about our market position. and will continue to guide the firm in the future.” including “all-day training sessions” for new hires.” Training “has improved immensely since I joined five years ago. “Though I’m often the only woman in a meeting. an active and visible “GLBT affinity network” sponsors yearly events. which “makes for a level of transparency that is phenomenal and much appreciated.” Perhaps most important of all. Our CEO keeps everyone at the firm informed of his actions as well as the firm’s business stance.” Other respondents—men and women—say “absolute respect toward women” is standard.” casual Friday policy. even though I’m fairly junior.” Notes a senior analyst.” “Now there is less competition in the market for GS.” There’s “a group internally that is focused on environmental initiatives. the firm “offers online and classroom training on a variety of topics. I feel very good about the firm’s prospects. Still. and employees say it’s “getting much more visible.” “My managers treat me and my work with respect. “I believe Goldman’s approach to business opportunities and risk management has been crucial to firm’s success.” Supportive system Diversity gets strong marks from sources who applaud “specific minority recruiting events” and “annual diversity events where leaders of the firm talk about their backgrounds and careers. it’s cool to get a voicemail from your CEO. “We still have a presence in most businesses and products.” A plethora of in-house “diversity networks” are said to be “very welcoming” and busy providing a variety of activities each year. As one contact says. But on the whole. “everyone has exposure to senior management.” another contact reports. Inc.” As for attire worn at the office. there has been belt-tightening at Goldman Sachs.” These days.” even for senior staffers. and we continue to grow and develop the weaker areas. There is no instance where we make a business decision without looking at the environmental impact.” Through Goldman Sachs University.” some say “summer Fridays are usually more casual. I have never felt out of place. “there is a wealth of firm-provided training. All-inall. the firm and news stories. .The Vault Guide to the Top 50 Banking Employers. the better to promote “teamwork.” says a source.” with “fantastic support” instead of “bad jokes. Likewise.” an associate agrees. 2010 Edition Goldman Sachs Group.” “We have fantastic women’s initiatives. Plus. These start out with “firmwide training and slowly get funnelled into more specific topics related to your position.” And though the firm “does not have a Equal merit. “Each employee contributes to the greatest extent possible. Goldman insiders aren’t too worried about their firm. the new HQ is shaping up to be “the largest LEED Gold-certified office building in the United States. the firm’s success is very linked with the broader political and economic success of the world. ranging from Outlook inbox management to options hedging to negotiation skills.” Going gold Despite the rollercoaster events of 2008 and early 2009.” The only difference between senior bankers and juniors “is experience and ability.” Frequent communication at all levels has helped keep employees in the loop “about the economy.” But another insider adds.

blackstone. Schwarzman 2008 Revenue: -$349.blackstone. KEY COMPETITORS Goldman Sachs Lazard Morgan Stanley 345 Park Avenue New York. top restructuring shop” THE BUZZ 45 .340 No.3 million THE STATS Employer Type: Public Company Ticker Symbol: BX (NYSE) Chief Executive: Stephen A. of Offices: 12 What insiders at other firms are saying • • • • “Exceptional—always on top” “IPO hurt their prestige” “Stock has been battered. of Employees: 1.PRESTIGE RANKING 2 THE BLACKSTONE GROUP L.4 million 2008 Net Income: -$872. but still among the elite” “Strong M&A practice. NY 10154 Phone: (212) 583-5000 Fax: (212) 583-5712 DEPARTMENTS/DIVISIONS Credit & Market Alternatives Closed-End Mutual Funds Funds of Hedge Funds GSO Capital Financial Advisory Services Corporate & Mergers & Acquisitions Advisory Private Placement Advisory Restructuring & Reorganization Advisory Private Equity Real Estate EMPLOYMENT CONTACT www.P.

the group of four persevered. particularly in the United States.S. real estate. the firm said it was in the process of raising (more money) through Blackstone Capital Partners VI. Union Bancaire Privée and HSBC have seen decreases across their hedge funds divisions. As of August 2009. a major feat considering the grim economic climate. which has a target size of $15 billion. Blackstone says it maintains a small firm in order to give senior-level attention to clients. Blackstone’s early days were humble. Lufkin & Jenrette and Credit Suisse).5 billion in total assets under management as of June 2009. London. It also has international outposts in London. At the time. in Atlanta. Blackstone’s strength as a top global alternative asset manager is evident in its $93. Schwarzman was the chairman of mergers and acquisitions. the firm’s market capitalization has slipped down to about $2 billion). industry consolidations and sometimes through startup investments. Blackstone’s corporate private equity offices are mainly based in New York. in prestigious offices on Manhattan’s Park Avenue. and is big international player in the real estate business.. it was also the largest U. due to the worldwide recession. Blackstone’s fund of funds portfolio grew 25 percent to $25 billion from the beginning of 2009 through the end of June 2009. two decades after its founding. sovereign wealth funds and institutional investors.The Vault Guide to the Top 50 Banking Employers.S. Inc.” In addition. The firm is a renowned market leader in private equity investing. When the firm first opened in New York City.P. In addition. high-net-worth individuals. but also has a small but strong corporate and restructuring advisory business. At Lehman. 2010 Edition The Blackstone Group L. it had a startup-sized staff of four and a modest balance sheet of $400. and Peterson was chief executive of the firm. Blackstone completed its fund-raising at the end of 2008 for six funds. Stock slump The debut of Blackstone’s IPO in June 2007 made a big splash in the financial and seemed to herald the coming of a new era of private equity firms going public with huge results. How they’re set up The firm’s business segments include private equity. and credit and marketable alternative asset management. such as private equity. . Menlo Park. when it completed the first major initial public offering of a private equity firm in June 2007. Blackstone has traditionally relied on private equity funds from a range of sources. corporate partnerships. Mumbai. Blackstone focuses mainly on leveraged buyouts of “more mature companies” and “friendly investments in large capitalization companies. It’s a private (equity) matter Recognized as one of the world’s largest and most respected private equity firms. Since the stock’s debut at $31 a share (and then a quick rise to $38 a share). achieving investor commitments of a whopping $36 billion dollars. In comparison. raising a $4 billion dollars from the float. 46 © 2009 Vault. Dallas. However. Today. Los Angeles and San Francisco. things have gone steadily downward. two former Lehman Brothers bankers. The firm’s global headquarters remains in New York City. However. the timing of Blackstone’s foray into the public sphere proved to be ill fated. and Blackstone earned its place in private equity history. closed-end mutual funds and GSO Capital (a $20 billion alternative asset fund founded by the men who built and ran the leveraged finance businesses at Donaldson. Despite their top-level clout. As an investment group. including pension funds. real estate. At the beginning of 2009. Blackstone’s financial advisory business is structured into three divisions: corporate and M&A advisory services.000. IPO since 2002 (unfortunately. Peterson. The firm mainly operates in alternative asset investing. corporate debt and hedge funds. Paris. nearly one-third of its original value. Credit and marketable alternative asset management includes funds of hedge funds. financial advisory. IN THE NEWS August 2009: Growing by 25 percent According to The Hedge Funds Journal. hedge funds competitors such as Man Investments. and invests only in friendly takeovers rather than in hostile bids. it invests significant amounts of its own money. and private placement advisory services. insurance companies. THE SCOOP Going back to Lehman The Blackstone Group was first founded as an M&A boutique investment banking back in 1985 by Stephen A. the stock was hovering around $13 per share. Chicago. restructuring and reorganization advisory services. the firm invests through minority investments. Schwarzman and Peter G. Hong Kong and Tokyo. the firm has offices across the U. Mumbai and Beijing.

Bloomberg reported.62 billion in profit the firm pulled in within the previous year. Blackstone Chief Financial Officer Laurence Tosi said of the funds that “the individual rates of return have no direct impact on our financials and therefore we question the relevance to our investors. its biggest loss since it went public in summer 2007. asked for “performance information” for the funds from Blackstone and its competitor Fortress Investment Group. Blackstone also stated a net loss of $872.28 million (analysts expected negative revenue of $589.4 million bonus. The firm cited higher management and advisory fees as reasons for the poor results. James’ total compensation dropped 73 percent from the $58. Blackstone’s financial advisory division posted a 29 percent increase in revenue to $92 million. December 2008: A big score Blackstone was contracted by insurance giant AIG to help with its restructuring and sell off its businesses. has yet to purchase any Asian bonds or loans because it considers prices to be too high. Blackstone cut 70 jobs. compared with net income of $128. received a $350. opting instead to optimistically state.2 million in fourth quarter 2007.4 million compared with $3. In a letter to the SEC. slightly less than the $251 million loss it suffered in the same period in 2008.S. Still. 2010 Edition The Blackstone Group L. The SEC. March 2009: Disclosure denied The Blackstone Group chose to deny an appeal from the SEC to release records documenting the results of its buyout and hedge funds. contrary to media speculation as of late. meanwhile. “We are in an extremely strong financial position. James. Schwarzman’s compensation fell 99.4 million in management advisory fees during the latest quarter. The way James and Schwarzman may most be affected in their day-to-day lives is what costs they’re now responsible for—both must reimburse the company for personal use of the chauffeured company car and airplane. plummeted 31 percent to $47. James also said that. Meanwhile.000. the firm had reported a quarterly loss of $502.09 million) compared with positive revenue of $344. career message boards. amid an industry-wide crackdown on executive pay.05 billion in 2007. Despite revealing losses in November 2008. March 2009: Exec compensation takes a tumble In an SEC filing. In a conference call with analysts. Several of the firm’s business lines managed to do well. Bloomberg reported in January 2009. government) goes back many years—AIG’s former chairman and chief executive.” February 2009: Sinking deeper Blackstone announced that it had sustained a net loss of $827. revenue for full-year 2008 came to a negative $349. expert resume reviews.1 million in the fourth quarter of 2008. based on certain earnings targets. A bright spot. While Fortress agreed to release the information. to increase its distressed asset investment presence. In 2008.1 million. Blackstone acquired GSO for cash and stock worth $620 million as well as up to $310 million more.2 million he earned in 2007. 47 . the Vault Job Board and more. or rather a not so dark spot.5 million in similar fees it brought in during the same period a year earlier.The Vault Guide to the Top 50 Banking Employers.000 salary in 2008 but also received a $15.” Visit Vault at www.5 million.8 percent from 2008 to 2007—from $180 million to $350. The hedge fund. was that it booked $381.3 million compared with $1. Maurice Greenberg. CEO Hamilton E. mostly in its New York-based units.5 million in revenue compared with $30 million in the previous year’s first quarter. December 2008: Black December Amid a souring global economic climate and decline profits. Blackstone CEO Schwarzman didn’t allude to any job cuts.97 million in the fourth quarter of for insider company profiles. insiders told Bloomberg. including the insurance concern’s aircraft leasing business. January 2009: Shutdown in the East Blackstone Group’s GSO Capital Partners hedge fund will close its Asia investment desk. expert advice. which was not that large of a drop compared with the $447.6 million. however. The firm also suffered negative fourth quarter revenue of $611. Blackstone acknowledged that founder Stephen A. Blackstone President and COO Tony James called the current economic conditions a “depression” but said it wasn’t as bad as the Great Depression. which opened its doors in September 2008. Revenue. was a member of Blackstone’s first board of directors in 1989. Blackstone said that performance data didn’t need to be published under current regulations. while the company’s hedge fund unit brought in $99.P. Blackstone’s relationship with AIG (which infamously nearly crumbled in 2008 and is now largely owned by the U. May 2009: Fewer losses than last year Blackstone booked a first quarter 2009 loss of $231. meanwhile. November 2008: Losses but no cuts A month earlier.vault. Blackstone would not try to become a private company again by buying up its stock on the open market.

” For analyst positions. “While there are times of high stress and people are very demanding.” says one contact. team-oriented individuals with fresh ideas and innovative solutions who thrive on challenge in a fast-paced. “In principal.” A first-year analyst recounts his experience in a later interview round: “I met with three teams. like each other. who was “tapped” to interview by Blackstone says.” Another contact expresses a similar sentiment: “You’re generally treated well. But no one expects you to get everything right. Some people like to bullshit and do a personality interview. “Blackstone is extremely selective. Harvard. the contact says.” offers an insider. A private equity contact went through “many rounds of interviews—three to six. “It’s really a crapshoot when you interview. “The interview process can be stressful at times and there is an emphasis initially on technical ability. but concentrates on finding undergrads at Harvard and Wharton—”any others depend on which alum feels like going to their alma mater to recruit that year. “Each interview lasted between 30 and 45 minutes. though.” But don’t expect to invite everyone at the firm to your birthday party. Blackstone lists open positions in the “careers” section of its web site. one source says the firm “primarily recruits at Harvard and Wharton.” As far as the type of people Blackstone likes to put on salary. with extensive descriptions of the qualifications and responsibilities of each position.” says a banker. “If you increase depreciation by $10 million. especially during normal work hours before the senior guys leave.” says a first-year analyst. self-motivated. The firm is currently focusing on adding solely to the New York office.” Explains a London-based contact. Blackstone is planning to double the size of its M&A group over the next two to three years. “Essentially all the MBAs hired are from Harvard. “At the higher levels there are some strong personalities. anything’s fair game.The Vault Guide to the Top 50 Banking Employers. Virginia and Penn (Wharton).” The contact adds.” and “met with between two and four people in every round. analysts will meet with one or more partners. recruiting only the top candidates from the top schools.” An analyst.” But it’s not uncommon to have to go through more than three interview rounds. including Yale and UT Austin.” Another agrees. So you hope you get staffed on the right deals with the right people. or had a summer internship in banking.” OUR SURVEY SAYS The ties that bind The firm cultivates a culture of top-notch workers who enjoy each others’ company. you need to be careful about how you behave.P. and if your personality jives with whom you meet.” An insider says one of the favorite Blackstone questions is. expect “some pretty technical questions in the first round. Brace yourself Candidates should expect an extensive interview process. numerous respondents admit there’s “a lot of camaraderie. and allows candidates to apply online. and some like to grill you. “They’re aggressive on the outside. He adds. So much has to do with who you meet and on which day you meet them. 2010 Edition The Blackstone Group L. I met people at every level. like there are anywhere. if someone gets their foot in the door.” Indeed.” adding. analytical and thought-provoking--minimal cookie-cutter type questions.” Indeed. the caliber of candidates asked to interview is very high. on the whole.” Overall.” and say Blackstone is made up of a “tight group of people who.” For associate positions.” and Blackstone “puts a large emphasis on cultural fit—and it’s obvious they do this well. but says it might soon begin to hire for its London outpost. how does that flow through all three financial statements?” They also like to throw out the “the clock question”--the one where you’re asked how many degrees there are between the minute and second hand at a certain time.” One insider claims the interview process is “fairly normal” and says he “met almost every partner in the group” to which he was applying.” The contact adds that overall “the questions are more accounting than finance. GETTING HIRED Take your chances Be prepared to gear up to show the firm that you’re a standout.” offers one Inc. dynamic environment. says a source. because everyone here has a pretty good time together.” This insider also has a word to the very wise: “Those who are too smart and try too hard don’t make it. Questions were detailed. Blackstone is “made up of a group of people who like each other and respect each others’ immense talent. everyone is very friendly and it’s not uncommon for people to spend time outside of work together. “You better understand accretion and dilution. A former banker adds.” Although sources say analyst and associate classes are small (an M&A banker says his group hires about five analysts each year). “If you go to Wharton.” but admits “there are a few from other schools. according to the firm. who adds. It’s hard to generalize. adding. Another source agrees that “analysts primarily come from Harvard and Wharton. And. during final round interviews at Blackstone headquarters. the firm says it’s looking for “energetic. any good school will be given a chance. One insider reports “two rounds of interviews at Blackstone offices in New York. but because there are so many big-swinging senior people with rough elbows floating around the office. very demanding on the inside and a bit ‘old school’ as compared to the bigger firms. with four to six interviews in each round. for two to five hours each.” No matter who you get. and occasionally interviews at Stanford or Columbia. “There were lots of culture fit questions. including several partners. Blackstone recruits at Columbia. . “The type of questions you get in interviews all depends on who you interview with. more than I had at previous employers—Goldman and McKinsey.” 48 © 2009 Vault.” says a source. contacts say. “Overall. “which can be hard to deal with. who “all have their own styles.

” He adds. insiders say. and although the London outpost doesn’t (“offices are pretty dark”). on Saturday. with maybe a couple of free weekends in that time. You get exposed to a lot of information in a short amount of time and you’re not required to study and take exams like at other places.K. associates have it significantly better. Unlike the bulge bracket banks.m. One associate puts his hours at about “70 to 80” on average per week. people respect not only your personal life. “M&A is known as one of the better cultures in the firm. and in particular.m. or at least standard for investment banking. the partners used to sell you on this perk. to 1 a. but also your opinion on day-to-day work-related matters.” He cautions those with bad attitudes: “Those who don’t work hard or don’t have a good attitude will be miserable.m.” So.” The source adds that for the most part.” it was “more a result of a slower deal flow than seniority. though.” Choose your department carefully. Blackstone does. Although one first-year associate won’t offer numbers. Blackstone’s New York office receives high grades from insiders. One source has nothing but good things to say about his unit’s junior bankers.” Says one junior staffer who revels in the great responsibility offered him. Although the contact’s “second year was better. and with nights ending anywhere between 10 p.m. compensation receives extremely high marks from insiders. but beginning with the 2003 analyst class. things will be pretty easy for you. the Vault Job Board and more. according to a former analyst.” The contact adds. “and you still get to stay at the Four Seasons and the Ritz—but who knows how long all this will last.” observes an insider. on Friday. “you still get to fly first class if your flight is over a certain distance. “We have the Goldman attitude of ‘we are the best in the world. expert resume reviews. “It could’ve been worse—but it couldn’t have been much worse. It’s “intense.” In addition to extending the analyst training program in 2003.” adds a Blackstone source. real estate is also supposed to be pretty good and private equity is pretty painful. Another agrees the firm’s culture is “tough. A current analyst opines that “because higher quality candidates are typically recruited. Employees also get dinner stipends when working late during the week and meal allowances on the weekend.” Currently.The Vault Guide to the Top 50 Banking Employers.m. insiders report. so I have less of a bad feeling about spending hours in the office as a result. so we don’t have to pay top dollar to recruit and retain the best talent. “And people here dress up—cuff links.m. second-year analysts here worked just as hard as the first-years.m. and 5 a.’” Although perks are good. career message boards.” Of course. this shouldn’t be taken lightly because. “Much of the learning is done on the job. though.” According to another insider. insiders report.” He adds that. the works. the private equity group pays “above the Street but not at the highest tier.” is how another describes attire around the office. the training program for analysts is much shorter.” A private equity contact also admits the “hours are very long. unless they’re on a live transaction. incredibly smart and reasonable. It’s “formal all the time.” Another analyst calls the training program “fast and dirty—you’re expected to pick everything up in the short amount of time in which training is provided. analysts went through a two-week training program.” He adds. It all depends on how many deals you have and what kind they are.] work. it’s a far cry from years past. Blackstone doesn’t have the typical several-weeklong training program for new analysts and associates. insider says employees across the Atlantic will be “getting a new office soon that will be top notch.” says a former M&A analyst.” Visit Vault at www. the unit’s associates: “They’re a phenomenal group of people. on average. to 7 p. very challenging.S. from Sunday to Thursday. Blackstone bankers get complimentary car service or a free cab ride home if they work past 9 for insider company profiles.” Expect the firm to rule with a proverbial “formal always” fist when it comes to attire. 9 a.” No rest for the workers Hours spanning the range of “90 to 100” per week with “frequent” weekend office visits aren’t uncommon.” admits an insider.vault. “Last year. and senior analysts are someplace in between. “Analysts typically do a fair amount of work that associates at other firms might do.” The contact reluctantly recalls his old schedule: “No vacation for the first 52 weeks. the program was extended to three weeks. one U.” The contact adds that the hours do “get better as you move up the ladder: first-year analysts have it the worst. “overall. “If you work hard and have a good attitude.” says a banker. Blackstone implemented an associate training program.” While nights at Le Cirque are gone. “your associate determines the majority of your experience. 49 . have “casual Fridays in the summer” and “on the weekends people wear whatever. white collar shirts. “There’s not much [B. Historically. but admits. that’s 96 hours a week. 2010 Edition The Blackstone Group L.” It isn’t easy Expect the daily grind to be taxing. monogrammed shirts.” “Old-school.” but says. To go somewhere where there are seven associates and I like all seven of them is extremely rare. he does admit that his compensation “is very high compared to other offers [he] got out of B-school. A source says that free fancy dinners used to be one of Blackstone’s big selling points: “When hiring analysts.” Better coaching needed Training programs at the firm are below par. and requires a lot of stamina and motivation. with significant weekend work. and noon to 6 p. “The first year was painful. One analyst who went through the program says it was “very good. “the culture isn’t as harsh as people outside the firm think.” He adds that there’s “a lot of emphasis on improving the program—it’s good and getting better. “Blackstone is too small to run a big training program.” Another analyst says he’s logging in about “80 to 90” weekly. According to one banker.m. expert advice.P. who adds. I averaged working from 9 a.” Few compensation complaints In general.

” An associate in London says his office “has a number of [Asian] Indians. Every year we try. . in New York. which seems to indicate we are doing okay” with respect to diversity. Just average For the most part.” 50 © 2009 Vault. but either no one bites or we don’t find someone who is adequate. although one insider says there’s “a lot of diversity” at Blackstone. though.” The contact gives a possible explanation why this is so: “We want to hire women. but it’s not easy. 2010 Edition The Blackstone Group L. there are “a limited number of women in M&A group.The Vault Guide to the Top 50 Banking Employers. including one Inc.” there’s “less than a handful of any other minorities.P. another contact says while “there are several Asians. However. Blackstone receives middling marks on the diversity front. He does admit.

com What insiders at other firms are saying • • • • “Still on top” “Has fallen from grace” “Very reputable.215 DEPARTMENTS Asset Management Institutional Securities Morgan Stanley Smith Barney UPPERS • “Respectful” culture • “Good company to work for as it does provide a wide range of benefits” THE STATS Employer Type: Public Company Ticker Symbol: MS (NYSE) Chairman & CEO: John J.morganstanley. intelligent and reliable” “Banged up through the credit crisis.200 DOWNERS • Work hours “tend to be long” • Mixed reports on diversity—some insiders say it’s “well diversified” but others say “a more diverse culture is needed” EMPLOYMENT CONTACT See “careers” at www. of Employees: 62.PRESTIGE RANKING 3 MORGAN STANLEY KEY COMPETITORS Bank of America Merrill Lynch Citi Credit Suisse Deutsche Bank Goldman Sachs J. Morgan UBS Investment Bank 1585 Broadway New York. of Offices: 1.morganstanley. NY 10036 Phone: (212) 761-4000 Fax: (212) 762-0575 www.74 billion 2008 Net Income: $1.P. Mack 2008 Revenue: $24.7 billion No. not ‘white shoe’ anymore” THE BUZZ 51 .

Morgan. Pierpont Morgan learned the banking business at his father’s side. IN THE NEWS July 2009: A Mitsubishi partnership Morgan Stanley said it would partner with Mitsubishi UFJ Financial Group in a corporate lending deal that will combine MUFJ’s $70 billion in U.000 offices worldwide. (Its main competitor. Ltd. Operating under the name Morgan Stanley Smith Barney. began working for a London banker named George Peabody. would parse out the bonuses over a period of nine years. Treasury Secretary Henry Paulson announced that the Treasury would inject a total of $250 billion into U. The partnership will allow the companies to compete with the likes of other big players in the industry such as JPMorgan Chase and Citigroup. The injection followed in the footsteps of some European countries.S.P. Morgan & Company. J.S. restructuring. amid the crisis. 52 © 2009 Vault. the joint venture will be comprised of 18. it’s subject to oversight from the Fed. On top of that. government’s highly publicized banking “stress tests.S. Morgan Stanley was among the first group of banks to receive U. according to the paper. which offers equity and fixed income sales and trading. The New York Post reported that Morgan Stanley and Citigroup may be considering paying its top-drawer brokers between $2 billion and $3 billion in retention bonuses. and brokerage and investment advisory services that cover a wide range of investment alternatives. real estate. In September 2008. Morgan Stanley will hold a 51 percent stake in the venture.500 financial advisors in 1. and J.S. At the same time. and firm Co-President James Gorman will serve as chairman of the new company. and global wealth management. also became a holding company). Morgan took over the business after 10 years. which announced similar moves earlier to help thaw their credit markets.3 trillion in client assets. In 1854. changing the firm’s name to J. Shortly after the structure conversion. J. as the firms announced the planned combination of Mitsubishi UFJ Securities Co. 2010 Edition Morgan Stanley THE SCOOP Over 40 years in Europe New York-headquartered investment banking giant Morgan Stanley is divided into three main businesses: institutional securities. combined Morgan Stanley’s global wealth management group with three Citi businesses: U.S. including prime brokerage. banks in order to help restore confidence to the markets. Smith Barney Australia and Citi Smith Barney. Morgan Stanley agreed to accept $9 billion from Japan’s Mitsubishi UFJ Financial Group in exchange for a 21 percent stake in itself. as the firm struggled to recover from $9. The union will also help increase Morgan Stanley’s odds of drumming up additional investment banking business. firms.4 billion in write-downs.P. . June 2009: Teaming with Citi Morgan Stanley and Citi announced plans for a wealth management joint venture. who are considering a merger of their respective brokerage units. Pierpont rose to fame as a hotshot financier. Most of the bonus cash would be given to brokers working at Smith Barney. The firms.The Vault Guide to the Top 50 Banking Employers. Ltd. U. asset management. an American banker from Massachusetts. Treasury money.” Morgan Stanley. The move was intended to calm fears about Morgan Stanley’s capital reserves. Morgan Stanley requested and received permission from the United States Federal Reserve to convert itself into a bank holding company. (The first such opportunity was revealed in March 2009.500 people—primarily from mortgage divisions—and the firm’s British home lending business was shuttered. Mitsubishi and Morgan Stanley agreed to establish a strategic partnership and look for opportunities to work together.K.P. annuities and insurance. Junius S. with an investment of $10 billion. which means it now operates under tougher leverage ratios and capital reserve rules than it did as an independent investment bank.S. Soon after the deal was announced. Morgan partner Harold Stanley left to start their own company: Morgan Stanley. Morgan Stanley sacked about 1. on the heels of the U.S. In June 2009. loans and Morgan’s $30 billion in Inc. In 1935. Responding to tough times The global financial crisis began to take its toll on Morgan Stanley in early 2008. The combined business. backing the construction of the American rail system and helping establish General Electric and US Steel. along with several other U. Pierpont’s grandson Henry Morgan and fellow J. which included M&A advisory. equity and alternative investments. which closed in June 2009. and Morgan Stanley Japan Securities Co. will offer a full range of institutional services as well as a Japanese retail brokerage network. Goldman Sachs. project finance and capital raising.-based Quilter. with more than $1. His son J. Morgan & Company. which provides financial planning and wealth management services. financial advisory services. but eventually returned to America to found the firm that would become J. ) In October 2008. which offers institutional investment products and mutual funds across a range of fixed income. were granted permission to repay the government the funds they took under TARP. The deal. J.S. of which Morgan Stanley owns 40 percent.

and in U. The firm was also working with Microsoft on its ultimately-failed $44 billion offer for Yahoo! Still. Dr Pepper Snapple Group Inc.S.S. electricity giant Enel on its €11. 1.4 percent. the firm repaid the funds. Equity sales and trading fared comparatively well. But it was a different story in 2008. as its deal volume in the U. 6 in European announced deals.3 billion to the Treasury. dropping by 51. but tops in M&A Morgan Stanley posted a larger-than-expected first quarter 2009 loss of $177 million. In a statement. its total deal volume also fell significantly. December 2008: Tough fourth Morgan Stanley posted a $2. Morgan Stanley fell two spots in the rankings to No. The firm worked on 70 deals worth a total of $218. April 2009: A future study What lies ahead for the troubled securities industry? That was the question Morgan Stanley tried to answer when it published the results of research carried out in partnership with international management consultancy Oliver Wyman.” Along with Morgan Stanley. as the firm fell behind UBS.7 billion—or about 33 percent of all M&A deals worldwide during the three-month period. equity and equity-related issues. coming in at $24. J. during the year.7 million in net income. 53 .S. The loss. at the expense of Europe and emerging markets. Furthermore.S. including Verizon Wireless’s $28.) The firm also placed No.6 billion. a financial thrashing that affected nearly every one of its businesses. On the underwriting side. A few of the firm’s higher profile deals included acting as joint bookrunner on International Power’s 700 million convertible bond issue and serving as joint lead manager in a $1 billion two-year bond issue for ICO of Spain. 10 in the first quarter of 2008.4 billion in the first quarter 2008.” For fullyear 2008. during a year when fixed income deals across the industry dropped by nearly 40 percent. April 2009: Another loss. fixed income and warehousing—will be under heightened scrutiny by executives with a renewed focus on liquidity. the report suggested that. it dropped to No. compared with a profit of $1. the investment banking industry will see a heightened focus on the U. the firm plummeted to No. 2 spot in 2007. Asset management was one sector in particular that took a beating. Morgan Stanley teams were hired by Swedish telecom TeliaSonera to advise on a $47 billion bid by France Telecom. 1 in U. the Vault Job Board and more.S. Morgan.1 billion sale of assets in France. though. businesses that rely on unsecured funds—like prime brokerage.” the world’s 15-largest investment and wholesale banks will see their balance sheets contract by another $2 trillion by the end of 2009. fell 12 percent from 2007. the firm reported $1. expert advice.P.The Vault Guide to the Top 50 Banking Employers. 7 ranking in global debt. career message boards.. In Europe announced deals. According to “The Outlook for Global Wholesale & Investment Banking. bringing in record net revenues of $10 billion.5 billion in the previous year. Italy and Spain. 2.2 percent. announced M&A deals.36 billion loss for its fourth quarter 2008.. 2010 Edition Morgan Stanley June 2009: Paying back TARP Soon after Morgan Stanley received permission from the U. 9. often (barely) ceding the No.vault.7 billion. Investment banking brought in net revenue of $ for insider company profiles. nine other firms were given the go ahead to return a collective $68.4 billion de-merger of its American beverage business. For the investment banks that remain standing. more than the original estimate of $25 billion in funds expected to be returned in 2009. at least in the short run. as U. came in at 57 cents per share—about six times the loss of 9 cents analysts had predicted. down from $3.1 billion acquisition of Alltel. plummeted by 58. Morgan Stanley did advise on several high-profile deals.2 million in 2007. Revenue also dropped.-headquartered banks reign in globalization models and cut down on non-domestic credit.8 billion (mostly due to markdowns in investments and reduced assets under management). expert resume reviews. There was good news. 7 from No.S. Morgan Stanley was a fixture at the top of the banking league tables. Morgan Stanley ranked No. posting a pre-tax loss of $1. Reed Elsevier Group plc on its $4. falling 62 percent from the previous year’s first quarter to $3 billion. though corporate banking and retail businesses are expected to grow. largely due to real-estate losses and debt-related write-downs. the company said it believed the development “reflects both Morgan Stanley’s strong capital position as well as the important systemic role the TARP program played in helping stabilize the U. up 10 percent from 2007. dropping from its No. an after effect that CEO John Mack attributed to the financial crisis and its resulting “exceptional market conditions. and came in No. Visit Vault at www. Morgan Stanley ranked No. Treasury to repay the $10 billion it borrowed in government Troubled Asset Relief funds. Net revenues in 2008. December 2008: Slipping on the tables For many years. (Morgan Stanley had ranked No. 1 in worldwide announced M&A deal volume for the first quarter 2009. banking system since the height of the financial crisis. 1 spot in M&A to Goldman Sachs. According to Thomson Reuters. down from $5.. The firm also advised Cadbury plc on its $6. announced M&A. and Altor Equity Partners and Bure Equity AB on their acquisitions of investment bank Carnegie and insurance adviser Max Matthiessen. Morgan Stanley held on to its No. 7 from No. And in total global debt underwriting in 2008. Every divisions’ revenue fell. According to Thomson Reuters. Part of the problem was that two big transactions fell through. 5 in worldwide announced M&A deals in 2008.1 billion acquisition of ChoicePoint Inc. Citigroup and Goldman on the M&A tables by deal volume. advising on 533 debt issues worth $183 billion.S. but the French company backed out of the deal. meanwhile.

” Use common sense and “just be truthful” and you should be fine.” adds the insider. dental. “Most employees arrive early and remain long after the market closes. Morgan Stanley is a “good company to work for as it does provide a wide range of benefits..” “respectful” and busy” environment at Morgan Stanley.” A contact in Europe says. But you can also go the old-fashioned way (in this technological Inc. “Associates have four to five rounds. Expect at least two or three rounds—maybe four—including the possibility of “a Super Day in the offices with six interviews back to back. interview tips and recruiting videos from various groups within the firm. but yes to clawbacks Morgan Stanley CEO John Mack released a memo telling employees that the bank’s top executives would forgo their yearly bonuses and that a permanent bonus clawback provision was being implemented. The firm also offers a “gym membership subsidy. The university section provides information about the company. . Starting in 2009.” “tuition reimbursement.” including “401(k) with an employer match. at least) and check out the careers section of its web site and read all about the current openings with the firm. experienced-level employment and the financial advisor program. vision and life insurance.” While “the hours were typically market hours. anticipate that more or less “all questions” asked to be based off of your resume. and “everybody seems to want to serve. key word and line of business.” “flexible hours” and a “team/family environment. you’ve just about got it made. an on-campus recruiting calendar. profiles of current Morgan Stanley employees. all Morgan Stanley senior executives will be subject to a performancelinked compensation plan that ties their payouts to the firm’s return on equity. The main page provides links to three key areas: university-level jobs.m. “you have to be very energetic and willing to adapt to changes.” “a $25 dinner allowance.” One insider admits that when it comes to hours spent at the office. all in New York. “A large percentage of my summer class got offers to return full time. which are pretty intense.” and add that it’s standard to “start early—around 7:30—and leave around 6 or 7 p.” “discounted Morgan Stanley stock” and “a car service home after 10 p.” workers have a tendency to go above and beyond the call of duty of a regular basis. organized by department and education level.” But it also “feels like everybody is running a marathon” and to that end.” “vacation and sick time.m. then continued with a series of three callbacks in New York. GETTING HIRED Try the back way Getting a job offer with Morgan Stanley may begin with a typical job seeker’s move. location.The Vault Guide to the Top 50 Banking Employers. “A head hunter got back to me and said I just applied with Morgan Stanley. and set up the interview.m.” “very motivated. detailed descriptions of available programs.” And Morgan Stanley’s compensation receives high marks from sources.” 54 © 2009 Vault. you might still have to do some more interviewing.” explains one insider.” But all in all. An MBA student interviewing for an internship had a similar experience.” Sources also report that “six-and-a-half days a week in the office is normal. OUR SURVEY SAYS Down to business The culture is “business friendly.” Settle in Work hours “tend to be long. Best behavior Interviews are largely based on “behavioral questions. either.” “I had three additional rounds [after the on-campus interview].” “professional. just with no bonus. The firm recruits at colleges.” reports one banker. “Interns are paid as first-year analysts.” reports one contact. It lasts all day long. and one insider “applied to a position through a job board” without knowing the position was with Morgan Stanley. He says the “extensive interview process started with on-campus interviewing.” “medical. Internships are also a very good way to get your feet wet at the firm—and the pay’s not bad. total shareholder return and the firm’s return on equity relative to other banks.” The source also says even if you do land a job at Morgan. Sources say if you’re lucky enough to land a summer internship.” And during your interviews. Applicants can search for jobs within functional area. 2010 Edition Morgan Stanley December 2008: Say no to bonuses. “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. “Morgan is tough—even for an I-bank.” “cabs after 9 p. such as answering an online job posting—but that’s certainly not the only way to begin your tenure there.

the Vault Job Board and more.” Another contact says that the tough times are not Morgan Stanley-specific: “Right now. One contact reports that “the culture is not friendly toward women. expert advice. four women sit on Morgan Stanley’s management committee and two women have seats on its board of directors.vault. the banking industry in general is going through a rough time due to the economy.” and another adds somewhat resignedly that “banking is one of the oldest boys’ clubs in the world—and I have no idea how to change it. but there is inevitable aftereffects of layoffs—and some good people had to leave. and one of the 50 Best Companies to Work for in the for insider company profiles. As for the firm’s immediate outlook. “The company’s overall strategies are still on right track. by LATINA Style magazine. internships and a women’s employee networking group with over 900 members. The firm offers several women-specific initiatives such as conferences. career message boards. expert resume reviews. workshops.” That said.” adding. one insider notes. 55 .” Visit Vault at www.” And while Morgan Stanley may get a passing grade on the ethnic diversity front—one insider says the bank is “well diversified and includes international employees”—its treatment of women may leave a little to be desired. 2010 Edition Morgan Stanley Melting pot? Diversity. is “very good”—although others say “a more diverse culture is needed for this white shoe firm. Morgan Stanley has been named one of the Top 50 Companies to Work For by Working Mother magazine for eight consecutive years. In addition.The Vault Guide to the Top 50 Banking Employers. some insiders say. “We just had a massive layoff across regions and divisions due to the subprime crisis.S.

1—a powerful brand” “Too arrogant” “Lots of talent. great management—Dimon is fantastic” “Just one of the pack” THE BUZZ 56 © 2009 BUSINESSES Investment Banking Investment Banking Risk Research Sales & Trading THE STATS Employer Type: Division of JPMorgan Chase & Co.$1.2 billion 2008 Net Income: .) No. NY 10017 www.PRESTIGE RANKING 4 J.000 (approx. Chief Executive.18 billion No.P. JPMorgan Chase & Co. MORGAN’S INVESTMENT BANK RANKING RECAP Quality of Life #3 – Treatment by Managers #4 – Best to Work For #4 – Hours #4 – Overall Satisfaction #5 – Business Outlook #5 – Culture #5 – Green Initiatives #7 – Training #8 – Offices #8 – Selectivity #10 – Compensation Diversity #3 – Diversity With Respect To Gays and Lesbians #3 – Diversity With Respect To Women #4 – Best for Diversity #5 – Diversity With Respect To Ethnic Minorities 270 Park Avenue New What insiders at other firms are saying • • • • “The new No.: Jamie Dimon Chief Executive. . Morgan’s Investment Bank: Jes Staley 2008 Revenue: $12. of Employees: 24. of Offices: 60+ UPPERS • “Challenging and financially rewarding business” • “Opportunities to move within the firm” KEY COMPETITORS Bank of America Merrill Lynch Barclays Capital Citigroup Credit Suisse Deutsche Bank Goldman Sachs Morgan Stanley DOWNERS • “Unpredictability of schedule” • “Cost cutting measures” EMPLOYMENT CONTACT jpmorgan.

capital markets. Even after the death of the firm’s leader. J. That marked what the firm describes its “earliest predecessor institution.2 billion in write-downs on mortgage-backed for insider company profiles. sales and trading.21753 shares of JPMorgan Chase & Co. which was an underwriter for European securities.P. restructuring. the bank initially served as a New York sales and distribution office for his father’s firm.P. the two firms' investment banking units were brought together. Pierpont Morgan and Philadelphia banker Anthony Drexel formed a private merchant banking partnership in New York called Drexel. the firm bailed out both New York City and the NYSE from insolvency.” J. Tokyo.P.P. and the bank repaid the government’s $25 billion preferred stock investment. and acted as a purchasing agent for the Allies in the U. Federal Reserve as the liquidity crisis deepened. or approximately $10 dollars a share. expert advice. and in 1901. 2008. However. On the morning of J.The Vault Guide to the Top 50 Banking Employers.” And the facts of the firm’s history certainly support the claim. and Co.. it wasn’t until 1871 that the ever-enterprising J. Morgan. Morgan & Co. in New York in 1861. In 1895.—recognized as the earliest partnership that evolved into the modern J. Morgan’s investment bank offers investment banking. Morgan has always been doing “only first-class business . Bear Stearns' shares dropped in value by 50 percent. JPMorgan Chase agreed to buy Bear Stearns for $236 million dollars. prime brokerage.P.P. Morgan amended the merger terms. Morgan also has some European roots. J.S. a financial services firm with $2 trillion in assets and nearly 220. Visit Vault at www.. In the charter. Bear Stearns—a long-established investment bank and broker—skirted insolvency after reporting a 61 percent plunge in 2007 profits and $1. career message boards. In 1907. Soon after this initial agreement.P. retail financial services and card services to clients across the globe. Pierpont Morgan established J. Treasury $795. Singapore. Morgan’s prime brokerage capacity was gained from its spring 2008 integration of New York-based Bear Stearns. Morgan continued its tradition of “first-class business. JPMorgan Chase paid the U.P.P. which offers products and services through what it calls “integrated global delivery.P. the world’s first billion-dollar corporation.P. J. Pierpont Morgan’s greatest talent was recognizing an opportunity—and taking risks when others wouldn’t. a $500 million Anglo-French loan. In early 2008. J. Morgan & Co.1 million in preferred stock dividends. asset management.” A lot of J. treasury and securities services.P. each share of Bear Stearns common stock was exchanged for 0. On March 14.vault. Arguably. In April 2008. The industry began to panic as fears of a market crash loomed on back of a potential Bear Stearns collapse. with major international offices in London. the legislature made some provisions that permitted The Manhattan Company’s involvement in banking. J. the firm arranged the then-largest foreign loan in Wall Street’s history. IN THE NEWS June 2009: Buyback time JPMorgan Chase received permission to repay its governmental TARP loan. Pierpont Morgan’s funeral in 1913.P. Sao Paolo and Mumbai. Hong Kong. with the aid of the U. A perfect example of this occurred in 1882 when he believed that Thomas Edison’s remarkable new invention—the 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. Morgan’s 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. JPMorgan Chase arranged emergency funding for its once competitor Bear Stearns.P Morgan offers M&A advisory. Morgan was the firm behind the creation of United States Steel. J. The 10-year warrant issued to the Treasury in connection with the preferred investment will be auctioned off to investors. When J. In addition to this principal amount. 57 . Morgan firm. J.S. risk and research.” In 1915.. or $2 a share.S. Some of the world’s biggest firms are clients of the international J. Changing the course of history J. Under the new terms. which is an honour that was then (generally) reserved for the heads of state. Morgan. including dividends that had accrued through the redemption date. The firm proudly quotes one of its founders as saying that J. the Vault Job Board and more. common stock. 2010 Edition J. JPMorgan Chase provides investment banking. government from its then-economic crisis. expert resume reviews.. research and IB risk services. Morgan’s investment bank is headquartered in New York.S.S. Morgan’s Investment Bank THE SCOOP It was a Bear market back then J. the firm delivered the U.000 employees. private equity. in a first-class way. Two days later. The investment bank is a part of New Yorkbased JPMorgan Chase & Co. Morgan’s became the first private premises in the city of New York to be entirely lit with Edison’s practical new invention. the NYSE remained closed until noon. On the investment banking side.

P. posted an overall $702 million profit for the fourth quarter of 2008.S. a big drop from the US$3. and one source stresses. maintaining top rankings in several Inc. 2 for French announced M&A. Morgan was again standing tall." With the injection. J. Morgan’s Investment Bank May 2009: Passing with flying colors JPMorgan Chase & Co. government to limit divisions that take heavy risks. No. great personal skills and the ability to work in groups on challenging projects. but to deploy it. 5 in U. "The needs of our economy require that our financial institutions not take this new capital to hoard it. was one of the many banks asked to accept $25 billion from the U.S. No. Morgan will lay off approximately 3. Morgan is very selective but not over pretentious in our selection process. meaning the bank would not need to raise supplementary capital.” The company “looks for the best candidates with a combination of qualitative and quantitative skills. The positive results didn't come as much of a surprise. European announced M&A volume. which announced similar moves earlier in the week designed to help thaw their credit markets. November 2008: Use those vacation days J.P. 2 in global announced M&A deal volume. J. Treasury in an effort to recapitalize and stabilize the markets. Morgan reshuffled the unit's current workers into its five other groups.S. equity and equity-related underwriting. The choice to break up the desk followed the government's recent decision to obtain large stakes in big U.P. announced M&A volume. “In investment banking. October 2008: Taking billions from Uncle Sam JPMorgan Chase & Co.000.S. 9 in Spanish announced M&A. Paulson said. posted first-quarter 2009 earnings of $2.S. announced M&A. since JPMorgan Chase & Co.S. quite a fall compared with the $3. J. Most notably.P. Then-U. In addition to the cuts.P. 2 for EMEA equity and equity-related underwriting.P. December 2008: Standing strong on the tables On the Thomson Reuters investment banking industry league tables for 2008. November 2008: Reduced prop trading J. Morgan's recruiting process is “highly selective and rigorous.P. 58 © 2009 Vault. Morgan Cazenove. banks in order to help restore confidence to the markets. The decline was attributed to investment banking fees and advisory fees taking a tumble as well as an increase in credit loss provisions.S.4 billion during the period. 1 in Nordic M&A and.” “J. No. government's stress test.” Summer internships are the best way to get a foot in the door. The firm had a strong financial showing in comparison with many of its competitors. the firm froze base salaries between $60.37 billion it brought in a year earlier but higher than analysts had predicted. No. 1 spot in three of the most important categories: global investment banking fees. through J.000 and $70.000 employees or about 10 percent of its investment bank staff. some of which were told to shore up additional capital after their stress tests. and global debt. company insiders said. No. a 10 percent drop from the $2. its investment banking business lost $2. 1 in global high-yield bond underwriting for the fourth year in a row. the firm did extremely well in the global rankings. taking the No. the investment bank suffered a $1. GETTING HIRED Tough competition Insiders say J. The results were hardly a surprise to the firm’s executives. April 2009: Surpassing expectations JPMorgan Chase & Co.P. 3 in U.14 billion. The bank was buoyed by record revenue of $8. . 2010 Edition J.5 billion in 2007. Morgan also ranked No. bright individuals with a strong work ethic. a move presumably designed to cap risk-taking by large investment banks. Treasury Secretary Henry Paulson announced that the Treasury would inject billions of dollars into U.18 billion loss. followed in the footsteps of some European countries.” says an insider. CEO Jamie Dimon recently said the bank turned a profit in January and February.14 billion in net income it recorded for 2007. The firm has also bowed to demands from the U. For the year.S. No.The Vault Guide to the Top 50 Banking Employers. passed the U. We look for talented. who had already argued that the company had enough capital to deal with a crumbling economy. the U.K.” Recent market circumstances have also affected the firm’s selectivity as “the number of applications for the summer analyst program has increased dramatically and the number of spots has declined or remained constant.3 billion in its investment banking division (largely due to its fixed income trading business). February 2009: Drops across the board Although JPMorgan Chase & Co.P. No. nearly tripling the $3 billion it brought in for the first quarter of 2007. banks. it is very difficult to get a full-time offer without a summer internship. No. Morgan Investment Bank also booked a negative $302 million in net revenue. 6 in German announced M&A.

it was substantively more. I feel genuinely excited to come into work each day. career message boards.” but “to see the interns develop over the course of the 9-week program so that.” In addition to its collaborative aspect.P. In 2007 and 2006. and everyone is willing to help and teach. “If you don't have a summer internship. This includes admission to major theaters.” Intern pay is “the same as a full-time would get. Morgan’s compensation packages are “very much in line with the Street. Morgan. “2008 was not a particularly great year for compensation. indeed.” “What I like best about J. you won’t receive props.” Incoming analysts “receive a signing bonus. At some levels. expert resume reviews.” To do that. you should “demonstrate the ability to run with things and know when to ask for help. at the end. 2010 Edition J. interactive.” At J.vault. museums. An associate remembers that his second day of interviews included various “two-on-ones. instead. Senior bankers are especially approachable. gardens and other cultural attractions. etc.” Visit Vault at www. “the culture is very collegial and professional. pro-rated for the summer. across the Street. “I always feel that the firm tries to be fair and thoughtful regarding compensation. there are preliminary screens.” One source recalls that “questions during the second round tended to be more technical and almost case-oriented. expect “more economic and business questions to ensure that general concepts are understood and that you can have an intelligent conversation with someone about certain business topics. everyone gets credit. galleries. One employee notes that.” Another source adds. Morgan’s Investment Bank An intelligent conversation The interview process varies based on the position for which you are applying.” Recruiters can be found at Ivy League schools and a select group of core schools.P.” In order to succeed.P.” He says. “just doing your job is definitely not enough. The path to full-time employment Internships are “crucial” if you want a full-time slot. “is that I’m surrounded by a ton of incredibly smart people who don't feel the need to remind me that they are smart. results-oriented. followed by a Super Day of interviews.P.” This “team-oriented” culture is “what sets [the firm] apart from other banks. leadership background.” Interviews are “handled by senior bankers with a focus on not just corporate finance knowledge but also behavior. “I did some grunt work but also some work with real responsibility to it. and when teams struggle. you’ll be “given more and more responsibility. and that is true in up markets and in down markets. “when teams succeed. pay packages suffered as a result of the downturn in the for insider company profiles. the summer program is very well structured and gives you a complete experience. “This made the interviews interesting.P. empowering and mentoring.P. meal allowances. and all analysts and associates receive four weeks of vacation. J.” Ups and downs J.The Vault Guide to the Top 50 Banking Employers.” A contact explains. they do so together. 59 . on-going training and discounts on gym memberships. as the interviewee had to know things from a high business level but also know and understand the details that an associate would need to know on the job. the firm tells you whether or not you will receive an offer for full-time employment.” Other perks include “401(k) matching. “You must go above and beyond. Morgan employees also receive reduced or free admission at cultural institutions as part of the firm’s arts and culture employee benefits program.” There are “not many extremely technical questions”. Morgan’s culture is “all about teamwork. comprehensive benefits package.” Another current employee explains. “Overall. they are viewed as filling the role of an actual first-year analyst. In 2008. “Though there’s definitely individual recognition for successes. Upon concluding the internship.” That doesn’t mean that when you shine.” according to another experienced insider. complex trades are done well because of the hard work and contributions of a group of talented individuals coming together as a team. with a managing director and associate in each room. an employee stock purchase plan. expert advice.” One current associate says that during his internship. Morgan.” If you do that.” One analyst says that in his group it’s “mandatory to take one full two-week vacation” out of the four weeks provided. the Vault Job Board and more. One employee warns. car services.” The “goal is not to have interns just make copies and shadow others. “There’s no ‘culture of blame’ here when things go wrong. The interviewers presented a situation and then asked how I would proceed.” notes one source. your opportunity to get into the most competitive groups is almost impossible. and peers are extremely willing to help each other out in the name of the firm.” OUR SURVEY SAYS Team players play to win Sources say J. regardless of your title. as well as learn along the way—even the leaders. there’s also the acknowledgement that large.” It’s “supportive.

” Another points out that “as cost cuts have taken hold. which just aren't as effective.” With regards to racial diversity.” Moving into Bear's space J. Morgan’s Investment Bank Market driven Hours are “market driven” and “depend on what group you are in. “We still do not have much success in attracting and retaining underrepresented minorities.” Although there may not be much specific outreach to the LGBT community. who and where to reach out to get things done.” He explains that “there is a senior professional who serves as the head of diversity efforts. headquarters. it's about getting the work done.” The dress code is “business casual” for associates and analysts while “most vice presidents and above wear business formal every day. “There is an outstanding effort on reaching out to minorities. Inc.” J. “Diversity is welcome here.The Vault Guide to the Top 50 Banking Employers.” A vice president with the company says his “hours at the office have gone down considerably from my days as an associate. Morgan runs a program called IB University. “The firm spends on the things that matter.” but he notes. and the respect for women here is very high.” Diversity is welcome J.” However.” One employee says that “typical dress is slacks and a dress shirt. . the site of the former Bear Stearns & Co.P. open and honest with me through informal mid-year reviews. One employee says. and professional skills training. Open and honest The relationship between managers and their subordinates is “one of the best features of the firm. formal year-end review process and informal feedback throughout the year.” One source says that despite the blandness of the office space he has “no complaints.” Tremendous training Training is “top to bottom a tremendous part of the bank” and “not just an on-boarding piece of a career but rather an ongoing process.” Nearly all employees report that managers are “always willing to help out and do a great job in walking you through their thoughts and why they do things a certain way. more follow-up training sessions have become e-learning (web-based). Morgan makes a strong effort to hire and support female and minority employees. Morgan is very flat if you show that you are capable of learning and taking on responsibilities. There are frequent management changes and not a lot of clarity at times. which “trains and cross-trains folks to help continue their development. Morgan's investment bank “is now housed at 383 Madison.” J. “We have a strong focus on mentorship and sponsorship. “We have made a great commitment to the green concept and will continue to improve in this area.” The firm actively recruits the brightest women by sponsoring events “specifically aimed at introducing women to investment banking. but for the most part. “Two of my bosses are female.” “The technology is generally kept very current. One source says that “full-time hires come out of training having a background in all activities and products traded within an investment bank.” Green efforts The firm “is in the process of greening our corporate headquarters.” One employee says that “there are the occasional late nights when working on large complex transactions. I find I can most definitely have both a personal and work life.” One source says that “seniors bankers are very thoughtful about personal commitments. insiders give mixed reports.P. 2010 Edition J. vacations and working remotely.” another employee adds.” One source says.” and “people are constructive and willing to find creative solutions so long as the work gets done.P. saying.” A current employee says.” 60 © 2009 Vault. and J. One female managing director says. an associate disagrees. product and business-specific modules. making them more aware of the environment and offering seminars and one-on-one coaching to better prepare them for success and retention.” An associate says.” Employees say.” Employees are nearly unanimous in the sentiment that they would not give up a portion of their salary for working fewer hours.” The curriculum offers advanced technical skill building.. hours are decent. with great architecture from the outside.” Summer employees and full-time analysts “have specific group training” that “last anywhere from four to nine weeks in addition to firm-wide training.” An executive director explains. Morgan “isn't about face time .P. working hours “continue to improve over the years. “My managers are very frank.” For senior members of the staff. “It is a functional building.” Another adds. “It's all about learning what you do.. given their frequent contact with clients.” and is “involved in pursuing environmentally friendly business. I trained and have made friends with members of the LGBT community Inc. “The hierarchy at J.P.” One complaint is that “in these tough times. Morgan provides scholarships and summer analyst opportunities to exceptional minority candidates. “I’m on call for clients and senior professionals at home via my Blackberry and cell phone. And internal networking groups focus on improving the skill set of women.P.P. how to do it efficiently. The interior is a typical cubicle and office environment. one employee comments. management isn't doing enough to keep employees up to date on the business environment.

Morgan’s Investment Bank On the other side Despite the financial crisis. credit for the stability in crisis.vault. Morgan is well-positioned within the financial services landscape. career message boards. One employee raves. “Our firm and CEO have been looked to as thought leaders and that perception has extended down to the investment bank. “I have worked at J.The Vault Guide to the Top 50 Banking Employers. expert resume reviews. the Vault Job Board and more. Simply said.P.P. One says. Morgan for nearly 10 years and have had a number of opportunities to leave. global in footprint and a leader in every business in which we participate.P.” Going forward.P.” Visit Vault at www.” Another says. Jamie for insider company profiles.” A current employee predicts. expert advice. J. We are financially sound. the people I work with and love what I do. 2010 Edition J. Morgan employees express a very high level of satisfaction with the firm. “This is a great place to work. we will be one of a few truly dominant firms in the business. “When we come out of the other side of this economic carnage. 61 . most sources believe that “J.” Employees give their CEO. I wouldn't still be here if I did not respect the firm I work for.

) What insiders at other firms are saying • • • • “One of the better M&A advisors” “Just a name” “No one comes close to them in restructuring” “Willing to do anything for a dollar” THE BUZZ 62 © 2009 Vault.9 million No.lazard.300 (approx. of Offices: 39 offices in 24 countries worldwide DOWNERS • “You will work your butt off” EMPLOYMENT CONTACT DEPARTMENTS/DIVISIONS Asset Management Financial Advisory UPPERS • “Very good” training THE STATS Employer Type: Public Company Ticker Symbol: LAZ (NYSE) Chief Executive: Bruce Wasserstein 2008 Net Revenue: $1. of Employees: 2. .lazard.PRESTIGE RANKING 5 LAZARD LTD KEY COMPETITORS Goldman Sachs Morgan Stanley Rothschild 30 Rockefeller Plaza New York.68 billion 2008 Net Income: $205. NY 10020 Phone: (212) 632-6000 www.

5 billion sale of Barclays Global Investors to BlackRock. 63 . expanded into banking in Paris in 1852. power and energy. For decades the three “Houses of Lazard” operated mostly autonomously. It has approximately 2. which funded a dry goods business in 1848. The firm’s merger and acquisition advisory revenue fell 40 percent to $134. financial sponsors. debt adviser to Fannie Mae and Lehman Brothers. health care and life sciences. Gold rush roots How much does it cost to start a financial services firm? For the Lazard brothers of New Orleans. infrastructure. In conjunction with releasing its quarterly results. July 2009: Restructuring heats up Amid a suffering mergers and acquisition market. expert resume reviews. Louisiana. becoming chief executive. The firm went public in 2005. Madoff Investment Securities in connection with the sale of the market-making business. when dynamic dealmaker Bruce Wasserstein took over the helm of the firm. and today. July 2009: No. The brothers. 2010 Edition Lazard Ltd THE SCOOP M&A masters Called the “Granddaddy of M&A. Its respected mergers and acquisitions practice is divided into industry groups that include consumer. Lazard also announced it will increase quarterly dividends by 25 percent to $0.9 million while its financial restructuring revenue nearly tripled to $93. financial institutions. media and telecommunications. Tuft originally joined Goldman in 1976 and was a co-founder of the bank’s equity capital markets group. all of whom were accustomed to having their way). the initial investment was $9. The firm’s modern history can be traced to 2002. and manages more than $100 billion in assets for its clients. IN THE NEWS August 2009: Getting Tuft Lazard hired ex-Goldman Sachs banker Tom Tuft to be chairman of its global capital markets advisory unit and vice chairman of U. Lazard’s influence indeed reaches almost every corner of the globe. founder of Wasserstein Perella. and adviser to the trustee for the liquidation of Bernard L. Lazard also offers advice to governments. An office in London and a new American headquarters in New York were opened in 1870 and 1880. took over the company in 1977. industrials. the Lazards relocated to the gold rush town of San Francisco. Bruce Wasserstein. One year later. A couple of its latest high-profile M&A assignments include advising Barclays PLC on its $13. Wasserstein had a plan when he took leadership of the company—to expand the firm’s business so that the Lazard name would be known throughout the world. Each industry group is managed by regional or global heads. and technology. Michel David-Weill. and embarked on an ambitious plan to expand the firm’s international business and recruit top investment bankers from around the world. naming William Loomis as CEO. At Lazard. real estate. Lazard has advised one nine of the top 10 bankruptcies during 2009. stepped in to lead the firm. there are two main business units: financial advisory and asset management. Lazard’s second quarter 2009 profit fell 33 percent versus the same period a year earlier to $43. a distant relative of the original Lazards. Loomis resigned in 2001 (reportedly due to wrangling between partners in London and Paris. Lazard’s well-known restructuring business appears primed to be the firm’s blue ribbon business in 2009 and 2010).” These roles included acting as “debtor-side financial adviser to Bear Stearns in its sale to JPMorgan.” Lazard has advised on some of the most significant mergers and acquisitions in Europe and the Americas since the mid-19th century. He most recently served as chairman of Goldman’s equity capital markets group. Lazard’s asset management business is mainly comprised of equity products. French immigrants. After the merger.S.2 million during the quarter. Ford and Chrysler. adviser to the United Auto Workers (UAW) in VEBA restructurings with the big three automakers. In a financial environment where companies are crumbling and bankruptcies are occurring on a daily basis.300 employees and offices in 39 cities across 24 countries on five major continents. Lazard has also advised the United Auto Workers in VEBA (Voluntary Employee Beneficiary Association) restructurings with General Motors. Unification took place in 2000 when the three Houses merged.The Vault Guide to the Top 50 Banking Employers.” Visit Vault at www. and advising InBev on its $52 billion acquisition of Anheuser-Busch. career message boards. expert advice. 1 in restructuring Euromoney magazine named Lazard the Best Global Corporate Restructuring House for 2009. Lazard’s principal executive offices are in New York. sovereign funds and major corporations. investment banking. but it also offers fixed income and alternative investments. the Vault Job Board and more. noting that the firm “boasts the industry’s largest and most experienced team of restructuring professionals [and has] taken leading roles in the most significant restructurings in recent years.125 cents per share. David-Weill became manager of the firm’s executive for insider company profiles.1 million. London and Paris. developing their own specialties and client lists. the largest cash deal in history.000.vault.

Nationwide Financial Services’ $2. National Steel and Diamond Brands. 2010 Edition Lazard Ltd July 2009: On the Edgewater Lazard acquired the management vehicles of private equity and growth investor The Edgewater Funds. A few of Lazard’s larger deals during the year included Mitsubishi UFJ Financial Group’s $6. 64 © 2009 Vault. the firm ranked No. reducing headcount to 2.05 billion bid for an interest in Morgan Stanley. including the bankruptcy of Lehman Brothers. February 2009: That’s fine. March 2009: New M&A chief Lazard appointed Antonio Weiss to its newly established post as global head of mergers and acquisitions. has built a knowledge base across a wide swath of industry sectors. Lazard ranked No. versus the $322. including InBev on its acquisition of Anheuser-Busch and KKR Private Equity Investors in its sale to Kohlberg Kravis Roberts. For U. they weren’t too bad when compared to those posted by many of its competitors.05 billion it reported for 2007. Lazard will offer services such as tax planning and investment management advice. The new venture will be based in New York and headed up by Thaddeus Shelly. Pohl will help advise on large restructuring deals. One week prior to the announcement of its 2008 results. Slate.The Vault Guide to the Top 50 Banking Employers. Under the new Inc. Meagher & Flom’s restructuring unit. redeemable in March 2011) and his salary was $4.000. In 2007. December 2008: Still in the game According to Thomson Reuters. Shelley founded and led Legg Mason’s private client services unit. Pohl advised on a number of bankruptcies.8 million in net income it booked for the first quarter 2008.S. Arps. 12. . moving up one spot from the previous year but losing 19. Lazard revealed that it had cut approximately 10 percent of its staff.9 million in net income in 2008.7 million it made the year before. a significant fall versus the $7. The funds historically bought majority and minority stakes in North American companies with annual sales of between $20 million and $500 million. December 2008: From law to banking Lazard hired Timothy R. since Lazard isn’t a broker dealer. announced M&A deals.9 percent in total deal volume (a drop that was better than that of the industry’s overall. Revenue also decreased for the quarter. and for European announced M&A deals.41 billion sale to Nationwide Mutual Insurance and InBev’s monstrous $52 billion acquisition of Anheuser-Busch (on which Lazard served as InBev’s lead financial advisor). Weiss has advised a number of clients in Europe.8 million). which together manage about $700 million in capital. dropping 19 percent to $248. The Chicago-based firm has two funds. and a decrease in merger and acquisition activity—was much lower than analysts had anticipated (analysts surveyed by Bloomberg expected Lazard to post a 31-cent-per-share gain). who co-headed prestigious law firm Skadden.4 million.6 percent versus 2007). it won’t be actively trading client funds. April 2009: An unforeseen loss Lazard posted a $53. However. Lazard dropped one spot to No.68 billion in operating revenue versus the $2. It booked $205. worldwide M&A deals decreased 29. Prior to his stint at Bessemer. 11 in worldwide announced M&A deals for 2008.” February 2009: Dealing well with the financial crisis Though Lazard’s financial results were down considerably versus 2007. 10. including VeraSun Energy. keep the bonus On the heels of several announcements from industry executives turning down their annual bonuses amid public criticism during the financial crisis. cross-border and multi-dimensional transactions. Lazard’s chief executive Bruce Wasserstein also requested that the board of directors not give him a bonus for 2008 on top of his base salary of $900. Pohl.200. The deal created a Chicago-based private equity business for Lazard. and has led Lazard teams on many of our most complex. For 2008. Wasserstein’s bonus was $36. the largest in history. The 26-cent-per-share loss—attributed to layoff costs.5 million loss for the first quarter of the year.2 million (in stock. At Lazard. who came to Lazard from money manager Bessemer Trust. June 2009: Lazard’s newest venture Lazard announced that it would be developing a private wealth management subsidiary. Lazard CEO Bruce Wasserstein said Weiss “has proven to have a keen understanding of international cultures. In his old role at Skadden. Lazard booked $1. a fourplace jump versus 2007.

“People don’t go out with co-workers as much as at other places. “I did typical first-year analyst work and was paid the same rate as a first-year [full-time] analyst. students who don’t have top marks need not apply. “How many hours are in a week?” and “What would you say if I told you that you’d be working on average almost 120 of them?” (The answers are “168” and “sounds good.” Even so. 2010 Edition Lazard Ltd GETTING HIRED Only top-shelf. about culture. candidates should expect to “meet approximately eight to 10 people. expert resume reviews. nonhierarchical environment” Lazard limits its recruiting efforts to a select group of top-tier colleges.” OUR SURVEY SAYS Smells like team spirit Insiders describe Lazard as a “hardworking” bank with “team spirit.S. and one Lazard intern-turned-full-time employee says during that program. You go in there. Best foot forward Be sure you have your GPA in top shape before applying to the firm.” According to one insider. Chicago.” explains one former insider. the University of Virginia or Duke. Columbia. career message boards.” He adds. “Lazard offered a $70. It’s mainly a Northeast crowd. expert advice. “At Lazard. or to tell us about a group project.” The contact adds. where recruits will meet with five to six bankers for 30 minutes each. Lazard “doesn’t 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 firms. it “doesn’t have as much of a frat guy culture as other firms. University of Virginia and University of Michigan. I don’t believe that undergrads should know all sorts of technical stuff.” After those initial on-campus interviews. but I guess they figure they spend enough time with each other at the office.” The contact does say that his “interview was a bit more technical” than others. For undergrads. “My interview was very straightforward. Wharton. Otherwise.” Fit in At a prestigious bank like Lazard. the Vault Job Board and more. saying. this list includes Harvard. and we’re coming back on such-and-such date to do on-campus interviews. “Lazard believes you can teach all that technical stuff to bright people. In other words.” That said. long recognized for record remuneration. they want to hear that you are willing to work ridiculously hard and that you have the ability to hit the ground running. another source describes the firm as “kind of like Goldman.” One Lazard source who has conducted several interviews agrees. to tell us what they’ve been taught. Lazard isn’t only looking for students from the best schools. Another adds. Lazard’s full-time analyst and associate recruiting process is pretty standard. it was very easy to talk to and get offers from all the other investment banks.” but “during the last few years compensation has been all over the place.The Vault Guide to the Top 50 Banking Employers. We might. So we give [recruits] a chance to talk.” However. We’re not going to ask technical questions to a history major at Brown. “maybe that was because I have a finance background. universities and business schools. as well as the University of Illinois.” Another comments. please Walk into what the firm calls an “entrepreneurial.” Up from the Street—a little Lazard.” A recent candidate says. with a club to go with it. say insiders. but also from the physical layout of the place. says a contact.” explains a contact. “Interviews are relaxed. expect a few questions to include some numbers such as. it’s also interested in those schools’ crème de la crème. Wharton and other Ivy League schools. “It has a more professional atmosphere—it’s really quiet.vault. but admits. you might expect interviews to include some tough technical questions.” A recruiting schedule for investment banking and contact information for other departments are available at the firm’s web site. may not be so far ahead of the pack any longer. in mostly one-on-one interviews. “We go to campuses and give a presentation. “Salary used to be way above market but in recent years has been at market or only marginally higher.” Even after working hours. “I found the interview process to be quite informal. “Interviews are fair. Says one insider. We say this is who we are. Stanford and Berkeley. Sources say that “there’s a very strong representation of Wharton and Princeton at all levels” inside the firm. “Generally. “It’s not because people are mean or snobbish. ask where they think they’ve learned analytical skills.” remarks a source. which are usually for insider company profiles. Yale. Lazard “brings back a select group for a Super Saturday in its offices. “It’s a little too touchy-feely and very politically correct. at most four analysts sit together in a pod.” 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 firm. but this isn’t the case. After that.000 Visit Vault at www. I don’t think these guys want to hear B. the firm has a less fraternal atmosphere than other banks.” says one insider. “Most Lazard people are from the Ivy League.” Sources say this low-key vibe results not only from the mentality of the firm’s senior bankers. First. Lazard sends MBA recruiters to a similarly elite pool of universities and colleges—Harvard.” That contact adds that the interview with her future boss was “completely fit-based—no technical questions. Lazard is known for paying better than the Street. though.” All in. 65 . get your work done and get out of there. People aren’t hanging out and [messing] around as much as they do at other places.”) The firm does offer summer internships.

A former summer intern says that no matter what your paycheck looks like.” One analyst has a different spin on life at Lazard.” Training receives good marks as well. people tend to work harder than they do elsewhere. “you will work your butt off. and $25 dinner allowances. Also. . Lazard may be the firm for you.” The personal touch If you like feeling like a face and not a 120-hour weeks—more than anybody else I knew on the Street—and only had about five days completely off the whole summer. where they have an in-house model.” There are trade-offs. “Partners know you work hard.” says a former Inc.” In other words. “They bring in all kinds of professors from different schools to teach business skills. “If you can come to terms with [the long hours]. As a result.” In terms of preparing new hires. unlike peers at bulge bracket firms. and it doesn’t provide research. “The firm is good about handling all the little stuff.” That said.” On a more positive note. etc. the contact did get to “work on one of the top-10 biggest deals ever.” says a source. “They expect you to come in running and get the numbers right. and there is no experience that will open more doors for you down the road. there is no better summer opportunity in the world.” Playing it safe Lazard is a “much safer place to work as far as cuts go. I did roughly 80. “While Lazard didn’t soar the way some of its competitors did during the bull market. during the Internet boom. today its pure advisory model is winning a ton of business. Other banks were cashing in.” One source says other perks include “free transportation home after 8 p. so it is common for them to say that they don’t want to waste your time coming to pick up a book from their office and that you should send your secretary.” and had the “experience of dealing directly with partners. “And bankers teach you Lazard-specific stuff such as building merger models and leading a restructuring. Something you won’t get everywhere else is “personal attention—the admin person knows who you are.” The contact adds. “Lazard expects more [than other banks] from an analyst in terms of getting work done accurately. For the time Lazard analysts put in. And you don’t get lost like you might at Citigroup or Merrill. the contact adds. insider trading and underwriting problems.” 66 © 2009 Vault. “You will learn how to build models from a blank Excel screen. some would argue that “they pay employees relatively poorly. absent of conflicts that other banks have: it doesn’t underwrite securities.” However. “on-the-job training” is tougher.” says a Lazard contact. we weren’t as flexible. “It can absorb more pain because it doesn’t have massive overhead. accounting.” That’s because Lazard is an advisory and asset management firm.” unlike” at most firms. “Other places are out of favor because of their research. “Partners will give you more responsibility than you can get elsewhere. and some analysts function as associates or VPs in their second year. 2010 Edition Lazard Ltd signing bonus for me to jump ship. the source says that while the initial program “is similar to other banks’ classroom training.” Another positive spin on the long hours is that analysts at Lazard. You don’t get nickel-and-dimed like you might at big firms.m.” He adds. describing the environment as “tough” and saying managers “can be arrogant. says one source. but they’ll likely care less about you as a person elsewhere. “A few years ago. Lazard is “in a good position.” regularly putting in 100-hour weeks. The firm’s formal six-week analyst training program is “very good.” says one former staffer.” explains an analyst in M&A.” But the cash may be a trade-off.The Vault Guide to the Top 50 Banking Employers. don’t have to worry about face time. “Because Lazard has less people.” According to a current analyst.

PRESTIGE RANKING 6 GREENHILL & CO..87 million 2008 Net Income: $48. Niehaus CEO: Scott L. Borrows 2008 Revenue: $221. designer coffee and snacks” THE STATS Employer Type: Public Company Ticker Symbol: GHL (NYSE) Chairman: Robert What insiders at other firms are saying • • • • “Rising star” “Too dependent on Bob Greenhill” “Blue-chip boutique. KEY COMPETITORS Goldman Sachs Houlihan Lokey Morgan Stanley 300 Park Avenue New York. NY 10022 Phone: (212) 389-1500 www. of Employees: 234 No.greenhill. Bok & Simon DEPARTMENTS Merchant Banking Mergers & Acquisitions Restructuring UPPERS • “No face time” • Greenhill “provides cereal for breakfast.98 million No. free sodas and beverages. intelligent. talented. INC. of Offices: 8 DOWNERS • “Earnings potential is very low in this firm” • “There are still not many women working here” EMPLOYMENT CONTACT “Careers” at www. growing” “Lost some of its luster” THE BUZZ 67 .greenhill.

5 million the firm reported for 2007. Greenhill handed the reins to new co-CEOs Scott Bok and Simon Borrows. Japanese buyouts of overseas firms rose to a record $75 billion in 2007. expanding its global and national mandates. Toronto. April 2009: Earnings slide Greenhill & Co.” and to be sure. where he was a managing director. CNBC’s Guy Adami named Greenhill among the boutique investment banks that are the new “winners” of Wall Street. its fund placement advisory group. Liu. Expansion in ‘08 Although 2008 was a year in which most financial firms contracted. booked $61.8 million in revenue and $13. January 2009: Tough year for everyone Greenhill & Co. beginning in January with its San Francisco outpost directed by Andrew K. He led the company for 11 years before stepping down from as CEO in October 2007. bringing its total number of MDs to 49. Inc. THE SCOOP Open Book In 1996. Greenhill. It also named Richard J. He replaced John D. who focused on industrial clients at Lehman. Robert F. staffed entirely with former Lehman Brothers employees. trading or lending divisions to distract from its advisory work. It has no research. At Greenhill. IN THE NEWS March 2009: New group and new faces Greenhill & Co. it follows a model quite unlike the structure of its behemoth competitors. The decreases were due to dry deal markets as a result of the worldwide financial crisis. Greenhill also opened three new offices in 2008. will join Greenhill as managing directors.” Bok admitted. the firm writes a detailed memo that explains each managing director’s bonus. In November. London. did the opposite. . 68 © 2009 Vault. Greenhill calls itself “a unique investment firm. down considerably from the $400. were brought in with the intention of bolstering Greenhill’s business in the Midwest. and has since remained chairman of the firm. Prior to joining the firm.9 million in revenue and $49 million in net income for 2008. Greenhill & Co. announced that it planned to develop its presence in the restructuring sector by starting up a financing advisory and restructuring group. who left the join one of the firm’s (unspecified) clients.The Vault Guide to the Top 50 Banking Employers. Many of these MDs are former Morgan Stanley bankers who knew Greenhill during his 30-year tenure there. Instead. and every MD receives a copy of the memo.4 million and net income of $19. Ken Goldsborough from GE Capital and Andrew Kramer from UBS’ restructuring unit. in 2008. Greenhill President Scott Bok told the press that there’s no heated whispering about year-end bonuses at Greenhill. bolstered by the strengthening yen. In January 2007. Greenhill hired three senior bankers from Lehman to open a Chicago office. Lieb has been with Greenhill since 2005. So it’s no surprise that. Lieb spent 20 years in the real estate investment banking group at Goldman Sachs. The firm is headquartered in New York.7 million in net income for the first quarter 2009. former head of Smith Barney and former president of Morgan Stanley. “It’s a strange policy. with offices in Dallas.. 2010 Edition Greenhill & Co. The numbers were down versus the same period a year earlier when the firm reported revenue of $75. Frankfurt. Tokyo and Chicago. following the demise of Lehman and Merrill Lynch. the firm seeks to avoid conflicts of interest. Lieb its new CFO. All Inc. along with appointing two new senior bankers. in an effort to capture part of the still-bubbling Japanese acquisitions market. Greenhill’s second rule is focus.” Scott Book told the now-defunct New York Sun in May 2008. Greenhill opened its Tokyo office in October 2008. “But it works. struck out on his own and founded an eponymous boutique firm. San Francisco. Woeber. “We’ve interviewed more managing director candidates in the past eight weeks than at any other time in the firm’s history.2 million. Greenhill added 14 managing directors to its roster. Thanks to the firm’s tiny size.4 million and $178.” Greenhill went public in 2004 but remains closely held by its managing directors. the managing directors. Woeber joined the firm from Morgan Stanley. independence is the guiding philosophy—because it is not part of a larger financial institution. The bankers. it can also afford more transparency than most on Wall Street. It scooped up talent from ailing rival banks and even launched a new department. booked $221.

” which means formal attire. which plans to buy stakes in U. expert advice. “You get a $25 meal allowance and a free car service or taxi if you work late. plus a little more. designer coffee and snacks. The full-time analyst program typically lasts two it’s “banker blues and grays only. the firm seeks out those with “strong academic backgrounds and analytical abilities” who have “communication skills. 15 in 2007.” Another contact notes that you Visit Vault at www. raised $400 million in an initial public offering. Neil Banta. The Royal Bank of Scotland Group and Santander Central Hispano’s $99.” Individuals interested in working for Greenhill can enter the firm as an analyst (full time or summer). 69 .” May 2008: Ex-Lehman bankers join Greenhill Greenhill launched a fund placement advisory group for raising capital for private equity funds. the firm seems to provide all the basics. expert resume reviews. “Hours fluctuate widely due to the small size of the firm—when you’re working on something important.The Vault Guide to the Top 50 Banking Employers. Highlights from 2008 included working on health care company Roche Holding’s $43. Lateral hires can apply at any time. the firm does go casual on Fridays. Dave Brown. associate or lateral hire. according to Thomson Reuters.6 billion. Scott Bok. Greenhill. December 2008: Decline in M&A. a special-purpose company (also called a SPAC or “blank check company”). where appropriate. GETTING HIRED Sharp skills Generally.. and limited stock options were allocated when the firm went public.000 shares owned by its managing directors.” He adds. And the company provides cereal for breakfast. 23 from No. And standout third-year analysts may be offered an associate position.-based Lonmin plc. he says. “Earnings potential is very low in this firm unless you’re a partner or managing director.250. but still strong The decline of M&A made a dent in Greenhill’s rankings for worldwide announced M&A deal volume. the further expansion of its advisory business by industry and location.1 billion acquisition of ABN Amro. announced M&A deal volume. Overall. as the firm fell to No. for merchant banking investments and for general corporate purposes. One source says. Greenhill stipulated that it will use the proceeds “to provide financial flexibility to pursue. Greenhill held steady at No. Greenhill offers a unique opportunity to work across the firm’s three groups— mergers and acquisitions. Explains one associate in New York.” Another contact adds that there’s “equity participation for officers. For analysts and associates.’ You only stay if you’re busy. Greenhill didn’t advise on as many deals in 2008 as it did in 2007. The other members of the group— Patrick S.7 billion pre-conditional offer from Swiss-based Xsastra. you may be in for some sticker shock when it comes to compensation. has a 20 percent interest in the firm. you work very hard.5 billion from $45. and should send their cover letters and resumes to the appropriate office’s e-mail address (for New York: nylateralhire@greenhill. Though. was named head of Greenhill’s new fund-raising department. the $17. Greenhill’s co-chief executive. but when you’re not.7 billion (compared to the $194. the Vault Job Board and more. is GHL’s chairman and CEO.3 billion worth of deals it advised on in 2007).com for insider company profiles. and the $10.” As far as perks. actually boosting its overall deal volume to $61. which receives average marks from insiders. hours can be light. November 2008: To infinity and beyond Greenhill closed out 2008 with a common stock offering. “There’s a gym at the office that’s stocked with workout clothes—all you need to bring is sneakers.000 new shares of common stock and 2.” and an associate points out that the “modern” New York office has a “new floor” and “nice chairs and desks. for U.7 billion merger of Northwest and Delta Air Lines Airlines. private equity investing and corporate restructuring.vault. a global diversified mining company.” The contact adds those options “vest over a five-year period. free sodas and beverages.S. while candidates for summer positions usually meet with the company in February and March.7 billion acquisition of the publicly held interest of biotechnology firm Genentech.S. career message boards. OUR SURVEY SAYS So-so salaries If you’re not in the higher ranks of the firm. Inc. to purchase the U. In a press release. February 2008: $400 million blank check The Greenhill-founded GHL Acquisition Corp. Interviews for the full-time analyst and associate positions typically take place during the fall.” As far as dress code.” Additionally. and European growth companies through GHL.K. the firm worked on 23 deals during 2008 worth a total of $70.. However. 2010 Edition Greenhill & Co. Meghan Kelly—also came from Lehman. and certainly none came close to Fortis. 17 in 2008.250. leadership ability and teamwork orientation. Dunleavy. who had been global head of private fund marketing group at Lehman Brothers. One insider is happy to report that there’s “no ‘face time. Kirsten. The firm issued 1. Christopher D. with strong performers offered the option to stay on for a third.

report working between 60 and 70 hours per week. rating the firm well below average in this area. work “fewer hours than [those at] bulge-bracket firms. though.” Most employees.The Vault Guide to the Top 50 Banking Inc. Inc. .” says one source. “There are still not many women working here. which usually includes one weekend office visit a month. Although there’s “not as much formal training [at Greenhill] as at bigger firms. Diversity hiring practices also receive below-average marks.” 70 © 2009 Vault.” Others. he notes that “there’s lots of on-the-job training. “but we’re very fair and ready to hire more. In addition. 2010 Edition Greenhill & Co..” says one young banker. from associate on up. aren’t as pleased with the firm’s training practices. it’s very adequate.

credit-suisse. Morgan Morgan Stanley UBS Investment Bank UPPERS • “Great deal flow” • “Treated with respect by superiors” DOWNERS • “Bureaucracy” • “A little light on the bonuses” What insiders at other firms are saying • • • • “Excellent all around. of Offices: 57* *Credit Suisse Group AG KEY COMPETITORS Deutsche Bank Goldman Sachs J.2 billion* 2008 Net Income: -CHF 8.PRESTIGE RANKING 7 CREDIT SUISSE’S INVESTMENT BANKING BUSINESS RANKING RECAP Quality of Life #5 – Compensation #5 – Training #6 – Best to Work For #7 – Culture #8 – Overall Satisfaction #9 – Business Outlook #9 – Green Initiatives #9 – Offices #9 – Selectivity #11 – Treatment by Managers #14 – Hours Diversity #4 – Diversity With Respect To Ethnic Minorities #6 – Best for Diversity #6 – Diversity With Respect To Gays and Lesbians #12 – Diversity With Respect To Women 11 Madison Avenue New York. of Employees: 46. Credit Suisse Group: Brady Dougan CEO.P.700* No. NY 10010-3629 Phone: (212) 325-2000 Fax: (212) 325-6665 www.2 billion* great name. Investment Banking: Paul Calello 2008 Net Revenue: CHF 71 .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. strong bank” “Past its prime” “Strong performance in a tough market” “Future in North America remains unclear” THE BUZZ EMPLOYMENT CONTACT www.

and alternative investments such as real estate. the firm said all of its divisions had been profitable so far in 2009. representing about 11 percent of its workforce. Callan’s time away from her new job heading up a unit that advises hedge funds came approximately five months after she joined the company. the firm annoucned it would cut another 5. came in at $8. Switzerland in 1905. The firm cited weak trading and restructuring charges as reasons for its deep loss. fixed income. across Europe and internationally.2 billion for the quarter. 2010 Edition Credit Suisse’s Investment Banking Business THE SCOOP International player The three core business divisions of the Zurich-based Credit Suisse Group are investment banking. dropping the First Boston affiliation. As almost every big investment bank was forced to do in late 2007 and early 2008. February 2009: An unenviable record Credit Suisse posted a net loss for the fourth quarter 2008 of $5. As World War II raged in Europe. created in response to the numerous client requests for help with such issues. Credit Suisse’s history dates back to the mid-19th century when Alfred Escher founded Schweizerische Kreditanstalt (that’s Swiss-German for Swiss Credit Institution). Credit Suisse began handing out some pink slips due to the subprime mortgage meltdown. February 2009: Callan takes some time off Lehman Brothers ex-CFO Erin Callan took a personal leave of absence from her new position at Credit Suisse.1 billion. Credit Suisse formed a debt advisory and restructuring group to provide advice for corporate clients seeking counsel regarding debt and liability-related issues. CSFB was famously (along with Morgan Stanley) one of the principal underwriters of Google’s $23 billion IPO. 72 © 2009 Vault. once and for all.300 positions—about 11 percent of its total workers.7 billion. equity and debt capital markets. into three business units: Credit Suisse. Various mergers. In addition. In 2002. and Klaasmeyer serves as the co-head of the firm’s leveraged finance group in Europe. and merged banks ultimately became assimilated into the Credit Suisse identity. Credit Suisse. Within its global asset management business. an increase of 8. Though its results were mostly dismal for 2008. Credit Suisse opened its first international branch outside its home country in New York City in 1942. the group famously restructured into two streamlined business units: Credit Suisse Financial Services and Credit Suisse First Boston. The group’s private banking business—investment counselling and asset management to high-net-worth individuals—has a global footprint.2 percent from first quarter 2008. private banking and asset management.. acquisitions and alliances continued through the 1990s. A spokesman for the firm cited “market conditions and projected staffing levels required to meet client needs” as causes for the cuts. Credit Suisse Holding was established as the parent company of the group. meanwhile. A year after that. . Credit Suisse did not confirm how long of a temporary leave Callan will take. and said it would follow through on its promise to cut Inc. it was revealed that the firm would indeed have to cut about 500 investment banking positions. Drew is currently the co-head of Credit Suisse’s European global markets solutions group. becoming. all businesses under its umbrella have been collectively known as Credit Suisse. the firm confirmed. Since the group rebranded to create an “integrated bank” in 2006. Credit Suisse began its “cooperation” with The First Boston Corporation in the U. Despite the cuts. multiple-asset class products. up from $2. the firm offers a wide range of products. January 2009: Joining the restructuring game On the heels of similar moves by competitors Goldman Sachs and Morgan Stanley.2 billion and a record full-year loss of $7.5 billion. private placements and leveraged finance services—is one of the world’s leading investment banks. In 2006. In 1978. In January 2008. Credit Suisse weathered the worldwide financial crisis very well and was relatively unscathed compared to many of its competitors. in 2004. The bank was helped by a boom in fixed-income trading. Credit Suisse First Boston (CSFB) and Winterthur (a Swiss insurance firm that it divested in 2006 to AXA). will be headed up by Marisa Drew and Craig Klaasmeyer. Two years later. at the close of 2008. acquiring a controlling stake in the firm 10 years later (after which the bank was renamed to Credit Suisse First Boston).The Vault Guide to the Top 50 Banking Employers. The bank opened its first branch in Basel. IN THE NEWS April 2009: Surpassing estimates Credit Suisse posted first quarter 2009 net income of $1. Credit Suisse’s investment banking business—encompassing M&A advisory. The new unit. For the next three decades. including equities.S. and the firm is touted as being one of the world’s largest private banking organizations. private equity and hedge funds. Also in 2004. Credit Suisse rebranded and shifted its structure (again) to an “integrated bank” model. the bank grew within Switzerland. after a rumour surfaced from inside Credit Suisse that approximately 20 percent of the firm’s fixed income group received pink slips.300 investment banking positinos. Revenue. the group restructured again.

a unit of the Qatar Investment Authority. the unit’s global rates. the Vault Job Board and more. electronic trading and prime services divisions experienced strong results. in worldwide announced M&A deals for 2008. Additionally.S. including wealth managemen. Credit Suisse Group was hit with a net loss of CHF 1. The deal included portions of Credit Suisse asset management divisions in the U. Credit Suisse also reported strong results in its other businesses. 8 from No.26 billion. December 2008: Spinning the deep cuts Credit Suisse announced that it would cut another 5.8 billion while gaining 4.5 billion. The securities will be put into a partner asset facility and workers will be given shares in it. expert advice. rising four spots to No. announced M&A transactions. Europe and Asia.7 million.K.The Vault Guide to the Top 50 Banking Employers. expert resume reviews. In U. taking a pre-tax loss of CHF 3. In global debt underwriting.1 billion) was 48 percent lower versus what the firm reported for the third quarter 2007. the publication ranked the bank first in several other categories.300 positions—or about 11 percent of its employees—mostly in its investment banking unit. October 2008: Crunched In the infamous third quarter 2008 (made infamous by the collapse of Lehman Brothers in September 2008). If the securities weaken in value. working on 47 deals worth $25. the largest independent investment management firm in Scotland. Equity Portfolio Management and Fixed Income Portfolio Management. IPOs. 7.S. and Credit Suisse was pleased with the results of its new “integrated bank” for insider company profiles. Lee) in the leveraged buyout of Clear Channel Communications. banks.3 percent.7 billion in financial backing from a “group of major global investors” that included Qatar Holding LLC. career message boards. December 2008: Decent year on the tables According to Thomson Reuters. December 2008: A bonus that’s no fruitcake Credit Suisse hit upon a novel idea to lessen its loss risk: using $5 billion from extremely illiquid securities such as leveraged loans and mortgagebacked debt (the type largely attributed for beginning the financial crisis) to pay its managing directors’ and directors’ annual bonuses. and the Industrial Deal of the Year award for advising Ingersoll Rand on its merger with Trane. The investment banking arm (like those of its peers) was hardest hit.2 billion. 9 from No. Structured Products. Euromoney ranked Credit Suisse as the Best Foreign Bank in the U. through which the group earned CHF 1. Credit Suisse rose three spots to No. Credit Suisse transferred about $71 billion in its managed assets to Aberdeen. Credit Suisse jumped four spots to No. 7. Real Estate Investment. The group’s core net revenue for the quarter (CHF 3. bonuses will be affected first. The group’s private banking division had net new assets of a whopping CHF 14. working on just eight deals worth $758. Visit Vault at www. 2. down two spots and losing 30. December 2008: Asset management sale Credit Suisse agreed to sell a part of its asset management unit to Aberdeen Asset Management for a $360 million stake (about 25 percent) in the British company and a seat on its board. Credit Suisse held on to its No.K. advising on 574 deals worth $183. foreign exchange. even though its total deal volume was down 28. October 2008: A boost from Qatar and Scotland Credit Suisse raised $8. 8. In European announced M&A deals. 3 in the previous year. falling to No. Also in early 2009. and Nordic Region.4 percent in market share.3 percent in deal volume versus 2007. In addition..5 billion in revenue from cross-divisional business activities. and gave the firm the Domestic Deal of the Year award for the recapitalization of U. 10 the previous year. In U. 6.5 billion.K. Credit Suisse also took a tumble. and having the Best Private Banking Services Overall in Switzerland. 73 . Credit Suisse placed No.vault. the firm dipped to No. however. As part of the deal. working on 162 deals worth a total of $340 billion. 2010 Edition Credit Suisse’s Investment Banking Business January 2009: No trophy case big enough Acquisitions Monthly named Credit Suisse M&A Advisor of the Year for both the U. 3 in global high-yield debt underwriting. working on 20 deals worth $4 billion. and Swiss corporate and retail banking businesses. In global initial public offerings. The firm also had a good year in global mortgage-backed securities underwriting. up from No. 7 ranking for the second consecutive year. However. Investment Dealers’ Digest gave Credit Suisse two big awards: the Private Equity Deal of the Year award for its work advising the bidders (Bain and Thomas H. including Range of Investment Products. the firm placed No.S.

one employee feels that the high number of incoming employees each year thins the talent. the firm “takes very good care of its summers. in China. three weaknesses” and his “thoughts on the market process.” “There is a weekend trip to the Hampton’s—golf. supportive.5 billion in securities-related losses. the Swiss bank announced that it was seeking to partner with Founder Securities in order to get a foothold on securities underwriting and wealth management. We have people from a wide 74 © 2009 Vault. half-hour interviews with one or two bankers in each interview. GETTING HIRED Top talent only Credit Suisse is “very selective in its hiring.” Many current employees who completed internships with the company had very positive experiences. you “need to show strong technical skills as each interview includes some type of technical question. and one source reports that it is “difficult to get an interview if your MBA program is not on the target list.” Candidates should “be ready to answer any kind of question. in January 2008.” There is a list of core schools that the firm recruits from. The new cuts added to the 1. among other sectors. candidates go through two rounds of interviews.” There are also side perks. Analysts pointed to the difficulty banks have had downsizing their costs in light of the shaky market as reason for the layoffs. and at least know the basics of finance.” An insider says that the company “looks for strong candidates with a balance between academics and participation in organizations on their campus.” a current employee says. Technically inclined The core schools where Credit Suisse recruits are the “top-tier undergraduate and top-seven MBA” institutions.” During the final round. One source says that the “internship served as a 10-week interview and really gave me the opportunity to display my full potential. The announcement followed on the heels of chief rival UBS’s acquisition of Beijing Securities. A week earlier.” One contact remembers being “asked [to give] three strengths. team-oriented. Though candidates from top schools are screened very thoroughly. the works—and an evening when they book Shake-Shack. .” A current employee says.” Inc.” There is “generally an open-door policy with senior bankers. The recruiting process begins on campus with informal conversations to get to know candidates. well rounded experience.” and that the “sky is the limit if you are competent and able to take on the responsibility of a full-time analyst.” Another current employees recalls example questions such as “Express 1/8 as a percentage. If selected.565 positions the bank had already eliminated in the past year.” Another says that the internship was a “great. 2010 Edition Credit Suisse’s Investment Banking Business October 2008: Additional reductions Credit Suisse confirmed it would purge 500 jobs from its securities group and from some support roles. Credit Suisse announced $1. saying.” and “If a clock reads 3:15. “The firm is very supportive in terms of career development for their junior bankers with MBA prep and ambassador programs where Credit Suisse will pay for your MBA. beach BBQ. We have a truly global workforce in our New York office.” The work and pay of most internships are “equivalent to those of a full-time associate.” Candidates from non-core schools can expect to go through an “exhaustive vetting process. According to one source.” One source speaks highly of the firm’s diverse atmosphere. The firm also assigns eight to 10 associates as junior mentors to help the interns throughout the summer. June 2008: Chinese connection Credit Suisse partnered with another powerful nation after regulatory agencies approved a joint venture it had proposed with the Chinese brokerage firm Founder Securities. which includes six to eight.” among many other events. One source says the questions during his “45-minute” interview were “70 percent behavioral and 30 percent technical. diverse and global. OUR SURVEY SAYS “United Nations of banking” The general consensus is that the atmosphere at Credit Suisse is “very collegial.” Potential employees “must display sound quantitative aptitude with a good understanding of valuation techniques” in order to be considered. what’s the angle between the hour hand and the minute hand?” More general questions include “How do you compare us to other firms?” and “How are you making your decision?” Internships a must A summer internship is an almost guarantee for future employment at Credit Suisse as “all summer interns are expected to get an offer. “I like to call our firm the United Nations of banking. The first round includes “two-on-one” interviews on campus.The Vault Guide to the Top 50 Banking Employers.” The internship gave “very realistic exposure to what a full-time associate would face. “it is very difficult to get a full-time offer after school without having done an internship. valuation and accounting.” This round is followed by a final-round. Previously.

In order to cut costs. life can be more manageable. external law firms and other education consultants.000 for analysts and $95. In between these situations. employees also “get to wear jeans during August” if they give a charitable contribution. many report that hours become more tolerable as one accumulates seniority.” And the majority of employees say they would not take a pay cut in exchange for fewer hours.S.” Bonus packages Salaries at Credit Suisse start at about $60.” One employee says that the “firm did a good job paying the younger people despite the horrible macro” conditions. one source says that the firm has installed “new faucets that use less water. with more normal hours and weekends off.” An employee in New York reports that there are perks in the Big Apple as well.” says one insider.vault. work on group projects. “Associates and higher title levels get paid 20 percent of annual bonus in stock. I put in about 80 hours per week.The Vault Guide to the Top 50 Banking Employers.” The cultural diversity leads to the firm being a “little less aggressive and merit-based. which vests evenly over three years.” However.” An associate reports that the “training was exceptional. and you often hear a wide variety of languages being spoken in your work area. And as a third year.” “approachable” and “not your stereotypical bankers. and adds that Credit Suisse “has not accepted any federal assistance (Swiss or U. in 2009.” The bar is kept high due to a policy in which “there is low tolerance for managers who create work for no reason or who are unappreciative of their juniors’ time.” Luckily. another contact warns that “you must be proactive about developing relationships with senior team members. expert resume reviews.” Current employees also report that “NYC offices are much less luxurious than the regional offices.” The New York office is also “in a prime location in Gramercy. Be proactive The managers at Credit Suisse are described by their subordinates as “phenomenal. cafes and traders’ pantry on the trading floors. According to one employee. “I am encouraged to learn as much as possible. almost all employees agree that “not a lot of hours are wasted waiting on others or putting in face time.” an analyst explains. 75 . the world Though the outside of Credit Suisse’s headquarters in New York is “impressive” and the lobby inside is “one of the most beautiful in the city.” In some offices. As a second year.” However.” “Given the current market circumstances those of us that outperformed were paid higher than the previous year.” a place where “many senior execs have made their career.” and “people typically wear suits for client meetings. I worked an average of 100 hours per week. “Dress code is a little less strict on the West Coast due to casual attire of clients. Credit Suisse has the “top training program on Wall for insider company profiles. Ebb and flow Hours at the entry level can be brutal at Credit Suisse. contribute to our team’s projects and bring new ideas to the table. Every now and then you get a break of a couple of weeks.” Another adds.” the building is “otherwise pretty standard. “bonuses for first-year analysts were severely impacted by the economy and the market losses. expert advice.” These sessions are “often run by managing directors.) and is on track for a relatively stable year. However. 2010 Edition Credit Suisse’s Investment Banking Business variety of countries. the hours are very manageable. explaining that “during your first couple of years you should expect to spend over 100 hours per week for many weeks in a row.” An equity research analyst reports that “we work long hours during earnings time.” An analyst in M&A explains that “banking is generally ebb and flow. you will find yourself in the office at all hours.” One source reports that “managers are often walking the trading floor and know many junior people quite well. They have high expectations but treat people fairly. there are “numerous ongoing training opportunities to further career development. the Vault Job Board and more.” After the initial formal training. though.000 for associates.” “Some groups also have continuing education throughout the year to teach more advanced topics to junior and mid-level bankers. but aside from that. One employee estimates. I worked about 90 hours per week.” The dress code is “business casual all the time.” Another employee backs this up. “Managers don’t play favorites. Visit Vault at www. and also offer free drinks and coffee. One contact says.” One analyst says. If you are on a fast-paced live deal.” “San Francisco and Mexico City are much better. career message boards. all the time.” Though many employees are unaware of any specific updates Credit Suisse has made to improve its environmental footprint.” New York vs.” and “everything possible gets recycled.” Others note that “lights turn off when nobody is around. Credit Suisse has cut back on office perks and downsized its work force in the last year.” and he “felt like Credit Suisse invested a lot of time into making sure that we were exposed to as much as possible both before our summer internship and before the full-time program. citing “the cafeteria and other on-site services like dry cleaning. “As a first year.” Training is tops According to current employees. which is much more alive than Wall Street and more gentrified than Times Square.

” Sunny outlook Going forward.” while another adds that “there are lots of programs for women. One associate says that “relative to Wall Street.” Another has more specific predictions.” says one employee.” noting that employees “are able to speak freely and present their opinions. she points out that “Credit Suisse has weathered the storm better than most of its competitors.” Another female associate reports that she “doesn’t see many female faces on the trading floor.” As far as racial diversity.” An openly gay employee gives the firm low marks with regards to outreach for the GLBT community. “Our leadership has been extremely thoughtful during these difficult times. one African American employee says that “Credit Suisse is very diverse with regard to minorities relative to other Wall Street firms.” but she admits that “we’ve got a long way to go here in finance. . “but that is not uncommon at any financial firm on Wall Street. Credit Suisse has many female bankers.” However.” 76 © 2009 Vault. insiders say that Credit Suisse is “a great place to work.” One employee notes that the firm has a “very strong women’s network. One source confesses.” Overall. but does says that “there are two openly gay people in the investment banking department.” Happy campers Credit Suisse has managed to keep its employees relatively satisfied throughout the rocky ride of the past few years.” one employee Inc. 2010 Edition Credit Suisse’s Investment Banking Business Women’s initiative Female employees give the company mixed reviews on its outreach towards them.” General complaints include the fact that “work/life balance could be better.” explaining that “the company has positioned itself to take significant market share from key competitors over the next couple of years.” Another source says that Credit Suisse “is extremely well positioned relative to its peers.” “The only reason I am dissatisfied is due to my bonus. Credit Suisse’s employees have mixed opinions about what will happen to the company and banking in general.The Vault Guide to the Top 50 Banking Employers. “and that is adequately reflected by our continued strong relationships with clients and positive presence in the press. believing that “the general business outlook is not very good in 2009. “We are in relatively good financial shape and should be able to take market share from competitors in the next year or two. “It’s almost impossible to see which direction this business is going.” One source sums up the situation.

of Offices: 9 DOWNERS • Hours can be “brutal” EMPLOYMENT CONTACT Under “contact us.PRESTIGE RANKING 8 EVERCORE PARTNERS KEY COMPETITORS Blackstone Group Goldman Sachs Morgan Stanley Greenhill & DEPARTMENTS Advisory Services Investment Management UPPERS • “Laid-back” atmosphere THE STATS Employer Type: Public Company Ticker Symbol: EVR (NYSE) Chairman: Roger C. Altman President & CEO: Ralph Schlosstein 2008 Revenue: $224.71 million No. of Employees: 335 No. ‘eat what you kill’ mentality” • “Winning many notable mandates. restructuring powerhouse” • “Quality firm. NY 10055 Phone: (212) 857-3100 Fax: (212) 857-3101 www.” see “careers” at www. high quality advisors” • “Dependent on Roger What insiders at other firms are saying • “Top ‘prestigious boutique’—intelligent. Lazard 55 East 52nd Street New York. but status as a public company may be challenging” THE BUZZ 77 .93 million 2008 Net Income: -$4.evercore.

Friedman. Pacha. insurance companies and families. which specializes in providing independent fiduciary services. trusts. Washington. individuals and related institutions. the U. (publisher of Shape. with an emphasis on large multinational corporations. and general financial Inc. which has approximately $12. focusing on client relationships and transactions. Mexico City. IN THE NEWS July 2009: Evercore taps Lehman veteran Evercore Partners hired former vice chairman of Barclay’s Capital and 28-year Lehman Brothers veteran. raising debt and equity financing. Evercore hopes fees from investment management will compensate for slowing advisory fee revenue given a shaky M&A deal market. Mark Burton. Evercore Asset Management and Protego Asesores. In addition. setting up HighView Investment Group. Its public debut was astonishing: Evercore’s revenue increased 47 percent in 2006 while net income rose 80 percent. Schlosstein previously worked for BlackRock. and special committee and fairness opinion assignments. It also recently established Evercore Trust Company. Evercore is hoping that the acquisition of the unit. and international investors. a unit of BofA’s wealth management division that provides services for companies’ employee benefit plans.. serving both public and private companies. it has approximately $12. expert testimony and fairness opinions. Evercore plans to house the unit under its newly formed Evercore Trust Company. .A. making strategic deals in Brazil. Houston. Corporate advisory services include mergers and acquisitions. Inc. London. a Mexican private equity joint venture with Discovery Capital Partners. It also has alliances in Japan. while Schlosstein focuses on managing the firm and growing the investment management side of its business. where he spent nearly two decades as president. who will open Evercore’s Houston office and lead its midstream energy practice. The restructuring advisory business works with debtors and creditors both in and out of court. Brazil and France. N. 2010 Edition Evercore Partners THE SCOOP Boutique on the rise Founded in 1996 by Blackstone veterans Roger Altman and Austin Beutner. divestitures and sale transactions. M&A advice.. investment banking boutique Evercore Partners went public in August 2006 with an $82.2 billion funded by U. Evercore has recently expanded its investing businesses with the launch of Evercore Wealth Management. April 2009: Picking up a piece of BofA Evercore agreed to acquire Bank of America’s special fiduciary services group. Boston.K.8 billion of assets under management. Evercore had previously hired ex-Merrill colleague George R.S. to employee benefit plans. who will work with Evercore as a shipping investment banking executive. Los Angeles. Burton has advised on huge deals such as Royal Bank of Scotland’s acquisition of ABN Amro and Golden West’s sale to Wachovia. Evercore operates from offices in New York.S. D. 78 © 2009 Vault.9 million initial public offering. its services include restructuring. foundations. Evercore’s private equity investing business manages over $1. will boost Evercore’s revenue. raising and structuring DIP (debtor-in-possession) and exit financing. and Robert A. Evercore devoted a fair amount of activity in 2008 to pumping up its investment management business. a Tennessee claims management outsourcer. were the most recent high-level departures from Merrill after its sale to Bank of America in late 2008.8 billion in assets under management. China. helping to grow BlackRock from a start-up into one of the world’s leading financial services firms (Schlosstein also co-founded BlackRock). Its advisory services include corporate advisory and restructuring advisory. and Monterrey.C. which provides customized investment and wealth management services to families. banks. Ackert in February 2009. and the U. Schlosstein had previously begun working in partnership with Evercore in 2008. endowments. Balkrishna Industries (a Mumbai-based tire manufacturer) and Sedgwick CMS. compensating for less advisory revenue given the slow M&A deal market. Cornerstones of Evercore’s private equity portfolios include American Media. San Francisco. Roger Altman will continue to serve as full-time chairman of Evercore. including investment management and fiduciary decision-making services.The Vault Guide to the Top 50 Banking Employers. including corporate and public pension funds. May 2009: Evercore gains a new CEO from BlackRock Evercore scored a major coup. Mark K. Fitness. hiring Ralph Schlosstein as its new president and CEO. This business is divided among two private equity funds (Evercore Capital Partners I and Evercore Partners II). Japan. the Evercore Ventures venture capital fund. and the National Enquirer). LLC. Schlosstein took over the role left vacant by the retirement of Evercore Co-Founder Austin Beutner. May 2009: Hiring two more from Merrill Evercore Partners hired one of Merrill Lynch’s chief advisors to transportation firms in New York and one of the former bank’s senior energy investment bankers in Houston.

Visit Vault at www. In response. 22 in Brazilian completed M&A deals). April 2008: Investment management expansion aplenty Evercore announced that the Mizuho Corporate Bank in Japan would invest $120 million in debts and warrants. At Bear. August 2008: Partnering up with G5 Evercore announced an agreement with G5 Advisors. a São Paulo-based investment banking boutique and investment management firm. Rockefeller Financial Services’ sale of a 37 percent stake to Société Générale’s private banking group and Centennial Communications’ $944 million sale to AT&T. Together. to jointly advise on cross-border transactions involving Brazilian companies. During his 27-year tenure at UBS. Trust Corporation. 2010 Edition Evercore Partners January 2009: UBS’s loss is Evercore’s gain Evercore Partners hired former UBS vice chairman Robert Gillespie as senior managing director of the company’s London division. Fabuss was previously vice chairman of global investment banking at Lehman. December 2008: Big-ticket deals Thomson Reuters ranked Evercore No. In 2008. Celentano as senior managing director. Time Warner. September 2008: Helping HighView Evercore pledged $150 million to help launch HighView Investment Group. Zale Corporation and Andersen Worldwide. expert advice. former chairman and CEO of U. Evercore CEO Roger Altman was named to the HighView board. headed by Jeff Maurer. 24 in worldwide announced M&A in 2008 (down three spots from 2007) and No. and assisted in merging banking groups the company had acquired. December 2008: Advising General Motors Evercore’s William Repko—a banker previously named to the Turnaround Management Association’s Restructuring Hall of Fame—was enlisted to advise General Motors on its bankruptcy talks. June 2008: Picking up a former Bear banker Evercore hired former head of Bear Stearns’ restructuring unit Daniel A. Trust. The partnership should increase Evercore’s M&A standing in Brazil (in 2008. Evercore and G5 will focus on M&A transactions between Brazilian companies and ones located outside South America. the Vault Job Board and more. The business will concentrate on high-net-worth clients with more than $5 million in assets.The Vault Guide to the Top 50 Banking Employers.S. November 2008: Breaking into wealth management Evercore launched Evercore Wealth Management.S. Repko isn’t the first Evercore employee to take on such a role. resigned as a result of medical procedures related to a bicycle accident. among others. Evercore president and co-CEO. Gillespie advised clients such as Prudential and Vodafone. his boss. but made no other managerial changes.vault. 79 . Schlosstein and Stone Point Capital. contributed to the bailout plan of Chrysler when he was assistant Treasury secretary in 1979. Beutner. As part of the deal. Thomson Reuters ranked Evercore No. announced M&A. was named EWM senior advisor. headed by BlackRock co-founder and former president Ralph Schlosstein. pledged funds totaling another $450 million. Evercore worked on several major M&A assignments. former vice chairman and CIO of U. career message boards. May 2008: Co-CEO resigns Austin M. Evercore named Roger Altman its sole CEO. Fred for insider company profiles. Asset manager HighView will seek to acquire minority interests in independent alternative asset managers with more than $2 billion in assets under management. expert resume reviews. 16 in U. October 2008: Gaining Les and the admiral Evercore hired 25-year Lehman Brothers veteran Les Fabuss as senior managing director for its advisory business. Celentano worked on restructuring projects for General Motors. including Time Warner Cable’s separation from Time Warner. the admiral was made a strategic advisor in the Evercore London office. Evercore CEO Roger Altman. Evercore also added Admiral Sir James Burnell-Nugent to its advisory business. earning Mizuho the right to add a director to the Evercore board.S. Sir James was previously commander-in-chief fleet of the Royal Navy.

” which creates a “second-to-none” experience for analysts. It’s imperative to have solid technical skills and a good work ethic.” Evercore also offers “generous travel and expense policies. In addition to “great exposure to some of the most talented and highly regarded senior bankers on the Street. but “most worked in other banks before coming to work here. there is “less distance between junior and senior people. OUR SURVEY SAYS An edge on bulge brackets Insiders at Evercore think their firm has an edge over bulge-bracket competition. There’s also “a stocked kitchen with fruit. followed by a full day of interviews in the firm’s New York City office.The Vault Guide to the Top 50 Banking Employers.” “discounts on gym memberships.’” Fortunately.” Evercore offers analysts “significant responsibility” and the chance to work on “different deal types. because Evercore is “very much a meritocracy. “It’s pretty difficult to get a full-time offer without summer experience from a bulge-bracket firm. and Penn.m. interviews are held by “associates.” “Expectations are set extremely high.” Historically. in addition to nice salaries. Bankers enjoy a “generous meal allowance” of $30 for dinner during the week and $50 on weekends. as well as on the weekends.” because “the firm has used the 10 weeks as an extended job interview. .” and for the times when long hours are required.” and “people hang out on weekends and after work.” A contact says. “a lot is expected out of employees. people are recognized for all their hard Inc. Wharton.” Regardless of where you intern.” Last. Columbia. and everyone is expected to be a quick learner and to push for responsibility beyond what may be expected elsewhere. include a number of perks.” Participating in Evercore’s program will “give a leg up in the recruiting process. target schools have included Harvard Business School.” and likes candidates “with client-interaction experience.” “Everyone is nice and willing to explain complex concepts to you. an internship with the firm is “not essential. including those days that begin with ‘S.” 80 © 2009 Vault. Western Ontario. helpful working environment.” bankers do not fit into the arrogant banker stereotype.” In this “fun. but definitely not least. “The questions I received were much more technical than ones asked by other investment banks. you will not be hired. NYU.” These “30-minute interviews” tend to be “technically rigorous.” Evercore is also “results.” Almost unanimously.” But.” The firm also offers a “more manageable social life than most bulge brackets.” which makes “finance and accounting coursework a must. bottled water and other snacks. drinks. This contributes to a more collegial. candidates must be a good fit for the firm. The number of on-site interviews can range from four to as many as 10. insiders give high marks to their pay packages. A contact says.” Bulge-bracket experience is also looked upon favorably.” Time to get technical Evercore’s interview process is “short and transparent.” The firm does have its own “small summer intern class” of seven or eight analysts.” The firm focuses on “pedigreed undergrad and MBA programs.” Evercore’s culture is comprised of “a tight-knit group of extremely bright.” it will “consider any resumes that are submitted. Evercore wants people with a “strong background in accounting and analysis. Goliath mentality when we think of our firm compared to its counterparts on Wall Street. but also means substantially longer hours and more responsibility shouldered by the analysts. but if you don’t check the ‘fit’ box. “There is a David vs. laid-back.” There are “a very limited number of spots” per year and “only a few analysts get hired from schools other than Wharton. UVA and University of Michigan at the undergraduate level.” Interviewers also look to gauge fit by asking questions about candidates’ “interest in investment banking and the boutique environment. which.” But one source recalls. non-bureaucratic working environment. Kellogg and University of Chicago at the graduate level. At this smaller firm. talented and motivated individuals who have uncanny goal congruence about how to build and run a business.” To top it off. VPs and partners. “you won’t mind pulling all-nighters with the people here.and responsibility-driven.” and free “car service to and from work after 9 p.” Saying thanks with perks Evercore bankers enjoy “higher compensation than peers.” Most candidates interview on-campus. 2010 Edition Evercore Partners GETTING HIRED In search of those who “check the fit box” Evercore is “highly selective and closely scrutinizes for both competence and fit.” Sources say the question ratio breaks down to about “50 percent technical and 50 percent fit.” Indeed.” Evercore recruits at “top undergraduate business schools only. “Fit is usually where people get cut. “free breakfast is provided every morning. allowing it to choose the very best from the preselected pool. and A+ performance is demanded every day.” Although the firm recruits “only at a small set of schools.

” New office in Midtown Evercore analysts work from “pretty big cube areas. windowed offices with nice views.” Time to get formal about diversity Although “hiring is done on a sex-blind basis.” Still. but with consideration for family time and vacation. “the kitchen is stocked with drinks.” This “can be stressful.” insiders say Evercore is “not like Lazard. and there’s free breakfast of fresh fruit and bagels every morning. 81 .” Similarly.” There’s also “a strong emphasis on taking your vacations. 2010 Edition Evercore Partners The softer side of “brutal” hours New bankers should “expect to work hard.” Visit Vault at www. where everyone wears identical Hermès ties and silver monogrammed belt buckles.” and they receive “total respect. “For a small firm. “analysts and associates work closely with senior partners on a daily basis.” Although “some people like coming in suits and ties. At times.” But most sources give high overall marks to Evercore’s facilities.vault.” The “few” women who are in senior roles are “highly respected and treated pretty much the same as everyone else.” In fact.” Everyone works from the firm’s “newly renovated floor of a prime Midtown Manhattan building.” as well as “technology issues.” Evercore is without a formal program for hiring or retaining ethnic minorities as well.” Many subordinates “build real. sources say the firm is “surprisingly diverse” for its size. in-depth relationships” with their managers.” On regular days. “there are multiple gay people in senior roles. expert resume reviews.” but also provides an opportunity to “learn more and get the proper recognition for your hard work.” especially in their “first years.” New analyst and associate classes are currently “running about 30 to 50 percent female. “people understand there is a learning curve and are extremely helpful when you start.The Vault Guide to the Top 50 Banking Employers.” but “the firm does a good job with working around analysts’ schedules when they have plans. Most employees work “pretty much every weekend.” because the firm lacks “the expensive resources that bigger banks have.” there is “no formal mentor or hiring initiative for women.” There sometimes can be a “lack of basic resources like stationery. because “training is pretty much 100 percent on the job.” And some say “the ratio will improve with the new analyst class.” When you’re at the office.” Hours “can be long and unexpected. “Saturdays and Sundays are just like Mondays and Tuesdays.” Some say “weekend work is sporadic. Despite for insider company profiles. in which case it’s “always formal. especially from the partners.” with an average of “one weekend off per month. incomers should be prepared for a “learnas-you-go environment.” Fortunately. “People here really dress differently and however they want to. and one says the firm’s office is “a 1.” which offer “little privacy.” Plus. this “collegial environment can lead to inefficiencies.” All “are highly respected and treated well like everyone else.” The bottom line is you should expect “very demanding hours.” unless you’re meeting with a client. the Vault Job Board and more. “some people wear ties every day. No Hermès required The dress code at Evercore is “somewhere between business casual and business formal.” There is “no face time” and “minimal wasteful.” Associates and above have “nice. “managers recognize that banking can be difficult for junior employees and are willing to help.” A contact says.” The firm “requires self-starters” content with “two weeks of DealMaven training.” and “several senior execs are minorities. Evercore hires a lot of foreigners.” The good news is that the firm is “fairly thoughtful about hours worked. some don’t. one insider says Evercore has no formal programs because “it’s not necessary.” Although “hours are generally better than at bulge-brackets firms. career message boards. “it is usually for good reasons.” On-the-job learning At Evercore.” but generally speaking.000 percent improvement” compared to the one he worked in while employed at Goldman Sachs.” It’s a good thing Evercore’s managers are so willing to help.” they “can be brutal at times” and normally average around 90 per week.” Analysts and associates are “treated with a great deal of respect. unnecessary work. expert advice.” Shedding light on why few women are attracted to the firm. “one of the partners doesn’t even own a tie.” New employees are expected “to come to Evercore already knowing accounting and finance.” while others say.

456 No. DB (NYSE) Chief Executive: Dr. of Offices: Offices in 72 countries EMPLOYMENT CONTACT www.9 billion No. both in terms of race and gender” DOWNERS • “High-pressure” and “very hectic” • “There are a lot of politics” THE STATS Employer Type: Public Company Ticker Symbol: DBK (Frankfurt).5 billion 2008 Net Income: €3. . solid place to be” “Limited US presence” THE BUZZ 82 © 2009 Vault. NY 10005 Phone: (212) 250-2500 www.db. Morgan Morgan Stanley UBS Investment Bank 60 Wall Street New York.PRESTIGE RANKING 9 DEUTSCHE BANK AG KEY COMPETITORS Credit Suisse Goldman Sachs J. of Employees: 80.db. Josef Ackermann 2008 Revenue: € DEPARTMENTS/DIVISIONS Corporate & Investment Bank Global Banking (Corporate Finance & Global Transaction Banking) Global Markets Private Clients & Asset Management Asset Management/DWS Private Wealth Management Private & Business Clients UPPERS • “Good culture” and “interesting work” • “A pretty diverse What insiders at other firms are saying • • • • “Has done well in the downturn” “Kills analysts” “Great Inc.

Deutsche Bank closed its offices in Soviet-occupied areas and was scattered into 10 regional offices while western Germany was under occupation. the latter encompassing absolute-return strategies and specialist real estate asset management. wealth transfer planning and philanthropic advisory. by 1880. Its asset management services include traditional asset management and alternative investments. corporate and investment banking. By 1876. compared with a $185 million net loss for the first quarter of 2008. the U. The bank also listed in Frankfurt in 1880. including 11 bankers and Merrill treasurer Eric Heaton. on the Paris Stock Exchange (now Euronext) in 1974. its investments were scattered across the globe (including in North and South America. with particular strength in Europe and its homeland of Germany. asset manager Scudder Investments (2002). firm Bankers Trust (1999). it had become the largest bank in Germany and. March 2009: Merrill Lynch vs. lending. strategy and risk management. among others services.000 employees across 72 countries. 2010 Edition Deutsche Bank AG THE SCOOP All around the world Boasting more than for insider company profiles. Deutsche Bank truly has a global footprint. sales and trading). A complex history In 1870. Merrill.S. expert advice. and asset management. Heaton violated a non-competition agreement by joining Deutsche Bank and didn’t provide Merrill with the required notice of six months before leaving the firm. the U. which controls resource allocation. It also oversees mergers and acquisitions. Its corporate banking and securities unit increased revenue nearly four times versus what it posted for the same period of 2008. corporate advisory. The bank’s private wealth management division caters to high-net-worth individuals and families. DB’s shares have been listed on the Berlin Stock Exchange since the bank’s birth in 1870. The firm also reported record revenue in interest rate and foreign exchange products. 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. called it a “hiring raid.6 billion in net income for the first quarter of the year. Deutsche Bank’s corporate and investment bank group oversees the capital markets (origination. the German giant had invested in projects like the Northern Pacific Railroad in the U.The Vault Guide to the Top 50 Banking Employers. The bank was buoyed by improved trading revenue.4 billion. in Tokyo in 1989 and on the New York Stock Exchange in 2001. on the Brussels exchange (also now Euronext) in 1979. financial institutions and sovereign entities. a private banker named Adelbert Delbruck and a politician named Ludwig Bamberger opened Deutsche Bank in Berlin as a specialist bank for foreign trade. Before the turn of the century. Deutsche Bank’s private clients and asset management group. At the same time. in addition to a good showing in its money market area. IN THE NEWS April 2009: Revisiting profit. the firm made its first major bank acquisition outside of Germany with the purchase of Banca d’America e d’Italia. Furthermore. the Swiss private bank Rued Blass & Cie (2003) and the Russian investment bank United Financial Group (2006). and the Baghdad Railway.vault. which increased 56 percent versus the same quarter a year earlier to $9. the bank also announced that it would be holding on to CEO Josef Ackermann for three more years after his contract runs out in 2010.S. which it said had generated “tens of millions” of dollars in revenue for Merrill. accounting and disclosure. corporate lending and transaction banking businesses. Merrill accused Deutsche of having plotted for many months in advance to poach its staff. By 1957. It’s made up of two main divisions: corporate and investment bank (CIB). After World War II. career message boards. It offers traditional and alternative investments. and gives general corporate finance advice primarily to global corporations. The whole group is directed by a management board. or PCAM. and private clients and asset management (PCAM). the bank had regained its footing as a unified Deutsche Bank AG with headquarters in Frankfurt am Main. expert resume reviews.” and according to the bank’s lawsuit. which had recently been acquired by Bank of America. keeping Ackermann Deutsche Bank booked $1. Other acquisitions included the Morgan Grenfell Group (1989). Deutsche Bank’s international presence encompasses retail banking branches. comprises two subdivisions: asset and wealth management services. By 1986.S. the Vault Job Board and more. Visit Vault at www. Deutsche Bank Deutsche Bank poached several of long-time rival investment bank Merrill Lynch’s senior staff members. risk management strategies. 83 . Eastern Asia and Turkey). and private and business client services.

Other recent awards include Global Trade Review naming the firm the Best Global Structured Commodity Finance Bank. but saw its deal volume decrease by 25. announced its departure from the firm to begin the Roc Capital Management LP hedge fund. announced M&A transactions. Also in January 2009. No. In U. 8 in global high-yield debt.3 billion in January 2009.85 billion and $671 million. Its corporate banking and securities division and asset management unit didn’t fare much better. Roc Capital is expected to open in the second quarter of 2009 with about 20 employees. 3 in international bonds. It will be based in New York and headed up by Arevind Raghunathan. posting a pre-tax loss of $10.32 billion profit in 2007. While he announced fourth quarter 2008 results. merger and acquisition deals decreased 29.5 billion. 9. Deutsche advised on several big U. Risk Magazine named DB’s loan exposure management group the Credit Portfolio Manager of the year. On January 19th.9 percent stake in Deutsche Postbank AG. I think talent will be happy to work for us. 3 versus 2007. and Treasury Management International naming DB the Best Global Cash Management Provider for the second year in a row. Deutsche Bank moved up a spot to No. companies receiving bailout money under its TARP plan will encourage American executives to work overseas. No. 4 ranking. January 2009: Nothing like a pat on the back The year 2009 got off to a good start for Deutsche Bank. No.7 percent of market share in the process. For the full year.S. losing just a bit of market share (0.-based M&A deals in 2008 such as biopharmaceutical company Eli Lilly’s $5. Boaz Weinstein. will leave the company in the second quarter 2009 after 11 years with the firm—taking about 15 of his co-workers to the hedge fund along with him. Full-year revenue came in at about $17. a 56 percent drop from 2007. February 2009: Deutsche’s largest loss Following one of the worst financial eras in decades.S. 5. In European announced M&A. On the Thomson Reuters worldwide announced M&A tables for 2008. Its investment banking unit had a particularly bad year. the firm also leaped three spots to No.6 percent). And in global IPO underwriting.73 billion bid for APP Pharmaceuticals. investment grade debt and No. December 2008: Despite rough waters. No. as the co-chairman of global mergers and acquisitions in London.75 billion bid for ImClone Systems and health care company Fresenius’ $3. the financial services business of Deutsche Post.The Vault Guide to the Top 50 Banking Employers. January 2009: Bye to Boaz Deutsche Bank announced that the co-head of its global credit trading business will be departing the firm to create his own hedge fund.S. Deutsche Bank fell two spots to No.S. former head of European M&A at UBS. respectively. Deutsche Bank took a great leap forward in its hugeness when it announced that it had agreed to acquire a 22. who ran Deutsche Bank’s global arbitrage unit.6 billion. Deutsche stays afloat Inc.” he said in a statement. losing 1. 2010 Edition Deutsche Bank AG March 2009: Job hopping DB appointed Tom Cooper. working on 197 deals worth a total of $351 billion. Deutsche Bank came in at No. Deutsche Bank posted a record fourth quarter 2008 loss of $6. DB also announced the appointment of Marc Pandraud (joining from Bank of America Merrill Lynch) as chief country officer of France in its corporate finance group. . 5 in global mortgage-backed securities.S. equity and equity-related tables for 2008. 8 in U. In global debt underwriting. February 2009: Group exodus Deutsche Bank’s quantitative trading unit.87 billion. Deutsche posted a net loss of $5 billion after snagging an $8.000 bonus. for the fourth year in a row.6 percent in 2008 versus 2007—and Deutsche Bank felt the squeeze. Deutsche Bank CEO Josef Ackermann said that the U. “If you are only going to be able to pay a $500. Deutsche Bank held on to its No. February 2009: When the German giant gets bigger As one of Germany’s biggest banking and financial institutions. government’s executive pay cap at U.26 billion. who headed up the unit with Colin Fan. 5. with 705 deals worth $287. 6 in asset-backed deals. Equitech Group. The firm also ranked No. with 89 deals worth $274. 84 © 2009 Vault. 1 in all bonds in Euros. the firm jumped three places to No. DB was named the Best Investment Bank 2008 in the Asia Pacific region (excluding Japan) by The Asset magazine. reporting losses of $10.1 percent. the world’s largest logistics group and successor to Germany’s former state-owned mail monopoly that was privatized in 1995. On the global debt. 8 for the second straight year.

According to Deutsche Bank. The wave of layoffs was the largest to hit Deutsche since the beginning of the financial crisis that crippled the industry. Ackermann said.” OUR SURVEY SAYS Pleasant work The firm boasts a “good culture” and “interesting work. Specifically.” with “only a few all-nighters. stood to make a “few million” euros.” And. The unit. relaxed environment.” It’s a “high-pressure” environmentn and it’s “very hectic.” July 2008: Bargain basement Deutsche Bank revealed that it would buy several ABN Amro commercial-lending units from Fortis Bank for $1. expert advice. Reuters reported. you soon will be.” “Be willing to voice your interest but also be flexible. The move followed other top-ranking banking executives at (the now-defunct) Lehman Brothers and Morgan Stanley. 2010 Edition Deutsche Bank AG December 2008: Best Bank Finance Asia magazine named DB the Best Bank in its annual awards. though “hours at all banks are awful. and it seems that its interviewing process is similarly clear cut.” One insider opines that “if you are passionate about the position. then selling off the units at a deep discount.” though it’s “not always the most team-oriented. which has suffered the loss of approximately 50 percent of its market value since buying ABN Amro’s asset management and banking groups in 2007. much of them “behavior-focused. you will get at least past the first round.” But working at Deutsche is “very rewarding” and management “definitely appreciates your efforts and contributions. November 2008: House of the Year awards Structured Products magazine awarded DB with the titles of both Hedge Funds House of the Year and Structured Funds House of the Year. “make sure you have a passion for the job.The Vault Guide to the Top 50 Banking Employers. the Vault Job Board and more. for 2008.” Because of this. will not be receiving bonuses for 2008. November 2008: Hundreds of traders shown the door Deutsche Bank will cut about one in seven of its traders from its global market division. the chief took home about $17 million in cash and stock as a bonus and. which employed about 7. it’s also “all about results.vault. October 2008: No bonus for Joe Deutsche Bank CEO Josef Ackermann said that he. and coincided with UBS Chairman Peter Kurer saying that he will “most probably not get a bonus for this year because we will have a loss. among other banks.” Visit Vault at www. “if you’re not hard-nosed now. foregoing their bonuses. the deal will significantly strengthen its corporate banking operations in the Netherlands.” When it comes to time spent in the office. “I’m renouncing my bonus in this difficult year in favour of deserving employees that need the money more than I do. In an interview with German newspaper Bild. and works hard toward creating a fun. 85 . along with other top-ranking Deutsche executives.000 traders at the for insider company profiles. GETTING HIRED Cutting to the chase Deutsche Bank recruits “on campuses” and through its online job postings. The acquisition seems to be well timed for Fortis.13 billion. with everyone being responsible for everything.” “DB is among the more reasonable. 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. conduct yourself well and come to the interviews prepared. was said to layoff approximately 900 employees in total.” In terms of hours. Deutsche will purchase two corporate client groups and 13 commercial banking offices in addition to segments of Hollandsche Bank Unie and IFN Finance BV. though it should be obvious.” For 2007. career message boards. and this is not necessarily what’s right for the organization. DB was also named Equity Derivatives House of the Year and Derivatives House of the Year (excluding Japan) by AsiaRisk magazine. expert resume reviews.” but “the results are viewed myopically—they have to be what the boss wants.

” insiders say. The bank maintains a host of diversity networks. both in terms of race and gender. “Don’t underestimate this firm’s competitiveness.The Vault Guide to the Top 50 Banking Employers. even though it lacks the brand recognition of some of its peers.” says an analyst.” However. Deutsche was selectively picking up some of the best minds in finance. others believe. Deutsche is “a pretty diverse place. 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. Sources also believe the bank’s willingness to implement flexible work schedules helps women and parents juggle their lives. All in all. “Employees seem genuinely happy to be here.” and say that although “politics matter if you want to succeed” in certain parts of the Inc. 86 © 2009 Vault. Deutsche also offers programs that allow employees lengthy unpaid leaves of absence to care for children or relatives. Inroads and the Sponsors for Educational Opportunity (SEO) Program.” Relaxing a little While Deutsche Bank is home to “some of the smartest but most demanding senior managers” on Wall Street. This investment has started to pay off. there are “many women in high positions. There is “a lot of diversity” within the firm. Deutsche Bank’s Diversified Network and Multicultural Partnership Network.” says one employee. “Dress is business casual at the moment. including Women on Wall Street. Another says that Deutsche is beginning to reap the benefits of some smart moves in the past. “there are many recent examples of [the firm] promoting from within” on grounds of merit.” opines one insider. Reaching Out MBA Conference. “When the competition began laying off talented employees during the bear market. but not in a cultish. insiders say.” declares one insider. Rainbow Group/LGBT Networks.” a shift from the formal-only policy of the past. Deutsche’s people say they’re satisfied. as at some other banks. In addition. In addition. “The code is business casual. sources report a slight recent loosening of the bank’s tie. Insiders at Deutsche relish the up-and-coming feel of the firm. . 2010 Edition Deutsche Bank AG Navigate the politics “You really need to make some noise to move within the organization. although we are in formal business attire for client meetings.” All in all. drink-the-punch sort of way. it works with the National Black MBA Conference. “The culture at Deutsche is pretty flat and open to meritocracy.

us. of Offices: 49 What insiders at other firms are saying • • • • “Bankruptcy master—top-notch restructuring firm” “Old money-focused” “Picking up market share” “Elite” THE BUZZ 87 . of Employees: 2.PRESTIGE RANKING 10 ROTHSCHILD EMPLOYMENT CONTACT www. Rothschild: Baron David de Rothschild Rothschild North America 1251 Avenue of Americas. 51st Floor New York. NY 10020 Phone: (212) 403-3500 Fax: (212) 403-3501 www.rothschild.58 billion 2008 Net Income: €407 million No.800+ No. Rothschild North America Investment Banking: David Resnick & Christopher Lawrence 2008 Revenue: € BUSINESSES Asset Management Investment Banking Real Estate THE STATS Employer Type: Private Company

naming it the Cross Border Deal of the Year. healthcare organizations.. restructuring and project finance for U.C. The modern Rothschild family includes vast holdings of art and land. Canadian and multinational clients. while it remains under the control of the Rothschild family. kept the Bank of England afloat during a financial crisis.8 billion ($15. Perhaps best known as a high-powered advisor. His five sons carried the family business—and the family name—across Europe. and other international businesses. Officials at the Dubai Department of Finance began disbursing the funds quickly. a real estate investment advisor established in 1981. Rothschilds Continuation Holdings AG is the holding company for U.K. How the story began The investment banking arm of the family-owned Rothschild Group. Rothschild has been serving governments.S. Other divisions cover private banking and trust. with a special emphasis on the middle market. and Acquisitions Monthly recognized its work on the £7. was created to oversee operations in Europe. equities. 2010 Edition Rothschild THE SCOOP Well connected Rothschild is one of the world’s largest independent merchant and investment banks. Nice work Major deals Rothschild worked on in late 2008 and early 2009 included advising London’s Telereal Ventures on its £750 million acquisition of Land Securities Trillium. There are also the financial services businesses. helped De Beers founder Cecil Rhodes establish his eponymous scholarship at Oxford and played a major role in financing the London Tube. Its London headquarters have never moved from New Court.The Vault Guide to the Top 50 Banking Employers. and Montreal. EuroWeek dubbed it the LBO Advisory Bank of the Year for 2009. In the FT and Mergermarket M&A Awards for 2008.9 percent-stake purchase in the Nordea financial services group and participating in its 2. 88 © 2009 Vault. the Rothschilds arranged loans for the Prussian government. As part of Rothschild’s global investment banking network. has $800 million under management through the Five Arrows Realty Securities family of funds. Concordia BV. Rothschild’s four North American offices are in New York. D. corporations and wealthy individuals for two centuries. Rothschild Realty Inc.5 percent. high-net-worth investors. endowments. foundations. Asset management services come courtesy of Rothschild Asset Management. private placements. of course.800 employees in 49 offices worldwide. winning fame as the financiers who funded the Duke of Wellington’s victory over Napoleon. The Rothschild story began in 1769 when Mayer Amschel Rothschild began offering banking services in his home town of Frankfurt. Rothschild’s investment banking division provides debt advice and restructuring services. Hong Kong-based Jardine Strategic owns a 20 percent stake and Rabobank owns 7. Rothschild won U. The latest version. financed the British government’s purchase of a controlling stake in the Suez Canal. equity advice. According to Standard & Poor’s.4 billion) acquisition of Scottish & Newcastle plc by Carlsberg A/S and Heineken. assisting Unibanco with its $45 billion acquisition of Banco Itau. IN THE NEWS April 2009: Staying busy through the storm The government of Dubai hired Rothschild to help construct a $10 billion fund aimed at softening the impact of the global Inc. Washington. public pension funds and Taft-Hartley plans. In later years. and manages nearly $6 billion in assets for corporations. a Rem Koolhaas-designed tower with a rooftop pavilion. and advising the Swedish government on its 19. These underwent reorganization in 2003 when a new holding company. and advice on divestitures and privatizations. Its services include mergers and acquisitions advisory. Rothschild picked up its share of banking industry recognitions. In the real estate department. mergers and acquisitions advice. . Germany. Dubai’s economy—the second-biggest in the United Arab Emirates—is on track to slump between 2 percent and 4 percent by the end of 2009..K. St Swithin’s Lane. too. is slated for occupancy in mid-2011. though its footprint remains largest in Europe. advising CSR plc on its £91 million ($136 million) acquisition of California-based SiRF Technology. not to mention historic estates and some of the most esteemed vineyards in the French wine country. Financial Adviser of the Year. Founded in 1970. an independent business unit headquartered in New York City.S. Toronto. the North American investment banking operation collaborates with offices around the world on cross-border deals.5 billion rights issue. It has approximately 2. though over the years its offices have been rebuilt and expanded. saying they would offer most of the support to real estate and property companies. Rothschild Asset Management specializes in U. merchant banking and corporate banking. Italy Financial Adviser of the Year and Middle Market Financial Adviser of the Year..

analysts suggested that Rio Tinto’s advisors—including Rothschild. an Amsterdam-based utility company. A significant move came in January when Borders appointed hedge fund executive Richard “Mick” McGuire as its chairman. Rothschild family remained the bank’s largest shareholder. $100 million and $200 million. Rothschild ranked No. 89 . The advising team also includes consulting boutique AlixPartners and restructuring attorneys Jones Day. expert advice. 2008 was the year of no—or smaller—bonuses. ABN Amro and Morgan Stanley—would still earn their fees. The middle-market league tables told a different story. November 2008: So close .9 million. The two-stage auction. and the news hit BHP’s advisors. Societe Generale. After the deal closed.M. hard: they stood to lose over $300 million in fees. proprietary trading and other risky activities.. 2010 Edition Rothschild Rothschild picked up another key assignment in April when it was retained by Belgian chemical and pharmaceutical conglomerate Solvay to co-run the auction of its lucrative pharmaceutical business.5 percent stake in N.. Rothschild has been advising Borders Group. is expected to bring in $6. but not at Rothschild. also set up camp at Rothschild while the two men considered their next moves. a Canadian mining company. December 2008: In the middle Rothschild ended 2008 at No. Credit Suisse. announced deal volume. January 2009: Good business from bad business Since late 2008. Morgan Cazenove. Richard Metrick.vault. The bank was hired by Circuit City. both companies will combine their food and agriculture sector for insider company profiles. and Rabobank bought a 7. Schwartz made himself at home in Rothschild’s New York offices. acquired Australian mining contractor Eroc in the fall of 2008. The seller was AIG Highstar Capital II.S. Schwartz after his bank was taken over by JPMorgan Chase? After the government-arranged deal sent Bear to JPMorgan (and many of Bear’s former employees packing). November 2008: Bonus bonanza For many bankers. career message boards. 4.. Rothschild also advised international tech company e2v Technologies on its September 2008 acquisition of California-based QP Semiconductor for $80 million. However. including Goldman Sachs. September 2008: Amsterdam advising Rothschild advised GMR Infrastructure Ltd. September 2008: Bear refuge Wondering what became of Bear Stearns chief Alan D. Based on fees. which is also being run by Citigroup and Morgan Stanley. Circuit City shuttered hundreds of stores. 2 for worldwide announced middle-market deals with values up to $50 million. Rothschild Continuation Holdings. unlike many of its peers. J. in conjunction with its Chapter 11 filing in November 2008. For middle-market deals with values up to $500 million. on its purchase of a 50 percent stake in InterGen NV.1 billion.The Vault Guide to the Top 50 Banking Employers. a unit of troubled insurance giant AIG. with 57 transactions worth $19. on options that may include restructuring or bankruptcy.” BHP had valued Rio Tinto at a total of $147 billion. its business was relatively unscathed by turmoil in the world financial markets. the country’s second-largest electronics chain. the Vault Job Board and more. Macquarie.62 billion. Although Rothschild had to write-off many millions of dollars related to bad loans. BHP Billiton dropped its hostile bid for mining company Rio Tinto. With the advisory assistance of Rothschild and FTI Consulting.P. Rothschild’s holding company. In another cross-continent deal Rothschild client Redpath.” thanks to booming business in advisory and private banking. behind trading group Jardine Matheson (which owns 20 percent of the bank). thereby earning the dubious distinction of “biggest corporate merger ever canceled. 25. expert resume reviews. has avoided prime broking. and Rabobank became the third-largest. Rothschild came in No. November 2008: Joining forces with the Netherlands Rothschild announced a joint venture with the Netherlands’ Rabobank. Visit Vault at www. November 2008: All Circuits go Rothschild picked up a plum assignment from a retailer’s misfortunes. Under the terms of the deal. the struggling bookseller. and the price tag was just over $1. That’s because Rothschild. In U. 12 on Thomson Reuters’ investment banking league table for announced worldwide mergers and acquisition deal volume. Rothschild ranked No. a former senior managing director at Bear and Schwartz’s right-hand man. The Times of London reported that Rothschild’s staffers worldwide had received “record bonuses.

financial markets and legal issues. this stage will see you join an office in your chosen city. a good example of the international nature of Rothschild’s investment banking work. you’ll find yourself receiving a lot of responsibility from the start. as well as financial Inc. such as investigating the likely effect on a company of an acquisition or disposal. The first six weeks in the London office consist of intensive classroom training to teach you the ins and outs of financial analysis. Additional language skills are a bonus. you should have a degree from a recognized university. investment banking.K. If you have applied for a position in. for an undisclosed sum. where they’ll be seconded to a range of teams and see live work. . The majority of your tasks will include research and analysis. After this. GETTING HIRED A steep learning curve Rothschild promises extensive opportunities for graduates while warning of the steep learning curve involved in becoming a fully-fledged Rothschild banker. Considering that Rothschild is not a conventionally hierarchical firm. The bank advised French manufacturing company Legris Industries Group on its sale to U.S. In order to apply for a graduate role at Rothschild.. with the graduate training program being run out of London (for Europe and all overseas offices excluding North America) and New York (North America). graduates will carry out short placements in the investment and corporate banking divisions. 2010 Edition Rothschild June 2008: Plenty of work The Rothschild advisory teams stayed busy in the second half of 2008. for example.-based Parker Hannifin Corp. flexibility and team-working skills. Applicants should also have a personal interest in investment banking. and understand takeovers. The “steep learning” often mentioned on Rothschild’s careers website will require long hours. 90 © 2009 Vault. U. The company recruits graduates in investment banking in most of its offices. mergers and cash flow statements. despite the global slump in deal making.The Vault Guide to the Top 50 Banking Employers. Rothschild also dvised a group of funds led by private equity firm Warburg Pincus on its sale of Euromedic International to Merrill Lynch Global Private Equity. Madrid or Paris.

of Offices: Locations in over 30 countries EMPLOYMENT CONTACT What insiders at other firms are saying • “Reputation greatly enhanced by Lehman—could be a major force” • “Wants to be a major US player.barcap. of Employees: 20. but isn’t” • “The new blue chip.PRESTIGE RANKING 11 BARCLAYS CAPITAL KEY COMPETITORS Goldman Sachs Morgan Stanley UBS Investment Bank 200 Park Avenue New York.23 billion 2008 Net Income: £1. “Bob” Diamond DEPARTMENTS/DIVISIONS BARX Distribution Global Markets Investment Banking Private Equity Research UPPERS • “Upper management is strong” DOWNERS • “Destructive politics” THE STATS Employer Type: Division of Barclays Bank PLC Chief Executive: Robert E.3 billion No. 2008 Revenue: £5. NY 10166 Phone: (212) 412-4000 www.000 No. up and coming in the US” • “Mediocre—not real Lehman” THE BUZZ 91 .barcap.

which Bloomberg ranked fifth in U. Lehman’s New York City headquarters. May 2009: A hiring wave overseas? Barclays Capital said it hopes to hire about 65 bankers for its Europe-based M&A advisory division in 2009. loans. despite impairment charges and other credit provisions that rose to $3. in January 2009. IN THE NEWS August 2009: Hiring another 1. hopes “to be top three across all products and regions” in the investment banking sector. often referred to as BarCap. Barclays Capital. Diamond confirmed. interest rate products.K.000 in the first half of 2009. institutions and government entities. with a combined market value of $1.The Vault Guide to the Top 50 Banking Employers. By the beginning of the 20th century. index products. electronic trading. the global head of mergers and acquisitions. Barclays became famous for buying big in New York. Barclays Capital. a man named James Barclay married into Freame’s family. fund-linked derivatives.K. prime services. takeovers after it acquired the U. leveraged finance. booking £907 million in net profit. May 2009: Trading heats up Barclays Capital released extremely positive first quarter 2009 results. which had an estimated value of $72 billion.S. equity derivatives. stating. Barclays Capital is the investment banking arm of Barclays Bank PLC. agreeing to acquire Lehman Brothers’ North American investment banking business for $2 billion in September 2008. Thanks to the Lehman Brothers acquisitions and to BarCap’s trading business. Barclays hired about 2. government and institutional clients around the world. After cutting about 3. Barclays merged with the Colonial Bank. credit products. M&A. securitization and structured investments. and 15 to 25 workers in the U. emerging markets. the Anglo Egyptian Bank and the National Bank of South Africa. Barclays Capital will end up employing approximately the same amount of people it did at the end of 2008. risk management and advisory services to corporate. Germany and France. and two offices in neighbouring New Jersey. equity origination. was created in 1997 to provide financing. Africa and the West Indies. which are offered finance.5 billion. Barclays Capital’s chief executive. The deal. Upon hiring its new crop of workers. Barclays was one of the five-biggest banks in the U. as well as approximately 10. 2010 Edition Barclays Capital THE SCOOP Debt masters Known as a powerhouse in the fixed income marketplace. Parker.000 positions. when city streets were paved with goldsmith bankers who financed colonialism by funding monarchs and merchants. The main clients of Barclays Capital’s services are corporations. foreign exchange. and equity and interest rate services. . research. including bonds. was born in 1986—the year Argentina beat England in the quarterfinals of the World Cup. 92 © 2009 Vault.000 employees. commodities. a 361 percent increase versus the first quarter 2008.000 Lehman employees. It also offers foreign exchange management.000 Barclays Capital CEO President Bob Diamond told Dow Jones Newswires in an interview that Barclays Capital will hire up to 1. The investment banking business. fund solutions. advisory and risk management solutions.5 billion from $1. The deal also included Lehman’s trading assets. Bob Diamond. confirmed the joy when announcing the Lehman deal. establishing operations in the Middle East. private equity. a venerable London bank that dates back to 1690. market making.000 new investment bankers by the end of 2009. Barclays buys the Brothers More recently.S. The firm has expertise in a wide variety of products and Inc. In 1736. convertible bonds. Although it’s younger than many of its peers.” A few months after the Lehman buy. fixed income and M&A advisory units. “This is a once in a lifetime opportunity for Barclays. John Freame and Thomas Gould were two such goldsmiths. restructuring. Barclays expressed delight at the acquisition. included Lehman’s equity. Born in the ‘80s Barclays Capital’s parent company Barclays Bank PLC can trace its roots back to London in the 17th century. capital raising. The investment bank. arm of Lehman Brothers. It was also the year Barclays Bank became the first British bank to be listed on both the Tokyo and New York Stock Exchanges.” according to Diamond. Barclays Capital’s relationship with Barclays Bank PLC allowed it to grow at an astonishing rate: today it has offices in over 30 countries and 20. The company’s hires will be “tilted towards Asia. Paul G. municipal finance. inflation-linked products. struck just one day after a struggling Lehman had filed Chapter 11 bankruptcy.S. making clear an ambition to increase its presence in the U.95 billion. according to Parker. said in an interview with Bloomberg that Barclays Capital plans to hire 30 to 40 bankers in Italy. parent Barclays PLC increased its first quarter 2009 profit by 15 percent to $2.1 billion. In 1925. laying the foundation for what would eventually become Barclays Bank. Investment Dealers’ Digest named Diamond its Best Banker of the Year for 2008. who set up their own firm in 1690. liabilities worth $68 billion dollars.

The move was made to avoid involvement in the U. Barclays Capital was also named Most Innovative in Inflation Products and Most Innovative in Commodities at The Banker magazine’s prestigious 2008 Investment Banking awards.041 deals worth $401.The Vault Guide to the Top 50 Banking Employers. government bailout plan. the Vault Job Board and more.3 billion.S. January 2009: Barclays cooks with Kitchen Barclays Capital hired Tim Kitchen to lead its investment banking business in Canada. according to Thomson Reuters. Supra/Sovereign/Agency/Regional Bond House of the Year. Kitchen worked for CIBC World Markets for 16 years.8 billion from sovereign wealth funds in the Middle East—including investors in Abu Dhabi and Qatar. 9 spot on Thomson Reuters’ worldwide announced M&A table for the second year in a row. 1 in global debt underwriting as well as all international bonds. 2010 Edition Barclays Capital May 2009: New M&A heads Barclays Capital appointed Matthew Ponsonby and Mark Warham as co-heads of its European mergers and acquisitions division. The results were buoyed by the purchase of some of Lehman Brothers’ assets and the sale of an insurance venture. focusing on natural resources deals. 9. Ponsonby served as global co-head of infrastructure investment banking at Citigroup. government. expert advice. though its deal volume dipped 26. equity and equity-related table. Barclays’ retail banking sector also helped the year-end results. with capital Barclays PLC approached the Russian banks OAO VTB and OAO Sberbank regarding potentially investing more than $10 billion in the U.vault. it ranked No. working on 1. Best Bank for FX in London. but no bailout Barclays PLC announced that it would be taking an additional $11 billion in write-downs for 2008. 5 spot. December 2008: Etching out its spot In a year where the entire market suffered from the fallout from the mortgage industry. November 2008: FX awards FX Week gave Barclays Capital a slew of awards. up from the No. commercial banking and wealth management sectors. career message boards.K. Kitchen.2 percent drop in volume. 8 in 2008. January 2009: A write-down. Barclays captured the No. 93 . announced M&A deals. and Warham worked as chairman of Morgan Stanley’s British investment banking division. including Best Bank for E-Trading. In an open letter from CEO John Varley. Barclays will sell securities to new and current shareholders to raise capital. Through this plan.K.04 billion for the year. Best Bank for Euro/Sterling and Best Bank for Dollar/Sterling. a 44 percent decline versus 2007. it would raise $10. 4.” January 2009: Not bad overall despite investment banking decline Barclays PLC reported $9 billion in pre-tax profit for 2008. In U. previously headed up Lehman Brothers’ Calgary investment banking unit. the unit increased profit by 7 percent to $2. and Australia and New Zealand Bond House of the Year. who will be based in Calgary in his new position. Barclays said that in order to meet capital goals set by the U. but it suffered a 31. Prior to that. In global equity and equity-related deals. 2 spot in the previous year. On the mergers and acquisitions front. mortgage-backed securities underwriting. Barclays Capital came in at No. October 2008: From Russia. up from the No.K. The firm held steady at No.-based bank. In global common stock. It also took the top spot in global mortgage-backed securities.94 billion. Barclays confirmed that the bank didn’t need additional capital—it expects strong results in its investment banking. October 2008: Looking to the Middle East Barclays Capital parent Barclays PLC decided to raise approximately $ for insider company profiles. and came in at No. 1 in U.6 percent versus 2007. the firm placed No. government. But the news wasn’t all positive.K. the firm ranked No. expert resume reviews.34 billion from private sources instead of Visit Vault at www. In addition. beating analysts’ expectations of $8 billion while boosting profit 1 percent versus 2007. Previously. December 2008: Letting the good times roll International Financing Review and IFR Asia named BarCap the Interest Rate Derivatives House of the Year. Barclays Capital posted a pre-tax profit of just $1. and won’t be seeking funding “either from the private sector or the U. Barclays will sell convertible notes and preferred shares through 2019 to the investors in the Middle East. 2 on the global debt.S.

the firm’s summer internship program is “what you make of it. Rutgers. investment banking business for $2 billion. And “at the end of the interview. .” “The firm puts candidates through a relatively long and challenging selection process.” During the interview process. saying.” says an insider. and Best Syndicate and Best Structuring Bank by Euroweek.” “very difficult” one.S. you have to have held that role previously at another company. 2010 Edition Barclays Capital attempting to sell shares to the government. Boston College. No. kindly stay away For all of its business-minded ambition.” too. Barclays doesn’t seem to be tolerant of ruthless boors with large egos. Insiders have also reported being asked “about experience in previous positions” and “general questions like ‘Why are you leaving your current job?’” Make sure you’re able to put a positive spin on your departure—the firm likes to ask questions about “the most and least enjoyable parts of your previous work. but you can also expect “very friendly interviewers.” insiders say. Duke.” The compensation for interns is “competitive with other firms on the Street. Only once a candidate has passed through several rounds of scrutiny can he or she expect to receive a job Inc. 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.” He also reports “going beyond my assigned tasks” and getting to “learn quite a lot.” proving that they “have the right skills and talents. meaning that potential employees should be team players without bad attitudes. October 2008: Three “best of the year” honors Barclays Capital was named Structured Retail House of the Year by Derivatives Week. Carnegie Mellon. so be prepared.” “We had some interesting discussions.” And the candidates who do get asked in for interviews must be a “fit with Barclays’ corporate culture” in addition to having the technical skills required.” including “how exactly securities are acquired and structured.” including NYU.” Jerks. Talk to them about the possibilities to move around once you’re hired full time and prove that the firm should hire you.” Still.” Barclays targets more than 30 “top-tier graduate and undergraduate schools. September 2008: Acquiring Lehman One day after New York-based Lehman Brothers filed Chapter 11 bankruptcy. Candidates need to “meet the personality the firm is looking for. In addition to understanding the firm’s culture. especially if you don’t know anyone within the bank to refer you. 94 © 2009 Vault. You may be asked “behavioral/fit-type questions. Princeton. many of its banking counterparts have turned to state sources in the form of bailout packages. GETTING HIRED Friendly folks True. 1 in equity research (for the sixth year in a row) by Institutional Investor. Columbia. “I was never asked to do any of the typical intern activities like getting coffee or ordering lunch. you “should be fine as long as your answers show some level of analysis and knowledge about the company. Cornell. Penn.” One insider recommends “taking advantage of the time you meet with senior management. UVA and MIT.” enthuses one contact. Georgetown. Dartmouth. To become a managing director at Barclays Capital. “If you are not from a target school. Barclays PLC agreed to acquire the ailing firm’s U.The Vault Guide to the Top 50 Banking Employers. “it’s extremely difficult to get in the door. for example. it’s important that candidates have the proper background. Barclays’ interview process is a “very selective. Barclays Capital President Jerry del Missier invokes the “no jerk” decree for those wanting to work at Barclays.” Still. In light of the credit market collapse. you can ask any questions to the interviewer. sources note it’s not impossible to get hired from a mid-range school. Colby. Chicago.

and employees are generally involved in enhancements and process improvements rather than just business as usual.” Because “a traditional British culture prevails. Some call higher-ups “extremely nice. “upper management is strong.” say insiders.” Running the gamut Management gets mixed reviews from insiders.” Another insider agrees that “hours are not too bad. expert resume reviews.” Just be prepared to work.” meaning you can leave the top hat and tails at home. “advancement opportunities are somewhat limited.” Insiders also describe the company as a true melting pot. you can meet anyone you want to meet. Even so. and they are all helpful. “share an equal standing. “You still have a life. the work culture is hectic. “Working hours are what you would expect at any investment bank.” “supportive” and “always ready to help. saying there are “people from virtually everywhere” at Barclays.” but there are “not too many long for insider company profiles.” Hours spent at the firm tend not to be hectic.The Vault Guide to the Top 50 Banking Employers.” admits one insider. too. The firm is an “equal opportunity employer. career message boards. 95 . as there is a strict hierarchy that needs to be followed.vault. “Since it is a growing company. Barclays Capital is “a great place to work.” Equality in action Diversity within Barclays is “huge” and “encouraged. “it is not common to approach your boss’ boss. which contacts describe as “smart casual.” adding.” But others cite “destructive politics” and “poor leadership on the team and desk levels. expert advice.” which might be why “people from all over the world work together” within the company.” Offices receive high marks from insiders as well.” “Basically. as does the company dress code. “innovation is encouraged. 2010 Edition Barclays Capital OUR SURVEY SAYS Great expectations Mostly. When it comes to moving up the corporate ladder.” Insiders report that Barclays is “a good company to work for” and “a very pleasant experience. Women. and quite a few are in very important positions throughout the firm. proven by “the new hires and promotions.” one insider explains.” Visit Vault at www. the Vault Job Board and more.” Still.

com THE STATS Employer Type: Private Company Chairman and CEO: Joseph Perella No.pwpartners. of Employees: 250+ DEPARTMENTS Asset Management Financial Advisory EMPLOYMENT CONTACT See “careers” section of www. . of Offices: 5 What insiders at other firms are saying • • • • “Top-notch boutique with high compensation” “Living off an old image” “Getting high-profile deals—making a name for themselves” “Sweatshop” THE BUZZ 96 © 2009 Vault. Lazard Moelis & Company 767 Fifth Avenue New York.pwpartners. NY 10153 Phone: (212) 287-3200 Fax: (212) 287-3201 www.PRESTIGE RANKING 12 PERELLA WEINBERG PARTNERS KEY COMPETITORS Evercore Partners Greenhill & Co.

In its short existence. Perella’s last gig was as vice chairman and managing director of Morgan Stanley. Its advisory business includes mergers. 2010 Edition Perella Weinberg Partners THE SCOOP Morgan and Goldman alum team up Founded in June 2006. who got his start as a Wasserstein Perella summer intern and is now CFO of Sony.3 acquisition of Reuters Group.vault. to Perella’s New York office. Perella Weinberg Partners acquired restructuring experts at Kramer Capital Partners (KCP).S. KCP moved its office.. the firm consists of more than 250 employees. Douglas Braunstein. Founder Joseph Perella made his name as a pioneer dealmaker at First Boston in the 1980s. Perella Weinberg has already worked on some monumental deals. former CEO of Goldman Sachs International and an accomplished banker as well. with Bruce Wasserstein (now chairman and CEO of Lazard). Perella Weinberg Partners’ launch in 2006 was one of the most closely watched debuts in banking history. KCP founders Michael Kramer and Derron Slonecker joined Perella Weinberg as partners.5 billion CityCenter project. the Vault Job Board and more.5 billion acquisition of Barclays Global Investors and by the FDIC for strategic advice on the ongoing developments in the financial services industry. The firm was recently enlisted by BlackRock on its pending $13. who became the first woman managing director in Credit Suisse’s M&A group and then founded her own boutique. Some of its highest profile assignments include advising Thomson Corporation on its $18.P. Visit Vault at www. Government-related restructuring assignments have included advising the New York State Insurance Department and the Pension Benefit Guaranty Corp. small staff and active engagements from Stamford. while its asset management unit focuses on alternative investment products.K. A shareholder revolt at Morgan Stanley—the ruckus that led to the 2005 resignation of chairman Philip Purcell—prompted Perella to leave the firm. 97 . announced M&A deal volume. He also advised MBNA on its $35 billion sale to Bank of America. acquisitions and restructuring. who work out of offices in New York. Raymond McGuire. KCP’s team of professionals also joined the firm. Perella Weinberg ranked No. Continental on its $35 billion sale to Schaeffler and UST on its $11. where he became close with some of America’s top M&A talent. 24 in worldwide M&A deal volume for the first half of 2009. expert advice. He knows how to pick ‘em Besides being known as a king of deals. Debtor-side transactions have included Masonite International and Spectrum Brands (both had more than $2 billion of debt).” It also maintains a scholarship in the name of Gordon Rich. He and Perella teamed up with quite a lineup of senior bankers and talented professionals recruited from a wide variety of leading global financial institutions. Gail Zauder. expert resume reviews. he worked on deals like America Online’s 2001 purchase of Time Warner (the biggest merger in history). The illustrious group still meets for an annual reunion called the “Associates’ Lunch. 16 in U. Perella Weinberg Partners offers two services: advisory and asset management. and several Morgan Stanley advisors jumped ship to join him. The firm raised $1. creditors and third parties. head of investment banking at J. and the $36 billion merger between Ciba-Geigy and Sandoz that created Novartis in 1996.1 billion during the six month period ending June 30. As for Weinberg. It was Perella’s name and the team assembled that made that kind of fundraising possible—after all. Morgan. IN THE NEWS June 2009: Top 25 worldwide According to Thomson Reuters. head of investment banking at Morgan Stanley.The Vault Guide to the Top 50 Banking Employers. Joseph Perella is famous for finding and training Wall Street talent. Perella Weinberg worked on one deal (BlackRock’s purchase of Barclays Global Investors) worth more than $13 billion. For the same period. career message boards.1 billion merger with Wells Fargo. sparking rumors that he would open his own boutique. Perella Weinberg advised on three deals worth a total of $14. then left to create Wasserstein. Some of Perella’s other winning picks include Robert Wiesenthal.). the firm ranked No. 2009. co-head of global investment banking at Citigroup. they built a team that has gone on to take the business world by storm. becoming Perella Weinberg’s first hires. Recent creditor assignments have included advising Herbst Gaming’s noteholders. Currently. and when he and his protégé formed Wasserstein Perella. and Walid Chammah.1 billion in capital from a group of noteworthy investors (including Mitsubishi UFJ Financial Group and Dubai’s Istithmar PJSC) to establish operations and fund investments in its asset management business. Elixir Advisors. Perella Weinberg’s restructuring deals have included advising debtors. Conn. Perella Weinberg Partners advised Columbia Sussex Corporation in connection with Tropicana’s restructuring of $3 billion of liabilities and Dubai World in connection with its MGM Mirage joint venture for the $8. a Perella find who was co-head of M&A at Credit Suisse until his death in 2000. Wachovia on its $15. Since the for insider company profiles. Austin. Perella & Co. San Francisco. He is credited with discovering Bruce Wasserstein (back in his First Boston days). Also in the casino industry. Indeed he did. Denver and London (U. Under the terms of the deal.7 billion sale to Altria Group. Restructuring experts welcomed aboard In November 2006. that would be Peter Weinberg.

Maguire.-driven technological growth Perella hired two ex-Lehman Brothers technology bankers. where he expects a “third wave of declines in property values. September 2008: Weinberg in the Times With some of the biggest names in the financial sector brought to its knees. 98 © 2009 Vault. Weinberg and Joseph Inc. November 2008: One man’s loss is another man’s gain There is speculation that the fees paid to advising banks may drop. to launch an office in San Francisco. the fund will focus on physical property. In times of stress. independence is really prized. Bressler told Reuters he was. Perella as part of “a small group of spectators” that assisted in bankrupting Chrysler. Perella’s fourth. and the companies demanded more than the $2.” July 2008: Expansion into European real estate The company held the final closing of Perella Weinberg Real Estate Fund I LP. becoming the FDIC’s strategic advisor regarding ongoing developments in the financial services industry. with an annual targeted return of 20 percent.S. Inouye was a managing director in Menlo Park focused on the firm’s Internet practice. including other financiers—Perella Weinberg Partners stood firm in representing its clients’ best interests and ultimately accepted the government’s terms as the best available outcome. Perella Weinberg advised on four deals worth a total of $26. Pete and Joe U. 22 in announced U. refraining from investing in the U. one of the world’s leading sovereign wealth funds. rather dramatically in the past month … The recession is biting. to advise him on determining how much his 12 percent stake in the insurance conglomerate is worth.64 billion to settle charges brought by federal and New York State authorities). the needs of the private equity industry. acting as exclusive advisor to the Kuwait Investment Authority. property firms and debt.S. November 2008: U. Perella and 17 other financial companies held around $1 billion in Chrysler’s secured debt.” January 2008: Starting off with two bangs Perella Weinberg kicked off 2008 with a whopper of a deal. Paul Inouye and John Varughes. had this to say about small investment banks such as his own in an interview with The New York Times: “This environment is a perfect pitch for the business model. Treasury collectively offered the firms. President Barack Obama referred to company founders Peter A. on its $2 billion investment in Merrill Lynch. While the admonishment may have been slightly misplaced—many factors led to the downfall of the automaker. real estate-related assets and businesses in Europe. who served more than 20 years as an energy investment banker for Morgan Stanley. and their headcount wasn’t expanded to serve. I’d say. Varughese was a managing director in the technology M&A group. Headed by Leon Bressler.K. will help the firm “expand our coverage in the global energy sector.S. “It has intensified. Perella Weinberg was retained to provide advisory services to the FDIC. At Lehman. Ultimately. a partner at Perella Weinberg Partners.25 billion the U. Peter A. December 2008: Top 25 in M&A According to Thomson Reuters. Greenberg had been forced out of AIG after 40 years with the firm (which. “The level of activity is intensifying as we speak. which would affect Perella’s bottom line. one year after Greenberg left. which invests in real estate. The firm was also tapped by Maurice R.S. moving up six spots in the rankings compared to its finish in 2007.” he said..” He also predicted that “boutiques will suffer little or no decline in revenue because their business model wasn’t built on. May 2009: Barack. M&A deal volume for 2008. Weinberg. Joseph Perella remained confident about the field of restructuring. paid $1. Greenberg. for the time being.96 billion during the year.The Vault Guide to the Top 50 Banking Employers. But at the Reuters Global Finance Summit. Chrysler collapsed—and Perella was left waiting to see what the bankruptcy court will award it and other creditors.” the firm’s co-founder Joseph Perella said in a statement. . 2010 Edition Perella Weinberg Partners May 2009: A new face in energy banking Perella Weinberg Partners hired Robert Maguire as a partner in its corporate advisory division in London. Perella Weinberg ranked No. The two were hired to provide advisory services to technology-sector clients. January 2009: Landing the FDIC At the height of the current economic crisis.” and more companies are feeling it. former CEO of the American International Group.

” Candidates presently employed at another firm can mail their materials to human resources in New York or London. 99 . though it doesn’t make its job openings public and says it hires on a “very opportunistic basis. the firm says it’s looking for exceptional talent—and people who are excited about the idea of working in a small. the Vault Job Board and more. only the “best of breed” will do. Visit Vault at www. “Analysts and associates are an integral part of all deal teams and get the opportunity to interact with senior professionals daily—a differentiator for those looking to join the business. private partnership. 2010 Edition Perella Weinberg Partners GETTING HIRED Take the best. Either way. expert resume reviews. expert advice. This selective campus recruiting is how the firm fills the majority of its full-time and summer internship positions in its advisory practice.” Perella is still open to top-notch lateral hires.The Vault Guide to the Top 50 Banking for insider company profiles.S. leave the rest Perella Weinberg Partners interviews at an admittedly very limited number of U. interested candidates may mail a resume and cover letter. Since its advisory partners currently have an average of 20 years’ experience. addressed to human resources.vault. Perella will be in touch. If there’s a match. career message boards. to either the London or New York office. According to the firm. specifying their interest in advisory. asset management or firm administration. However. and European universities and graduate business schools.



Quality of Life #3 – Compensation #4 – Selectivity #7 – Offices #11 – Overall Satisfaction #12 – Best to Work For #13 – Training #15 – Culture #15 – Treatment by Managers Diversity #7 – Diversity With Respect To Gays and Lesbians #8 – Diversity With Respect To Ethnic Minorities #12 – Best for Diversity #14 – Diversity With Respect To Women

399 Park Avenue, 5th Floor New York, NY 10022 Phone: (212) 880-7300 Fax: (212) 880-4260

Advisory Capital Raising M&A Recapitalization & Restructuring Risk Advisory Merchant Banking

CEO: Ken Moelis Employer Type: Private Company No. of Employees: 230 No. of Offices: 6 (Worldwide )

Centerview Partners Evercore Partners Goldman Sachs Lazard Perella Weinberg Partners

• “We are building, not reducing headcount” • “Prestige of the firm on Wall Street” • “Probably one of the best restructuring experiences on the Street”

• “Senior people get many more perks than junior people” • “Unpredictability of hours” • “Lack of a good bonus compared to the Street”

What insiders at other firms are saying
• • • • “The new Goldman Sachs” “Growing too fast” “The best investment banking boutique” “Works you to the bone”




© 2009 Inc.

The Vault Guide to the Top 50 Banking Employers, 2010 Edition Moelis & Company

The newcomer
New York-based Moelis and Company provides corporate finance advisory services for mergers and acquisitions, exclusive sales, restructuring, capital raising and risk advisory. The firm’s merchant banking arm, Moelis Capital Partners LLC, invests across several industries and asset classes, and sources portfolio investments through both its managing directors’ industry contacts as well as through those of its investment team. Current portfolio companies include MidCap Financial, a commercial finance company focused on middle market lending to the health care industry; Wyle Holdings, Inc., a leading provider of specialized engineering, scientific and technical services to the Department of Defense, NASA and a variety of commercial customers; and Woundco Holdings, Inc., a leading provider of wound care rental equipment and related services to post-acute and acute care facilities. Founded in 2007, Moelis has offices in New York, Boston, Chicago, London, Sydney and Los Angeles. It’s headed by founder and namesake Ken Moelis, and employs approximately 230 people worldwide.

Ken’s enterprise
Ken Moelis rose to fame in the early 1980s, working at Drexel Burnam Lambert, and pioneering the use of high-yield debt to finance M&A deals and high-growth startups. After a successful career at Donald Lufkin & Jenrette Securities (DLJ), Moelis was lured to the UBS investment banking division in 2000. He recruited several former DLJ bankers to join him, and promptly turned UBS’ investment bank into a global powerhouse. But Moelis’s high-flying ways didn’t sit well with the conservative Swiss culture at UBS, so in 2007, he resigned his post as president of the investment bank and announced the formation of his eponymous firm. To fill 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: in 2008, it helped defend Yahoo! from Microsoft’s $44 billion hostile takeover bid and advised Anheuser-Busch on its $61.2 billion sale to InBev.

June 2009: Beefing up technology
Moelis & Company hired Kevin Scheetz, the former head of the semiconductors and electronics investment banking franchise at Merrill Lynch, into its newly-formed technology group. Scheetz was Moelis & Company’s second technology hire in under a month. Stuart Goldstein, formerly the head of West Coast technology investment banking at Citigroup, was hired at the end of May 2009.

May 2009: Two big hires
Moelis & Company hired Kasim Kutay, former chairman of Morgan Stanley’s European health care group, and Alex Rubin, a former managing director in Citigroup’s global real estate investment banking group. Kutay joined the firm’s London office, where he’ll oversee Moelis & Company’s European health care practice. Rubin joined the firm’s New York headquarters, where he’ll advise real estate clients.

May 2009: Offering No. 2
Moelis & Company advised on its second public offering, acting as financial advisor as well as co-manager and underwriter in connection with Energizer’s $535.3 million follow-on offering.

April 2009: Former Merrill banker to head up EMEA
Moelis & Company announced that it hired Mark Aedy as head of the company’s Europe, Middle East and Africa (EMEA) investment banking division. Aedy is based in London and serves on Moelis’ management committee. Previously, Aedy was head of Bank of America Merrill Lynch’s EMEA unit. Prior to that, Aedy worked for Deutsche Bank and Bankers Trust . In addition, Moelis hired 15-year restructuring veteran Matthew Prest to its EMEA team. Prest was previously head of the European restructuring group at Close Brothers in London. He brought with him to Moelis Charles Noel-Johnson, an executive director, who will help Prest build the firm’s restructuring business abroad. In the U.S., Moelis hired Jared Dermont, a managing director from Rothschild, to expand its restructuring business domestically.

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The Vault Guide to the Top 50 Banking Employers, 2010 Edition Moelis & Company

April 2009: Advising on Vegas’ CityCenter
Moelis & Company was tapped to advise Dubai World in connection with the restructuring of its $8.5 billion of agreements to complete CityCenter, a high profile construction project under development in Las Vegas.

March 2009: Adding talent
Moelis & Company expanded its restructuring capabilities with two key hires: ex-Broadpoint Securities banker Mark Hootnick, who joined as a managing director; and Steve Panagos, previously the national practice Leader of Kroll Zolfo Cooper’s corporate advisory and restructuring practice, who joined as a managing director and vice chairman. In addition to beefing up its restructuring practice, Moelis & Company continued to add talent to cover new sectors, including health care and technology. The firm hired Rick Landgarten, former co-head of global health care investment banking at Citigroup, and Stan Holtz, former head of U.S. telecom investment banking at Bank of America.

March 2009: Its first offering
Moelis & Company served as financial advisor, co-manager and underwriter to Wynn in connection with its $210 million public follow-on offering. The deal marked the first time Moelis & Company managed and underwrote a public offering of securities.

February 2009: Poached from UBS and Morgan Stanley
Christopher Ryan, the ex-head of credit fixed income at UBS AG, will soon join Moelis & Company, insiders told Bloomberg. In his new role, Ryan will advise clients on risk and balance sheet-related matters, and continue the expansion of the firm’s capital markets capabilities, the insiders said. In addition, Moelis announced that it would hire Roger Hoit, previously a managing director in the global financial sponsors group at Morgan Stanley, to increase its coverage of financial sponsors clients.

January 2009: Starting the year off on a strong foot
Insurance giant AIG hired Moelis & Company to advise it on the sale of International Lease Finance Corporation (ILFC), one of the world’s biggest aircraft leasing businesses. Estimates peg the sale at around $8 billion, and Alasdair Whyte, publisher of Airfinance Journal, reported that “a number of banks with more aviation experience were hoping for the advisory mandate.” Moelis & Company was also hired by Hartmarx Corporation, the Chicago-based parent company of several apparel brands, to advise on strategic options and a Chapter 11 reorganization. Hartmarx, which dates back to 1872, was also in the news for making U.S. President Barack Obama’s inaugural tuxedo, topcoat and suit. In addition, Moelis & Company client Muzak Holdings reached an agreement with its lenders to extend the maturity date of a $105 million credit facility by 22 days. Moelis & Company has been working with Muzak, which has $465 million in debt and $25 million of cash on hand, since late 2008. At the same time, Muzak is investigating a possible merger with its rival DMX Music .

January 2009: Bear veteran joins the fold
Capital markets veteran Dominick Petrosino, who’d headed up Bear Stearns’ leveraged finance capital markets division, became a managing director in Moelis & Company’s New York office. Ken Moelis noted that Petrosino was “the ideal partner” as Moelis & Company makes plans to expand its recapitalization and restructuring capabilities.

December 2008: London calling
With its U.S. business going strong, Moelis & Company reportedly began turning its eyes overseas to its fledgling London office, as word spread that Moelis & Company was considering a U.K. hiring binge. In September 2008, it had tapped former Deutsche Bank vice chairman Kristian Bagger for the London office to ramp up business in Europe. Bagger began recruiting junior staffers right away, but explained that most of the big London hires will come later in 2009. The team got to work right away, advising TNS on its £1.1 billion sale to WPP. Proving his commitment to the Continent, Ken Moelis has been making frequent trips to Europe, meeting with Bagger and introducing himself to potential clients. As Moelis & Co.’s international work expands, Bagger’s pedigree will become an asset: he has over 20 years experience in the Benelux and Nordic markets, and has worked with major companies like Swedish buyout firm EQT, Danish brewing company Carlsberg and the Dutch paint firm AkzoNobel.


© 2009 Inc.

The Vault Guide to the Top 50 Banking Employers, 2010 Edition Moelis & Company

December 2008: In the game
According to Thomson Reuters, Moelis & Company leaped up the banking league tables in 2008, finishing the year at No. 20 in worldwide announced mergers and acquisitions—up from No. 47 in 2007. In U.S. announced M&A deal making, it ranked No. 15, up from No. 30 in 2007.

September 2008: Shore joins up
Moelis hired ex-J.P. Morgan managing director Andrew Shore as a managing director in New York to lead its coverage of household and personal care companies. Shore has more than 20 years of banking experience under his belt. Prior to working at J.P. Morgan, he was a managing director at Deutsche Bank.

August 2008: An old-fashioned ideal
Banking jobs vanished overnight in the second half of 2008, but at Moelis, they just kept appearing. CEO Ken Moelis told the Los Angeles Times that he’d increased headcount up to 130, and was aiming for 160 by the end of 2008 (the firm’s headcount as of June 2009 was 190). This isn’t to say that Moelis plans to outgrow its niche size. Moelis has no interest in building a massive conglomerate, the kind of place where the art of investment banking gets lost in the quest for big fees. “Investment banking, at its core, is a relationship-based advisory business,” he explained to the Times. “This is what the great leaders of investment banks used to do. They knew the client by name.”.

August 2008: Gaining Share
Greg Share left Fortress Investment Group to become a partner in the Moelis Capital Partners private equity business in New York. Share previously worked at Madison Dearborn Partners and Lazard Frères.

June 2008: New leader arrives
Ken Viellieu, a former Bear Stearns senior managing director, signed on as a Moelis & Company MD and head of its Chicago office. According to the firm, Viellieu will lead expansion plans in Chicago and build out the client list in the Midwest. Greg Shaia, another ex-Bear, joined Moelis & Company’s New York office as a managing director, and head of the consumer and retail industry sector.

Best and the brightest
Moelis is still hiring at the same pace it was before the recession, and the added competition—”It’s one of the few banks hiring while everyone else is laying off employees by the thousands”—has allowed the firm “to be extremely selective.” One source agrees, saying that “Moelis is very selective in hiring new analysts and associates, and requires them to have experience and sharp technical skills.” The talent pool is “the best in class at the top rated business schools.”

Finding the right fit
Moelis recruiters can be found on the campuses of elite business schools such as University of Pennsylvania, Columbia, Harvard, Berkeley and UCLA. Current employees report that the interview process is two to three rounds, consisting of a “first round with analysts and associates,” followed by a “second round with associates, senior vice presidents and partners” and, if needed, “a third round for fit.” A senior vice president at Moelis reports that the interviews are “usually technically focused in the first round and heavily weighted towards fit given the size of the organization.”

First dibs
An internship at Moelis doesn’t necessarily translate to an automatic hire, but employees report that “interns get first dibs” at entry-level jobs. There are “very stringent standards” for hiring all employees, even former interns, and Moelis “only gave offers to about 65 percent of summer interns” last year. Even though it’s not a sure thing from internship to hire, most employees agree that “obtaining a summer position is the best way to earn a fulltime offer.”

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The Vault Guide to the Top 50 Banking Employers, 2010 Edition Moelis & Company

OUR SURVEY SAYS Nowhere to hide
Since Moelis & Co. is such a young company, employees say that the “culture is being built from the ground up.” Many note that it is a “very hardworking and driven” company, with “a pleasant work environment.” However, it seems that this “team-oriented” and “collaborative” firm is still working out some of the kinks of being a start-up. One source complains that Moelis has the “worst hours on the Street,” and “useless work is given for no purpose.” Another agrees that the going motto seems to be “work hard, get paid little.” On the plus side, though, you’ll see “lots of deals” and have the “opportunity to try different things.” A current vice president at the firm sums up the culture by saying, “It’s a relatively small firm so everyone knows each other. Individuality is encouraged, but there’s nowhere to hide after a poor performance.”

Not enough
Employees at the junior level are not fully satisfied with their level of pay versus the hours put in. One analyst says, “They will pay you enough so you don’t complain, but not enough to make you happy.” Another employee comments, “The firm claims to pay 5 to 10 percent above the rest of Wall Street for bonuses, but that no longer seems likely. Bonuses are now expected to be less than the average on the Street.” Reported salaries ranged from $60,000 for entry-level analysts to $200,000 for employees in management positions. An insider says that entry-level associates can make as much as $90,000 in their first year. Potential employees of Moelis can expect to put in a lot of overtime. One source says, “Analysts and associates average anywhere from 85 to 95 hours per week. And VPs work 65 to 80 hours per week.” Some insiders report weeks when working more than 100 hours is simply par for the course. “It is extremely rare to have an entire weekend day off,” says one analyst. An associate reports that “17-hour days are the norm, and even weekends tend to involve 12-hour days.” Though many employees have not noted significant changes due to the recent downturn, Moelis has cut back on office perks and eliminated its 401(k) matching program to keep up with cost control in the lagging economy.

Difference of opinion
There is a discrepancy of opinions regarding the relationship between management and junior employees at Moelis. One analyst explains, “Occasional good guys look out for you, but for the most part, senior guys don’t care about you.” Another says that “given the lean structure at Moelis, managers put a good effort into trying to limit the amount of non-meaningful work given to the juniors.” One employee puts it this way: “Some of the senior people are very good at respecting the time of junior people, but others act as if we have no life outside of the office and show no appreciation for the work completed.” A vice president at the company doesn’t see any problems with the hierarchy and says, “We’re building a culture of mutual respect at Moelis.”

Very nice
There is a consensus that Moelis’ office space in Los Angeles is nicer than its space in New York. An insider notes, “The New York office is modest, but it’s a temporary space. (Indeed, the firm moved its New York office into a larger space a few blocks north on Park Avenue in early September 2009). The L.A. office, on the other hand, is one of the nicest offices I have ever seen used by an investment bank—and all of the associates have offices.” One source working out of Chicago says, “We’re in a brand new location that we moved into a few months ago. The offices are very nice, and the building is nice as well. It has a gym and other amenities.” Overall, insiders say offices are “not ultra luxurious, but very nice.” The dress code is a bit more laid-back than at other firms, with “business casual Monday through Thursday and casual Fridays”—which usually involves wearing “jeans and a dress shirt.” Employees can “wear what they like on weekends.” Of course, every banker is required to “wear a tie if going to a client meeting.” Moelis & Co. employees report little to no efforts being made to “green” their offices. One employee even goes so far as to note that “this should not be an emphasis of firms devoted to maximizing shareholder value.”

Lacking in on-the-job training
New employees at Moelis are sent out to a formal job training program conducted by a third party. A source reports that “the firm’s formal new-hire training is excellent,” but he adds that “informal on-the-job training has not been as good as I hoped.” An associate explains that at his level, “training involves two weeks of heavy corporate finance and accounting training, two weeks of Series 7 and 66 training, and one week of internal training.” He elaborates that “most new associates have a background in investment banking so the training isn’t as meaningful as it would be for an analyst or an associate with a non-investment banking background.” A disappointed analyst says that “the training program itself was decent. However, on-the-job training is difficult to come by, since everyone in the firm is way too busy to take the time to properly direct those beneath them.”


© 2009 Inc.

The Vault Guide to the Top 50 Banking Employers, 2010 Edition Moelis & Company

Getting ‘ramped up’
Moelis is a “new firm” so it’s still “getting ramped up on mentoring and other women-specific programs.” One male insider says that in the early stages of hiring, there is room for improvement as far as gender equality goes, saying that “we currently have two female analysts in a class of over 20.” Most employees give the firm high marks in the field of racial diversity, noting that there is a “high amount of diversity in this regard.”

Generating new business
The growth potential and relative newness of Moelis make it an attractive company, even in the midst of a difficult economy. “I wouldn’t want to be at another firm,” says one current employee. “The senior bankers here are not distracted by corporate issues, and are focused on generating new business and building the firm.” Compared with bigger firms, employees at Moelis “have been able to develop new skill sets and have been able to learn a lot.” However, some sources feel that the firm could do more to encourage an overall sense of satisfaction. “Given that we are growing, the firm should do a better job trying to retain employees. The partners need to be more generous in terms of bonuses and sharing a piece of the pie,” an insider explains.

When the dust settles
Most employees are optimistic about the firm’s future, and many feel that the crisis on Wall Street may even help them. One associate notes, “Moelis has been able to take advantage of the current economic environment and has continued to hire an exemplary list of new senior bankers. The firm continues to grow strong and continues to take advantage of the market conditions to establish itself as a leading independent advisory shop.” Members of the restructuring group are particularly optimistic about their potential for success, commenting that “the restructuring practice and the advisory practice have been very successful.” Another source says, “When the dust settles and the economy recovers, Moelis will be in better shape than most of its counterparts. It has a very bright future.”

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Quality of Life #3 – Training #4 – Green Initiatives #6 – Treatment by Managers #9 – Hours #11 – Offices #13 – Culture #13 – Selectivity #15 – Business Outlook Diversity #6 – Diversity With Respect To Ethnic Minorities #8 – Best for Diversity #9 – Diversity With Respect To Women #10 – Diversity With Respect To Gays and Lesbians

299 Park Avenue New York, NY 10171 Phone: (212) 821-3000

Equities Fixed Income Foreign Exchange Investment Banking Investment Research

Employer Type: Division of UBS AG Co-Chief Executives: Carsten Kengeter & Alexander Wilmot-Sitwell 2008 Revenue: $2.88 billion 2008 Net Income: $34.3 billion No. of Employees: 17,171 No. of Offices: Offices in 38 countries

• “Opportunities to work and travel abroad”‘ • “Great sense of team” • “European culture”

Bank of America Barclays Capital Citigroup Credit Suisse Deutsche Bank Goldman Sachs HSBC Morgan Stanley

• “The layoffs” • “Lots of negative media” • “Limited confidence and trust in management”

See “careers” at

What insiders at other firms are saying
• • • • “Large, diverse” “Taken some big reputational hits in the last two years” “Plays in the middle market—aggressive, solid bank” “Lost ton of great bankers; North American presence unclear”



© 2009 Inc.

The Vault Guide to the Top 50 Banking Employers, 2010 Edition UBS Investment Bank

A tough year for a Swiss giant
One of the world’s largest financial firms, UBS AG serves clients worldwide through its investment banking, wealth management and asset management businesses. Headquartered in Zurich and Basel, UBS AG has offices in over 50 countries and employs more than 75,000 people around the world. UBS Investment Bank, UBS AG’s investment banking business, employs more than 17,000 people. It provides advisory services as well as access to the world’s capital markets for corporate, institutional, intermediary and alternative asset management clients. It also provides securities products and research in equities, fixed income, rates and foreign exchange. To say the least, UBS AG has had a rough time lately. As a result of serious losses stemming from the subprime mortgage crisis, it reorganized itself and shrank considerably throughout 2008 and the early part of 2009. It did so by exiting businesses, divesting assets, internally restructuring and significantly 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. Additionally, Marcel Ospel, chairman of UBS, stepped down from the post in April 2009; Kaspar Villiger, Switzerland’s former finance minister, succeeded him. The draconian measures were responses to staggering losses: for the fiscal year 2008, its net operating loss was CHF 20.7 billion, putting its 2007 loss of CHF 4.7 billion to shame.

Back in the day
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 firms. One of these, London’s S.G. Warburg Group, became SBC’s 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 bank’s 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 firm bought New York-based PaineWebber for $11.8 billion, further solidifying its presence in the U.S.

August 2009: Forced to name names
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. Each government has initialed agreements and will be signing a final accord at a later time, according to a judge. Specific details of the agreement weren’t released, but tax lawyers said that they anticipate that UBS will ultimately reveal the information attached to about 5,000 accounts.

August 2009: Three in a row
UBS posted its third consecutive quarterly loss, citing costs associated with its job cuts and reorganization plans as main reasons for the loss. The $1.3 billion loss for the second quarter 2009, nearly three times larger than the $370 million loss the company suffered in the same quarter of 2008, extended to the company’s investment banking business. The unit endured a pretax loss of $1.74 billion compared with a $4.93 billion loss in the same period in the previous year. The overall results led the bank to say in a statement that its outlook “remains cautious, consistent with our view that economic recovery will be constrained by low credit creation and the structural weaknesses in consumers’ and governments’ balance sheets.”

August 2009: No name protection
UBS will not be required to pay a fine in order to settle a tax evasion clash with the U.S., insiders told the Swiss newspapers Sonntag and SonntagsZeitung. The company will, however, be releasing about 5,000 names of clients to U.S. authorities. The amount is only a fraction of what U.S. authorities originally sought out—initially, the government wanted the company to disclose the names of 52,000 of its affluent U.S. clients.

July 2009: Taking Merrill’s bull
UBS snagged Bank of America Merrill Lynch’s Keith Magnus to head its investment banking unit in Singapore and Malaysia. Magnus, who stepped into a newly-created position (UBS is trying to increase its coverage in the Asia Pacific region), previously oversaw BofA Merrill Lynch’s investment banking operations in Singapore and Malaysia. Most recently, Magnus’ experience in the region includes advising on a $1.28 billion in rights issues for Singaporean real estate developer CapitaLand Ltd.

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April 2009: Bye to Brazil bank UBS agreed to sell its Brazil banking unit UBS Pactual to Andre Esteves. UBS revealed plans to cut approximately 2. In its earnings announcement. and Carsten Kengeter.000 positions. The move was part of UBS CEO Oswald Grübel’s firmwide cost-cutting plan. May 2009: Wage increases intact UBS AG CEO Oswald Grübel said the firm will keep to its practice of paying market wages to its employees. March 2009: More big cuts UBS said it will slash up to 5. led to the exit of the group’s chief. 2010 Edition UBS Investment Bank June 2009: Selling off its building stake According to the New York Post. While UBS has not officially commented on the latest jobs loss report. bringing its total headcount to about 75. head of UBS Investment Bank. a goodwill impairment of $554 million and $161 million in severance costs from the sale of its Brazilian division Pactual. However. June 2009: “Massive” banker raid UBS filed a lawsuit against Jefferies Group Inc. . doesn’t disclose the rent it is paying on the floors. which occupies the space.16-million-square-foot building. and Johansson’s departure is the fourth for the unit in the last 18 months. Benjamin Lorello.67 billion one connected to monoline insurance companies).com Inc. Crain’s and the Post speculated that it may be somewhere between $60 and $70 a foot. The $2..000 jobs within the month. UBS rents 750. according to the Swiss newspaper SonntagsZeitung. 108 © 2009 Vault. An industry watcher told the Post that the deal may be “the one that pries open the market again.76 billion. including support staff. equities and fixed income divisions. bringing the total number of jobs purged by banks globally since July 2007 to about 131. This means that despite being disparaged for raising salaries after taking government aid. UBS will still be increasing senior bankers’ salaries by 50 percent to avoid defections. The employee exodus to Jefferies. The bank will pay out the bonuses over the course of three years.000 employees. In total. the losses don’t appear to be letting up anytime soon. UBS announced plans to slash about 10 percent of its employees in 2009. April 2009: Goodbye to Johansson UBS AG announced that Jerker Johansson. May 2009: Down again UBS posted a first-quarter 2009 net loss of $1. currencies and commodities. would be leaving the firm immediately.The Vault Guide to the Top 50 Banking Employers.500 management jobs may be cut in the firm’s wealth management unit—a move that comes in addition to the 2. which could affect up to 8. UBS replaced Johansson with co-CEOs: Alex Wilmot-Sitwell. The new wave of cuts came in addition to the 7. About 2. within its investment banking. head of fixed income. which took place over the course of five days in June.000 positions the firm announced it would cut in February. premeditated raid” that led to the departure of 36 health care investment bankers. according to the Swiss publication Sontag. alleging that the midsized firm engaged in a “massive. UBS also put about $831 million in bonus funds aside in order to help retain senior bankers.700.” Currently.000 jobs the firm has recently eliminated. UBS also said it will soon name a new head of its health care group. the firm had confirmed within the previous week that it was streamlining its business organization from eight to four regions. April 2009: More layoffs on the horizon UBS was on the brink of more job cuts. The unit has seen more stable days—UBS Investment Bank has been the source of nearly all of its parent’s credit crisis-related losses. UBS also noted that it expects to book approximately $571 million in restructuring and severance charges during the second quarter of 2009. Though the results weren’t as bad as the $10 billion net loss the firm booked for the first quarter 2008. a senior member of UBS Investment Bank. and to what UBS has called a “nearly complete lift-out” of the company’s health care unit. UBS will be selling off its 49 percent stake in a New York City building it owns located at 299 Park Avenue.5 billion sale will result in a “small loss” for UBS but will help it shore up capital. In September 2008.000 square feet in the 1. UBS bought Pactual for $1 billion in 2006 and is selling the bank (to Esteves’ company BTG Investments) at a price higher than its book value. Previously in 2009. UBS. who previously ran the division. the building’s lease is valid until 2018. The report said marketing and support staff in Switzerland will take the brunt of the cuts. thanks to big write-downs (including a $1.000.

S. which lets banks retract payments from workers who don’t meet specific goals. an ex-trader at Dillon Read. the insiders said. In addition to the U. As they stand.000. career message boards.S. Ryan will counsel clients on risk and balance-sheet matters. February 2009: Mum’s the word UBS was slapped with a Swiss lawsuit by affluent U.” the Financial Times reported. Ryan isn’t the first former UBS employee that ex-UBS Investment Bank president Ken Moelis has drafted for his new venture. which reportedly will be called VinsonForbes. Additionally. UBS has decided to offer pay raises to its top bankers. February 2009: Paying up for Ponzi UBS was ordered by the Commission de Surveillance du Secteur Financier. In his new role. Dillon Read Capital Management. The loss. The firm said it plans to divide its wealth management business into two units: Wealth Management and Swiss Bank. The regulator said that “poor execution of its due-diligence obligations constitute a serious failure of its surveillance role as a depositary bank.9 billion loss for the fourth quarter of 2008. respectively. government of client taxes. but still not stellar UBS AG posted a $6. March 2009: No more secrets? A few days after he took over as UBS CEO. Part of the lawsuit may stem from legal and cultural differences between the U.vault. Some bankers’ salaries will increase from about $170. but revealing client names is. Oswald Grübel told Swiss newspaper Finanz und Wirtschaft that Switzerland should contemplate modifying its banking laws so potential tax evaders aren’t shielded. Gold said in a conference call.000. and Wealth Management Americas.S. will also be a founding member of the new firm. The suit says UBS and the Swiss Financial Market Supervisory Authority breached secrecy laws and conducted illegal doings with foreign governments. 109 . Visit Vault at www. Judge Alan S. making its employee count for that business about 15.4 billion fund that served as a channel for Bernard Madoff’s suspected Ponzi scheme. expert resume reviews. UBS was given three months by the regulator to hand over compensation and develop and improve its systems..S. If not.000 of its affluent clients. a boutique that will offer broker-dealer and securities services for institutional clients. The new wave of reductions brings the firm’s total job cuts since October 2007 to 11. the ex-head of credit fixed income at UBS AG. to pay for its “serious failure” of guardianship of a $1. current Swiss banking laws shelter those wanting to dodge taxes (but not those who commit tax fraud). smaller than the $11 billion the firm lost in the fourth quarter of 2007. The push for the release of the information is related to allegations that the firm assisted some of its clients in avoiding taxes through offshore bank accounts.000. Matthew Johnson. part of which involves boosting the base salary of its senior investment bankers to bring their pay in line with other jobs in the financial services industry. will soon join Moelis & Co. 2010 Edition UBS Investment Bank March 2009: Bonuses freefall but salaries skyrocket Despite slashing its bonus pool by about 80 percent in 2008. UBS is in the process of reorganizing its remuneration system. clients looking to thwart the revelation of their names to the public. February 2009: Better. UBS—along with rivals Credit Suisse and Morgan Stanley—have also inserted “clawback provisions” into bankers’ salaries. and Switzerland: evading taxes isn’t a criminal offense in Switzerland. February 2009: Heading to court? The U. the company will likely face a minitrial in July for insider company profiles. Costas and Hutchins previously worked together at the UBS hedge fund.The Vault Guide to the Top 50 Banking Employers. Justice Department began to pressure UBS to release information regarding 52. Currently. insiders told Bloomberg. February 2009: Poached from UBS Christopher Ryan. the Vault Job Board and more. within the last two years. was still enough to cause UBS to make some changes.000 to $430. Luxembourg’s financial regulator.S. A federal judge said that the bank will have until the end of April 2009 to contest the push for publication and ask for a full trial. Jeffrey Raich and Navid Mahmoodzadegan also joined the firm as head of mergers and acquisitions and media investment banking. February 2009: Costas’ new venture Ex-head of UBS Investment Bank John Costas and former UBS debt head Michael Hutchins combined forces to create a new financial firm. UBS is facing scrutiny with an investigation into whether it deliberately tried to defraud the U. UBS plans to cut 2. expert advice. company insiders told DealBook.000 jobs in its investment banking unit. Germany and Britain have also called for Switzerland to agree to foreign tax probes.

fit and potential for career advancement within the firm. The fund will allow UBS to transfer $60 billion in toxic assets to the fund.and personality-based. A spokeswoman for UBS admitted in a February 2009 interview that. an ex-Credit Suisse executive. the bank’s shares increased 9. The hiring spree appeared to be an attempt to recoup losses in the early part of the year. 2010 Edition UBS Investment Bank February 2009: New CEO: Grübel steps up UBS announced that its CEO Marcel Rohner had resigned from his post and Oswald Grübel.” The bank is even “more selective given the current environment. but UBS will provide $6 billion in equity capital. who was coCEO at Credit Suisse from 2003 to 20007. Rohner’s resignation came amid UBS’s tax scheme controversy as well as recent defections and big market-related losses.S. has been in relatively high demand amongst financial firms—in May. October 2008: Finding a lifeline UBS received a financial lifeline in the form of a fund set up by the Swiss National Bank. UConn. candid environments similar to a trading floor.1 billion under management.” and its recruiters are “looking for ‘All-Stars’ or those with the raw material to become an ‘All-Star. January 2009: Too-big bonuses? In spite of the investigation UBS is facing for allegedly assisting well-heeled Americans dodge taxes. speak and hear their competition.” explains one current insider.” “The number of applicants alone makes it difficult to get an interview.” UBS recruits from schools in the Northeast. would be taking over for him. Mayer. the firm had hired five Goldman Sachs brokers based in Dallas who collectively had $4 billion under management. October 2008: Picking up some Brothers After Lehman Brothers filed for Chapter 11 bankruptcy. then present to the managers.3 billion in mandatory convertible notes.7 billion during the first three quarters of 2008. including the Ivy League and NYU. but Mayer turned down the proposal. Most of the fund’s money will be provided by the Swiss National Bank. We’re actively asking candidates where else they are interviewing and where else they have offers. was largely responsible for turning that firm around and. brokers in the fourth quarter of 2008. JPMorgan Chase offered him the opportunity to vice chair its investment bank. UBS hired Gregory Fuller to be a senior technology banker and Jorge Martinez to head up its Asian oil and gas unit. September 2008: A new face in fixed income UBS hired Jeffrey Mayer on as global head of its fixed income unit. among others. The “first-round interviews are either on campus or over the phone. but sometimes you’ll get a critical thinking question. in which candidates are split into groups and given a case study to work and talk through.The Vault Guide to the Top 50 Banking Employers.” The Super Day “can be an intimidating event because every applicant is grouped together and one is able to see. its U. so far. Three other ex-Lehman bankers—Anthony Carango.S. “We compete for the best candidates.” The first round is followed up by a Super Day of interviews in which candidates interview with associate directors and participate in “a group exercise. Under the plan. the firm hired more than 200 U. According to UBS. GETTING HIRED Future All-Stars Applicants for employment at UBS are “competing with the best and the brightest in a large number of fields. the firm “takes into consideration technical skills.” One source says that “this is done on purpose in an attempt to rattle candidates and see how one reacts to loud. formerly co-head of fixed income at now-defunct Bear Stearns. Cornell. Grübel.’” When hiring. Pace. A vice president with the company says. withdrew $12. Fairfield. but UBS does not limit itself to only business degrees. but have increasingly focused on candidates who are also selective about their opportunities. and its brokerage staff declined by 340. 110 © 2009 Vault. and five brokers from Morgan Stanley’s Houston office with $2. Howard and Carnegie Mellon. Scott Wilson and Jia Zhai—also now work in UBS’ energy banking Inc. offering them signing bonuses equal to 260 percent of the revenue they had brought in over the past year.” Rattle and roll UBS has a standard two round interview process. Fordham. investors seem to think Grübel will be able to do the same for UBS—on the news.7 percent in Zurich trading. UBS picked up some of the firm’s top bankers. UBS will also receive $5. Interview questions are mostly behavioral. clients U.S. .

“In situations where UBS is the market leader.” An insider says that “whereas prior work schedules included all out sprint for extended periods of time—90 to 110 hours per week consistently—there have been more peaks and troughs in the past few months.vault. summer internship is becoming more and more essential.” “There are no raised voices and a minimum of foul language. if not all. saying that “2008 was an abnormal year given the market turmoil and political challenges. “The markets have taken their toll on morale” while another says.” Another says that he “worked on all kinds of M&A live deals. including modeling.” There are “occasional crunch times in which hours spike. building CIMs. “There are clearly frustrations around the turmoil in banking. “hours have been a lot more volatile given current markets.” and “rotate through trading desks in both sales and trading support roles. in general.000 for MBAs” with perks including an “equity program consisting of two options for every one share purchased.” A disgruntled employee says that in the past year “UBS paid very low relative to the market.” Another has hope for future bonus increases. dinner on nights and weekends”—which have not been cut despite the downturn. the work consists of all the activities of “full-time associates.” Bad time for bonus Starting salaries at UBS are “$60. career message boards. full-time offers come from the summer internship program. a 401(k).m.” For associate interns.” The compensation of employees through bonuses is a recent sore spot.” but.” That means you “can get out of the office at a decent hour” if your work is finished. the negative media coverage and the issues that come with increasing government involvement. including hostile takeovers. the Vault Job Board and more.” In the past year or so. Another advantage to employment with UBS is that “employees are encouraged to use their vacation time and avoid working to the extent possible while on vacation. saying that the culture is “very mixed and unclear” as a result. “you actually make more money than a full-time on base salary before bonuses.” Interns in analyst positions are paid a “prorated first-year analyst salary plus transition payment of $2. “I haven’t had a manager yell at me or heard of anyone being yelled at.” There is also the “added benefit of getting a part-time overtime allowance.” Some perks of working at UBS include “cabs after 9 p.000 for undergrads and $95.” This source also says that payments for “2009 are up in the air. especially in light of UBS’ Swiss bailout. Despite the bad press. Managers try their best to respect time and commitments. three weeks paid vacation and a fully paid training in London for four weeks.The Vault Guide to the Top 50 Banking Employers. 2010 Edition UBS Investment Bank Live deal experience Internships are “very important” as “most.” One source says that with the overtime. presentation preparing.m.” Visit Vault at www.. One contact explains that in 2008. “the Swiss regulators capped the bonus pool materially. it still conducts itself as the underdog looking to outsmart—through creativity and superior technical skills—and outwork the competition.” and another notes that the firm “respects individuality and promotes respect for one another. at least one source reports that “there is a strong sense of pride in the quality of work done here.” One respondent says. “Slow market and no face time policy means hours are highly reasonable. and internal and external deal team coordination.” but he’s generally “out of the office by 7 p. “There is a strong culture of merit based recognition and advancement.” adds one contact. “People at all levels are very open and willing to help.000. Another source agrees and says UBS “does not have a strong culture as it’s mostly every man for himself. expert resume reviews. which is very unfortunate and disappointing especially since it used to pay above market.” But the news isn’t all bad. A source says.” No need for face time The “hours are dependent on market activity” at UBS. you’re treated with “respect. One respondent says that the firm “has an excellent culture.” Others take a negative tack on the issue of individuality. there is a “proper work/life balance.” OUR SURVEY SAYS Mixed bag Employees give the culture of UBS mixed reviews. expert for insider company profiles.” One upside to the work schedule at UBS is that “there is no pressure for face time. “This is probably the best aspect of UBS’s culture. resulting in below-market bonuses paid out at all levels. One trader says that his hours consist of “early mornings on the desk prior to 7 a. Great interaction The majority of employees at UBS say that there are “great relationships between managers and subordinates.” and that his “role varied from building models.” says an associate. I feel as though I’m treated like an equal.” There are those who disagree that UBS is a bank without culture.” Bad news and market volatility have recently added another layer to the feel of the firm.” Indeed.” says one source.” Nearly all employees agree that “as the investment banking market contracts. not like someone’s subordinate. financial analysis. 111 .” A source explains.” and “junior colleagues are included in meetings.m. managing the client and managing the data room.

” However. The company “encourages car pooling. .S. “Diversity is recognized as one of the ways our bank can differentiate itself amongst its competitors.The Vault Guide to the Top 50 Banking Employers.” There is a “team dedicated to reducing UBS’s impact on the environment globally. However. “people are encouraged to use real plates and silverware as oppose to disposable plastic. “I’ve been extremely happy with the support UBS has given diversity for both minorities and women.” Despite the bad feelings of many employees. however. UBS “encourages people not to print unless necessary. the experience has not been satisfactory.” One contact notes that “many floors have been recently redone.” In the cafeteria. “We were sent to London for four weeks of training with our global class in order to ensure that everyone was on an even field. one reespondent says. One insider says that the company “still exhibits a number of characteristics of old-school Wall Street.” an insider in the New York office explains.” Training: is a “strong suit” Training at UBS is “one of the strong suits of UBS. female respondents give the firm high marks for its outreach. retaining and promoting candidates from a diverse background manifests itself throughout the firm. and the focus on recruiting.” A Connecticut-based source says the offices are “clean and functional. “I work on the largest trading floor in the world. One contact says that “compensation and senior management have been exceptionally poor.” Another adds that “recently. UBS recruits from fewer women’s colleges than the average investment bank.” Of course.” There are reports. He concludes. that training has been “scaled back recently because of market conditions. “UBS has the most receptive environment to women of all investment banks. for the most part.” A contact says that dress is “almost ad hoc by group or by the whim of senior manager who might start requiring people to wear ties and suits.” Now there’s “spacious desk space and an open.” An insider who works with the diversity initiative backs this up by noting that the firm participated in NABA’s national conference and are offering finance intern positions to Sponsor’s for Educational Opportunity for the first time in 2009.” The dress code at UBS is. 2010 Edition UBS Investment Bank Lively enough The UBS office space in New York is “not great.” One analyst remembers. there are those who can see the silver lining. with plenty of lighting and window views. UBS’s global footprint as well as its world-class people and systems make it well-positioned for a return to its former strength. brand” and is “trying desperately to overcome negative press coverage.” Looking forward. some have a level of dress for Fridays that is more casual.” “UBS offices are new and significantly brighter than our competitors. It even has a women’s group that all female employees can join.” She continues. “Other than the recent hiccup with regards to the 2008 bonus package. One source says. the firm is a nice place to work. group specific training and optional firmwide training on ‘hot’ contemporary topics. but it is very satisfactory. many of the women in the investment banking department are admins.” There are also “always informal seminars and workshops.” Another adds that “it has been a very good place to work. given by leaders either within UBS or external experts on the subject.” As for GLBT diversity.” In addition.” UBS is also making strides towards racial diversity.” and it has “recycle bins for paper.” and the firm has “done a number of visible things” to promote green initiatives.” Coming through the crisis Employees overall satisfaction with the firm has taken a hit due to the negative events of the bad markets. modern design. This also gave us the opportunity to meet colleagues and peers from across the businesses and globe for us to contact in the future. People who are smart and work hard are taken care of well.” The firm “still lacks a strong U. One associate says. promoted well and paid well.” 112 © 2009 Vault. batteries and old cell phones.” However.” and there are “plants around to make it lively. in a building constructed in 2001. dress shoes and well kept hair and facial hair.” the firm still struggles with keeping a high number of females above entry-level Inc. business casual. One female analyst says. A respondent in the Stamford location says. “all client interaction requires formal dress. in the medium and long term. especially through the crisis. consisting of “slacks or khakis. “There is still too much uncertainty over economic and market conditions to form a compelling view of the near-term outlook.” Showing initiative While UBS is “extremely receptive to having women in the group.” There is an “extensive six-week training program” followed by “continuing education half-day and full-day classes year-round for analysts and associates. dress shirts. “some teams are more formal than others. and “many businesses have worked with the network to tap into the gay and lesbian business markets. “That being said. there is a “GLBT network” at UBS.

HL. of Offices: 14 (Worldwide) KEY COMPETITORS Bank of America Blackstone Evercore Partners Greenhill & Co. smart people” • “Entrepreneurial spirit” • “Access to upper management and lots of client interaction” DOWNERS • “Can be somewhat competitive” • “Hours can be long at times” • “Still overcoming the image of just doing fairness opinions and restructuring” EMPLOYMENT CONTACT See “careers” section of www. Jefferies KPMG Lazard Moelis & Company Perella Weinberg Partners Rothschild UBS UPPERS • “Great.PRESTIGE RANKING 15 HOULIHAN LOKEY RANKING RECAP Quality of Life #1 – Business Outlook #1 – Green Initiatives #1 – Offices #1 – Selectivity #2 – Compensation #3 – Best to Work For #3 – Hours #3 – Overall Satisfaction #4 – Culture #4 – Treatment by Managers #8 – Training Diversity #2 – Best for Diversity #2 – Diversity With Respect To Women #3 – Diversity With Respect To Ethnic Minorities #5 – Diversity With Respect To Gays and Lesbians 1930 Century Park West Los What insiders at other firms are saying • • • • “Strong advisory practice” “Okay” “Terrific restructuring practice” “They work like crazy” THE BUZZ 113 .HL. of Employees: 800+ DEPARTMENTS Financial Advisory Services Financing Mergers & Acquisitions Restructuring THE STATS Employer Type: Private Company Co-CEOs: Jeffrey Werbalowsky & Scott Beiser No. CA 90067 Phone: (310) 553-8871 Fax: (310) 553-2173 www.

mergers and acquisitions. for all deal value categories. D.25 trillion.25 percent of Polaroid’s court-determined value. September 2008: Picking up the pieces of Lehman WorldCom’s $107 billion bankruptcy paled before Lehman Brothers’ spectacular demise in September 2008. the biggest of which are U. December 2008: Top of the tables According to the Thomson Reuters investment banking league tables for Inc. Houlihan would receive a termination fee of $450. Bally’s.S. . offices are located in Minneapolis. Each year.05 percent for the first $30 billion of unsecured recoveries and 0. based on fees. Los Angeles and Washington.5 billion in debt. M&A fairness opinions over the past 10 years.S. reported $1. IN THE NEWS January 2009: The Polaroid picture Houlihan Lokey was enlisted by the Polaroid Corporation to advise the firm on a reorganization. Houlihan Lokey placed No. Its ranking slipped slightly as the deals got larger. CEO Jeff Werbalowsky acknowledged that it would be a challenging job. It also had over 100. The firm’s U. and The Deal Pipeline named it the No. Houlihan Lokey requested fees of $500. to advise on its Chapter 11 filing in New York. based on number of transactions. Houlihan Lokey would receive an upfront fee of $300. 4 for deals valued up to $50 million and up to $100 million.S.. Its financial restructuring division has risen to prominence in recent years—Houlihan Lokey’s teams have worked on some of the world’s biggest bankruptcy proceedings.” he said.000 per month for the first six months of work and $400.” At least it proved to be a lucrative job. Thomson Reuters ranked the firm No. General Motors. Tokyo.000. refinancing or sale. Thomson Reuters has ranked Houlihan Lokey No. The legendary camera maker filed Chapter 11 in December 2008 after a fraud investigation involving Polaroid owner Tom Petters. December 2008: Spotting Bally’s Houlihan Lokey was hired by Bally Total Fitness Holding Corp. financial advisory services and restructuring. affiliates and subsidiaries. Beijing and Frankfurt. New York. mid-market advisory. In 2008. and Mergermarket and the Financial Times dubbed it the Mid Market Financial Advisor of the Year in the U.000 a month to advise Polaroid on strategic options. including those of Lehman Brothers. 1 in U. In worldwide announced mid-market transactions.4 billion in assets and $1. California-based Houlihan Lokey’s business is divided into four groups: financing. 114 © 2009 Vault. the privately-held investment bank Houlihan Lokey now employs more than 800 people worldwide.. 5 for deals valued up to $200 million and No. San Francisco.S. Houlihan Lokey takes home several high-profile awards and recognitions.S. Bancorp (owed $247 million) and HSBC Holdings ($231 million). Although it’s best known as a middle-market advisor. And in the past 10 years. In addition. though. spread across its worldwide network of offices. the firm ranked No. Chicago.S.C. Dallas. Houlihan Lokey also serves large public corporations and small private companies. Paris. If deals fall through within six months. its overseas operations can be found in London.000 for each subsequent month. Atlanta. At the time of its Chapter 11 filing.The Vault Guide to the Top 50 Banking Employers. According to court filings. which operates over 340 gyms in the U. the firm has worked on more than 500 restructuring transactions worth a total of over $1. 10 for those with values up to $500 million. 1 in U. but if a restructuring is successful. It also requested deferred fees of 0. “but it’s possible that the bankruptcy of Lehman Brothers may involve even more convoluted financial issues and relationships.000 plus $150. Houlihan Lokey stands to earn 1. Hong Kong. 2010 Edition Houlihan Lokey THE SCOOP Worldwide reach Founded in 1970.000 creditors.035 percent of all unsecured recoveries in excess of $30 billion. WorldCom. Houlihan ranked No. Lehman claimed $639 billion in assets. And once again. Houlihan Lokey was also named Investment Bank of the Year in 2008 by The M&A Advisor. Houlihan Lokey was hired to advise the creditor’s committee in the case. Enron and Conseco. 1 in M&A deals with values under $2 billion. According to court filings. “Enron is the most complex bankruptcy we’ve ever worked on. 1 Investment Banking Restructuring Advisor.

has offices in Los Angeles and Washington. They were involved with a number of splashy deals. it is still as busy as ever. and debt and equity real estate activity. During the interviews. which bought smaller rivals in an attempt to diversify—in part because the impending presidential election left a great deal of uncertainty about future government spending on defense.” Antenucci’s team.” One associate describes the process as a “no B. they start to appear like robots. September 2008: He’s back A former Houlihan Lokey managing director returned to the fold.P. “typically there are two rounds of interviews. Morgan for Houlihan’s New York City office. Gordon and his team had led middle-market investment sales.” “We need everyone we hire. who joined as a managing director. “To get hired here. and with middle-market clients that demand a true advisor relationship. Before his stint at Cerberus. career message boards. the Vault Job Board and more. We are interested in interviewing the person that is actually going to show up for the job. providing the same pat answers to similar questions. “I think that the number of deals will outpace last year’s level. and host case competitions. analytical and entrepreneurial types who fit with our culture. “Everyone we hire is important.” August 2008: Aerospace flies high Investment Dealer’s Digest reported that one industry sector was largely unaffected by the global slowdown in M&A activity: aerospace and defense. 25 bankers strong. For new hires. and then a final “Super Day” round in the office.” “The interviewers are often from the specific group with which you are interviewing.” Leave the robot responses at home Houlihan Lokey targets “powerhouse programs” like “Yale and Columbia” as well as “Wharton.” And. compared to 19 total transactions in 2007. 2010 Edition Houlihan Lokey September 2008: Real estate gurus on board J. it takes a certain tenacity and confidence coupled with humility and demonstrated willingness to learn. and questions are “divided between personality questions and quantitative/finance questions.” agrees another contact. Morgan’s loss was Houlihan Lokey’s gain when a team of senior real estate investment banking officers left J.P. and we want them to grow within the firm and advance. Firm reps head to select campuses to “teach classes. straight-shot interview. Morgan. According to Niemann. as Matthew Niemann left Cerberus Capital Chicago (an affiliate of Cerberus Capital Management) to become managing director and co-head of Houlihan Lokey’s Midwest restructuring practice. “Since we’re not a bulge bracket.” “I had five or six interviews” during the final round.The Vault Guide to the Top 50 Banking Employers. An insider who’s involved with recruiting adds. “there are definitely questions regarding your knowledge of the firm and the group or office that you’ve chosen for your future career. D. during which a candidate will meet anywhere from four to six professionals. dinner and cocktail events. In many respects. he headed back to Houlihan Lokey because he had a “desire to return to my roots as an advisor as the distressed cycle unfolds over the next several years. Therefore.C. “That included vice presidents. expert advice. including the sale of 75 Wall Street and 650 Madison Avenue in New York and the sale of News Corp. Candidates who make the cut are those who are “highly motivated.” adds an analyst.” concludes a managing director. and invests significant time to find the right candidates. Campus candidates may be invited to “a dinner in between” the two rounds.” tips a source.vault. be prepared to field a “mix of technical corporate finance and fit questions. They also had a hand in advising the Port Authority of New York on development of the World Trade Center. we are looking for people with the right fit and range to accomplish just that. head of aerospace investment banking at Houlihan Lokey. “Within aerospace.. Niemann had served as managing director of Houlihan Lokey’s Chicago and Los Angeles offices. I have seen hundreds of resumes pour in from just my school.” Visit Vault at www. you’ll go through one or two campus interviews (or a phone interview).” “Houlihan recruits at highly-ranked MBA and undergraduate programs. GETTING HIRED No excess baggage The hiring process “is selective. having all prepared the same way. The additions included senior vice presidents Patrick Gillan and John Kenyan. sources say.” “This past year. There’s no political shuffle.” advises a firm veteran. told the magazine that her group had closed or signed 15 transactions in the past six months. and we don’t carry extras or excess. Anita for insider company profiles.S.” she said.” says a source.” “Be who you are.’s 23-acre site in Boston’s financial district. we have the luxury of being able to pick a small amount of people from a large applicant pool. directors and managing directors. UVA and NYU. The reason? A flurry of acquisitions by the sector’s largest players.” “Houlihan looks for a particular candidate that is interested in working on smaller deal teams with more responsibility. joining the real estate and lodging investment banking group.P.” First. expert resume reviews. At J. “One objective we have is to break down and reverse a lot of the prep students do. and Gary Gordon. often forcing us to turn down students with nearly impeccable resumes. but it’s not impossible” to get hired. 115 . and job fairs” in order to meet the cream of the crop. recalls an employee.

” “We work on small deal teams where every level has responsibility and ownership of the project. dinner allowance. even as sources note some uncertainty about bonuses and what the future will hold.” so sources say it’s a good idea to apply.” Hard work. “We also get free MetroCards every month. “We are at or above market” in terms of pay. That means “there’s an entrepreneurial feel and a collaborative energy.” says an associate.” junior staff members say managers are willing to talk about “broader issues. “Our senior bankers realize this is an apprenticeship-type of job and are always seeking to grow their subordinates.. “We are able to enjoy time spent together.” After that.” but sources say. mentors. late car service if you want it. and since Houlihan Lokey hasn’t taken TARP money or suffered losses the way some rivals have. as well as their own individual paths to where they are today. “Restructuring is incredibly busy and exciting. research and financial modeling.The Vault Guide to the Top 50 Banking Employers. summers are a bit slow in banking. “There’s not a face-time culture. Besides assisting employees.” agrees another source. so people leave when they’re done with their work and work from home frequently.” 116 © 2009 Vault.” saying.” and the firm’s history is still close to the surface. newbies learn “through the deal process.S. which definitely breaks up the work day and makes for a happier environment.” says an insider. gym membership discounts. interns get the benefits of “training. “outside training capabilities” are part of the formal offerings.. “Perhaps that is the reason why so many of Houlihan’s senior bankers started as Houlihan analysts or associates.” but sources do enjoy “10 vacation days with two personal days.” New hires begin with an initial “three week intensive training program” that’s “very practical” and “exactly what it needs to be.” Of course.” OUR SURVEY SAYS Friends with responsibility “We started as a boutique firm.” Adds an analyst in New York City. we still have the roots of a boutique firm.” “We helped do comps. says one source. social events and mid-summer feedback. locations and is led by a strong team of seasoned managing directors.” recalls another ex-intern. “Positive feedback is given when deserved.”) There are “no stock options at the analyst level. reimbursable lunches . but real work Hours “ebb and flow” but are “not nearly as bad as at other investment banks.” (Other locations provide “free parking.” Many Houlihan insiders call their coworkers their “friends. There’s an “emphasis on mentoring. 2010 Edition Houlihan Lokey Definitely intern The summer analyst and associate program is “a large source for full-time hires. but by and large.m. an educational summer speaker series.” Benefits include “cabs home after 8 p.” “On-the-job training is very important and taken very seriously by all managers.” agrees a recent hire.S.” declares a Houlihan Lokey veteran. and often sat in on meetings and conference calls. the standard perks.” “My managers may demand a lot from me at times.” Working together Senior managers “don’t view analysts as people to take advantage of but rather to work with for a common goal.” a corporate finance insider reports. “I was on several live deals and spent a week traveling across the U. too.” “I had a terrific experience. which is huge.” an associate says. Summer hires receive the “same pay as full-time” employees and perform work that’s “reflective of full-time positions. “Restructuring is an absolutely awesome group. and though we have grown considerably.” a former intern says. though people hardly do. “The M&A group within corporate finance has a footprint in four of our U. “bonuses are not expected to be hurt the way they are for the rest of Wall Street.” The workload can get heavy. driven both by the deal team structure as well as the open-door policy. which is great. “especially in restructuring. there’s plenty of work and responsibility to go around. Sick days are not treated as personal days—you may take as many necessary. so it’s not the same volume of work. .” Besides making time to “discuss current projects. though in most Inc.” explains an analyst. Not too shabby Compensation gets high marks.” Restructuring rules Sources in Houlihan Lokey’s renowned restructuring group have a lot of pride in their reputation. “Every current first-year analyst in my group originated from the summer analyst program..” raves an analyst. but they show proper gratitude and respect for a job well done. “There is a good amount of senior interaction. performing due diligence for our client. and “people will generally let you take on as much as you can handle. Kudos come from other areas of the firm.

” but “the walls are high enough” to offer some privacy. “Significant gains have been made over the past several years. Enough space for most While there’s “nothing remarkably luxurious” about the offices. “and we’re not done.The Vault Guide to the Top 50 Banking Employers. Houlihan is “the best place to be in the financial world. the Vault Job Board and more. A Los Angeles source gives points for “adequate space. Since “the work is meaningful. “Junior financial staff often work long hours but they are treated with respect and are never made to work on unnecessary.” a Dallas source remarks.” declares a senior banker. they are “very spacious” with “ample room for file storage” and “updated” furniture. source.” Visit Vault at for insider company profiles. The dress code is “business casual every day. expert resume reviews.” One recent hire remarks.” says a D. “The work is exciting.” The Chicago office “had a major upgrade completed recently.” a contact says. “During the summer. value added and we make a difference.” a majority of Houlihan insiders say they don’t mind pulling a late night or checking in over the weekend. adds an analyst.vault.” a managing director says. conservative organizations. According to one source.” and sources in Dallas. in this environment.C.” And one analyst notes.” “We have made many steps in this area.” with “business formal” mandatory for client interaction. others report that there are “openly gay bankers” in various groups.” paper reduction efforts and “water-free urinals.” “We have a ‘Going Green’ program where people can identify green initiatives. Gaining. gaining Houlihan Lokey “employs minorities at all levels of the firm.” In New York. 2010 Edition Houlihan Lokey Many insiders report putting in at least 60 to 70 hours per week. Green from top to bottom “From the CEO down we are very committed” to environmental awareness. and a great location.” but that’s changing. the seating is “a bullpen of cubicles.” one contact notes. we have a more casual Friday policy where you can wear jeans. expert advice. and we have a specifically assigned ‘Green Team’ to review and implement changes.” The firm also replaced “bottled water and Styrofoam cups by distributing Nalgene bottles. Women can also be found “at all levels within the organization. “It’s very refreshing. “Since we’re a private company. promoting and mentoring. and give Houlihan high marks for its commitment to GLBT diversity. New York and D. say the digs are “very nice. we have more flexibility in managing for the long term. I was surprised at how much Houlihan is doing to be green. which has meant changes like “electricity saving measures. 117 . The firm does not trade and thus holds no bad assets—it has made solid decisions protecting it from any instability. time-consuming tasks. sometimes more—and it’s most intense in the first years.” While most insiders agree the firm is “held up by our stellar restructuring group. which save 40.000 gallons of water per year. “The head of my office is female as well as some of the more senior people. Another contact adds. as well as resources and tips for folks to take advantage of at work and home.” praise is also given to the “very strong corporate finance and financial advisory practices that have held up well” despite trying times. “We have green resources on our intranet that provides corporate updates on efforts.” Steady does it There’s been only “one round of extremely minor layoffs” at Houlihan Lokey. good technology and support. and don’t take steps that drive short-term profitability at the expense of longterm stability and value growth.” There are still “fewer women on the senior level. and is fully receptive to hiring. and insiders say it’s all up from here.C. career message boards.” “In a building filled with traditional.” While some employees say they don’t know very much about GLBT coworkers. “I was pretty impressed with the number of women hired at both the analyst and associate level.” a source explains.

68 billion 2008 Net Income: -$536. of Employees: 2. of Offices: 25+ UPPERS • “Compensation is competitive” • “Great people who are able to have fun” • “Senior banker interaction” KEY COMPETITORS Barclays Capital Credit Suisse Deutsche Bank Goldman Sachs J.PRESTIGE RANKING 16 JEFFERIES & COMPANY. INC. RANKING RECAP Quality of Life #6 – Culture #7 – Business Outlook #8 – Green Initiatives #9 – Training #9 – Treatment by Managers #10 – Best to Work For #10 – Overall Satisfaction #11 – Compensation #13 – Hours #13 – Offices #14 – Selectivity Diversity #11 (tie) – Diversity With Respect To Gays and Lesbians #12 – Diversity With Respect To Ethnic Minorities #13 – Diversity With Respect To Women #13 – Best for Diversity 520 Madison Avenue New York. NY 10022 Phone: (212) 284-2300 www.jefferies.jefferies.P. . Handler 2008 Revenue: $1. Morgan Lazard DOWNERS • “The hours” • “Constantly being tied to your BlackBerry” • “Recent downsizing and cost cutting initiatives” EMPLOYMENT CONTACT See “careers” at www.307 Inc.1 million What insiders at other firms are saying • • • • “Hard-charging firm” “Overrated across the board” “Picking up market share” “Lost lots of talent” THE BUZZ 118 © 2009 DEPARTMENTS/DIVISIONS Asset Management Debt Capital Markets Equity Capital Markets Investment Banking Mergers & Advisory Recapitalization & Restructuring Research Sales & Trading THE STATS Employer Type: Public Company Ticker Symbol: JEF (NYSE) CEO: Richard B.

investment banking revenue rose by 10 percent. the firm acquired the New York-based municipal securities firm Depfa First Albany Securities.000 business loan and one employee—a floor runner. high-yield. February 2009: Move over. booking $277 million. This included the addition of the 40-plus person health care investment banking team from UBS. Jefferies’ investment banking practice focuses on industry specializations. THE SCOOP On the move again New York-based Jefferies Group. and substantial new hires on its trading desks in the U. However. financial services. convertible. securities finance and floor brokerage services (at the NYSE). opening offices throughout North America. More recently. hiring several seasoned professionals in its investment banking and other business groups. becoming a respected equity trading firm and launching an IPO in 1983. immediately gaining a strong position in municipal investment banking. offering investment ideas in equity. and mergers and advisory. It also has a dedicated financial sponsors group. gaming. media. versus a loss during the same period a year earlier. convertible and investment-grade fixed income securities. including fixed income. debt capital markets. equity and equity-linked financing. it employs more than 2. a 51 percent boost versus the previous year’s second quarter. Jefferies prospered. The bank can also now supply market information to the Fed and participate in Treasury auctions. In addition. For approximately a year. Stamford and London. and high-yield revenue increased 95 percent. the firm took advantage of the severe dislocation on Wall Street. Along the way. Inc. capital raising. June 2009: Jefferies goes primary The Federal Reserve Bank of New York named Jefferies as a primary dealer. as a result of a worldwide financial crisis that began in 2007. and dedicated product groups. Jefferies’ investment banking services include M&A advisory. fairness opinions and corporate advisory services. industrials. So-called third-market trading is standard practice today. maritime. but in the 1960s.300 people in over 25 offices worldwide. Jefferies has been seeking the title of primary dealer. Today. (widely known as Jefferies) is an independent securities and investment banking firm that was founded almost 50 years ago. convertible securities and real assets (commodities). the unit also provides wealth management. Jefferies reported $578 million in net revenue. asset management and research services. leveraged loan. ETFs (exchange-traded funds) and algorithmic trading. including aerospace and defense. Jefferies CEO Richard Visit Vault at www. and net earnings of $62 million. Jefferies can trace its roots to 1962 when Boyd Jefferies established his eponymous firm with a $30. was forced to make staff cuts.vault. 2010 Edition Jefferies & Company.S. Europe and Asia. like many other financial firms. a 280 percent rise. The two began conducting business on the Pacific Coast Stock Exchange floor. advisory. and sales and trading services. compared to a $4 million loss a year earlier. 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. investment-grade fixed income and commodity-linked financial products. private equity firms. high-yield. expert resume reviews. prime brokerage. technology and telecom. recapitalization and restructuring solutions. here we come Underlining Jefferies’ continued expansion in fixed income. Jefferies. institutions and wealthy individuals. trading and research teams. He began catering to these investors. it was a novel idea. clean technology. Europe and Asia. Jefferies also bolstered its mortgage-backed and asset-backed securities units. the firm added to its high-yield. And its wealth management division offers financial advisory to corporate clients. which will allow the investment bank to take part in the Fed’s buying and selling of securities. distressed and special situations sales. The asset management division manages products that include equities. debt. energy. May 2009: Sales and trading hiring spree Jefferies hired several employees in derivatives. hiring new employees in Boston. career message boards. Additionally. research and equities. IN THE NEWS July 2009: Setting records Jefferies booked record net revenue for the second quarter 2009 as well as positive net income. consumer. recapitalization and restructuring. The firm’s research team focuses on covering mid-cap and growth companies.The Vault Guide to the Top 50 Banking Employers. for insider company profiles. discreetly matching large institutional buyers and sellers off the exchange. and traded equity. 119 . Expansion followed in the 1990s as Jefferies began offering investment banking. Jefferies’ sales and trading business offers trade execution and liquidity. including equity capital markets.. The firm also reported record fixed income and commodity revenue. fixed income securities. health care. correspondent services. Inc. expert advice. which is fairly elusive—the Fed has given only 17 other companies the title of primary dealer. Jefferies laid off nearly 20 percent of its workforce in 2008. the Vault Job Board and more.

and No. while the net loss for the year was $538. In the nine months leading up to these new hires. 1 in two categories: traditional execution.3 million it booked in 2007. as part of a continued build-out of its equity department in London. and Stephen Straty and David Rockecharlie as co-heads of energy investment banking. Other key hires in January 2009 included Stephen Volkmann as a senior equity research analyst in New York. saying that it had completed a “strategic review” and implemented changes to “restore profitability” in 2009 that included substantial staff cuts. 16 in European announced M&A deal volume.4 million from $597. working on 63 deals worth a total of $119. saying in a press release that 2008 was “the worst year for the financial markets in our lifetime.465-strong workforce will be cut. Overall in 2008. sources told Fxsteet. though. The firm also ranked No. Handler said the acquisition would offer Jefferies the chance to enter the municipal market in “a comprehensive and high quality way. in addition to “declining competition.56 billion. However.2 million. Jefferies ranked No. 11. 120 © 2009 Vault. risk reductions and “other” structural changes. 9 in fees from deals valued up to $200 million. the firm’s capital markets revenue took a huge hit. In terms of performance across the key Jefferies business divisions. In fees from deals with values up to $500 Inc. Jefferies posted losses for the fourth quarter 2008 as well as for the full-year 2008. dropping from $2. Bury. and Hal Kennedy and Leon Szlezinger as managing directors in Jefferies’ New York-based investment banking division. emerging markets. including the top-ranked health care research team from Credit Suisse. revenue for the equities business dropped 17 percent to $495. Jefferies brought on more than 50 new senior professionals in fixed income. as managing directors and co-heads of the firm’s fixed income rates business. In London. For worldwide M&A advisory fees on deals with values up to $50 million. December 2008: Cuts across all lines Approximately 10 percent of Jefferies’ 2. Jefferies ranked No. and trading expertise and market knowledge.2 million in 2007. The rankings were compiled by surveying more than 300 hedge funds that use investment banks’ services. 7 in fees from deals with values up to $100 million. Jefferies completed 130 M&A transactions worth a total of more than $45 billion. Jefferies’ prime brokerage group received 53 Best in Class awards from Global Custodian magazine.” Meanwhile. The increase in revenue was largely due to “increased customer flow” in Jefferies’ corporate bond. Jefferies ranked No. Jefferies fared well in Thomson Reuters’ annual M&A rankings.The Vault Guide to the Top 50 Banking Employers. 9.8 million (the vast majority of which was a one-time charge for the accelerated expense of stock-based compensation plans). January 2009: Movin’ on up Jefferies hired two former Merrill Lynch veterans. .” He added. Nearly every business line will be affected by the cuts. and mortgage-backed securities trading businesses. a reduction of operating expenses. Jefferies’ fixed income and commodities revenue (excluding high-yield activity) for 2008 was $238. a healthy 71 percent rise versus the $139.9 million in imputed fees. changes to compensation plans.” In December 2008. 2010 Edition Jefferies & Company. and its advisory revenue fell 15 percent. that the firm kicked off 2009 with its “strongest opening balance sheet ever. Jefferies ranked No. Markaity and Christopher M. June 2008: Adding to its energy Jefferies named Ralph Eads III as chairman of energy investment banking. On the European tables. Daniel B. a huge change from the $144 million it booked for 2007. January 2009: A rough year In synch with almost all of its peers. Jefferies added seven new health care research analysts and sales professionals. December 2008: Mid-market master Despite the slow merger and acquisition market in 2008. which aren’t the first during the financial crisis for the firm—Jefferies cut 64 employees in 2007. Additionally. treasury and agencies. prior to the year end. which had more than 250 professionals at the time. working on 29 deals worth a total of $1.” He also said the Depfa’s 70-plus employees would be integrated into Jefferies’ fixed income department.71 billion in 2007 to $ CEO Handler credited the “unprecedented volatility” for the losses. Jefferies issued a statement preparing the public for its results.68 billion in 2008. Total revenue also fell. September 2008: “Best in Class” In Alpha magazine’s 2008 Hedge Fund Trading Survey. Inc. falling 70 percent. The firm’s net loss for the fourth quarter was $443 million.

” and “senior bankers are approachable. and Sidarth Punshi.” OUR SURVEY SAYS Laid-back banking Jefferies employees note that the culture within the firm is “more laid-back than at bulge-bracket banks.” However. previously of Bear Stearns. 121 . working with a number of industry and product groups within the bank. which consists of a five rapid-fire interviews over three hours.” Why banking? The interview process at Jefferies consists of two rounds. The terms of the deal also included Jefferies purchasing 10 million of Leucadia’s common shares. “We typically are far less interested in ‘human calculators. all paid for by Jefferies. most important. expert resume reviews. Additionally. a greater percentage of full-time positions will be given to interns. among other schools. Jefferies expanded its mortgage-backed. as well as nine weeks as a generalist banker.). University of Virginia. “Interviewers look for intelligent candidates who can do the job and. An amazing experience Internships are important at Jefferies because “a high percentage of interns return for full-time” employment.” Jefferies recruits from. the Vault Job Board and more. adding an entire team of sales and trading professionals in mortgage. agreed to acquire a 14 percent stake in Jefferies. An internship at Jefferies can be a chance to get to know your future employers. Jefferies still boasts a very flat hierarchy. “For the analyst intern class of 2009. and “the second is the standard Super Day.” He added that despite a $60. April 2008: Staking out its claim Leucadia National Corp.S. smarts and collegiality are three keys to getting hired at all levels.” One source for insider company profiles. helping to strengthen Jefferies’ balance sheet. Jefferies’ “balance sheet and liquidity are solid. Inc. Employees concede that “especially during these rough economic conditions with limited hiring. we have 1.” “The 10-week program consists of a one-week training course on accounting. In a press release. with a 17 percent market share.” There are “not many big egos in the firm. a group trip to the Belmont Stakes and other fun events. going out for happy-hour drinks. expert advice.” Another source recalls that he “was staffed on two live M&A transactions and gained valuable experience. will fit in with the firm’s culture.” Another source says. New York University. “There are many social events organized around the internship program that allow the interns to mingle with each other as well as full-time and senior bankers in a relaxed atmosphere. explaining. as head of aerospace and defense investment banking.100 applicants from a top-tier undergrad business school and are looking to hire two. the group ranked as the No. “Although the firm’s rapid growth has recently brought on a slightly more bulge-bracket feel.” One employee remembers being asked “Why banking?” and “How would you value this painting [in the interview room]?” as well as “basic accounting questions about how depreciation is accounted for in financial statements.5 million loss in the first quarter of 2008.” Candidates “must answer highly technical questions in the interview process and have a significant grasp of valuation methodologies.” a Jefferies employee explains.’” One current analyst describes the hiring environment for this year.” One employee agrees. University of Michigan.” and Visit Vault at www. University of Pennsylvania. “Prior work experience is also a big thing we look for. previously of Goldman Sachs. University of Texas at Austin.” One current employee remembers his internship as an “amazing experience” where “everyone took the time to ensure that each intern’s experience was a good one. CEO Richard Handler said. (According to Asset-Backed Alert. mortgage-backed securities in 2008. and Leucadia getting two seats on Jefferies’ board of directors. asset-backed and commercial mortgage-backed securities group. Harvard. 2010 Edition Jefferies & Company. the firm “tends to focus more on well-rounded individuals who demonstrate maturity and client-facing ability. “We believe it is prudent to strengthen further our foundation as we look to take advantage of the many opportunities we see in the current market environment. “Drive. career message boards.The Vault Guide to the Top 50 Banking Employers.” Many current employees of Jefferies describe the firm’s culture as “entrepreneurial and smart.” One employee explains. speaking about why Jefferies struck the deal. valuation and modelling. 1 bookrunner of all U.vault. The first is an on-campus interview. in addition to accounting and financial knowledge.” Events include “group dinners.and asset-backed securities who formerly worked for RBS Greenwich Capital. as head of investment banking in India. May 2008: Hiring former Bear and Goldman bankers Jefferies appointed David Baxt. Yale and University of California Berkeley.” GETTING HIRED Looking for smarts “GPA is definitely a crucial factor” when it comes to hiring new employees.

” Pampered workers Sources report that “Jefferies tends to pay on the higher end of the market to recruit talent. including weekends. and the trend differs among junior bankers.” There have been some cuts for budget reasons. while others do not necessarily care how many hours analysts work. but it is difficult to plan your own personal time given the unpredictability of client requests. the general consensus is that offices are “not ultra-luxurious. in-house conference center to hold meetings.” Another explains the dress code in more Inc.” He adds. and a brand new state-of-the-art. and sources say that “on-the-job training is also very thorough.” This breeds an atmosphere that “is competitive yet not cut-throat. “The firm has a positive vibe—we’re performing a lot better than most other investment banks and have not needed government aid.000 early sign-on bonus for returning interns. One employee explains.” Analysts receive a minimum of a $60. “Senior bankers usually dress formally.” An associate advises that you should “expect to work on the weekends.” Overall.” In New York.000 starting salary. Jefferies pays analysts a $10. One employee says that “some people wear suits every day. but one contact says that “Jefferies tends to pamper their employees even during the hard times. Inc.000 starting salary.” Training the Street There is a generally positive feeling about Jefferies formal training programs. .” Big city living The quality of Jefferies’ office space varies by location.m.” 122 © 2009 Vault.” The relationships are more than just business.” Jefferies has made a solid commitment to green initiatives with a “green committee and a renewed commitment to recycling.” A source says that “it is not uncommon for entire groups to all go out together for drinks to celebrate a colleague’s birthday or on Fridays during the summer.” Another source adds. saying. “Besides competitive salaries and bonuses. employees report having a “nice office with great view of Los Angeles and the Pacific Ocean.” but employees “have what they need.The Vault Guide to the Top 50 Banking Employers.” and the “review process entirely lacks detail and provides nothing you can build upon.” but notes that “efficiency is stressed.” The dress code is business casual. with most analysts out of the office before 8 p. and the Internet infrastructure could definitely be improved. however.” Another source notes that “the experience with managers varies considerably. “there is ample space to work and stretch out. and Friday evenings are typically considered a no-fly zone. Some of the senior managers are very understanding of the time requirements for junior bankers. “Jefferies is in an energy star building with recycling initiatives all around. it will be a nice surprise.” One employee reports that the green committee “speaks once a month regarding different initiatives. One employee complains that there is “very little emphasis put on development.” High exposure Junior employees “have a lot of exposure to senior members of the firm.” There is also an in-house training process. The work is not necessarily difficult.” The firm also “reimburses the bulk of moving expenses such as brokers’ fees and offers assistance in finding a living space. so it’s very difficult for many of the non-business students to keep up with training. and associates receive a minimum of a $95. with some variation based on what level or department you are in.” but men are “expected to have dress slacks and a dress shirt.” but stresses the fact that “jacket and tie are optional.” An employee in Houston boasts that the Texas office “has nice comfortable chairs. Associates dress formally or in business casual attire depending on if they have client meetings. “I have not been micromanaged once.” Another contact says that “the hardworking culture and small deal teams can add to the hours spent at the office. you will be working long hours.” Ladies “can get away with a variety of clothing.” One employee says.” but say that “fixtures are slightly dated. 2010 Edition Jefferies & Company. report that “people have the independence to work and take on responsibility as they are able. which features “lectures from different industry and product groups throughout the firm.” In Los Angeles. “As a first-year employee. which use “Training the Street”—”basically the industry standard for analyst and associate training. as senior bankers “will socialize with junior bankers and take them out to dinner. In New York. Jefferies expects its employees to be “on-call 24/7.” On-call employees Like many investment banks.” There are a few problems. Analysts will usually be in business casual due to their extremely long hours in the office. “There is constant interaction—more than at other banks—and senior bankers want to see their junior bankers learn and have a good experience.” The only real drawback to the formal program is that it “assumes incoming analysts already have a finance or accounting background. so if you don’t have to.” The services that have been cut recently were “unique perks such as free breakfast and lunch every day”—”the firm is now in line with competitors on perks. saying.” The firm also offers a mentor program.000 signing bonus with an extra $5.” One employee cautions that the work is more intense for those starting out.

“The firm is culturally welcoming for women. There are some employees who are very publicly homophobic. “and although traditional leveraged finance business is struggling. I think Jefferies is a great place to be.vault. with an old-school banking mentality.” “Jefferies is in a very strong position.” says an insider. “It’s a good place to learn. “With the loss of competition such as Merrill Lynch.” And the turmoil in the market presents an opportunity for the firm. expert advice.” Female employees express relatively happiness with their status within the firm.” The outlook at Jefferies is cautiously optimistic. Inc. and most senior bankers want to help you for insider company profiles.” Great potential Most employees report being “very happy” at Jefferies.” But another source says. 123 . expert resume reviews.” agrees another. and I have never heard any inappropriate statements.” An openly gay employee notes that it is “not the most comfortable place to be publicly non-straight.” The firm is open to hiring GLBT employees but “still has a very macho environment.” He adds.” Visit Vault at www. female employees make up approximately 20 percent of the work force at Jefferies.” An associate says. many employees report that Jefferies is “fair to all candidates and applicants”—it’s a “meritocracy. there is great potential for our firm to capitalize. “I realized I learned more and was a great deal happier than they were. One contact recalls receiving “offers from bulge-bracket banks and decided against them after speaking to friends who had summer internships there. A male employee at Jefferies notes that “despite being in a male-dominated industry.The Vault Guide to the Top 50 Banking Employers. “Given the current market conditions.” but she worries that “there are no formal programs in place to encourage diversity or support women.” The firm also “has a strong balance sheet.” An analyst notes. One employee points out that “Jefferies has weathered the storm better than most players in investment banking and has not had to take huge write-downs. recapitalization and restructuring assignments are surging. One source explains. Meritocracy According to one source. One female analyst says she is “very satisfied” —her group “has 11 people. career message boards. the Vault Job Board and more. “It’s Jefferies’ time to grow. 2010 Edition Jefferies & Company. “When I first started.” One contact puts it simply. four of whom are female. A colleague’s brother is homosexual as is another colleague’s brother-inlaw. our restructuring group head was gay.” Another enthusiastic analyst says that he is “very motivated to continue learning and developing my skills” as a result of employment with the company. Lehman Brothers and Bear Stearns. and he was extremely successful. “We take the best candidate regardless of sexual orientation.” With regards to racial diversity. Jefferies has a lot of female bankers at all levels. and no preference is given to minority groups.

1 billion No. of Offices: 7. Morgan Morgan Stanley UPPERS • “People are down-to-earth” • “Access to products and markets is unmatched” • “Great training” DOWNERS • “Potential nationalization” • “Lots of politics” • “Low morale” EMPLOYMENT CONTACT www. Goldman Sachs J.oncampus.PRESTIGE RANKING 17 CITI INSTITUTIONAL CLIENTS GROUP RANKING RECAP Quality of Life #2 – Training #5 – Selectivity #7 – Compensation #9 – Best to Work For #9 – Culture #10 – Hours #12 – Overall Satisfaction 388 Greenwich Street New York.500* *Citigroup NY 10013 BUSINESSES Citi Alternative Investments Citi Investment Research & Analysis Global Banking Global Markets Global Transaction Services KEY COMPETITORS THE STATS Employer Type: Division of Citgroup Inc.000* No. of Employees: 309.87 billion 2008 Net Income: -$ What insiders at other firms are saying • • • • “Global presence” “In deep trouble” “Big deals” “Have lost a lot of talent” THE BUZZ 124 © 2009 Vault.P. . (Citi) CEO. Institutional Clients Group: John Havens 2008 Revenue: -$7. Citi: Vikram Inc. Pandit CEO.

The positive numbers were propelled by increased fixed income trading revenue. 2 in U. announced M&A deals. April 2009: Good news on the earnings front Citigroup booked $1. Pandit succeeded Chuck Prince (Charles O.S. taken $45 billion in assistance from the U. As many expected.) At the time of his appointment. which spanned three years and ultimately brought in $6 million in illegal revenue. 2010 Edition Citi Institutional Clients Group THE SCOOP Down but not out Citi Institutional Clients Group. a new accounting rule letting Citi take a one-time gain of $2. Citi was revered as the world’s largest banking and financial services group. Citi has over 200 million customer accounts in more than 100 countries around the world. including merger and acquisition advisory. Although Pandit lowered the bank’s costs and allowed reinvestments in growth in 2007. he took the helm of the world’s largest banking and financial services group during the worst financial crisis the world has seen in modern times.vault. the firm was still near the top of the investment banking heap in 2008. Pandit joined Citi just after it purchased Old Lane Partner. Vikram Pandit became the chief executive of Citigroup. restructuring advice. Citi’s stock value had dropped to $21 billion from $300 billion two years earlier.7 billion. Look who’s on top In October 2007.11 billion loss in the first quarter 2008). was rebranded as simply “Citi” back in 2007. transaction services and alternative investments. the firm received a U. and unfortunately for Old Lane. one of the main units of global banking behemoth Citigroup Inc. Federal Reserve bailout of $45 billion. the following year was not so peachy. in effect selling a 51 percent majority stake in the joint venture for $2. debt and equity underwriting. offers a full range of investment banking services. (On a side note. a 99 percent increase versus the first quarter of 2008. Visit Vault at www. Pandit’s job has not been easy. career message boards. landing in the top three on numerous league tables for the year. laid off tens of thousands of employees. resulted in civil charges against the brothers as well as six other friends and family members connected to the Karas. skyrocketed to $24. government and shed some assets—including its brokerage arm. merging markets and banking with alternative investments to create one group called institutional clients. Prince III).8 billion. No. and No.5 billion on its derivative positions and lower costs—Citi cut operating expenses by 23 percent in the previous 12 months and headcount by 13. for insider company profiles. Citi ranked No.. alleging that he had informed his brother of insider information regarding imminent mergers. expert advice. It was reported that Morgan Stanley is expected to acquire full control in phases over the next five years. The realignment came on the heels of a 60 percent drop in net income for the third quarter 2007. 3 in worldwide announced M&A deals. who had taken his post in 2003 amid some shareholder frustration that Citi’s stock price wasn’t matching that of its peers. According to Thomson Reuters. but the financial storm in the recent past has not been kind to this global giant. The scheme.6 billion in net income for the first quarter 2009. In 2008. Even so. Pandit would have to address the firm’s risk management practices to win back the confidence of staff and investors. concluding five consecutive quarters of losses (including a $5. the Vault Job Board and more. 125 . which was sold to long-time rival Morgan Stanley in January 2009. expert resume reviews. Citi made some significant changes to its structure. after two years of “flat” returns that caused $200 million of write-downs in the first quarter 2008.S. IN THE NEWS April 2009: Fraud charges for tipoff Federal prosecutors charged ex-Citi banker Maher Kara with securities fraud. industry commentators noted that in the wake of the losses the group was hit with under Prince. by the end of the year. Citi decided to close the hedge fund. who became chairman of the board as well as remaining chief executive of Citigroup in Europe.S. in December 2007. Two months later. the hedge fund that Pandit set up after leaving Morgan Stanley.000 since the beginning of 2009. Citi’s main business divisions include consumer banking and global cards. Citi’s capital markets businesses suffered from slowdowns in the credit markets and losses linked to mortgage-backed securities. January 2009: Selling Smith Barney Citi agreed to combine its Smith Barney brokerage unit with New York-based Morgan Stanley’s brokerage division. Revenue. Smith Barney. meanwhile. 3 in worldwide debt and equity underwriting volume. replacing interim chief executive Sir Winfried Bischoff. which has seen billions of dollars wiped off its market value. In addition to the institutional clients group. Parent Citigroup Inc. Prior to its rebranding.The Vault Guide to the Top 50 Banking Employers.

which announced similar moves earlier in the week designed to help thaw their credit markets.2). but potential spin offs and mergers from either of the units were not ruled out as Inc. To say the least. Paulson said. Citicorp and Citi Holdings Inc. Citi announced its fifth consecutive quarterly loss. realizing that it was facing imminent threat of dying. hundreds of billions of dollars of value would have been seriously threatened … We stood by while others walked away. among others. Citi may also have decided that it didn’t need another securities group. November 2008: Cutting back again After four consecutive quarters of losses. 2) and international emerging market bonds (No. “The needs of our economy require that our financial institutions not take this new capital to hoard it. For 2008. 2 in IPOs and No. But.The Vault Guide to the Top 50 Banking Employers.S.S. 3 issuer of global IPOs and No. while the latter would oversee what remained of the group’s high-risk investments (many had already been sold off). “Without our willingness to engage in this transaction. Citi CEO Vikram Pandit stated. and the Wells Fargo deal went through.S. 2). Citi also scored numerous top 10 rankings on Thomson Reuters’ fixed income tables. in the end.S. No.S. Wachovia brought it to us. In the U. announced M&A volume.S. October 2008: Gift from TARP Citigroup found out that it would receive $25 billion from the U. the two operating units were divided so that Citicorp remained the core bank. 4 in common stock. global asset-backed securities (No. 7). working on 343 deals worth a total of $705 billion.. 3 in all equity issues. Treasury Secretary Henry Paulson announced that the Treasury would inject a total of $250 billion into U.” With the injection. and said it planned to seek $60 billion in damages for breach of contract. October 2008: It all went a bit too Fargo After giving troubled North Carolina-based bank Wachovia Corp. followed in the footsteps of some European countries. “We did not seek the Wachovia transaction. According to the Financial Times. investment-grade debt (No. government’s Federal Deposit Insurance Corporation.” Citi also issued a statement saying. 3 in worldwide debt and equity issues. FT speculated. December 2008: Top of the tables Citi is one of the leading investment banks in the world. President Barack Obama and other lawmakers slamming Citi and other banks for giving exorbitant bonus payments to top executives while simultaneously accepting federal bailout funding. It was also the No. structured as a Citi takeover that would likely have led to thousands of job cuts in both companies’ investment banking departments. Citi ranked No. raising $309 billion worth of securities. Along with the restructuring. Wachovia agreed to the acquisition. banks in order to help restore confidence to the markets. booking a loss of $8. 2010 Edition Citi Institutional Clients Group January 2009: Divide and conquer? Citi revealed that it was splitting into two operating units. 4). U. Citi agreed to buy a portion of the Southern bank’s operations for $2.000 jobs (in addition to the 23. four days later. noting that he understands “the new reality” and “will make sure Citi gets it as well. it emerged that Wachovia’s board had agreed to another deal: an $11. Equally as impressive were Citi’s standings on the debt and equity charts. the Wells Fargo deal was deemed to be best for Wachovia shareholders. Citi ranked No. October 2008: Denying Goldman Citigroup CEO Vikram Pandit was approached by Goldman Sachs CEO Lloyd Blankfein regarding the possibility of a merger soon after Goldman received approval to become a bank holding company in September 2008.7 billion allstock offer from San Francisco-based bank Wells Fargo for all of Wachovia. 2 (with 90 deals worth $308 billion). Citigroup announced it would be cutting an additional 52. Citi itself remained the parent company. Treasury in an effort to recapitalize the markets. and each year.000 it had already sacked before the announcement).1 billion in a deal that was to be brokered by the U.” The announcement came amid U. including global debt (No. However.S. Citi roundly rejected the proposal. In U. Now. 3 in worldwide announced M&A deal volume. 126 © 2009 Vault. our shareholders have been unjustly and illegally deprived of the opportunity the transaction created. it ranks in the top 10 of several important investment banking league tables. Citi was not happy. according to Thomson Reuters. 3 issuer of worldwide equity and equity-related securities. a lifeline. but to deploy it.29 billion for the fourth quarter 2008. 4). In fact. 4 issuer of global common stock. while Citi Holdings encompassed the saleable assets. U. In 2008. the U. the bank came in at No.” Citi was adamant that if the original deal was honored it would still be willing to compete for Wachovia. international bonds (No. the bank ranked No. February 2009: Dollar days Citigroup CEO Vikram Pandit offered to take a $1 salary and no bonus until the bank gets back on solid financial ground. In a statement. The former would continue to provide traditional retail and investment banking services.S. No. global mortgage-backed securities (No.S. .

According to Dow Jones. In the memo. September 2008: Sallie walks out Sallie Krawcheck. dropping 48 percent from the same quarter in 2007. expert advice.The Vault Guide to the Top 50 Banking Employers. Citi laid off about 17. and that its ultimate total number of layoffs could be close to between 20. along with a $792 million charge related to private equity transactions. “we maintain relationships at all the top programs and a handful of second-tier programs. Citi didn’t acknowledge or deny wrongdoing. Shafir shortly after Lehman filed for bankruptcy. the firm’s late night car service and even external training programs. he reassigned Klein from his role in the trading and investment banking unit. according to The Wall Street Journal.000 people in April 2007 in anticipation of losses in the second half of the year. Additionally. Wharton. in an effort to secure much-needed capital. GETTING HIRED Selective.” a recent hire explains. citing the firm’s focus “on hiring only the best. co-heads of Citi’s investment banking unit. Duke. but not snooty It’s “very difficult” to land a job at Citi. took over Krawcheck’s position. 127 . the head of the corporate and commercial bank in the firm’s investment banking unit. Havens noted that Citi intends to “manage our expenses by challenging every dollar we spend to ensure that it is truly necessary and in compliance with our policies. Darden.000. Total revenue for the unit was also down.” Recruiters and interviewers are on the lookout for “academic performance. In the Citi position (which has been vacant since Frank Yeary left the firm in June 2008).vault. 2010 Edition Citi Institutional Clients Group October 2008: Revenue in the red During the third quarter 2008.” and to that end. the Vault Job Board and more. Columbia.200 jobs. and announced that it would cut almost a quarter of its U. In the settlement. expert resume reviews. according to the Securities and Exchange Commission. These include big-name institutions like NYU.000 and 24. the firm will be buying back approximately $7 billion in auction-rate securities. May 2008: Severe cost cutting Citi promised to cut $400 billion of assets globally in order to shore up its core businesses.” “HR focuses its efforts on roughly 10 to 20 top schools. April 2008: Big GE deal Citi sold its commercial lending and leasing business to General Electric for an undisclosed sum. Michael Corbat. Citi’s institutional clients group posted $81 million in negative revenue due to mortgage.” July 2008: He’s outta there Citi’s investment banking co-CEO Michael Klein stepped down to pursue other opportunities. January 2008: Deeper cuts Citi announced that it was cutting an additional 4. interpersonal skills and technical abilities. Klein had been contender for Pandit’s CEO gig. who headed up Citigroup’s wealth management arm since 2004. Institutional clients group head John Havens distributed a memo to employees outlining plans to limit the use of color copies. After Vikram Pandit took over as CEO of the firm in December 2007. was reported to be leaving the for insider company profiles. Krawcheck’s exit followed the departure of other high-level Citi employees (such as investment banking co-CEO Michael Klein) who had recently left. consumer employees. say sources. career message boards. Shafir will report to Raymond McGuire and Alberto Verme.and investment-related writedowns.K. August 2008: Payout time Citi agreed to pay $100 million in penalties—$50 million to New York State and another $50 million to other state regulatory agencies—related to allegations that it was misleading to consumers in its marketing of certain securities. Visit Vault at www. replacing him with Pandit’s ex-Morgan Stanley colleague John Havens. Michigan and the University of Chicago. September 2008: Citi’s new M&A man Citigroup’s efforts to tempt the global co-head of Lehman Brothers mergers and acquisitions department finally paid off as Citi hired Mark G. UCLA. August 2008: Times are tough Citigroup revealed some steps it is taking to attempt to counterbalance the heavy losses it’s been hit with during the year.

and final-round interviews. followed by informational interviews. . first post-MBA job.” explains one employee. However. of course. “The firm is truly a meritocratic environment.” He adds. “red tape” and a “confusing structure and responsibilities” can get in the way.” Happy hour? “Typically. Don’t actually drink in the interview.” For many.” Campus candidates will have multiple opportunities to meet-and-greet with Citi hiring teams. Internal bureaucracy “is staggering. firm knowledge and technical ability.” The firm is “definitely a meritocracy.m. “interviews with all levels from associate up to group head” cover a combination of “technical and situational questions. For example. the promise of “international opportunities” and a chance to “build my career” is what made Citi so appealing in the first place. employment and internship experiences.” Coveted slots Although “it’s still possible to secure a position without a summer internship.” Another describes the hours as “heavy. a recent hire says Citi still seems to have “a better brand and more deal flow” than its rivals. “Citi usually has very few slots for the summer associate class.The Vault Guide to the Top 50 Banking Employers. directors and vice presidents. Spending a summer at Citi also “offers an opportunity to rotate through several groups and pick a top choice for full-time employment.” an insider says. the firm’s upfront selectivity translates into an almost 100 percent full-time offer rate after the summer. Flow traders leave early. where “bright people” keep their “egos in check. than at other banks.” concurs a source. “As in any interview. I wouldn’t be able to find a better. it will “all depend on the job.” “It’s very collegial. Another source adds that Citi “has a leg up on the former investment banks. along with salespeople. “The jerk factor is low at this firm. “Besides the macro problems.” 128 © 2009 Vault. “Interns are treated. However.” Inc. candidates may be invited to “a Super Day in New York City with senior bankers. because they are the ones who come in to the office first. and it’ll be an enjoyable experience. can leave anywhere from 4 p. even though I work in investment banking.” says an associate. Be able to show that you can have a beer with the person.” The 10-week summer program is more than a chance for interns “to sample different groups of their choosing.” Of course.” and insiders say their “coworkers and senior bankers go out of their way to help. often putting in time on the weekends. the real trick is landing the internship. the ability to relate interests to interviewer is paramount. staffed and compensated the same as first-year. too. including “a series of cocktails and events in the fall.” says a mergers and acquisitions insider. “Fewer. my department has had nothing to do with the crisis. till midnight. 2010 Edition Citi Institutional Clients Group But that doesn’t mean everyone else is out of luck.” Don’t blame everybody One source of frustration for some employees: public opinion that doesn’t differentiate between departments in trouble and departments that are doing just fine.” Interviewers “will go through your resume.” it’s “still serious enough to get good experience. “Traders. Morgan model and the regulations that come with it. particularly when times are tight. depending on the product. Analysts and associates interview candidates. “The quality of work is on par with full-time assignments.” “You might see some bankers staying until extremely late at night while others leave early.” And while Citi may feel “more relaxed than other banks. “but not as bad as I feared before taking the job. and ask about certain activities. two or three rounds” of interviews are required. “Preparation is key. full-time associates. but within expectations. the first consisting of a couple of “30-minute interviews” “with associates and vice presidents. since their questions reflect who they are.” Another source tips. as they are now going to have to follow the Citi/J. “Citi is a lot more diverse than it looks from the outside.” Following that evaluation.” says a source.” reveals an employee. “An MBA degree from one of the top schools is not a requirement.” says a source.” notes an insider.” And while most Citi bankers average 70 to 80 hours per week.” One analyst recalls meeting with “managing directors.P. “The company looks nothing like the onedimensional behemoth described in the news.” “Quantitative questions vary based on the area and your interviewer. train and ensure an overall pleasant working environment.” Keep it in balance Hours are “definitely investment banking hours.” however.” OUR SURVEY SAYS Tangled in red tape “You will see all different nationalities” at the “very diverse” Citi. and first.” The final round “focuses on fit. in fact.” “Preference for full-time spots goes to interns.” as well as people from “human resources and the business side of the company.” Despite the financial crisis. especially knowing who’s interviewing you.” insiders say a summer stint is “very important.

except for client contact. although its culture will probably change substantially. expert resume reviews. Citi has demonstrated commitment to green initiatives. but this shifts over time and becomes more out of office—traveling or on conference calls—as you become more senior.” boasts a contact. calling the digs “very comfortable but nothing fancy. as diversity is seen by the firm as one of its key competitive advantages.” explains an insider.” The firm does get the thumbs-up for its ongoing efforts to minimize impact on the environment.” Aside from for insider company profiles. Even “the annual summer softball league was discontinued. “In the long run. one New Yorker suggests that “the building and internal IT are definitely in need of an upgrade.” “Citi has perhaps the best training program on the Street. “The firm makes active strides to hire ethnic minorities and foreign nationals. One associate who received an MBA in 2008 reports that “the signing bonus was $40. who admits he has “less faith in management than when [he] first started.” says. the firm gets mostly average marks on compensation. “The hours vary by level.vault.” Diversity is key Diversity is another Citi strength.” “People are very understanding if you want to take a trip for a weekend or something like that. “It’s a legacy Solomon [Brothers] program that lasts a total of nine weeks. One experienced insider.” Lots of praise goes to the firm’s “very thorough training. the dress code is “business casual.” Shaky pay Citi insiders aren’t anticipating raises in their base salaries any time soon. Employees believe Citi needs to “deal with the market perception. the firm and its core business should survive. the Vault Job Board and more.” One confident contact declares.” It’s still “not unheard of to work all weekend.” while associates and analysts don ties or business formal wear “once a month. sources say.” but sources say it “helps you get back into the swing of working after you have been at school.” “In the short run.” However. “We’ve been on the front line of going green. at the most. A managing director notes further. overall. who say their superiors are “very respectful.” Not only does the initial training “get you prepared for the real thing. Citi provides “a very manageable lifestyle.” says a recent hire.” but sources say they may just as likely “have a weekend off. “I doubt there’s any discrimination in the firm. Similar reports come from other sources. on the whole.” The tasks ahead will be difficult.” This means “directors and managing directors tend to wear suits and ties. no question about it. finish its layoffs and resolve the uncertainty regarding bonuses. and most say their future bonus payouts are “unknown in this environment. “hours have dropped significantly since the crisis intensified in October [2008]. or don’t A Houston insider calls his office “not over-the-top luxurious. Others note that “the firm is very open to women and to promoting women. expert advice. Junior associates tend to spend more time in the office. from layoffs to reduced perks to canceled office parties. but fine. starting in early August.000. 2010 Edition Citi Institutional Clients Group An associate who estimates the work week at “sometimes over 100 hours. Another applauds the fact that “even in the hard times.” brags one insider.” adds one contact.” That said. sometimes below 60.” and say that recruiters “evaluate each candidate on their merits. many insiders are holding off on worst-case scenario predictions.” Another first-year associate pegs base salary at “$95.” Wear a tie.” Changing Citi Cost-cutting efforts have been felt at Citi. 129 .” Train with the champs “I do not recall a single negative experience with my managers.” notes that.” explains an associate.” which includes “two months of training before you start. Citi is facing significant pressures that will impact the quality of work till 2011 at least.” Sources in New York agree.” Plus.” Generally speaking.The Vault Guide to the Top 50 Banking Employers. “I thought it was a great firm with great people—and it still is. career message boards.” Visit Vault at www.000.

com THE STATS Employer Type: Subsidiary of HSBC Holdings plc CEO: Brendan McDonagh 2008 Net Income: $91 million No. of Offices: 470+ What insiders at other firms are saying • • • • “Strong globally” “Don’t hear much about them in the US” “Strong in Canada” “Not really a major player” THE BUZZ 130 © 2009 Vault. UPPERS • “Committed to a good work/life balance” 26525 North Riverwoods Blvd. EMPLOYMENT CONTACT See “careers” section of www.PRESTIGE RANKING 18 HSBC NORTH AMERICA HOLDINGS INC.hsbcusa. . IL 60045-3428 Phone: (224) 544-2000 www.866 Inc.S. of Employees: 312. DOWNERS LINES OF BUSINESS 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 • Better known in the Europe than the U.

Southeast Asia and the Indian sub-continent. which provides retail banking. North and South America. HSBC Canada and the HSBC Finance Corporation. the North American group includes HSBC USA.400 employees installed by summer’s end. Singapore. British parent HSBC Holdings is one of the largest financial services firms in the world. remaining one of the better capitalized banks in the world. Ill. Washington State. insurance and other consumer services. Headquartered in London. who had been vice chairman of HSBC Finance. in Switzerland. the global banking group has about 9. Luxembourg. which became HSBC Finance Corporation after the $14. HSBC is preparing to stay at its new headquarters facility for quite some time—it’s leasing the space for 13 years.000 employees throughout Europe. However. which can accommodate up to 3. HSBC North America announced plans to relocate its corporate headquarters from suburban Prospect Heights. Also booted in the housecleaning was HSBC Bank USA executive Sandy Derickson. Monaco. Delaware. also further expanding in Europe and North America. almost a century into its existence. In 1965. HSBC was established as the international and uniform brand name in order to better promote the banking group as a whole in 1999. which had been based in Hong Kong since 1933. though. subprime market. which remains part of HSBC’s global business and the largest bank in Hong Kong). career message boards. How the CEO got his job HSBC North America CEO Brendan McDonagh hasn’t been at the top for long—he started his job in February 2008. The vast majority of its 460-plus branches are in the state of New York.S. D. HSBC has remained relatively (though not completely) unscathed. the Hongkong and Shanghai Banking Corporation.S. Hang Sent Bank Limited in Hong Kong. HSBC North America Holdings contains the U.S. In the U. the Channel Islands and the U. THE SCOOP North American arm As its name implies. Illinois. but others can be found in Connecticut.000 square-foot campus and occupancy started in early 2008. with nearly 2.” an approach that’s still taken by the firm. Hong Kong SAR. Construction began on a new 440. And. expert resume reviews. HSBC France. personal financial services. which had banking operations in India and South East Asia.vault. 131 . HSBC’s largest and most-recognized subsidiaries include HSBC Bank plc in the U. with an option to renew for up to 30 years. Maryland. thanks (or no thanks) to the 2003 acquisition of mega-lender Household International. with a truly international presence and established local presence in so many countries. six years after purchasing the two banks.. It has not had to take any government bailout money. McDonagh’s no stranger to HSBC. Change of address In 2006. Visit Vault at www.K.A. Virginia and Washington. The cause of Mehta’s troubles was fallout from HSBC Finance Corporation’s exposure to the U. in the U.K.500 and more than 310. and Canadian businesses of London-based HSBC (the name’s an acronym of its predecessor. Household International and HSBC Bank USA for insider company profiles. the Hong Kong and Shanghai Banking Corporation acquired the British Bank of the Middle East. HSBC was one of the first banks to be hit by the crisis. HSBC took its internationalism a step further in 2002 by marketing itself as “the world’s local bank. private banking. and global banking and markets. California. New Jersey. the Hong Kong Superintendent of the Peninsular and the Oriental Steam Navigation Company identified a need for local banking branches both in Hong Kong and along the Chinese coast.S. is intended to “support our continued growth plans while offering the greatest convenience for the overwhelming majority of our Chicagoland employees. credit cards.000 people. In 1959. the bank opened branches throughout China.. While many other large banking groups have struggled in the midst of the worldwide financial crisis that began in 2007. HSBC’s business lines are commercial banking. HSBC has earned a reputation for being a well-run organization.. which was originally known as the Imperial Bank of Persia and had a number of operations in the Gulf Arab states. about 13 miles north. when Thomas Sutherland. Africa and the Middle East. and HSBC Private Banking Holdings (Suisse) S. over the coming decades and then century. The Hong Kong and Shanghai Banking Corporation Limited was founded in 1865.C. the Vault Job Board and more.The Vault Guide to the Top 50 Banking Employers. expert advice. By all appearances. A storied history HSBC’s origins stretch back to the mid-19th century. and opened offices in both Shanghai and London.2 billion transaction was complete. to the village of Mettawa. Before assuming the top spot he had served as chief operating officer of the bank’s North American consumer finance business. Oregon. 2010 Edition HSBC North America Holdings Inc. as well as the Mercantile Bank.A.” according to executive vice president Steve Gonabe.. lending. Asia. The building. the Hong Kong and Shanghai Banking Corporation bought a controlling interest in the Hang Seng Bank. In addition to being known throughout the world for its size. Florida. following the ouster of former chief Bobby Mehta. With $580 billion in assets.

Green Building Council.5 billion in the same period in 2008. HSBC’s French business. opening new offices in the former Soviet states of Georgia and Kazakhstan. The same year.K. which was established in 1894.S. We have not come out of it yet. Through the rest of the 1960s. HSBC Finance Corporation. The Banker named HSBC the Top World Bank.4 billion. and expanding its existing services in EU member countries Poland.K. coming in No. 1970s. operations. the bank continued its strategy of moving into new markets.1 billion in one of the biggest rights offering in the history of the U. Decision One. 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). HSBC strengthened its Central and Eastern European operations. 21 in worldwide announced M&A for 2008. 2004.The Vault Guide to the Top 50 Banking Employers. Also in 2008. In 1991.” HSBC. gave HSBC a network of 650 branches in France and prompted HSBC to list on the Paris Stock Exchange (now Paris Euronext). April 2009: Big rights offering HSBC Holdings plc sold about 5 billion shares of its stock to existing shareholders. celebrating 140 years in business in China. but not out of the woods HSBC Holdings plc posted a $ Inc. property market through its American subsidiary. Award time HSBC regularly picks up honours and awards. which continued to grow through strategic acquisitions—one of its largest purchases was the financial services arm of the Marks and Spencer Group. CCF. the Hong Kong and Shanghai Bank acquired the New York-based Marine Midland bank. sub-prime mortgage loans business. creating a year of huge challenges for the world’s banks. The following year. HSBC became the first foreign bank to take on at least a 20 percent interest in a domestic Vietnamese bank by increasing its existing stake in Techcombank. By this point. HSBC had to close its U.” adding. is expected to allow HSBC to continue to avoid taking capital from the U. Employees who drive fuel-efficient vehicles get prime parking spaces. In 2008. which needed to sit unified under one umbrella. 16 with 75 transactions worth $152 billion. water conservation. increased its stake in the French private bank Banque Eurofin S. which fortified HSBC’s balance sheet. All was going well until 2007 rolled around.S. The following year in the U. and 1980s. indoor environmental quality and materials selection. the Czech Republic and Austria. The sale. IN THE NEWS May 2009: Better. HSBC significantly increased its business in the Chinese market. it ranked even higher. January 2009: Gold for green HSBC North America’s new headquarters won LEED gold certification from the U. up from $2. particularly in the areas of insurance. In a conference call. In 2003. In completed deals. The acquisition of CCF. including HSBC. which allows the building to harvest natural daylight and adjust artificial lights accordingly. Global Finance named HSBC the Best Consumer Internet Bank.. with 77 transactions worth a total of $78. 132 © 2009 Vault. the banking group expanded considerably in Latin America through HSBC Latin American Holdings (UK) Limited. raising $19. The following year.A to a domineering 84 percent. Euromoney awarded HSBC Global Markets with the honour of being the Best Emerging Markets Bank. according to Thomson Reuters.S. government.S. was a significant one in the history of HSBC’s European operations. In July 2000. and in July 2008. Also in 2008.S. which was directly affected by the struggling U. . based on a five-point rating system that analyzed sustainable site development.6 billion pre-tax profit on its debt for the first quarter 2009. the group had a global constellation of operations. In November 2008. The bank’s new HQ recycles or composts a whopping 90 percent of its waste and derives 100 percent of its electricity from renewable energy sources. HSBC kicked off the millennium by paying $11 billion dollars for French banking group Crédit Commercial de France (CCF). It established the Hong Kong Bank of Canada in 1981 and the Hong Kong Bank of Australia in 1986. In 2005. Perhaps most important to anyone working long hours: light-guided window treatments follow the position of the sun. “We are in this recession. further strengthening its U. December 2008: Global skills HSBC North America’s parent company HSBC Holdings plc ranked No. which doesn’t issue full quarterly results. HSBC opened a new European headquarters in London. energy efficiency. By the end of 2007. said bad debts increased from the same period in 2008 but were lower than in the preceding quarter. HSBC CEO Michael Geoghegan admitted that “2009 promises to be a tough year. 2010 Edition HSBC North America Holdings Inc. and rainwater is collected for toilet flushing and grounds irrigation. The subprime crisis began to snowball.

analytical and verbal tests. Of this number. “jeans and casual clothing” are permissible. HSBC’s recruitment process is getting tougher. they want to get a feel for you as a person. and case studies. applying it to a real business situation.” Expect up to seven individual and group interviews that include the standard “background and experience questions. expert advice. HSBC executives didn’t rule out the prospect of further cuts in the near future.7 billion dollars since the crisis kicked off in 2007. “The interview aims at understanding whether you feel confident when your ideas are challenged and whether you are able to change your opinion based on new facts. rest assured that “the bank is committed to a good work/life balance in theory. employees report an “overall very good” experience. it did have to make thousands of job cuts in the wake of the worldwide financial crisis. “Briefly explain the situation.” and “What recent events may have an influence on HSBC?” In addition. the dress code is “formal when working with clients. having had already booked write-downs of $18. group interviews. Still. serving existing ones. office.” (For the latter.” “The department I work for has made tremendous efforts to accommodate me. the Vault Job Board and more. career message boards. “including implementing a scent-free office.The Vault Guide to the Top 50 Banking Employers. However. one insider suggests.” he explains. UBS and J. and has an ongoing campaign to be a best place to work. D. mergers and acquisitions tables.” Settle in The interviewing process varies and seems to include a bevy of different questions asked by interviewers. GETTING HIRED More of a challenge “If anything. but in global IPOs.3 percent of its workforce.” as well as slightly offbeat ones such as “What’s 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.S. These questions might range from “What’s your strategy to be up-to-date with current financial news?” to “Describe a situation when a group of people disagreed with you and tell me how you managed it.” Potential candidates must go through “several rounds of one-on-one interviews. 133 . representing 4 percent of its global banking and market division.”) You might also have to field these: “Tell me an example of a time where you realized more than what you expected. “There is a good dialogue that goes on. In fact. right behind Citi. As far as qualifications go. expert resume reviews.” but “a big part of getting hired is your timing and the position you’re applying for.K.” “personal achievements” and “willingness to work long hours. the firm tends to “select the best.” but “life in the branch was revolved around getting new customers. your role. provided that they have what it takes.. who says HSBC accommodated his “severe allergies.” Life at HSBC The dress code at HSBC is “business casual Monday through Thursday. In September 2008. it will “interview applicants from any school.” After the process concludes.” Though.P. September 2008: When the times got tough.” And even though it can be “demanding. sales meetings and one-on-one meetings with branch managers who would push us to reach the numbers.” Visit Vault at www.” “people are friendly. your contribution and what you ultimately learned from it.” One insider says he “works for a great team” and “has never been berated or made to feel like I don’t play an important part of the team. offices. The Brit-centric bank didn’t place on the U.vault. HSBC assured onlookers that the cuts only affected a miniscule 0. 2010 Edition HSBC North America Holdings Inc. They were very willing to accommodate me with a special schedule. less than two weeks after the collapse of New York-based investment bank Lehman Brothers.” warns one insider. and I feel comfortable consulting with my managers if I’m confused. be ready to answer this one: “Where do you see this company in five to 10 years?” Most of all.000 employees.” “Tell me about a time where you used something you learned in your studies. Morgan.” but on Friday.” When it comes to treatment by management. HSBC announced it would be cutting 1.” OUR SURVEY SAYS Striking the balance While long hours at the firm might be in the cards.C. half were to be from the U. the only office that seems to follow a formal dress code is the Washington. at the time of the announcement.100 jobs worldwide.” You might also be asked about your “educational background. it ranked as the No. staff had to go Though HSBC may not have had to open its hands for government bailout funds. Out of a then-global workforce of for insider company profiles. 4 bookrunner.” One example of this comes from an insider. “each candidate is discussed and an offer is extended only to those on whom all interviewers agree.” The culture is “collegial.

“in some cases. as well as many Canadians. who admits that the lack of diversity might be “representative of the industry. “On some trading floors—there are three in New York—the ceiling is too low.” Covering the bases The training offered by the firm is a “nine-week process that’s pretty comprehensive. My floor happens to be fairly boring.” Another insider reports that “employees are very diverse ethnicity-wise—there are many Chinese. and it shows.” Though.” But the representation of ethnic minorities “could improve somewhat.” It “involves not just finance stuff. so I don’t think that it’s an issue for HSBC. but they are renovating our floor this year.” Nothing beats the real world.” Another New York contact says. Another contact notes that “a lot of what you learn doesn’t mean anything until you’re actually in the middle of it.” Always room for improvement For the most part.” While “women are often not seen in trading roles. 2010 Edition HSBC North America Holdings Inc.The Vault Guide to the Top 50 Banking Employers. but other floors are very nice.” “many work in sales and structuring. “I covet high walls.” says one New York employee. “The building is quite old. Offices mostly receive less-than-stellar marks. instructors could’ve been better. however. but also interpersonal training that enabled the analysts to form lasting connections.” says one insider.” The hiring of gays and lesbians at the firm receives high marks. so things will be changing. making you feel cramped. “HSBC is an incredibly diverse group. though one contact comments. French and Indian Inc. “I believe racial diversity is more evident.” The insider concedes that “the London and Hong Kong offices are much nicer. .” and “I see absolutely no evidence of discrimination.” 134 © 2009 Vault. and there is very little space on the desks and between rows.” And some “very high positions are staffed by women.

000 (branches) DOWNERS • “No race in senior management other than white” • “Salary increases are relatively low for non-bonus positions” EMPLOYMENT CONTACT www.66 billion No. but has a friendly feel” THE BUZZ 135 .S.9 billion 2008 Net Income: $2. solvent. reputable” • “Decent regional bank” • “Exceptional credit training. Bancorp Washington Mutual 420 Montgomery Street San Francisco.PRESTIGE RANKING 19 WELLS FARGO & COMPANY KEY COMPETITORS Bank of America U. CA 94163 Phone: (866) 249-3302 www.000 No. of Offices: 11. strong with Wachovia. of Employees: 276.wellsfargo.wellsfargo. wants to keep employees for life” • “Less of a competitor. Kovacevich CEO & President: John Stumpf 2008 Revenue: $ What insiders at other firms are saying • “Wachovia BUSINESSES Community Banking Home & Consumer Finance Wholesale Banking UPPERS • “Endless training opportunities” • “Very accessible and helpful” management THE STATS Employer Type: Public Company Ticker Symbol: WFC (NYSE) Chairman: Richard M. stable.

mortgage-backed securities and venture capital investment. The new company is the largest retail branch banking network in the country. He did not. during which Wells Fargo booked $2. In 1861. 136 © 2009 Vault. Wells Fargo Financial. advisory. auto financing.S. In May. From its office in San Francisco. Before the merger.000 people and boasts 11. Through subsidiary arms. The new behemoth has $1. Their firm offered banking services (buying gold assets and selling paper bank notes in exchange for gold) and secure express delivery of gold. leasing. Wholesale banking includes corporate banking. and San Francisco. the seventh-largest premium finance company in the United. wholesale banking.8 million for the year. the company went on to acquire the Flatiron Credit Company. and investments and insurance. which made trips through the then-Wild West to ensure delivery across the country. capital markets and institutional investments. Boca Raton. it took over the routes of the short-lived Pony Express. receive a cash bonus. Midwest and some Eastern states. The Insurance Brokers of America is a small company that offers risk management services including property and casualty and employee benefits coverages. Louis-based Insurance Brokers of America. In the 1990s it returned to the rest of the country. trust Inc. Iowa. It operates in 48 states. treasury management. in 1852 during the West’s gold rush. Chicago. employees 276.4 trillion in assets. Flatiron Credit Company was a subsidiary of TD Banknorth. funds and services insurance premium finance contracts. his compensation for 2008 became public knowledge: he took home $13. wholesale banking. insurance brokerage. its mortgage and home equity business spans all 50 states. the American public (and press) called for many TARPsponsored CEOs to give up their bonuses for 2008. though. Wells Fargo grew to include offices in other Western mining towns. creating the fourthlargest bank in assets in the U. Services provided by the community banking business include products for individuals and small businesses. .000 branches throughout the nation. The Flatiron Credit Company originates.The Vault Guide to the Top 50 Banking Employers. As of January 2009. it sealed its reputation for trustworthiness by opening its famous stagecoach line. provides real-estate secured lending. It has over 80 lines of business. leaving the bank with just one location in San Francisco. notes and other valuable assets. commercial finance. services 48 million banking households. Philadelphia. 10 Canadian provinces. some of the largest being community banking. agricultural finance. asset-based lending. The Wells Fargo empire Wells Fargo & Company is a financial holding company and a bank holding company. Stumpf was on record saying that his bonus was within “the purview of the board. Fargo & Co. commercial real estate. data processing. foreign exchange. consumer finance. providing retail. Details of the deal were not disclosed. because the bank did not hit certain performance goals. In 1918. Wells Fargo Financial is headquartered in Des Moines. equipment finance. By the 1980s. mortgage banking. including investment. 2010 Edition Wells Fargo & Company 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. Wells Fargo was a major presence in California and the seventh-largest bank in the nation. opening locations throughout the West. North America. with $71 billion in assets. consumer and private-label credit cards and commercial services. Salary insanity After banks began accepting money under the U. Puerto Rico and recently expanded to the Pacific Rim.” And in March 2009. Boston. specialized lending. commercial and corporate banking services. In the 1860s. Finally. Wachovia formerly traded under the stock symbol “WB” but will now trade under the umbrella of Wells Fargo & Co.66 billion in profits. The first was its acquisition of St. Wells Fargo’s network was commandeered by the American government as part of its World War I efforts. Wagons west Henry Wells and William Fargo founded Wells. Wells Fargo rebuilt in the 20th century. government’s TARP program in late 2008. Wells Fargo offers securities brokerage and investment banking. trade services. becoming a regional bank in northern California and operating in San Francisco as a banker’s bank for the region. insurance and trust services.S. (“WFC” to traders). It is headquartered in Denver with offices in San Antonio. This division operates mostly in the Midwest and West. Before the big one Wells Fargo completed several mergers in 2008 before its historic acquisition of Wachovia. home and consumer finance.

thanks to low mortgage rates that helped homeowners to refinance. beginning in the second quarter.21 Visit Vault at www. known in the industry as a warehouse lending division.82 billion from $10. Revenue for the quarter also increased. The results were more than 50 percent higher than the net income the firm booked in the first quarter 2007. insiders told Bloomberg.02 billion from $10. which received about $25 billion in Troubled Asset Relief Program funding in 2008. up from $11. Through the new group. 2010 Edition Wells Fargo & Company IN THE NEWS July 2009: Above expectations For the second quarter 2009. JPMorgan Chase and PNC Financial Services Group both shuttered their warehouse lending divisions. The bank.” adding that the firm will reimburse the government for its $25 billion loan to the bank under its Troubled Asset Relief Program. or 57 cents per share. April 2009: A record quarter In April 2009. plans to christen the new division Wells Fargo Securities. however. March 2009: Slashing its dividend Wells Fargo decided to cut its dividend by 85 percent.58 billion. February 2009: Reaching a 10-year goal In the year when the first African American president was elected. April 2009: New group on the horizon Wells Fargo will open a division that will supply independent mortgage bankers with funding.56 billion. expert resume reviews. Such divisions are typically used by mortgage banks to create loans and retain the mortgages until they sell. Wells Fargo. The firm set this goal in 1998 with the expectation to complete the program by 2010. too. Instead of raising capital privately. shattering analysts’ predictions of 34 cents a share. loan syndications and merger advice. Wells Fargo’s CEO John Stumpf said the firm will “return to a more normalized dividend level as soon as practical. deposits increased 1.vault. April 2009: Evergreen’s not up for grabs In April 2009.2 billion. Despite the dividend for insider company profiles. Wells Fargo achieved its 10-year goal of lending $1 billion to African-American business owners nationwide. Wells Fargo said the investment management business Evergreen Investments wasn’t for sale. The bank may ultimately spend $4 billion on the unit.55 billion for the fourth quarter 2008 (compared with a $1.05 billion for the first quarter 2009. largely due to the acquisition of Wachovia Corp. Wells Fargo’s thrifty actions didn’t stop there. Meanwhile. The figure was a 47 percent increase from the same period in the previous year. has notified potential Evergreen purchasers that it won’t be selling the money-management company. 137 . regulators told Wells Fargo that the bank needs approximately $15 billion in new funding as the outcome of its stress test came to light. a film about the first self-made female millionaire. Wells Fargo posted net income of $2. In early 2009.The Vault Guide to the Top 50 Banking Employers. January 2009: Not going well for Wells Wells Fargo reported a net loss of $2. it came in two years ahead of schedule. which will be concentrating on services for outside clients. falling to $9. Bloomberg reported. May 2009: More capital needed In May 2009. career message boards. Revenue for the quarter dipped slightly. expert advice. Wells Fargo will offer services including fixed-income trading.. a cost-cutting measure that the bank says is likely to help it save about $5 billion a year. Wells Fargo. which became the owner of Evergreen after buying Wachovia Corp. The firm celebrated the achievement by holding a series of events. July 2009: Growing its securities division Wells Fargo said it will soon “grow and invest” within the securities division it mostly became heir to through its purchase of Wachovia. The bank also said it plans to make $2 billion more in unidentified cost cuts in 2009. assisted by its purchase of Wachovia. Wells Fargo’s plan comes at an ideal time. rising to $21. giving Wells Fargo the opportunity for more prospective clients in the wake of additional foreclosures. The bank. the bank could convert government preferred shares to common equity. said it will be paying back those funds in order to re-establish its dividend as soon as it can. insiders told the New York Post. However. Wells Fargo booked record net income of $3. also posted revenue of $22. the Vault Job Board and more.4 percent to $756. including multiple screenings of Two Dollars and a Dream. just in time for Black History Month in 2008.5 billion.46 billion in the second quarter of 2008.36 billion profit in the fourth quarter 2007) as the bank struggled under mortgage assets it took on when it acquired Wachovia.

23 billion. the firm is “very competitive. Though the bank attributed the loss to the $21. The deal also required that Citigroup take on Wachovia’s troubled assets with the provision that $300 billion of the assets were backed by the FDIC. coming in at $42. Wells Fargo received $25 billion of the TARP pie. a 7 percent increase from 2007. “There were four of us picked out of an applicant pool of 800. it seems that all employees at the big banks fear that their jobs are on the line. just days after Citibank’s offer. However. and $50 million for nonprofits that work on improving the environment in low to moderate income communities. grades. down considerably from the $8. more than a dollar below its actual price of $28. The firm offered its shares at a discount $27 per share. However.77 per share at the time of the offering. LEED requires that buildings have improved energy and water efficiency.” especially since the “economic down turn and cost-cutting measures” have resulted in fewer full-time hires. “many good candidates are turned away.” as there are “only a few spots every year for entry-level analysts. The firm had to wrest a seemingly done deal from the hands of Citigroup. The merger became official on December 31. resource conservation measures and clean air quality. December 2008: The green zone Environmentally focused investments are a “significant new area of business for Wells Fargo” according to Barry Neal. full-year revenue looked a little brighter.” Because of this. the infusion of taxpayer money may make the company more accountable for its actions than it has been in the past. September 2008: A pitched battle The merger to acquire Wachovia was hard fought.” According to one Minneapolisbased source. At Wells Fargo. It proved its commitment to the green sector by announcing that it had provided more than $3 billion to environmental financing. While full-year 2008 net income came in at $2.000 jobs in the coming years in order to keep the company running.” Candidates must exhibit “strong knowledge of finance. it still plans on seeking nearly $60 billion worth in damages. 2008. the government rushed into to save the banking industry with a $750 billion bailout which became known as the Troubled Asset Relief Program (TARP). Applicants for the firm’s commercial banking team must have “a good foundation in business and accounting. Green Building Council’s Leadership in Energy and Environmental Design (LEED). A session of legal wrangling followed. The firm announced that it was cutting 175 jobs within the first month of the competition of its Wachovia merger and estimates show that the company may have to cut 25. The company has also invested approximately $700 million in green energy in the form of solar and wind plants. November 2008: Capital raising In order to subsidize the $15 billion merger with Wachovia. Wells Fargo offered Wachovia $15 billion in a deal that required no government intervention. and minimizing that is going to be the challenge for everybody in this company.The Vault Guide to the Top 50 Banking Employers. There will be some job loss. which are expected to amount to approximately $74 billion. it said that it will not be seeking additional funding from the government. The fresh infusion of cash will provide Wells Fargo with capital in advance of potential losses from Wachovia’s troubled assets. GETTING HIRED Get serious about banking Selectivity at Wells “depends on what office you are applying to.7 billion it created in reserves to guard against losses. .com Inc. the firm’s director of environmental finance. Wells Fargo’s green projects include a $2 billion commitment for building projects which are approved by the U. who had offered the bargain basement price of $2. “I’m not going to kid anybody here. it seems that the fears may have some grounding in reality. on-site renewable energy. CEO John Stumpf told the Charlotte Observer in January 2009.” Wells has “high standards when it comes to ethics.16 billion in stock for the struggling financial giant.” but generally speaking. January 2009: Losing employees In the current financial environment.6 billion. experiences and leadership abilities. Wells Fargo held a share offering which raised $12. going above and beyond a goal it had set to provide $1 billion by 2010. especially with 138 © 2009 Vault. Though Citigroup soon dropped the legal challenge that would have prohibited Wells Fargo from acquiring Wachovia. $500 million in green businesses that support environmental sustainability.” October 2008: Taking TARP After the market crash of September 2008. including a bid by Citigroup to prevent the merger.S. 2010 Edition Wells Fargo & Company billion. though CEO John Stumpf insisted to the press that the company didn’t “need or ask for” the extra funds. The company raised two and a half billion more than its target goal of $10 billion.000 to 28.84 billion. Citigroup filed a lawsuit seeking $20 billion in compensation and $40 billion in punitive damages for interfering in its deal.06 billion the bank posted in 2007.

” The firm is “very old-fashioned about working remotely. expert resume reviews. expert advice. because of this conservatism. USC and UCLA. “job stability is pretty much assured.” While it does “get your foot in the door. during which applicants “have to stand out from the other 10 candidates. but not a must Insiders say Wells Fargo’s internship program. and. you can get there.” Another complaint insiders have about Wells is “bureaucracy.The Vault Guide to the Top 50 Banking Employers.” OUR SURVEY SAYS “One Wells Fargo” This firm is “very big on the Wells Fargo culture. “Senior management gets involved with minutia. noncompetitive” environment in which people “work hard” but enjoy an “office atmosphere that is social and enjoyable.” They want people to be happy.” is “not mandatory.” Many “people have been with the bank for over 20 for insider company profiles. What are the three parts to the cash flow statement? Walk me through the operating section of the cash flow statement.” The summer internship is designed to be “an introduction into the firm’s full-time rotation program. but don’t have the Master of the Universe attitude that you find at Wall Street banks. but managers work hard to make things fun and interesting on a daily basis.” yet still “results-driven” and “professional.” But the upside there is that incoming employees have a “defined career path that provides transparency about where they will be in one year or five years.” It is “definitely not imperative to have an internship here to get an offer. applicants coming out of college “are required to participate in at least two-to-three interviews. Marquette and DePaul University.” For certain. the Vault Job Board and more.” Insiders say the “sky is the limit” at Wells Fargo. there is the sense that “people really like the company they are working for. What does a COO worry about at night? What does Wal-Mart worry about at night? Tell me everything you know about our company. Big schools for Wells include the University of Illinois. The bank is “more conservative than other banks. through professional associations and its own internal recruiting programs.” “There is absolutely no respect for employees unless you suck up to senior management.” This process can vary depending on what office you are applying to and for what position. candidates must show “not only personality but also financial ability by answering various questions. At minimum.” There can be “lots of red tape. those with hiring power at the firm believe “it is very important to have internship experience with some financial institution.” says one source. Name the four financial statements.” which makes it “hard to get things done fast.” which results in “very structured job roles.” causing things to sometimes take longer than they need to.” And “prior understanding of risk a plus. while “very important” because the firm “looks first to its summer interns for full-time hiring. Some candidates may be asked to participate in more than one on-site interview day. 139 . People are “friendly” and “helpful.” Recruiters are looking for candidates whose “resumes stands out and qualify you for a first-round interview.” Another thing that might come up is how a candidate “will fit into the geographical area of the office they are applying to. Some typical questions include the following: “Name three things I should know about you. This in-it-together attitude fosters a “cooperative. of course.” Wells recruiters search for qualified candidates at career fairs. “It is an opportunity to see if Wells Fargo is a good fit for you. “From the heads of departments to the administrative assistants. candidates should be prepared to discuss “various finance and accounting concepts” as well as questions “about personal drive. There can also be some big-company “corporate politics. however.” Even if you can’t score an internship at Wells—the firm normally hires “about three interns from a pool of 40”—insiders say “prior internships outside of the company are looked upon favorably” as well. “The atmosphere is serious.vault.” In addition.” During first-round interviews.” and the company constantly has its eye out for “future leaders.” Those who stick around enjoy the “laid-back” attitudes and “good hours” at Wells.” A contact says. career message boards.” And it’s a great learning experience.” asserts another. and the atmosphere can turn into “a very political environment too where everybody is territorial. is that there is “lots of room for advancement.” Employees are “smart and know their stuff.” Interviewers might also want to know “if you are OK with traveling.” The recruiting process is “tough. they are looked favorably upon for a full-time position. as many interviewers throw out “rapid-fire questions” and expect answers just as quickly. The firm hits both “public and private universities.” Candidates should expect to be on their toes during the interview process.” “If an intern has performed well. as Wells is a firm that’s “very focused on retention. Process of elimination Step one in Wells’ recruiting process is “differentiating yourself in meeting with recruiters at the career fair. Some experience one of these three steps as a “formal phone interview” instead.” nationally and abroad. 2010 Edition Wells Fargo & Company regard to cash flow.” but those who demonstrate “determination and interpersonal skills” will go far in the interview process.” Wells wants people with “serious interest in banking.” At Wells.” Sources say “Wells Fargo is a great place to launch a career” because “advancement opportunities are huge.” A contact says. Most former interns say the internships are “a preview” of a full-time analyst’s job. on college campuses. however.” Some employees have a beef or two with managers.” Visit Vault at www.” The bright side of working for a firm this big. people at Wells are down-to-earth and awesome. Others have extensive “on-campus interviews with two interviewers” followed by one “inoffice interview” that involves up to eight separate meetings. it’s not a necessity. “As long as you know what you want. as well as business schools such as Berkeley.” The final step in the process is the in-office interview.” The “One Wells Fargo” slogan emphasizes working together company-wide. Helpful. Whether it’s Wells or someplace else.

” Most in that location work between 40 to 60 hours per week.” In some offices.” Sometimes employee will “stay late during the week to work on pressing projects.” In Dallas.m.” Some offices even provide “free lunch every day” and “free soft drinks.The Vault Guide to the Top 50 Banking Employers.” The normal working hours are 9 a. as long as you get your work done and make it to meetings.” The New York City office is “comfortable but very bare with minimal windows. you’ll “never have to wear a tie. location Office conditions vary by location. “the majority of upper management is very accessible and helpful..” then “will head to San Francisco for six months of extended training. One contact explains.” Some places.” Others work from “basic cubes. which some consider “a bit inferior to competing employers.” The firm also has a “tuition reimbursement” program.” For the most part.” Decent. “They say it’s business casual. but they are generally acceptable.” Sources say “salaries do not always line up with the job hours. and they have a desire to pass that on to those who want to learn and advance. which are “very nicely decorated.” And compared to other banks. employees enjoy “great views of the west side of Los Angeles from anywhere in the office. while some of the older buildings are not quite as nice.” But. “they will take care of it ASAP.” Won’t see too many ties Wells Fargo’s dress code falls somewhere between business casual and formal.” In Los Angeles.” One insider “began work at Wells Fargo with two-and-a-half weeks of training in Houston.m.. stores and services.” including “cell phones and gym memberships.” Wells also “matches 401(k) contributions up to 6 percent and offers stock purchase options and other investment tools. employees “always need to dress as if we could meet a client that day.” Most say “jackets are not necessary. some first-year analysts have their own offices.” In Denver.” The firm grants “25 days of vacation a year” (even for entry-level employees). In Minneapolis. if something is brought to a manager’s attention.” Among the best in training Wells Fargo “spends a great deal of time and money on training their employees.” Managers have your back At Wells Fargo.” The “amazing health benefits” even include “reimbursement for Weight Watchers. “everyone is dressed in a collared shirt and slacks.” In the Big Apple.” and there might even be “jeans on Fridays.” The rule of thumb is that “you are expected to finish the work you are given. It is “rare to need to work weekends. “break rooms are not pleasant to look at.” This is a 140 © 2009 Vault. with 30 other analysts.” Wells Fargo is “not frivolous” when it comes to office décor. but carpet needs to be replaced and décor is drab and dry.” Location.” The firm’s managers have “significant experience and industry knowledge. managers are “hands off” in that they “allow subordinates to direct the workflow.” Superiors at the firm are “competent” and “very willing to help subordinates create career paths.” Some “opt to stay an additional one to two hours beyond that to study for the CFA exam. but not business formal in terms of a suit and tie every day.” “Management is always willing to hear feedback from employees. to 4 p.” This has a tendency to “minimize the incentive to work beyond what is required.” Hours tend to be “in line with the compensation.” And “salary increases are relatively low for non-bonus positions.” as Wells managers “don’t look down on subordinates. “Some of the Wells Fargo buildings are newer and very nice in terms of layout and amenities.” Still. but all the directors have their own ideas of what is appropriate. the work/life balance and job security are arguably better at Wells Fargo. employees enjoy “casual summers. and finish work around 4:30.” The firm’s Minneapolis crew “recently moved to a new office” and is now “enjoying the accompanying perks.” Usually. outdoor space or lounge. “cubicles are a decent size. Usually people dress up a little more than business casual. and rarely or never work weekends. before 7 a.” In the firm’s Los Angeles office. location. many Wells insiders believe “compensation could be improved.” Sources also speak of “huge discounts on activities. “even some senior vice presidents have cubicles versus closed-door offices. “business casual or suits are the norm. employees enjoy “great health care benefits and paid time off. 2010 Edition Wells Fargo & Company No complaints about hours The Minneapolis office is “very laid-back about taking personal time and the type of hours you work. there is “no cafeteria.” but insiders report that the office is “clean and in a good location. and lighting is poor. and in New York City.” Regardless of who your director is. “jeans are not as common on Fridays. There. all paid for by Wells.” A contact says people at Wells are “not as highly compensated as those from other financial services firms.” but even that’s not so bad. which insiders call “one of the more generous and uncommon paid time-offs in American companies today.” The firm fosters a “very good work/life balance” and most insiders say hours are “reasonable. there is a “commuter discount plan.” There are “no ties and no suits except when meeting with clients.” “No question is too dumb.” Phoenix-based respondents are less enthusiastic about their working condition. all things considered Although most are content with the number of hours required. “compensation is not adequate. so if you need to stay later. and they trust and value everyone’s opinion. clean and airy.” Plus. but many junior analysts “get in relatively Inc. you do.” and even throughout the rest of the year.” According to one. as the analyst program sets a ceiling on bonuses. because “you can make up the time by leaving early when it is slower. those in the optimistic camp point out that although “compensation may be higher at other firms.” but some say that “extra hours are not compensated.” Managers and analysts “work side-by-side and complement each other very well.m. .

that “diversity is a priority.” Sources say both on-the-job and the “structured classroom-based trainings” are “very valuable to development. Simply put. 141 . Italian. the firm provides “endless training opportunities” around the country. insiders say the ratio is “about 50/50. career message boards. you’ll find people “from multiethnic backgrounds such as Korean.” The firm “encourages ethnic diversity in the recruiting process” and recently. The stock definitely dropped in 2008 and early 2009.” Most agree.” In addition to its existing recruiting and support efforts. Jewish and German.” At Wells Fargo. Wells Fargo “consistently ranks as one of the best companies for women to work for. Armenian. “If you walk through just about any department in Wells Fargo.” Visit Vault at www.” The firm’s “best-of-breed programs far exceed what competitors do.” According to one Denver-based insider. 2010 Edition Wells Fargo & Company typical routine for an incoming banking employee.” In most locations. but there is not as much diversity in the actual numbers. but has recovered and now is doing very well. you will easily see a diverse workforce in terms of ethnic minorities.The Vault Guide to the Top 50 Banking Employers.” Diversity is “held in high regard” and is considered “a big issue” at Wells Fargo.” say for insider company profiles. white.” The initial weeks of training are normally followed by “a period of reading and testing. “Wells Fargo is among the best of the big banks for training. Mexican. It was like watching grass grow and grow. Guatemalan.” Overall. expert advice. The firm offers “benefits for domestic partners” and does not “put any pressure one way or the other on gay and lesbian individuals. “Wells Fargo is actually faring well.” A contact says.” Big on diversity Wells Fargo “places significant emphasis on diversity. “most training is done online. there are “plenty of successful women working here. according some insiders.” Women “do not receive any preferential treatment and are not discriminated against.” Generally speaking. “Many of its competitors are either going bankrupt or being bought out by other financial institutions.” with “women always treated equally.” One source points out that the firm’s “head of commercial banking is an Asian female.” Then going forward. expert resume reviews. Upon being hired.” According to a contact. “All of the new analysts hired last year were female. African-Americans and other cultures. But not everyone feels the same way. “Our company is completely inclusive to GLBT community members. “The office puts a lot of emphasis on ethnic diversity in the hiring process. however.” When it comes to gay and lesbian employees. however.” Some say the ratio is as high as “65 percent women. The environment is “often prejudiced against seniors. insiders say they receive the same treatment as all others. Fiji.” “In my time at Wells Fargo. “the stock has risen slowly and steadily. about 60 percent of the firm’s employees are female.” says one employee. “women are extremely powerful and influential at the company.” says one employee who has worked with the company for 12 years. has begun focusing on it “more and more.” There’s also “a great deal of on-the-job training.” No wonder.) Wells Fargo offers “very reasonable to maternity leave. the future is looking relatively bright for Wells Fargo.” which may be due to the fact that it has a “conservative nature” and is “risk-averse.” Looking ahead Considering the state of the economy. other than white.” One source says.vault. the firm’s diversity council is taking “significant steps to further diversity to ensure that our employee base reflects the customers and communities we serve. “training is very formal. the Vault Job Board and more.” It is “a scorecard metric on which all managers are graded. but Wells Fargo is still managing to stay afloat.” and it’s a place where “females are treated with the utmost respect. and “there are no African-Americans or other race in senior management.” When it comes to women. Chinese.” (According to the firm.

of Offices: 1 EMPLOYMENT CONTACT Allen & Company 711 5th Ave. NY 10022 BUSINESS Investment Banking DOWNER • Workplace is male-dominated THE STATS Employer Type: Private Company President & CEO: Herbert A.PRESTIGE RANKING 20 ALLEN & COMPANY LLC UPPER • Work on huge. No. over-reliant on their VC business” THE BUZZ 142 © 2009 Inc. . “Herb” Allen Jr. 9th Floor New York. NY 10022 KEY COMPETITORS Goldman Sachs Lazard Morgan Stanley What insiders at other firms are saying • • • • “Great in media banking” “Secretive. of Employees: 200 No. high-profile deals 711 5th Ave. mysterious” “Small but important” “Overrated. 9th Floor New York.

paying a whopping $750 million. with an estimated net worth of $2 billion. no employment contact and no formal recruiting process. 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. 1982 was a very good year for Allen & Company—that’s also the year the firm launched its annual media conference in Sun Valley. Allen pocketed $45 million and earned himself a seat on the Coke board. Coke bought Columbia. Since its first deal with Coke Allen & Co. the former director of the CIA. In the 2008 edition Herb Allen and family ranked at No. It’s also been behind the scenes of such headline-worthy deals as Time Warner/Comcast’s purchase of Adelphia. exclusive advisory and wealth management work with some of the biggest names in corporate America. $400 million deal that gave Citigroup naming rights to the Mets ballpark. expert advice. Priceline. Founder Herbert Allen relinquished control to his son Herbert Anthony Allen in 1966. Coke is it Most of Allen & Company’s clients hail from the media.vault. which dispatch reporters to eavesdrop around the closed-door meetings in the hopes of breaking news about a hot deal. former Major League Baseball deputy commissioner. But Allen & Co. Arena Football League Commissioner David Baker (another Allen & Company client) has called the phalanx of corporate jets that land in Sun Valley at Allen’s behest “the largest private air force in the world. is always Herb. including the founding Allen family. George Tenet. 143 . helping it win a number of prestigious clients. sports. What Allen & Company does have is a platinum reputation and serious mystique. expert resume reviews. which remains alive as an investment vehicle for the Allens. creating a limited-liability company called Allen & Co. LLC. Senator Bill Bradley. the Disney/ABC tie-up and the for insider company profiles. As for CEO Herb Allen. Inc. 227. the (very) private company is now helmed by the third generation of Allens. The LLC. took over the operations of Allen & Co. and Steve Greenberg.” The cream of the crop Many boldface names have made their way onto Allen & Company’s list of managing directors. The firm is an institutional broker and money manager for high-net-worth individuals. while Allen Jr.. Bill Gates. no sprawling menu of financial services. The firm regularly ranks as one of the top-25 M&A advisors by deal volume each year. career message director (and media M&A powerhouse) Nancy Peretsman. the firm quietly revamped its legal structure. no research division. Three-Herbert firm Founded in 1922 by brothers Charles and Herbert Allen.S. thanks to a relationship that dates back to 1982. Among them are former U. seeded with $40 million of Allen family capital. underwriting and related advisory services. Michael Eisner. (Rule of thumb around the Allen world: Allen Sr. it also provides M&A. and his son Clarke joined the bank’s institutional sales group. Sumner Redstone and Oprah Winfrey. earned over eight decades of semi-secretive. raking in millions of dollars in advisory fees.. each of whom has the same first name. The place to be By all accounts. has done over 15 subsequent deals and underwriting assignments for the soft drink giant and its affiliates. Herbert Anthony Allen Jr. The event is widely covered by business media outlets. the Vault Job Board and more. Visit Vault at www. no barrage of press releases touting recent deals. The Allen family still owns a chunk of Coke shares and there’s been some boardroom back-and-forths. communications and technology sectors—this tiny boutique was a player in Google’s 2004 initial public offering. he and his family have ranked on the Forbes 400 Richest Americans list every year since the list’s inception in—wait for it— 1982. Idaho.) When Herb Allen began his tenure as CEO.The Vault Guide to the Top 50 Banking Employers. attracting the likes of Barry Diller. too: Coke president Donald Keough became chairman of Allen & Co. entertainment. is always Herbert. 2010 Edition Allen & Company LLC THE SCOOP Allen’s singular status How is Allen & Company unlike other banks? Let us count the ways: It has no website. took the reins in late 2002. The exclusive executive retreat has become ground zero for big media deal making. the marquee deal also catapulted Allen & Company into the upper echelons of i-banking.’s closest ties are to Coca-Cola.

there was more speculation than specific information.” insiders Inc. but sources suggested that the funding round followed a series of unsuccessful sale attempts. getting hired at Allen & Company is no small feat. Wehner. OUR SURVEY SAYS Nothing but winners If you manage to join the ranks of the elite at Allen & Company. Intensive networking would seem to help as well.” And although it’s still largely a boys’ club. accept resumes mailed to its headquarters.The Vault Guide to the Top 50 Banking Employers. and the company’s human resources department doesn’t accept outside phone calls. The company will. get some international experience and learn a foreign language. who’s said to be the man who led the $850 million sale of Bebo to AOL in April 2008. staffers are “very loyal.) Needless to say. The price was no less than $1 billion. though. media industry experience is a prerequisite. GETTING HIRED Good luck Though former CIA Director George Tenet landed a job as managing director with the firm. (Even the hiring of Tenet himself wasn’t announced in a company release and only leaked months later. The firm doesn’t publicize job openings. some women occupy high positions within the company. If LinkedIn hits its valuation target. Experience is necessary. January 2008: Raising cash for Slide In January 2008. would be able to take credit for one of the priciest private venture deals in recent memory. was pitching a venture capital round for professional networking site LinkedIn. that doesn’t mean you’ll easily gain employment there. Naturally. but negotiations with Google fell apart in July 2008. Like most Allen deals. In turn. 144 © 2009 Vault. a senior managing director. Allen & Company Chairman Don Keough has said that those interested in landing a job at the firm should develop a broad range of interests. raise $50 million in private equity financing. helped Slide. . may help Digg raise capital by leading future financing rounds. May 2008: Raising the roof Reports surfaced that Allen & Company’s Dave Wehner. 2010 Edition Allen & Company LLC IN THE NEWS July 2008: No deal Bookmarking site Digg hired the firm in late 2007 to help it find an acquirer. as the company generally hires only MBAs with at least a few years of work experience under their belt. take heart—it’s a “wonderful firm” with management who are “kind and considerate of their employees. Sources say Allen & Co. a social network widget creator. Allen & Co.

of Employees: 284.bankofamerica. Lewis 2008 Revenue: $73.PRESTIGE RANKING 21 BANK OF AMERICA CORPORATION KEY COMPETITORS Citigroup Goldman Sachs JPMorgan Chase Morgan Stanley Wells Fargo 100 North Tryon Street Charlotte.bankofamerica.98 billion 2008 Net Income: $4 billion No.100 retail bank offices • Merrill acquisition = culture in flux + uncertain future • Training could use improvement EMPLOYMENT CONTACT www.802 What insiders at other firms are saying • • • • “Significant future potential” “Ranks higher with acquisition of Merrill Lynch” “Reputation harmed by Merrill Lynch acquisition” “Who would want to work there?” THE BUZZ 145 . NC 28255 DEPARTMENTS/DIVISIONS Consumer & Small Business Banking Corporate Units (Global Risk Enterprise Technology & Delivery. of Offices: 6. Finance. Global Human Resources. Global Marketing & Corporate Affairs) Global Banking & Wealth Management Global Card Services Global Markets Home Loans & Insurance UPPERS • Big. global bank just got a lot bigger thanks to the Merrill deal • Generous benefits DOWNERS THE STATS Employer Type: Public Company Ticker Symbol: BAC (NYSE) Chief Executive: Kenneth D.

No. financial institutions. On January 1. Lewis has been the bank’s chief executive officer since 2001.S. Market/Global Issuers (Bloomberg. with significant operations in M&A advisory as well as debt and equity underwriting. Bank of America is headquartered in Charlotte. currencies and commodities. equities. 2007). have been hurting). BAS’s business spans both domestic U. 1 Converts U. Banc of America Securities Limited and Merrill Lynch.5 million. No. 5 World’s Best Brokers (Bloomberg. as of December 5. treasury management and research. And Working Mother magazine has recognized Bank of America as one of the 100 Best Companies for working mothers for 20 consecutive years. he took over as manager of the bank’s international banking business in 1977. Lewis’ executive progression continued and when he was appointed as 146 © 2009 Vault. Under Lewis’ watch. 2008).-based investment management company BlackRock. Banc of America Securities LLC (BAS).S. but its use bears great significance in that it is indicative of the fact BAS is not a bank. institutional investors.S. increased assets to $1. In September 2008. 2008). December 2008). Awards galore Banc of America Securities’ equity markets division—which caters to institutional. In January 2009. one of the leading investment banking advisory firms. and UK subsidiaries such as Banc of America Securities LLC. No. predecessor to NationsBank and Bank of America) as a credit analyst in Charlotte. roles. Although he’s received a lot of heat in the past two years (while big banks. not long after the Merrill deal closed. which called the purchase “a great opportunity for our shareholders. October 2008). is the investment banking subsidiary of Bank of America. After various U. 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. No. Black Enterprise magazine consistently ranks BofA one of the 40 Best Companies for Diversity. full year 2007) In addition. and its deposits and holdings are not insured by the Federal Deposit Insurance Corporation. it made BofA the biggest U. DiversityInc magazine consistently names Bank of America—the largest bank in the U. before the worldwide economic slide. No. with more than $2 trillion. The unit’s services include M&A. 2009. The use of the word Banc tends to confuse some people. 2007). No. raising equity and debt capital. No. Lewis has been credited with many achievements during his tenure as CEO. corporate and hedge fund clients. grow and invest funds—has been extremely successful in recent years. BofA ranked No. 2 Best at Recommending Risk Management Solutions (Treasury & Risk Magazine. bank in terms of assets.The Vault Guide to the Top 50 Banking Employers. and global wealth management (which included global investment management and global private clients). Bank of America made just about every headline in the world. assisting them to raise capital. and investment banking). 2 Best Broker for Difficult Trades (Bloomberg. . 4 NASDAQ 100 Trade Volume (Bloomberg. lending.C. When the deal closed in early 2009. The company has business relationships with more than 80 percent of the Global Fortune 500. 2010 Edition Bank of America Corporation THE SCOOP Beyond America Bank of America is one of the world’s largest financial institutions. 1 Algorithmic Trading (Alpha. North Carolina. September 2008).S. fixed income. manage exposure. doubled annual profit. No. 6 NYSE Trade Volume (Bloomberg. and one of the world’s top wealth management firms. as well as government entities. Recent awards include: No. and Hispanic Business magazine continues to rank the bank as one of the Top 60 companies for Hispanics. 2008). government gave $15 billion to BofA and $10 billion to Merrill Lynch under TARP in exchange for preferred shares). and that success has not passed without Inc. A graduate of Stanford University’s prestigious Executive Program. Many of Bank of America’s services to corporate and institutional clients are provided through its U. by retail deposits—as one of the Top 50 Companies for Diversity. the bank acquired Merrill Lynch in exchange for common and preferred stock with a value of $29. including BofA. taking $20 billion in exchange for preferred stock in the firm. based in New York City.S.S. BofA accepted its second round of TARP (Troubled Asset Relief Program) funds from the U. full year 2007).1 billion. No. No. with Merrill Lynch’s nearly 50 percent stake in U. Lewis’ path to company leadership started in 1969 when he joined North Carolina National Bank (NCNB. trading.7 trillion from $642 billion and grew its market capitalization to $183 billion from $74 billion.S. announcing that it would buy New York-based investment bank Merrill Lynch. This includes middle market and large corporations. October 2008). 3 in 2008. 3 Overall Best Provider of Derivatives (Treasury & Risk Magazine.000 financial advisors. it could boast about making one of the most high-profile acquisitions in banking history. Initial Public Offerings and Follow On Offerings (Bloomberg. 4 Convertibles Market Share (a leading independent research provider.” expects to achieve $7 billion in pretax expense savings by 2012. as of December 5. Leader of the pack Kenneth D. It also made the combined firm the largest brokerage firm in the world. with about 16. with customers in more than 150 countries. the U. N.S. government. and international investment banking markets. 1 Listed Options Market Share (a leading independent research provider. BofA. Based in lower Manhattan. Bank of America’s global banking unit focuses on companies with annual revenue of more than $2. 5 U.S. And as of the beginning of 2009. 5 Equity and Equity-linked Issuance (Bloomberg. BofA doubled annual revenue. No.S. risk management. 1 in 2007 and No. That brought BofA’s total TARP funds to $45 billion (in October 2008. 2008).

the bank paid $35 billion for the MBNA credit card business. These banks were among the first banks in the United States of America. The bank hired Sallie Krawcheck. will work on “bringing together our corporate bankers with product-delivery officers to oversee industry groups” in her new role. in the swinging 1960s. Meanwhile. The deal was completed in October 2007. Two centuries later. IN THE NEWS August 2009: Bessant’s new role Bank of America named veteran Cathy Bessant as president of its global corporate banking division. Merrill Lynch had established itself as one of the world’s leading wealth management. August 2009: Hiring Sallie Bank of America confirmed several management changes. he was already serving the company as president of consumer and commercial banking and chief operating officer. former head of global wealth management at Citigroup. Trust in 2007. which acquired BankAmerica in 1998 to become Bank of America. which has seen a number of exits as of late. Before being acquired by BofA. while living in a rented room at the YMCA. Bank of America acquired FleetBoston Financial for $47 billion dollars. who founded the firm in New York City in 1914. Bessant. before acquiring Merrill in September.C.S.S. BofA confirmed that Liam McGee. which.-based LaSalle Bank Corporation and its subsidiaries. would be taking over the reins as the bank’s head of consumer banking. August 2009: Sontag takes his leave Bank of America Merrill Lynch’s head of brokerage Daniel Sontag said he will retire—an announcement that came shortly after Bank of America hired Sallie Krawcheck as head of its global wealth and investment management unit.S. the Vault Job Board and more. Bank of America purchased the U. Sontag. Additionally. and in 2006. And in 2008. chief executive officer and president of Bank of America in April of 2001. 147 . Time magazine included Lewis on its “The Time 100 List” identifying him as one of the 100 most influential people in the world. In 1991.6 trillion.100 people worldwide. The bank acquired U. Edmund Lynch. In a conference call. 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 for insider company profiles. expert advice. head of its consumer and small-business banking arm. as head of its global wealth and investment management business.” CEO Kenneth Lewis said in a statement. head of its global corporate and investment banking and global wealth management units. In 2004.S.The Vault Guide to the Top 50 Banking Employers. He met his partner. expanding and merging with smaller firms and businesses. As decades past and the population expanded. N. As of mid-2008. will work out of the company’s headquarters in Charlotte. diversified financial services holding group Countrywide Corporation in an all-stock transaction worth about $4 billion. who headed up the company’s global product solutions unit. expert resume reviews. The moves “position a number of senior executives to compete to succeed me at the appropriate time. the head of BofA’s global markets division. From these meager beginnings grew a firm with about 900 offices in 40 countries and total client assets of approximately $1. Industry watchers have indicated that Sontag’s departure may point to an overall wearing down of the Merrill culture. In 2008. 2010 Edition Bank of America Corporation chairman. is resigning. had operations in Great Britain and Canada. NCNB’s model proved popular. 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 would grow with the country. president of BofA’s global markets and corporate and investment banking divisions. capital markets and advisory companies. BofA said that Brian Moynihan. insiders told The Wall Street Journal. institutions and corporations and small businesses. as the bank entered into an agreement in April to purchase the American business of Dutch bank ABN Amro Holding NV—the ABN Amro North American Holding Company—which was the parent of U. The new entity was mighty in that its business reached throughout the country. in addition to its U. offices. the firm employed nearly 63.vault. Bessant. Visit Vault at www. Tom Montag. and the bank expanded rapidly through the 1970s and 1980s. Merrill’s history The “Merrill” in Merrill Lynch was Charles E. will also head up BofA’s global corporate and investment banking unit. In 2007. who will report directly to Montag. career message boards. Lewis was named Banker of the Year by American Banker magazine. In spring 2007. Tom Montag. serving private clients. who had been with Merrill since 1978. Bank of America’s growth ambitions were once again the subject of business headlines. Sontag indicated that he was leaving voluntarily. NCNB merged with Citizens & Southern National Bank (C&S)/Sovran Corporation to form NationsBank. But that wasn’t all for growth and consolidation. had held his brokerage hear role since January 2009. Merrill. said in a statement.

5 million. Although many of its competitors opted to pay out bonuses. 2010 Edition Bank of America Corporation June 2009: Bull by the horns Bank of America confirmed that it decided to resurrect Merrill Lynch’s iconic bull symbol in a new promotional campaign.4 billion in net income.” May 2009: Raising billions Revealing the results of its stress tests. Lewis defended controversial transactions such as Merrill and Countrywide. saying. has become a highly controversial figure in the industry.The Vault Guide to the Top 50 Banking Employers.4 million in 2007 to $9 million in 2008.3 billion worth of its shares in China Construction Bank and converting nongovernment-owned preferred stock into common stock. as a result of taking government bailout funds. his total compensation (including stock-based rewards) dropped 56 percent from the previous year. “These acquisitions are not mistakes to be regretted. Walter E.77 billion compared with an $867 million in profit in the first quarter 2008. Overall. government told Bank of America it needed to increase Tier 1 common capital by $33. Merrill brought $3. March 2009: No bonus for Lewis Bank of America said it did not give a bonus to CEO Ken Lewis or any other of its high-ranking executives in 2008. which. a respected banker within the industry—who headed up Merrill Lynch’s global technology. BofA Chief Marketing Officer Anne Finucane told the Financial Times that after interviewing clients. compared with a $991 million loss in the same period in 2008). As of the end of June 2009. net revenue for the company jumped about 50 percent to $35. the U.7 billion to the net income total. it fell from $20. Young. Lewis. As of late. up from $1. The bank was bolstered by its Merrill Lynch and Countrywide units. Meanwhile. April 2009: Head of Technology. mortgage banking and insurance losses decreased to $498 million from $732 million in 2008. We are building this company for the long run.” April 2009: BofA turning around Bank of America posted first quarter 2009 net income of $4. Both are looking more like successes to be celebrated. Bank of America has been accused by some of having a corporate business method as opposed to one that emphasizes person-to-person relationships. mainly by selling common stock worth $13 billion. The print and Internet campaign will publicize BofA’s Merrill Lynch unit via the “thundering herd” tagline. who also defected BofA for Centerview. Insiders have indicated that some of the departures have been motivated by a difference in philosophy between the two firms.S. Hartman was joined by senior health care bankers Richard Girling and Mark Robinson. increasingly have had to deal with the prospects of salary and bonus restrictions. to serve as chairman of the board. media and telecommunications resigns George H. During the meeting.34 percent in favor) preventing one person from holding the firm’s CEO and chairman position at the same time. Massey. once celebrated as a top banker. Young III announced his departure from Bank of America. Lewis will retain his chief executive title. boutique banks have begun to look more attractive to executives of certain large banks. selling $ Inc.25 billion. BofA’s corporate and investment bank delivered $2.9 billion. Though Lewis received a salary of $1. According to The Wall Street Journal. April 2009: Banker leaves for Centerview Alan Hartman. profiting from trading at Merrill and mortgage refinancing at Countrywide.9 billion to endure the possibility of an intense and prolonged downturn (beyond what economists had forecasted). (Overall.76 billion.21 billion in the first quarter of 2008. the bank said its most recent financial statement didn’t measure up to its hopes. a Bank of America board member since 1998 and president emeritus of Morehouse College. media and telecommunications division—is one of a number of bankers and executives from the firm who have chosen to leave BofA after it acquired Merrill. departed the recently merged firm for the boutique investment bank Centerview Partners. After paying what some industry watchers deemed as too much for Merrill Lynch. . New York Attorney General Andrew Cuomo is also currently investigating whether Lewis informed shareholders of the risks of such a transaction. Bank of America had raised the $33. Ken Lewis was removed from his post as BofA chairman when shareholders narrowly passed a proposition (50. the brands are stronger than either on their own. according to AP calculations. losing $1. due largely to strong capital markets revenue. BofA’s credit card division didn’t fare as well. April 2009: Lewis steps aside as chairman During Bank of America’s annual shareholders’ meeting. The board elected Dr. 148 © 2009 Vault. an experienced health care banker and head of M&A for the Americas at Bank of America. the firm realized that “combined. BofA endured two governmental rescue packages.

According to The Wall Street Journal. 4 in global debt. 2009. No. Among the former Merrill employees involved in the probe is London-based currency trader Alexis Stenfors.000 positions over the next three years. expert advice.3 billion goodwill write-down due to exposure in its fixed income. No. including a $2.S. 5 in U. No. In total. Cuomo said Merrill “chose to make millionaires out of a select group of 700 employees.84 billion—about $500 million more than the $15. 3 in global equity and equity-related underwriting. No. investment grade debt. 10 in global debt underwriting.S. Eleven of Merrill’s high-ranking executives accepted more than $10 million in cash and stock in 2008. which then began to look closely at the activities of other traders.S. IPOs. January 2009: Thain’s exit Ex-CEO of Merrill Lynch John Thain said he would resign from Bank of America. expert resume reviews. BofA added that the cutbacks. No. 1 in U. IPOs. No. No. Thain and BofA CEO Ken Lewis “mutually agreed that his situation was not working and [Thain] resigned. according to Merrill’s annual report. No. Merrill’s write-downs have stirred up several federal investigations into the firm’s practices. 149 . Merrill also took several charges in the fourth quarter.S. currencies and commodities trading business. some of whom had lost millions of dollars in other areas such as credit derivatives. for insider company profiles. an additional 149 employees collected at least $3 million in 2008. 8 in global mortgage-backed securities. 4 in EMEA common stock. February 2009: Lewis gets subpoenaed New York State Attorney General Andrew Cuomo subpoenaed Bank of America CEO Kenneth Lewis in a state probe regarding whether BofA held back information from investors prior to its purchase of Merrill Lynch. Merrill Lynch and BofA found themselves near the top of many investment league table rankings for 2008 (the firms were ranked separately for the year. Merrill placed No. It also came not long after Merrill’s steep fourth quarter 2008 losses led BofA to take another $20 billion in federal aid (and not long after it was revealed that Thain approved bonuses for several Merrill Lynch executives days before the deal with BofA closed). 8 in U. up from the $201 million the firm paid out in the previous year. in March 2009. 6 in global debt. equity and equity-related underwriting. 10 in global common stock. The Wall Street Journal reported that the annual bonuses may have been higher than Cuomo originally thought. 5 in U. Stenfors’ trades set off a warning bell to the bank. No.” BofA said in a statement. the Vault Job Board and more. 2 in global common stock. 8 in announced European M&A.31 billion loss Bank of America had calculated for the firm. “The layoffs will come from both BofA and Merrill Lynch. since the Merrill acquisition didn’t close until 2009). According to a spokesman for Bank of America.vault. 4 in U.S. a decision that came about one month after Merrill Lynch was acquired by Bank of America. No. 7 in global equity and equity-related deals. 6 in global announced M&A deal advisory. No. 7 in U.000 Merrill Lynch employees were paid a bonus of $1 million or higher in 2008. ranked No. 2010 Edition Bank of America Corporation March 2009: Commence the probe Bank of America launched an investigation into how Merrill Lynch accounted for some suspicious trades made by traders in 2008. the bonus payments for the firm’s 10 highest-paid workers came to $209 million in cash and stock. December 2008: Two at the top According to Thomson Reuters. No.S. Among its many top rankings in 2008.” January 2009: Done deal Bank of America officially closed its acquisition of Merrill Lynch on January 1. No. career message boards. equity and equity-related underwriting.S. Banc of America Securities. 9 in global high-yield debt. 14 in global announced M&A deals and No. insiders told the paper. No. A month later. No.S. In a letter to the House Financial Services Committee. meanwhile. who incurred a loss of more than $120 million. equity and equity-related underwriting. 5 in global IPOs. 2 in global high-yield debt. announced M&A. Moreover. No. No. 3 in U. 7 in international bonds. 4 in EMEA equity and equity-related deals. M&A and No.” Cuomo also condemned Merrill for moving its bonus payments up to December 2008. prior to the firm’s merger with Bank of America. Merrill Lynch lost $15. No. and will affect all business lines and divisions. which will “eliminate redundancies. February 2009: Who wants to be a millionaire? New York State Attorney General Andrew Cuomo revealed that 700 of the 39. Cuomo is also investigating if about $4 billion in Merrill bonuses should have been revealed to investors.The Vault Guide to the Top 50 Banking Employers. No. No. 4 in announced U. January 2009: Not meeting expectations During the fourth quarter 2008. No. 3 in global mortgage-backed securities. No. The little $500 million oversight was due to not keeping “effective” internal controls. 5 in global debt. 3 in global asset-backed securities. No.000 to 35.” Visit Vault at www. investment grade debt. December 2008: Cutting back Bank of America announced plans to cut 30. in addition to looking for facts about whether investors were deliberately deceived.

” confides one contact.” and adds.” Adds another source in investment banking. all interested students. Arizona State. Bear’s co-head of investment banking who was brought on to chair Bank of America’s global mergers and acquisitions department.” Expect to meet with “your future team.S. a candidate can expect to meet with six to 10 bankers in various industry and product groups. “It was difficult to get a job at Bank of America. September 2008: Buying Merrill Lynch Bank of America agreed to acquire legendary investment bank and brokerage Merrill Lynch for approximately $50 billion. BofA recruits at more than 200 schools globally. including David Glaser. “I was not asked any specific questions. including 50. can create their profiles via the firm’s website.The Vault Guide to the Top 50 Banking Employers. June 2008: Picking up where Bear left off Bank of America hired five ex-Bear Stearns senior executives. technology.” “It seemed more like they already knew they wanted to hire me and were just spending the requisite 45 minutes talking to me. One contact recalls meeting with “a diverse group of interviewers.” And for students. Selected students are invited to New York for a Super Day. from the group head to second-year associates. finance and human resources. followed on the heels of Merrill competitor Lehman Brothers filing Chapter 11. Vacancies arise across the bank in a number of departments and divisions. global markets. Georgetown. A summer internship is another option—and it’s “definitely much easier to get hired after completing the internship. At the time. “the student is either given an offer or asked to come back for more interviews. Harvard. personable and kind. wealth and investment management risk management. Intern applicants can apply online or through their career services centers. and has a “Career Fit Tool” to help candidates find programs that best suit their skills and interests.” After surviving Super Day. Michigan “There is an on-campus interview process to screen the best candidates. Penn State. BofA recruiters have turned to places like Columbia. I was contacted by a recruiter” and then quickly invited to a series of interviews that culminated in a job offer. which will create the world’s largest brokerage firm and one of the largest investment banking players in the world. GETTING HIRED Casting a careful net At Bank of America’s careers page (www. Howard.000 employees. Yet another interviewee says. and therefore can be very specific. In the past. upload their resumes and select programs of interest. BofA CEO Kenneth Lewis is hoping to save around $7 billion from the merger. you can search for job openings and complete an online application by clicking the link at the end of your chosen position. in the largest bankruptcy in history at the time. Some describe it as a “very lengthy and tricky” process.” Yet one non-campus applicant says that “after submitting my resume through the Bank of America website. MIT. Purdue. That said. the interview process is a “positive” Inc. my MBA school was not a core school that they traditionally recruited from. Georgia Tech. card services. “Everyone was very social.” “The interview process is rigorous. In addition to the Bear Stearns-set.” One insider says “the atmosphere was very pleasant. University of Chicago. investment banking. The deal. UNC. as it appeared that my resume was used to make their decision. we are very selective. regardless of school.” an analyst says.000 working in investment banking. BofA is looking for “students who are well rounded and intellectually curious. 2010 Edition Bank of America Corporation are due to the Merrill acquisition and the anemic U. one insider reveals. the process is driven by a team’s need.” insiders report. there are several ways to get a foot in the door. University of North Carolina.” a current insider says. and must be a full-time graduate or undergraduate student.” says one respondent. lighthearted and informal. candidates “usually interview with four or five individuals on-site.” “We have narrowed our list of schools” in recent years.” At company headquarters. necessitating the abolishment of many jobs along with the possible sale of some of its business units. “I was asked very few questions. to head up the group’s financial institutions unit. Florida State and Texas A&M. “Clearly. “During each round.” “more like a conversation. NYU. Round after round On the consumer banking side of things. Clemson. Duke. University of Virginia. BofA and Merrill combined had 260. its “careers” website maintains an up-to-date calendar of events. “because at the time. Overall. Another source says the interviews are “very relaxed. “For non-junior hiring. but it can also be “disorganized. .” The insider reports being asked questions such as “What is the highest number of people you’ve managed and what’s the lowest number?” Pleasant times in investment banking The hiring process for investment banking hires typically “involves at least two rounds of interviews.” and “they treated me and all others with respect. economy.” 150 © 2009 Vault. including consumer banking. mostly senior employees on the business side. Still.” warns a source.” declares one Bank of America contact. Bank of America also hired Phil Barnett from Morgan Stanley.” Another insider interviewing for a management position says.bankofamerica.

“different groups operate totally differently. “Managers are expected to work extended hours and be available on weekends. but they get other benefits.” That said. “I essentially functioned as a first-year associate while I was a summer associate in investment banking. The training is “combination classroom training and side-by-side training with experienced employees. Work assignments can vary “based on the demonstrated ability of the intern as well as the workload. however. though they notify employees when business attire is required due to executive or client visits.” Still. management-level employees don’t get to wriggle out of hard work.” says another. some call the training “substandard. 151 . since men always have to wear a shirt and a tie. “Some departments such as customer service type departments often have lengthy training that can last up to six weeks. the Vault Job Board and more.” OUR SURVEY SAYS It all depends With respect to corporate culture.” Want in? An internship is a huge advantage for those seeking employment at Bank of America.” Get to class On the training front.” admits one contact.” The Bank of America culture can also be a “very dynamic” one.” And another is very optimistic about BofA’s future with Merrill.” One insider adds. that “hours are similar to Wall Street. such as stating the three basic financial statements and how they tie together. Another agrees that it is “different in every region. Bank of America offers “formal classroom style” and “on-the-job training.” The dress code at Bank of America is “business casual in most departments. expect a “focus on personality and fit. according to one insider. There is also “definitely potential for growth within the company. you’re in good hands if you’re an employee. Still. we’re in an excellent business position. “Some groups are more laid-back.” and paid maternity.The Vault Guide to the Top 50 Banking Employers.” Benefits-wise.” and “there are resources such as the in-house job postings. is “very diverse across most of the company.” E for effort Staffing.” Either way.” However. but given the huge staff cuts. “The global markets summer rotational program allows you to test more than one part of the business to find a good fit for you and your skill set. “senior leader positions are still held by mostly males.” But it largely depends on your division.” Interns may participate in “several networking events throughout the summer” and “are often staffed directly” on projects with other employees. despite a “collegial” and “friendly” culture that “encourages success and competitiveness” in the units acquired in the Merrill deal.” a former intern says. I would say this is because different bankers came from different banks and like to do things their own way. “A candidate can expect almost every interviewer to ask them to walk through their resume highlighting relevant work and leadership experience. pro rata. have strong work ethics. “Even part-time employees get full benefits. a first year’s salary. where positions are opened for employees before they are released to the public.” says a source. expert advice. some insiders note that the BofA acquisition led to a “sad situation. too. “the majority of the employees are great people. “Mobile devices are often issued to managers.” One insider says.” but “more so for men than women.vault. “Networking and mentoring offered during the summer allows you to build what could be lifelong friendships. meanwhile. an analyst says. however. The firm offers summer internships for analysts (undergrad) and associates (grad students). the interviews can range in material from the typical fit interview to highly technical” questions.” but some summer analysts may even get “the opportunity to travel on a road show or to client meetings.” says an insider. expert resume reviews.” says one insider. and take their responsibilities very seriously. so there is no real consistency in each region. I was paid.” Interns are more likely to move to the head of the hiring line. There are many cultures among Bank of America. career message boards. interview questions can be “very technical. A former summer analyst reports earning “the same salary as a first-year analyst. notes a source. paternity and adoption leaves. Respondents also are happy that “company goals are mostly detailed and well communicated.” Meanwhile.” adding that “the work is geared toward building up to that of a first-year analyst. noting.” As far as hours go. “employees have a very diverse backgrounds” overall. “Going forward. 2010 Edition Bank of America Corporation As for interview questions.” “It depends on what bank was absorbed by Bank of America. expect to work “normal business hours.” “From my experience. “There are many personal bankers out there who don’t know what they are doing.” Visit Vault at www.” with morale taking a toll due to a lot of folks getting laid off.” which includes “two weeks of paid vacation plus sick days” along with “tuition reimbursement. Still.” The training you’ll receive largely depends on your for insider company profiles. including “half days on Saturdays.” There may also be “specific questions about prior work experience. Some say the code is “always professional. while some operate with a lot of intensity. and consumers trust them with their private information. interest in the business and knowledge of the market. expect to put in more hours regardless of your group.

5 billion 2008 Profit: AU$871 million THE STATS Employer Type: Public Company Ticker Symbol: MQG (Sydney) Chief Executive: Nicholas Moore 2009 Revenue: AU$ UPPERS DEPARTMENTS/DIVISIONS Client Services Corporate Finance & Advisory • Energy Supply & Management Solutions • Institutional Stockbroking & Research • Lending & Asset Financing • Real Restate Structured Finance • Treasury & Commodities Activities Investment Management 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 • “Friendly people” • “Communicative and helpful” managers DOWNERS • “Women are still outnumbered” in the workplace • Employees “often work Sundays or Saturdays” EMPLOYMENT CONTACT See “careers” under “about Macquarie” at Inc.) KEY COMPETITORS Citi Deutsche Bank Goldman Sachs Rockefeller Center 600 Fifth Avenue.S. 21st Floor New York.700 . NY 10020 Phone: (212) 548 6555 Fax: (212) 399 8930 www.PRESTIGE RANKING 22 MACQUARIE GROUP (U.macquarie. of Employees: 12. of Offices: 70 offices in 26 countries worldwide What insiders at other firms are saying • “Up and coming—building a presence in the US and growing fast” • “Who?” • “Australian infrastructure powerhouse” • “Unsettled” THE BUZZ 152 © 2009 Vault.

arbitrage trading and synthetic product businesses.S. At that time. real estate investment. security and defense. citing his “remarkable vision. Macquarie’s restructuring and special services advisory arm got a boost from the acquisition of Giuliani Capital Advisors (yes. It wasn’t until the 1980s. institutional stockbroking and research. when three men founded Hill Samuel Australia bank in Sydney. debt markets.) THE SCOOP Born in ‘69 Macquarie’s origins date back to 1969. credit cards. funds management and life insurance. private equity funds management. and principal products. media. that the bank’s directors decided to restructure their firm into an Australian trading bank. foreign exchange and emerging market bond broking. and derivatives. which offers equity-linked investments. This prevented currency leaving the British colony. natural gas trading. health care. real estate structured finance. and Macquarie Equipment Finance provides IT finance. is carried out through its subsidiary.The Vault Guide to the Top 50 Banking Employers. futures. services and logistics. The Macquarie Funds Group is a full-service fund manager. treasury and commodities. MacCap’s services include mergers and acquisitions. New York City mayor-turned-presidential hopeful Rudy Giuliani’s firm). Macquarie Securities (USA) Inc.K. Finally. In April 2007. emerging markets. New Zealand. which oversees the group’s equity finance. In Europe. David Clarke. private portfolio management. which accounts for over half of the group’s profits. Macquarie Capital (MacCap) provides corporate advisory. and corporate and asset finance). Macquarie Group is organized into five key operating groups (Macquarie Capital. while doubling the number of coins in circulation. The corporate and asset finance division—located in Australia. expert advice. residential community development and residential mortgages. oil and gas and telecommunications. Macquarie Securities. energy capital. transportation. Asia. Macquarie Electronics (USA) provides lease financing.’s Financial Services Authority. The groups and divisions Macquarie Group Limited is listed on the Australian Stock Exchange as MQG. North America and Europe—specializes in providing leasing and asset finance services. Macquarie Securities is made up of three subgroups: cash. real estate capital. it owns Macquarie Bank International and is regulated by the U. career message boards. Working in America Most of Macquarie’s business in the U. 153 . sourcing and trading. Macquarie’s chairman. offering a diversified range of funds-related products and services. He was succeeded by Nicholas Moore.. equity underwriting and specialised funds management businesses (including infrastructure and real estate funds). The treasury and commodities group encompass a range of products and services relating to commodities. natural resources. 15 years after Hill Samuel was first established in Australia. asset remarketing.vault. trading products and risk management services to clients around the world. The bank grew quickly thanks to its expertise in a diverse range of financial services and products. The real estate banking division’s activities encompass listed and unlisted real estate funds for insider company profiles. Lachlan Macquarie (1761-1824). GCA’s specialty was advising distressed companies. mortgage management. they received government approval to do so in February 1985. advisory.” ingeniously increasing their worth. private equity placements. in addition to brokerage services. entertainment and technology (TMET). it operates as a specialized institutional cash equities broker. and the deal added 100 investment banking professionals to Macquarie’s North American headcount. equity and debt capital management and raising. debt structuring and distribution. they renamed the bank Macquarie after the popular early Aussie governor. equity capital markets. Finally. There’s also Macquarie Capital Advisors. debt. the “Holey Dollar” and the “dump. who previously served as head of the Macquarie Capital business. called Moore “the obvious choice” to succeed Moss. retail and consumer products. takeovers and corporate restructuring advice. Macquarie hired a new CEO as longtime leader Allan Moss stepped down after nearly 15 years in the chief executive’s office. interest rate and credit derivatives.K.K. financial services. debt and finance solutions. which is a full-service institutional cash equities broker in the Asia Pacific region. expert resume reviews. used equipment sourcing and remarketing services to the electronics manufacturing industry. as they regarded Governor Macquarie’s ingenious creation of the Holey Dollar as the ultimate “inspired” solution to a “difficult” problem.” Visit Vault at www. Hill Samuel’s directors chose the Holey Dollar as the logo to represent their new banking entity. who is fondly remembered for figuring 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 Vault Job Board and more. Macquarie Funds Group. electricity trading. asset management. Macquarie’s banking and financial services group offers banking services to private and corporate clients. merchant bank Hill Samuel & Co Ltd. specialized funds management. Delta 1. energy and acumen. Its business lines include commodity and energy markets. 2010 Edition Macquarie Group (U. In the U. New chief In May 2008. catering to both institutional and hedge fund clients.S. development management and real estate project and development financing. a wholly owned subsidiary of U. Macquarie Capital Funds manages listed and unlisted investment vehicles. and banking and financial services) and two divisions (real estate banking. which handles mergers and acquisitions and restructuring advisory services in nine industry groups: infrastructure and utilities.

product depth. Macquarie hired Anthony Isaacs. The firm’s stock has also taken a hit as of late. and was lower than some of Macquarie’s competitors’ stocks had experienced. former head of Inc.8 billion it made a year earlier (a 52 percent drop. In the U. In a statement. Though the price drop was significant. equity capital markets at Credit Suisse. Shemara Wikramanayake. would cut cash bonuses for close to 300 of Macquarie’s most senior managers (executive directors). In March 2009. A week prior to Striedter’s appointment. global head of Macquarie Funds Group. as of June 2009.5 billion in write-downs per year without hurting its Tier-1 capital ratio. the firm’s stock price was about AU$35 per share. Macquarie Capital hired ex-Bank of America employee Doug Reynolds to work on exploration and production transactions in Houston. reflecting Macquarie’s best profit results to date and the company approach to profit share being linked with profitability. May 2009: So how did the year end? Macquarie ended 16 joyous years of successfully rising earnings. institutional stock broking. and March 2009. According to Macquarie. Macquarie said that it would be raising the proportion of performance-based pay (bonuses) made in company stock. are Australia’s most “overpaid executives. adding that the cash 154 © 2009 Vault. which fellow bank Citigroup seconded. The acquisition will increase Macquarie’s assets under management to more than $300 billion. Moss. saying that Macquarie’s position was strong enough to soak up AU$2. to develop Macquarie’s European equity capital markets business. Macquarie’s full-year 2008 results included write-downs of AU$2. Further. According to Bloomberg. Macquarie’s stock price had risen by more than 34 percent since the beginning of 2009. March 2009: Some really fat cats According to research comparing employee salaries with both a company’s performance and shareholder returns. who worked in Bank of America’s transportation and logistics department (and who will play a similar role for Macquarie). Macquarie hired Robert D. his successor there is Michael Carapiet.K. Moore and three other Macquarie execs reportedly earned a combined AUS $105 million in salaries and bonuses in 2008. . nearly half of its 52-week high of AU$66. Macquarie’s shares lost 74 percent in value.” as reported in the Aussie media. (Macquarie exited the sphere of mortgages and personal loans in 2008. equity capital markets and infrastructure funds. May 2009: Gaining energy Macquarie announced that it had entered into an agreement to acquire Tristone Capital Global Inc. March 2009: New employees on the block In the first few months of 2009. appointing ex-UBS Managing Director Christopher Striedter in its global industrial unit. as Macquarie booked AU$871 million for the year ending March 2009. And as of May 2009.) This came on the heels of Macquarie’s assurances to investors and analysts at its operational briefing in February 2009 that it was comfortably capitalized. down from AU$1. the changes are an attempt to “placate investors.S. called the deal “a demonstration to our clients of the ongoing commitment we have to developing a global asset management capability with significant scale. to be exact). Macquarie announced changes (that are subject to shareholder approval) to its remuneration structure. The proposed changes.” June 2009: Steady hiring Macquarie continued to hire new workers. The actual figures came out soon after the announcement. 2010 Edition Macquarie Group (U. former global joint head of Macquarie Capital Advisers. Redmond to be the vice chairman of its capital advisors group.5 billion.K. IN THE NEWS August 2009: Snapping up Delaware Macquarie Group bought Lincoln Financial Group’s investment management division Delaware Management Holdings for $428 million. and has held a seat on the executive committee for more than 10 years.” since the firm’s stock had lost more than half of its value in the tumultuous 2008. when the firm’s shares peaked. former Macquarie chief executive Allan Moss and current chief executive Nicholas Moore.) Moore has been with Macquarie for two decades. Between May 2007.The Vault Guide to the Top 50 Banking Employers. Macquarie made some key high-profile hires. He is credited with leading Macquarie Capital’s growth in corporate advisory. based in New York. it correlated to market conditions during the period. the acquisition will substantially enhance its energy offering by integrating Tristone’s energy advisory and capital markets capabilities within Macquarie’s global resources activities. due to continued deterioration of markets and provisions on long-term investments. in line with recent industry-wide remuneration trends. research and investment capacity. Striedter’s appointment came shortly after the bank hired on Christopher Wofford.. two “fat cats” at Macquarie Group. Redmond was formerly at vice chairman of the now-defunct Lehman Brothers as well as Barclays Capital.

” though “if they need your help.” Another insider even says that it can be a “very male-dominated Caucasian environment. presence goes.” but they’re also “more laid-back” and tend to “feel less constrained by hierarchy. working on $7. the firm may be “very receptive and considerate”—”but women are still outnumbered.” Moreover.” OUR SURVEY SAYS Team up At Macquarie. too—along with “original documents such as your certificate. But when it comes to women in the workplace.” and “80 hours is on the heavy side. driving license and bank statements. career message boards.” For the most part. “most are good.A. which they call “better than those at bulge bracket firms.” “Most managers have come up through the ranks and understand the business very well. 18 for worldwide announced M&A advisory on deals up to $500 million.S.25 billion worth of deals. in which candidates meet both HR and executive staff.) was raging over bankers’ salaries and executive bonuses.” But it’s not too laid-back—workers abide by a “formal always” dress code.” Macquarie’s diversity efforts receive mostly high marks. 2010 Edition Macquarie Group (U. The news emerged at a time that public outrage throughout Europe and Australia (as well as the U.” employees “very rarely [have to work] both days on a weekend.vault.S. “60 hours is a good week.” The corporate culture has an “Australian” feel in the sense that it’s “very different from a typical Wall Street bank. training certificates. “There’s little pressure to stay late when you’re not working on a live deal.The Vault Guide to the Top 50 Banking Employers.” But there may be a catch-22 when it comes to working overtime at the firm. As far as the firm’s U. The bank ranked No.” But expect at least two rounds of where undergraduates. Macquarie administers a psychometric assessment to their new hires. graduate students and experienced professionals can search for job openings and learn more about positions at the firm as well as the interview process.” More often than not.S. Macquarie turns up on Thomson Reuters’ investment banking league tables for M&A volume—and 2008 was no different.” Visit Vault at www. December 2008: M&A tables Year in and year out. but you’re usually working on at least one live deal. GETTING HIRED Back in the U. It also secured topfive rankings in the Australia and New Zealand tables (though it didn’t turn up on the European tables).” But thankfully. “they have a significant consideration for my personal development and don’t care about face time.” and the office is full of “friendly people. they’re “communicative and helpful. While some banking firms give their potential hires mathematical aptitude for insider company profiles. expert resume reviews.” Weekend work seems to be a fact of life. There’s also a “meet our people” section of employee profiles that gives job hunters insights as to day-to-day life at the firm. And expect to undergo a reference and credit check. “everyone is part of the team. Macquarie has an extensive career section on its web site (www. 155 .” Workers are “very intense and intelligent. Respondents report little trouble with the hours. expert advice. the Vault Job Board and more. Applications are taken beginning each year in August. but despite having to “often work Sundays or Saturdays.macquarie. The change in payment type would require the firm to issue an estimated AUS$500 million in new equity.) component of Macquarie boss Nicholas Moore’s profit-share would be reduced to 45 percent from the previous 70 percent. there’s a “variety of management styles and abilities.” Rising through the ranks As far as management goes. Be up for anything What you’ll 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.S. they won’t hesitate to keep you longer.

great in health care” “Weak in M&A” THE BUZZ 156 © 2009 Vault.4 million 2008 Net Income: -$182. Duff 2008 Net Revenue: $ What insiders at other firms are saying • • • • “Rising star” “Minneapolis is in the middle of nowhere” “Strong equity financing UPPERS • “Advancement can be quick” • “Very inclusive” DEPARTMENTS Asset Management Institutional Investing & Research Investment Banking DOWNERS • “Employees are viewed more as commodities than assets” • “Can be a grueling experience” THE STATS Employer Type: Public Company Stock Symbol: PJC (NYSE) Chairman & CEO: Andrew S. .piperjaffray. of Employees: 1. MN 55402-7020 Phone: (612) 303-6000 Fax: (612) 303-8199 www.piperjaffray.PRESTIGE RANKING 23 PIPER JAFFRAY COMPANIES KEY COMPETITORS Houlihan Lokey Jefferies 800 Nicollet Mall Suite 800 Minneapolis.97 million No. of Offices: 26 EMPLOYMENT CONTACT See “career opportunities” under “our company” section of www.035 No.

vault. but the tie-up was short-lived: in 2003. As Piper Jaffray Hopwood the firm set its sights beyond Minneapolis. where grain elevators and milling businesses had created a serious demand for promissory for insider company profiles. down from $528. Four years later.P. and overall winner Robert W. Piper Jaffray was spun off. said Caruso’s expertise “will allow us to expand our differentiated and integrated advisory strategy.S. A $730 million acquisition by U. picking up a seat on the New York Stock Exchange and opening offices across the country.08 million in revenue compared with $102. entertainment and telecommunications. housing and senior living. 157 . Jaffray opened a commercial paper brokerage in Minneapolis. The company also posted a net loss for the year of $182. left Morgan Joseph & Company to join Piper as a managing director. career message boards. who had established his brokerage firm in 1895. aircraft finance. A final restructuring came in 2006 when Piper Jaffray sold its private client business to UBS Financial Services for $510 million. becoming an independent public company (PJC on the New York Stock Exchange). Bancorp in 1997 marked the end of Piper Jaffray’s independence. restructuring and capital markets platforms to best serve our clients. a managing director at Bear Stearns and a co-founder of Lehman Brothers’ restructuring division. In 1929. and C. cultural and social services. clean technology. With more than 1. portfolio managers.73 million compared with a $1. Piper plus Jaffray (minus Hopwood) In 1913. a nearby investment firm. expert resume reviews. public companies. in 1992. The company also suffered a net loss for the quarter of $2.63 million in the same period of 2008. it provides advisory services. The rankings were determined by surveys of analysts. Headquartered in Minneapolis.and mid-cap equity sales teams. IN THE NEWS April 2009: Still down For the first quarter 2009. 3 spot brought it right behind runner-up William Blair & Co. institutional investing and research and asset management. which combines our strong advisory.97 million compared with net income of $21. was decimated by the stock market crash—so Piper Jaffray was able to acquire it on the cheap. at the 2008 FT/StarMine Global Analyst Awards. CIOs and other investment professionals at over 500 firms. Piper Jaffray’s revenue came in at $345. 8. 2010 Edition Piper Jaffray Companies THE SCOOP Sweet home Minneapolis Piper Jaffray & Co. and industrial growth. public finance remarketing and auction rate securities and public finance derivatives.” he added that “our actions were not able to overcome the severe market conditions and our operating results suffered. Piper Jaffray serves middle-market corporations. research directors.” December 2008: Building up restructuring The firm’s financial restructuring team expanded when Victor Caruso. Although CEO Andrew S. real estate. Hopwood & Company. Its shares debuted on the Nasdaq exchange under the symbol PIPR in 1986. Piper Jaffray specializes in over a dozen industry sectors.07 million in the previous year. consumer. equity and debt capital markets products.94 million in 2007. research.” November 2008: Rising in the rankings Institutional Investor magazine’s annual ranking of the country’s best equity sales teams placed Piper Jaffray at No. Piper’s No. institutional equity and fixed income sales and trading. state and local governments. Murray Huneke. business services. Piper Jaffray brought in $86. a total of 28 finalists were ranked based on their small. senior research analysts from Piper Jaffray received a whopping nine awards for their stock picking prowess.05 million. and high-yield and structured products. 3. Duff said the company “took steps to reduce our operating cost structure and manage and mitigate risk exposure. Baird. technology. the firm name was trimmed to Piper Jaffray Inc.The Vault Guide to the Top 50 Banking Employers. Its proprietary research covers more than 400 companies. Piper Sr.C. public finance services. The firm had low investment banking revenue due to lower revenue within taxable underwriting. February 2009: Rough waters For full-year 2008. financial institutions. media. who has provided financial restructuring advisory services for over 25 years. is the operating subsidiary of holding company Piper Jaffray Companies. a five-spot leap from its 2007 rank at No. co-head of investment banking. nonprofits and institutional investors.000 employees in 26 offices worldwide. expert advice. health care. the Vault Job Board and more. Previously he’d been a partner at Gordian Group. which focuses on investment banking. private equity firms. Visit Vault at www.39 million net loss in the first quarter of the previous year. hospitality. H. including education. Piper and Jaffray merged with local rival George Lane.

a former executive vice president at Countrywide Securities. on its sale to MTS Health Investors LLC. apply online and build a profile to be considered for future openings.” But you can also check out online postings. The “career opportunities” page has links for three different job functions: investment bankers. are able to work independently. where candidates can view current opportunities. The financial advisor link provides a more detailed description of experienced advisor and developing advisor career opportunities. respectively. was replaced in the CFO spot by Debbra Schoneman. . 2 in mid-market advisory for deals valued up to $50 million (based on deal value).5 billion in cash and the assumption of $4. 158 © 2009 Vault. financial advisors and research analysts. “And this is a market we will now serve with an industry-leading and experienced team.” The new Marina Del Ray team operates under the supervision of Managing Director Cliff Corrall. 14 and No. were tapped to join the firm’s management committee. Schnettler will oversee growth in the core investment banking and institutional securities business.. The same asset-backed and mortgagebacked securities that contributed to the global credit crisis? Absolutely. over the summer the firm also served as exclusive financial advisor to Lone Star Funds in its acquisition of the Home Lending portfolio and other servicing operations of CIT Group Inc.” The firm recruits from “approximately 20 undergraduate institutions” and “10 business schools. hiring former Wachovia Director Mark Piscatelli as a senior public finance banker. The investment banking and equity research sections have information on analyst and associate positions—both full time and summer for investment banking—and include a day-in-the-life look at what these positions really entail as well as a campus recruiting schedule. David Wilson. became home to an expanded fixed income Inc. possess strong PC/technical skills and strong data mining skills. “There are great opportunities in the distressed market that a highly skilled team can leverage. That deal involved $1. Piper Jaffray advised electronics giant Sharp Corporation on its $99 million sale to United Drug. Piper ranked No. look no further than the “careers” section of www. As COO.. the heads of Piper Jaffray’s overseas operations received new responsibilities. GETTING HIRED Look down the road If you’re in need of investigating your career path options. and have strong written and oral communication skills. From there he will work with Piper’s existing public finance teams in Boston to develop a wide-ranging business in Connecticut and throughout New England. Conn. are self-starters. and Alex Ko. September 2008: East Coast grows Piper Jaffray built up its public finance banking operations.piperjaffray. July 2008: Good advice Even though the firm struggled through the second half of 2008. For deals valued up to $100 million the firm ranked No.4 billion in debt. She had previously served as treasurer and managing director. Piper Jaffray typically wants candidates who are “detail-oriented. a 22-year veteran of the firm. CEO of London-based Piper Jaffray Ltd. May 2008: New faces at the table Senior management got a shakeup as Chief Financial Officer and Vice Chairman Thomas Schnettler was named president and chief operating officer. Meanwhile. Piper Jaffray advised Ohio-based DNA Diagnostics Center. 20. 2010 Edition Piper Jaffray Companies And according to the 2008 Thomson Reuters banking league tables.” explained fixed income head Ben May. corporate development and other key strategy. September 2008: Carpe diem A newly opened office in Marina Del Ray. one of the world’s largest DNA testing laboratories. working on 17 transactions worth $287 million. its advisory teams managed to stay afloat. Job postings are sorted by and include a brief list of essential functions and job requirements. CEO of Piper Jaffray Asia. October 2008: It’s in the DNA In fall 2008. this will allow CEO Andrew Duff to focus on the firm’s asset management business. Piper added five sales and trading professionals to form a structured mortgage products group.The Vault Guide to the Top 50 Banking Employers. in Hartford. A UConn grad who specializes in municipal financings. Calif. Schnettler. a health care private equity firm. with a focus on asset-backed securities and mortgage markets. Piscatelli is based in one of Piper’s newest offices. after Goldman Sachs and Houlihan Lokey Howard & Zukin. On larger transactions—those valued at up to $200 million and up to $500 million—Piper came in at No.

“It’s great for an analyst. that is). “Over half of the people we hire in any given year did not intern with us previously. middle market investment bank.” says an insider. Some insiders report that “most people interview with at least 10 people” before receiving an offer.” Questions tend to be “behavioral-based. and “some of the best employee benefits” in the industry.” relations in that area seem to be doing just fine. When it comes to starting pay.” Some of the best Compensation tends to receive high marks from employees.” insiders say. Bancorp.The Vault Guide to the Top 50 Banking Employers. hours at Piper are reportedly “typical” across the board. and 80 to 100 hours for investment bankers.” And while management at Piper has been called “fairly intense. but given the hours you will work. Unfortunately.” However. competition from the outside is fierce. citing “very long hours” as one of the most strenuous aspects of the experience. the firm isn’t all that different from the big boys back East. One contact says that “compensation is decent.” “Piper has been great to me. According to the firm. As for the actual work. tuition reimbursement.” Another insider reports. Also.’” And with regards to diversity. 159 . when it changes to business casual. “Piper is strategically positioned very well as a leading. expert resume reviews. while Piper makes calls and figures out what they are willing to pay [based on information from other firms]. career message boards.” and sources generally feel “very confident” in the firm’s future. except on Fridays. A source reports spending “very little time with colleagues outside of the office.” and another reports that his “managing directors believe in paying ‘market’ and nothing over. says that I-banking contact. “But here. analysts do all the modeling. first-year associates get paid the same as what they’d make in New York.” In addition to decent monetary compensation. believing that “employees are viewed more as commodities than assets” and “cost-cutting is the mantra” at Piper. One insider says he has “more of a team effort than a boss/subordinate relationship” with his boss. The analyst also reveals a failed attempt to get particularly casual on Fridays: “When a midlevel manager mentioned that some employees had inquired about reinstituting a ‘jeans day’ on Fridays.” Weekend work tends to happen “often. The firm offers “healthy salaries” that tend to vary with the performance of the stock market. even while saying that “you can expect to receive a good experience if you can make a lot out of your time.” Internships are also offered by the firm and are “very important” to get your foot in the door-but beware. but they definitely have some strong women there.” One contact doesn’t offer as positive a spin on the firm. “team dynamics vary across the board. Piper Jaffray is unique because “associates don’t do any modeling.” “client-focused” and “lean. an employee matching gift program for charitable contributions and employee discounts on Piper Jaffray financial services. is homogenous.” OUR SURVEY SAYS Lean and not mean The firm is “very inclusive. including an “unbeatable” employee stock ownership program. 60 to 80 hours for those in research. with average workweeks of 50 hours for traders. insiders have high confidence that the future looks pretty bright.” though “it is an open environment and the only criteria for advancement is hard work.vault. Piper Jaffray offers its employees a host of benefits.” reports one insider.” reports one insider. remember that patience is a virtue (if you want a shot at getting hired. so advancement can be quick. However.” says one contact. because you do all the models. “I think they’re very good with the male/female ratio. “the firm typically prefers organic growth rather than hiring from the outside.S. tell them to work at a factory. a 401(k) plan with a dollar-for-dollar company match up to 6 percent of salary.” with a “flat organizational structure. this means you will wait longer than everyone else to receive your bonus check. “The dress code is business. people can buy a huge house for $250. “We are exceptionally strong in municipal finance.” The dress code depends on the group. Visit Vault at www.” a “second round of Super Day interviews” and a third “team-specific interview. it becomes inadequate compared to what the rest of the Street pays. There are also “very strong” opportunities for advancement given the expectation of faster growth after the spin-off from U. ‘If they want to wear jeans. some respondents think compensation could be better. insiders comment that Piper.000 10 minutes out of town. a profit-sharing plan. Also. “Where it gets skewed is after four or five years.” “You will rarely be recognized for your work.” grumbles another. They’re not 50/50 at the for insider company profiles. with few minorities. he was told.” says one insider. life insurance. The culture is also not necessarily a social one. Expect a “first-round campus interview. “Investment banking at Piper can be a grueling experience. As for the outlook of the company. including the complex ones.” A financial analyst wears business casual clothing all through the week. being one of the largest underwriters of municipal bonds in the country.” Still. including health insurance. 2010 Edition Piper Jaffray Companies When it comes to the interview process. the Vault Job Board and more.” “entrepreneurial. “like Minnesota itself. One insider says. “There have been opportunities for advancement that I have passed up because I like what I do. expert advice.

opco.77 million No. .com PRODUCT & SERVICES Asset Management Estate Planning Investment Banking Trust Services Wealth Management EMPLOYMENT CONTACT See “careers” under “about Oppenheimer” section of www. of Offices: 80 What insiders at other firms are saying • • • • “Good research shop” “Surprised they’re still in business” “Solid” “Outdated” THE BUZZ 160 © 2009 Vault.opco.07 million 2008 Net Income: -$ THE STATS Employer Type: Subsidiary of Oppenheimer Holdings Chairman: Albert Lowenthal 2008 Revenue: $920. KEY COMPETITORS Jefferies Perella Weinberg Partners Peter J. of Employees: 3.500 No.PRESTIGE RANKING 24 OPPENHEIMER & CO. Solomon Company 125 Broad Street New York. NY 10004 Phone: (212) 668-8000 Inc.

health care. 20 in announced M&A deal volume for deals worth up to $200 million. The firm’s public finance department works closely with cities. Fahnestock & Co. more than 150 professionals work for Oppenheimer Asset Management.S. high-net-worth clients and their families.S. including consumer. In the years that followed. Annual revenue came in at $920.” he added that “we are pleased with the dramatic improvement in operating performance. broker-dealer is backed by over 125 years of history.1 million net loss Oppenheimer took in the same quarter of 2008. December 2008: Modestly-rated M&A According to Thomson Reuters. office—further solidifying itself as a leading financial services company. equity underwriting.S. Fahnestock & Co. Oppenheimer Asset Management and Oppenheimer Trust Company. research and trading solutions to growing companies. capital markets units. Oppenheimer Investment Advisers and the alternative investments group of Oppenheimer Asset Management.300 financial advisors located in more than 90 offices across the U. When that happened. based on the performance of Oppenheimer’s capital markets business—but Oppenheimer doesn’t have to start paying until the first quarter of for insider company profiles. families. The division provides advice on a broad range of products and services to individuals.” January 2009: Taking a hit For full-year 2008. Four pillars Oppenheimer’s capital markets group offers investment banking. private client and asset management divisions in 2003. Today. with which a new Oppenheimer U. The firm is a wholly owned subsidiary of Oppenheimer Holdings.. and CIBC will provide a warehouse credit line.Y. which provides customized professional money management through the consulting group.” said Oppenheimer Holdings chairman. However. revenue came in at $205. CEO Albert Lowenthal said that while the company was “disappointed with the results of the first quarter of2009. was renamed Oppenheimer & Co.8 million compared with a net profit of $75. In addition. Oppenheimer reported a net loss of $20. the company’s principal operating subsidiary.. the Vault Job Board and more. entity will finance and hold syndicated loans for U.5 billion.4 million for 2007. thriving communities and institutional investors. 2010 Edition Oppenheimer & Co. telecom and technology. Wealth management services is comprised of over 1. up from $914. The firm’s roots go back to 1881. Through over a century of expansion and merger activity. is a New York City-based investment bank that provides financial services and advice to high-net-worth investors. CIBC will receive payment of at least $5 million a year. Oppenheimer & Co. when William Fahnestock founded Fahnestock & Co. including M&A advisory. middle market companies. expert resume reviews. 161 . a Canadian financial services holdings company. Oppenheimer’s bankers work across a variety of industries. in a statement. businesses and institutions. THE SCOOP Back to Fahnestock Oppenheimer & Co.S. and changed its name to Oppenheimer Holdings. high-yield fixed income origination and loan syndication.The Vault Guide to the Top 50 Banking Employers. I-banking gets a boost For the calendar years 2008 through 2012.S. The division provides clients with access to fiduciary services.1 million. ranked No. industrials. N. The firm cited “credit market disruptions” as a reason for the lackluster results. eventually became Fahnestock Viner Holdings. finance. career message boards. Oppenheimer will borrow $100 million from CIBC. Visit Vault at www. In regards to the loss.3 million. states and public authorities to develop efficient financing plans. the mutual fund management subsidiary of Massachusetts Mutual Life Insurance. Neither Oppenheimer nor its parent is related to well-known OppenheimerFunds. expert advice. an 11 percent decrease versus the same quarter in 2008.4 million for the second quarter of 2007. wealth management services. The U. media. IN THE NEWS March 2009: Lackluster results For first quarter 2009. businesses and institutions. it was less of a hit than the $16. Albert Lowenthal. corporate executives. Oppenheimer Trust Company was established as a service to longstanding. energy. initially as much as $1. Though the company also posted a net loss of $2 million for the first quarter. The firm’s asset management arm was founded in 1985 to help individual and institutional investors build customized investment plans based on strategic asset allocation.S. which acquired Oppenheimer’s U. individuals. the firm cited performance fees and expenses connected with the purchase of part of CIBC World Markets’ U.vault. Oppenheimer’s business is organized into four divisions: capital markets. Oppenheimer made two big acquisitions—McDonald Investments and UBS’s Fishkill. “Our firm is now positioned to service clients with a complete offering of capital markets services.

In a statement.S. encouraged to send in your resume and a cover letter to human resources at humanresources@opco. the firm said that it “and its executives and employees. Massachusetts Secretary of the Commonwealth William Galvin brought the charges. had no knowledge of the conduct of the major dealers which caused the entire auction rate securities market to collapse.opco.” In a separate statement. earning the firm $9 million. saying in an email to The Boston Globe that the allegations made by Massachusetts Securities Division did not have “any basis in fact or law. GETTING HIRED Find your niche Financial advisors and experienced hires alike get their own respective sections under the careers area at www.” February 2008: Crimes & misdemeanors Oppenheimer & Co. an area in which the firm has advantageously been uninvolved. accusing it of deceiving its customers in sales of auction-rate securities. according to Investment News. Unfortunately. “market timing is prohibited by the vast majority of mutual funds. The acquisition did not expose Oppenheimer to the subprime mortgage business. As a result.S. The company was also made to pay more than 60 mutual fund companies $4. 2010 Edition Oppenheimer & Co.The Vault Guide to the Top 50 Banking Employers. like dozens of other ‘downstream’ brokerages nationwide. there aren’t any job listings for those with a little more experience under their belts to peruse—you are.” The firm also stated that it “believes that at all times it acted in its clients’ best interests.S. Oppenheimer denied the charges. and parts of its U. for fraud and unethical conduct. was slapped with a $250. even as they themselves got out of that tottering market. you can fill out a short online form detailing your work experience and background. capital markets business. Typically. capital-markets-related businesses in the U.” adding that it indeed to “vigorously defend itself.” said FINRA in a statement.” FINRA found that five traders traded inappropriately on behalf of hedge fund customers.25 million in restitution. brokers engaging in market timing try to exploit mispriced shares by buying or selling mutual fund shares in a very short period of time.000 fine by the Financial Industry Regulatory Authority for supervisory and other failures stemming from improper market timing of mutual fund shares from January through September 2003. January 2008: A few key purchases Oppenheimer’s capital markets group (encompassing its investment banking. research and trading operations) received a big boost when the firm acquired CIBC’s U. “Oppenheimer executives betrayed the trust of their clients by continuing to market these auction-rate securities as safe cash equivalents when they knew this was not the case … They kept their clients and their own advisers to those clients. and Asia. including its U. .com. equity capital markets and debt capital markets groups. The deal also included CIBC’s Israeli investment banking and equities business. in the dark. investment banking. “While not illegal per se. If you’re interested in a position as a financial Inc. The suit also called for the revocation of Lowenthal’s broker-dealer agent registration. November 2008: More bad news The Commonwealth of Massachusetts sued Oppenheimer & Co.” The lawsuit alleges that Oppenheimer customers in Massachusetts could not access $56 million in February 2008 when markets froze up. Galvin said. 162 © 2009 improper market timing can significantly diminish the value of long-term mutual fund shareholders. however.

000 No.PRESTIGE RANKING 25 RBC CAPITAL MARKETS RANKING RECAP Quality of Life #3 – Offices #5 – Hours #6 – Business Outlook #6 – Green Initiatives #7 – Best to Work For #7 – Overall Satisfaction #8 – Treatment by Managers #9 – Compensation #11 – Culture #12 – Selectivity Diversity #9 – Diversity With Respect To Ethnic Minorities #10 – Best for Diversity #11 – Diversity With Respect To Women #13 – Diversity With Respect To Gays and Lesbians 3 World Financial Center 200 Vesey Street New UPPERS • “Small deal teams” • “Matches Street pay” • “Fewer ‘difficult’ bankers compared to other investment banks” What insiders at other firms are saying • • • • “Top Canadian investment bank” “Bucket shop” “Solid” “Co-manager” THE BUZZ DOWNERS • “Becoming even more conservative in these times” • “Often overly bureaucratic” • “Still working on building the brand” 163 .P. NY 10281 Phone: (212) 428-6200 Royal Bank Plaza 200 Bay Street Toronto. Ontario. Morgan Morgan Stanley Thomas Weisel Partners THE STATS Employer Type: Subsidiary of Royal Bank of Canada Chairman: Doug McGregor Co-CEOs: Doug McGregor & Mark Standish President: Mark Standish No.rbccm.rbccm. of Offices: 76 EMPLOYMENT CONTACT DEPARTMENTS Fixed Income & Commodities Global Credit Global Equity Markets Global Investment Banking Global Research KEY COMPETITORS Bank of America BMO Capital Markets Cowen and Company Credit Suisse Goldman Sachs Jefferies J. of Employees: 3. M5J 2W7 Canada Phone: (416) 842-2000 Fax: (416) 842-8033 www.

IN THE NEWS March 2009: Direct acquisition RBC Capital Markets acquired Canadian investment service provider Commission Direct Inc. RBC owned 50 percent of CDI. were each named co-CEO. 2 with 44 deals worth $26. leveraged finance. a 12-place drop from its 2007 ranking. Winograd. with 101 deals totaling $70. investment services. In 2000 and 2001.The Vault Guide to the Top 50 Banking Employers. It also ranked No. “We look forward to CDI continuing to develop and distribute innovative new products and services for the Canadian institutional marketplace. Indeed. Mark Standish and Doug McGregor.S. and International Personal and Business. though he agreed to see the firm through the transition until January 2009. equity private placements. mon frère CEO and Chairman Charles Winograd retired. when they were named co-presidents in February 2007. The former Dominion Securities was created in 1901 and purchased by the Royal Bank of Canada in 1988. and mergers and acquisitions. RBC Capital Markets is an international corporate and investment bank.37 billion—a 22 percent share of the market. Its 3.3 billion. October 2008: Salut. The firm lost its No.000 employees work from 76 offices in 15 countries. governments and high-net-worth clients around the world. Royal history The Royal Bank of Canada began operation in 1869. RBC Capital Markets’ head of Canadian Equity Trading. 2010 Edition RBC Capital Markets THE SCOOP Royalty in its blood RBC Capital Markets is part of the Royal Bank of Canada. but it was still less than many of RBC’s peers were forced to cut during the year. who holds an MBA from the University of Western Ontario and the CFA designation. and today. One tough year RBC Capital Markets held on during 2008.” 164 © 2009 Vault. These last two acquisitions resulted in the formation of RBC Capital Markets in November 2001. “CDI has a long track record of independent. syndicated finance. income trust group. serving the growing needs of Canadian institutional clients. according to Bloomberg. . Standish was also named president and McGregor. which has two other business segments: RBC Canadian Personal and Business. RBC Capital Markets cut about 460 jobs—or 7. when the firm acquired Richardson Greenshields. began as a research analyst at Richardson Securities of Canada in 1971. high-quality agency execution. 24 in Americas announced deals.” December 2008: Holding (mostly) firm According to Thomson Reuters. Winograd called their promotions part of RBC’s “long-term succession planning. Before the deal took place. 1 spot in Canadian announced M&A volume to CIBC. suggesting that business is not all bad. chairman. although it was not immune to a few negative results. convertible debt. His successors. He was made president and CEO of RBC Capital Markets in 2001. This isn’t a small number. for an undisclosed amount. Winograd seems to have been grooming the two for his job. He joined RBC in 1996. previously co-presidents of RBC. Cuomo for allegedly misleading investors about the riskiness of investments. serving corporations. including job cuts. including American firms Dain Rauscher Wessels and Tucker Anthony Sutro. But the bank also hired nearly a dozen former Bear Stearns employees and formed a new prime services group. and RBC Inc. One promotion after another followed.1 percent of its workforce during the year. and Winograd was named president and CEO of Richardson Greenshields in January 1987. it has over $665 billion in assets and one of the highest credit ratings of any financial institution. Overall. an eight point drop from its No. high-yield. coming in at No. Project Finance International magazine recently named RBC Capital Markets the 2008 Global Bond House of the Year. a buyback of $850 million in securities and a fine levied by New York State Attorney General Andrew M. Until 2001. corporate finance.” said John Reilly. 24 in worldwide completed M&A volume in 2008. RBC Capital Markets was known as RBC Dominion Securities. RBC Capital Markets ranked No. and both were appointed to the RBC executive committee. RBC added several boutique acquisitions to its investment banking arm. 19 ranking in 2007. RBC Capital Markets investment banking business is segmented into equity capital markets. and chairman and CEO in 1991.

GETTING HIRED Core first When it comes to recruiting.” where “each candidate interviews one on one with four to five bankers of various levels. In addition. Europe. 165 . but a summer internship of some kind is needed for consideration for full-time employment. Michigan as well as Berkeley. the bank neither admitted nor denied wrongdoing. “We probably make offers to 25 to 35 percent of the candidates we bring in for a final round super day.” “Students from non-target schools may have first-round phone interviews instead of in-person interviews if that is more convenient.” Campus interviews may involve “senior associates.” though on occasion there may be “three rounds of interviews. making him managing director. among them Carlin Financial Group. explaining. Those hires include Tim Allen. on its acquisition of PBS Coals Corporation by way of Coals’ acquisition of Penfold Capital. UCLA. RBC managing director and head of U.” “Summer associates Visit Vault at www. Wharton. Straight and to the point Recruiting is “typically a two round process. Moskowitz. “Interview questions cover accounting and basic finance.” adds an insider.” For most candidates. and estimated that the buyback would diminish its earnings from the fourth quarter of 2008 by about $30 million (pretax). It also captured Scott D.S.” “Small and selective” “Only a couple” of associate internships are available each summer. Allen spent some 18 years at Bear.” a vice president says. “A summer internship at RBC is not necessary to be hired at RBC. Seasongood & Mayer. “the first round is on campus and is a 30-minute.” Current insiders say RBC interviewers rarely throw for insider company profiles. media and entertainment group. where he was head of U. Cornell. University of Chicago and other “top” schools. I would characterize hiring as highly selective. Cuomo.S. and co-head of the investment banking communications. the Vault Job Board and more. but it is very small and selective. the investment banking group does not have a formal summer analyst program.The Vault Guide to the Top 50 Banking Employers. institutional equity sales.” Other sources say the firm often looks to NYU.8 million fine RBC must pay to Cuomo’s office and to the North American Securities Administrators Association. the fourth-largest steelmaker in the world. general market and industry knowledge. one-on-one or two-on-one interview. Emory.200 investors. vice presidents and directors. “About 60 percent of the analysts and associates are recruited from eight to 10 core schools. That figure includes a $9. offices like New York and San Francisco. In tandem with the $810 million deal. and Daniels & Associates. according to The New York Times. presence. The acquisition will increase RBC’s U.” One contact breaks down the firm’s recruiting targets by percentages hired. RBC joined Bank of America and nine other large banks in agreeing to repurchase more than $50 billion of securities. institutional equity sales and trading team that will be based in London and Switzerland. RBC maintains “similar selectivity to other large global investment banking practices. on its acquisition of London Mining South America Limited from London Mining.” including “managing directors.” Perhaps as a result.” That’s partially because “the new analyst and associate class sizes are very small. career message boards. Stanford. University of Texas. RBC acted as exclusive financial adviser to ArcelorMittal. equity sales.. a Houston-based energy advisory firm that specializes in acquisitions and divestitures in the exploration and production sector. another Bear alum and former senior managing director. Andrew M. and in the U. brainteasers and fit questions.S. in which it agreed to buy back about $850 million of auction-rate securities from some 2. expert resume reviews.S. September 2008: Home to Bear RBC hired a whopping 11 former Bear Stearns employees to form a new U. The new group is known as RBC Richardson Barr. In a statement. That same month it also served as exclusive financial adviser to Severstal Resources.S. saying. RBC advised AcelorMittal on its creation of a partnership with Adriana Resources to develop an iron ore facility in Rio de Janeiro. and usually will not exceed eight analysts and four associates per year at the larger U. “If we are talking about hiring from undergraduate and MBA programs. expert advice. The SEC and Cuomo alleged that RBC misled investors about the investments’ riskiness. 30 percent come from five to 10 non-core schools and 10 percent come from schools at which RBC does not have an active recruiting relationship. August 2008: A suite of steels RBC acquired Richardson Barr & Co.” which means a “competitive process” for prospective hires. Terms of the deal were not disclosed. which it has made a major priority in the past two years. “It does have a summer associate program. Columbia.S.vault... the world’s largest steelmaker. with some 10 acquisitions in the U. 2010 Edition RBC Capital Markets October 2008: Maybe not in the spirit of the law … RBC Capital Markets announced a settlement with the Securities and Exchange Commission and the New York attorney general.S. Then it’s on to “a Super Day in New York or San Francisco.

“The BlackBerry makes me available 24/7. citizen or have a green card in most cases. “Because my compensation.” After the interns’ work is done.” For American offices. at most. “We get 166 © 2009 Vault.” but as pay has fallen elsewhere.” one insider says.” Even though the RBC brand “is still growing in the United States.” On the other hand. while new.” including “a 401(k) match.” As one source sums up.” explains a New York City contact. including bonus.” says a vice president.000.” While there are “minimal internal politics. my compensation was at the low end of the Street range.” a source says.” recalls a former intern.” At least “you don’t need to stay at the office when work is complete. Then it can get pretty busy for extended periods of time. Race does not come into play. Random hours Workload “comes in bursts.” and there’s “not a lot of egos. “you need to be a U.” say insiders who appreciate RBC’s “very flat” structure and “laid-back” vibe.” some say “overall leadership is somewhat lacking. “We moved to our World Financial Center offices in April 2008 from another downtown location. RBC “is focused on hiring the best talent possible.” Others say RBC is a fair-minded place. Salary was “prorated with the standard $95. “you’ll work with all industry and product groups” and get experience working on “live deals. most employees are quick to admit that a conservative agenda has kept RBC in decent shape despite market turmoil.” Thanks to the generalist nature of the program. so it’s been my experience that time is seldom wasted on unneeded work.” one contact says.” and most contacts give the digs decent marks. and in the past. some less formal There’s “nothing extravagant” about RBC’s offices.” and report that RBC toes a very conservative. Many employees put in a 70-hour workweek.” While overall hours tend to be “reasonable.” many insiders point to the “unpredictability” of their schedules. but not extravagantly. and say the firm “has been well managed through these difficult economic times. have an open-door policy. .” Some formal.” but notice that “there are not many women in the investment bank. Another tips.The Vault Guide to the Top 50 Banking Employers.” OUR SURVEY SAYS Check your ego at the door “The culture is very collegial and there is no to very little mistreatment of junior bankers. “Our progression up the league tables should be more pronounced. with a bonus of $2.” it’s “gaining market recognition with clients. “The office space was built by the firm. and “remote access via laptop usually means I have the ability to work from home on weekends.” says an associate.000 is in the form of restricted stock that vests over a three-year period. for the most part.” Up in the air So how well are bankers treated in terms of compensation? Sources say they receive “standard perks.500 and signing bonus for full-time at $25. is not of the highest quality—looks a step above IKEA. 2010 Edition RBC Capital Markets are usually staffed as generalists. since getting H1-B visas is becoming increasingly difficult. The firm “should be taking more advantage of the market Inc. “Some groups seem to get worked like dogs and others have more balance. and it decreases with seniority. is highly correlated with revenue. “The firm focuses on hiring balanced bankers.” And. with several saying they put in weekend time from wherever they are. people rarely find busywork to throw at junior staffers. I cannot predict my 2009 bonus in this market. “Historically. says a vice president. risk-averse line. there have been one or two positions open at the larger offices.” However.” a managing director says.” There were “three rounds of interviews to just get a summer internship offer. The offices have good views of the Hudson.” and average to above-average compensation. “Twenty percent of total compensation above $200. as a source says. insiders estimate that the firm hires “50 percent” of its summer class—the rest “are fresh hires. “the firm treats bankers well. there’s a lot of uncertainty about total compensation packages for 2009 and beyond.” Only the best When it comes to diversity.” One contact estimates the female proportion of the bank to be “10 percent. RBC now pays in line with many of its competitors. The furniture. “the San Francisco office is better than the New York City one” when it comes to hours worked. Another associate says he’s “not brave enough to ponder” what total payout will look like by the end of 2009. “Bankers. Of course.” says a vice president.000 for two-and-a-half months. which also varies by office and by group. but there’s still some progress to be made in terms of hiring and promoting ethnic minorities and women. “In an up market like 2005 and 2006. “You can have great working hours for weeks at a time. one summer analyst position is offered per year in the FIG [financial institutions] group located in Boston. but they’re “still respectable. Sources call the firm “very receptive.” and “pay is largely in line with the market.

” which has many RBC insiders feeling relieved. and I repay with top-quality work. but the firm is hesitant to put capital to work in this environment.” This is well and good.” New analysts and associates begin their careers with “two weeks of training in Toronto. insiders say RBC is poised to “gain market share. “I have my own office as an analyst. respondents say. but also act like a large cap company with our full suite of product capabilities as well as our balance sheet”—which has held up fairly well.S. but “could have been longer and more in-depth.vault. “Treatment by managers. “The balance sheet is strong. tea.” Sources in other cities agree their setups are as nice as can be expected. These sessions are usually taught by vice presidents.” an associate says. one source says. 167 .” Other than that. adding that there are “strong relationships with subordinates as well. The official policy is business casual unless client contact. and other insiders agree that “we have a good time and work well together.. career message boards.The Vault Guide to the Top 50 Banking Employers. As for green initiatives . “Most VPs and above wear business attire every day except possibly Friday.” crows a Denver contact.” “The group head I work for treats me with great respect. Sources say training is one area the firm can improve: “Formal training is lacking.. both in my group and superiors in other groups. “People waste paper.” Visit Vault at www.” says a VP. and things get “very informal” in Los Angeles (which also allows “casual Friday”). there’s been no “layoffs at the junior level.” a New York-based contact for insider company profiles. as larger competitors stumble. except for top-tier existing relationships. “It is office-specific. However. And. but overall it’s more formal than it was three or four years ago.” and “double computer screens and wireless headsets make matters more comfortable. “Analysts and associates are more business casual than formal attire.” admits an insider. 2010 Edition RBC Capital Markets free coffee.” but “only 5 to 10 percent of people were allowed to leave.” contacts say. the Vault Job Board and more. The dress code is “formal for client meetings and business casual otherwise. but on the job informal training is great. RBC’s working on it. New York leans “formal.” while actual “business casual” prevails in San Francisco. associates and analysts.” and very little cutthroat competition among colleagues.” “We act like a boutique that gives senior-level attention to middle market companies. “The firm has been able to hold off on massive downsizing or multiple rounds of cuts that the bulge bracket U.” Too little risk? There was “a round of managing director and director cuts in October 2008 and a round of associate and analyst buyouts in March 2009. investment banks have gone through recently.” Then.” Friendly folks “We get treated very fairly and well.” partaking in “a combination of classroom sessions and networking. soda.” a vice president explains. bottled water and milk. expert advice. “there are slightly less structured on the job workshops once analysts and associates arrive in their respective offices. expert resume reviews.” though the precise meaning of “casual” depends on your location. is very good.” a New York insider reports.

PRESTIGE RANKING 26 NOMURA HOLDINGS. 2 World Financial Center.000 No. INC. KEY COMPETITORS Bank of America Merrill Lynch Barclays Capital Citi Credit Suisse Deutsche Bank Goldman Sachs HSBC Inc. muddled” culture EMPLOYMENT CONTACT Follow the “careers” link at www.P. Morgan Lazard Morgan Stanley Rothschild UBS Investment Bank Nomura Holding America.nomura.6 billion 2009 Net Income: -$7 billion No.nomura. Inc. NY 10281-1198 Phone: (212) 667-9300 www. of Offices: 190 UPPERS • “Friendly” culture • “Fairly diverse” workplace DOWNERS • “Lack of decision-making ability” among managers • “ What insiders at other firms are saying • • • • “Strong in Asia—well known Japanese broker” “Different culture” “A bigger deal post-Lehman” “Okay” THE BUZZ 168 © 2009 Vault. . of Employees: 25. Building B New DEPARTMENTS Asset Management Global Investment Banking Global Markets Global Merchant Banking Retail THE STATS Employer Type: Public Company Stock Symbol: NMR (NYSE) CEO: Kenichi Watanabe 2009 Revenue: $6.

Nomura swooped in to buy Lehman’s equities and investment banking operations in Europe. Journey from Osaka to New York The son of an Osaka moneychanger. In 1946. He began publishing a daily newsletter called the Osaka Nomura Business News. bond sales. Nomura created an in-house research department. and. In Europe. several Lehman managing directors remained in place. offices in New York. retail and technology sectors.S. healthcare.S. research and capital raising. helping non-U. Los Angeles and San Francisco. In 2007. which contained stock analysis. joint ventures. economic research and trading reports.S. Nomura boasted $203 billion in assets under management and 190 offices in 30 countries. and boosted Nomura’s head count by over 8. In the Americas. Nomura moved the bulk of its businesses into the Lehman Brothers building in Canary Wharf. his securities division was incorporated separately as Nomura Securities. Nomura paid $1. This legend of Japanese finance arrived in New York in 1927. Nomura’s equity capital markets group is also based in New York. and five years later. Nomura became well known throughout Japan. Nomura and his company survived the Japanese market crash of 1907. Nomura offers a full range of securities and investment banking services. considering that Europe and Asia typically represented half of Lehman’s annual revenue.2 billion to acquire Instinet. sales and trading. the firm’s headquarters shifted to Tokyo. offices provide capital raising. the bank does business through Nomura Holding America. while the European and Middle East arms went for the nominal sum of— this isn’t a typo—£1. mergers and acquisitions advisory. and by 1917. Nomura found itself at the center of the world financial crisis—and made the purchase of a lifetime. In London alone. the Vault Job Board and more. to this day. offering investment opportunities abroad for U. including asset management. Asia and the Middle East. Inc. restructurings and valuations.S. It was also one of the first foreign-owned companies to gain membership on the London Stock Exchange. M&A advisory and asset management. Chicago. Nomura is credited with pioneering the use of investment trusts. Thanks to his solid reputation. In 1906. Hong Kong and London. and three years later. derivatives. marketing. Nomura has shown increasing interest in expanding its global operations. Inc. arranging offerings in Asia and Japan for North American companies.500 clients worldwide. The Lehman acquisition was clearly Nomura’s leap for the major leagues—the businesses it inherited included rosters of FTSE 100 clients and over 20 offices in Europe and the Middle East. investors. At that time. Visit Vault at www. research and asset management. which was not a bad deal.S. After the spectacular collapse of U. placement of equity-related securities and strategic advice to corporate. Landing Lehman In September 2008. works both domestically and internationally on deals. Its M&A group. This group works most closely with Nomura staffs in Tokyo. his first step was to expand his research department and create a translation department so he could become involved in foreign currency-denominated bonds. companies list on for insider company profiles. Best known in Japan as a domestic retail bank. it launched an investment management business.000. foreign exchange. 2010 Edition Nomura Holdings. and reports revealed that Nomura offered generous compensation and all-cash bonus payments to retain several top Lehman bankers. Nomura added about 2. Tokushichi Nomura II was born in 1878. and offers origination. By 1904. foreign exchange.500.The Vault Guide to the Top 50 Banking Employers. and he decided to add stock sales.500 people to its existing staff of 1.vault. The Asian businesses sold for £123 million (US$225 million). the younger Nomura was running the shop.S. institutional and government clients. based in New York. expert advice.S. or Nomura Shop). merchant banking. The move preserved thousands of Lehman bankers’ jobs outside the U.. financial institutions. Nomura’s enterprises included the stand-alone securities division. In 1927. executing global equity offerings and listing North American companies on the increasingly attractive Japanese exchanges. trades and spot transactions to his father’s currency exchange business. Worldwide. Nomura formed a holding company to contain his empire. derivatives. asset management and investment banking) work jointly with Nomura’s businesses around the world. fixed income. the year the Osaka and Tokyo stock exchanges were founded. underwriting. 169 . THE SCOOP From Tokyo to the world Nomura Holdings is Japan’s largest securities group. Nomura’s dream of opening an office in New York came true. often collaborating with Nomura’s Asian and European staff on divestitures.09 (US$2). A year later. its U. and has U. As of April 2009. Under the terms of the sale. he took his first trip to New York. research is a central aspect of his firm’s operations. It has provided advisory services to companies in the consumer. Nomura Shoten became Nomura Shoten Incorporated. By then. young Nomura joined his father at the family business (called Nomura Shoten. expert resume reviews. Today. career message boards. Its broker-dealer is Nomura Securities International. underwriting and commercial banking under the Osaka Nomura Bank name. a major electronic trading services provider with 1. In 1922. allowing Nomura to conduct plenty of international and cross-border deals. After a three-year transcription in the Japanese army. Osaka was Japan’s business and finance center. corporate advisory. sales and trading. Nomura returned to Japan with the intention of creating a global finance firm that could compete with the best in America. investment bank Lehman Brothers. no other broker at the time was putting out such reports. Its four operating divisions in the Americas (equities. structuring. its focus is on securities brokerage services. Underwriting and international trading were ramped up. exchanges. industrial.

A former director of the Bank of Italy. instead of Nomura global HQ in Tokyo. and the only Asian-headquartered investment bank to earn the status. packed his bags for London. the acquisition will become official in October 2009.S. The bank has struggled with the cost of merging operations with Lehman Brothers. representing 2 percent of the company’s total 2. Nomura cited trading losses and acquisition costs related to its purchase of the Asian. Compounding matters. the firm cut 100 jobs in Asia. March 2009: Off to Italy Nomura tapped Andrea Pellegrini to serve as Italy co-chairman and co-head of Italian investment banking. Nomura indicated it also needed the capital to fund expansion plans—especially brewing efforts to make inroads in the U.2 billion in losses compared with a loss of under $1 billion in the previous year. will purchase NikkoCiti Trust and Banking Corporation for ¥19 billion in cash. in an effort to raise ¥300 billion ($3. Nomura added. some Lehman bankers have publicly expressed frustration at Nomura’s conservative. Inc.K. Meanwhile. In a shift that signaled Nomura’s heightened focus on Europe. 170 © 2009 Vault. former chairman of Lehman’s financial institutions group. February 2009: Gathering capital Nomura announced a new share offering. With the deal less than a year old.8 billion loss for its fiscal year 2008. layoffs or both. 100 in Japan and about Inc. Nomura can now participate in U. April 2009: Cutbacks in Asia Nomura Holdings cut 50 investment banking positions in Asia.000 in London. European and Middle Eastern divisions of Lehman Brothers as major reasons for the slide.5 trillion in trust assets and more than 100 employees.The Vault Guide to the Top 50 Banking Employers. as the 2008 bonus season approached. “The importance of Japan as our most important market won’t change. working alongside Alessandro Cremona. its first since 1989. Thanks to its GEMM designation. Masera. As of March 2009. Reuters reported that veteran Nomura bankers were concerned about disparities between their pay and the incentives offered to Lehman employees who remained with the firm. Nomura took a hefty ¥67.” he told the Financial Times. For its fiscal fourth quarter. In March 2009. Masera served as Italy’s technical minister for budget and economic planning in the Dini government from 1995 to 1996. March 2009: Good as gilt Nomura was one of just 16 firms to be recognized as a Gilt-Edged Market Maker (GEMM) by the U. while Nomura’s trust division possessed ¥19.3 billion). the firm posted a net loss of $2.K. Debt Management Office and the London Stock Exchange. 2009. also holds a position on the board of the European Investment Bank. IN THE NEWS July 2009: Nomura acquires NikkoCiti Nomura Holdings confirmed that Nomura Trust and Banking Co.500 workforce in the region (excluding Japan). Hiromi Yamaji. which immediately helped Nomura post a record quarterly loss. But the share issue did not seem to be solely intended to recoup losses. . Even though Japanese retail banking remains Nomura’s biggest moneymaker. wider than the $1. If the transaction receives regulatory approvals. risk-averse way of doing business. The latest round of layoffs followed a few others: in 2008. spurring rumors of a mass departure.” April 2009: New board member Nomura appointed Rainer Masera to the bank’s board of directors in Italy. gilt auctions and make markets for both index-linked and conventional gilts. booking $7. it remains to be seen how legacy Lehman employees will merge into Nomura’s culture and operating system. April 2009: Taking its biggest hit Nomura Holdings posted its largest annual loss ever for the fiscal year ending March 31. Yamaji promised that his move “is a message that we place priority on London.5 billion loss in the same period of 2008. 2010 Edition Nomura Holdings. Pellegrini had previously served as Merrill Lynch’s chairman of the EMEA public sector group and head of investment banking/Italy. Yamaji announced that the investment banking division would be run from the U. The news sent Nomura’s shares to a 26year low as investors worried that the Japanese bank was losing too much capital on bad investments and the costs of merging in Lehman Brothers’ operations. NikkoCiti Trust and Banking had ¥4. Instead.5 trillion in assets and 261 employees.K.2 billion. April 2009: London calling The financial world took notice when Nomura’s global head of investment banking.

shortly after the U. was named Adviser of the Year in the Rosenblatt New Energy Awards for 2009. (The price tag for the European and Middle Eastern arms was not disclosed. respectively. Spain. career message boards. Nomura won a platinum award at the City of London Clean City Awards—for the third year in a row.S. Nomura raised €20 million in public equity deals for clients like PuriCore and Ceramic Fuel Cells. But while the sites are relatively detailed. Nomura beat out rivals such as Morgan Stanley and KPMG for the New Energy Awards honor. 14 in the Benelux countries. Nomura ranked No. picking up extra recognition for its in-house initiatives to promote green purchasing and reduce energy use and waste.”) Lehman has a sizable presence in Asia. Nomura’s Middle East operations were in Bahrain.K. 14 and No.The Vault Guide to the Top 50 Banking Employers. Nomura Code was cited as the most active clean tech advisor in the UK. expert advice. and No. 11 in announced deal volume and No. Nomura’s revenue also fell. and Asia/Pacific. booking a net loss of $785. 12 in announced and completed transaction volume. firm filed for Chapter 11 bankruptcy protection. The firm’s Dubai office will be its largest in the Middle East.vault. The poor results were due largely to international fallout from the credit collapse and market conditions causing traders to curb activity. Speaking of which. Nomura advises candidates interested in employment in the U. December 2008: Strong standings On the 2008 Thomson Reuters league tables. Europe. September 2008: Picking up Lehman Nomura Holdings agreed to purchase Lehman Brothers’ Asian. February 2009: Kudos on health care Nomura Code. Middle Eastern and European investment banking arms. opening the door to investment banking and capital markets operations there. January 2009: Four in a row Nomura Holdings posted a $3. in the U. 171 . it ranked No. a Nomura International plc subsidiary that specializes in health care and clean tech investment banking. Nomura’s fourth in a row and its worst ever. Nomura also made the top 10 for completed deals in France. European and Middle East operations. 2010 Edition Nomura Holdings. and is slated to begin business there in the second half of 2009. For European dealmaking. 15 in global announced M&A deal volume and No. the firm ranked No. a steep decline versus the 21. 2 Thomson Reuters overall ranking in Asian mergers and acquisitions so far in 2008. to call the contact human resources department at (212) 667-2310 or fax them at (212) 667-1016 Visit Vault at www.S. In for insider company profiles. Inc.” Nomura’s main career page does provide links to sites for four geographic areas: Japan. Pre-Lehman acquisition.. 7 in European M&A so far in 2008. was spurred on by bad trades and the costs associated with incorporating Lehman Brothers’ Asian. The loss was worse than the $126 million loss the firm posted for the same period a year earlier. Nomura secured a license to operate in Saudi Arabia. Nomura placed No. Nomura’s $225 million bid for the ailing firm’s Asian piece won out over other interested parties. The quarterly loss. October 2008: Another downer Nomura posted its third consecutive quarterly loss. Sources say the firm has “a poor graduate recruiting scheme. while Lehman had a presence in Doha and Dubai. decreasing by 28 percent to $1. but Nomura called it “nominal. GETTING HIRED You’ll need to do some digging Finding out about jobs at Nomura is not as easy as it is at most investment banks.6 million for its fiscal second quarter. expert resume reviews.8 billion profit it recorded for the same period a year earlier. In 2008. The firm is also said to be in the process of securing licenses to operate in Qatar. In 2008. information on employment in the Americas is sparse. 7 in completed mergers and acquisition volume. wrapping 181 transactions worth a total of $268 billion. reuse and recycle during daily operations. with 3. representing six listed companies and raising €250 million in eight public market transactions since 2005. the Vault Job Board and more. The bank was one of just 20 companies in the city to be lauded for its above-average efforts to reduce.38 billion.8 billion loss for its fiscal third quarter (ended December 2008). Germany and Italy.000 employees and a No. 12 in completed deal volume. which the bank purchased in 2008. America. in February 2009. and will serve as a link between clients and institutions in Asia and those in Africa and the Middle East. including rumored interest from Standard Chartered. February 2009: Dubai will do Nomura International plc announced that it had been granted a banking license by Dubai’s Financial Services Authority. 20 for completed M&A deal volume in the Nordic region. but lingered at No.” and that the hiring process is “not systematic.

but the firm allows “casual Fridays” in some locations.. Worthwhile experience One intern at Nomura was hired after sending a resume. muddled Japanese” culture. Americans.” Dress code at Nomura is “smart. and gays and lesbians.” the intern says. aside from being traditional.m. Internships at the bank can be a good way for candidates to get an idea of what it’s like to be a full-time banker. Doing time Some sources say that experiences at Nomura differ drastically among business groups. investment objectives.” and another suspects that “Nomura will never be a world-class firm until they fix this.” says one source. “Local managers take advantage of this to build private empires. “There is no movement and no communication between equities and fixed income. Yet another insider. Some have fewer gripes. with some calling it “nice” and others “wanting more space.” Management at the firm. to 7 p.” Overall.The Vault Guide to the Top 50 Banking Employers. who works 9 a. Another points out that hours at the firm can be tough. Despite the fact that “not that much training” was given. while one contact is not happy with working “50 to 60” hours per week. 172 © 2009 Vault. Inc. the London office is “fairly diverse.” The intern was “praised” for designing “research parameters and appropriate questions.” Nomura gets below-average marks on compensation and training. though.” One source says. but still manages to “rarely or never” work weekends. says hours are “not that bad.” One source notes that in the junior ranks. focusing on size of fund. One former insider says that the “team often complained about” the way things are run around Nomura. “I didn’t feel that they were ripping me off or anything.” But it’s tough to ignore that “all the very top positions are held by Japanese guys.” made up of “Brits. that the culture can be “quite bureaucratic. calling the culture simply “traditional Japanese. Opinions about the firm’s office space vary. due to short rotation period and language difficulties.” but points out that “some of the team stays later. One intern was tasked with conducting “extensive analysis into competitors in the biopharma venture capital market.” due in part to the “risk-adverse.” and for analyzing the research results. Asians—though they were Asian Brits—and Aussies.m. ethnic minorities. co-investors and market segmentation.” One source says. all with “senior professionals” who had a “fairly relaxed” and “polite” interviewing style. 2010 Edition Nomura Holdings.” according to one respondent. there is a “lack of decision-making ability” among the firm’s senior leaders. followed by one round of interviewing consisting of “six or seven” meetings.” OUR SURVEY SAYS Traditions tough to break Nomura is a “friendly” firm where employers are “respectful” and respondents “generally seem happy to work there. is described as “disconnected and inexperienced. but scores well on receptivity to women. .com Inc. and compensation was “a little under what most interns got paid. The intern “gained excellent communication skills and a key ability to listen to people through in-depth discussions with venture capital managers.” There can be a “bit too much red tape everywhere.

Andrews Square Edinburgh. NYSE) Chairman: Sir Philip Hampton CEO: Stephen Hester 2008 Revenue: £25.720 (Worldwide) What insiders at other firms are saying • • • • “Decent firm but struggling” “Game over” “Working for Her Majesty’s Treasury” “Terrible risk management” THE BUZZ 173 .1 billion No. of Offices: THE STATS Employer Type: Public Company Ticker Symbol: RBS ( UPPERS DEPARTMENTS EMEA Retail & Commercial Finance Global Banking & Markets Global Transaction Services RBS Insurance Risk & Restructuring Support Division UK Corporate UK Personal US Retail & Commercial • “Everyone on the team puts in the hours” • “Friendly and open” DOWNERS • Company is going through tough times • “It isn’t uncommon to put in 60-hour weeks” EMPLOYMENT CONTACT Follow the “careers” link at www. of Employees: 165.000 (Worldwide) No.rbs.PRESTIGE RANKING 27 ROYAL BANK OF SCOTLAND GROUP PLC KEY COMPETITORS Barclays Citigroup HSBC 36 St.86 billion 2008 Net Income: -£24. EH2 2YB United Kingdom Phone: 44 (0) 131 556 8555 Fax: 44 (0)131 557 6140 www.

RBS operates its commercial banking activity under the brand names Citizens and Charter One (Citizens acquired Charter One in 2004.5 billion. is open to all RBS investors in Europe and the United States. chief executive of British Land. provides electronic payment processing services. In October 2008. Changes at the top The financial crisis led to a massive shake-up at RBS.450 branches. but in 1783. 174 © 2009 Vault. RBS had set up shop in London. In February 2009. as well as RBS Greenwich Capital—an institutional fixed-income firm that supplies corporate finance and debt capital markets services. In mid-October 2008. The worst is (hopefully) over The Royal Bank of Scotland set a record in fiscal year 2008—but it wasn’t the kind of record any bank wants to set. The events of early 2009 meant that the government’s stake in RBS would rise to nearly 95 percent. Then in 2007. Brazil. marking the biggest bank takeover in the world. McKillop and RBS for the losses they have incurred. The RBS leaders’ woes didn’t end there: in March 2009.S. Indiana. a deal that added about 600 branches to its network). Michigan. despite early signs of the coming credit crisis. Houston. the bank initially brushed off rumors that the two men might leave.. with over $5 billion in assets. Chicago and Los Angeles since the 1960s. Massachusetts. RBS’s global banking and markets group encompasses corporate banking. 23. In addition to the U. as RBS swallowed the National Commercial Bank of Scotland in 1969 and celebrated Britain’s biggest bank takeover with the 2000 acquisition of National Westminster Bank (NatWest). RBS Asset Finance is a big lessor in America. 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. and provides consumer and commercial credit cards nationwide. the Royal Bank operated from a single location in Edinburgh. personal banking (which operates through the RBS and NatWest brands). For the first 50 years of its existence. making him an easy target for shareholders’ ire. Chairman McKillop agreed to step down at the RBS annual meeting in April 2009. Further south. More mergers followed in modern times. it has operations in Connecticut. New Hampshire. Goodwin also raked in more than £4 million in annual compensation.000 employees and more than 1. RBS led a consortium to acquire ABN AMRO. 2010 Edition Royal Bank of Scotland Group plc THE SCOOP Royal in name and lineage The Royal Bank of Scotland Group (RBS) was chartered by King George in 1727.K. In the U.. RBS in the U. a move that left the British government with a 70 percent stake in the bank. RBS Card Services. Bermuda and the Cayman Islands. RBS accepted funds from a £50 billion bailout plan. The Royal Bank of Scotland has 10 main divisions: U. In exchange. RBS Lynk.K. retail and commercial banking (which offers services through the Citizens and Charter One brands). It also gave the British Treasury preferred shares worth £19. Mexico and Uruguay in the Americas. corporate banking.—it’s had a presence in New York. Conn. Columbia. By the 1870s. Pennsylvania. and from there it grew rapidly. and vowed to increase lending.S. as former chief executive Sir Fred Goodwin and former Chairman Sir Tom McKillop were deposed in October 2008. . leveraged finance. global banking and markets. one week after dropping that bombshell. EMEA retail and commercial banking (through the Ulster Bank brand. is headquartered in Bridgeport. acquisition-hungry predator that wasn’t afraid to eliminate thousands of jobs at a time (his nickname: Fred the Shred). $98 billion in deposits. In the U. Chile. Citizens’ credit card arm. support (HR.The Vault Guide to the Top 50 Banking Inc.S. The asset protection plan allowed RBS to move £325 billion of toxic assets from its global markets division into a taxpayer-backed pool. New York. acquiring a number of English banks and opening a New York office in 1960. Today. Calls for their resignation mounted in as RBS accepted bailout funds from the Treasury. its only rival was the non-royal Bank of Scotland. RBS became the first bank to join the British government’s asset protection program for troubled institutions. at which point he was replaced by Sir Philip Hampton. Ohio. Vermont and Virginia.. global transaction services and finance. risk and restructuring. the Times reported that two British council pension funds had retained Cherie Blair to bring a class action suit against Goodwin. project finance. meanwhile.S. Delaware. Rhode Island. Citizens is certainly no newcomer to the U. It has about $167 billion in assets. U. Illinois. strategy and communications). it opened a branch in Glasgow.S. RBS has a presence in Argentina.S. RBS promised the government it would divest itself of any remaining illiquid assets within five years. which is being brought in class action-friendly American courts. loan and high-yield markets. The asset-relief plan was not the first time RBS had turned to the Treasury for help. It was Goodwin who had built RBS’s reputation as a ruthless. The pending suit.. U. it maintains offices in the Bahamas. RBS announced that Goodwin would resign and be replaced by newcomer Stephen Hester. The bank’s annual loss of over £24 billion represented the biggest annual loss of any corporation in British history. RBS Insurance. at the time.

career message boards. About 4. This exposure stands to cost RBS at least £400 million. fallout from the 2007 purchase of ABN AMRO. over the course of the next two years. A closed RBS building became the object of distinct rage. in early 2009.000 jobs. Putting a number on that would mean about £2. (Critics of the ambitious acquisition got their “I told you so” moment.500 in the U.2 million annual pension. which carries out the firm’s investment banking operations. The new cuts. compared with a profit of about $368 million for the previous year’s first quarter. trader Bernie Madoff.700 redundancies it already made in 2009.500 of them in the U. Hoping to shrink costs by $3. April 2009: Destruction in London On April 1. “We expect credit conditions to continue to deteriorate over the next few quarters. As a preliminary step. including about 4. the bank cited $4.vault. According to announcements made in February. 2010 Edition Royal Bank of Scotland Group plc Circling the wagons With new management secured and the Treasury’s toxic asset plan in place. As if that weren’t enough.. IN THE NEWS May 2009: A steep loss with a glimmer of hope Royal Bank of Scotland posted a $1.000 job cuts that took place in smaller rounds earlier in the year and in 2008.7 billion. in particular. RBS.The Vault Guide to the Top 50 Banking Employers. the Vault Job Board and more.5 billion in costs cut from RBS’s worldwide operations over the next three to five years. will mostly affect the bank’s back-office operations such as its technology and call center divisions. It also intends to realise a one-sixth reduction in costs. including collateralised debt obligations.K.” adding that “unfortunately.29 billion net loss for the first quarter 2009. RBS hunkered down to plan its way back to profitability.” Visit Vault at www. revenue increased 26 percent to $14.000 job cuts. 4. Whittaker is the 13th member of the board to leave after the bank accepted a capital injection from the government in late 2008. as did critics of former CEO Sir Fred Goodwin. that means taking difficult decisions about jobs. expert for insider company profiles. CEO Stephen Hester said the bank had “set a new strategy [to return] to standalone strength as soon as practicable. tossed office equipment out the windows and sprayed graffiti on the branch walls. One of the biggest blows was a goodwill impairment charge of over £15 billion. £3 billion of which stemmed from GBM. who spurred the purchase to fruition. RBS said the actual amount of jobs cut could be “significantly lower” due to the bank’s plan to move workers into new positions.S. However. has riled fury in many after receiving a bailout from the U. as protesters broke windows. in April 2009. RBS said. Although specific details were not provided. RBS said the layoffs would have the most impact in its group manufacturing division. 2009.K. protesters demonstrating against the Group of 20 summit meeting targeted the Royal Bank of Scotland in London and other banks. 175 .” May 2009: Finance chief resigns RBS said its CFO Guy Whittaker will be resigning from the board immediately and officially departing from the firm in October 2009.000 people in total demonstrated at what they termed “Financial Fool’s Day” in the city. the bank announced deep rounds of cuts that would impact 9.5 billion credit impairment loss in fiscal year 2008.) The ABN AMRO impairments were accompanied by yet another £6. RBS was also heavily exposed to the $50 billion frauds perpetrated by U. One thing after another RBS’s financial problems in 2007 and 2008 were centered in its global banking and markets (GBM) division. which followed the 2.K. expert resume reviews. In a statement. The firm was also forced to write down approximately £8 billion on its exposure to structured credit vehicles. These layoffs came on top of the approximately 6. As a cause for the losses.3 billion in write-downs on the value of assets (steeper than the $986 million in write-downs it made during the first quarter 2008). saying. CEO Stephen Hester warned against overenthusiasm. the bank plans to cease operations in 36 of the 54 countries in which it currently works. Whittaker will be staying on while he helps find his successor. government while ex-RBS CEO Fred Goodwin walked away from his post with a $1.” adding that “there will be a slowdown in financial market activity compared with the very buoyant conditions seen in Q1. Meanwhile.5 billion. April 2009: More deep cuts RBS said it would initiate up to 9. partially attributed to the 97 percent boost in profits at the firm’s investment bank. vandalizing property and outnumbering police forces.

who announced his retirement from the post in November 2008. are paying themselves a huge amount of money. (After the sale.S. who also stepped in to replace Sir John Ritblat as CEO of property company British Land in 2006. January 2009: A new chief Stephen Hester took over the CEO position at RBS from Fred Goodwin.K. and living in luxury. The bank posted a $34.S. the firm ranked No. RBS also ranked No. who said in 2006 that the taxes RBS pays help support government and public services. In European announced M&A. likely to take place over a few-month period. down three spots versus 2007.4 billion in 2007. The loss.The Vault Guide to the Top 50 Banking Employers. while less than analysts expected. Bank of China’s shares closed 2. The cuts. . 2010 Edition Royal Bank of Scotland Group plc March 2009: They’re outta there RBS said it planned to cut back to focus on its core businesses—mostly banking within the retail and commercial sectors in U. 11 in 2007. February 2009: An unenviable record The Royal Bank of Scotland reported the largest annual loss in the history of U. And in announced U. slipping three spots from its rank for 2007. asset-backed securities and corporate lending. M&A. government’s asset protection program.K. UBS and Hong Kong-based billionaire Li Ka-shing both sold shares in Bank of China. which had mulled selling the Bank of China stake since October Inc. In the U. read. January 2009: Getting out of China Following months of speculation. companies. will mainly affect leveraged loans. In order to do this. RBS would have to buy back billion of government preference shares.5 billion of emergency capital from its government and from investors..” Goodwin was ousted from his position in October 2008 as the bank posted its largest loss in its history (about $35. The attackers broke several windows of Goodwin’s Edinburgh home and of a Mercedes Benz parked in his driveway. he was not living in Edinburgh during the attacks.89 million pension package. In 2008 worldwide announced M&A by volume. the firm is expected to layoff as many as 3.000 insiders in its global banking and markets unit (about 15 percent of its staff). This is a crime.) RBS. 16.K. which will help to insure RBS assets up to $462 billion. purportedly sent from his attackers. quite a dive compared to its finish at No. 20 in announced M&A volume. 176 © 2009 Vault. Royal Bank of Scotland sold off its stake in Bank of China for $2. and the U. 17. Soon-to-be CEO Stephen Hester said he wants the bank to be able to return to paying dividends in 2010. a figure outweighing the taxes the firm paid during that timeframe. and Bank of America sold $2.7 percent higher. still shocked markets and caused the bank to be the first to join the U. while ordinary people are made unemployed. a one spot fall versus 2007.2 billion loss for 2008 compared with a profit of about $10. Bank bosses should be jailed. RBS plans to put its retail and commercial banking units in Asia. March 2009: Pension-related attacks Ex-RBS CEO Sir Fred Goodwin’s property was vandalized following news that he would be keeping his $24.8 billion of its stake in China Construction Bank. RBS managed to hold its own on the Thomson Reuters banking league tables for 2008.37 billion. even as it took $32. government.—and remove its banking presence from 36 countries. Filling big shoes is a move that comes naturally to Hester.5 billion). central and east Europe on the auction block.000 According to sources inside the Royal Bank of Scotland. December 2008: Still hanging on Troubles notwithstanding. November 2008: More write-downs to come The Royal Bank of Scotland said it will face more write-downs in the near future. An email. destitute and homeless. including during the fourth quarter 2008. Under Goodwin. Fortunately for Goodwin. like him. But one move Hester likely won’t want to replicate as CEO is another call to the U.K.K. November 2008: RBS to cut 3. 20 for announced deals. RBS ranked No. the firm ranked No. and is considering selling off Charter One bank wholly or in divisions. the firm received a government bailout to the tune of $28 billion. followed similar moves by other banks. “We are angry that rich people. Prior to the sale.

but when the package is totaled up. even if they do not sit in your existing business area. it works out to be pretty competitive.” But don’t fret too much about the toughness. expert resume reviews. it for insider company profiles.” And workers actually enjoy each other’s company.” Hours vary.” And “pension contributions are paid at 15 percent of base salary—I have not heard of many better offers than this. “There are company social activities—everyone seems to get along extremely well with each other. management is good at recognizing commitment with either a quick email to the team or a social event covered by the company. actions and results. RBS gas graduate and internship programs throughout the Americas. “It was difficult to notice much of a hierarchy. but it seemed like there were analysts from all over the world. of course.” admits one respondent. particularly for professional qualifications. 177 . business schools. 2010 Edition Royal Bank of Scotland Group plc GETTING HIRED Here and abroad Candidates looking for a job with Citizens should check out the careers section of the company website (www.” and there’s also the “opportunity to move around the group—they offer training to help you reach your goals. “They may not pay huge salaries like some other firms. the Vault Job Board and more. There’s also a focus on teamwork when it comes to hours spent in the office.” And the bank doesn’t leave workers out in the cold when it comes to their personal development. Candidates should have “boundless energy and bags of enthusiasm. too.” according to the firm. On its which has information about career opportunities and life at the bank. Asia and Europe.” and the questions are “challenging and based on scenarios.). “if the pressure is on to meet a project deadline.” OUR SURVEY SAYS Walk the extra mile The bank’s culture places an emphasis on “delivering as a team with exceptional standards” and “pushes to be market leader in all its markets. because the work station of the head of the department was the same as mine.” reports one insider. Face the challenge In general. it really doesn’t feel like an issue. the firm also offers perks ranging from pet insurance to the option of buying or selling a week of allotted vacation during the bank’s annual benefits enrollment.” And while “the workload can be very demanding at times.vault. which also values fluency in a second European language and. Although attire is “business casual in many areas. career message boards.” formal dress is only required “if there is a meeting with a third party. For jobs with RBS’s global markets group. they also try to get the right information out of you.citizensbank.” Credit where credit is due An ironclad pecking order is something that’s conspicuously absent within the bank.” Add it up It pays to look at the big picture when it comes to compensation. it isn’t uncommon to put in 60-hour weeks and come in on the odd weekend. as well as answers to a list of frequently asked questions. Recent grads wishing to check out opportunities in Europe or elsewhere should also go to the RBS site.” Diversity is a near-tangible concept at the firm.S. insiders report.S. There’s a “seemingly unlimited budget for training. as I would hear several different languages every day. the interview process for banking positions tends to take place in “two stages: one that’s based more around fit questions and another that’s based more around competency. There are few complaints when it comes to the dress code. contacts say. you can check the careers link on the RBS website and read about opportunities by location (including the U. so it is as meritocratic of an environment as you can expect in a large organization.” Advancing within the firm is “based on your performance and displayed behaviors. but.” One insider adds that “a lot of the people that I worked with had MBAs from top U. expert advice.” It’s also “friendly and open. “It was extremely diverse.” Visit Vault at www. Though “they do try and stretch you.” and “everyone in the office works extremely hard—because there is an emphasis on teamwork.The Vault Guide to the Top 50 Banking Employers. previous work experience. sources say. people are happy to go the extra mile. Since “everyone on the team puts in the hours.” The interviews “are usually two-on-one.

PRESTIGE RANKING 28 CHASE COMMERCIAL BANK UPPERS • “Exciting” workplace • Good benefits 270 Park Avenue New York.9 billion 2008 Net Income: $1 billion No. bureaucratic” “Great management” “Poor service” THE BUZZ 178 © 2009 NY 10017 Phone: (212) 270-6000 Fax: (212) 270-2613 THE STATS Employer Type: Subsidiary of JPMorgan Chase & Co. of Employees: 5. . CEO: Todd Maclin 2008 Revenue: $2.000+ Inc. of Offices: 73 (US) What insiders at other firms are saying • • • • “Premier commercial bank” “Not DOWNERS DEPARTMENTS Business Credit Commercial Real Estate Corporate Banking Equipment Leasing Middle Market Banking • “Lots of politics” • Not-so-great pay EMPLOYMENT CONTACT careers.jpmorganchase.

which reaches from New York to Arizona. when the Chemical Bank of New York was formed. entertainment. commercial real estate and equipment leasing divisions provide structured asset financing (including loan structuring. operates along five business lines. Chase corporate bankers serve these clients through a partnership with J.” Once more. and First Chicago. municipal governments. regulatory agencies went to extraordinary lengths to smooth the acquisition effort and subsequent transitions. To fortify its capital reserves against write-downs and losses associated with the acquisition—nearly $31 billion to start—JPMorgan Chase quickly raised $10 billion through a stock Visit Vault at www. Under normal circumstances.000 clients. In July 2008. technology. career message boards. Rescuing WaMu Another bank’s failure resulted in a major acquisition for JPMorgan Chase.S. associations. However. each share of Bear was converted into 0. which it already owned. And. the country’s biggest savings and loan. 2010 Edition Chase Commercial Bank THE SCOOP Diverse services Chase Commercial Bank. which had been created in 1998 by the merger of Banc One Corp. respectively. funds managers. lawyers and law firms. Buying Bear Less than two years later. Chase Commercial has industry expertise in nearly two dozen sectors. automotive.836 billion. In May 2008.000 employees in more than 60 countries and total assets of approximately $2.vault. placed into FDIC receivership and awarded the dubious title of “largest American bank failure. a subsidiary of JPMorgan Chase. thanks to several recent monstrous mergers on its parent’s part. to form JPMorgan Chase. Morgan CEO William B. including financial institutions. social services organizations. we do that All told.200 branches and its $135 billion in deposits for $1. sports.P. with roots that date back to 1824. JPMorgan Chase combined with Bank One.2 trillion. Washington Mutual Bank. Bear’s fall sent shockwaves through the banking industry. health care.The Vault Guide to the Top 50 Banking Employers. and specialty retail. the Vault Job Board and more. for insider company profiles. art galleries. when legendary financial institution Bear Stearns crumpled under the pressure of the credit crisis. which subsequently merged with J.S. restaurants and restaurant suppliers. Its middle market banking division. Native American tribes. municipalities. theaters. A 1996 merger between Chase Manhattan and Chemical Bank formed the country’s then-biggest bank holding company. and U. 1 assetbased lender. Morgan’s investment banking teams. Bank One. 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. commercial banking for real estate investors and developers. jewelry and apparel. collapsed in spectacular fashion: it was shut down by the Office of Thrift Supervision. under the terms of the deal. syndication and collateral analysis). expert advice. public companies.000 employees work with over 26. offering everything from investment banking to cash management and credit.P. nonprofits. the National Bank of Detroit. perhaps most important. The new powerhouse was led at first by J.21753 shares of JPMorgan Chase common stock. which includes over 600 bankers and 700 service professionals. serves companies with annual revenues ranging from $10 million to $500 million. expert resume reviews. in March 2008. Plenty of clout Parent JPMorgan Chase is one of the great legends of U. a buy that big would be prohibited by rules governing asset sales between banks and their affiliate companies. Chase can boast that it’s the No. Harrison. In 2006. cultural institutions. Chase Manhattan and the original J. Meanwhile. Chase Commercial Bank is part of one of the world’s biggest financial services firms: JPMorgan Chase has nearly 220. In 2004. JPMorgan Chase announced that it had completed its acquisition of Bear Stearns. acquiring WaMu’s 2.P. in 22 states. a limited liability company constructed with the New York Fed to hold some of Bear Stearns’ assets. including financial institutions. Over the decades JPMC incorporated or otherwise evolved from First Chicago. Manufacturers Hanover. The Fed also exempted JPMorgan Chase from regulations governing its transactions with Maiden Lane. 179 . banking history. 2 middle market lender in the U. Morgan & Company. Chase Commercial Bank’s more than 5. the deal also saddled JPMorgan Chase with WaMu’s extensive portfolio of tanking mortgage-backed investments. labor unions.S. higher education.P. It’s also the top commercial bank in its retail branch footprint. the Federal Reserve allowed JPMorgan Chase to purchase a $44 billion portfolio of derivative transactions and hedges—including Bear Stearns Forex and Bear Stearns Credit Products—from the remains of Bear Stearns. and the country’s No. former Bank One CEO Jamie Dimon became chairman and CEO. the business credit. and equipment financing. JPMorgan Chase was there to pick up the debris. JPMorgan Chase was standing by to pick up the pieces—literally. Morgan & Co. corporations and nonprofit entities. associations.

$900 million building.” But interviews “aren’t necessarily hard or nervewracking” and seem based largely on fit.” You may also get asked questions regarding “what classes you’ve taken.” The questions the firm likes to ask are largely behavioral in nature.75 billion from the incorporation of WaMu. You may also be asked “is money or enjoyment more your objective in this position?” During the interview.” “They asked me a wide range of questions. Chase Commercial also saw its overhead ratio drop in the quarter. Chase Commercial Bank provided a $196 million mixed-use credit facility. Chase’s middle market banking division had a particularly good quarter.” 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.800 more than it previously estimated—as part of its integration of Washington Mutual. they want to know if you can function in the environment. a 63 percent increase from the previous quarter and an 80 percent increase from the same quarter in the previous year.The Vault Guide to the Top 50 Banking Employers.000 positions—about 2. but the two banks had history: in March 2008. “We have expanded and will continue to expand our lending to existing clients while beginning new relationships with others. said it will slash 12. such as “give me an example of when you were a leader. December 2008: Still lending As concern about the U. Chase Commercial Bank CEO Todd Maclin pointed to a children’s hospital in Chicago.S.” Fit in Expect at least three rounds of interviews that will “help determine candidates who have the best fit. JPMorgan Chase also said it plans to save about $2.” Questions might “target your skill and ability to deal with the scope and complexity of the diverse enterprises that make up the firm.” Occasionally there’s also “one written test” and “one group activity observed by the managers. including WaMu’s coveted West Coast branch network and the distinction of being the nation’s biggest bank (finally surpassing Bank of America). . “from working in teams to ideas on how to improve the bank from an outsider’s perspective.4 billion and net income of $480 million. knowledge of the banking industry. IN THE NEWS February 2009: A new wave of cuts JPMorgan Chase & Co.” They’re also likely to “see what you know 180 © 2009 Vault.” So “always remember to be prepared to discuss what the firm does and how your department contributes to the firm’s bottom line—the answer is not always a financial one. which was breaking ground for a new. thanks to the WaMu acquisition. Chase Commercial and JPMorgan Chase rushed to assure customers—and the government—that they were. going from 46 percent to 34 percent. In conjunction with a $552 million bond issue.” GETTING HIRED Sell yourself Chase is “very selective” when it comes to hiring.” Interviewers “want to partly know if you’re good at your job—but more importantly. Was snatching WaMu from the brink of disaster a risky move for JPMorgan Chase? Perhaps. and why I chose to attend the university I did. “the effort they put into the process shows—they screen well and they have a return of reliable and hardworking people. January 2009: Impact on the bottom line For the final quarter of 2008. JPMorgan Chase announced that it had increased its loan commitments by 33 percent. nonprofits and government Inc. in the end. a 67 percent increase from the same period in the previous year. keeping credit flowing into the economy. including $5 billion in loans specifically for health care companies.” Indeed. compared to 2007. only bringing in “individuals who are highly qualified and have great skills. 2010 Edition Chase Commercial Bank sale. JPMorgan Chase had made an unsuccessful $8 per share offer for the savings and loan.” reports one insider. indeed. financial system accelerated in the final days of 2008.” “describe how you’ve worked in a team environment” and “name three things you like and dislike. Average loan balances skyrocketed to $117. WaMu branches. JPMorgan Chase got what it wanted. “Lending to these organizations helps both them and our communities.” explains a source. So.7 billion. Chase Commercial Bank reported revenue of $1. The reason for this success in the midst of an economic meltdown was largely due to higher net revenue. which reopened for business upon completion of the acquisition. are undergoing a rebranding process that’s slated to be complete by the end of 2009. bringing in $796 million (an increase of $101 million from the previous year).” said Maclin. “I was asked about my motivations. The announcement came two days after JPMorgan Chase decided to cut its dividend by 87 percent in order to save $5 billion annually. you can also expect to be asked about “what you are looking for” in a position and “what your ambitions are.

” Diversity is mandatory Insiders call the diversity at the firm “amazing.” “You get to know people and they ask your superior if they could acquire you for their team.” You’re also “given responsibility early in your career” within a flat structure—”you can go into anyone’s office and ask them for help. 2010 Edition Chase Commercial Bank about banking” through testing and questions.” But there is also “constant team-building throughout the firm—not just managers paying lip service to corporate mandates.” The future The outlook for the firm is “strong. too.” says one insider. One insider says there are “too many layers of management.” While there can be “lots of politics. but they try to have fun and interact with other people while doing it. “hours are flexible” and “many work from home on Fridays.” maybe because the firm is “highly regarded.” “All the employees are helpful and treat everybody with respect. “if your team worked with a remote group in India. it’s “the only publicly owned bank that can utilize its size and strength to lend credibility in shaky times.” And the firm trims the fat where it can—”we are goaloriented to cut costs and achieve results while being a diverse firm that provides the best financial services. Expect to work mixed hours.” “You also have the opportunity to buy company stock at a 5 percent discount.” says one insider.” “even they cycle through many managers.” In spite of this. according to insiders.” OUR SURVEY SAYS Exciting times Chase provides an “exciting. Interviewers may also “ask what your ambitions are and see if they can be filled by the company. “as long as you get your work done and make your meetings.” One insider says “my interview and hiring process was very down to earth and professional.” (Of course.” one insider.vault.” but adds that “you have to embrace change and get used to the manager shuffle that goes on there. is the pay.” Chase is “seen as the only bank lately that can add value to shareholders. expert resume reviews.”) And “turbulent market conditions” frequently make for longer hours.” insiders generally give the overall company culture high marks. The bank also provides a “highly ethical.” As far as advancing goes.” “very open” “great” environment with a “flat structure.” It’s also “very well positioned relative to other banks suffering from credit write-downs and liquidity issues. however. but “if you are not working with a remote team. Although most employees “leave at 5 p.” “four weeks’ vacation” and “five personal and six sick days.” “very relaxed. it’s not mandatory to be in the building. expert advice.The Vault Guide to the Top 50 Banking Employers. Another contact adds that “people from all races and socioeconomic levels work hand in hand at the firm. however. For the most part. where “slacks and a button-down” become many employees’ standard dress. you would need to be at work by 8:30 for conference calls. “Poor compensation” is an for insider company profiles. adding “I felt welcomed and relieved that I wasn’t made to feel like I was food for an ant eater.” although he concedes that “it is easy to see how unproductive the bureaucracy can be.m.” Mixed bag One thing insiders aren’t particularly keen on. “some would go quite casual with dark tennis shoes and rolled up sleeves— but most stick with the standard.” Another contact concedes that “in the nearly five years I’ve worked at Chase.” respondents say.” “fun” and “challenging workplace.” “Managers were flattered when you reached out to them.” 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.” Visit Vault at www. opportunities happen “pretty much through the grapevine. one insider confesses. Indeed.” Workers at the firm “get the work done when they need to get it done. I’ve reported to 12 different managers.” And while there are also “people there who have managed to hold onto the same position and job for long periods of time. though—the company also offers “full benefits. 181 . it would be very feasible to show up at 10. career message boards.” Mostly.” there is a “strong group of people who stay late. It’s not all about cold hard cash.. the Vault Job Board and more. the dress code is a “generally business casual” one when client meetings aren’t involved. Layer after layer Insiders report mixed feelings regarding management. Depending on the department.

com THE STATS Employer Type: Subsidiary of Commerzbank AG CEO: Stefan Jentzsch Inc. . 2009. the Dresdner Kleinwort name was dropped 1301 Avenue of the Americas New York. NY 10019 Phone: (212) 969-2700 www. of Employees: 5. Currencies & Commodities Global Distribution Global Equities Hedge Fund Solutions Research Global Banking Global Finance Global Loans & Transaction Services Strategic Advisory DOWNER • Workdays can be long EMPLOYMENT CONTACT “A career” at www.commerzbank.commerzbank.PRESTIGE RANKING 29 DRESDNER KLEINWORT* KEY COMPETITORS Credit Suisse Deutsche Bank Lazard *Folded into Commerzbank AG’s corporates and markets division on September 1.500 UPPER • Friendly people BUSINESSES Capital Markets Equity & Credit Derivatives Financing & Securities Management Fixed Income. of Offices: 35 What insiders at other firms are saying • • • • “Formidable competitor” “Commerzbank tarnishes their once pristine image” “Niche player” “Don’t do much in North America” THE BUZZ 182 © 2009 Vault.

Within only a few years of its creation. risk management consulting. (Bruce Wasserstein is now the head of Lazard but his name remains associated with the private equity firm Wasserstein & Company. and Commerzbank will be the brand that relates to all investment banking aspects of the former Dresdner. expert advice.The Vault Guide to the Top 50 Banking Employers.000 employees. Shortly after that deal closed. The famous dealmaker Bruce Wasserstein subsequently left the firm.) In addition. which he originally helped found). through its capital markets.52 billion acquisition of Endesa as a deal of the year for Spain. foreign business. the firm hasn’t performed well as of late. Going forward. Dresdner Kleinwort operates through two main business groups: global banking and capital markets. Dresdner Kleinwort was given a second European headquarters in the financial capital of London where. Currently. Dresdner Kleinwort has European headquarters in London and Frankfurt. once Dresdner Bank is fully integrated. The services offered by the corporate banking division include financing. Commerzbank. In 2001. the deal is estimated to be finalized in the fourth quarter of 2009. September 2009: Moniker change The Dresdner Kleinwort was officially disco ntinued. Its new parent Commerzbank has a presence in 50 countries around the world. the firm’s long list of pan-European clients were provided with investment banking products and services. largely due to the worldwide financial crisis. transaction management. Dresdner Bank took over British investment bank Kleinwort Benson. retail banking.9 billion takeover of Continental. financing and cash management to corporations. German insurance conglomerate Allianz bought Dresdner—and its subsidiaries—for a whopping $22 billion. the entity took over American investment bank Wasserstein Perella—a firm that was highly reputed for its debt capital markets expertise. following Commerzbank’s acquisition of Dresdner earlier in 2009. and American offices in Boston and New York City. corporate finance and origination business lines. employing approximately 40. It offers services such as advisory. as well as trading and research to institutional investors. Visit Vault at www. Before Commerzbank In 1995. The business will be incorporated into Deutsche Bank’s Trust & Securities Services unit. career message boards. expert resume reviews. bio-energy and fuel cells).000 people. The two investment banks were merged to form Dresdner Kleinwort Wasserstein. which closed its acquisition of Dresdner Bank (Dresdner Kleinwort’s former parent) in January 2009. of which more than a third work outside its native Germany. most of the Londonbased corporate and investment banking businesses serving non-German clients had been phased out. former Dresdner Kleinwort employees will fall under the Mittelstandsbank division of Commerzbank or its corporates and markets unit.vault.000 “correspondent banks” worldwide. (By May 2009. in recognition of its many deals: Project Finance Magazine named its financing of Macquarie’s acquisition of Puget Energy (it supplied $ for insider company profiles.5 million includes more than half a million corporate customers. Although terms of the deal were not disclosed. IN THE NEWS May 2009: Deutsche’s new acquisition Deutsche Bank agreed to buy up Dresdner Bank’s Global Agency Securities Lending unit from Commerzbank AG. creating Dresdner Kleinwort Benson. and the bank’s network encompasses more than 5. real estate banking and institutions. Dresdner Kleinwort quickly developed a strong position in its core home market of Germany and adopted home market of the U. and Mergermarket recognized its advisory of Schaeffler Group’s €22.6 billion agreement) a deal of the year.K. Dresdner Kleinwort also boasted particular expertise in the realm of European renewables (such as wind. The bank’s total private and business customer base of 8. In addition to a global headquarters in Frankfurt. investment. and Commerzbank plans to contract rather than expand the investment banking capabilities once provided by Dresdner Kleinwort. Dresdner Kleinwort had offices in more than 35 countries and a staff of over 6. The Banker recognizes the Enel/Acciona €42. this coincided with the integration of Dresdner’s corporate banking operations. solar. Commerzbank’s business structure is divided into four main units: corporate banking. Despite its name recognition around the world. 2010 Edition Dresdner Kleinwort THE SCOOP Recent history The investment bank Dresdner Kleinwort is now a part of Germany’s second-biggest bank. 183 . the Vault Job Board and more.6 billion of the $7. the Dresdner Kleinwort name will likely be retired. but it was only in 2006 that the investment bank dropped the Wasserstein part of its name and rebranded itself as Dresdner Kleinwort. Award time Dresdner Kleinwort raked in a number of awards in 2008.

17 in European announced M&A deal volume. December 2008: Dresdner gets results According to Thomson Reuters. “I just decided that I’d get a damn good price for mine. in an effort to help the bank raise much-needed capital. January 2009: And then there was one All but one member of the executive committee that ran Dresdner Kleinwort stepped down. remains—as head of client relationship management.dresdnerkleinwort. and head of research Colin Philips. Twenty-five percent of Commerzbank is presently held by the German government. 15 in European announced transactions with values up to $100 million. In addition. it was revealed the bank would no longer be covering non-German companies. head of global banking Alberto Piedro. Only Berent Wallendahl.K. from Allianz. “Everybody sells their soul to the devil.” writes Anderson in offers listings for job seekers in several stages of their professional Inc. The firm also ranked No. according to Reuters. January 2009: The full list Including CEO Stefan Jentzsch and COO Badouin Croonenberghs.200 of a total 3. currencies and commodities Eddie Listorti. according to the paper. Notably. 20 in European announced deals up to $500 million and No. Anderson logged 12 years at Dresdner where he was. and the sale spells uncertain times for Dresdner Kleinwort. Dresdner Kleinwort ranked No. The disappointing turnout may have ramifications beyond HBOS.300 London-based staff July 2008: HBOS tanks Dresdner Kleinwort and Morgan Stanley underwrote the $8 billion rights issue of HBOS.” December 2008: Cutting back It was revealed that Commerzbank would be shrinking Dresdner Kleinwort’s U. Britain’s biggest home lender. describing the narrator’s first job interview. according to Reuters: Head of capital markets and head of equity and credit derivatives Jens-Peer Neumann. December 2008: Fact meets fiction Former Dresdner Kleinwort banker Geraint Anderson published Cityboy: Beer and Loathing in the Square Mile in the U. not previously a member of the executive committee but the only other Dresdner banker who will hold a top executive role as head of institutional sales. a “star stock analyst. according to The New York Times.The Vault Guide to the Top 50 Banking Employers.” GETTING HIRED Casting a wide net Divided into sections for recent graduates and workers who have industry experience. Commerzbank plans to scale back Kleinwort to focus on German companies and retail clients. Anderson revealed his identity shortly before the book was published. head of hedge fund solutions and head of global equities Martin Newson. he previously wrote a column about his job at the investment bank for the London Times. Like many of its investment banking brethren. January 2009: Shakedown Commerzbank closed on its $14. M&A specialist and head of strategic advisor John McIntyre. head of global distribution Stefan Guetter. 15 for announced U. head of global loans and transaction services William Fish.K. the “careers” segment of www. deals up to $500 million.9 billion. chief executive Stefan Jentzsch and COO Badouin Croonenberghs did not make the cut. may have made it “more difficult and costly for other banks to raise capital just when they need it most.” The book was serialized in the Times and also became a national bestseller. But only 8.6 billion. DKIB looks for candidates primarily 184 © 2009 Vault. leaving the two banks with 3.2 billion acquisition of Dresdner Kleinwort’s parent bank. 22 in worldwide announced M&A deal volume for 2008.3 percent of its shares sold. the paper said. Thomson Reuters named Dresdner Kleinwort No. the following executives from Dresdner Kleinwort departed. . head of emerging markets Mike Adams. M&A business and cutting 1.K.8 billion pounds of stock to sell. with 36 deals worth $72. head of global finance Bertrand Pinel. in its 2008 middle market M&A league tables. No. He’s joined by Ralf Werres. 2010 Edition Dresdner Kleinwort February 2009: More layoffs in London About 150 London-based Dresdner Kleinwort staff members in equity research and cash equities were made redundant. working on 37 deals worth $73. The “anemic” response to the rights issue. following Commerzbank’s takeover. head of principal investments Thomas Roeder. head of fixed income. former head of client coverage at the firm’s global banking unit. Additionally. Dresdner.

com for insider company profiles. with questions ranging from the personal to the technical. It also gives a brief rundown of equity markets and money markets. no one will take a chance on you. insiders report. which they refer to as “friendly” and “team. but employees don’t have to work unnecessary hours.” “Fit is the most important thing here. 185 . Secondly.” as well as Oxford.S. The company’s New York office has positions available in its corporate finance and advisory division. “If you were an economics major.” says an associate.” confirms an insider.” Also. who also praises the business casual dress code. people who understand the differences between the small firm and a large firm. employers will expect you to show an awareness of the company and the industry in the interview. which is a big difference from the days of Wasserstein Perella.” Salaries could definitely stand to be bumped up.and goal-oriented. “Interviews were fairly in-depth and difficult. Everyone knows everyone. it’s obviously in your own interests to find out as much as possible about the place where you may be spending most of your waking hours. “understand basic valuation and accounting questions. Germany and select countries in Asia. It’s a very open and international corporate culture. junior personnel tend to assume relatively high levels of responsibility. “It’s not a firm where you can sort of hide in the corner and do one small part of a deal. “It pays to be informed.” One contact says that at night.” Visit Vault at www. Conjure up your expertise “The first rule is that anything on your resume is fair game. “people will typically eat together or watch TV in a conference room.” Also. 2010 Edition Dresdner Kleinwort from top-tier business programs and universities. expert advice. be prepared to sound like an expert in the area. including “all the Ivy League schools. which compensated well above. “[but] I was impressed with the people I met.” DKIB’s web site (check out “useful information”) provides detailed information on the best places to look to get the lowdown on companies. with the final round held “Super Saturday” style (multiple back-to-back interviews) at the firm’s offices. As for the actual work. Northwestern.The Vault Guide to the Top 50 Banking Employers. “but if you don’t sound genuine. the Vault Job Board and more. DKIB also offers opportunities for experienced hires in Spain. The 12-week internships are open to students completing their junior year. where two DKIB professionals will ask a candidate a variety of finance. NYU and Stanford. accounting and fit questions (such as “Why banking?”). which also allows all interested candidates to submit analyst and associate applications online.vault. the firm says. DKIB also offers current undergraduates a way to get their foot in the door with summer internships.” say current insiders about the interviewing process.” Meanwhile.” “Culture among junior bankers is great.” DKIB offers candidates its own advice when it comes to the interview process. Prospective new hires should expect DKIB’s interview process to last two or three rounds. career message boards.K. expert resume reviews..” According to DKIB. Meetings may be two-on-one. In addition to the U. The firm posts its full schedule of recruitment events on its website. interviewees should do their research for two reasons: “First. Cambridge and several other schools in the U. Chicago. DKIB “pays at or slightly below the Street. OUR SURVEY SAYS Commendable culture By and large.” says a source. “People are nice. the workdays for junior people can be long. sources enjoy the company culture. Internships are also offered in the Frankfurt and London offices.” says a current source.” cautions one insider. DKIB is “definitely looking for people who can work hard. “Have a sense of confidence during the interview.

of Employees: 205.02 billion No.000 No. France Phone: +33-1-40-14-45-46 Fax: +33-1-40-14-69-73 www. boulevard des Italiens 75009 THE STATS Employer Type: Public Company Ticker Symbol: BNP (Euronext Paris) CEO: Badouin Prot 2008 Revenue: € DEPARTMENTS Corporate & Investment Banking Investment Solutions Retail Banking EMPLOYMENT CONTACT careers. of Offices: Locations in 83 countries What insiders at other firms are saying • • • • “Strong in Europe” “Third-rate” “Innovative culture” “No US presence” THE BUZZ 186 © 2009 Vault.PRESTIGE RANKING 30 BNP PARIBAS SA KEY COMPETITORS Credit Agricole HSBC Holdings Societe Generale 16.4 billion 2008 Profit: €3.

Idaho. custody and execution on U. In addition to enviably strong European operations.S. Brokerage services are located in New York and Chicago. The bricks and mortar of it all BNP Paribas’s international business is comprised of three key divisions: retail banking.000 people in the United States. Nevada. For the year.-listed equity and derivative markets.vault.82 billion. and works in tandem with its CooperNeff affiliate on proprietary portfolio strategies. though the modern day version of the bank began to take form in 1966. as well as a 5 percent worldwide staffing reduction (translation: 800 jobs lost). (In case you’re curious. BNP Paribas did have an overall tough 2008. 187 . after the French financial markets authorities gave BNP the green light.S. The merged group will be one of the biggest in Europe in terms of deposits. Washington.S. North American retail banking operations are carried out under the Bank West brand. IN THE NEWS April 2009: Together at last Fortis shareholders finally approved the plan to integrate the firm with BNP Paribas in a meeting that was not too cordial—Fortis management was bombarded with shoes and coins from furious shareholders. In 1999. The Paribas Group was formed in 1988 after many (notorious) years of French nationalization and reorganization.. structured finance and cash management. Plagued by recession. plus branches that operate under the brand names First Hawaiian and Bank of the West. which also maintains an affiliation with American asset manager Fischer Francis Trees & for insider company profiles. BNP Paribas was named Global Bank of the Year by The Banker magazine. it took control of the Paribas Group. Miami. France. 2010 Edition BNP Paribas SA THE SCOOP Leader of the pack BNP Paribas is the largest bank in France and the fifth largest in the world based on annual revenue. Italy and Luxembourg. career message boards. New Mexico. the group included the Banque Paribas. The banking group’s total employee network worldwide boasts more than 205. the 2008 was tough for BNP Paribas: losses in the third quarter led to tougher risk management in the investment banking division. In 2008. trades and markets a wide range of global and domestic fixed-income and equity products in the U. However. although profitable. with over 350 branches in Oregon. Chicago. the vote passed with 72. of which 165. personal finance and BNL Banca Commerciale. A fully registered NASD broker-dealer. not unlike many other financial institutions did. offices in New York. asset management. expert advice. The American way BNP Paribas North America has U. online savings and trading. Additionally. Houston. BNP Paribas was also a victim of Ponzi schemer Bernard Madoff. The banking group’s retail banking operations include retail banking both in France and internationally. the Vault Job Board and more. losing $470 million to Madoff’s hedge funds (BNP did not invest directly with Madoff. down from €31 billion and €7. the eighth safest bank in the world by Global Finance and the 13th-largest company in the world by Forbes. The transaction included an interest in Fortis’ insurance business in return Visit Vault at www. The vast majority of BNP Paribas employees are based in France and the Eurozone. the banking powerhouse has a solid and growing international presence. BNP Paribas can trace its roots back to the early 1800s. real estate services and insurance.4 billion and net profit of €3. creating one of the largest financial institutions in Europe. who believed the government did not have their best interest in mind. offering clearing. spanning 83 countries. with strong operations in both the United States and Asia. Guam and Saipan. expert resume reviews. in 2007. Paribas comes from the phrase “Paris et Pays-Bas.99 percent support. securities services. when Comptoir National d’Escompte de Paris and Banque Nationale pour le Commerce et l’Industrie united to form Banque National de Paris (BNP). The asset management.” which means “Paris and The Netherlands.”).000 employees. corporate and investment banking. BNP Paribas underwrites. After the shareholders stopped throwing things. Brand Finance named BNP Paribas the world’s eighth top banking brand. The corporate and investment banking business encompasses various divisions. The asset management and services business is comprised of private banking. and investment solutions.The Vault Guide to the Top 50 Banking Employers.02 billion. California. In 2009. corporate finance. the bank booked revenue of €27.000 are in Europe. private banking operations are based in Miami and works frequently with Latin American clients. compagnie Financiere de Paribas and Compagnie Bancaire. branch banking. but had risk exposure to his funds through trading and collateralized lending activities). private banking and securities group includes BNP Paribas Asset Management. including equities and derivatives. the combined entity will be the sole Europe-based financial firm with four domestic markets in Belgium. respectively. San Francisco and Dallas. the bank employs approximately 15. Los Angeles. Hawaii. fixed income.

75 billion if a sale went through before a mid-February meeting. The Belgian government. Chief executives also had to agree to give up their 2008 bonuses.8 billion total loss for the fourth quarter. A French bank bailout in December allocated $13. For worldwide completed M&A BNP Paribas ranked No. though. a form of the deal had Fortis taking just a 10 percent stake in the insurance unit.3 billion to prop up its operations. In debt markets it was the No. which was carved up by buyers earlier in the year.6 billion. coming in at $3. However.0 billion) and Societe Generale ($2. but BNP Paribas had its own share of the troubles. 14 in announced and completed deals. 13 mandated arranger and the No. 17. Like the troubled asset relief program in the United States.” In his 13 years at the bank. November 2008: Nice work Managing director Renaud-Frank Falce. but just barely. the court ruled that the Belgian government would have to pay Fortis shareholders $6. it will be able to choose between selling more bad debt to the French government. Meanwhile. participating banks had to promise to increase lending by 3 to 4 percent and to focus on building up capital reserves instead of paying dividends to shareholders. 188 © 2009 Vault. and I’m looking to stay. and BNP Paribas plans to proceed with that half of the acquisition. To comply with antitrust rules. 47.The Vault Guide to the Top 50 Banking Employers. . 10 in worldwide announced mergers and acquisitions for 2008. In an interesting twist. the CIB unit is expected to show a pre-tax loss of about $2. according to the Thomson Reuters league tables. its first quarterly loss since BNP Paribas was created in 1999. BNP Paribas was the world’s No. 45 and No. was named to the 2008 Investment Dealer’s Digest list of “40 Under 40. this was a seven-spot jump from its 2007 rank at No.” Like many BNP Paribas executives.9 percent are in the clear. In addition to its advisory prowess. the remaining 49. the result of write-downs and capital markets risks. 2010 Edition BNP Paribas SA for assurances against losses and ownership of Fortis’ Luxembourg bank. and if it does. BNP Paribas indicated that it would likely participate in this second round. analysts had feared that it might cost as much as $9.4 billion). December 2008: In the bailout line The collapse of American banks made headlines in 2008. again up from No. Previously. the legal tangles only pertain to 50. with 120 deals in the pipeline. As part of the decision. 19 bookrunner. but a court decreed that shareholders must be able to vote on the matter. with 110 Inc. Net income for the full year was reported to be positive. and on the Americas project finance tables. BNP Paribas agreed to sell off its BNP Paribas Personal Finance unit in Belgium. calling the BNP deal “the best guarantee for continuity of Fortis Bank Belgium. January 2009: First time for everything BNP admitted it was taking a $1. 12 and No.9 billion to buy subordinated-debt securities from six of the country’s biggest banks. including BNP Paribas ($3. won Best Bank in Ukraine. 13.3 billion). In the United States BNP ranked No. but he told the magazine that “I’ve been here for five years now. or selling the government preferred shares without voting rights. who’s credited with building BNP Paribas’ corporate loan business in North America. A Ukrainian subsidiary. 3 arranger of global project finance loans in 2008. In addition. respectively. making major moves from its previous positions at No. Co. UkrSibbank.1 percent of Fortis’ operations. There’s a catch.’s $23 billion purchase of William Wrigley Jr.” promised to challenge the Brussels Court of Appeals ruling. October 2008: Still trying for Fortis European Union regulators approved BNP Paribas’ bid to acquire the Belgian and Luxembourg banking operations of Dutch giant Fortis. the deal will have Fortis taking a 25 percent stake of its Belgian insurance group while BNP Paribas promises financial backing. and the second round of funding was expected to be put in action by early 2009. Falce was imported from Europe. it was the No. Falce recently worked on acquisition financing for Mars Inc. November 2008: Best of the best BNP Paribas was named Global Bank of the Year by The Banker magazine. 7 bookrunner for global asset-backed securities. Credit Agricole ($4. December 2008: Shareholders weigh in A roadblock arose with a court decision that would subject the sale plan to a Fortis shareholder vote. 17. BNP Paribas acknowledges that the court case will mean the takeover won’t be completed on its original timetable. the French bailout was divided into two tranches.9 billion. it was also awarded Best Bank in Western Europe and Best Bank in France. BNP Paribas’ stock rose on the news. In exchange for bailout funds. December 2008: M&A advances BNP Paribas ranked No. coming in behind RBS and the State Bank of India.

Specifically. The hiring process can be three-tiered: “telephone interview. offering potential employees choices from Bahrain to Switzerland.The Vault Guide to the Top 50 Banking Employers. human resources will organize meetings with groups of 20 to 30 people. for graduates looking for a position within the investment banking division. expert resume reviews. the Vault Job Board and more. then an individual interview with an HR manager takes place.” A current insider describes the process: “ for insider company profiles. candidates must send a cover letter and resume to the respective regional office in which they want to work. BNP Paribas provides a full list of the appropriate contacts online.” Visit Vault at www. To apply for a position. Then there is another round of three to five interviews with operational managers.vault. A former intern says that his experience involved “learning by doing. first meeting and second meeting. Another contact calls his internship an “incredible experience for those avid to learn about the financial markets in all its aspects.” And yet another insider who had interned at multiple financial firms in the past calls BNP’s internship “the most organized” of all. There are also more than 300 possible positions to choose from. 2010 Edition BNP Paribas SA GETTING HIRED Take responsibility Internship programs are offered in all industry segments and are highly recommended by current BNP Paribas insiders.” provided “good integration” and led to an employment proposal. The interviews focus on motivation.” the firm notes. 189 . capacity to evolve in the group and professional behavior. International prospects abound on the site. spanning every core business in which BNP Paribas operates. career message boards. “a previous internship in finance is a real advantage. expert advice.

CA 94104 Phone: (415) 364-2500 Fax: (415) 364-2695 www.tweisel. of Offices: 11 *Non-GAAP net income DOWNERS • Culture can be “aggressive” • “70 to 80” hours per week EMPLOYMENT CONTACT Follow the “careers” link at www. Chairman & CEO: Thomas BUSINESSES Asset Management Brokerage Equity Research Investment Banking Private Client Services UPPERS • “Very team-oriented” • “Highly intelligent. of Employees: 455 (approx.) What insiders at other firms are saying • • • • “Strong banking boutique” “Lots of ship jumpers” “Strong in West Coast PIPE deals” “Co-manager” THE BUZZ 190 © 2009 Vault. Weisel 2008 Revenue: $189.PRESTIGE RANKING 31 THOMAS WEISEL PARTNERS GROUP. INC.tweisel. .2 million* No. One Montgomery Street San Francisco. respectful” management THE STATS Employer Type: Public Company Ticker Symbol: TWPG (NASDAQ) Founder. KEY COMPETITORS Canaccord Adams Cowen and Company GMP Securities Jefferies JMP Securities Piper Jaffray & Co.5 million 2008 Net Income: -$ Inc.

equity research and brokerage services. Weisel sold Montgomery to NationsBank for $1. semiconductor. it lingered well below its debut price at approximately $4. IdealRatings will manage this process for TWAM clients. The stock debuted strong and rose 30 percent above its $15 per share offering price on its first day of trading. who joined as managing directors in investment banking focusing on the health care sector.3 million. and “a dramatic slowdown in capital markets activity. London and Zurich.3 billion. Portland. including 12 senior investment banking professionals and 22 senior brokerage professionals since January 2008. The firm is headquartered in San Francisco. and recorded a net loss of $203.” and “GRP will assist TWAM in building out its asset management capabilities in the natural resource sector. a company that provides investment services to investors who follow Islamic banking principles (also known as “Shariah compliance”). Among those hires were Jason Moran and Ralph Sutton. electronics. software. March 2009: Tough year Thomas Weisel reported $189. funds and accounts will be created that comply with the principles that Shariah-observant investors must follow. Visit Vault at www. who worked for J. former Lehman Brothers employee Douglas Leo joined as head of commission management for brokerage. Tech talk With its emphasis on growth sectors. technology. Denver. he left his first firm behind to start another. Toronto. previously a managing director and global head of technology M&A at UBS. Big recent hires TWP benefited from the dislocation in the marketplace. after its successful debut. a $330 million investment management company that focuses on investing in the global mining and metals sector. When NationsBank merged with BankAmerica to form Bank of America. Weisel (Wize-ul). who founded Montgomery Securities 37 years earlier. IN THE NEWS July 2009: Investing in precious metals and mining TWP announced that affiliate Thomas Weisel Asset Management formed a strategic alliance with Geologic Resource Partners.vault. The event showcases new research and puts venture capitalists and institutional investors in touch with CEOs from hundreds of communications. 191 . In his spare time. non-recurring and non-cash items.75 per share. THE SCOOP A public affair Thomas Weisel Partners offers investment banking. down considerably versus 2007.P. As of August 2009. joined TWP as co-head of mergers and acquisitions. career message boards. asset management. TWP is a natural host for an annual Tech Conference which examines the future of the technology sector. launching a self-underwritten IPO. and Sutton was previously with Bear Stearns.” according to Chairman and CEO Thomas Weisel. Inc. joined as a managing director in investment banking focusing on software. Moran was previously with Piper Jaffray. Additionally. Weisel serves as the chairman of the USA Cycling Development Foundation Board and sits on the boards of the New York and San Francisco Museums of Modern Art. Calgary.5 million in revenue for 2008. The reasons for the loss included a good will charge due to acquiring energy and mining-focused investment bank Westwind Partners. operations. expert resume reviews. recently hiring several key employees. compliance and administration. In 1997.The Vault Guide to the Top 50 Banking Employers.” May 2009: A new alliance The firm announced that affiliate Thomas Weisel Asset Management would be forming an alliance with IdealRatings. expert advice. telecommunications and wireless companies. However. Through the agreement. 2010 Edition Thomas Weisel Partners Group. Seth Ferguson. According to a TWP press release. Thomas Weisel Partners went public in 2006. Boston. Thomas Weisel Partners’ stock has been volatile. the Vault Job Board and more. and Christopher Poggi. The firm was founded in 1998 by Thomas W. “TWAM will consult and guide GRP in asset gathering. 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. Chicago. and has offices in Baltimore. He also supports his alma mater by serving on the board of the Stanford Endowment Management Committee. for insider company profiles. It also gives TWP a chance to scout future IPO or M&A clients. New York. IT. On the brokerage side.

Conacher in a December 2008 interview with The Deal.” December 2008: Optimistically opportunistic Thomas Weisel Partners had a rough year. succeeding David Baylor. new products intended to expand the fund will be solely controlled by Guggenheim. Goldman Sachs is getting out of small-cap stocks. “Historically. Westwind has completed 140 investment banking transactions and raised about $17 billion in capital. Employees of Thomas Weisel Partners in Mumbai—led by KV Dhillion (India Head) and Anand Sunderji (Head of Private Equity)—were taken on by Guggenheim. Otherwise.” Nevertheless. .S.The Vault Guide to the Top 50 Banking Employers. According to the terms of the deal. Calgary and London. We had been overbuilt for the market opportunity we had. calling TWP’s local access to “Silicon Valley finest … a massive advantage. who will cover Canadian oil and gas exploration and production companies. The Motley Fool seconded the Journal’s prediction. Later in January. For firms like us. January 2008: Where the Westwind blows Thomas Weisel completed its acquisition of the Toronto-based investment bank Westwind Partners. Lionel F.” said COO Lionel F. slashing some 160 jobs—about 20 percent of its workforce.” December 2008: Bye-bye. bringing the total laid off to about 27 percent of its employees. May 2008: Firmwide contraction TWP announced that it would cut an eighth of its staff.” Because of that. Baylor resigned as COO but agreed to remain as CFO through a transition period. based in Mumbai. in venture-backed IPOs. Jon Fredericks was also named managing director. Thomas Weisel paid $147 million for the Canadian firm. with the addition of Kurt Molnar. if 192 © 2009 Vault. “I think we’re right-sized. “I don’t think we’ve cut muscle or bone. March 2008: New hires in energy The firm beefed up its energy platform.S. responsible for expanding the firm’s trading franchise in the energy sector. are filled quickly. But layoffs. closure of the Mumbai office and net losses did not deter Lionel Conacher. who focuses on large capitalization gold mining companies and formerly worked at BMO Capital Markets. was acquired by U. TWP president and COO.” he told The Deal. according to Reuters India. and Michael Inc. but we intend to get more than our fair share. December 2008: Bright horizon In spite of job cuts and disappointing returns. expanding the company’s reach into Canada. Edwards and who will expand the firm’s Canadian energy expertise into the U. former CEO of Westwind Partners was appointed to the position of president of Thomas Weisel Partners as part of the deal. TWP closed up shop in India. Heather Douglas.-based asset manager Guggenheim Partners. it’s “very selective in its recruiting process” and “careful to ensure that all hires have the requisite level of experience. The Wall Street Journal singled out Thomas Weisel as a company that might prosper during economic recovery. this creates an opportunity. Previously. “It’s my belief that the bulge-bracket firms are all preoccupied and are going upmarket. we would have competed with the Morgan Stanleys of the world. Mumbai The firm’s fund of funds business. Shaugn Stanley was named interim CFO and later held the CFO role with TWPG from 1998 to 2001. Inc. TWP will retain an economic interest in the fund. former COO and CFO. Although he acknowledges the challenges his firm has faced over the past year.” He also said that the firm would continue to strategically hire. one insider remarks seeing “some positions remain open for a long time as many candidates are reviewed while other positions that require typically less responsibility or are less teamwork-intensive. he says he is optimistic about the possibilities presented by overall contraction of the financial industry.” Regardless.G. Since it was launched in 2002.” he said.” TWP President Lionel Conacher’s words in his December 2008 interview with The Deal also echo that sentiment: “Somewhere between 10 percent and 20 percent market share in the areas where we do business is up for grabs. GETTING HIRED Be a rare breed Thomas Weisel is a firm where “pedigree is important. Its layoffs have all been in the small-cap area. Westwind is an independent firm that specializes in the energy and mining sectors and has offices in Toronto. 2010 Edition Thomas Weisel Partners Group. but no longer control the partnership. Weisel had also maintained a 25-member research team in India. Conacher. “That’s not to say that we’ll get it all. Conacher became chief operating officer of TWP. December 2008: More cuts TWP followed up its May 2008 layoffs with an additional round of job cuts. who previously worked for A.

” Though the firm recruits from “top undergrad and business schools” such as Brown.” adding. it also finds candidates through “recruiters.m. directors and managing directors. Harvard.” And never fear if your school isn’t visited in the usual rounds—”the firm does hire from other places if the fit is right. Stanford. career message boards. Inc.” OUR SURVEY SAYS Great people.” Class act Complaints are tough to find—if not downright impossible—when it comes to sources’ opinions on management. however. the firm is a great place to work.” but says “a lot of people wear suits unless it’s Friday or they have been working too much.” And the atmosphere is “not as intense as some banks are known to be. “Slacks and a dress shirt with a jacket” is typically what employees will wear for client engagements.” One insider even goes so far as to say. you’re “intelligent. Salaries and perks mostly receive the same degree of praise from insiders. Additionally. which is [the] great part of working at Thomas Weisel. Penn.” Still.” and employee bonuses don’t look too shabby.” “The culture is hardworking” and “has a classy. either—”15 to 20 percent of the bonus is paid in stock with a four year vesting schedule. client contact is still important.” “friendly.” Even though there’s the option of casual dress within the office.” But the course of action does tend to vary. 2010 Edition Thomas Weisel Partners Group.” In addition to featuring “lots of good art.” “business attire is optional.tweisel.” while it tends to be “slower at other times. Dartmouth. with a balance of fit and technical questions. Columbia and Wharton. TWP’s base salary is “in line with the Street. have a good personality and are willing to work hard.” One insider calls the option “a little strange.” Good balance The hours spent at the office “can vary depending on who you work with. “The attitude of the senior bankers is probably the most compelling reason to work at TWP.” Your call Although “most people still wear suits or at least dress on the high end of business casual. as well as management. check out the “careers” link at www. One insider says that “the process consisted of two phone interviews and one Super Day.” though they are usually “typical investment banking hours” and average around “70 to 80” per week. and taxis after 9 p. Making an appearance at the office on weekends is an occurrence that tends to happen “more than once a month.” and the firm has “small. expect about two rounds of interviews that could entail meeting up to 20 people. the Vault Job Board and more.’” One analyst even calls it “the best balance of life that I know of. it is a “competitive” culture that’s simultaneously an “aggressive” one. collaborative teams with high levels of responsibility.The Vault Guide to the Top 50 Banking Employers. ‘white shoe’ feel about it without being too pretentious. familiarity with the firm personality and work ethic.” and is “very team-oriented.” There are also “technical questions to gauge your ability to grasp financial concepts” along with “questions focused on fit. respectful and genuinely appreciate a thoughtful work product and good effort. the firm has “great people all around. “outfitted during the peak of the boom in 2000. but competitive “Entrepreneurial” is a word that comes up frequently when insiders describe the firm’s culture.” “encouraging and helpful.” and the San Francisco offices. “I have great relationships with both my managers and my subordinates. Brace yourself Once you’re asked in.” For current openings. “Candidates will typically interview with all or most members of the teams hiring.vault. expert resume reviews.” And while your work load is “ebb and flow. They are highly intelligent. active hiring when there is a need.” It’s an art Office space in both the San Francisco and New York offices receive high expert advice.” And be prepared to be quizzed—”writing and skills tests are often required for associates.” the New York offices are “comfortable offices” and housed in a “good location. 193 . there is a lot of direct interaction with vice presidents. Both have “amazing artwork.” People are “positive from top to bottom.” “Generally. Monster and [recruiting firm] Glocap.” Other perks include “meals after 8 p.” boast the “best offices in the Bay area.” But there’s good news: “Bankers tend to be reasonable about not overworking analysts—TWP has a reputation as more of a ‘lifestyle for insider company profiles.m. and on weekends” and “pretax health and commuter benefits.” it’s also “often dependent on the efficiency of the managing director. “The interview questions were not atypical for investment banking.” Your experience may depend on when you apply.” Visit Vault at www. And the higher-ups seem to stick with the formal—”vice presidents and above typically wear suits daily. There is “rapid.

TWP is a great place to work.” The firm’s push for diversity also generally receives high marks.” says one insider. so employees need to have an appetite for learning on the job. 2010 Edition Thomas Weisel Partners Group. Thomas Weisel is really a unique place. “our program is not six to eight weeks long. Inc. though there’s room for improvement. though I can see how there could be a potential culture issue. But overall. “I have been given responsibilities and opportunities here that I do not feel I would have received at the other banks. the analyst program is about half of that—three weeks—and “a substantial amount of learning” is done in a trial-by-fire manner.The Vault Guide to the Top 50 Banking Employers. respondents have admiration for TWP’s ideals. But if you are looking to nail the basics and value learning by doing.” In reality. “If you are looking for a twomonth training program to start your career. don’t come to TWP. “I don’t feel like the finance industry is unwilling to recruit or retain women or Inc.” 194 © 2009 Vault. It’s not the length that counts In terms of training. .

com/careers What insiders at other firms are saying • • • • “Smaller deals” “They do banking?” “Good for accountants” “Boring” THE BUZZ 195 .investmentbanking.000* No. of Employees: 165. of Offices: Offices in 140 countries* * Deloitte Touche Tohmatsu EMPLOYMENT CONTACT deloitte. Suite 900 Detroit. MI 48243-1704 Phone: (313) 396-3000 Fax: (313) 396-3618 UPPER BUSINESSES Acquisitions.PRESTIGE RANKING 32 DELOITTE CORPORATE FINANCE LLC KEY COMPETITORS Houlihan Lokey KPMG Corporate Finance 600 Renaissance Center. Joint Ventures & Alliances Capital Raising Corporate Development Advisory Sales and Divestitures • “Supportive and respectful management” DOWNER • Work hours can be long for a non-bulge-bracket firm THE STATS Employer Type: Subsidiary of Deloitte Financial Advisory Services LLP DCF National Managing Director: Bob Coury 2008 Revenue: $27 billion*

and retail. George A. Deloitte Consulting. Deloitte Corporate Finance LLC. DCF advised Radiation Oncology Associates on its partnership with Oncure Medical Corporation. Also in 2008. when Great Western Railway. creating Deloitte & Touche. The U. and forensic and dispute services. At the same time. Inc. By the end of the 1960s. In the healthcare sector. ranked No. independent legal entity. The corporate finance unit’s specialty is the middle market. Finally. cracker and cereal manufacturer. which had become part of Touche Ross in 1975. FAS contributes approximately 5 percent of Deloitte’s overall revenue. consumer business. In 1993. The businesses manufactures and supplies liquid and solid sodium cyanide to support technology. a Russian biscuit. Alabama-based stamping and assembly plant to Cosma International Group. financial services.S. plastic. and William Deloitte’s eponymous firm was operating as Deloitte Haskins Sells. DCF national managing director Bob Coury also holds the position of principal at Deloitte & Touche. paper and packaging. business services. Chicago. hired local accountant William Welch Deloitte to conduct an audit of its business. Mid-market M&A leader Among deals DCF oversaw in 2008 is the close of Japan’s Hayashi Telempu Company’s acquisition of the Ohio-based Amtex. IN THE NEWS January 2009: Selling sodium cyanide DCF advised Evonik Industries AG on its sale of its North American sodium cyanide operations—CyPlus Canada. Other units of FAS are valuation services. which is a subsidiary of Deloitte LLP. a full-service firm that offered consulting and advisory as well as accounting services. together with the member firms of Deloitte Touche Tohmatsu and their affiliates. acquisitions. Although Deloitte is a giant—it’s not called the Big Four for nothing—DCF operates as a boutique within the conglomerate.S. tax and consulting businesses. plus New York. Deloitte Touche Tohmatsu (DTT) became the international umbrella name for Deloitte member firms around the world—a nod to Tohmatsu & Company. DCF serves clients across numerous major industries. and sits on the FAS executive committee. capital raising. 16 in 2008 worldwide announced M&A deal volume on deals with values up to $100 million (Deloitte worked on logged 217 deals in that 196 © 2009 Vault. . moving his office to New York two years later. (Detroit headquarters. and corporate development advisory. Oncure is one of the nation’s largest providers of outpatient radiation oncology care. This was a novel idea at the time. FAS and the Chinese Services Group of Deloitte & Touche USA (which assists on China-related cross-border deals). CyPlus Corporation and Cyanco Company—to Oaktree Capital Management. member firm has offices in 80 cities nationwide. but DCF has carved out its own niches. Dallas and Los Angeles). DCF was also named the exclusive financial advisor to Icon Systems’ sale to Science Applications International Corporation for $135 million. There are four five DCF offices in the U.The Vault Guide to the Top 50 Banking Employers. food and beverage. including Deloitte Tax. reorganization services. focusing on deals worth $25 million to $500 million. Deloitte & Touche realigned itself as a Swiss verein. a membership organization in which each member firm operates as a separate. The two firms merged in 1989. DCF served as exclusive financial advisor to Kellogg Company on its acquisition of The United Bakers Group. it advised Ogihara America Corporation on the sale of its Birmingham. December 2008: Little ones add up According to Thomson Reuters. DCF can draw on Deloitte’s extensive resources. That leaves FAS behind Deloitte’s audit. the American member firm of Deloitte Touche Tohmatsu—a global accounting and consulting network with operations in over 140 countries. There. Niven became Touche Ross. metals. DCF is a wholly owned subsidiary of Deloitte Financial Advisory Services LLP (FAS). manufacturing. life sciences and health care. joint ventures and alliances. ROA is one of the largest providers of radiation treatment in northeast Indiana. general industrials. including aerospace and defense. but soon other public companies followed Great Western’s lead. which is used to mine and extract gold. Touche. taking advantage of America’s new business regulations and income tax laws. through its member firm in Russia. Touche and partner John Niven built up their business. a British joint stock firm. It specializes in sales and divestitures. William and George The Deloitte behemoth was born in 1849. 2010 Edition Deloitte Corporate Finance LLC 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. The terms were not released. Touche opened his own audit and accounting firm in London in 1898. Hayashi had purchased 50 percent of Amtex in 2007.

The firm also ranked No.” Expect “several rounds of interviews. cooperative.” You can also expect “fairly general” interview questions “about background and behavior.” Hours spent in the office largely depend on your department. Fortune pointed out that women hold 22 percent of top positions at Deloitte. “it’s out of choice and it’s not a requirement. career message boards. The company made an even stronger showing for worldwide M&A based on number of transactions.” Visit Vault at www. supportive and respectful management.” although this “varies by function and team. expert resume reviews. “I have a great team that includes great. according to Fortune.” although “the same rigorous criteria applies to our intern candidates as does our regular full-time recruits.” Expect to “represent your qualifications” in addition to facing “general interview questions that depend on the team and position you’re applying for. expert advice.” Another says he works about 50 to 60 hours per week and says the company is “very flexible.” One contact says “we work hard. and have demonstrated leadership and academic skills within their college or at their previous work experiences. hold some 8 percent of top posts.” “Sometimes there are case studies involved or specific exercises that are relevant to the position. “Deloitte will always be around. 61 slot. 17 for deals up to $200 million.vault. 20 in announced deal volume on transactions with values up to $500 million. But one respondent says it’s not bad overall—”I often only go to the office and/or to visit clients two or three days a week and work from home other times. 3 ranking across the board for deals up to $50 million.” (When you’re in the office. $100 million.” Managers get high marks from respondents as well. Minorities.” “For every person that quits. $200 million and more than $500 million. respectful and fun. too. compared with 6 percent in 1993.” OUR SURVEY SAYS Support network Insider report that the firm’s culture has many “high achievers” but is also “congenial.” which tend to be composed of “at least two or three rounds. with a No. 2010 Edition Deloitte Corporate Finance LLC category). but we are always willing to assist each other. versus 4 percent in 1998. working on 237 deals. Getting into the firm that way “definitely gives you an opportunity to make a favorable impression and increase your chances of getting hired.” although it’s not uncommon to make a weekend office visit. January 2009: Great place to work Fortune magazine named DCF’s parent company one of 100 best companies to work for—for the tenth year in a row. Deloitte was named to the No.The Vault Guide to the Top 50 Banking Employers.” As for the future of the for insider company profiles. 197 . “business casual” is typically the code of the land. they find two to three other new hires to replace them with.” The firm recruits from “top universities throughout the nation” as well as “experienced hires with relevant skill sets. the Vault Job Board and more. One insider describes working “heavy work hours while limited to only officially billing 40 hours per week. GETTING HIRED Top of your game Candidates applying for positions “normally have a high GPA. and No.” “I enjoy spending time with the people I work with both inside and outside of work.” 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 firm offers internship opportunities.) And despite the fact that weekend work takes place.” You may end up interviewing with everyone from “peers” and “human resources” to “partner representatives.

com DOWNER • Hours can be long EMPLOYMENT CONTACT www.100 No.04 billion* 2008 Net Income: -C$4.cibcwm. of Employees: 1. Currencies & Distribution • Global Derivatives & Strategic Risk Corporate & Investment Banking Corporate Credit Products • Investment Banking • Merchant Banking • US Real Estate Finance THE STATS Employer Type: Division of Canadian Imperial Bank of Commerce (CIBC) CEO: Richard Nesbitt 2008 Revenue: -C$6. NY 10017 USA Phone: (212) 856-4000 Inc. BCE Place PRODUCT & SERVICES Capital Markets Cash Equities • Fixed Income. of Offices: 20 *Canadian Imperial Bank of Commerce What insiders at other firms are saying • • • • “Top investment bank in Canada” “Past its prime” “Respectable midtier bank” “Bush league” THE BUZZ 198 © 2009 Vault. Ontario M5J 2S8 Canada Phone: (416) 594 7000 US Headquarters: 425 Lexington Ave New York. .2 billion* No.PRESTIGE RANKING 33 CANADIAN IMPERIAL BANK OF COMMERCE (WHOLESALE BANKING DIVISION) UPPER • Friendly workplace 161 Bay Street.cibcwm.

S.S.5 percent.vault.) are wholly owned subsidiaries of Canadian Imperial Bank of Commerce. commonly referred to as CIBC. foreign exchange. The firm’s global headquarters are located in Toronto. merchant banking. wholesale businesses.S.) Neighbor to the south In the U. Los Angeles and Chicago.The Vault Guide to the Top 50 Banking Employers. and international markets on behalf of its Canadian clients. equities and related debt capital markets businesses to Oppenheimer Holdings Inc. and it has additional offices across Canada and the for insider company profiles. exited its leveraged finance activities in London. Until recently. Its wholesale banking business provides a wide range of credit. global equities. career message boards. CIBC World Markets Inc. as well as in other financial centers around the world. CIBC had greater U. (Shenfeld received more good news in March 2009. and placed its structured credit business in runoff. revamp.5 percent “exceeds regulatory requirements” of 7 percent as well as its own “medium term target of 8. Salt Lake City. and one of the most noteworthy was given by Bloomberg Markets magazine. CIBC sold its U. CIBC Wood Gundy Inc. In early 2008. Nesbitt’s arrival was part of a top-to-bottom recovery process designed to restore CIBC’s operations in the wake of the subprime mortgage crisis—CIBC had $11 billion in exposure to these bad assets. the bank remained positive when it reported them. as a top forecaster (fifth place) of the U. hitting record lows in mid-November. credit exposure than its Canadian peers. who was replaced by CFO Tom Woods. money market and securitizations.. merchant banking and oil and gas advisory. more than any other Canadian bank.” (Today. expert resume reviews. fixed income and currencies. In addition to its U. the Vault Job Board and more. investment banking. equity and commodity structured products. fixed income. Avery Shenfeld.S. stating that its Tier 1 capital ratio of 10. has only been on the job since February 2008. and form the bank’s wholesale banking arm. the marketing name of CIBC’s wholesale banking division was “CIBC World Markets. as was Chief Risk Officer Ken Kilgour. As part of the housecleaning. technically speaking. during his stay.S. in 2008 and the first half of 2009. institutional.S. CIBC’s wholesale banking arm has office in Atlanta.. which include real estate finance.” In addition. former CEO of the Toronto Stock Exchange.S. Rubin had been with CIBC for 20 years and. Ups and downs Although CIBC’s results for its 2008 fiscal year (ending October 31st) included C$4. and its losses were likely the catalyst for its move to “largely exit” global markets.S. corporate and merchant banking. capital markets. headquarters in New York City. CEO Brian Shaw was dismissed. expert advice. including derivatives trading and asset-backed commercial paper conduits. were also reduced. CIBC is one of Canada’s top M&A advisors in a number of industries. a leading Canadian securities dealer established in Toronto in 1905. and real estate finance. businesses. as well as the balance of its U. and is a leader in Canadian equity underwriting and structured products.S. Combining CIBC’s capital with Wood Gundy’s underwriting reputation. CIBC retained its other U. which ranked a senior economist at CIBC World Markets. commodities.S.S. corporate and retail clients worldwide. CIBC World Markets Securities Ireland Limited. Certain other activities within continuing businesses. including equities. Boston. CIBC’s stock price fluctuated madly on the Toronto Stock Exchange. leveraged finance.-Canada M&A transactions and investment management.. was named Canada’s top economist 10 times).” According to a column in Canada’s Globe and Mail. And between November 2008 and January 2009. Asia and U. Restructure. 2010 Edition Canadian Imperial Bank of Commerce (Wholesale Banking Division) THE SCOOP Canadian contender Canadian Imperial Bank of Commerce. CIBC Australia Ltd. The firm’s investment banking and capital markets divisions offer a range of financial services. when CIBC’s chief economist Jeff Rubin left the organization and Shenfeld took over his post. (Canada) and CIBC World Markets Corp (U. Visit Vault at www. and research products and services to government.-based investment banking. is one of the largest banks in Canada. quickly establishing itself as a leading North American investing institution. debt capital markets. CIBC also maintained its corporate lending capability and its ability to distribute Canadian equities and fixed income products in the U.2 billion in structured credit losses. recover CIBC’s wholesale banking business CEO Richard Nesbitt. Canadian Imperial Bank of Commerce’s wholesale banking division maintains a specialized focus on a handful of business lines: investment. CIBC’s wholesale banking division was born in 1988 when CIBC acquired a majority interest in Wood Gundy Inc. CIBC said it “repositioned its wholesale banking business to reduce risk and strengthen its alignment with CIBC’s desired risk profile. Houston. Top honors The bank and its bankers have received several awards recently. economy between 2006 and 2008.. became a powerful investment banking arm. Another key business area is cross-border U. 199 . which also includes other affiliates such as CIBC World Markets plc.. and CIBC World Markets [Japan] Inc. but climbing fairly steadily after that only to fall again in mid-January 2009.

residential real estate portfolio. And it ranked No.9 billion. December 2008: No. First step: brokering an agreement with private equity powerhouse Cerberus Capital Management. investment banking.1 million CDN to support children’s hospitals. CIBC wound down its London-based leveraged finance business and put its structured credit business in runoff. the firm has taken this day to donate all sales and trading fees and commissions to children’s charities.5 billion worth of trading activity. (By June 2009. CIBC said it will shift to a 75 percent retail business. CIBC had a market share of 13. CIBC had increased its market share to 17. with C$45. but that was worth C$60 million. . parent bank CIBC had a net loss of $2.2 billion. which was valued at $1. The firm was also recently named Investment Bank of the Year for its strong M&A performance by ACQ Finance Magazine.S. 2010 Edition Canadian Imperial Bank of Commerce (Wholesale Banking Division) CIBC also picked up honors from Financial Times and Mergermarket in its inaugural M&A Awards Americas. by value.S. Since 1984. former managing director of Lehman Brothers Canada. having worked on 35 deals worth a collective C$10.” 200 © 2009 Vault. were scaled back. which agreed to invest $1. 3 in Canadian government debt underwriting. CIBC was the No. September 2008: Reducing real estate risk CIBC began taking further steps to reduce its exposure to the U. with C$28.1 billion.1 percent for January. 1 in M&A (in Canada) According to Thomson Reuters. David Leith. who was also head of investment. 1 advisor of Canadian merger and acquisition deals in 2008. The bank was also the fifth most active debt underwriter in Canada in 2008. December 2008: It’s a miracle The first Wednesday of every December is “Miracle Day” at CIBC’s wholesale banking unit. For the full fiscal year.” Following Leith’s departure Geoffrey Belsher. residential real estate market—in other words.4 billion. education and recreation programs. mostly the result of structured credit losses. December 2008: Big losses CIBC’s fiscal year ends on October 31st. and for the fourth quarter of the year. The 2008 Miracle Day brought in $3. Under Nesbitt’s Inc. underwriting 49 debt deals worth a total of C$14. signed on as head of corporate credit activities. it worked on 23 deals worth C$3. and the firm’s major charitable enterprise. the firm only worked on one deal. it started scrubbing the subprime grime from its balance sheet. the division has also cultivated more business with foreign traders who are interested in low-commission electronic trading. the bank ranked No. And it came in fifth in Canadian IPO volume. CIBC will retain 100 percent of the returns on the portfolio following repayment of the investment. compared to a net loss of C$538 million for the third quarter of the year. raising more than C$44 million over the years. corporate and merchant banking. shelters.S. Laura Dottori-Attanasio. 3 in total equity underwriting volume. leveraged finance. former chief risk officer at the National Bank of Canada. CIBC’s wholesale banking division reported net income of C$133 million. and CIBC will retain ownership of the assets. equities and related debt capital markets businesses to Oppenheimer. Damage control is ongoing.6 percent.5 billion in trading activity. and meal services. because it consisted of mortgage-backed securities and collateralized debt obligations. January 2009: TSX top trader Some good news: CIBC’s wholesale banking unit beat longtime rival TD Securities as the top trader. CIBC reported a net loss of $4. including derivatives trading and asset-backed commercial paper conduits. Under the terms of the deal.1 billion. on the Toronto Stock Exchange. residential mortgage market” while providing “important flexibility to benefit from a future recovery in the cash flows of these securities. Besides selling off its U.5 billion. Going forward. simply said that he had “elected to leave the firm.) New CEO Richard Nesbitt deserves credit for this success: he’s the one who hired TMX Group’s Rik Parkhill to head the cash equities division. as the division’s deputy chairman. Leith. The bank was named Financial Advisor of the Year in Canada and Mid-Market Financial Advisor of the Year in Canada.05 billion in CIBC’s U. IN THE NEWS February 2009: More changes Further shakeups were afoot.The Vault Guide to the Top 50 Banking Employers. pediatric health research.075 billion (down from $1.186 billion) by mid-summer. departed after 25 years with the firm. CIBC’s CEO Gerry McCaughey described the arrangement as establishing “a floor under CIBC’s exposure to the U. counseling programs. CIBC worked on 54 announced deals during the year worth a total of US$26. and it has set an annual net income goal of $300 million to $500 million for CIBC World Markets. joined as managing director of investment banking.S. In the Canadian equity markets. Other operations.

provide detailed application instructions. 1 advisor for Canadian announced for insider company profiles. the Vault Job Board and more. and leveraged finance is touted as the most laid-back.” though it’s “friendly at the lower levels. though—CIBC World Markets didn’t crack the U. CIBC is a “very receptive and friendly place to work for on the whole.The Vault Guide to the Top 50 Banking Employers. with 54 transactions valued at $26.” where “good teamwork” is the norm and “people on the whole are good to work with and personable. and MBA candidates at select programs such as Wharton and Columbia.” and a contact adds that it is “not a place where title restricts your responsibilities or ability to have an impact. only four of 12 summer associates received offers (the contact was one of the four). The dealmaking frenzy didn’t extend beyond its homeland.” “what do I do if I need help. another says that while balancing the workforce is on the firm’s to-do list. 2010 Edition Canadian Imperial Bank of Commerce (Wholesale Banking Division) July 2008: M&A master M&A activity CIBC World Markets was the No. although I Visit Vault at www.” One analyst applicant adds that his “interviewers wanted to know that I could handle the hours” and “looked for passion about the markets. and then a hiring manager and director. league tables.” CIBC expects its junior staffers to be “hardworking” and to take on “a lot of responsibility. GETTING HIRED Solid learners Qualifications required for specific positions vary. the corporate culture tends to “vary according to levels.. think Universities of Michigan and Virginia.” Most questions are “framed in a behavioral question format. “If you have experience in this field.” “Employee morale is strong.” with “questions based on the posting and also some behavioral interview questions.” “valuation” and “financial statements. 201 .” Summer interns reveal that it is generally “easier to get hired after completing an internship.” Technical questions are “customary for banking interviews” and may test a candidate’s “basic understanding of accounting. expert advice. Postings are also listed by date (most recent first). expert resume reviews.” says one source. wrapping 51 deals and maintaining a 21 percent market share. However.” Like its competitors. OUR SURVEY SAYS Friendly faces—mostly Overall.” One source who works “in a satellite office” calls the atmosphere “very frat-like.vault. and we all get along very well. you won’t have much to prepare.” Experienced hires can search the CIBC World Markets web site for listings according to location. One insider who went through two rounds of interviews says he first went through meetings with “human resources. confident and smooth. career message boards. CIBC is “no worse than the rest of the industry.” a “basic understanding of the financial services industry” and the “ability to learn quickly. CIBC is finding that it needs to recruit people with a finance background.S. CIBC World Markets “looks more for a personality fit than someone with the best corporate finance skills.” Interviews are conducted by professionals of all levels and normally span two rounds.” Another confirms: “There are quite a few running gags.” Perhaps a reason the fraternity analogy is fitting is that the firm’s male-to-female ratio is extremely male-heavy.” For example.” and another says.” Another goes so far as to say “an ideal candidate is good-looking. One source reports that after his summer stint. with a preliminary on-campus interview followed by “four to five” back-to-back meetings at the CIBC World Markets offices. and include information on the business units and specific job requirements. and Canada (in the U. “Confidence and well-rounded abilities go very far in this organization.S.” says a contact. type.” One current insider advises. CIBC World Markets runs a “very competitive” hiring process.” and questions such as “tell me about a challenge you had and how you overcame it. “M&A is reputed to be the most hardworking. sitting through “an additional four to five interviews. Columbia and other Ivies). because we don’t have the long training programs of the bigger banks. 5 for completed Canadian M&A. Cornell. inside jokes and workplace legends that are quickly passed on from one employee to another. expect “basic questions revolving around organization and preparation.” “Each group has their own personality.) “Fit” questions may include “Why banking?” and “Why us?” as well as seek to determine a candidate’s “strengths and weaknesses.” and also advises to “make sure you look glamorous but businesslike” during your interview. Interested candidates should check in with their career services centers for postings.” Still.8 billion. focusing its recruiting efforts on undergraduates at top schools in the U.” A former summer associate says that he “was treated like any other deal team member.” (The World Markets full-time new hire training program lasts four weeks.” but the firm still weeds out unwanted would-be full-timers. It also ranked No.S. even managers. but in general. the firm says it looks for self-starters with “a solid work ethic” who have “the ability to work in a team. category and keyword. and CIBC World Markets can be an “intense meritocracy. but another contends that “more and more. Everyone gets along with everyone. Prepare for questioning During the interview process. One contact who attended a “non-core” school was more closely scrutinized.” and says his co-workers “are very cool to one another.

and if you’re still around.” he says. adding that “at 6 p. Another says. “they’ll give you more work because the firm is so Inc. the lights are out for good.” Overall. the general sentiment is that the hours at World Markets are “very unpredictable” but “typical for banking. “Work hours are loosely based on the 9-to-5 model. you get “three weeks of vacation. overcompensating poor performers at the expense of the people bringing in most of the money. And that’s the same on weekends.m.’” One contact has “noticed that some have the attitude that they stay longer than others because it is some sort of badge of honor. though a lot of responsibility often means a lot of hours. Still. . while “senior bankers say they treat junior bankers better here than at other banks. but tends to try to smooth out on a departmental basis. “CIBC pays fairly.” Another insider opines that it “depends entirely on the individual manager’s style. people start asking questions. with numerous senior management changes over a series of public embarrassments on what seems like an annual or biannual basis.” And. says one source.. the firm pays “consistently below” the Street average but “luckily not by much.The Vault Guide to the Top 50 Banking Employers.” 202 © 2009 Vault.” In other words.” Another insider confirms: “I almost never go home before midnight.” “If you are free. however. junior people are worked very hard—and sometimes for no reason.” adding that he works “fewer than average” hours. too.” The relatively thin junior ranks are a big reason why young bankers can take on so much. and include a late night and weekend meal allowance and car service.” The perks are standard for the industry. the treatment of junior staffers at CIBC World Markets is “generally acceptable” with “some management” doing “a better job at mentoring and teaching than others.” But hours tend to vary depending on location. not because he’s a great manager. One banker who logs 80 to 90 hours per week says that the hours can be “brutal at times.” admits that his “direct superior is employed because he’s a great banker. insiders admit that the firm “has become ever more disorderly over the past few years. but regardless. though you need to get special approval to take the three weeks at the same time.” One associate.” one insider says. 2010 Edition Canadian Imperial Bank of Commerce (Wholesale Banking Division) was typically staffed with another full-time associate. thinks that pay is “higher than average. however.” Not on par? According to some employees. who calls his relationship with his superiors “collegial and friendly. though.” his experience “is that it’s the same as other banks.” One associate.” Overall.” Others report constant weekend work but “not a lot of pressure to put in ‘face time.” On the management front. “there is no consideration for a junior banker’s outside life.

centerviewpartners.PRESTIGE RANKING 34 CENTERVIEW PARTNERS LLC RANKING RECAP Quality of Life #1 – Best to Work For #1 – Compensation #1 – Overall Satisfaction #2 – Culture #2 – Hours #2 – Selectivity #2 – Treatment by Managers #3 – Business Outlook #3 – Green Initiatives #4 – Training #12 – Offices Diversity #2 – Diversity With Respect To Ethnic Minorities #3 – Best for Diversity #4 – Diversity With Respect To Gays and Lesbians #4 – Diversity With Respect To Women 640 Fifth Avenue. Stephen Crawford. 19th Floor New York. of Employees: 80 No. Blair What insiders at other firms are saying • • • • “Strong. of Offices: 5 KEY COMPETITORS Allen & Company Evercore Partners Goldman Sachs Greenhill & Co. NY 10019 Phone: (212) 380-2650 Fax: (212) 380-2651 www.centerviewpartners. emerging boutique” “Small—only do a handful of deals” “Effron is the man. James Kilts & Robert Pruzan No. Lazard J. great senior bankers” “Who?” THE BUZZ 203 . Morgan Moelis & Company Morgan Stanley Perella Weinberg Partners UPPERS • “Unparalleled access to top dealmakers and senior bankers” • “Opportunity to focus closely on key industries and clients” • “Caliber of employees” DOWNERS • “The hours I work as an analyst are a lot” • “Niche focus limits ability to transfer to new groups/geographies” • “Limited resources for information” EMPLOYMENT CONTACT Follow the “careers” link at BUSINESSES Advisory Private Equity THE STATS Employer Type: Private Company Co-Founding Partners: Adam Chinn.

In 2007. deals—the only boutique to land in the top 10. Centerview ranked No. Centerview jumped from No. ConAgra’s $2.” adding that the current gloomy environment offers “a great opportunity for us to continue to build relationships—but I’m not sure it will be through transactions over the next six to 12 months. Nabisco and Kraft Foods. The bankers brought Centerview their experience in several high-profile deals. 16 in completed transactions. According to Thomson Reuters’ tallies.S.S. The advisory business addresses strategic. former CEO of both Gillette and Nabisco. Centerview stepped up to work on Capital One’s $520 million acquisition of Chevy Chase Bank. or we come heavily recommended. and is led by partners James Kilts. Richard Girling and Mark Robinson may have been lured to Centerview by something bigger firms can’t offer: the lack of salary and bonus restrictions. talking about investor relations. Centerview has kept up its pace. including Sanofi-Synthelabo’s $63 billion acquisition of Aventis. Centerview has added three more high-powered co-founding partners and brought total headcount up to 80.” IN THE NEWS April 2009: Coming to Centerview Centerview Partners hired three senior health care bankers away from Bank of America Merrill Lynch. “The great thing about what we’re trying to do at Centerview. respectively. The second thing that’s very different is we’re obviously an earner-operated firm.S. talking about a lot of things that don’t necessarily make Centerview money but make us very good relationships over the long term. 204 © 2009 Vault.” he told Fox News. big business In 2006. “We either know the institutions we work with over a long period of time. dealmaking and No. he said. fell to their knees in fall 2008. The private equity group focuses on the U. the firm may have to make a temporary shift to “hand-holding.” Instead. the firm had ranked No. consumer middle and upper-middle market. its partners have advised on over $1 trillion in transactions over the course of their careers. The two men decided to capitalize on the lucrative mergers and acquisitions boom by going in to business together. Morgan. 13 and No. 2010 Edition Centerview Partners LLC THE SCOOP Small size.’s $167 million sale of Positron Public Safety Systems to the West Corporation. and I think clients understand that and appreciate it. Boston Scientific’s $25 billion acquisition of Guidant and Pfizer’s $68 billion pending acquisition of Wyeth. And even though the market for M&A has slowed down. 14.” Crawford compared Centerview to “a family practitioner. in December. 10 in both announced and completed U. 13 in announced U. Top 10 Centerview made a major splash on the 2008 banking league tables. who held senior executive positions at Gillette. it was the U. and finally. Alan Hartman (head of M&A for the Americas at BofA Merrill).S. 31 spots in worldwide announced and completed M&A deals to land at No.’s No. is our relationships are based on just that: the relationships. including more than $200 billion of transactions since Centerview was formed. coming in behind heavyweights Goldman Sachs and J.S. Centerview co-founder (and Morgan Stanley veteran) Stephen Crawford explained why his firm will survive—and make the best of a tough time. .8 billion sale of its trading and merchandising business and InBev’s $52 billion acquisition of Anheuser-Busch. financial and operational issues for its clients. which is very different than a large firm owned by Inc. 3 adviser. David Hooper.P. a veteran of Wasserstein Perella. UBS managing director Blair Effron had dinner with his friend Robert Pruzan. who joined from Vestar Capital Partners. opening a boutique they dubbed Centerview Partners (the name came from the view at their new office on the 19th floor of Rockefeller Center). Since Effron and Pruzan’s vision was realized. Perhaps even more impressive. advising on megadeals like Altria’s $113 billion spin off of Philip Morris and its $62 billion spinoff of Kraft Foods.The Vault Guide to the Top 50 Banking Employers. And in the consumer staples sector in 2008. Relationships matter As the biggest banks in the U. and Joseph Schena. according to the firm. How it works There are just two lines of business at Centerview: advisory and private equity. November 2008: Safety first The firm advised on IPC Systems Inc.

” The process for “lateral hires” is even more challenging. “candidates will have met at least half of the bankers in the firm” by the end of the interviewing process.” “Because the firm is very small. In fact. the $1. “every candidate is tested extremely thoroughly. “every candidate is interviewed by employees from all levels—analyst. Another contact says to expect “four rounds of interviews.1 billion sale to Ericsson. And. four of whom were partners at the firm.vault. principal. “the firm hires people only when it is sufficiently impressed by a candidate to merit adding to the staff. “We’re looking for people who can progress more rapidly than their peers at larger banks. According to one analyst.’s $1.” though he cautions that “finance and mental math questions do come up.” A rigorous process Entry-level and more-senior candidates alike can expect a rigorous hiring process. expert resume reviews. Jean will be based in Los Angeles. The two came from UBS. where they served as managing directors and co-heads of the Americas technology investment banking unit.” And don’t expect to be facing down members of HR: a vice president of the leveraged finance group recalls interviewing “with all senior members of the private equity team as well as selected investment banking partners. The same month Centerview announced the hiring of Lisbeth Barron.” An analyst in M&A recalls a “first round on-campus with two interviewers. Candidates “for more senior positions” will face “three to four rounds. the third is often with more senior personnel. entry-level candidates (college seniors) can expect “two rounds of interviews: one on campus and one in the New York office. one insider says. says an insider.. he says. One managing director stresses that “cultural fit is a key determinant in any hiring decision. The New York State Insurance Department hired Centerview to advise on its involvement with beleaguered insurance giant AIG.” In part that’s because Centerview’s “very small” size and “boutique culture” mean that “finding the right fit and technical expertise is of great importance. Typically. more deals filled the pipeline in late 2008. partner”— for insider company profiles. though the particulars “differ depending on the level for which we are hiring. Barron led Bear’s corporate finance practice for clients in the film. as Centerview took advantage of its larger rivals’ woes to land some serious assignments. Bryan Spielman. career message boards. which may include assessing the terms of potential sales.” And a managing director in M&A describes a “detailed interview process with perhaps 10 interviews or more (as well as several meetings with colleagues in recruitment).” As for the type of employee the firm likes to hire. Individuals must display team orientation.” The second interview.” says one insider.” Indeed. each candidate” will endure “several interviews with various employees. the Vault Job Board and more. branded licensing.” a process he describes as “a general fit interview. a former UBS technology group managing director. Redback Networks’ $2.” according to one managing director.” Another contact says to expect “an on-campus or phone interview for a first round. 205 .” A principal in finance “interviewed with eight people.” says an analyst. associate. and Itron Inc. says one contact. ownership mentality and high intellectual capital content. which “usually lasts all day. Jean as partners. A 22-year veteran of the media and entertainment industry. they’ve worked on assignments like Cisco Systems’ $6.” As a result of interviewing with so many employees.9 billion acquisition of Scientific Atlanta. recorded music and location-based entertainment industries.” Candidates who make it to that stage can expect “more rigorous financial and math questions.” Regardless of the post for which you’re applying.” followed by “a second round ‘Super Day’ at our offices. which “takes place at the firm’s offices in Manhattan.” according to one principal. Handler set up shop in Centerview’s New York office. our model requires” the ability to progress quickly.7 billion acquisition of Actaris. even founding partners interview. also joined as a Centerview partner. television.9 billion acquisition of AFC by Tellabs. Visit Vault at www. One month later Centerview advised apparel legend Liz Claiborne Inc. involves several two-onone interviews. the “very selective” company “only looks to hire A+ talent. merchandising. “each year” Centerview hires “only a handful” of “the absolute best and brightest.” During the Super Day. though a heavy emphasis is placed on personality and fit with Centerview. and St. One analyst recalls meeting “with 11 people from every level. expert advice. June 2008: Eye on tech and entertainment Centerview bulked up its technology and telecommunications advisory group with the addition of David Handler and David St. given our leaner deal teams. a former partner in Bear Stearns’ media and entertainment investment banking group. 2010 Edition Centerview Partners LLC September 2008: Never a dull moment Despite the downturn. GETTING HIRED The absolute best and brightest Landing a job at this prestigious M&A firm is not easy. Inc.” An insider says that the “first two” interviews “are generally with midlevel personnel. on its sale of the Enyce clothing line to Sean “Diddy” Combs. Together.The Vault Guide to the Top 50 Banking Employers.

and deal teams are very small.” Although employees say the firm’s culture is “performance-based.” says one vice president.” Another insider agrees.” Industry experience. including analysts and a managing director.” says one analyst. “at the entry level. one analyst says that he has “been able to pursue a more positive work/life balance than at my prior employer.” Others agree.” OUR SURVEY SAYS Collegial.” One investment banking analyst points out that “surprisingly few of the junior staff did their undergraduate degree in economics or business. each employee needs to be a self-starter to succeed. entrepreneurial and tight-knit Centerview. Centerview is an advisory business that must respond to client requests on short timeframes.” notes another source. “One very favorable aspect of Centerview is that if your work is done. all employees are permanent. the “long hours” are “part and parcel of the job. “Even at junior levels. A vice president adds that “vacation time is considered important—very few vacations are cancelled. nights. say they work more than 100 hours per week. says one contact.” The firm’s size makes it possible for junior-level employees to work alongside senior bankers. .” In spite of the long hours. Harvard. 2010 Edition Centerview Partners LLC The Centerview from the top Presently. “Friendly collegiality is pervasive. That said.” 206 © 2009 Vault. Indeed.” A vice president adds that although the “culture is very ‘results-focused. folks at Centerview are happy with their pay.” Respondents express deep pride for the firm’s “culture of excellence” and affinity for its “great people who care. but those that do say they put anywhere from 1 percent to 10 percent of their salary toward the loans.” says one insider. you go home. says another.” says one banker. In this “tight-knit community. “At the same time.” “the hours and workload can be demanding” and employees are held to “very high standards.” According to another employee. Few employees have student loans. Yale.” As one contact explains. MIT and Penn—that is.” Another contact says.” What counts. and other team members will cover” people who take their days.” The firm “takes a great interest in the professional development of junior personnel. But.” One insider points out that “the working team is collegial and mutually supportive. as the firm “does not offer summer internship programs.” Most-competitive compensation Overall. You need to be self-motivated.” Because “client-focus is paramount. some work anywhere from 70 to 90. and the bulk come in often or frequently on weekends. given that it is a boutique. believing that the firm’s “high work ethic and philosophy on work/life balance” represents a “perfect blend of hard work and respect for everyone’s time. “Aside from entry-level” candidates. which means analysts work in close contact with principals and partners.” Others agree. Centerview focuses on the “tier-one” schools. and weekends For such a small firm to rank in the top 15 in global M&A volume. “at the end of the day.” Most employees work more than 60 hours per week. there is much less ‘face time’ here than anywhere else I have seen.” But relationships built in this “very collegial place” are not only about work. “for reasons of client confidentiality.” “junior employees are encouraged to develop their client-facing skills from an early point in their careers. “No one is going to hold your hand and encourage you to work hard. professionals are given the opportunity to accept as much responsibility as they are capable” of shouldering.” “professionals often interact socially outside the office. on-campus recruiting and connections are key to getting your foot in the door. Other perks include evening meals and a car service home if working late or on weekends. says an insider. “thus far. “The firm does not recruit from business schools at the MBA level. Some respondents.” the culture is also “extremely supportive and understanding.’ face time is discouraged.” The company also takes “high caliber referrals.” Others agree that the “unpredictable hours” are “an aspect of the job that you will find at any bank. “consisting of partners from other firms with very different cultures. but “students from non-core schools are encouraged to apply. “The hierarchy is very flat. “We like lateral hires that have client management experience and analytical skills picked up in an M&A department.” According to an insider. And partners do make an effort to be as reasonable as possible with time outside the office. citing the firm’s “entrepreneurial-type culture”— you have to have the “incentive to take ownership of work assignments and client relationships.” and “the atmosphere stresses personal and career development. Inc.” all lateral hires “have come from the pool of top performers at major investment banks and boutiques. For that reason. like the rest of the industry.” Says one insider.” and “junior bankers are given execution and client-facing responsibility very rapidly. “we only hire people with prior M&A experience.” the firm recruits from places like Princeton. from the “most prestigious colleges on the East Coast. Hefty bonuses tend to match or exceed one’s base salary. saying. hours can be long.” has developed a “very unique culture that represents a nice blend of several other banks. “Salary and bonus combinations are targeted at the most competitive levels. don’t expect Centerview to come knockin’ on your door. it’s no surprise that employees log long hours. is “thoughtful and original thinking as well as flawless analytics. As a principal in finance explains.The Vault Guide to the Top 50 Banking Employers. But if you’re getting your MBA.

Although “deference is given to experience. Indeed.” The firm’s “work style is very collaborative.” Employees say that “given the small size and tight culture of our firm.” Some sources also say that the firm has “casual Fridays” and “casual summer.” and sources say that “senior bankers take a genuine interest in teaching junior bankers and developing their skills. “everyone rolls up their sleeves together. expert advice.” One managing director says that the formal program is followed by regularly scheduled “formal and informal training sessions. who cites the company’s so-called Green Warden.” Although virtually all employees work long hours.” Indeed.” Open door and on the job When it comes to training. the firm maintains an “open-door policy up to partner level. expert resume reviews. An insider says that it’s “up to the discretion of the banker. Rolling up their sleeves together The firm’s small size demands that junior and senior bankers work closely together. Others are less sanguine about the firm’s commitment to environmental initiatives.” which it expects to inhabit in the summer of 2009.” The firm is “currently at capacity. “the emphasis is on efficiency.” And respondents say they are open to change: giving up disposable plates and silverware. under the assumption that these junior bankers will stay at Centerview and eventually become senior bankers themselves.” A vice president calls the program “modest. and “every level employee at Centerview is treated with respect.” When it comes to dress and dress codes. respondents are not overly thrilled with the Centerview office—the firm has only one—mostly because it is “crowded.” The green warden On the whole. from technical and strategic-thinking skills to client interaction skills. career message boards. “training is extremely personal. “there is hands-on training every day.” and installed “motion sensor lighting. the Vault Job Board and more.” which necessitate “a suit and tie. explains a principal.’” In general. “There is a formal training program for the first-year analysts that’s probably less intensive than what you would receive at a large bank.” says one analyst. says a vice president.” says one source. “have been designed with environmental sustainability in mind.” and “work can also be performed remotely.The Vault Guide to the Top 50 Banking Employers. 207 .” Not enough rooms with a view On the whole. the company’s “new offices.” In addition.” That tends to mean “business dress.” However.” appointed by the firm.vault. all of which is run by Centerview bankers.” They also have “the ability to think creatively around research is stressed.” Visit Vault at www. “they are in motion.” Another says that “most but not all of the more senior people tend to be formal every day.” Another insider says that “senior bankers take care to teach junior bankers all that they can. “all employees are strongly encouraged to embrace these environmentally friendly behaviors. “We are just beginning to develop our green business practices. So.” he admits. “analysts are able to perform basic tasks with ease. as is rigor in analytics.” due to “significant growth over the past couple of years. “oversees recycling. “analysts receive a few weeks of formal training at the start of the summer.” says one insider. Most people choose to wear suits and ties. most Centerview contacts feel that their firm is environmentally conscious. “there is no hard and fast rule.” Sources are looking forward to “moving to a larger. One investment banking analyst calls it “very classy.” But across the board. “We’re very green. “I am in the office all day and often very late at night and often during the weekends. overall.” As a result. People dress professionally as their schedule dictates. reducing overhead lighting during off-peak hours and when it’s sunny. sources are firm about “client meetings. “there is an awareness of environmental impact at the most senior levels of this firm. insiders don’t mind their hours. Change may come soon: According to one vice president.” and the “firm and its partners have a strong focus on developing its professionals on the for insider company profiles. An analyst explains that this “Green Warden.” Says one source. more luxurious” and “more comfortable” space in the summer of 2009.” During this time. energy conservation initiatives and other environmental concerns. superiors take a much greater interest in you and developing your skill set” than at bulge-bracket banks.” By the end of training.” And a vice president points out that the firm’s small size “helps immensely” with regard to maintaining the health and robustness of these relationships.” Another contact notes that firm has also “implemented initiatives such as double-sided printing and no paper memos. another analyst who works about 75 hours per week says that “workflow comes in cycles. though not necessarily a coat and tie” in the office—”a sweater and dress slacks” are suitable. not taking a car service home and reducing business travel by air are among the initiatives employees are open to implementing.” says one employee who feels that the firm could do more.” Indeed. 2010 Edition Centerview Partners LLC An analyst who works 80 to 90 hours per week says.” while an analyst calls it “intensive training. unlike that I have seen elsewhere. not ‘command and control. analysts develop “a full suite of M&A advisory skills” as well as an understanding of a “broader market context. only a handful say they would take a 20 percent pay cut in order to reduce working hours by 20 percent.” One analyst says that he “could not be more pleased with my interaction with partners and principals. Some do like the old office. “But. This is true across the board. and have a very solid groundwork laid for more complex modeling and analytics.

in today’s “challenging business environment. though one says that holiday celebrations were scaled back.” An analyst in corporate finance agrees. which makes the industry unattractive not only to women and minorities but also to good businesspeople.” What fiscal crisis? In an era of cost-cutting. Most also commend the firm’s commitment to diversity regarding employees who identify as GLBT. “there seems to be a shift toward working for a boutique investment bank. “Strategic advisory firms will ultimately benefit as investment banks lose talented personnel and increasingly become providers of commodity financing-oriented products.” Another insider Inc. but at least a few believe that the firm can do more.” “our firm is well positioned to capitalize on this trend. Given the trouble that “public Wall Street investment banks” have endured. saying.” Or. “Too often.” says one senior banker. may have less to do with Centerview as a firm than with the financial industry itself. smaller banks. intelligent and well-meaning become key criteria for success in the industry. But at least one contact says the firm is lacking in that area. Each employee is busy just the right amount. respondents give the firm high marks for bringing women and minorities into the workplace. “Women and minorities will increasingly join the finance industry at the same time as upstanding. 2010 Edition Centerview Partners LLC An industry-wide problem On the whole. “Regardless of the troubled economy. .The Vault Guide to the Top 50 Banking Employers.” And given Centerview’s “solid foundation of people. according to one contact.” Some insiders believe that where big banks have lost traction. “We’re on the offense while the rest of the world is pulling back. stand to gain. says one analyst. as one executive puts it. most respondents haven’t noticed any cutbacks.” he says. “the firm’s independent advisory model has generally been well received in the marketplace.” he says.” 208 © 2009 Vault. The challenge. the finance industry is perceived as a haven for underhanded and occasionally bullheaded business dealings by men. like Centerview. “there is a lot of business at the firm. Perhaps that’s because.

3 million No.kbw. INC. of Offices: 10 EMPLOYMENT CONTACT www.kbw. KEY COMPETITORS FBR Capital Markets Fox-Pitt Kelton Sandler O’Neill + Partners The Equitable Building 787 Seventh Avenue. NY 10019 Phone: (212) 887-7777 Fax: (212) 541-6668 UPPERS BUSINESSES Equity Capital Markets Fixed Income Capital Markets General Advisory M&A Advisory Mutual Thrift & Insurance Company Conversions Structured Finance • “Very supportive” culture • “No real pressure to put in long hours” DOWNERS • “The brand name isn’t as big” as other firms • “If you want to feel like a master of the universe. this isn’t the place for you” THE STATS Employer Type: Public Company Ticker Symbol: KBW (NYSE) CEO: John Duffy 2008 Revenue: $242. 4th Floor New of Employees: 75 No.html What insiders at other firms are saying • • • • “Leader in FIG banking” “FIG only.2 million 2008 Net Income: -$62.PRESTIGE RANKING 35 KEEFE. BRUYETTE & WOODS. small player with little brand equity in I-banking” “Good niche player” “Who?” THE BUZZ 209 .

5 million in revenue and $27. New York. Inc. The firm’s fourth quarter 2008 was particularly rough.1 million versus net income of $3. 5 for U.) In November 2006. its American investment banking business.6 million that it brought in during the same period a year earlier. announced his retirement. announced deals valued up to $500 million. has been subject to restrictions on 210 © 2009 Vault. KBW ranked No. September 2008: Capital raising on the shelf In the wake of disappointing returns. Boston. it opened a new. equity capital markets. specialty finance firms and securities exchanges. No. In a statement. Bruyette & Woods to work with Merrill Lynch as joint bookrunners. Overcoming all obstacles Formerly headquartered in the World Trade Center.2 million in total revenue and a net loss of $62.The Vault Guide to the Top 50 Banking Employers.3 million in net income it posted in 2007. Richmond. 17 for Inc. employ a total of 450 people in 10 offices around the world. THE SCOOP Three leafed clover KBW. permanent New York office in midtown Manhattan. According to KBW. owned by employees. Within days the firm sold the full slate of shares at the top end of its expected price range. Bruyette & Woods’ co-head of fixed income. The firm cited a steep decline in investment banking revenue and institutional commissions as reasons for the less-than-stellar results. IN THE NEWS April 2009: Staff cutbacks An insider told the industry publication Private Equity News that Keefe. In the 1980s. Keefe. Bruyette & Woods Limited. and KBW Asset Management. (Group CEO John Duffy’s book Triumph Over Tragedy details the firm’s rebuilding process. 17 for U. He added that since KBW’s 2006 IPO. the company said that it “has no current plan to raise capital. Inc. Inc. KBW booked $242. Bruyette & Woods lost 67 employees in the September 11 attacks. March 2009: Coats hangs it up Keefe. January 2009: Dealmakers The firm did well on the Thomson Reuters’ 2008 league tables for middle market M&A deals. Keefe. . Bruyette & Woods laid off 7 percent of its workforce—40 staffers in total. Priced at $21 a share. announced deals up to $100 million. Chicago.S. No. mutual thrift and insurance company conversions and structured finance. KBW. broker-dealers. Bruyette & Woods. Columbus. but it was one of the few whose offering was so successful. the offering was also an opportunity for Keefe. asset management companies. The three arms of KBW Inc.8 million shares. Keefe. Bruyette & Woods. San Francisco and London. Analysts were impressed—KBW wasn’t the only boutique bank to go public.” said Chairman and CEO John Duffy. Bruyette & Woods serves banking and insurance companies. Craig Coats Jr. as KBW booked a net loss of $22. started trading in 1969 and was considered a “bond vigilante” who lobbied the U. A KBW spokesperson told Private Equity News that the firm is examining the current makeup and leadership of its 70-employee fixed income department. a significant drop versus the $427.3 million. there had been two layoffs in the fixed income division. REITs. KBW filed a universal shelf registration statement that enables the firm to sell. which received fame with the release of Liar’s Poker.” But the registration allows KBW access to public markets “in order to facilitate and expedite opportunities for growth. 11 for U. announced M&A deals valued up to $50 million. its international operation. E. is the parent firm of three subsidiaries: Keefe. fixed income markets. but the firm didn’t say in which departments the other layoffs took place. Coats worked on Salomon Brothers’ government bond trading desk. The firm fought hard to rebuild. reaping nearly $143 million. and in 2003.S. mortgage banks. in one or more public offerings. Its services include mergers and acquisitions advisory. “a significant portion of our outstanding common stock. debt and other securities. announced deals up to $200 million. Coats. KBW did not immediately name a replacement for Coats. All three parts of the firm focus on the financial services and institutions sector. and No. government to force bond yields higher. February 2009: Rough times For 2008. written by bond salesman (and now Bloomberg columnist) Michael Lewis. general financial advisory. completed the final phase of its post-September 11 recovery by launching an IPO of 6. Bruyette & Woods is staffed by approximately 75 professionals in Atlanta. Keefe. Houston.S.. 2010 Edition Keefe. common or preferred stock. co-head since 2002.S. Hartford.

Robert Woomer and Christopher Haney.” Individuals who take the latter route are less likely to get a response.The Vault Guide to the Top 50 Banking Employers.” Yet another insider confirms. and who the important people in them are. For individuals interested in sales or trading. KBW’s report questioned KBC’s supervision of the Belgian Banking. Those restrictions are scheduled to begin to expire shortly. “hiring tends to be done on an ‘as needed’ for insider company profiles. “you don’t have that much energy. it can be tough to get in. David Konrad was named by The Wall Street Journal as the top banking industry analyst in the U. what our business units are. GETTING HIRED Get ready to schmooze KBW is “specialized due to its financial services focus.” Those looking at research or corporate finance should have “a willingness to work extraordinarily hard. our size and scope obviates many traditional recruiting programs. February 2008: New hires for a new group The firm hired Frederick Kannon as associate director of research and chief equity strategist.” on the other hand. “First.” one source says. based on prior relationships or on having amassed a major track record at another firm focusing on the financial industry. he concluded.” adds a source. The group also includes John Dalena. Cannon joined from Golden State Bancorp. The newspaper also honored KBW analysts Jeffrey Schuman. They are Michael Hawkins. May 2008: Word on the Street KBW was repeatedly honored for its research in 2008. Inc.S. The firm also maintains its independent September 11 family fund to support relatives of the 67 KBW employees who died on that day. Haney as associate.” Visit Vault at www.” Still. explaining that “hiring tends to be from within the industry.” In general. we have determined that such statements were not supported and should not have been included in that report. 211 . 2010 Edition Keefe. expert resume reviews.” “Humility probably helps more than bravado. insiders have a few words of advice. May 2008: Three more bankers The company hired three bankers from Wachovia Securities to staff its newly formed real estate investment banking group.” said KBW in a statement. “humor helps. Cannon’s hire will help KBW to boost its research capabilities.vault.” says one insider who explains that “KBW is very small. Then contact those people and ask what kind of needs they have. a new position.” and for that reason. Schuman was ranked the second-best analyst in the life insurance category. allows employees to effect a secondary offering on the shares they own. Konrad beat 102 other analysts for the title. it’s not the kind of place where a regular stream of new analysts and business school interns come through.” The shelf. “After due consideration. Bruyette & Woods was among the companies that donated $5 million to the construction of the National September 11 Memorial and Museum at the World Trade Center in New York City. director of investor relations and a member of the operating committee. “While the firm makes significant efforts to locate and hire good undergrads and MBAs. Finance and Insurance Commission. and focuses on public and private real estate companies and their capital needs. and Evans and George were singled out in the non-life insurance category and real estate category. Bruyette & Woods. expert advice. a Belgian bank and insurance company. respectively. transfer and sale. career message boards. and focused on the banking industry only. “you’ll want to know exactly what we do. you can use the KBW website and send a message to the departments. in its Best on the Street survey. Dean Evans and Bose George. Hawkins and Woomer joined as principals. the Vault Job Board and more. observes another source. the memorial and museum reached their $350 million fundraising goal in April 2008. sources say that “there are plenty of KBW employees that knew no one initially.” The contact adds.” “If.” Interviewing is a “thorough process” that involves “a variety of questions” with “nothing that’s prescripted. Insiders report that KBW “classically likes people who are smart and easy to get along with.” For those with the energy to actively hunt down a position with KBW. where he was executive vice president. contacts advise. “As a result. and the truth is that you really need to know someone or have some connection to get in the door. April 2008: Misstep The firm issued a retraction of what it termed a “negative element” in its research report on KBC Groep. April 2008: In memoriam Keefe. for which is has been historically lauded by the industry.

com Inc. they just don’t care about the trite side of Wall Street. I guess the brand name isn’t as big as Goldman’s.” notes one banker. OUR SURVEY SAYS Collegial culture The firm’s culture is “excellent.” Just like at home. you have to be geared to a small firm and its reach and resources. Inc. and no one really thinks about it.” The firm has little hierarchy thanks to “flat structures and management availability. it’s easy to know and interact with just about everyone. dress is still apparently casual except for client contact. Bruyette & Woods.” 212 © 2009 Vault. as are hours. there’s no real consciousness of the issue. There is very little formality and there are a lot of close friendships.” “very supportive” and “collegial. “One of the hallmarks of this firm is that not only is there no real pressure to put in long hours.” says another. “If you want to feel like a master of the universe. 2010 Edition Keefe. .” And even though “there’s positive interdepartmental rivalry like there is at any firm.The Vault Guide to the Top 50 Banking Employers. “The guys at Keefe long ago came around to the epiphany that no one really wants to wear suits. “People keep the place neat.” says a source.” The contact adds. this isn’t the place for you. KBW is “small and quite unified—a firm with a family feel. so maybe there are times when you have to work harder to make an imprint on new clients. “Housed on one floor of a large building in New York. “They give us a clear premise: we’ll talk at the end of the year and see if you made money.” But Keefe isn’t for everyone. says one insider.” there are few complaints. “To work here.” Compensation is at market.

PRESTIGE RANKING 36 ROBERT W.rwbaird. Suite 2100 Chicago. WI 53202 Phone: (414) 765-3500 Fax: (414) 765-3633 227 W. for the Midwest” “Niche player” “Regional broker/investment bank” THE BUZZ 213 .rwbaird. IL 60606 Phone: (800) 537-9854 www. President & CEO: Paul E. BAIRD & BUSINESSES Asset Management Equity Capital Markets Institutional Equity Services Investment Banking Research Fixed Income Capital Markets Private Equity Private Wealth Management UPPERS THE STATS Employer Type: Private Company Chairman. of Offices: 100+ • “Lifestyle is not as hardcore as working on Wall Street” • “Well positioned for 2009 and beyond” • “Great attitude of co-workers” DOWNERS • “Full-time hires should be shown more appreciation” • “Middle market stigma” • “The ridiculous cost cutting measures” EMPLOYMENT CONTACT See “careers” at What insiders at other firms are saying • • • • “Strong middle-market firm” “Decent . (BAIRD) RANKING RECAP Quality of Life #3 – Culture #4 – Offices #5 – Best to Work For #5 – Overall Satisfaction #5 – Treatment by Managers #10 – Selectivity #11 – Hours #12 – Green Initiatives #12 – Training #14 – Business Outlook #14 – Compensation Diversity #9 – Diversity With Respect To Gays and Lesbians #10 – Diversity With Respect To Women #11 – Best for Diversity #13 – Diversity With Respect To Ethnic Minorities 777 East Wisconsin Avenue Milwaukee. Purcell 2008 Revenue: $680 million No.. Monroe. of Employees: 2.400 No.

But according to the firm. Baird the bank traces its roots to 1919. . He joined Baird’s San Francisco office from the equity and capital markets division of Pacific Growth Equities. which was later spun off and renamed the Securities Company of Milwaukee. research and equity sales and trading comprise the equity capital markets business. Baird Venture Partners and Granville Baird. before that he was co-head of J. consists of fixed income sales and trading and public finance. and Baird Public Investment Advisors (manages investment portfolios for public entities). This was the sixth consecutive year in which Baird made the prestigious national listing. IN THE NEWS January 2009: Courting loyalists The firm ranked No. one of the largest middle market consumer products transactions of 2008. 3 among small companies (those with 2. Baird has advised on over 620 M&A and financing deals with a total value of over $107 billion. Milwaukee’s Robert W. and served as the NASD’s third chairman.. 214 © 2009 Vault.500 employees or fewer). corporate clients and business owners.. Baird Advisors (a fixed-income investment manager). with about 25 offices in the U.The Vault Guide to the Top 50 Banking Employers. Ingram was named managing director and co-head of equity capital markets. European and cross-border assignments have accounted for one-third of its mergers and acquisitions work in recent Inc. and Europe. Baird has also stayed true to its hometown and maintained its headquarters in Milwaukee. 14 overall on Fortune’s 2009 list of the 100 Best Companies to Work For.400.S. The firm’s private equity business is carried out by several partners around the globe: Baird Capital Partners.P. December 2008: Here come more execs Gregory J. to Illinois Tool Works and the sale of Driessen Aerospace Group to Zodiac S. Baird was named the Middle Market Investment Bank of the Year by Buyouts magazine. (better known as Baird) handed out job offers. A storied founder Robert Wilson Baird wasn’t just the lead partner of the firm that bears his name: he was also one of the founders of the National Association of Securities Dealers. called First Wisconsin Company. has 63 offices nationwide. January 2009: Nice deals For the second year in a row. which includes an institutional sales team in London and investment banking teams in Germany and the U. Baird won top honors for its M&A prowess in the Acquisitions Monthly annual roundup of investment banks. Baird & Co. bringing global headcount to nearly 2. 2010 Edition Robert W. Baird Capital Partners Europe. which serves high-net-worth individuals. December 2008: Consumer and retail bigwig Baird nabbed the Consumer and Retail Products Deal of the Year award from The M&A Advisor for its role in advising Technical Concepts on its $445 million sale to Newell Rubbermaid Inc. when Robert Wilson was named lead partner of the First Wisconsin National Bank’s securities division..S. Baird gathered its strength in Wisconsin in the 1980s. He rose to become president of the division.A. Baird’s asset management division includes Baird Investment Management (which manages equity mutual funds). The private wealth management division. The fixed income capital markets unit. Baird’s overseas business remains modest. with just about 100 professionals. (Baird) THE SCOOP What slowdown? While other banks handed out pink slips in 2008. Baird Capital Partners Asia. becoming the state’s top investment bank before embarking on a strategic expansion in the 1990s. Morgan’s Americas ECM division. Most of these employees were hired in the U. Baird’s business mix Investment banking. It also came in No. Baird was named the 2009 Manufacturing Sector Adviser of the Year for its work on deals like the sale of Avery Weigh-Tronix Holdings Ltd. By 1948 the firm had obtained a seat on the New York Stock Exchange and assumed its current name. In 2008. a German affiliate. Baird & Co. Since the late 1990s.K. Wholly owned by its employees. The firm added more than 200 employees to its payroll over the course of the year. This led to the opening of dozens of new offices in the U.

Brian McDonagh.” The firm is “aggressively growing headcount through the downturn” but “continues to be very selective. N.S. U. a move that may mean more work for its domestic teams. I was staffed on a few pitches and two live sell-side deals.” “Quality interns receive offers every year—and nearly all of them accept. joined as a managing director. the interview process consists of one or two “on-campus interviews and a Super Day. the world’s largest real estate investment trust (REIT).” and asked both “fit and technical questions.” On-campus recruiting is done at many Midwestern schools. but before going into banking he spent seven years in the NFL. and mostly did basic modeling work. as the firm opened a new office in Charlotte.” One current source remembers being “interviewed by 18 people of all levels.K.” while another adds that “cultural fit is equally as important as intellectual capacity and work ethic. His new assignment: building Baird’s equity capital markets business in the industrial and real estate sectors. expert advice.’s investment banking group. Earlier in 2008.” Another with the company explains that “Baird’s interview process is rigorous and thorough. a veteran Hong Kong investment banker who joined from Standard Chartered Bank. signed on as managing director and co-head of mergers and acquisitions. University of Chicago. Meaningful work Internships are “crucial to receiving a full-time offer. The firm announced that it had expanded its international platform to include investment banking capabilities in Asia. and Germany. we formed relationships with European clients who were similarly interested in our U. said Baird is poised to make more inroads in the international market. our clients valued us for our deep sector expertise. as “any banking internship is helpful in the hiring process. connections. former head of the industrial growth M&A group at Wachovia Securities. working in partnership with Baird’s M&A teams in the U.” The good news is Baird may take on hires that other companies might not consider as it’s “more open-minded than other firms about career-changers. “I was treated as a first-year analyst during my internship. however. Previously.” Those who have completed internships at Baird say they did work “between what an analyst and associate would do. and overseeing private placement activity for both public and private companies.) To further flesh out the Charlotte team. basically assisting the analyst. focus.” The internship doesn’t have to be at Baird.” He adds that “initial resume screens seek to identify those candidates with outstanding academic records. (Pellegrini tackles advisory assignments these days.” Baird focuses “more on fit in their interviews.” Visit Vault at for insider company profiles. University of Pennsylvania. Baird & Co. 2010 Edition Robert W.. clients the access they were interested in.” another raves that “the internship was great. and evidence of focus and determination to get into the field. with only one of the six [interviews] devoted to technical questions.” Although one contact complains that it was “not a very structured program.” Another insider recalls.S. In his new role. Conklin joined Baird from ProLogis.S. playing with the Atlanta Falcons and the New York Jets. Conn. Steve Booth.C.” and points out that “there are intern events where department heads speak to interns about each group. University of Wisconsin. (Baird) October 2008: More pros on board Richard P.” he said. including Notre Dame. left the Chicago office and headed south.vault. he held a senior position in William Blair & Co. “In the late 1990s. University of Michigan and the University of Virginia.” GETTING HIRED Aggressive growth The most important criteria for getting hired at Baird is how well an employee can fit in with the culture. the Vault Job Board and more. Siu joined Baird’s 140 investment banking professionals in the U. Conklin joined Baird’s equity capital markets team in the Chicago office. who led the retail and soft goods investment banking group at Wachovia. The equity capital markets division is clearly on a path of expansion. thanks to the hire of Anthony Yan-Hong Siu. the firm’s director of investment banking. 215 . career message boards. and Europe. who joined Baird in 2007. Boston and Stamford. consisting of six half-hour interviews. Siu will focus on cross-border M&A deals. “As we expanded into Europe and gave our U.” Screening the field For entry-level positions. especially within this environment. managing director Frank Stokes.S.S. look no further than Shanghai. Joe Pellegrini. and there’s a “relatively limited number of openings. One respondent says that recruiters are “very concerned with personality and cultural fit.” adding that “the work given was meaningful. it opened equity sales and trading offices in San Francisco. Two more senior investment banking professionals joined the Baird ranks in October. September 2008: Target: Asia For the latest proof that Baird’s gone global.” It’s become harder in the last few years to get hired at the company.The Vault Guide to the Top 50 Banking Employers. Northwestern. but we were in danger of becoming less relevant due to our strictly U. expert resume reviews.”—”hundreds apply” with “maybe 10 selected for analyst positions each year.

” Another source notes. All VPs and above are granted Baird stock and given the opportunity to purchase shares annually. Then they go back to school for the spring semester and start with us full-time in the summer.” Though most are happy with the workload.” Employee ownership is a plus Though “it’s widely known that Baird needs to improve its analyst compensation.” OUR SURVEY SAYS “Unusually cohesive” Baird gets raves across the board for its “down-to-earth Midwestern banking culture. “senior bankers care for junior bankers and their lifestyles.” Most report working about 70 to 80 hours per week. some have complaints. although one respondent says that “50 percent of that is status quo at my office and 50 percent relates directly to the poor market. 1 reason I chose Baird.” Employees working in the space say that the new offices are “clean and bright. saying that “while not advertised. Working time gets “much better in the VP and director years”. before that.” One current insider explains that this kind of relaxed culture is “very unique in investment banking” and “feels like a true partnership.” though.” 216 © 2009 Vault. One source says.” which employees attend for four weeks before starting a job. but says that “it’s quite nice” of Baird to provide it. we have had very good success with undergrads who have adequate credits and take off the fall semester from school to work as an intern with us.” but say that “having people around you that care about your career and you as a person makes the stress and long nights a bit more tolerable. “For middle market banking.” One source feels that “year-end bonuses are always below market” and is worried that “perks have pretty much evaporated in current climate. but tough to implement. you can go home. a limited 401(k) match and profit sharing.” Another says that he can “work at home on weekends.” Mentors for life Baird’s manager-employee relationships are highly regarded by nearly all insiders.” while another believes that they’re “not a priority. The “Chicago office was recently completely renovated.” many feel satisfied based on the extra perks that come with being a Baird employee such as a “strong stock ownership program. One says that it is “impossible to overstate the amount of respect shown by senior people here to junior people.” And insiders note that the “hours are much better than banking in New York.” Baird contacts report that the company has yet to make the switch to a fully environmentally sound office. from the CEO to the director of banking. “This is without a doubt one of the best banks in the world in this respect. “the culture is unusually cohesive.” Make hay The hours at Baird “have not been treacherous” in recent years.The Vault Guide to the Top 50 Banking Employers. 2010 Edition Robert W.” At Baird. Baird “has an excellent training program. collaborative and generally employee friendly for an investment bank.” One banker details some of the measures that Baird has made. on-the job training with “senior involvement in transactions.” Clean and bright Respondents report that the office space at Robert Baird is nothing particularly special. Baird & Co. One source says that green measures are “good in Inc.” An associate comments that having an office at his level of work is “unprecedented” at other companies.” There’s “no need for face time.” Another explains that “Baird is an employeeowned firm with nominal debt.” Employees “still work very hard.” which makes the atmosphere somewhat more relaxed.” Training also gets high marks.” which is “much more laid-back than Wall Street firms. (Baird) One source offers a tip about a little known and thus less competitive internship. Employees are expected to dress “formal for most client meetings” and are allowed a “jeans day occasionally on Fridays. the hours are very bulge-like. “analysts and associates bear the brunt. One source says that the space “needs an upgrade. saying that the firm “recycles and has reduced unnecessary printing. There’s also a “continual mentor-mentee relationship” that goes on for new employees that includes excellent. Baird also has a venture capital group and private equity group that provide investing opportunities. so “if you’re work is done. . Everyone at the company is approachable. but total hours are 80 to 100 per week. although one director says he “would prefer business attire 100 percent of time.” The dress code at Baird is business casual.” Another insider says that “clients are not allowed on the banking floor of the Chicago office.” and has “extended its lease and remodeled the space.” Indeed.” Another says that “this is the No.

We have a lot of running room. “though we work hard at getting there. minorities. I’m confident that we are among the most receptive and supportive to these groups within financial services.” Overall. there are “not many minorities.” Room to run Overall employee satisfaction at Baird is very high.” Another agrees that he “wouldn’t want to be anywhere else. “We’re extremely well positioned for the market recovery. the [number of] females thin out at senior levels. 2010 Edition Robert W. We’ve undertaken huge efforts to broaden diversity. like many large banking organizations.” and adds. the Vault Job Board and more. One male employee explains that with regards to females.” As for GLBT diversity. but retention is not.” but. the “outlook for 2009 is pretty bleak” at Baird. one banker notes. (Baird) Receptive and supportive There is a “balance of females and males in the office. Baird will be around for a long time. expert advice. and I’m looking forward to the coming years. One professes. saying.vault.” says another source. we added eight to 10 senior bankers in 2008 and expect to come out of this downturn stronger than we entered.” but the firm is “making for insider company profiles. “While Baird is smartly reigning in spending during this environment.” Another agrees. 217 .” Visit Vault at www.The Vault Guide to the Top 50 Banking Employers. “I wouldn’t work at a different investment bank.” Like many of its competitors. We are well diversified across product lines and have a very small leverage ratio.” “We are not very diverse.” One current employee says that “compared to other banks. “We have a comprehensive diversity initiative staffed by leaders of the firm to encourage and support women. career message boards. “hiring is good. Baird is on solid ground. but the company is “very excited about the market opportunity for our firm. expert resume reviews. Baird & Co.

INC. of Employees: 300 No. NY 10119-4000 Phone: (212) 273-7100 www. Stifel William Blair What insiders at other firms are saying • • • • “Solid boutique—high-quality reputation” “Who?” “Rock THE STATS Employer Type: Public Company Ticker Symbol: BPSG (Nasdaq) Chairman: Eric Gleacher CEO: Lee Fensterstock 2008 Revenue: $145. of Offices: 8 KEY COMPETITORS Cowen and Company Evercore Partners Greenhill & See “careers” under “about us” section of www.01 million 2008 Net Income: -$17.36 million No. analysts get placed well for PE” “Not what they once were” THE BUZZ 218 © 2009 Vault. well paid. “conditions are difficult today” • “Needs to pay competitive bonuses to retain top performers” EMPLOYMENT CONTACT Human Resources Fax: (518) 447-8115 Email: careers@broadpointsecurities.PRESTIGE RANKING 37 BROADPOINT GLEACHER SECURITIES DEPARTMENTS Broadpoint Amtech (Equity Capital Markets) Broadpoint Descap Debt Capital Markets Investment Banking Venture Capital DOWNERS • In terms of hours. . UPPERS • Culture is “changing” • “US platform is a mix of professionals from many different backgrounds” One Penn Plaza 42nd Floor New York.broadpointsecurities.

representing such big-name clients as Apollo Management. restructurings and capital raising. and expanded its debt capital markets business. First Albany’s board voted to change the firm’s name to Broadpoint Securities Group. San Francisco. its nearly 300 employees work out of offices in Boston. BAE Systems. Under the new Broadpoint name. Broadpoint Amtech. company. PIPEs. expert resume reviews. made his mark on the financial world in 1978 when he started the mergers and acquisitions practice at Lehman Brothers. Chapter 11 reorganizations. board and special committee advisory. Broadpoint Descap and venture capital. debt financing solutions including public debt. invested $50 million in Broadpoint and gained controlling interest of the company. Ireland-based DEPFA Bank. Five areas of business Broadpoint Gleacher has five main businesses: investment banking. Visit Vault at www. Broadpoint’s investment banking group offers M&A Advisory services including buy-side and sell-side advisory. Prior to joining Broadpoint. private debt and equity financing solutions including IPO’s. and secondary sales and trading in mortgage and asset-backed securities. Broadpoint AmTech is the firm’s equity capital markets group. bank debt. in addition to its headquarters in Manhattan. private placements. In the wake of the subprime crisis and the subsequent collapse of the global markets. 2010 Edition Broadpoint Gleacher Securities Group. Bank of Scotland. Prior to that time. and assists management in developing new companies. expert advice. The Broadpoint DESCAP group provides primary issuance. Previously. career message boards. 219 . He defected to Morgan Stanley in 1985 but only stayed there until 1990. Broadpoint’s debt capital markets is a group of approximately 50 professionals that provide primary issuance and secondary trading of debt securities. Chicago. covering more than 130 stocks and 300 institutional account relationships. Earlier in his career. along with making a major acquisition. After acquiring financial advisory firm Gleacher Partners in June 2009. ConAgra. who founded Gleacher Partners with some former colleagues from Morgan Stanley.. and gave DEPFA the rights to the First Albany name (the municipal bond unit is now called DEPFA First Albany Securities). Fensterstock worked for PaineWebber. creditor and board advisory. Also in the fall 2007. 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. advising companies on mergers and acquisitions. The sale to DEPFA gave the former First Albany a more streamlined focus on investment banking. he was president and COO of Gruntal & Co. registered directs. Broadpoint’s FA Technology Ventures provides growth capital to early and expansion-stage companies in information technology and energy technology. a regional broker dealer. St.The Vault Guide to the Top 50 Banking Employers. Before being acquired by Broadpoint. As a result. Lee Fensterstock. Telewest. for insider company profiles. a private equity firm. convertibles and other equitylinked securities. it was rechristened Broadpoint Gleacher Securities Group. sales. fairness opinions. and. Hexion. and served as its chairman and co-CEO until it was sold to Jefferies Group. and trading to institutional investors. debt capital markets. WebMD and Wyeth. AT&T. Gleacher. Fensterstock founded Bonds Direct Securities. high yield. It trades more than $36 billion in securities annually. Where the Gleacher comes from Eric J. exchange offers. General Dynamics. This gave MatlinPatterson control of the board and the right to name a new CEO. MattlinPatterson. a name it picked up in December 2007. The firm had advised clients on over $250 billion of M&A transactions. the Vault Job Board and more. it was known as First Albany Companies.vault. British Airways. when he set out on his own. the firm recently added restructuring and recapitalization groups. It provides equity research. The name game Before it became known as Broadpoint Gleacher. Gleacher offered investment banking and asset management services. distressed asset sales. taking on the president and COO titles. recapitalization and restructuring advisory including in and out of court restructurings. Today. the firm was known as Broadpoint Securities Group. The Broadpoint moniker entered the fold after the firm sold its municipal bond unit for $12 million to Dublin. First Albany CEO Peter McNierney was bumped to second place. Inc. Broadpoint Gleacher focuses on serving middle market and emerginggrowth companies. Minneapolis. Louis and London.

While the recession affected Broadpoint. He also served as a corporate vice president at Paine Webber and a vice president at Citibank in the treasury and investment banking division.” November 2008: Technology savvy The restructuring of the firm’s equity capital markets group was finalized when Broadpoint completed its acquisition of American Technology Research Holdings.2 million the firm pulled in for the first quarter of 2008. the Broadpoint Descap unit. eight trading personnel and six management and support staff. Under the terms of the deal. The team is headed by Richard Crecenzo and Douglas Scales. 2010 Edition Broadpoint Gleacher Securities Group.3 million in the same period of 2008. Renee Rainero.” Peter McNierney. 220 © 2009 Vault. meanwhile. BNY Capital Markets was formerly known as Mendham Capital Group until it was purchased by The Bank of New York in 1998. Michael Leit and Meredith Stable in the new investment grade sales department. convertible bond and equity securities. Full-year revenue came in at $145. investment grade corporate. distressed. government agency. Turner as the new chief financial officer. Broadpoint named industry veteran Robert I.6 million for the first quarter of 2009. it seemed to result in somewhat of a positive turn for the firm. The firm did report a net loss of $17. Former American Technology employees Richard Prati and Curt Snyder now serve as managing directors of the division. The New Jersey-based group operates a sales and trading platform that specializes in high-yield. January 2008: Bringing in BNY Broadpoint expanded its fixed income division by acquiring BNY Capital Inc. The combined Broadpoint and American Technology team consists of 53 professionals including 25 research professionals (including 14 publishing analysts). “Over the past 15 months more than 200 professionals have joined Broadpoint. said in a statement. treasury. merging Broadpoint’s debt and equity raising prowess with Gleacher’s advisory expertise. up considerably from the $47. a Nasdaq-traded online brokerdealer. July 2008: New blood The firm’s restructuring efforts also included a new leader in the firm’s executive branch. Net profit.36 million. the equities division and debt capital markets division all contributed positively to Broadpoint’s strong showing. Inc. a broker-dealer that specializes in institutional research. the institutional Fixed Income division of Bank of New York. the firm officially became known as Broadpoint Gleacher Securities Group as it completed the acquisition of financial advisory firm Gleacher Partners Inc. February 2009: A positive turn Things were mostly looking up for Broadpoint when it came to full-year 2008 results. it added a team of six investment grade fixed income sales professionals to its debt capital markets division in order to further strengthen the team. president and COO. April 2009: A happy first quarter The firm posted net revenue of $70. March 2009: A new boss Broadpoint Securities Group agreed to acquire Gleacher Partners.46 million in reported for the previous year. but it was less than the net loss of $19. . Broadpoint will pay selling Gleacher shareholders $20 million in cash and issue 23 million shares in common stock. The firm renamed the division Broadpoint AmTech. two Bear Stearns veterans with more than 25 years of experience in the business. quite a different picture from the net loss of $9. cleantech and defense areas. “The current industry turmoil is providing us with an unprecedented opportunity to hire industry veterans who share our focus on service and whose clients can benefit from our full suite of products. IN THE NEWS June 2009: Gleacher enters the picture As part of its rebranding.01 million. Scales and Crescenzo were joined by Robert Arslanian. came in at $5 million in the first quarter of 2009. a big boost from the $17. sales and trading in the information technology. Increased revenue within investment banking.11 million it brought in for 2007. 14 institutional sales professionals.The Vault Guide to the Top 50 Banking Employers. June 2008: Beefing up the team Nearly six months after the announcement that Broadpoint was acquiring BNY Capital Markets. Turner previously served as executive vice president and CFO of Knight Capital Group. The merged firm will have about 300 employees in total.

though. career message boards. Although insiders are split with respect to treatment by management. GETTING HIRED Selective Broadpoint Gleacher is in search of “good. Insiders do quite well in the money department. the Vault Job Board and more. except when meeting with clients.” Another contact. who reports working between 90 and 100 hours per week.” He adds that generally the “market conditions dictate the hours worked. Insiders say Broadpoint Gleacher is among the most selective firms in terms of hiring (at least. But they work hard for their money. say that Gleacher needs improvement in the areas of diversity with respect to women and minorities.” Visit Vault at www.” according to one associate in the Atlanta office. Gleacher Partners was before it was swallowed by Broadpoint).S. Perhaps because of the firm’s relatively small size and high selectivity.” Other respondents. An associate notes that the firm “realizes it needs to pay competitive bonuses to retain top performers. the interview process is very comprehensive.or four-step” interviewing process. Lee Fensterstock said that adding BNY Capital Markets “is strategically additive in that it gives us a distribution capability. praises the diversity of his U.The Vault Guide to the Top 50 Banking Employers.” according to one source who praises the “summer program for new hires.or three-step” interviewing process. particularly in high yield and convertible bonds. experienced candidates typically go through a “two.” which takes place in Toronto over several weeks’ time. More senior.” Junior people looking to join the firm normally go through a “three.” The firm’s main priority is finding people who embody its personal ethic of dedication and accountability to clients. The company recruits “mostly” at “New York City-area schools” for its internship program and full-time positions.S. individuals from Ivy League schools. Working at the firm yields employees “standard fare in terms of lifestyle perks. top undergraduate programs and “selected top-20 MBA programs” often get the most consideration. quality people” who want to “make an impact.vault. An analyst notes that he works between 60 and 70 hours per week. 221 .” according to the firm.” and praises the firm’s wealth accumulation plan. Inc. saying. According to an associate. 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. 2010 Edition Broadpoint Gleacher Securities Group. but conditions are difficult today. which allows associates to defer pretax bonus dollars into various investment vehicles.S. which will enable us to expand our investment banking practice and better serve our corporate clients. platform is a mix of professionals from many different backgrounds. who adds that Broadpoint Gleacher is “morphing substantially into a much more aggressive middle-market” type of organization. and he works weekends “often.” That contact.” noting that the long hours also include “travel related to transaction processing and marketing. But one source notes that in certain departments. and respondents report that the firm has a casual dress code. complains that it’s “difficult to make a blanket statement on hours. expert for insider company profiles. with sources reporting annual bonuses significantly exceeding their annual salaries. “Our U. expert resume reviews.-based group. an associate relays that manager treatment tends to be “situation-specific.” Former BNY Capital Markets employee Joe Mannello was appointed as the executive managing director and head of the Broadpoint fixed income division. OUR SURVEY SAYS Happy on payday The company’s culture is “changing in the U. Offices are generally well liked by employees. who’s very happy with the way his superiors treat him. candidates must “have niche or area of concentration to be hired..

Bruyette & Woods Piper Jaffray Companies Thomas Weisel Partners DOWNER • “Hours can be grueling” • “Hierarchy” • “Office politics” EMPLOYMENT CONTACT Inc. bordering on cutthroat” THE BUZZ 222 © 2009 Vault. of Employees: 907 No. . Ettelson No. IL 60606 Phone: (312) 236-1600 Fax: (312) 368-9418 www.williamblair.williamblair. of Offices: 10 UPPERS • “Excellent place to launch one’s career” • “Learning from talented and intelligent people” • “Exposure within small deal teams” KEY COMPETITORS Baird Bank of America Credit Suisse FBR Capital Markets Goldman Sachs Jefferies BUSINESSES Asset Management Equity Research Institutional & Private Brokerage Investment Banking Private Capital THE STATS Employer Type: Private Company President & CEO: John R.PRESTIGE RANKING 38 WILLIAM BLAIR & COMPANY RANKING RECAP Quality of Life #2 – Offices #6 – Compensation #6 – Overall Satisfaction #6 – Selectivity #10 – Culture #10 – Green Initiatives #11 – Best to Work For #11 – Training #12 – Business Outlook #12 – Treatment by Managers #15 – Hours Diversity #15 – Diversity With Respect To Gays and Lesbians 222 West Adams Street What insiders at other firms are saying • • • • “Strong middle-market firm” “Baird without the rock solid research” “Decent research” “Intense.

2 stock picker in the trading companies and distributors sector. The firm says this unusual structure means a high degree of internal communication between employees and the ability for different groups to share knowledge and expertise. the firm profited from them. 3 earnings estimator in the capital markets sector. from the start. The corporate debt team works on debt restructurings. career message boards. Indianapolis. which operates from the Chicago. 1 stock picker in the air freight and logistics for insider company profiles. New York. William Blair could honestly state that it had “no external debt. The proceeds from these deals boosted the firm’s rank in the tables more than twenty places and showed a 238. The firm’s roots go back to 1935 when Chicagoan William McCormick Blair opened a firm with his partner.5 billion during 2008. consumer and retail. San Francisco. Overall. Headquartered in Chicago. Visit Vault at www. the senior leaders of boutique investment bank William Blair & Company sent out a press release assuring nervous investors that the firm was in an “exceptional financial position. a loyal Midwesterner. His contributions include serving on the Chicago-China Development Corporation for three years. the firm’s M&A team completed 60 deals worth $40. had no intention of leaving his home. and Mark Lane was named as the No. William Blair proved its researching prowess by taking home six separate awards for individuals who excelled at stock picking or estimating earnings. the Vault Job Board and more. 223 . Boston. Francis Bonner. William Blair has 900 employees (164 of whom are principals) and more than $182 million of equity capital. Blair renamed the firm after himself and soon became a leader in local business finance and investment advice for many of Chicago’s wealthiest families. awards included the No. William Blair has 10 offices around the world. 1 earnings estimator in the professional services sector. 2 earnings estimator in the diversified consumer services sector. Hartford. In the Financial Times/Star Mine Analyst Awards. but 95 percent of its employees remain based in the Chicago office. the firm’s additional offices are in Boston. the firm backed up its assertion that business was still going well by ranking high on Thomson Reuters’ M&A league tables. equity research. recapitalizations. Bonner decided to relocate to Washington.” “no direct exposure to Lehman” and had “virtually no risk of write-downs. New York. 5 stock picker in the investment services sector. The debt capital markets department provides investment banking and advisory services to both public finance issuers and public and private corporations. and the $85 billion federal bailout of AIG.” At the end of the fiscal year. and private capital services. London. and making repeated trips to the Guangdong Province in China. San Francisco. and Lane’s second. commercial and industrial. London and Shanghai offices. and No. Corporate finance. 3 earnings estimator in the food and staples retailing sector. institutional and private brokerage. financial services. No. No. Mark Brady. with 45 transactions valued at a total of $35 billion. In 2009.7 percent growth from the previous year. IN THE NEWS January 2009: Wizard of M&A William Blair’s head of M&A.vault. and other debt products. Top talent William Blair is known for its strong equity research department. wealth management. health care and technology. Investment banking with William Blair William Blair’s investment banking division is broken into two groups: corporate finance and debt capital markets. was named Investment Dealer’s Digest Mid-Market Banker of the Year for his work with the firm in 2008. expert advice. but Blair. In 1941. William Blair & Company provides a range of services that include asset management. expert resume reviews. where the firm completed eight M&A deals in 2008. 2010 Edition William Blair & Company THE SCOOP Chicago pride In addition to investment banking. Chicago profited from William Blair & Company’s services. Shanghai. Tokyo and Zurich. No.” The firm wasn’t just blowing smoke—unlike many of its competitors. which has been a vital part since the firm’s inception in 1935. Blair Bonner & Company’s mission was to finance the expansion of local Chicago companies during that city’s boom. The debt capital markets department also works on public-private partnership (P3) transactions.The Vault Guide to the Top 50 Banking Employers. 5 stock picker in the health care providers sector. Heavily employee-owned. No. The company placed 22nd overall for announced advisory deals in the Americas. “Exceptional financial position” One week after the collapse of Lehman Brothers. the sale of Merrill Lynch. serves industries such as business services. the public finance team offers tax-exempt financing services. and as the city’s local businesses grew into major companies. John Kreger was named as the No. Brady was recognized by IDD for his work in expanding William Blair’s business into Asia. It was Kreger’s fourth time being included in the rankings. The firm’s researchers also appeared in The Wall Street Journal’s 2008 Best on the Street Awards.

April 2008: Sweet deal William Blair acted as co-advisor to Mars and Warren Buffett’s investment firm. it plans to expand the analyst program in 2010 by hiring 15 analysts and extending the program to four years.” In fact. University of Indiana. J. And they met the 70-year taste test. William Blair’s M&A team completed 60 transactions worth $40. considering this competitive economic environment. .” November 2008: Tops in wealth management Barron’s’ ranked William Blair 34th in the country in its 2008 Top Wealth Managers rankings.” Into the great wide open Respondents say that landing an internship “is becoming critical to gaining a full-time offer at William Blair.” According to William Blair. Dartmouth. is “limited to a handful of schools. Berkshire Hathaway. Even during the best of times. by private banking assets under management. Active recruitment. coming in 25th among banks with assets of more than $10 million. “The analyst hiring process is two rounds. Notre Dame.M.” followed by a “lunch interview” and a second round of “eight 30minute interviews. says one contact in M&A.5 billion into the deal and told a CNBC anchor. “the firm concluded full-time recruitment efforts before giving out any offers. “we’ll have a class of less than 10 joining summer 2009.” An analyst in corporate finance agrees that “there are very limited spots available. which has only seen five CEOs in its 74-year history.” GETTING HIRED It ain’t easy It’s not easy landing a spot at this highly selective firm.3 billion merger with Folgers Coffee. and can boast of “GPAs over Inc. William Blair had more than $42 billion in assets under management.” while another contact says that hiring “gets more selective each year. Smucker acquired Folgers from Procter & Gamble in an all-stock reverse transaction that included the assumption of $350 million of Folgers debt.” Another contact endured a Super Day with “eight rounds of interviews back to back.” But others say that hires come mostly from the Ivy League.S. University of Michigan. Cornell. 2008.” But others warn that the internship. each consisting of five to six interviews with a lunch in between. Co. “incoming classes” of analysts “were capped at around 10 to 12. which listed the top private banking firms in the U.” For the second round. One employee also warns that as a result of “the market downturn. “It took me 17 years to do my first $20 billion of M&A deals in aggregate. University of Chicago and Georgetown. says one employee in M&A. vice presidents and partners. November 2008: Sticky deal William Blair served as the placement agent on $400 million of senior unsecured notes issued by J. Smucker & Company. The candy makers and Warren Buffett teamed up to buy Wrigley for $23 billion.” says one employee. Brady told the publication that his success has been a long time coming saying. “In summer 2008.” Applicants can expect questions that range from “quantitative” to those regarding one’s “fit” with the firm. we had a class of interns four times larger than in years past and invited the best ones to stay on full time. 2010 Edition William Blair & Company Brady was also the head of a team that performed surprisingly well even in the midst of one of the worst economies in recent memory. Harvard and Yale get special mention—the firm recruits at the University of Illinois. According to one former intern. mostly Midwest and Big Ten types. William Blair also appeared on Barron’s list of the Top 40 Private Banks. I’ve done the same thing with Mars products.) 224 © 2009 Vault..” And given the present economic environment. and a month to do my second. is not a guarantee of hire. One source says that it is “important to differentiate your desire to be at William Blair as opposed to a bulge bracket bank in New York.5 billion including 21 cross-border transactions in 2008. One analyst explains.” One analyst remembers that his “first round consisted of two 30-minute interviews. “100 percent” of the analyst class for the summer of 2009 came from the previous summer’s interns. expect a “Super Saturday” at the firm’s Chicago headquarters.. since I was about seven years old on the products.8. “I’ve been conducting a 70-year taste test . on their acquisition of Wrigley Jr.” in the fall of 2008. The funds from the transaction helped Smucker finance its $3.” The long road to becoming an analyst Typically.M.The Vault Guide to the Top 50 Banking Employers. Buffett contributed about $6.” In addition to the Ivy League—Brown. where prospective employees interview with “associates. “It is definitely easier to get hired after an internship—almost every intern has come back for a full-time position in the last five years. As of September 30.

m.” New York salaries. the firm covers “cabs to work and back. It is very intense. Mostly.” On weekends.” Bonuses. vice president/director and principal—”all the bankers know the analysts by name and regularly show appreciation for their hard work.” says one analyst who held the role.” And if you’re lucky.” which is “paid roughly six months prior to starting work.” An analyst in corporate finance finds the “culture extremely male-dominated. as well as pitches and internal projects.” In fact. including analysts. analysts help one another “on a daily basis.” One contact explains. “Most people in corporate finance know each other across all levels.” He adds that his “experience mirrored that of a full-time analyst.” Insiders say that. career message boards.” “People here are very ambitious.” and contributed to “pitches and presentations.” Additionally. But those that do spend a good chunk of their salaries paying back the money they borrowed to finance their education. 225 . they are given chances to add real value to the transaction process.” Others note that interns are paid “at street levels.000 annual salary prorated for three months. perhaps because “there are only four levels in the hierarchy”—analyst. employees also earn one vacation day per month.” But the culture does vary group to group.” says one insider. They are encouraged to reach for more responsibility. the Vault Job Board and more.” One insider says “there is the Visit Vault at www. although one source in M&A says that “analysts are no strangers to 100-hour workweeks.The Vault Guide to the Top 50 Banking Employers. expert resume reviews.” “There’s no competition among analysts. a handful between 10 and 30 percent. Analysts can expect a “$10.” according to another insider.” The firm’s relatively small size seems to exert an influence on the corporate culture. they’re expecting bonuses “to be on average with the rest of Wall Street. The firm provides coffee.” And don’t expect to be making coffee.” Generally. but nobody tolerates disrespect to anyone. “We are paid New York salaries but live in Chicago.” And apparently the head of corporate finance “sends a very thoughtful department-wide voicemail whenever a corporate finance employee has a baby.” “At a place like William Blair. and even get to travel with the deal team. William Blair analysts of the lean deal teams often interact directly with the vice presidents and principals on the deal. “interns join the bankers’ meetings with CEOs and CFOs. though some feel that the firm could do more by its employees when it comes to salary.” Indeed. on weekdays. which are awarded in June.” Less than half of respondents don’t have student loans. on weekdays” and “for every four hours you work on the 90-hour workweek is more common.” Another points out that “in comparison to larger banks. expert advice.” Another insider points out that the head of the corporate finance department “says hello to everyone. “Senior employees within” investment banking “generally treat people below them with respect. though expectations are very high for the quality of work. employees at William Blair work hard for their money. Employees purchase their own phones or BlackBerrys. You have to be prepared to pay your dues. Chicago style The bulk of William Blair employees are happy with their compensation. though colleagues were more patient and expected that I did not know very much. A few spend less than 10 percent of their salaries on the loans. if you pass him in the hallways. employees are eligible to participate in the profit-sharing plan after two years of full-time employment. But one insider cautions that there are “no stock options for entry-level employees. People are very demanding of your work. One member of the corporate finance department who says that “the firm has a very good culture overall” cautions that “the corporate finance department is another world. vary. adjusted for a 10-week period. though an 80. but the firm “will reimburse up to $145 of the monthly bill. Another source in corporate finance recalls a “$50. tea and soda to its employees in corporate finance. and although they are still on the bottom rung of the ladder.m. In addition to salaries and bonuses. associate. results-driven. analysts work 80 to 90 hours per week.” A free weekend? Don’t hold your breath On the whole.” OUR SURVEY SAYS Kickin’ it old-school Insiders tend to agree that “William Blair is an old-school financial services firm with Midwest values. 2010 Edition William Blair & Company Interns make a “$40. One former intern recalls working on “multiple live deals and a fairness opinion.000 a year salary. “interns can actually become key members of the deal team.” William Blair also grants employees “up to $15 for dinner if you stay past 9 p.vault. given the present economic environment. who calls the firm “pretty collegial.000 signing bonus out of undergrad.” which roughly translates to “$950 per week. with dozens of analysts and limited exposure to senior bankers. though they are generally greater than or equal to analysts’ base salaries. Given the firm’s location. that’s a for insider company profiles. it foots the bill for “cabs home if you stay past 9 p. and at least one spends at least 40 percent of his salary on his student loans.” but “they have great moral values and treat everyone with respect.” Another says that he worked on “research projects. but equal in terms of treatment.

there’s no reason to stay until the early hours. They know that we are sacrificing a good chunk of our youth to work these 90-hour weeks.” But some first-year analysts say that life at the bottom of the hierarchy is not easy. concert.” Of course. Many people do not appreciate or thank you for your work.” And another insider adds that although managers are “demanding. and if you have a date. one with a senior analyst learning how to succeed as an analyst. “Late at night or during weekends. One complains that “this job requires too many hours of work.” One insider who is less thrilled says.” In other words.” generalists “audition a year prior to placement into an industry or product group. We generally work one or two per month. analysts can close their doors and gain a welcome level of privacy. then do it. “training is very average for the industry. and one with a tutor to help pass the Series 7. Décor “is very old-school classy and very Chicago with rich dark wood and marble covering the walls. 2010 Edition William Blair & Company occasional week with a few all-nighters. You have to be prepared for this mentally. Respondents say they come in more than once a month on the weekends. “Blair analysts spend the first month in a comprehensive training program that include Series 7 prep.” and other internal programming. you can manage your time comfortably.The Vault Guide to the Top 50 Banking Employers. One says that “there is less face time than at bulge bracket counterparts. but overall. you can “create a more positive work environment. in order for them to find their place in the company. saying. The firm tries “to emphasize that there’s no face time.” says one source. which makes for a stressful first year. as a history major.” Another points out that “even though not as many deals are being closed and the bonuses will not be as good.” and is “matched by no other investment bank.” and “first-year associates definitely could have used more training.” The firm also has a generalist program for first-year analysts. I still had no idea what I was doing once I started full time. your deal team will mostly be OK with it if you provide sufficient notice. the best part about an office is it has a door.” Double room occupancy “No cubicles or bullpens” here. there are a few that are fairly inconsiderate with respect to giving lead time on projects or taking your capacity for new projects into consideration.” Others disagree. “third-year analysts” are “available to help.” though “the temperature is awful and fluctuates frequently. Some say that “Blair treats all employees with tremendous respect and honors personal time as well as any investment bank.” Expect to be logging some of those hours on weekends. “Sundays are work days (four to eight hours at a minimum). he says. respect transcends hierarchy.” they “treat employees with respect.” Even so.” 226 © 2009 Vault.” But at least one insider says that the décor “is a little dated but fits the firm’s culture” while another holds that “the office is nothing spectacular.” says one member of the M&A team. A lot of nights are much worse.” Although TTS “was fairly good at giving a crash course.” says one contact. when we are mailed study materials for the Series 7 and Series 63.” Another agrees that “if you have work to do. “Essentially. “Hold your breath that you will be free on Saturday.” Another analyst in corporate finance says that “working Monday to Friday and Sunday is standard” for the department. “You are definitely at the bottom of the totem pole. “I probably average getting out of the office around midnight. “analysts get offices!” First-years can expect to share a “spacious” office “with a second-year analyst (for mentoring purposes).” Nevertheless. “Many of the senior bankers were once investment banking analysts and realize the immense pressure that we face. but “firstyear analysts are here both Saturday and Sunday. one insider says that “most of the bankers respect that analysts may also have a life outside of work. Once you are in a group and you can build a relationship with your team. the hours are “the worst part about the job. “I have heard the hours are fewer here than at bulge bracket firms. with gold accents.” says one contact in M&A.” though he admits.” Third-years get offices all their own. people treat you like a commodity. One analyst recalls “two weeks with Training the Street. You’re expected to work every weekend. you’re still working quite a lot. I do not have to work most Saturdays. “People do not have respect for your time and/or personal life.” though “informal training is hit or miss depending who you work with. wedding or other event to attend.” Some respondents are not sanguine about the time commitment. it can be shocking.” The case of a few bad apples? One analyst says that although “the majority of senior bankers treat you with respect. or waste your time by assigning menial tasks or giving false deadlines. Training the Street.” Another says that “at the lowest level.” The view from the bottom Sources are split on their take regarding treatment by managers. .” Sources are split regarding the importance of face time.” Training the Street—on the South Side Like their counterparts at other banks.” Overall. Otherwise. but if you don’t. especially Sundays. for instance.” But another insider says that training “begins six months before our start date. but that’s definitely not true. “They provide what we need.” Another disagrees. “I am shown a great deal of appreciation for the hard work and long hours that I put in on my Inc.” After the training period is over.

The Vault Guide to the Top 50 Banking Employers, 2010 Edition William Blair & Company

Overall, the dress is “very conservative. You will see a lot of dark pants,” and “white and blue shirts abound.” “No jacket or tie required” for the dayto-day rounds, “but everyone dresses very professionally—Brooks Brothers or better.” Think “slacks and a dress shirt.” The formality eases up on weekends and holidays. And in the summer, “some bankers,” who, during the rest of the year “show up in a suit and tie every day,” will “wear polo shirts on Fridays since they’re mostly all avid golfers.” Insiders are split regarding the degree of formality in the office. “Chicago business is conducted in a slightly more formal manner than in New York,” says one contact. Another Chicagoan wishes that “it was more formal so that people always looked presentable.” But all agree that formal is the word when it comes to client contact. Employees are similarly split regarding the firm’s attempts to implement green business practices, with some feeling that the firm is doing a good job of it. Most say they are open to a reduction in unnecessary lighting during off-peak hours, and to giving up disposable silverware and table settings. Presently, initiatives include “printing double sided, using more electronic files,” which “is a major shift as we traditionally print everything.” One insider says that these initiatives reflect an attempt “to reduce costs” rather than a conscious effort “of going green.” And at least one employee says that “so much paper and electricity is wasted it is almost disgusting.”

No high marks for equal opportunity employment
When it comes to gender, racial and GLBT diversity, the firm does not score high marks among the bulk of its employees. The investment banking division “is a lot of white males. But other departments across the firm are much more diverse.” Although “women are not well represented,” “the ones that are here seem well respected.” One insider points out that the firm “has always had a good amount of female analysts,” but that currently, there is “only one female partner in corporate finance.” And a female source says, “I feel that I’m treated differently, less harshly, because I’m a woman. It can be an advantage, but I’d rather be treated like an equal. I also fear that some people do not think female analysts are as capable as males.” A few insiders say that “the firm is not racially diverse.” Another points out that there are “hardly any minorities in more senior positions. It doesn’t seem to be something we even recruit for. I would not call us an ‘equal opportunity’ employer. I also think minorities have a more difficult time fitting in.” But insiders specify that it’s the corporate finance department that needs to improve and that “Blair overall is very diverse.”

A balance sheet free of toxic assets
William Blair was founded during the Great Depression, so “the business model was designed to operate in difficult economic times.” The firm “doesn’t lend, has no third-party debt on its balance sheet and doesn’t engage in proprietary trading,” which makes it “one of the best positioned investment banks in the country.” Others point out that William Blair is “privately owned,” and is “not at risk for defaults or huge asset write-downs.” The firm is “as well-positioned as any other” in the financial industry “to take advantage of a market recovery.” Nevertheless, “business has been slowing and revenue has been hit.” As a result, the firm “has taken steps to cut costs and buckle down for the long run,” which include cutting back on holiday parties, reducing the workforce, and diminishing the number and scale of free meals.

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Citi JPMorgan Chase State Street

One Wall Street New York, NY 10286 Phone: (212) 495-1784 Fax: (212) 809-9528

Asset Management Asset Servicing Broker-Dealer & Advisory Services Issuer Services Treasury Management Wealth Management

• “There are opportunities to move around within the company” • Management is “very open and easy to work with”

• “No sick days” • “No overtime pay given”

Employer Type: Public Company Ticker Symbol: BK (NYSE) Chairman & CEO: Robert P. Kelly 2008 Revenue: $13.7 billion 2008 Net Income: $1.4 billion No. of Employees: 42,900 No. of Offices: Offices on 6 continents in 42 countries


What insiders at other firms are saying
• • • • “Strong firm” “Old” “Well positioned” “Needs government funding”



© 2009 Inc.

The Vault Guide to the Top 50 Banking Employers, 2010 Edition The Bank of New York Mellon Corporation

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 over 42,000 employees operating across 34 countries. Headquartered in New York City, at the enviable address of One Wall Street, The Bank of New York Mellon has about $21 trillion in assets under custody or administration and more than $1 trillion under management. The firm services some of the world’s 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 brokerdealer 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 bank’s broker-dealer and advisor service businesses, and they perform an average of 119,000 trades on a daily basis. The bank’s 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 first corporate stock to be traded on the New York Stock Exchange, which opened in 1792. The bank played a major role in financing 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 before—outside New York, by opening a London office 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 giants—from an oil company to a steel empire—were 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 firms 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 firm 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 firm 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 company’s 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 Mellon’s 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.

An embarrassment of riches
Where to begin? BNY Mellon was lauded by industry publications across the board. Its Mellon Transition Management Services was named 2008 Transition Manager of the year by Global Pensions magazine—beating out more than 1,000 other pension funds.

Global Investor named BNY Mellon No. 1 in all major categories, including best FX service overall, while ICFA magazine named it custodian of the yearEurope, US Fund administrator of the year (onshore) and custodian of the year-overall, in its first-ever global awards. Finally, BNY Mellon won Global Finance’s World’s Best Global Custodian—for the ninth year in a row.
To give an idea why, during 2008, BNY Mellon was named custodian of a wide range of investments, including Banco Central de Uruguay’s $4.5 billion portfolio; Old Mutual Capital’s $5 billion mutual fund portfolio; and the Fire and Police Pension Association of Colorado $3.5 billion portfolio. It was also named sole custodian of the U.K.-based Co-Operative Group’s £5.3 million pension plan and appointed by the Free State of Saxony in consultation with Landesbank Baden-Wurttemberg and a group of German banks to provide execution services for the €16 billion Sealink Funding transaction.

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The Vault Guide to the Top 50 Banking Employers, 2010 Edition The Bank of New York Mellon Corporation

June 2009: Freddie picks Mellon
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 Mac—a role Freddie Mac will be relinquishing. Mellon will officially begin providing custodial services in October 2009.

April 2009: A big slide
Bank of New York Mellon booked first quarter 2009 net income of $370 million, a 51 percent decline versus the first quarter 2008. The bank’s revenue, meanwhile, fell to $2.95 billion from $3.75 billion. BNY Mellon’s results were adversely affected by weakened equity markets, which ate into the company’s money-management fees.

January 2009: Securities lead to slowdown
The bank also suffered billions in write-downs in the fourth quarter of 2008. And it was one of the first banks to receive a boost from the federal government—to the tune of $3 billion in preferred stock. For full-year 2008, the firm brought in $1.16 billion in revenue, down from the $1.39 billion it reported in 2007. Net income for the year came in at $1.42 billion, down from the $2.04 billion it posted in 2007. The bank cited mortgage-based securities write-downs as one of the main reasons for the overall decline.

January 2009: Working for Fannie
Mortgage giant Fannie Mae designated it document custodian for materials related to mortgage loans in its mortgage portfolio.

November 2008: Not even a giant is untouched
BNY Mellon slashed about 4 percent of its 43,000-strong workforce, or about 1,800 positions. “It has become clear that we need to take additional steps beyond our merger synergies to reduce expenses, given the current weakness in the global economy. We will take advantage of natural turnover to lessen the impact on existing staff,” Robert P. Kelly, chairman and CEO, said in a statement. The firm was also one of the first banks to receive a cut of the U.S. government’s initial $250 billion aid package; BNY took a $3 billion shot in the arm in the form of the sale of preferred stock.

October 2008: Master custodian for TARP
BNY Mellon was named master custodian overseeing the Treasury Department’s $700 billion bailout. Among its responsibilities as master custodian are providing record-keeping services and overseeing the bailout fund’s 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.

September 2008: Lehman trustee
When Lehman Brothers went bankrupt, BNY Mellon had no loans outstanding to the firm. But it was a corporate trustee for Lehman debt issues, and sat on the committee overseeing the Lehman bankruptcy proceedings.

September 2008: Perfect marks for GLBT treatment
And the Human Rights Campaign Foundation awarded it perfect marks in its 2009 Corporate Equality Index, an annual survey that rates employers’ treatment of gay, lesbian, bisexual and transgender employees and clients.

July 2008: End of an era
Thomas A. Reyni retired as executive chairman and director of the Bank of New York Mellon. Prior to the Mellon and Bank of New York merger, Reyni served as chairman and CEO of the Bank of New York. Reyni, who was fundamental to the merger, worked with the bank for the duration of his career— nearly 40 years. He was succeeded by Robert P. Kelly, BNY Mellon’s CEO.


© 2009 Inc.

The Vault Guide to the Top 50 Banking Employers, 2010 Edition The Bank of New York Mellon Corporation

June 2008: Two steps closer to world domination
The company announced that would open an office in Dubai—a major step toward its expansion into the Middle East and African markets. It obtained a license from the Dubai Financial Services Authority and will operate from the Dubai International Financial Centre. The company also acquired an enhanced banking license for Mexico, which will enable it to bolster its business in that country, where it operates as The Bank of New York Mellon, S.A., Institucion de Banca Multiple.

April 2008: Equal opportunity employer
In April 2008, the New York City Bar Association named Bank of New York Mellon’s legal department the diversity employer of the year for 2008.

April 2008: Case of the disappearing tapes
A back-up storage tape containing images of scanned checks and other documents related to payments made to some 50 BNY institutional clients disappeared en route from Philadelphia to Pittsburgh. In apology, the bank offered two years of free credit monitoring and identity theft insurance for up to $25,000. It also promised to encrypt future data to be transported and, when possible, to transport it electronically. The identities of nearly 500,000 Connecticut residents were put at risk, according to the U.K.-based Register; affected companies include John Hancock, Walt Disney Company and TD Bank Financial Group.

March 2008: Park steps down
Michael Hughey, BNY Mellon’s controller, stepped down from his position. John Park, previously CFO of the company’s treasury and global markets businesses, succeeded him.

Feburary 2008: Foibles
Data belonging to more than four million people was exposed after a box of data storage tapes went missing; the tapes included names, addresses and Social Security numbers of BNY Mellon and the Bridgeport, Conn.-based People’s United Bank. An outside vendor lost the tapes, said BNY Mellon, while they were being transported to a New Jersey storage facility.

Feburary 2008: Down with OPG
Stichting Pensioenfonds OPG engaged BNY to provide global custody, investment accounting, regulatory reporting, and performance measurement for €219 million. OPG Group, an international pharmaceutical and medical supply company, has operations in the Netherlands, Poland, Belgium, Germany, Denmark, Norway, Hungary and Switzerland.

January 2008: A plethora of deals
The bank closed on its acquisition of ARX Capital Management, an asset manager headquartered in Rio de Janeiro with $2.8 billion assets under management.

Cradle robbers
For potential candidates, especially those just beginning their careers, you just might be in luck. On the firm’s 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 firm’s 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 first-time job.” The firm’s website makes the application process easy, allowing you to submit your resume online.

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The Vault Guide to the Top 50 Banking Employers, 2010 Edition The Bank of New York Mellon Corporation

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 questions”—many of them “behavioral.” Expect at least three rounds, but don’t expect bells and whistles—it’s a “fairly straightforward” process, insiders say.

They’re pros
The bank houses a “very professional, yet laid-back working environment,” insiders say. Overall, the corporate culture at the firm is “traditional,” but with a “very good work environment for everybody.” Maybe that’s because where “teamwork is the core of business.” Although “people need to work hard,” it’s likely an offshoot of the fact that “the company has grown up very quickly in recent years.” But there’s a flip side, too—”the bank also has people who are dead set on leaving the office 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 field in terms of experience and learning.” Hours spent in office tend to be reasonable—”your 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 warned—”once 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 finished.” On the management front, sources seem to be pretty content. “My supervisors and managers are very open and easy to work with.” They’re 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 benefits. “Actual bonuses were small,” one insider confides, “and not even close to compensating for overtime.” Plus, “bonuses are paid four months after they’re earned to force staff to stay longer.” There are “four weeks of vacation and medical/dental benefits” 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 benefits are free coffee and tea—but 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 terrific 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 Mellon’s subsidiary divisions.” Another aspect of firm life that does receive high marks from insiders is a “business casual” dress code that allows “jeans and sneakers on Fridays and specific manager-permitted weekdays.” However, use common sense when dressing for the office. 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.

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 it’s important to “say the right thing” and “impress the right person” to get ahead. One contact says there was “political correctness in name only—actions 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 first time the bank acknowledged that there was a sizable gay employee population, and didn’t reserve the anti-discrimination policies to only race and sex.” This is a move that definitely denotes progress, the contact asserts. “For a stodgy, old-world bank, this moved the institution light years ahead.” And the firm 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.”


© 2009 Inc.



Quality of Life #6 – Training #7 – Treatment by Managers #8 – Best to Work For #8 – Compensation #8 – Culture #9 – Overall Satisfaction #10 – Offices #11 – Selectivity #13 – Business Outlook #14 – Green Initiatives Diversity #6 – Diversity With Respect To Women #9 – Best for Diversity #11 – Diversity With Respect To Ethnic Minorities #11 (tie) – Diversity With Respect To Gays and Lesbians

1221 Avenue of the Americas New York, NY 10020 Phone: (646) 562-1000 Fax: (646) 562-1741

Institutional Sales & Trading Investment Banking Research

Employer Type: Public Company Ticker Symbol: COWN (NYSE) President & CEO: David M. Malcolm 2008 Revenue: $217.32 million 2008 Net Income: -$72.15 million No. of Employees: 440 No. of Offices: 13 (Worldwide)

Deutsche Bank Goldman Sachs Morgan Stanley

• “Attention from senior management” • “Great culture” • “Good work/life balance”

• “The hours” • “Less commonly known” • “The politics”

What insiders at other firms are saying
• • • • “Strong niche player, strong in technology” “Not a serious player” “Solid boutique” “Struggling”




The Vault Guide to the Top 50 Banking Employers, 2010 Edition Cowen and Company, LLC

Growth sector gurus
The Cowen Group, Inc. is an investment bank with two arms: Cowen International Ltd., which handles overseas business, and Cowen and Company LLC, which operates in the U.S. Cowen’s investment banking services are focused 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 financing, private placements and restricted security sales. Cowen also operates busy institutional sales and trading and research units. Over the years, the firm 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 firm has kept busy advising on a variety of M&A deals. In 2008, for deals based on value, Thomson Reuters ranked Cowen No. 8 for U.S. Targeted M&A up to $50 million, outranking competitors Goldman Sachs and Morgan Stanley. In the other M&A categories based on value, it was named 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 City’s financial district. By the 1920s, the Cowens’ firm 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 firm relocated to a new headquarters at 45 Wall Street. A decade of rapid expansion followed—during the 1970s, Cowen opened six offices across the U.S. and began making its first 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 firm’s expertise in technology and health care dates back to 1976, when Cowen bought Boston-based institutional research firm G.S. Grumman. Cowen’s reach went beyond U.S. borders in the 1980s with the opening of offices in London, Tokyo, Paris and Geneva. The investment banking unit debuted in 1986, but it really took off a few years later—by the time the 1990s rolled around, Cowen’s lead-managed transactions accounted for onethird of the firm’s business. In 1998, Cowen was acquired by France’s 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 Cowen’s restructuring under SocGen and the subsequent IPO, led the transition. Today, Cowen employs 440 people in eight U.S. offices and two international affiliate offices 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 Paul E. Griffin and Andrew M. Barish joined the firm’s technology and consumer investment banking groups, from Oppenheimer & Co. and Banc of America Securities, respectively. The firm also made hires in its capital markets and consumer investment banking groups.

Slumping toward Bethlehem?
Cowen posted disappointing earnings throughout 2008. In the first quarter, total revenue was $55 million, down 25 percent from the same period a year earlier. Net income for the first 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 2008, the firm posted $217.32 million in revenue, down from $261.57 million it posted in 2007. The firm posted a net loss of $72.15 million for the year, deeper than the $11.32 million net loss it posted in the previous year. The firm cited the disarray in the financial markets as part of the reason for the disappointing results.

December 2008: Sorry, dance card’s full
The firm announced that it had rejected a $100 million hostile bid from Rodman & Renshaw Capital Group. At $40 million, according to Forbes, Rodman & Renshaw has less than half of Cowen’s market capitalization. The firm, an investment bank that specializes in the biotechnology sector, said Cowen’s expertise in public offerings would appeal to its clients. Needless to say, folks at Cowen felt differently.


© 2009 Inc.

The two. was the subject of a hostile bid. a boutique investment bank headquartered in Hong Kong. Investors include affiliates of OMERS Capital Partners. Strategic Investment Group. Cowen announced that David Malcolm. Beijing and Shanghai. John E. president of Latitude. an executive vice president of the for insider company profiles.” The hostile bid wasn’t Rodman & Redhaw’s first attempt to acquire Cowen. Latitude is now known as Cowen Latitude Asia. After Cowen declined its bid. December 2008: Parting is such sweet sorrow Cowen cut 11 percent of its workforce in the fourth quarter of 2008. and substantially exceeded its initial target size of $350 million. the firm offered to pay Cowen shareholders a 20 percent premium to the company’s stock.” Under the direction of Gregory Brown. July 2008: Health care royalty The company closed its Cowen Healthcare Royalty Partners fund (CHRP). Fennebresque departed from the firm. New York Life Insurance Company. Crestline Management. and Frank K. has become its CEO and has joined Cowen’s investment banking operating committee. Cowen believed. LLC In a statement. The year never really turned around for Cowen. owner of the Chart House and Rainforest Cafe chains. According to Cowen. the firm said: “There are no complimentary products or business strategies and little additional sector coverage between the two firms due to Rodman & Renshaw’s reliance on the life sciences sector and the fact that Cowen offers all of the primary products and services offered by Rodman & Renshaw. the Vault Job Board and more. with commitments in excess of $500 million. In a statement. 2010 Edition Cowen and Company. hoping that it could entice Cowen’s shareholders to agree to it. UBS and Wachovia. the former Cowen CEO who had stepped down in January 2008. According to Forbes. and cut some 11 percent of its workforce in the fourth quarter. Cowen named a new chief. expert advice. April 2008: Tasty deal And it advised Landry’s Restaurants. succeeded him as nonexecutive chairman of the board. Rodman & Redman was undeterred. January 2008: Things will get worse before they get better Cowen & Company rang in 2008 with a bang and a whimper. which focuses on treating oxygendeprived tissue in heart-attack victims. on the possibility of a sale. Nordea. September 2008: Underwriting time With Citigroup. while former chief executive Kim Fennebresque would resign after 10 years as the firm’s leader. Rodman & Redman took its offer public. and Clarke B. which posted disappointing returns. and The Travelers Companies. according to The Wall Street Journal. had been in informal discussions throughout the fall—to no avail. the acquisition will open up access to Asian markets. Further. Visit Vault at www. Fennebresque. that there is significant risk that a transaction with Rodman & Renshaw would result in the destruction of shareholder value. CHRP focuses on long-term investments in health care products and companies. Cowen underwrote the $100 million IPO for medical device company Therox.vault. which are now Cowen affiliates. expert resume reviews. 235 . Cowen said that the fund “was significantly oversubscribed. according to Forbes. resigned from his post as nonexecutive chairman of Cowen Group. career message boards. Latitude had offices in Hong Kong. Futch. Toffolon Jr. Landry president and CEO. In spite of Cowen’s rejection.The Vault Guide to the Top 50 Banking Employers. The company started 2008 down 52 percent since the beginning of 2007—a worse record than now-defunct Bear Stearns. August 2008: Dealicious Cowen acquired Latitude Capital Group. and continues to believe. May 2008: A new chief Amid a tough market that has caused the firm trouble. Au. following a bid by Tilman Fertitta. June 2008: Stepping down Kim S. Todd C. Not long after announcing dismal first quarter results. would take over as president and CEO. Davis.

” Current insiders also say that generally the company “has a national eye towards Ivy and NESCAC schools” (like Amherst.m. the question will be ‘Why are you not going back there?’” OUR SURVEY SAYS Small but competitive The firm culture is “more relaxed than at a typical investment bank due to the smaller environment”—”the hierarchy associated with most banks does not come into play as much here.000 and “increase $10.” and “Bowdoin. I received a full-time offer at the end of the summer. “the same as everywhere else. Stanford. Be wary.” Round ‘em up Candidates recall two to three rounds of interviews where they’ve gone one on one with up to fifteen different people.”) One analyst working out of the San Francisco office reports. The second was an office visit. leaving before 9 45-minute introductory interview on campus with an 45-minute interviews with VPs. One current analyst describes the process. 1 most important requirement is that Cowen be the candidates’ first choice. Richmond. Most employees at the analyst level and above report working between 80 and 100 hours per week.” and the responses to these questions are more important than “memorizing the answers to the basic gamut of IB interview questions. LLC GETTING HIRED Make it your first choice Cowen & Company is “more selective in the current environment. Haas. Cowen “recruits primarily from UC Inc.” Recruiters can be found at schools such as “Tuck.” and there are “not many positions available.5 days per month.m. to a lesser extent. Columbia. personality fit and intelligence is extremely important. of which we probably get 40 to 50 per open spot. directors and MDs.” Analyst salaries start at $60. “My summer internship was a good experience. 2010 Edition Cowen and Company. extremely qualified candidates who can clearly articulate why they are interested in being investment bankers here. however.” Long hours “come with the territory.” and “vacation is accrued at 1. about 60 to 80 percent.” Though the group atmosphere is described as “very collegial and tightknit. We hired sixteen for the class of 2007.000 a year for seniority. “Cowen does typically recruit from a small batch of schools.” Dig in Employees who are hired at Cowen are expected to contribute a sizable amount of their time to the company.” One associate explains that the company is “looking for very few.” and in the past year. albeit without nearly the same level of expertise. comprised of several 30. which comes after screening resumes. of how you frame your prior internship experiences.” but “there are several analysts hired through connections. “The first was a 30.” and even on the “high end of the Street range.” Another comments that “even during market slowdowns.” On the West Coast.” Only a handful of recruits are hired each year. “We have a box at the Giants games. “Cowen doesn’t want people that only want to work here because they can’t get a job at a bulge bracket.” Because of the “the number of hours spent with your colleagues. The second round was much more intensive than the first.” Perks include “free meals and transportation nightly and on weekends” (“Individuals receive $20 a night for meals assuming they work past 8 p.” However. 15 in 2008. One contact says. “We usually do maybe 15 to 20 preliminary interviews for each spot. because “as an analyst. I worked as if I was a full-time analyst. Interviews at Cowen are “focused on fit as opposed to pounding you with technical questions.” “Bonuses are based upon firm wide performance at the analyst level.” the “culture can be very aggressive”—employees “need to be very thick skinned to fit in. which is a great perk. the firm may see this change in the future as recently “salaries were frozen for all levels.The Vault Guide to the Top 50 Banking Employers.” Entry-level employees may want to be cautious. An insider says. I got to go to maybe seven or eight games last year.” Despite Cowen’s size most respondents say that the salaries are “comparable to Wall Street”. .” Prior experience necessary Internships can be the key to employment at Cowen. 100-hour weeks were standard. UCLA. and 10 for 2009. Emory. because “if you did not intern at a bank. the question will be ‘Why not?’ And if you did intern at another firm. “bonuses were down significantly.” If you want to get your foot in the door. One former intern recalls. USC and. UCLA and Carnegie Mellon on the MBA side. Berkeley on the BA side. They want people that choose to work here because they recognize the advantages of the platform. is uncommon. Williams and Wesleyan). and the numbers are dwindling.” An internship at either Cowen or another banking firm is almost a prerequisite for hire.” The No.” and one goes so far as 236 © 2009 Vault. and one source confirms that “during 2008. however. you have a lot of rope so-tospeak—more than enough to hang yourself at times if you are not careful.

com for insider company profiles. “I work in the Bank of America building in a cubicle on the fifth floor. 237 . promotion and mentoring.” Training programs have a duration period of five weeks and are split into two different groups: one for analysts and one for associates. the Vault Job Board and more.” which “doesn’t always seem to be the case at other banks.” Most managers get high marks from their subordinates but “it depends a lot on who you work for.” and “the environment is no longer as collegial—there are many more closed doors to senior bankers’ offices. but you will likely find you don’t have the time to waste.The Vault Guide to the Top 50 Banking Employers.” and many offices offer a business casual dress code in the summer. including its winter holiday celebration. I will leave Wall Street. but many employees feel that their colleagues “are unbiased when it comes to ethnicity in hiring.” Another says.” Another adds. Cowen provides the exact same training without the credit analysis.” Job jitters Cowen respondents feel that their firm is surviving the financial crisis better than others. “Associates all have offices.” Visit Vault at www. light and modern”— it’s not dark and depressing like most banks.” though the firm does “employ power conservation and similar cost-saving techniques. sales and trading met for a day to talk about women in the workplace. napkins and lighting during the day as potential means of addressing the problem. most agree that the “the firm is in a much better position than most.” Looking forward.” Still.” One current associate’s overall satisfaction at Cowen is so great that he confesses that he “would not work at another firm on Wall Street. One respondent reports that in his office.” At this boutique firm. Basic banking Office space is “is fairly basic” and “nothing fancy. Not there yet Cowen’s offices “have not been retrofitted for environmentally sustainable practices.” One source says that the downturn has actually benefited the firm. When I leave Cowen. but it’s not all that bad. most if not all bankers stick to formal dress.” One source says. one source notes that “direct managers have become more difficult to work within the downturn.” San Francisco gets high marks for its offices.” As for diversity as far as sexual orientation. According to insiders. with one employee commenting that the space is “very nice. either.” Cowen employees have a dress code that consists of “business casual in the office on the West Coast” and “formal dress in New York.” All employees are required to wear suits for client interaction.” The firm doesn’t have any outreach targeted towards hiring or supporting minorities. this is not the right industry for you. “a number of different races are represented at all levels. “training can be very intimate. your opinion and advice is often critical and is taken very seriously. LLC to warn. Some managers are mindful of your time and others are more focused on getting the work done. One female associate explains.” but “there are a number of females that work at all levels. even though a “jacket is not formally required during the summer. “I grade it well since I have a reasonably-sized office with a window where most associates don’t have that.” Many sources give the firm low marks for its lack of green initiatives.” A West Coast contact says that he “always wear slacks and a collared shirt to the office.vault. “Last year the firm had a Women’s Summit event in New York.” Take me seriously Managers at Cowen “generally treat colleagues with respect.” The good news is that Cowen is making efforts to reach out to its female employees.” A source explains that “compared to the bulge banks. where every woman professional in banking.” Though most employees report a very open environment. Cowen has been able to increase its face time and mindshare of the CEOs of our clients. Cowen has also downsized its workforce and reduced business related travel as a result of the difficult market.” Another agrees that the training is similar to bulge banks. most employees think that Cowen is “taking the right steps to survive and come up with interesting ways to make money. People here won’t waste your time.” The downturn has also caused employees to note that the firm has cut back on several former mainstays. expert resume reviews.” while another agrees that “the firm is mostly Caucasian. 2010 Edition Cowen and Company. saying that “given the current shake up and issues at bulge bracket firms. expert advice. career message boards. “I share a healthy fear with everyone on the Street that this will not last.” Indeed. it “is not a topic often discussed around the office so it’s a little bit more difficult to gauge. It’s not glamorous. The company has “become more business casual over time.” Respondents suggest cutting back on disposable plates.” “As an analyst. “If hours are a concern.” Another source notes. but at least one source admits that “no one is completely satisfied in an investment banking position right now. No bias Insiders agree that “the firm is male-dominated.” One source cites that there are “not many minorities here. with one commenting that “we recycle but it’s not a big focus. but says that it also has an added perk: “We benefit from small class size and much more insightful feedback.

730 *Citigroup BUSINESSES Commercial Business Consumer Finance Retail Banking Retail Distribution THE STATS Employer Type: Division of Citigroup Inc. smart people” “Mediocre” “Stalwart US brand” “In trouble” THE BUZZ www.: Vikram S. NY 10043 Phone: (800) 285-3000 Fax: (212) 793-3946 billion Inc. of Employees: 309. CEO. Consumer Banking North America: Terri Dial 2008 Revenue: $28. 238 © 2009 . Inc.PRESTIGE RANKING 41 CITI CONSUMER BANKING RANKING RECAP Quality of Life #1 – Hours #7 – Selectivity #12 – Compensation #13 – Green Initiatives #13 – Treatment by Managers #14 – Training #15 – Best to Work For Diversity #2 – Diversity With Respect To Gays and Lesbians #5 – Best for Diversity #7 – Diversity With Respect To Women #8 – Diversity With Respect To Ethnic Minorities 399 Park Avenue New York.65 billion 2008 Net Income: -$12. KEY COMPETITORS Bank of America Chase Commercial Bank HSBC Wells Fargo UPPERS • “Great learning opportunities” • “Intelligent and accomplished people” • “Global footprint” DOWNERS • “Politics” • “Hierarchy suppresses ideas and discussions to drive growth” • “Uncertainty regarding the future” EMPLOYMENT CONTACT What insiders at other firms are saying • • • • “Good.000* No. of Offices: 7. Pandit CEO.oncampus.

a corporation which included the Travelers Corp. Paul Travelers. The move. Prior to its rebranding.The Vault Guide to the Top 50 Banking Employers. and international retail banking (offered by Citibank. Treasury. real estate lending and auto loans). came shortly after the firm received additional government bailout funds. the first commissioner of the U. a commercial finance group (offering banking. Pandit joined Citi just after the global banking group purchased Old Lane Partner. Look who’s on top Vikram Pandit became the chief executive of Citigroup in December 2007. Citi’s commercial and consumer businesses are carried out by the consumer banking group. IN THE NEWS April 2009: Good news on the earnings front The firm booked $1. and a microfinance group. which will cut monthly payments to about $500 for three months. laid-off tens of thousands of employees.11 billion loss in the first quarter 2008). expert advice. His creation expanded through the 1800s.S. The positive numbers were propelled by increased fixed income trading revenue.8 billion. which includes U. First National City Bank (as it was then known) became Citibank N. Pandit succeeded Chuck Prince (Charles O. the firm received a United States Federal Reserve bailout of a whopping $45 billion. consumer lending (including student loans. as well as global capital markets. the hedge fund that Pandit set up after leaving Morgan Stanley. swapping its red umbrella logo for a streamlined red arc and changing its brand name from Citigroup to simply Citi. Primerica Financial Services and Citibank Direct). It took the name City Bank in 1865 and. meanwhile. Prince led a 2007 overhaul of the bank’s image. led by former Commercial Credit chairman Sandy Weill. Charles O. expert resume for insider company profiles. Although Pandit lowered the bank’s costs and allowed reinvestments in growth in 2007. the following year was not so peachy. leasing and commercial real estate). skyrocketed to $24. the Salomon Smith Barney investment bank. In 2008. who had taken his post in 2003 amid some shareholder frustration that Citi’s stock prices weren’t matching those of its peers. The global cards business encompasses Citi’s worldwide credit card business. in 1976. taking the helm of the world’s largest banking and financial services group during the worst financial crisis the world has seen in modern times.S. 239 . Prince III). The institutional clients group includes global banking services such as merger and acquisition advisory.S. government and has sold off some assets—including its brokerage arm to longtime rival Morgan Stanley in January 2009. equity. international consumer finance. The global consumer group is one of Citi’s biggest revenue drivers. Pandit’s job has not been easy. The old red umbrella can still be seen at Travelers insurance offices— Travelers was spun off from Citi and merged with the St.5 billion on its derivative positions and lower costs—Citi cut operating expenses by 23 percent in the previous 12 months and headcount by 13.000 since the beginning of 2009.A. was the largest bank in the U. debt. the Vault Job Board and more. the Commercial Credit loan company and Primerica financial services. restructuring and underwriting. the global banking group based in New York and known throughout the world was rebranded as simply “Citi” back in 2007.6 billion in net income for the first quarter 2009. career message boards. In 1998. Paul Companies in 2004. From City Bank to Citibank In 1812. a 99 percent increase versus the first quarter of 2008. Citi was revered as the world’s largest banking and financial services group. but the financial storm in the recent past has not been kind to this global giant. it was the largest commercial bank in the world. a new accounting rule letting Citi take a one-time gain of $2. taken $45 billion in assistance from the U. The resulting entity was Citigroup. which has seen billions of dollars wiped off its market value.S. At the time of his appointment. industry commentators noted that in the wake of the losses which the group was hit with under Prince. replacing interim chief executive Sir Winfried Bischoff. concluding five consecutive quarters of losses (including a $5. by 1894. “Chuck” Prince III took over from Weill. the institutional clients group and global cards. Citi has over 200 million customer accounts in more than 100 countries around the world.. typically bringing in more than half of each year’s Citi-wide earnings. By 1929. Citi’s main business divisions are consumer banking.vault. offering consumer lending and conducting business internationally. used $2 million of capital to found a commercial bank called the City Bank of New York.S. transaction services and alternative investments. Citicorp merged with Travelers. CitiFinancial. To qualify for the reduced payments under Visit Vault at www. who became chairman of the board as well as remaining chief executive of Citigroup in Europe. In 2003. Revenue. becoming St. insurance company. March 2009: Giving unemployed homeowners a break Citi said that it will reduce some of the mortgage payments it receives from unemployed homeowners. its holding company was known as Citicorp. 2010 Edition Citi Consumer Banking THE SCOOP Global giant Although its official name is Citigroup Inc. Samuel Osgood. Pandit would have to address the firm’s risk management practices to win back the confidence of staff and investors. U.

Although the new acquisition was approved by shareholders of Wachovia and Wells Fargo.The Vault Guide to the Top 50 Banking Employers. The move freed up capital for Citi—the bank doesn’t have to pay dividends on the common stock unlike it did on the preferred. It also significantly diluted existing shareholders’ stake in Citi by nearly 75 percent.” The announcement came amid President Obama and other lawmakers slamming Citi and other banks for giving exorbitant bonus payments to top executives while simultaneously accepting federal bailout funding. February 2009: Dollar days Citigroup CEO Vikram Pandit said he had offered to take a $1 salary and no bonus until the bank gets back on solid financial ground. An official hearing 240 © 2009 Vault. Citi announced its fifth consecutive quarterly loss.S. November 2008: Bring on the deep cuts The firm announced that after four consecutive quarters of losses. The Wells Fargo deal included Wachovia’s brokerage and asset management units. of the $45 billion it received.” Coinciding with the announcement. Citi agreed to make several changes.S. as it booked a loss of $8. . Treasury said it would boost its stake in Citi from 8 percent to 36 percent.1 billion in stock. government’s Troubled Asset Relief Program. Citi itself remained as the parent company. including changing the makeup of its board to include a majority of independent directors. homeowners must have a loan from CitiMortgage. In fact. Citi has said it had an exclusive deal with Wachovia.5 billion to buying mortgages in the secondary market during the last three months of 2008. 2010 Edition Citi Consumer Banking the program. live in their home as a primary residence and be at least 60 days past due on their mortgages or in home foreclosure. entering into or consummating any transaction” involving an acquisition or merger with any other bank than Citi. noting that he understands “the new reality” and “will make sure Citi gets it as well. Most of the funds.7 billion. including $1 billion in student loans and $2. the swap “has one goal —to increase our tangible common equity. In early October 2008. were ironically allocated toward the very thing that got the company into trouble: the housing market. January 2009: Selling Smith Barney Citi agreed to combine its Smith Barney brokerage unit with New York-based Morgan Stanley’s brokerage division. we recognize that the markets also view tangible common equity as an important measure. the firm would cut an additional 52. while the latter would oversee what remained of the group’s high-risk investments (many had already been sold off).” He added. while Citi Holdings encompassed the saleable assets. Less than a week after the Wells Fargo offer went public. though.29 billion for the fourth quarter 2008. Along with the restructuring. said that private banking services will remain on its menu. Also in February 2009. and other regulators initially appeared to favor the Citigroup deal. insiders told Reuters. Wells Fargo agreed to acquire Wachovia Corporation for $15. a judge with the New York State Supreme Court issued a temporary edict preventing Wachovia from “negotiating. Meanwhile. Citi also increased credit lines and opened new credit card accounts. Citi spent $27. It was reported that Morgan Stanley is expected to acquire full control in phases over the next five years.5 billion. January 2009: Divide and conquer? Citi revealed that it was splitting into two operating units. According to Citi CEO Vikram Pandit in a statement. the U. Citicorp and Citi Holdings Inc. but potential spin offs and mergers from either of the units were not ruled out as possibilities. The former would continue to provide traditional retail and investment banking services.000 jobs (in addition to the 23. Wachovia found another suitor—one that would buy its entire operations. During the fourth quarter of 2008. Citi said it lent $36. however. the two operating units were divided so that Citicorp remained the core bank. which were excluded in Citi’s proposal. January 2009: Big trouble in China banking? Citigroup will shutter its China-based private banking division and make the operation part of its consumer banking group. and the Federal Deposit Insurance Corp. February 2009: TARP spending breakdown Citi posted its initial progress report regarding its use of the funds from the U.000 it had already sacked before the announcement).5 billion in business and personal Inc. usurping the earlier offer by Citigroup. converting $25 billion of its preferred stock into common equity. Citi. in effect selling a 51 percent majority stake in the joint venture for $2. October 2008: An ongoing battle Just days after Citigroup’s proposal to buy Wachovia’s banking operations for $2. the news agency reported that many employees currently working within the private banking unit will be relocated to the firm’s consumer banking area. “While we believe Tier 1 capital remains the most important measure of the financial strength of banks.2 billion in stock.

Again. when litigation and negotiation was slated to begin again. Treasury Secretary Henry Paulson announced that the Treasury would inject a total of $250 billion into U. the U.S. banks to help restore confidence to the markets. “We stood by while others walked away. January 2008: More write-downs and job losses While the world’s banks were reporting dramatic write-downs and losses. Citi filed a suit seeking $60 billion in damages from Wells Fargo and Wachovia for obstructing its transaction. exclusive merchandise and VIP artist events. “The needs of our economy require that our financial institutions not take this new capital to hoard it. Still. expert resume reviews. April 2007: It’s credit crunch time Due to the U. credit card holders. The on-site round will include a “candidate challenge case study and presentation with other candidates.” But that’s not all: insiders say Citi pays serious attention to job fairs and its own web site. which allows students and experienced candidates to search open positions. but a day before the hearing.” and the process wraps up after “a final round with the business head” of each prospect’s preferred division. consult up-to-date recruiting calendars. But when October 8th came around. followed in the footsteps of some European countries.The Vault Guide to the Top 50 Banking for insider company profiles. expect to see Citi recruiters at places like “Michigan. February 2008: Rock on Citi became the exclusive credit card partner of music giant Live Nation. branding rights at concerts and a special partnership with Live Nation’s new ticketing operation. Visit Vault at www. Wharton. Tuck. expert advice. Citi said that it was dropping out of the running for Wachovia but added that it was going ahead with its $60 billion lawsuit against Wells Fargo. the firm announced it would cut another 5 percent of its workforce. Treasury in an effort to recapitalize the markets. Citi and Wells Fargo decided to lengthen their truce until the morning of October 10th.S.S. Paulson said. Harvard. in a restructuring attempt to boost its suffering stock value. career message boards.S.S.000 jobs. GETTING HIRED Lots of ways in The odds of landing a position can vary depending “on the program you apply to. This.vault. but to deploy it. representing 17. box seats. and the Fed successfully brought Wells Fargo and Citi to the negotiating table to agree to stop their battling until October 8th. Questions and a challenge Most candidates will go through “three rounds of interviews. on the afternoon of October 9th. “Now. in turn. premium seating. the Vault Job Board and more. Primary recruiting targets include “top-20 rated business schools” and high-caliber undergrad institutions around the world.” Neither Wells Fargo nor Wachovia made any immediate comments on Citi’s announcement.” but insiders say Citi tends to be “highly selective” when it comes to new hires. 241 . October 2008: A gift from Hank (and Uncle Sam) Citigroup found out that it will receive $25 billion from the U. Citi announced it would cut costs by axing 5 percent of its workforce. 2010 Edition Citi Consumer Banking regarding the legality of the Wells offer was scheduled for October 7th. U. prompted the Federal Reserve to get involved. Georgetown. in another early announcement.S.” starting with “a campus round” that focuses on behavioral and personality questions. LSE. Duke. creating an exclusive “Private Pass” program that will give cardholders access to presale concert tickets. Live Nation will benefit from exposure to Citi’s 150 million U. and as part of the deal Citi will also receive marketing perks like venue naming rights. create profiles and submit online applications.” a source reports.” Citi said in statement.” With the injection. “Several very qualified people interviewed for the 13 positions in my class from top national and international institutions.-subprime crisis. it’s a good idea to come armed with some detailed questions of your own to prove you’re interested in the specifics of the job. The process intensifies with “an on-site all day interview and business case session” in which “three to four managers” conduct a series of competencybased and knowledge-based interviews. our shareholders have been unjustly and illegally deprived of the opportunity the transaction created. According to Citi’s careers page. Columbia and NYU. which announced similar moves earlier in the week designed to help thaw their credit markets. ESADE. Citi’s write-downs of $15 billion fell below analyst expectations of $22 billion.

to cover moving expenses” and insiders note that “four weeks of vacation is standard.m.” Although Citi hires plenty of people from outside the internship pool. “Internships in other management associates programs are available. lump sum. “Nearly all summer interns get jobs. which is “mostly cubes. although effort has been made.000 cash after taxes.” but “different businesses all have their different dress codes. . there’s no way around it: Citi insiders say there’s a lot of “uncertainty” about their compensation in 2009 and beyond.” others say the “very hierarchical” nature of the firm means junior staffers are “not encouraged to speak up or question directions from above.” an employee says.” Toe the line Managers get mixed reviews from sources who say Citi can there’s “limited mentorship. functional areas and geographies” every six months receive “$10. which means plenty of opportunities for “on-the-job training. “You have to blow it to not get an offer.” Formal training programs are “minimal” and could “be streamlined and moved online. but unsettled There’s a “diverse group of people” inside Citi’s walls. Some divisions do allow “casual Fridays.” one woman says.” As for pay.” 242 © 2009 Vault.” adds an insider.” one management associate says.” Balance it out Reasonable hours in the consumer bank get high marks from employees. sources say those who do well during a summer stint may be on their way to employment.” one woman says. although insiders point out that “mentoring programs are not gender specific. dress code “depends on the business you are rotating through. insiders caution that “not all MBA recruiting programs have a summer program” available—for instance.” and sources bemoan the “dated and worn” furniture at their disposal.” One insider wishes the firm would make an effort to “streamline and build a common culture across all businesses. Citi is doing well on diversity. but the retail and commercial banks are business [formal].” “It is definitely a male dominant industry.m.” Perhaps best of all.” OUR SURVEY SAYS Diverse. “Fragmented” is how one insider describes the vibe at Citi today. and most insiders say their co-workers are “great to work with. “but I did not see any correlation between participating in those and being accepted in the program.” They also applaud the “high priority placed on employee feedback.” Another sums up the uncertainty many feel: Citi is “a world leader changed to a struggling giant. and obviously bonuses were kept to a minimum. before the downturn.” Global feel For the most part. The downside? Citi’s recent woes have dealt a blow to morale and shaken the internal culture. “All salaries were frozen this year.000 signing bonus”). there’s no way to intern within the Global Consumer Group Management Associates program.” While some call their managers “respectful. received “a $20.” but sources agree that they are “given significant responsibility” early on.” an insider explains.” Rotating wardrobes There’s nothing fancy about Citi’s office setup. But Citi is “very accepting of minorities in general. “and supportive of work at home options. who say they enjoy “very flexible” work schedules with “almost no weekend work. For management associates. “They don’t stroll in at 9 a. 2010 Edition Citi Consumer Banking Take it if you want it Participating in a summer internship is “a plus but not necessary” for those seeking full-time positions.” “Citi Cards is business casual. and reward systems for recognizing good work.” Citi is “respectful of work-life balance. and leave at 5 p. others point to “constant flux.The Vault Guide to the Top 50 Banking Employers.” Another source suggests that more could be done during the recruiting process to attract a diverse workforce.” leaving plenty of “time for family and children.” she says. “Have actions and results to show commitment.” explains a recent hire ( Inc.” but that doesn’t mean slacking is OK: “The successful people clearly put in their time.” Thanks to Citi’s sheer size and the scope of its businesses.” “Front-line bank employees must wear formal dress. “Have representatives show an interest in diversity.” says one contact. many respondents say they were lured by the opportunities for lateral moves and relocation assignments. “It’s so vast that there are almost no jobs or career tracks that would not be available for you within this company. Management associates who “rotate through different businesses. if they want it. “face time doesn’t seem to be a necessity here.

poor operational integration. We’ve taken a beating and will continue to do so.vault.” Another frustrated insider sounds a far bleaker note.” Visit Vault at www. Financial strength and product diversification use to be our strengths. expert resume reviews. expert advice. “I do believe that the senior leaders of the firm are trying their best to get the company back on track.” But as one source says.The Vault Guide to the Top 50 Banking Employers. “Many changes in the environment have changed my perceptions. 2010 Edition Citi Consumer Banking The fight of its life So what lies ahead for Citi? “There is too much uncertainty with the firm and the larger business environment right now to give an accurate outlook.” a source admits. mediocre customer service and general mismanagement have driven this company into the ground.” and say they arrived at the firm confident that it was a “great company to work for. career message boards. 243 . but balance sheet losses. saying.” Most agree that Citi’s pedigree is “prestigious. the Vault Job Board and for insider company profiles. “Big diversified financial services companies are not the rage.

bbh.bbh.P. Morgan Private Bank Northern Trust State Street 140 Broadway New York.PRESTIGE RANKING 42 BROWN BROTHERS HARRIMAN & CO.000 Inc. of Employees: BUSINESSES Corporate Banking Corporate Finance Global Custody Investment Management Investor Services & Markets UPPER • Culture supports a work/life balance DOWNER • Some face time required: “modest pressure to be in the office” THE STATS Employer Type: Private Company Managing Partner: Douglas “Digger” Donahue No. old. old. . KEY COMPETITORS Bank of New York Mellon J. old Wall Street name” “Snooty” THE BUZZ 244 © 2009 Vault. NY 10005-1101 Phone: (212) 483-1818 Fax: (212) 493-8545 What insiders at other firms are saying • • • • “Good niche player” “Average” “Traditional. of Offices: 14 (Worldwide) EMPLOYMENT CONTACT See “career opportunities” at www.

H. advising on middle-market mergers and acquisitions for companies with values between $50 million and $500 million. Visit Vault at www..S. IN THE NEWS July 2009: No. career message boards. who joined the firm in 1997. two businesses owned by railroad tycoon E. The corporate finance department serves private and closely held companies. In addition to a full range of commercial banking services. administrator and transfer agent for the JETS Down Jones Islamic Market Index Fund. and securities brokerage. The fund is co-managed by Richard Witmer Jr. who invest in established businesses that provide essential products and services. BBH believes its ability to be both advisor and investor creates several unique advantages—the firm takes an “owner-oriented” approach to examining strategies for clients. In 1825. It also operates a subsidiary. November 2008: Bottoms up Forbes named BBH Core Select the best bottom-up stock picker for long-term investors. and seven overseas. telecommunications and media and outsourced business services. with offices in New York. the Vault Job Board and more. on an agreement to sell CML and affiliated companies to ICS Logistics. medical technology. which also includes the private equity and mezzanine groups. Chicago. foreign exchange. 2010 Edition Brown Brothers Harriman & Co. of BBH Luxembourg. Unlike some private banks that boast of their advisory groups’ independence. Brown Brothers & Co. “With only $197 million in assets. July 2009: Landing the first Islamic ETF BBH was chosen to be the custodian. opened an office in New York City. the first U. a branch office in Philadelphia followed in 1818. Harriman merged with the Browns’ company.000 people. and import/export work was discontinued. a Jacksonville. In July 2006. BBH offers equity and mezzanine capital for corporate growth via its 1818 Funds. me worry? North America’s oldest and largest partner-owned and managed bank. Brown Brothers Harriman has seven offices in the U. January 2009: On the coast The company advised Coastal Maritime Stevedoring.The Vault Guide to the Top 50 Banking Employers. 245 . Cook. private equity. 1 securities lender BBH was ranked as the No.2 percent for the S&P 500. Stone.” BBH Core Select returned 8. expert resume reviews. forming Brown Brothers Harriman (BBH). Boston. The Brothers’ history Alexander Brown left his native Ireland for America in 1800. THE SCOOP What. and who typically hold stocks from three to five years. and Philadelphia. compared with 5.3 percent annualized over the past five years. personal trust and estate administration. the firm provides global custody. Ten years later.” said the magazine. and proceeded to expand their business into shipping and banking. arriving in Baltimore to establish an import/export business built on his experience as an auctioneer in the Belfast linens market. Ready for M&A BBH’s mergers and acquisitions practice is focused on growing mid-market businesses. “what this fund lacks in name recognition it makes up for in performance. Brown Brothers Harriman Investment Management LLC. March 2009: Appointing two new partners BBH named two new partners: Geoffrey for insider company profiles.S. In 1931. Fla. employing about 4.-based marine terminal operator. mergers and acquisitions services. Brown Brothers Harriman Trust Co. The M&A group is part of BBH’s corporate finance department. By 1857. and Timothy Hartch. Charlotte. investment management for individuals and institutions. 1 Securities Lending provider in the 2009 Global Custodian Securities Lending survey. and Kevin W. his four sons opened a merchant banking firm in Liverpool. with special industry emphasis on health care services. Brown Brothers’ banking business had become the focus of the operation. expert advice. Islamic ETF (exchange-traded fund).vault. BBH converted its New York trust company into a nationally chartered trust. who joined the firm in 1992.

Cutler and Maroa C. each partner assumed additional responsibilities: Andrew J. (In its appraisal. 2008. GETTING HIRED From all corners The firm utilizes “multiple resources” to traffic in top-shelf candidates. a subsidiary of Invesco.The Vault Guide to the Top 50 Banking Employers.” “There is a lot of back-office activity and interns rarely get exposed to the revenue generating parts of the company.” No applicant is an island Expect “competency-based” interviews where “the questions are all pretty similar. and always take time for discussions to take place immediately. saying that its rating outlook as of 2008 is stable. and credited those ratings to “the company’s solid track record of performance and its strong specialized franchise in global custody. another insider notes that not all departments are so stringent. BBH staff members “understand client service. Livingston was named to oversee the asset manager and fund client relationships and related and Timothy J. ..” But internships are also available “in all areas” and if you’re willing to do a little drudgery.-based Reveal Imaging Technologies.” May 2008: X-ray vision Among deals that the company announced in 2008 was an $18. The firm was also highly ranked for its client service. PowerShares. Cutler originally joined the firm in 1988 and is responsible for developing its banking business. Tucker became head of the company’s market-related activities. keyword. Brown Brother Harriman recruits via “colleges. Global Custodian also bestowed 48 best in class awards upon the firm. line of business and career level. “most of the teamwork questions were specific and I needed to give detailed examples of how I influenced others within my group.” On the flip side. “This is also true of the institutional equities business. Tyree. February 2008: Minor reshufflings Brown Brothers Harriman merged its investor services and treasury and markets businesses.75 million investment in the Bedford. is led by William B. on the sales desk in particular.” says a source. As one client commented. which provides explosives detection systems used by the Transportation Security Administration at airports. March 2008: Partner up The firm appointed two new partners: Carl S. but one former intern calls the experience “a little dull.” Interested candidates can check out the firm’s open positions on the company website. Velez joined in 1995 and is currently head of BBH’s operations division. He replaced Douglas A “Digger” Donahue Jr. the firm “is known for selecting candidates from the top schools around the world and certainly in the U. but teamwork is a main focus.” Also. since “most interns/co-ops get full-time offers.” “internal postings and referrals.bbh.. 2010 Edition Brown Brothers Harriman & Co. The new division. 246 © 2009 Vault. The recent history of hiring patterns in institutional equities has shown somewhat of an Ivy League bias in sales. Fitch Ratings also praised the bank. and named it the top firm of fund managers of $1 billion to $5 billion in assets and fund managers with more than $5 billion in assets. March 2008: Aid in India BBH also assumed the post of full service custodian. has franchise assets of more than $35 billion. proving that there are people behind the numbers. Susan C. Velez. It listed the bank as having an A+ in Long-term IDR and F1 for Short-term IDR. The divisional merger also saw some shuffling of staff. Postings include a full list of responsibilities and qualifications. 1 global mutual fund administration provider by Global Custodian magazine. you may be rewarded. how I solved a problem within a group. I think they are just looking for really good thinkers. Although senior management stayed in place. location. maybe with a flair for the creative. the company said in a Inc. Brown Brothers has an internship program.F. administrator and transfer agent for PowerShares India ETF. Holland became head of client relationships and related services for the financial institution group.S. known as investor services and markets. www.” “Internet job boards” and even “cold-call recruiting. Mass. who became BBH’s new CEO as of January 1.” “job fairs.” But no matter how they get them.) July 2008: Best of the best The firm was ranked No. and provide top quality client service. Jeffrey R. “In research I think they look for something a little less traditional. a global exchange traded fund that invests in Indian securities.” Fitch also pointed to BBH’s “low-risk balance sheet” and “ample capital and liquidity positions” as well as its strong risk management. no matter what school they went to. Connelly was named head of client technology solutions and subcustodian network management. Applicants can search the firm’s database of job opportunities by title. Fitch also mentioned BBH’s “relative lack of business diversity” and “smaller asset servicing scale” than its peers.

and gays and lesbians. The firm matches 50 percent of employees’ 401(k) contributions for up to 6 percent of salaries.” as well as “conservative” and “risk-averse. where a number of interviews take place. The process could involve “up to 20 interviews” depending on your level. As far as hours spent in the office.” says one source. This candidate was asked “various questions about managing people’s money and how I saw the market in the near term. you are fully vested in 401(k) contributions. “Your colleagues will definitely pay attention to your hours.” adds one respondent. including Brown Brothers Harriman’s equivalent of the CFO. which is “supportive of career development. insiders say they’ve “never encountered any problems or prejudice. candidates are invited to Brown Brothers’ offices.” Another source says the most difficult interview was with one of Brown Brothers’ strategists. One investment banking recruit recalls “one extremely vigorous eight-hour Super Day.” Another insider reports going through “seven or eight interviews over the course of a nine-month period. you will have a life outside the firm if you work here. expert advice. expert resume reviews. Brown Brothers Harriman scores well on diversity with respect to women. but one contact notes. “People dress in khakis and a polo shirt. you read that correctly—20 interviews). ethnic minorities. Anticipate “a background check” (though “they’re mainly just concerned if you’re wanted by the law and that you haven’t declared bankruptcy in the last few years”).” Other interviewers just want to “see if I was comfortable talking with people and could think on my feet.” according to one source. career message boards. the dress code at Brown Brothers is business casual.” Candidates interviewing for positions at Brown Brothers Harriman are also advised to “study your resume really well. “I think the firm is eager to hire women. There are “no jeans” allowed.” OUR SURVEY SAYS Life. and how I would fit in with a team that works long hours together. who initiated a “conversation about my thoughts on the market and what was going on out there.” Even so.” 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. After one or two phone interviews. One insider vying for the position of vice president calls the process “rigorous” and says it’s “very careful about who it brings in at senior levels. but I don’t see a lot of formal efforts with respect to promoting and mentoring them.” but “face time is not as important as other shops. But there’s always room for improvement.The Vault Guide to the Top 50 Banking Employers.” but they’re fair. 247 .” But for everyone else. they’ll give you a tough time. which I feel took some of the interviews to a level of detail they otherwise would not have gone to.” Recruiters ask a variety of questions.” Some also call the firm “very tapped in to the prep school and old wealth networks. “No one was out to give me a hard time.” “an assistant” and a manager in the group he’d be working for.” as well as ones to determine how much the candidate has researched the firm.” says one source. a “drug test” and a “reference check. who currently has “about 28 days vacation. etc. I met everyone. “Vacation time is good. One source. who says Brown Brothers is a true meritocracy. with some calling them “very useful” and others giving them below-average ratings. “The managers—vice presidents and above— seem to wear suits every day except Fridays. meet work There’s a “good work/life balance” at Brown Brothers Harriman. If they feel you’re not working hard enough. “Collared shirts and slacks will suffice.vault. but “no tie” required. After five years with the company.” Visit Vault at www.” If you’re a big boss. Managers at the firm don’t require face time. “My impression was that people seemed more interested in how I was as a person. since “management is very respectful of personal lives and other commitments. managing directors.” One source reports spending “less than 40 hours” per week at work and “rarely or never” working weekends. “But no one asks me to stay late. reports one insider (yes.” One source recalls “a lot of product questions.” Another recruit recalls meeting “a senior portfolio manager. the senior partner managing the institutional equities for insider company profiles.” “I work a lot of hours due to personal devotion to my work.” One source says it is important for applicants to “know yourself and know what you want in life. there’s a “modest pressure to be in the office. interviewing days can be “long. but it’s all in good fun. probing me for opinions and what I knew. strategists and associates.” You may feel a little pressure . as well as for Brown Brothers to get a feel for my personality and see if I would be a good fit for them.” It also places an “emphasis on individual results.” One source remembers the phone interview as a good opportunity “to have my questions answered. expect to dress to impress. 2010 Edition Brown Brothers Harriman & Co.” No major complaints Compensation gets a thumbs-up from most sources. what I was like to work with..” says one workaholic.” says another. agrees that “your bonus and raise depend solely on your performance.” Benefits are “nothing to complain about. including ones about “basic knowledge of finance and the stock market.” but employees are “encouraged to do the best thing for their clients and there is no pressure to sell inappropriate products.” Still..” On the whole.” Just don’t expect the process to be fully over once the interviews are finished. the Vault Job Board and more.” The firm’s training programs get mixed reviews.

raymondjames. James 2008 Net Revenue: $2.500 No. Inc. of Employees: 5.rjf.PRESTIGE RANKING 43 RAYMOND JAMES FINANCIAL.000 to invest” THE BUZZ 248 © 2009 Vault. INC.200 • “Formal attire” only in some offices • Diversity efforts could be improved for gays and lesbians EMPLOYMENT CONTACT See “professional opportunities” section of www. of Offices: What insiders at other firms are saying • • • • “Major competitor” “Regional firm that’s not that great for I-banking” “Strong research. KEY COMPETITORS Edward Jones Morgan Keegan Wells Fargo 880 Carillon Parkway St. FL 33716 Phone: (727) 567-1000 Fax: (727) 567-5529 www.8 billion 2008 Net Income: $235 million No. great southern presence” “Supermarket for people with $ DEPARTMENTS Asset Management Financial Planning Investment Banking UPPERS • “Working at Raymond James is phenomenal” • “Extremely flexible” hours DOWNERS THE STATS Employer Type: Public Company Ticker Symbol: RJF (NYSE) Chairman & CEO: Thomas A. .

. the Raymond James Bank is a federally chartered savings bank providing loans and deposit accounts to clients of the firm’s broker-dealer subsidiaries. According to Joyce Julius & Associates. James will stay on as executive chairman of the board. Inc.The Vault Guide to the Top 50 Banking Employers. expert advice. Hometown spirit At Raymond James Financial customer service is a No. slid to $6. meanwhile. and in the U.3 billion it managed a year earlier. As CEO Thomas James puts it. 249 . career message boards. It also provides research on more than 600 companies and market-making in 330 common stocks. Florida-based Raymond James Financial (RJF) is one of the largest financial services firms in the U.13 million the company brought in for the same quarter of 2008.79 million in the previous year’s quarter.1 million.300 offices around the world. expert resume reviews. investment advisory and financial planning services to approximately for insider company profiles. investment banking. RJF subsidiary Raymond James & Associates is the largest full-service investment firm and New York Stock Exchange member headquartered in the Southeast. equity and fixed income trading and public finance. Visit Vault at www. That includes pregame mentions of the stadium’s name and references to it in print-media for the two weeks prior to the game.vault. The asset management group also includes personal trust services and two private equity funds. Finally. 2009. As of early 2009. and will ultimately succeed Thomas A. In Canada..” April 2009: Sliding down For the second quarter ended March 31st. February 2009: Go big or go home Super Bowl XLIII was played in the Raymond James Stadium in Tampa. The private client group offers securities transaction.09 million in the quarter from $59. It is considered one of the largest private art collections in the Southeast. this means that financial advisors are given a certain degree of autonomy in their dealings with clients.K. the Vault Job Board and more. RJF’s professional asset management division includes proprietary asset management operations. THE SCOOP Financial Floridians Founded in 1962. as well as bond trading. COO Chet Helck said in a statement that the advisors “define what it means to be the best in the industry and perennially appear on these lists of the nation’s top advisors.S. Petersburg is also home to over 1. The firm also sponsors the Raymond James Gasparilla Festival of the Arts.” RJF’s philosophy extends to its community. assets under management totaled nearly $28 billion—a significant decrease from the $37. It operates through subsidiaries Raymond James & Associates (RJA) and Raymond James Financial Services (RJFS) in the U. March 2009: Here comes Reilly Raymond James confirmed that Paul Reilly will take on the role of president of Raymond James Financial on May 1. Net income. it’s known as Raymond James Ltd.000 financial advisors. with 2. and many Floridians know it as a major supporter of local arts. After Reilly takes over the role of CEO.2 million client accounts. a research company. down from the $807. In practice. IN THE NEWS June 2009: Two top women Barron’s named financial advisors Sheryl Stephens and Margaret Starner to its Top 100 Women Financial Advisors annual list.800 works of art. 1 priority. The firm partially attributed the overall decline to loan losses.S. Reuters reported. equity research. The list takes into consideration factors such as assets under management and client retention. good customer service can’t come from “automatons who only read scripts provided by the home office. 2010 Edition Raymond James Financial. The RJF main campus in St. Its business falls into four core areas. the hubbub leading up to and during the Super Bowl granted Raymond James an estimated $37. revenue came in at $596. nonaffiliated private account portfolio management alternatives and several nondiscretionary fee-based programs. an arts and crafts festival that has been held in downtown Tampa since 1971. syndicate.3 million worth of media exposure. it is Raymond James Investment Services. Fla. And its research group is well regarded on the Street. almost all of which are owned by CEO Tom James and his family.. James as CEO one year later. sporting events and charities. internally sponsored mutual funds. The private client group consists of more than 5. The equity and fixed income capital markets group includes institutional sales.

the bank issued a point-by-point statement addressing the price of its stock and the health of loans it has underwritten. These results represent weakness in the firm’s private client group. 250 © 2009 Vault.” it said. in fact. His reason: the company doesn’t have “anything near” the $1 billion necessary to buy back those investments. But investment banking revenue climbed an astonishing 126 percent in domestic M&A fees from the same quarter a year earlier. where other firms acquired “$20 to $30 worth of assets for every $1 owned. “has no history of marketing Madoff Investment Securities and otherwise no known exposure to the scheme. is attractively priced. “The move would permit a higher proportion of corporate lending.” it said in a statement. The firm wrapped up the year with net revenue of $2. it’s a disaster.1 million in net income. In response. we didn’t participate in those types of acts. James alluded to other broker-dealers that allegedly intentionally misguided investors. . The company issued a statement declaring that the move had been part in the works for years. an eight percent increase from 2007.” an article in which it speculated that the price Raymond James’ shares could fall as much as 20 percent as mortgages and business loans go bad. January 2009: No buybacks Chairman and CEO Thomas James announced that the firm wouldn’t buy back the auction-rate securities it sold to investors. the firm said. In a letter to clients. to whom they sold the securities while liquidating their own positions.” Indeed. which has declined in value and. 2008—the firm reported $61. 2010 Edition Raymond James Financial.The Vault Guide to the Top 50 Banking Inc. said the firm. “To the best of my knowledge. According to the paper.” James said. would change become bank holding companies. December 2008: CNBC’s blooper When news of Bernard Madoff’s Ponzi scheme broke.” “leverage at Raymond James remained at half that much.” The announcement followed Goldman Sachs’ and Morgan Stanley’s announcements that they. won the 2008 entrepreneur of the year award presented by Ernst & Young. Thomas James. “the switch will have little impact on the firm’s overall operations and organizational structure. too. troubled banks that have made the switch. “For some time. operating procedure at Raymond James bears out his point. an increase of about $5 million from the same quarter a year earlier. But Raymond James’ CEO Tom James emphasized that the spirit of these transformations “are more form than substance. The article also cautioned investors from buying Raymond James stock. Petersburg Times. Raymond James Chairman and CEO Thomas James told the paper. leading to alternative charter considerations. Investment banking revenue was down 39 percent from the same quarter a year earlier. the firm’s chairman and CEO. the Raymond James Financial board has been concerned about the limitations associated with Raymond James Bank’s thrift status. What’s more is that regulators would not extend credit to the company to repurchase the securities “because they are illiquid. Inc. which has historically been more profitable and bears less interest rate risk. November 2008: Top entrepreneur For his leadership. Overall. It reported net income of $49 million. November 2008: Down all around The firm didn’t do so well in the fourth quarter of 2008.” September 2008: From thrift to commercial The bank announced its intention to change from a thrift to a commercial bank.” the paper said. as a result.” the firm said in a statement. January 2009: A weak link For the first quarter of the 2009 fiscal year—ended December 31. September 2008: “An important lesson” In an interview with the St. according to the St Petersburg Times. for the fiscal year ending September 30th. said CEO James. as well as a 17 percent decrease from the previous quarter in the company’s retail commissions and fees. adding that it had suffered from a 41 percent tax rate as a result of declining values of securities in its life insurance programs. I’m actually pleased that our results were that good in light of the devastation in the financial sector.8 billion.” He also sought to put distance between his firm and the other. leverage is wonderful … When times are bad. Raymond James was implicated by CNBC as having marketed Madoff Investment Securities. It’s an important lesson. “Although that might be disappointing to analysts.” he wrote. The firm’s stock subsequently plummeted. “When times are good. The company. November 2008: Facing off against Barron’s Barron’s ran “The Siren Song of Banking. Commissions and fees were also down.

” The source adds. the suit alleged that Raymond James had misinformed investors about the riskiness of auction rate securities. the Vault Job Board and more. reports going through “an on-campus interview that consisted of fit questions. expert resume reviews. Prior to her appointment. who went through two rounds of interviewing. says the first round was a three-on-one. June 2008: Welcome to the firm Raymond James hired Paul Allison as co-president and co-CEO of its Canadian arm.” and second rounds that typically “last two days and involve many interviews of varying types— some fit. 2010 Edition Raymond James Financial. according to the firm. please Raymond James was named among 10 broker-dealers in a lawsuit involving the sale of auction rate securities. Merrill Lynch and other large investment banks that had been named in the first round of for insider company profiles. Allison will partner with co-president and co-CEO Peter Bailey to grow Raymond James’ equity capital markets and private client businesses in Canada. research associate and syndicate analyst. logic and psychological questions. Raymond James offers undergraduates three avenues: financial analyst. “You also take a test that has math. for example. You’ll likely go through “generally at least three interviews” and possibly take a multiple-choice personality and intelligence test.” “measures the ability to think quickly and accurately. detailed descriptions of job duties in each of its 18 departments and a section extolling “life at Raymond James.The Vault Guide to the Top 50 Banking Employers.” A research associate. September 2008: Leaders in diversity The Human Rights Campaign gave Raymond James a perfect score on its Corporate Equality Index. analysts play an integral role in the department’s activities and are given a high level of responsibility as a member of a specific industry-focused team.” The source faced six senior interviewers in the second round and warns prospective researchers to “know the current market environment very well. Like UBS.” One insider even says “they also asked all the financial planners in my geographic region about my integrity. June 2008: Award-winning The firm was named best full-service broker in the SmartMoney annual broker survey for 2008—an honor for which it beat out Merrill Lynch. institutional sales and trading departments. she was vice president of Intel Capital and managing director of the consumer internet sector at Intel Capital. April 2008: No backsies.” The 100-question exam. research. GETTING HIRED Seasoned pros wanted Be sure you’re at the top of your game if you want to apply for Raymond James—insiders say “you must have attained a higher level of production” and “seasoning in your field” to be considered for employment with the firm. RJF offers a three-year financial analyst program where.” Insiders advise applicants not to stress about the firm’s assessment test. Visit Vault at www.” For entry-level opportunities in investment banking. The CAO post is a new position. describing it as “standard in the industry. the firm has full job listings in all of the firm’s locations. on-campus interview with “numerous macroeconomic questions. among others. job openings available at Raymond James can be found by checking the “career opportunities” link at www. Twenty-seven advisors registered with the firm were named to the Top 100 Independent Financial Advisors list published by industry magazine Registered Rep. Inc. UBS and Morgan Stanley. Expect “many rounds of interviews” if you’re asked into the office. expert advice. July 2008: Brand new post The firm also hired Angela The index is used to rank companies on their diversity policies. a position she held since 1997. The company requires an “extensive background check” before any prospective employees join the Raymond James team. Allison was most recently executive vice president and vice chairman at Merrill Lynch Canada as well as co-head of its investment banking business. some technical. And syndicate analysts work closely with the investment banking. gaining a broad understanding of equity public offerings and the equity markets. career message boards. Research associates work directly with senior research analysts in the firm’s equity research department. Biever previously served as a member of the Raymond James’ board of directors. “which you’re not expected to complete. An investment banking analyst. who was named chief administrative officer. If you feel up to the challenge.” And don’t try to hide anything.raymondjames.vault. 251 . There. Wachovia. because you likely won’t get away with it.

the firm has two in-house groups to promote the cause: the Women’s Advisory Council (WAC) and the Women’s Initiative Network (WIN). that’s cool. . Vacation time offered is “two weeks for the first year. many employees are allowed to set their own “extremely flexible” hours. which includes industry. “The investment banking group is small. including fiscal year-end parties.The Vault Guide to the Top 50 Banking Employers.” There also may be travel required at times.” another source reports.” adding.” stresses one insider. including tuition reimbursement and firm-run training (“Raymond James University”).” and “company-wide events. Because industry teams are smaller. OUR SURVEY SAYS Happiness all around Generally. We’re expected to wear a collared shirt. as evidenced by the number of women at the top of our company. One contact reports that “our company is definitely family-oriented.” A little bit of everything The firm also offers a wide range of perks—although benefits offered may hinge on your office location. graduation ceremonies for [the firm’s] in-house education system and annual company festivals. The firm has a “Cultural Awareness Week” and “color is not an issue in our company.” says a source in investment banking who’s pleased with the exposure to management and deals. One insider reports their time out of the office as happening “two or three days per week.” 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 first name instead of last. Tackling diversity In terms of diversity with respect to women. Wide wardrobe Outerwear required for the job is based largely on where in the country you happen to work.” “profit sharing.” Some perks the firm offers include “401(k). But when it comes to the company’s treatment and hiring of gays and lesbians. “Working at Raymond James is phenomenal. “unused vacation and sick time can be rolled over for one year.” And in striving to maintain a “personal” atmosphere.” Another says “the company culture is great—very family-friendly and family-oriented. Inc. Underlining its commitment to the development of women.” As far as hours go. But staffers will “meet with clients as needed. One insider simply calls it “great. and it keeps increasing based on length at the company. Raymond James is “more laid-back than your average bulge bracket New York firm.” one insider says.” while a Tampa contact calls the required dress code “business casual.and product-related courses.” “The company works for me and allows me to make the best recommendations to my clients.” And another working out of a Los Angeles branch says “casual summer” attire is allowed. but our independence allows all walks of life to coexist.” 252 © 2009 Vault. Ethnic diversity receives high marks as well.” “stock options” and a “retention bonus. but jeans aren’t allowed. “That’s why I’ve been here for more than 20 years. “each individual chooses the perks they want to have. adding that “if meeting with clients means coming in on Saturday or Sunday.” But if you’re looking to quickly move up the company ladder.” Plus. In independent offices. you develop better relationships with superiors and are often given significant responsibility. 2010 Edition Raymond James Financial.” Raymond James also offers significant educational benefits. the jury may still be out. An insider based out of Atlanta says the code is mostly “formal always. employees at the firm seem content. you may be in luck—”opportunities for advancement are available to anyone seeking such. “The flexibility to change jobs is provided because the company strives to ensure each employee loves his or her job and is happy doing it. after which it is lost.” asserts one insider.” One contact is fine with maintaining a certain flexibility. as well as leadership development classes. and analysts have access to managing directors and senior management within equity capital Inc. there’s “no glass ceiling.” More than one correspondent mentioned “integrity” when it comes to the workplace culture.

com BUSINESSES Capital Raising Equity Research Equity Sales & Trading Fixed Income Transactions Investment Portfolio & Interest Rate Risk Management Investment Banking Mortgage Finance Mutual Conversions UPPERS • “Very friendly” atmosphere • “Flexibility to work at home” DOWNER • “Functional. but not luxurious” office space • “There are a few egos” THE STATS Employer Type: Private Company Senior Managing Principal: James J. of Employees: 285 No. Bruyette & Woods FBR Capital Markets Fox-Pitt. Sixth Floor New York.P. of Offices: 6 EMPLOYMENT CONTACT Follow the “careers” link at www. “Jimmy” Dunne III No.PRESTIGE RANKING 44 SANDLER O’NEILL + What insiders at other firms are saying • “Top FIG bank” • “Small US broker/investment bank focused on financials” • “Who?” THE BUZZ 253 .sandleroneill. KEY COMPETITORS Keefe.sandleroneill. Kelton 919 Third Avenue. L. NY 10022 Phone: (212) 466-7800 Fax: (212) 466-7888 www.

research. according to Bloomberg.” IN THE NEWS January 2009: The REIT stuff In January 2009.9 million of bonds in the first pooled debt offering for regional banks. I’d go through them overnight. . on September 11.5 billion sale to Bank of America in the early part of January 2008. Its services include mergers and acquisitions advisory. Huge deals Sandler O’Neill + Partners advised on 37 M&A deals in 2008. While he maintains that he’s opposed to “any kind of cuddling” or kid-gloves treatment on the job. Sandler O’Neill lost more than a third of its employees. Sandler O’Neill focuses exclusively on the financial services sector—its client list consists of banks. Herman S. Rebuilding post-September 11 Sandler O’Neill’s recovery from the September 11 terrorist attacks earned it respectful praise in the press. capital-raising. Finally. “[That] discussion was 12 seconds. said the paper. his approach “had to” change. 2010 Edition Sandler O’Neill + Partners. Current senior managing principal Jimmy Dunne led the rebuilding process after the September 11 terrorist attacks. relocating the firm to new offices in Manhattan. PNC used a good chunk of its federal bailout money to make the purchase. Mass. The tragedy made some significant differences in the way Sandler O’Neill does business. The 21-year-old company. Sandler and four other veterans of Bear Stearns. “so I kept all our [financial] figures at my home. Formerly headquartered in the World Trade Center. including co-founder Herman Sandler and investment banking head Christopher Quackenbush. which closed on New Year’s Eve 2008. The New York Times named Sandler O’Neill + Partners among the new generation of firms to watch. senior managing partner Jimmy Dunne revealed the changes that had taken place at his firm. or REITs. He graduated from Wheaton College in Norton.” A privately owned boutique. North State Bancorp. 254 © 2009 Vault. in February 2009. THE SCOOP Small and powerful In its September 2008 story about the “smaller. and earned his MBA from Babson College. Atlanta and San Francisco.. fixed income advisory and strategic consulting.” he said. Sandler and O’Neill brought several of their Wall Street contacts on board as their business grew. I remember one of my partners saying. Deutsche Bank.. And that was extremely helpful in rebuilding. and JPMorgan Chase to help sell $413. he was vice president and REIT analyst at Lehman Brothers. Its mortgage finance division operates in New York and Memphis. deliver-the-news-withno-Novocain kind of guy. “I’m kind of a nut on the figures. Prior to UBS. Goldfbarb had joined the firm as associate director. In a Newsweek feature. With their loss. Goldfarb covers real estate investment trusts. O’Neill. thrifts.” Dunne said. “Having the luxury of Chris Quackenbush and Herman Sandler before September 11th allowed me to play a hard-edged.” Dunne told Newsweek. nimbler rivals” of Wall Street’s major investment banks. is part of the “corps of small investment banks is hoping to carve a lucrative niche in the new financial landscape. At one point all we had was that. among them offering private placements for New York Community Banccorp. Chicago. his hiring marked the initiation of the company’s REIT coverage. garnered significant media attention. Dunne and the firm’s partners decided in 2007 to expand benefits to the families for another three years.P. That deal.6 billion sale to PNC Financial Services. L. real estate investment trusts (REITs) and insurance companies. Dunne admits that September 11th made him “much softer . the company joined forces with Citigroup. IPO underwriting. 2001. trading and Inc.The Vault Guide to the Top 50 Banking Employers. Sandler O’Neill + Partners was founded in New York City in 1988 by Thomas F. The firm also participated in 42 capital-raising transactions in 2008.. among them the advisory of National City Corp on its $5. ‘I’m afraid to go into Jimmy’s office now because I don’t know if it’s the nice Jimmy or it’s the old Jimmy. Sandler O’Neill has additional offices in Boston. Goldfarb was previously director and senior REIT analyst at UBS. Sandler O’Neill also advised Countrywide Financial on its $2. and Security Bank Corporation and public offerings for such big names as Bank of America and Citigroup. most notably in terms of Dunne’s own leadership style. It also assists insurance companies and thrifts with the demutualization process.’” Dunne’s diligence and relentless focus played a major role in rebuilding Sandler O’Neill’s business in 2001 and 2002. Sandler O’Neill announced that Alexander D. tough. today. In addition to maintaining the Sandler O’Neill Assistance Foundation for the victims’ families.

Sandler O’Neill + Partners was in talks with Bank of Ireland about the possibility of acquiring a major stake in the bank. GETTING HIRED Inside connection is important Insiders at Sandler O’Neill give pretty high marks to selectivity.” but even candidates for that office may “meet with heads of I-banking and others at the New York headquarters. 2010 Edition Sandler O’Neill + Partners. for deals up to $100 million.” Thorough and straightforward The firm’s interview process is “very thorough. “You need to be proactive. about three hours in length. One source describes “staying in touch with the firm” after an initial round of interviews. “new hires typically know someone at the firm. and it ranked No. contacts count.” with candidates meeting with “employees at all different levels of the firm.” Interviews are designed to “test personality and reason for wanting the job.” A current managing director was hired after meeting “the CEO and two department heads. a candidate will have “about four-tofive 30 minute interviews per round.” The firm’s “work hard. December 2008: On the tables Sandler O’Neill ranked No.” due to “limited recruiting activities. and top-level state schools like UVA and UNC. the firm concentrates on “schools overlooked by bulge brackets. The firm also made a respectable appearance on Thomson Reuters’ league tables for midmarket M&A.” An analyst recalls interviewing “with two principals. OUR SURVEY SAYS Friends in the office The firm promotes a “very friendly working environment” where “the people are extremely nice. picking its lot from “select colleges.” says an insider. it ranked No. it ranked No.” Sandler does do some campus recruiting. 23 in U. focused on past experience” and “willingness to work in the banking industry. 16 on deals up to $500 million. according to the paper.” The firm tends to focus on “institutions where current employees attended.S.” The firm also assesses “thinking skills.” Sandler’s internships offer “good exposure and potential to yield a full-time offer.” Things can be “somewhat less formal in the Chicago office. play hard” environment “lacks the need to put Visit Vault at www. otherwise it is easy to get lost in the shuffle. you will most likely meet with at least six people.vault.” On its own schedule Candidates who make it through the resume screen and first interview should expect to meet “three to six people” on-site at Sandler O’Neill. November 2008: Irish eyes are smiling According to The Irish Examiner.” In total. expert advice.” Those who exhibit “the right attitude and effort” can get “tangible. expert resume reviews. hands-on experience. “The questions were all behavioral.” A contact warns.” Although “not all new hires are from the internship program.” There are typically two or three separate sessions. announced M&A deal volume in 2008.S. each running “long. Participation in the program is “very important when considering interns for employment. the Vault Job Board and more. from analysts to partners. according to Thomson Reuters.” Questions tend to be “straightforward. announced deals based valued up to $50 million.The Vault Guide to the Top 50 Banking Employers. 11. A contact says. “including associates through partners. Bank of Ireland.” Also.P.” Specifically.” participation “gives them a great chance at a New York full-time position. for deals up to $200 million. Scoring a full time gig at the firm can be “on the difficult side. For U. Because Sandler O’Neill is so small and selective. 255 . 10. 12. Patriot League schools. “If you are interviewing for an investment banking position.” Spend a day at Sandler O’Neill and you’ll find “a generally collegial atmosphere that promotes a proactive approach to the job. however.” Some meet as many as seven different people.” including “some Ivies. career message boards. it ranked No. L. which led to “a phone interview with a partner a few months later. followed by an offer.” A summer well spent “A large percentage of those hired into Sandler’s investment banking group have done an internship” for the firm. an associate director and two vice presidents” after a preliminary phone conversation.” This kind of cultivation is especially important at a firm that doesn’t operate on the same prescribed hiring cycles as bigger banks.” as the experience is “essentially a 10-week interview” during which “the firm can assess the candidate’s skill set. is hoping to avoid pressure to merge with rival domestic banks. but is not necessarily looking at specific skills related to the job.” he adds.” Candidates also come via “word-of mouth recommendations from through clients and colleagues. “Hiring is more needs based and less structured in terms of a formalized program than at larger for insider company profiles.

” Employees of this “meritocratic” firm are given “a high responsibility level” and “room for advancement.” Equal opportunity for all Sandler insiders give decent marks to the firm’s attitude toward diversity. knowledgeable about their fields and helpful to others. not any other factors.” and sources at all levels “feel appreciated and well compensated. Those who are based in New York work from a “good building in a good location. One respondent calls the workplace “functional.” and when warm weather arrives it’s “business casual until Labor Day.P. Still.” so bankers are expected to “learn on the job. “there are a few egos. The firm “employs many women.” “People are judged on their work. although some feel as though they “need to be accessible at all times.” Learning opportunities Bankers at Sandler O’Neill enjoy “free interaction with management.m. . helpful and respectful.” as the firm is “truly about equal opportunity.” Car service is also provided after 8 p. but notes that things are “more balanced at New York headquarters. regardless of rank. because “the firm really goes above and beyond to assist employees experiencing personal problems. it is not uncommon to find bankers logging up to 90 hours per week including weekends.” Sometimes it feels “almost like a family” at Sandler.The Vault Guide to the Top 50 Banking Employers.” Learning at Sandler requires you to be “self-motivated and proactive. Reasonable hours On the whole. employees are entitled to the firm’s “non-matched 401(k) program.” 256 © 2009 Vault.” because “nobody is going to hand anything to you. to 7 p.” But the consensus among Sandler insiders is that their firm “treats employees very well.” As with any firm.” In addition to salary and bonus.” Catered lunch Sandler bankers feel “well compensated.m. “I have been treated better at Sandler than any other firm I have ever worked at.” a 401(k) plan and “expense accounts. L. “most people are friendly.” Casual days are sometimes allowed on “days with poor weather or during holidays.” The bright side is.” but on the whole. Sandler has “generally reasonable expectations” about work hours.” The rule of thumb is.” and include “meal and taxi allowances.” It’s a place where “everybody is treated with respect. and leave as early as you can—within reason.” Bankers are “afforded many opportunities to learn. They provide daily. intelligent.” A contact says. “it’s a bit more casual than in New York.” Overall however.” Workload is “in proportion to compensation.” Not too stuffy Office facilities get average marks from Sandler respondents.” Some complain that there is “a certain degree of monotony to the work.” One insider says.” One busy contact says.” which can be “redundant and tiresome. which “provides great experience for junior bankers.m. “I love the fact that I do not have to go out on a day like today and hunt for food.” No hunting. and there’s lots of deal exposure. one analyst wishes the firm would “increase junior investment banking compensation levels to [match] the rest of the Street.” Bankers get catered lunch every day and a “dinner allowance if working past 8 p.” Juniors “work directly with managers” and are “not micromanaged.” Sandler’s “smaller-firm feel” offers “flexibility” and creates an environment in which “everyone is very accessible.” Training at Sandler could be a little more helpful. “there is more to be taken than at bigger shops.” Hourly requirements can “fluctuate wildly” depending on deal flow and projects.m.” There are many “opportunities for career advancement. and several hold top management positions.” A contact says. “They just expect you to be nicely dressed. “Depending on your learning style. the vibe is “not too stuffy. if no clients are visiting.” There’s “a lot of interaction and idea bouncing among co-workers. 2010 Edition Sandler O’Neill + Partners.” Dress at the firm is “business attire.” which are considered 8 a.” And “travel destinations are never exciting.” The senior bankers are “uniformly sharp.” Sandler “has never displayed any kind of discrimination toward any Inc. just gathering Many Sandler O’Neill sources give the firm middling marks on pay. but not luxurious by any means.” but most can “limit it to one weekend day.” Junior bankers enjoy “constant exposure to partners and senior bankers. along with a profit sharing. “stay as late as you need to.” And in Chicago. Some “nearly always work on the weekends.” A contact points out that there are “few women” in the Chicago office. in face time and some of the other political requirements of larger firms.” “Standard” benefits are considered “comparable to other firms. There is “little formal training.” But Sandler O’Neill’s offices are a low point for some. with bankers sporting business casual “during summer only.” Investment banking deal teams tend to be small.” The look is pretty formal around headquarters. this is either a positive or a negative.” and most people have “flexibility to work at home outside of normal office hours.

257 . 2010 Edition Sandler O’Neill + Partners.” sources say that “training has been a major focus in the last few years.vault. helpful and respectful.” “If you’re a junior person who works hard and keeps a good attitude. career message boards. All-access pass “Such a firm probably exists.” says a corporate finance staffer. expert advice.” and most feel that “the firm does a good job of training and investing in the next generation. Visit Vault at www. the Vault Job Board and more. L.P.” notes another for insider company profiles.” Managers and senior staff “are typically extremely helpful.The Vault Guide to the Top 50 Banking Employers. you will get a great deal of respect from senior people.” with marked improvement in terms of formal preparation. “but it’s tough for me to imagine an investment bank with better access to high-level bankers than Sandler O’Neill. expert resume reviews. The senior bankers are uniformly sharp. and an analyst points out that “you know everyone on a personal level.” While most training at Sandler O’Neill still happens “on the job.

PRESTIGE RANKING 45 PETER J. Solomon No. of Offices: 1 EMPLOYMENT CONTACT See “careers” section of Inc.pjsc. . Recapitalization & Refinancing 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” THE STATS Employer Type: Private Company Founder & Chairman: Peter What insiders at other firms are saying • • • • “Very strong in retail” “Not a good place to learn” “Prestigious” “Limited breadth of industry coverage” THE BUZZ 258 © 2009 Vault. SOLOMON COMPANY KEY COMPETITORS Evercore Partners Goldman Sachs Greenhill & DEPARTMENTS Fairness Opinions/Independent Committees Family Business Advice General Financial Advisory M&A Restructuring.pjsc. Morgan Stanley 520 Madison Avenue New York. NY 10022 Phone: (212) 508-1600 Fax: (212) 508-1633 www. of Employees: 61 No.

institutions such as Solomon “will have a more important role going forward. has helped Solomon’s recruiting efforts. smaller firms such as Peter J. and Office Depot on its $350 million convertible preferred stock offering in June 2009. the Comers (who own retail giant Lands’ End). Goldman Sachs and J. Solomon said. restructurings. June 2009: Selling Tween PJSC advised retailer Tween Brands on its $320 million sale to Dress Barn Inc. financing advisory services. chief executives and senior management of public and private companies. PJSC advises families like the Fortunoffs. pulp and paper. energy. But don’t mistake this last division for something out of Norman Rockwell. March 2009: A new era for Solomon There’s a new movement sweeping Wall Street.vault. the special committee practice (which provides counsel to corporate boards and renders fairness opinions) and the family business advice practice. media and communications. health care and life sciences. Solomon remains chairman of the privately owned boutique.The Vault Guide to the Top 50 Banking Employers. Private banker’s public persona In 2007. expert advice. Solomon have stepped in to fill the void. Morgan for big-name clients such as Quaker Oats. Some of its most recent. admitting that “you cannot rely on capital providers. He has worked at Lazard. Solomon Company (PJSC) offers strategic and financial advice to owners. Quicksilver on its $150 million term loan. the firm had grown 50 percent—to 61 people.” for insider company profiles. Business at PJSC is divided into five primary divisions: mergers and acquisitions. criticizing the particulars of the government’s bailout plan. Peter J. 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 York’s Deputy Mayor of Economic Policy and Development under Ed Koch. The firm’s industry expertise includes retail. career message boards. In an interview with Investment Dealers’ Digest. PJSC has also recently advised on big deals for grocery retailer A&P. wholesale and catalog distribution. firm founder Peter J. Solomon opened his eponymous Manhattan firm in 1989.P. and industrial products. in his battling against Wall Street bonuses and support of limiting high-earners’ salaries. As the big firms—once thought to be the VIPs of the scene—are slowly shrinking or seeking fiscal reprieves in government bailout funds. the Harvard-educated Solomon had spent many years at Lehman Brothers.” Solomon also added that President Barack Obama. PJSC has completed more than 350 advisory assignments. expert resume reviews. by mid-2009. Since its founding. Deals still flowing Despite an overall slow M&A and capital raising deal market worldwide since the beginning of 2008. Solomon agreed. and entered into a $5. Solomon published a number of articles in 2008 and 2009.” Instead. Visit Vault at www. In addition to his industry experience. Before striking out on his own. The trust is broken. Solomon told The Deal that he intends to keep his firm private. “The world will divide into two: capital providers and people with wits. high-profile deals include advising Eddie Bauer on its $286 million sale to Golden State Capital in August 2009. Solomon told IDD he hopes to boost his 40-employee firm by 40 percent within 2009. Peter J. 259 . $200 million revolver and $400 million credit refinancing in July 2009. 2010 Edition Peter J. Sheldon brought 27 years of dealmaking experience to PJSC. PJSC has been busy. To that end. IN THE NEWS July 2009: Hiring a hitter PJSC hired experienced M&A banker John Sheldon as a managing director. Sheldon became one of the approximately 10 senior-level bankers to have joined PJSC in 2009. the firm’s upper crust included 16 managing directors and six senior advisers. But the veteran banker—dubbed a Master of the Universe by The New York Times—seems to relish bringing his opinions to the public. Mars and Cerberus.6 billion leveraged buyout agreement with Bain Capital and the Blackstone Group). the Vault Job Board and more. in the Times and the New York Sun. By mid 2009. branded and unbranded consumer products. the Rabbs (owners of the Stop & Shop grocery chain) and the Wylys (who own the Michaels craft supply stores. Solomon Company THE SCOOP Ex-Lehman brother branches out Peter J. retailer Tween Brands and beauty salon conglomerate Regis Corporation. Bank of America Merrill Lynch advised Dress Barn on the deal.

which is usually a mix of partners and associates. The second round is usually a Super Day featuring “an interview with three to six bankers. followed by a dinner with analysts and associates. Solomon published his opinions about the federal bailout of the financial system in The New York Times. on its $150 million sale to Gap. starting with a first-round campus interview.” and “about two or three people from each school are invited back for the final round of Inc. MIT. which was implemented under the New Deal. fit is extremely important. where he worked for 18 years and specialized in media and communication firm advisory. “Active involvement. Solomon published an editorial in the—ironically—now-defunct New York Sun. Brail as managing director to head its media and communications advisory. ranging from analysts to senior managing directors. “let the players know they can get wiped out. Among other deals.” March 2008: Pharmacy purchases The company advised Walgreens on its $278 million purchase of the Chadds Ford. May 2008: “Let losers lose” PJSC Chairman and CEO Peter J. and concluded that TARP is an example of ineffective.” would answer to the Treasury secretary and Congress. would offer the sort of bipartisanship advocated by President Obama. Solomon advised Athleta. In the article. University of Chicago.” He added. January 2009: More opinions In a New York Times editorial. “TARP is an incipient disaster. is necessary as the taxpayer finally provides capital sufficient to permit a sound financial system. Columbia.” He criticized then-Treasury Secretary Henry Paulson for repeatedly changing the objective of the program. PJSC also brought on renowned health care bankers Frederick Frank and Mary Tanner. 2010 Edition Peter J.” The on-campus interviews “will typically be ‘two-on-ones’ with a partner as well as either an analyst or an associate. Solomon proposed creating an independent agency based on the Reconstruction Finance Corporation.” Rather than modify or enhance existing market regulation. Frank was hired from Barclays where he was vice chairman. pointed out that the two-page application for federal assistance is “shorter and less detailed than a mortgage application that a homeowner must complete”. Solomon wrote that the Obama administration should “be explicit about a changed relationship between government and private banking. Solomon Company February 2009: Welcome to the firm The firm added Richard S. formerly president of Wasserstein Perella. the firm hired Wall Street veteran banker Frederic Seegal. “If we let losers lose. for an undisclosed amount. to work with Brail and along with Senior Advisor Robert Glauber. The greater good.” As an alternative. including perhaps board representation. a privately held company based in Cleveland. Furthermore. The agency. he contended that “it was simply a question of time before a lack of personal liability coupled with access to unlimited capital would lead to disastrous levels of risk.” he wrote. was hired to co-head PJSC’s global pharmaceutical and life sciences practice. then.” empowering the Treasury secretary to “fashion policies that will restore long-term growth.The Vault Guide to the Top 50 Banking Employers. In addition. staffed by “professionals. Pennsylvania-based I-trax and on its acquisition of Whole Health Management.” November 2008: Pontificating on TARP PJSC Founder and Chairman Peter J. Wharton. he advised SIRIUS Satellite Radio on its merger with XM Satellite Radio. and separate “dealmaking from policy. Harvard. “taxpayers need protection from profligate ‘bailouts. Brail earned both a BA and a BS from the University of Pennsylvania and his MBA from Harvard Business School. such as University of Michigan. GETTING HIRED Make the top five The firm is “very selective in that it accepts as few as six analysts per year. a women’s active apparel company. and Tanner. to work on financial institution transactions. Duke and “select undergraduate business school programs. will be served.” PJSC finds potential candidates at a variety of schools.’ which have the potential of making ‘earmarks’ look penny ante. Brail joined from Morgan Stanley.” During the process. . with everyone working on one floor. “As constituted.” he wrote.” September 2008: Active advising Peter J. inefficient government. he wrote.” Expect two or three interviews in total. more permanent stable markets will result. expect to field some technical 260 © 2009 Vault. the founder of Life Sciences Partners.” And “since it is a relatively small place. PJSC Founder and Chairman Peter J.

” Management also seems to “take an active interest in developing junior people’s work potential and understanding for the subject matter. 261 .” Junior analysts “are brought to client meetings and participate on conference calls whenever possible. offers a “$25 dinner allowance for night work.. “Most senior bankers are great to work for” and that “associates at the firm are very good teachers and managers. but in general. these are “unpredictable. “the building is very well maintained.” “You’re definitely expected to work hard.” The offices also have “roomy cubicles.” But expect a wide range of queries as well.” though more than one insider notes that one bad banker can spoil the whole bunch.” Perks. Solomon Company questions.” Though the hours are better than those typically required at larger banks. career message boards. managers are “very friendly and understanding” and “treat the junior resources well and with respect.vault. “It only takes one influential banker to make life difficult.” Some insiders paint a different picture of the culture. and nickel and diming employees. and “if a candidate has trouble with technical questions. though. OUR SURVEY SAYS Both sides now The culture is described by insiders as “hardworking” within a “family company” that’s “analytically intensive” but simultaneously “extremely friendly.” respondents say. masquerading as ‘helpful career advice’ that are all aimed to call out and embarrass a particular analyst.The Vault Guide to the Top 50 Banking Employers. “Appearance is very important and scrutinized and systematically checked—from the type of shirt to shaving every day.” Interns may face slightly better odds.” sending out “weekly emails scolding analysts.” an insider adds. “senior partners show little care or consideration for analysts’ well-being.” A few bad apples? Overall.” But insiders also warn that “the firm has a strong tendency of pinching pennies.” provides “all weekend meals.m. ranging from resume-based questions to technical questions. dinners. One candidate recalls “There were all types of questions. and we are always on call. there can be times when people work 100-plus hours per week. for insider company profiles.” And although “weekends are casual.” Practices like “questioning taxi cab receipts” “add up and create bitterness among the junior people. And though you can “take on serious amounts of responsibility while dealing with very senior people both internally and with senior clients.” it’s a “part of life at PJSC.” he observes. The dress code has always been governed by a “formal always” rule. Enthuses one staffer. expert resume reviews. Another comments that “it’s a small firm with a good culture.” But bad behavior from the higher-ups seems to be the exception to the rule at PJSC. “there are still late nights and weekends.” There’s a range Insiders disagree about PJSC’s salary package.” possibly because some insiders say that “face time is required”—”people often stay later than they have to. “We have quarterly outings for analysts and associates to sporting events. the Vault Job Board and more. “When projects arise.” “comfortable” and “appealing. “even at the height of the dot-com bubble. we all look around to see who got him mad by not shaving. which tends to happen more frequently at a smaller firm like PJSC.” provides “a BlackBerry” and offers “a fully stocked fridge with juice and soda every day.” “When an email is sent about having to shave. it is much more difficult for them to get hired. Some say it’s “about average for the Street. mostly receive pretty decent marks.” and offer “great views” from the New York offices.” One insider warns that “though the firm claims there is no face time policy.” and “there are multiple conference rooms and spare rooms. And they “definitely have an advantage in getting a full-time offer” if they perform well.” Look sharp The firm’s digs are “very nice. Insiders say that. expert advice. Another tells the story of a partner who “treats analysts with no respect whatsoever. waiting for senior bankers to leave before them.” And communication is encouraged. billiards and bowling.” says one insider.” But be prepared to maintain your appearance to match your office surroundings.” others say it’s “well below what the rest of the Street pays. The company springs for half of employees’ gym memberships. The firm hires “two to three” summer interns who “get a real idea of what it’s going to be like” as far as day-today tasks. either. you are respected. PJSC has one of the worst unspoken of face time policies on the Street.” Sources tell us that. “It’s one of the nicer I-banking offices I have seen. Don’t expect to scoot by on charm.” the protocol for the rest of the week is unyielding—”You have to be fairly well put together every day.” reimburses “taxis home past 10 p.” And while it can be “annoying.” And don’t even think about being late: “There are times when attendance is taken and scolding mass emails are sent regarding having to be in the office between certain hours. 2010 Edition Peter J.” Watch out for the hours As for hours. as “the open-door policy actually means something here.” Plus.” Visit Vault at www.” Yet another says.

But the firm’s attempt at ethnic diversity could use a shot in the arm. “there is not too much ethnic diversity.” Part of the program is outsourced and includes “a visit to Bloomberg headquarters” and seminars with outside specialists.” PJSC “actively seeks female analysts and has two female managing directors.” It’s mostly “led by associates and senior analysts” but “includes classes with an outside accounting professor.” But once the formal training process concludes.” but “may not be as comprehensive as at larger banks.” the firm is “making more of an effort to recruit women.” Training typically lasts four weeks and “definitely provides the skills necessary to succeed on the job. Solomon Company Getting the skill set While the training offered provides “individual attention and specific skills.” sources Inc.” it’s also “not as formal as bigger banks.The Vault Guide to the Top 50 Banking Employers. There are “very few minorities in the office” and overall.” One insider adds that “about 33 percent” of his first-year class was female. Putting forth the effort Although the workplace culture is “somewhat male-dominated.” 262 © 2009 Vault. 2010 Edition Peter J. the firm makes sure that learning doesn’t stop. though the “nuts and bolts of analyst training is done in-house by other bankers. . “Classes are often taught throughout the year” and “continually improving training is a real focus for the firm.

com/careers or email your resume to uscorpfinrecruit@kpmg. of Offices: 9 What insiders at other firms are saying • “OK in the US” • “Smaller deals” THE BUZZ 263 .com THE STATS Employer Type: U. of Employees: 75 No.PRESTIGE RANKING 46 KPMG CORPORATE FINANCE LLC KEY COMPETITORS Goldman Sachs Merrill Lynch Morgan Stanley 757 Third Avenue New York.kpmgcorporatefinance. Head of KPMG Corporate Finance LLC: Stephen Gaines SERVICES Advisory Services & Financial Opinions Global Infrastructure & Projects Investment Banking Private Equity Coverage Special Situations Advisory EMPLOYMENT CONTACT See www. NY 10017 Phone: (212) 872-2920 www. based subsidiary of KPMG LLP (UK) Managing Director.kpmgcorporatefinance.S.

and it doesn’t have an in-house research division. KPMG is structured as a Swiss Verein. equity recapitalizations. is an independent member firm affiliated with KPMG International. According to the firm. a member of FINRA (Financial Industrial Regulatory Authority) and registered as a broker dealer with the SEC. KPMG is one of the world’s largest professional services firms. energy and natural resources. KPMG Corporate Finance’s key assignments for 2008 included advising Cash Management Solutions on its $36 million sale to River Associates Investments. a Swiss cooperative. Baltimore.S. like KPMG LLP (U. a limited liability partnership. KPMG Corporate Finance provides investment banking and advisory services to domestic and international clients.K. health care and pharmaceuticals. One of Keen’s most notable assignments in 2008 was assisting video rental giant Movie Gallery with the disposition of several Movie Gallery and Hollywood Video store locations.S. they fall into 10 industries: business services. Given the current economic environment (in the aftermath of the subprime mortgage crisis). One of the Big Four auditors. and offered fairness opinions to the boards of Pacific Internet and Precision Dynamics Corporation. consumer markets. Chicago. Melville. industrial markets. make loans to or invest in any of its clients. financial services. KPMG Corporate Finance LLC is a part of KPMG’s corporate finance practice. offices are located in Atlanta. advising Vivitar Corporation on the sale of its brand and intellectual property to Sakar International. .. As of October 2007. N. On a global basis.K. KPMG Corporate Finance LLC has included the realty advisory practice of Long Island-based Keen Consultants. KPMG Corporate Finance’s real estate services team has shifted from focusing on traditional acquisition and disposal services to a broader focus of providing lease mitigation services—a means for companies to reduce their lease costs and effectively raise capital amid frozen credit markets. KPMG LLP (U. IN THE NEWS June 2009: “Special Situations” honors KPMG Corporate Finance was awarded the Special Situations M&A Deal of the Year at the Turnaround Atlas Awards for its role as advisor to Vivitar in its sale from Syntax-Brillian Corporation to Sakar International. helping Unilever Canada divest assets to Margarine Golden Gate-Micha. which operates in 62 countries and comprises more than 2. and advising Frontline Direct on its $20 million sale to Adconion Media Group. Its three lines of service—audit. and technology and communications.The Vault Guide to the Top 50 Banking Employers. “Our independence helps insure that our interests are aligned with those of our clients. buyouts. Dallas. Its professionals advise clients on mergers and acquisitions.” Speaking of clients. risk and compliance services.Y. KPMG’s corporate finance practice regularly outranks almost all other financial advisers by volume of deals completed annually. Austin.). IT advisory. and Orange County. sales and divestitures. 2010 Edition KPMG Corporate Finance LLC THE SCOOP Not just audit KPMG Corporate Finance LLC.200 professionals. advising Concept Mining on its sale to ArcelorMittal. which includes eight other service offerings: accounting advisory. financings. March 2009: Energy award time The M&A Advisor handed KPMG Corporate Finance its 2008 Energy Deal of the Year award for its role as advisor to Concept Mining in conjunction with its sale to ArcelorMittal. working with the trustees of Food Management Group LLC on the disposition of 27 Dunkin’ Donuts franchises in New York. Los Inc. KPMG Corporate Finance experts also provided a valuation opinion to Pacific Crossing LLC in conjunction with its Chapter 11 filing. restructuring. with over 137.). tax and advisory—brought in global revenue of $22. KPMG’s corporate finance practice is part of KPMG’s advisory service line. the business now operates as a wholly owned subsidiary of KPMG Corporate Finance LLC. with each member firm acting as an independent legal entity.000 employees working in 144 countries. transaction services.). business performance services. real estate. debt restructurings. internal audit. is a U. media and marketing services. insurance. and financial risk management services. subsidiary of KPMG LLP (U. Calif. 264 © 2009 Vault. at KPMG Corporate Finance. forensics.S. fairness opinions. The firm’s U.7 billion in 2008. infrastructure project finance and other strategic initiatives. New York. Declaration of independence A unique feature of KPMG Corporate Finance’s operations is that the firm is completely independent of financing sources—it does not underwrite.

Unsurprisingly. career message boards. the January 2009 edition of the report forecast “a very subdued year for M&A activity. had certain advantages over pure investment banks: like a well-coordinated network of professionals around the world.S. The firm describes itself as having “enlightened leadership. with a sustained recovery in transactional activity. KPMG’s Corporate Finance practice completed 390 deals totaling $51. 2010 Edition KPMG Corporate Finance LLC January 2009: Recovery’s on the horizon With all eyes on the global economic meltdown in early 2009. 265 . while primarily known for their audit prowess. be they acquirers of businesses or capital sources. The ideal candidate for most positions should also possess a bachelor’s degree in finance. Morgan. according to the firm. as well as bulge bracket banks J. a willingness to learn.kpmgcorporatefinance. economics or accounting.” Employees who demonstrate these qualities are given opportunities for advancement. shared values. “We’re able to identify counterparties. expert resume reviews. across the globe and not just in one market or another. according to Thomson Reuters’ global M&A league tables.P. put it. send your resume to uscorpfinrecruit@kpmg. for insider company profiles. Goldman Sachs and Merrill Lynch. the head of KPMG Corporate Finance LLC. KPMG outranked (by number of deals completed) other Big Four players Ernst & Young LLP and PricewaterhouseCoopers Corporate” saying it strives to recruit employees whose “aim is to maintain an environment in which each individual achieves their personal goals. I think we can draw some parallels between the current situation in the deals market and how we emerged from one of the last big deals recession in the early 1990s. Visit Vault at www.” as Stephen Gaines. The larger KPMG network “gives us access to on-the-ground intelligence and cultural sensitivities that competitors can’t match.” Gaines said.” explained Stephen Gaines. head of KPMG Corporate Finance LLC. the Global M&A Predictor.5 billion. expert gives information on available opportunities within its U. the ability to work independently and with a team. as well as strong research and financial analysis skills.The Vault Guide to the Top 50 Banking Employers. the Vault Job Board and more. Microsoft Office skills. strong written and verbal communication skills. and one to three years of experience for entry-level positions and more than seven for managing and upper-level positions. and a diversity of talent.” December 2008: Top of the charts In 2008. If you are interested. many wondered what the New Year had in store for M&A deals. and that by the close of 2010 the M&A downturn will be behind us. The silver lining: according to KPMG.000 leading companies that analyzes prospective price to earnings ratios and balance sheet capacity. high attention to detail. deal volume is nearly at the trough—which means it’s all up from here. “While this M&A downturn is different from previous ones in character. a forward-looking survey of 1. GETTING HIRED Fitting the ideal The career section of the firm’s website (www.vault.” January 2009: Big Four advantages A Financial Week review of middle-market M&A activity in 2008 noted that the Big Four. Enter KPMG Corporate Finance’s annual publication. “I am feeling very optimistic that we will see a similar pattern emerge this year and next.

usbank. MN 55402 Phone: (800) 872-2657 www.542 DOWNERS • “The pay is far less than what we deserve” • “No special perks” EMPLOYMENT CONTACT www.3 billion No. of Employees: approximately What insiders at other firms are saying • • • • “Strong and still lending” “Midwestern commercial bank” “Escaped subprime” “Competitive” THE BUZZ 266 © 2009 Vault. Chairman & CEO: Richard K.31 billion 2008 Net Income: $ BUSINESSES Consumer Banking Payment Services Wealth Management Wholesale Banking UPPERS • Employees are “always treated with respect” • “Good job of hiring for diversity” THE STATS Employer Type: Public Company Ticker Symbol: USB (NYSE) President. Davis 2008 Revenue: $20.S.000 No. .PRESTIGE RANKING 47 U. of Offices: 2. BANCORP KEY COMPETITORS Bank of America JPMorgan Chase Wachovia Wells Fargo 800 Nicollet Mall Inc.usbank.

com for insider company profiles. foreign exchange and international banking. Bancorp THE SCOOP Finding its footing U. consumer and integrated credit and debit card processing through Elavon. November 2008: Sharing with the FDIC The biggest acquisitions of the year for U. all of its subsidiaries range in size from $39 million to $139 billion in deposits..791 banking offices (primarily in 24 states in the Midwest and the West) as well as 5. Bancorp.S. treasury management.S. it suffered huge losses in 2008 that have seriously affected its bottom line. The company picked up 213 new branches throughout California as a result of the merger. Bancorp agreed to take $6. It also reported net charge-offs of $632 million. career message boards. is the parent company of U. and U. or TARP. workplace and student banking. 267 .” Finally. Bancorp’s payment services division contributes nearly a quarter of its total revenue each year. Bancorp received a big chunk of the money the government allocated to struggling banks as part of the Troubled Asset Relief Program. Visit Vault at www. Based in Minneapolis. In return for modifying the mortgages. as well as commercial real estate services. Bancorp. home mortgages.S. credit and gift cards).S.S. Though U. and transaction services.S.S. The bank’s CEO Richard David told investors that “we don’t have any particular reason to need that. Bancorp entered into an agreement with the FDIC to alter the mortgages taken out by Downey and PFF’s customers.4 billion in deposits. it did not acquire any of the assets of liabilities of the banks’ parent holding companies.S. U. banks. Bancorp took over the branches.The Vault Guide to the Top 50 Banking Employers. merchant payment systems. correspondent banking. IN THE NEWS November 2008: Changing its mind As one of the largest U. Though U. Lines of business Business is divided between four core lines at U.vault.S. the Vault Job Board and more. First American Funds.S.159 ATMs in the country. The bank’s profit for the quarter was $330 million.8 billion in assets and $9. as conditions on the ground changed as a result of failing credit and falling home prices. U.S Bank. U. Bancorp set aside $1. and a response via email inquiries within 24 hours.S. leaving many institutions on the verge of bankruptcy. deposits. The wholesale banking division provides commercial banking to middle-market companies. consumer banking and small business services. U. Most of its business is centered in the U.. the bank agreed to sell a preferred stake to the U. the sixth-largest commercial bank in the U. community development. although it does offer merchant services in Canada and parts of Europe. plus corporate trust services and institutional trust and custody. equipment finance. Funds. Bancorp. however. insurance.” This includes the promise of 24/7 service. consumer lending. with $256 billion in assets as of December 2008. government in exchange for help. and offers corporate payment systems.S. government banking. Bancorp lost more than 50 percent of its stock price in 2008. financial sales. The agreement to participate in the government’s bailout plan was a sharp turnaround for the company. accurate online account information. Bancorp is proud of its Five Star Service Guarantee. The fourth quarter earnings report showed that U.7 billion in deposits at the time of the acquisition while PFF had $3. The wealth management and securities services division includes a private client group. dealer commercial services. investments and insurance are handled through U. investment.S. the rapidly expanding consumer banking division provides community banking.6 billion of capital from the Treasury Department. FAF Advisors distributes U. Securities tied to structure investment vehicles cost the company $253 million. the lowest it had been since the third quarter of 2001. are “not material. Inc. U. metropolitan branch banking.. U. Bancorp Investments.S. in-store and corporate on-site banking. the FDIC agreed to share losses on the loans with U. The company has 2. Bancorp remains one of the 10-largest banks in the U. and most of the assets of California-based banks Downey Savings and Loan and PFF Bank & Trust from the Federal Deposit Insurance Corp.S.S.S. businesses and institutions. those operations.27 billion for credit losses in relation to the drop in home values and commercial and construction loans. LLC respectively.S.S. expert advice. brokerage. the firm offers a full range of banking. According to U. U. formerly Nova Information Systems. expert resume reviews. Downey had $12. trust and payment services to individual consumers.S. Bancorp Insurance Services.S. Bancorp. reporting billions of dollars in losses in the final quarter of the year. mortgage.S. which it claims as a unique customer service experience “to change forever what you expect from a financial institution. small business banking. retail payment solutions (including debt.7 billion in assets and $2. LLC. Bancorp Fund Services.S. Bancorp agreed to buy Downey and PFF. Bancorp came after the markets crashed.” referring to the sale of troubled assets. 2010 Edition U. U. However.S.S. Bancorp’s proprietary mutual funds family. Once seen as a conservative bank that strayed away from risky investments.

1 billion in loans and $2. The firm got an additional shout out as Leslie Godridge. June 2008: Expanding operations The crisis in the markets may have made a significant impact of U. Featuring real employees.S. especially “compared to other banks. a paid day off to volunteer with a nonprofit of the employee’s choosing.” insiders say. Bancorp scored the best overall in terms of percentage of women corporate officers and management committee members. While some respondents don’t think the film allows U. Then. illness or other extreme situations. a wholly owned subsidiary that was acquired by U.” then “an HR review and phone interview with an HR representative. such as Five Star Volunteer Day. Inc.S. Two of U. .” “Two or three is normally the minimum.S. was recognized as a Woman to Watch. Quick and painless The interview process is a “very brief” one. Bancorp’s employees also made the Top 25 Most Powerful Women in Banking list. professionals and nonprofits.” After an initial resume screen.S. the company emphasis is on customer service—and that’s a key consideration for recruiters and hiring managers. you’re “brought in for an in-person interview.” and “working in a team versus working independently.” Employee love U. Bancorp workers from different divisions the chance to share what they love about the company. starting in June with the acquisition of Mellon 1st Business Bank in California.usbank. Bancorp in January 2008. Bancorp is overly selective.25 million for the purchase of its merchant services business assets. The bank says its guiding principle is its Five Star Service Guarantee. 5 on the list while Diane Thormodsgard.” One corporate finance staffer recalls “half a dozen interviews. entrepreneurs. asset-backed financing and financial advice to businesses. Elavon paid Capital City Bank $6. Bancorp was named the Top Banking Team in U. vice chairman of payment services. executive vice president and head of national corporate and institutional banking. Bancorp continued on its expansion spree by acquiring the merchant processing portfolio of Capital City Bank through Elavon. Bancorp “primarily” keeps a “local” focus to its recruiting.4 billion in assets.S. U.” says another source.S. ranked No. August 2008: Purchasing Capital City U. The firm continued its buying spree in 2008. Bancorp recently showcased a film about its employees in 75 different locations around the nation. 2010 Edition U. Bancorp’s balance sheet.” You may also be asked about your “overall ability to work in a banking atmosphere. $1. “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.7 billion in deposits from the merger. accuracy and availability. including those aimed specifically at minorities (like the National Black MBA conference). 14.S.” “your resume.S. Bancorp also announced that it had created an employee assistance fund to aid workers who have experienced natural disasters.” which one contact describes as lasting around an hour.S. candidates can also find scheduled recruiting events at regional job fairs. vice chairman of wealth management and securities services. treasury services.S.S. but it didn’t affect its growth goals. U. Overall. The ranking was based on hard data: U. Bancorp October 2008: Banking on women A spot of good news came when U. most candidates go through “multiple interviews.S.The Vault Guide to the Top 50 Banking Employers.S. the company website allows applicants to search for open positions by job category or location (the link is www. Banker’s annual rankings of The 25 Most Powerful Women in Banking. number of senior women executives and financial performance of women-led business units. Pam Joseph. Mellon 1st Business Bank provides standard retail deposit products and operating and equipment loans. responsiveness. Bancorp acquired $3. There’s “the initial submission of your resume. and showcases new employee programs. which “ensures specific performance standards that reflect our customers’ expectations for quality. The movie will be used to recruit new talent. ranked No. 268 © 2009 Vault.S. However. 44 women were part of the group that was recognized as the Top Banking Team in the country. roundrobin style.” If you pass that initial interview stage. GETTING HIRED Log on U.

been very impacted by the mortgage crisis.” Visit Vault at www.vault. “I have done the research and I am being paid $7. however. “The pay is far less than what we for insider company profiles. And diversity within the firm is “great—HR does a good job of hiring for diversity.000 less a year than I should be.” All in all. none are all that great.” adding. like some banks. with no casual Fridays.” Plus.S. expert resume reviews. “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. “We are not allowed to wear jeans or T-shirts.” says one contact.” says one source.” Another says “diversity is excellent. one characteristic that seems to be constant is that “the company has a lot of great employees and great expectations. expert advice.” insiders say. however.” One thing U.” “9-to-5” work hours. says one contact.The Vault Guide to the Top 50 Banking Employers.” On the other hand. the Vault Job Board and more. “Regarding casual dress—I wish. “My manager is incredible. “the way the business operates is the same today as it was 15 years ago.” says one employee. too.” says one insider.” There are “numerous opportunities to apply for other positions within the bank after being in your position for one year. Benefits.” Additionally. Bancorp OUR SURVEY SAYS Be up for anything Insiders call U. “With my experience and education. “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. products and services. “They have a no tolerance policy on ethical issues.” one insider extrapolates. I am not being paid what is standard— not even in my state. “this is a great company to work for. Running the gamut When it comes to the dress code.” Even so. Bancorp is staunch about are its principles.” One insider in a more formal outpost says wryly.” admits one respondent.” enthuses one insider.” depending on office. And there’s also “a lot of room for advancement”—the company “recognizes achievement.” As far as management goes.” The bottom line.” adding that “working here you get a chance to meet so many people from different cultures.S.” Salaries. don’t receive quite such glowing reviews from insiders.” There are a few aspects that insiders seem to enjoy universally—the “standard. In other words.” says one source.S.” says one insider.” “Put another way. Granted. employees can expect “anywhere from casual to business formal. 2010 Edition U. U.” Another contact says. There are “no special perks or reimbursements” and “no stock options. is that “we feel that our customers should always see us at our best. career message boards. 269 .” What’s next? By and large.” “Benefits are not the greatest.S. I don’t have to wear a blazer every day. “It has not. “I think the firm will succeed for years to come. “Although employees are presented with many options for benefits. Bancorp “a great company to work for” and “a decent employer. employees are “always treated with respect and challenged.” but also note that “the corporate culture varies greatly from department to department. could use a little jazzing up. “the firm is growing—especially into the international markets—and continues to look for new opportunities in distribution channels. Bancorp’s future prospects look bright. “the corporate culture does not stress challenging the status quo. they only need to adjust the pay for their employees. “the dress code varies from jeans to a suit-and-tie daily. but we do not get to go casual. “raises are very low and based on overall corporate performance—there aren’t any performance incentives. for one.

.41 billion 2008 Net Income: C$692 million No. of Employees: 2. good in metals and mining” “Mediocre in the US” “Up and coming” “Third-rate” THE BUZZ 270 © 2009 Vault. 1 First Canadian Place What insiders at other firms are saying • • • • “Good in Canada. Ontario M5X 1H3 Canada Phone: (416) 359-4000 111 West Monroe Street SERVICES Capital Raising Institutional Brokerage Market Risk Management Merger & Acquisition Advisory Services Research Treasury Services UPPER • “Great corporate culture” where “everyone respects everyone else” THE STATS Employer Type: Subsidiary of BMO Financial Group Chairman: L.400 No. Jaques Ménard CEO: Thomas Milroy 2008 Revenue: C$2.PRESTIGE RANKING 48 BMO CAPITAL MARKETS KEY COMPETITORS Baird Bank of America Barclays Capital Deutsche Bank Houlihan Lokey Piper Jaffray RBC Capital Markets TD Securities UBS Investment Bank Wells Fargo 100 King Street Inc. IL 60603 www. . of Offices: 27 (including 14 in North America) DOWNER • “Few minorities in professional positions” EMPLOYMENT CONTACT See “careers” section of www.

S. 2009). risk management. capital markets. 4 in Canadian common stock and trust deals. In addition. equity and debt underwriting. Nasdaq. and the firm advised U. Coxe was one of the firm’s most decorated strategists. IN THE NEWS May 2009: Rough recession For the second quarter 2009 (ended April 30. Sugar Corporation on a multibillion-dollar sale to support Florida Everglades restoration. the firm placed No. Stephens & Thompson Inc. BMO Financial Group brought in C$2. Net income. BMO Financial Group still managed to deliver net income of C$2 billion. The firm cited “an increase in the general allowance for credit losses” and “severance costs” as reasons for the dip. expanded trading activities and enhancing client coverage within key industries.S.” retired from the firm in late December 2008. career message boards. Visit Vault at www. Kubik. took a drop to C$358 million in the quarter from C$642 million. BMO Capital Markets is a listed member of all the major stock exchanges including NYSE. the firm ranks even higher in the Canadian market. BMO Capital Markets offers a full range of wholesale banking services.The Vault Guide to the Top 50 Banking Employers. March 2009: Finishing strong Despite the difficult financial environment in 2008. 271 . growing revenue 17 percent year over year and increasing net income by 33 percent. with 17 deals with proceeds of $2. 19 overall. and BMO Capital Markets saw an increase in net income to C$692 million. up slightly from the C$2.S. Coming to the U. The Toronto Stock Exchange and The TSX Venture Exchange. Underlining the firm’s success south of the Canadian border. during its 2008 fiscal year. behind only RBC Capital Markets. improved cross-selling. Wealth management services are provided to these middle market clients through BMO’s subsidiary Harris Private Bank.5 percent.62 billion it brought in for second quarter 2008. BMO Capital Markets has over 2. the global portfolio strategist for BMO Capital Markets and the firm’s resident “Renaissance Man. including advisory. treasury management and institutional brokerage. BMO ranked No. meanwhile. The firm completed 26 deals with Canadian involvement that had a rank value of $10 billion or 8. the firm doubled the size of its U. including 14 in North America. 7 spot on the Thomson Reuters league tables measuring announced M&A deal activity in Canada in 2008. BMO was also one of the only companies to see an increase in value of deals completed in the midst of a very difficult financial environment. expert resume reviews. over 50 percent of its net income was earned in the U. AIM (London Stock Exchange’s international market for smaller.4 percent of the market share. It also advised on 54 completed mergers and acquisitions in North America totaling C$46 billion. the firm caters to larger clients and is a major underwriter and advisor on Canadian transactions.65 billion in revenue. The BMO Capital Markets division produced solid results. through increased product penetration.S. expert advice. The company jumped three places to take the No. and securitization. BMO Capital Markets has been focusing on grow its presence in the U. The firm also finished No. (BMO Capital Markets has been active in originating Build America Bonds. December 2008: “Renaissance man” makes an exit Don Coxe. BMO Capital Markets participated in 162 corporate and government debt transactions with a value of C$126 billion as well as 197 equity transactions with a value of C$45 billion. winning awards such as the National Polst/StarMine lifetime achievement award in investment research.vault.S. January 2009: Leading the charts BMO Capital Markets is one of the biggest players in North America in the areas of mergers and acquisitions.9 billion..400 employees working from offices in 27 locations around the world. TD Securities and CIBC World Markets. which were introduced in the American Reinvestment and Recovery Act of 2009). municipal bonds business through the acquisition of Griffin. research. In the U. It completed 19 deals with proceeds of $3 billion and a total market share of 10. BMO Capital Markets focuses on middle market clients with $250 million to $2 billion in annual sales. American Stock Exchange. Though Coxe will be opening his own independent advisory firm. 4 in equity and equity related deals. he will retain his role as portfolio consultant to BMO’s Coxe Commodity Fund. 2010 Edition BMO Capital Markets THE SCOOP North American leaders A division of BMO Financial Group. For all deals with North American involvement. growing companies).S. during the second quarter of BMO Capital Markets’ fiscal year 2009. sales and trading. The London Stock Exchange. with 46 deals valued at $38 billion. In Canada. In equity capital markets. the Vault Job Board and for insider company profiles.

The Vault Guide to the Top 50 Banking Employers, 2010 Edition BMO Capital Markets

November 2008: Heading up an IPO
BMO Capital Markets led the initial public offering of Cymbria Corporation, a Canadian investment company which raised $220 million.

November 2008: Moving into Mumbai
BMO Capital Markets announced that it would be expanding its business into India with the opening of an office in Mumbai. The company’s Indian operations will include a collaboration with Ernst & Young that will help the two companies to “develop cross border opportunities between India and North America.” Its business will focus on mergers and acquisitions in the sectors of mining and metals, health care, oil and gas, IT and industrial production.

September 2008: Best in tough times
In a year when investment banking faced some of its biggest challenges in history, BMO Capital Markets was awarded the honor of the Best Investment Bank in Canada by Global Finance. The publication announced the winners in its September 2008 issue and held an awards ceremony in Washington, D.C., in October. According to Global Finance publisher Joseph D. Giarrupto, in this volatile environment, the awards for best investment bank carry special meaning. “The last 12 months have been some of the most difficult ever for investment bankers,” he said. “But many institutions made heroic efforts to continue to provide the best possible services to their clients, and we salute them.”

April 2008: More municipals
BMO acquired the Chicago-based bank Griffin, Kubik, Stephens & Thompson (GKST) in an effort to grow its domestic fixed income business. GKST specializes in debt securities including municipal bonds, U.S. Treasury debt, agencies, and mortgage-backed securities. The acquisition more than doubled the size of BMO’s municipal bond business, creating the largest bank-qualified municipal bond dealer in Illinois and the sixth-largest in the United States. The merger brought together approximately 100 employees from GKST and 20 from BMO’s Chicago office, creating a total team of 120.

December 2007: Big deal
The firm was a part of several significant deals in 2008. It was the bookrunner on the IPO of Franco-Nevada, a mining and energy royalty company which debuted on the Toronto Stock Exchange. The deal was the biggest mining IPO in North American history, raising $1.26 billion in its share sale. The transaction officially closed on December 20, 2007, which falls into revenue for fiscal 2008 for BMO.

Consider the odds
“Beyond academic and professional experience, personality and cultural fit are highly emphasized in the selection process,” a source says. Because the firm 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 it’s not so hard to get hired.” Instead, the firm “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 office’s 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 office, 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 office” 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 final rounds.” On-site interviews may be conducted by “a range of senior analysts and associates along with a few vice presidents,” and sources say it’s 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 first round that’s “more technical and skills-based,” while the second round is more qualitative-oriented.” The company “wants to know how you will fit with the bank’s culture and atmosphere.” Another insider notes that BMO tries not to leave candidates hanging too long—”offers are made promptly” after the final round.


© 2009 Inc.

The Vault Guide to the Top 50 Banking Employers, 2010 Edition BMO Capital Markets

Few summer slots
The firm 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 firm and gain consideration for full-time employment,” but BMO’s 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 first place, though this varies by office. “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 find that “pay is market,” based on an equivalent first-year’s rate. Summer staffers “work alongside coverage, M&A or commercial bankers doing live deals.” They also “get additional training and go to events.”

No “freaking out”
The firm 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: there’s “no yelling or freaking out.” Perhaps this is because the company culture is steeped in Canadian politeness. The BMO culture “is very collegial and reflective of our Canadian roots,” sources say. There’s 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 approachable”—”everyone 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 first-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 professionals—and 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 find big egos here.” One managing director appreciates that BMO has “the resources of a large firm, but the entrepreneurial spirit of a small firm.” 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. There’s “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 sacrifice the volume of deal flow” that larger banks enjoy.

Big deal, long hours
BMO’s 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 flow,” 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, there’s “$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 office, 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 five to 10 hours split between both days. A completely free weekend is rare—about once a month.” BMO’s 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.

Dodge the tourists
For BMO’s New York City employees, the office location in the heart of Times Square’s bustle is a “major downside.” However, the firm occupies “the top four floors of the Reuters building,” and “the conference rooms are very modern and cubes are spacious.” It’s “very typical office space,” but BMO does provide “a fully stocked kitchen and decent comfort and amenities.” A banker in Chicago says, “I have a nice big office, although it lacks windows.”

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The Vault Guide to the Top 50 Banking Employers, 2010 Edition BMO Capital Markets

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,” clarifies one insider. But “people dress appropriately” and “you rarely see khakis on the banking floor except on Fridays.” But generally, there is a “broad range of standards and the code “is what you make of it.”

Lots to learn
BMO’s current training program “first 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 firm’s “extensive training environment.” The formal training session “is just the right length—six weeks.” A contact notes, “It is very relevant to how business gets done at our firm, 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 firm 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 firm.” 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 there’s always room for improvement. “Specifically in terms of women, finance companies need to offer more opportunities for women to work part time or flex-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 firm is making progress—”Having 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 well—”We extend all benefits to spouses and life partners.” Still, for GLBT staffers a “don’t ask, don’t tell” mentality prevails; an insider believes that “the firm is underrepresented relative to the general population.”


© 2009 Inc.



Edward Jones Raymond James Financial

Morgan Keegan Tower 50 Front Street, 17th Floor Memphis, TN 38103 Phone: (901) 524-4100 Fax: (901) 579-4406

• “Friendly, fun people” • “Challenging and rewarding”

Equity Capital Markets Fixed Income Capital Markets Private Client Wealth Management

• Salaries could be higher • Corporate politics

Employer Type: Subsidiary of Regions Financial Corporation CEO: John Carson Jr. President: R. Patrick Kruczek No. of Employees: 4,300 No. of Offices: 400 (approx.)


What insiders at other firms are saying
• • • • “Strong middle-market firm” “SunTrust Lite” “OK” “Small and Southern”



The Vault Guide to the Top 50 Banking Employers, 2010 Edition Morgan Keegan & Co., Inc.

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 mergers—plus the company’s organic expansion efforts—have turned Regions into a national banking powerhouse, with over $146 billion in assets and $89 billion in deposits. Morgan Keegan’s story began in Memphis in 1969, when it went into with just five employees and one office. By 1972, Morgan Keegan had secured a seat on the New York Stock Exchange, opened a second location and launched a fixed-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 Keegan’s 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 offices across the country. And when Regions sealed its big deal with AmSouth, all of AmSouth Investment Service’s accounts and brokers were handed over to Morgan Keegan.

Top underwriter
Morgan Keegan’s underwriting prowess was demonstrated in 2008, when the firm continued to have success in its municipal bond business despite the adverse market conditions. According to Thomson Reuters, the firm ranked as the 10th-largest underwriter of municipal bond issues in 2008, with 457 issues valued at $10.7 billion. The firm was also the No. 1 underwriter in all of the South Central U.S. (Alabama, Arkansas, Kentucky, Louisiana, Mississippi and Tennessee), serving as senior manager on 219 issues with a total value of $4.9 billion. In addition, the firm generated significant business from the Southwestern region, where it issued 136 bonds with a value of $4 billion.

February 2009: Hiring