Sponsored by:

“For those hoping to climb the ladder of success, [Vault’s] insights are priceless.” – Money magazine “The best place on the web to prepare for a job search.” – Fortune “[Vault guides] make for excellent starting points for job hunters and should be purchased by academic libraries for their career sections [and] university career centers.” – Library Journal “The granddaddy of worker sites.” – US News & World Report “A killer app.” – The New York Times One of Forbes’ 33 “Favorite Sites.” – Forbes “To get the unvarnished scoop, check out Vault.” – SmartMoney Magazine “Vault has a wealth of information about major employers and job-searching strategies as well as comments from workers about their experiences at specific companies.” – The Washington Post “Vault [provides] the skinny on working conditions at all kinds of companies from current and former employees.” – USA Today





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.

. . . . . . . . . . . . . . . . . . . . . . . . . . . career message boards. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .316 Fifth Third Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .com for insider company profiles. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .304 Comerica Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .270 49. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .275 50. . . . . . Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .248 44. . . . . . . . 2010 Edition Table of Contents 42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .360 Stephens Inc. . .354 PNC Financial Services Group. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Solomon Company . . . . . . . . . . . . . . . . . . . . Peter J. . . . . . . . . . . . . . . . . . . . . . . . . . . Inc. . . . . . . . . . . . . . . . . . BB&T Corporation . Morgan Keegan & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ix . . . . . . . . . . . . . . . . . . . . . . . . . . LLP (SIG) . . .S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .345 M&T Bank . . . . . . . . . . . . . . . . . . . Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .335 KeyCorp . . . . . . . . . KPMG Corporate Finance LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . expert resume reviews. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .286 The Bank of Nova Scotia (Scotiabank) . . . . . . . . . . . . . . . . . . . . . . . . Raymond James Financial. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .370 SunTrust Banks. . . . . . . . . . . . . . . . L. . . . . . . . . . . . . . . . . . . . . . . . . .380 TD Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sandler O'Neill + Partners. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .321 First Horizon National Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . expert advice. . .vault. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .373 Susquehanna International Group. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .329 Fox-Pitt Kelton Cochran Caronia Waller (USA) LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U. . . .307 Duff & Phelps Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .263 47. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .301 Cascadia Capital LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . .325 FOCUS . . . . . . . . . . . . . . . . . . . . . . . . . . . the Vault Job Board and more. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .349 McGladrey Capital Markets LLC . . . . . . . . . . . Inc. . . . . . . . . . . . . . . . . . . .389 Visit Vault at www. . Inc. . . . . . . . . . . . . . . . Brown Brothers Harriman & Co. . . . . . . . . . . . . . . . .342 Lloyds Banking Group PLC . . .338 Leerink Swann LLC . . . . . . . .366 Stifel Financial Corp. . . . . . . . . . . . . . .253 45. . . . . . . . . . . . . . . . . . . . . . . . . . . .294 Canaccord Adams Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .384 ThinkEquity LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .The Vault Guide to the Top 50 Banking Employers. . . . . . . . . . . . . . . . .266 48. . . . . . . . . . . . . . . . . . . . . . .332 JMP Securities LLC . . . . . . . . . . BMO Capital Markets . . . . . . . . .289 Calyon . . . . . . . . . . . . . . . . .279 THE BEST OF THE REST 285 Bank Leumi USA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .P. .311 FBR Capital Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .258 46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .298 Caris & Company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .244 43. . . . . . . . . . . . . . . . . . .

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

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.

Visit Vault at for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.


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

Visit Vault at for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.


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.

bringing in a total of 14 bankers. Centerview was born the same year when veterans of Morgan. (Goldman booked $3. say. And in August 2009. He has been involved in a number of high-profile cases over the years. was working pro bono as the head of the September 11th Victim Compensation Fund. each with more than 20 years of experience. And Centerview Partners—which ranked No. UBS.vault. in 2006. which now ranks among the top 15 M&A advisors in the U.. in some cases challenging their larger competitors for deals and. 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 America. Ken Moelis. whose resume contains some of the highestprofile firms of investment banking’s yesteryear: Drexel Burnham Lambert and DLJ (Donaldson Lufkin & Jenrette). currency and commodities trading division. career message boards. Chrysler Financial. expert resume reviews. positions opened up). In his role as pay czar. having an extraordinary quarter. GM. While Feinberg began to review executives’ paychecks. In May 2009. likely making acquisitions of divisions of established firms along the way. plans to focus on the Asia market but will also do business in Europe and the U. 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. 2010 Edition The State of the Industry In June 2009. Robert Morse. in the same year. salary capping. small banks In recent years. however. In 1996. where he decided benefits and assigned financial values to the lives of victims of the attack. 9 . Ten years later.” The flow Bok speaks of also continued to several other firms.P. meaning he can reclaim compensation that’s already been given to executives (this extends to all TARP firms.8 billion. the ex-chief executive of Citigroup’s Asia investment banking business.09 billion in the same period of the previous year. each have between 125 and 300 employees—and none have been around for that long. More recently. the selling point is simple: world-class service (their founders and top executives are often refugees from bigger banks) with a personal touch.. the Vault Job Board and more. on the heels of its main competitor. pummeling Evercore and Moelis in total deal volume—picked up three high-ranking ex-Merrill bankers in one month in early 2009.” 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. D. Jefferies. they’ve been desirable places to land to avoid the prospect of increased government regulation—specifically.44 billion in net income for second quarter for insider company profiles.. more recently. Citi. And for experienced bankers. GMAC and Bank of America—which all received billions of TARP dollars. up from $2. Moelis & Company. If anything. in 1993.) Feinberg is expected to rule on executive compensation proposals and guidelines by the end of October 2009. Perella Weinburg Partners and Centerview Partners. Perhaps his most well-known case. including asbestos-damage lawsuits and the Virginia Tech massacre lawsuit in 2007. at least at a few firms.The Vault Guide to the Top 50 Banking Employers. Feinberg worked as a lawyer. takes its name from another former UBS dealmaker. In the first half of 2009.S. lawyer Kenneth Feinberg the power to establish pay for 175 executives working at seven of the country’s biggest companies—AIG. including Perella Weinberg Partners. boutiques have been largely untouched in the financial crisis.S. Morse cited the trend of executives moving from big firms to smaller ones as a reason for Primus’ founding. The rise was largely due to the bank’s fixed income. expert advice. they’ve been able to pick up business. former Morgan Stanley President Bob Greenhill started his eponymous firm. In an interview with Reuters. Wasserstein Perella and UBS joined forces. there were signs that the mass banking firings had turned into hiring. Clients who worry about getting lost in the shuffle at. two former Blackstone insiders partnered to create a bank called Evercore. several “boutique” investment banks—small. even those that have repaid their funds. The Feinberg Group. J. Moelis & Company. Houlihan Lokey. Goldman Sachs. founding his own firm. Feinberg will determine both base pay and bonuses for top executives at the companies. which increased net revenue by more than 50 percent to $6. Feinberg. who’s partnering with two other ex-Citi bankers.. independent firms—have been on the rise. recently picked up senior-level personnel from Bank of America as well as UBS. presenting themselves as a safer alternative to banks that are being kept alive by taxpayer funds. Moelis & Company. Morse. another top M&A advisor. Since they lack the trading floors and vast securities portfolios of their mega-rivals. also has the power to activate clawback provisions. Morgan Stanley announced it would hire about 400 traders and bankers. Among the preeminent boutiques today are Greenhill & Co. 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. raised $1 billion to start to his own Hong Kong-headquartered bank called Primus Financial Holdings. mined senior bankers from Merrill. for talent. he appointed a “pay czar” to oversee executive compensation for firms that took money from the U. an ex-Goldman insider and former Morgan Stanley banker got together to hatch Perella Weinberg. Morgan and UBS Investment Bank. Moelis transformed a second-rate UBS into a global M&A player. In one of the most significant ground breakings of 2009. J. In 2008. Morgan Stanley and the firm formerly known as Bear Stearns. 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.C.P. Greenhill hired bankers away from Morgan Stanley. who reports to Treasury Secretary Timothy Geithner but is said to have nearly complete autonomy. Piper Jaffray and Sander O’Neill—as well as to brand new firms. For most boutiques. Chrysler. the infant in the advisory game at 14 months old. Obama gave Washington. Citi. 13 worldwide in M&A advisory work in 2008. Evercore Partners.S. He consequently wrote the book What Is Life Worth? as a narration of his work in the case. Evercore Partners.) Big banks. Visit Vault at www. Before becoming pay czar for the Obama administration.

4 percent in the first six months of 2009 versus the same period a year earlier. using firm assets to make their own bets. bonds and basic financial derivatives for currency and interest rate products. but Morgan Stanley ranked No. with Goldman placing second. securities lending.P. a former floor trader who served as CEO of Credit Suisse until taking over for Jenkins at Inc. Private equity groups. Barclays Capital and Bank of American Merrill Lynch were the second and third most active underwriters. 1 in announced U. banks’ M&A revenue dwindled. versus 129 worth $70 billion in the same period in 2008. working on announced deals worth a total of $572. Things picked up in 2004 as a strong global economy. underwriting 175 deals worth a total of $53. working on announced deals worth $831. announced M&A deals.) Among the traders who worked their way to the top: Goldman Sachs CEO Lloyd Blankfein. The top of the league tables. peaking in mid-2007. Equity capital markets units also had a slow six months as global equity underwriting volume fell 17. as worldwide fixed-income underwriting volume increased 11 percent in the first six months of 2009 versus the same period in 2008. clearing. Morgan worked on more equity deals (by volume) than any other bank. business dipped in 2001. 1 spot for U. while J. investment banks and brokerage firms used to act only as agents: they bought and sold securities on behalf of their clients. Global debt issuance fared a lot better than M&A and equity deals. respectively. a leading source of revenue for the global investment banking industry.7 billion (down 38 percent versus 2007). and Oswald Grubel. When they get it wrong. including some multibillion-dollar deals. Huw Jenkins. M&A deal volume fell by 35 percent versus the same period a year earlier to $1. who led UBS until stepping down in 2007 after massive losses at the investment bank. When they get it right.2 trillion worldwide.14 trillion. And in a climate of no confidence.The Vault Guide to the Top 50 Banking Employers.5 billion (down nearly 30 percent versus 2007). For the first six months of 2009. Morgan was the most active debt underwriter. looked much the same as they did in years past. as former traders have risen in prominence at their respective firms. 2 spot on the table and J. . According to Thomson Reuters. (Some corporate financiers have responded by heading out on their own to start boutique advisory firms. potential buyers were less likely to buy. Embattled companies made less-attractive targets. The lines have blurred. and brokerage services have expanded at many banks. as the world discovered in 2007 and 2008.P. and deals kept going through 2006. J. complicated bundles of currency prices. few CEOs wanted to take on any unnecessary risk. Global M&A activity was up to $2. Goldman Sachs was the top worldwide merger and acquisition advisory for 2008. low interest rates and thriving stock prices raised confidence and spurred dealmaking. plentiful credit. respectively. The New Year didn’t bring much luck when it came to increasing combinations and purchases. Management buyouts were also a thriving contributor. however. As a result. M&A boom and bust Mergers and acquisitions advisory was. 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). New types of derivatives allow banks to trade contracts based on future energy prices. Speaking of losses. Morgan and Citi took the second and third spots on the table. respectively. traders Investment banks have long contained two cultures: traders and corporate finance advisers. just about anything. traditional trading at investment banks consisted of dealing in equities. According to Thomson Reuters. though. A notable feature of the mid-2000s M&A boom was the major part played by financial purchasers. Some of the major investment banks played a significant role in this development. which offer dedicated financing. the world’s volume of M&A activity totaled almost $3. were buyers on an unprecedented scale. which were raising ever-larger funds. The growth of hedge funds drove banks to build prime brokerage units. even the odds of another company defaulting on its debt. an effort to wring more return from. What’s more. 2010 Edition The State of the Industry Bankers vs.7 trillion by 2005. a former commodities trader. M&A for the six months ending June 2009. Mergers and acquisitions groups weren’t the only ones to feel the pinch of the recession in early 2009. the lowest six-month output in five years. deal volume was down to $1. J. Morgan placed third. 10 © 2009 Vault. traders have reaped big rewards for their employers.S.S. Compounding these issues is the fact that trading activity has increased as a proportion of investment banking revenue. Only 117 IPOs worth a total of $13 billion were underwritten worldwide in the first two quarters of 2009. Goldman Sachs and Morgan Stanley were the second and third most active equity underwriters.5 billion. well. working on 695 deals worth a total of $318 billion.P. Now they’re just as likely to be principals in trades. In 2000.P. for most of the late 1990s and early 2000s. That changed when banks began inventing new kinds of derivatives. Goldman also snagged the No.5 trillion. the losses can be devastating. while Citi took the No. Without access to cheap. Goldman stayed atop Thomson Reuters’ worldwide announced M&A table halfway through the year. The global recession that nearly destroyed banks in 2008 took a big toll on mergers and acquisitions. custody and advisory services to major investors and hedge funds (though the hedge fund industry took a sever hit in 2008. It was the latter who traditionally became firms’ chief executives and chairmen. and in 2002.

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

.com Inc.12 © 2009 Vault.

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

NY New York. NY New York.6134 7. NY Minneapolis. NY New York. MN New York.7515 6. NY New York.P.8952 4. NY New York. NY New York. NY New York.5134 6.7442 4.7764 4.0395 4. NY New York. The Blackstone Group L. Wells Fargo & Company Allen & Company LLC Bank of America Corporation Macquarie Group (U. Credit Suisse* Evercore Partners Deutsche Bank AG Rothschild Barclays Capital Perella Weinberg Partners Moelis & Company UBS Investment Bank Houlihan Lokey Jefferies & Company.3816 Inc. RBC Capital Markets SCORE 8.2617 6.5749 5. NY Charlotte.8036 5. 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. Inc. Inc. NY New York. Citi Institutional Clients Group HSBC North America Holdings Inc. NY New York.6166 5. Inc.S. NC New York.P. CA New York.) Piper Jaffray Companies Oppenhiemer & Co.3992 5.8684 6.5190 8.TOP 50 BANKING EMPLOYERS THE VAULT 50 [MOST PRESTIGIOUS BANKING EMPLOYERS] • 2010 FIRM Goldman Sachs Group.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.2768 5. NY San Francisco.2563 5.. NY New York. Morgan Investment Bank Lazard Ltd.1579 7. NY New York. NY New York. NY New York. NY New York.3642 5. Morgan Stanley J. NY New York. NY New York.9014 5.8947 5.6960 7.1165 5. Greenhill & Co. NY New York. .1833 6.

9541 3. Ontario Memphis.7811 3. CA New York.4124 4. MN Toronto. NY New York. IL New York.0145 4. Robert W. Solomon Company KPMG Corporate Finance LLC U. 2009. Petersburg.9500 3. NY New York.7805 3. FL New York. Bruyette & Woods. Inc. NY Milwaukee.5986 4.1983 4. BB&T Corporation †Folded SCORE 4. NY New York. Ontario New York.1188 4. Peter J. Baird & Co. (Baird) Broadpoint Gleacher Securities William Blair & Company The Bank of New York Mellon Corp. NY Toronto. Cowen and Company.4138 4. NY New York.4667 4. Sandler O'Neill + Partners.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.5484 4. NY Minneapolis. New York.P. NY St. NY New York. NY Chicago. Inc.. NY New York.9279 3. Deloitte Corporate Finance LLC Canadian Imperial Bank of Commerce** Centerview Partners LLC Keefe.4184 4.0141 3. the Dresdner Kleinwort name was dropped **Canadian Imperial Bank of Commerce (Wholesale Banking Division) 15 .5403 4. Royal Bank of Scotland Group plc Chase Commercial Bank Dresdner Kleinwort† BNP Paribas SA Thomas Weisel Partners Group.2462 4. NC into Commerzbank AG's corporates and markets division on September 1. L. Inc. TN Winston-Salem. LLC Citi Consumer Banking Brown Brothers Harriman & Co. NY San Francisco.3475 4. NY New York. Inc.1473 4. Inc. NY New York. Raymond James Financial.6311 4. NY New York. Bancorp BMO Capital Markets Morgan Keegan & Co.3158 4.S.4123 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.9808 3.2936 4. NY New York.


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

com Inc. .18 © 2009 Vault.

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

905 7. RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 FIRM Centerview Partners Goldman Sachs Houlihan Lokey J. Morgan Investment Bank Robert W.893 8.722 7.100 8.925 7. our Best 15 Firms to Work For is meant to reflect the subjective opinion of insiders. 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.P. By its nature.463 7. .441 Inc.395 7. some of whom may be biased in favor (or against) their firm. Baird & Co. minorities and GLBT) *10 percent training Like our Top 50 prestige rankings.289 7.750 8. (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. we used a formula that weighed the most relevant categories for an overall quality of life ranking.794 7.878 7. To determine our Best 15 Firms to Work For.544 7.The Vault Guide to the Top 50 Banking Employers.825 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. the list is based on the perceptions of insiders. this is a far more important consideration than prestige.230 20 © 2009 Vault.

216 8. where 1 is not at all satisfied and 10 is extremely satisfied. 2010 Edition The Vault Quality of Life Rankings Overall Satisfaction On a scale of 1 to 10.636 7. Morgan Investment Bank Robert W.vault.625 Visit Vault at www. expert resume reviews. the Vault Job Board and more.960 7. (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 9.905 8. career message boards.The Vault Guide to the Top 50 Banking Employers. Baird & Co.765 7.476 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 for insider company profiles.167 8.333 9.500 8.207 8. 21 .200 7.654 8.800 7.480 9. expert advice.P.

700 Inc.115 8.333 8.P.944 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.500 8.267 22 © 2009 Vault. 2010 Edition The Vault Quality of Life Rankings Selectivity On a scale of 1 to 10. Baird & Co.174 9.136 8.The Vault Guide to the Top 50 Banking Employers. where 1 is very easy and 10 is nearly impossible.029 7.615 8. (Baird) Cowen and Company RBC Capital Markets UBS Investment Bank Jefferies Duff & Phelps SCORE 9.138 8. Morgan Investment Bank Credit Suisse Robert W.840 8.296 8. .958 7.306 8.

Baird & Co.The Vault Guide to the Top 50 Banking for insider company profiles.100 7.035 6.583 6.810 6. 23 .813 5. the Vault Job Board and more. (Baird) Duff & Phelps SCORE 8.167 5.520 7. 2010 Edition The Vault Quality of Life Rankings Compensation On a scale of 1 to 10. expert resume reviews. career message boards.667 5. 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. Morgan Investment Bank Jefferies Citi Consumer Banking TD Securities Robert W.P.238 7.909 8.385 Visit Vault at www.216 7. expert advice.438 7.vault. where 1 is far below average and 10 is far in excess of industry average.167 7.619 6.

600 6.714 24 © 2009 Vault.235 6.593 6. (Baird) TD Securities Jefferies Credit Suisse William Blair SCORE 8.The Vault Guide to the Top 50 Banking Employers.800 6. where 1 is not at all satisfied and 10 is extremely satisfied.913 Inc.792 7. .606 6.225 6. 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.500 7.429 7.366 6.571 7. Baird & Co.833 6.135 5. 2010 Edition The Vault Quality of Life Rankings Hours On a scale of 1 to 10.

111 7.576 8. Baird & Co. 2010 Edition The Vault Quality of Life Rankings Treatment by Managers On a scale of 1 to 10.381 8.227 8.917 7. expert resume reviews. expert advice.929 for insider company profiles.048 8. by managers? RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 FIRM Goldman Sachs Centerview Partners J.vault.P.480 9.870 8.556 9.464 8.654 Visit Vault at www. where 1 means poorly and 10 means with great respect. (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.The Vault Guide to the Top 50 Banking Employers. how would you rank your treatment. career message boards. on average. Morgan Investment Bank Houlihan Lokey Robert W.280 8.824 7. the Vault Job Board and more.731 8. 25 .

500 8. comfort and decor.696 6.118 7. .784 6. 2010 Edition The Vault Quality of Life Rankings Offices Where 1 is uncomfortable and 10 is ultra-luxurious.The Vault Guide to the Top 50 Banking Employers.269 Inc.620 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.P.905 6.381 7.759 6.706 6.357 7.273 26 © 2009 Vault. Baird & Co. (Baird) Duff & Phelps TD Securities Moelis & Company J.125 7. Morgan Investment Bank Credit Suisse Cowen and Company UBS Investment Bank Centerview Partners Jefferies Goldman Sachs SunTrust Banks SCORE 8.039 6.333 6. in terms of space.

the Vault Job Board and more.The Vault Guide to the Top 50 Banking Employers.P. 27 .vault.680 7.571 8. where 1 is non-existent and 10 is superior. expert resume reviews. Morgan Investment Bank Houlihan Lokey Jefferies SunTrust Banks William Blair Robert W. career message boards. Baird & Co.222 9.769 7. 2010 Edition The Vault Quality of Life Rankings Training On a scale of 1 to 10.853 for insider company profiles.174 7.500 7.654 8. (Baird) Moelis & Company Citi Consumer Banking TD Securities SCORE 9.955 7.956 7. 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.417 6.100 8.657 8.500 Visit Vault at www.818 8. expert advice.

Baird & Co.P. 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.759 6. where 1 means extremely poor and 10 means excellent. . (Baird) UBS Investment Bank SCORE 9.188 Inc.469 7.294 8.625 8.The Vault Guide to the Top 50 Banking Employers.524 7.583 8.971 28 © 2009 Vault. Morgan Investment Bank RBC Capital Markets Jefferies Duff & Phelps Credit Suisse TD Securities SunTrust Banks William Blair Cowen and Company Robert W.923 6.063 6.114 7.048 7.520 8.930 6.385 5. 2010 Edition The Vault Quality of Life Rankings Business Outlook On a scale of 1 to 10.

The Vault Guide to the Top 50 Banking Employers.vault.568 8.250 9.048 8.385 8.400 8. 29 . 2010 Edition The Vault Quality of Life Rankings Culture On a scale of 1 to 10.480 Visit Vault at www.269 9.620 8.227 8. career message boards.744 7.059 7.429 8.440 9. (Baird) Houlihan Lokey J. where 1 is extremely poor and 10 is excellent. Baird & Co. 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. expert advice. expert resume reviews.722 9.818 7. the Vault Job Board and more. 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 for insider company profiles.

559 5. (Baird) Citi Consumer Banking Cowen and Company Duff & Phelps SCORE 9.059 8.818 6. .222 7. Morgan Investment Bank RBC Capital Markets TD Securities Jefferies Credit Suisse William Blair SunTrust Banks Robert W.333 30 © 2009 Vault.556 6.286 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. where 1 is not at all committed and 10 is extremely committed.559 Inc.044 7. Baird & Co.292 9.353 7.071 6.565 4.P.000 4.The Vault Guide to the Top 50 Banking Employers.095 5. 2010 Edition The Vault Quality of Life Rankings Green Initiatives On a scale of 1 to 10.

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

we used a formula that weights the average score in all three categories equally.071 5. the diversity rankings reflect the opinions and perceptions of insiders.848 7. RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 FIRM Goldman Sachs Houlihan Lokey Centerview Partners J. To determine our Best 15 Firms For Diversity. (Baird) Moelis & Company Jefferies SunTrust Banks Duff & Phelps SCORE 9.347 7. with respect to minorities.P.133 7. .com Inc.933 32 © 2009 Vault. Like our other rankings.589 7. Baird & Co.294 8.595 8. Morgan Investment Bank Citi Consumer Banking Credit Suisse TD Securities UBS Investment Bank Cowen and Company RBC Capital Markets Robert W.314 7.695 7. 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.480 8.215 8.The Vault Guide to the Top 50 Banking Employers.283 7.489 7.177 7. and with respect to gays and lesbians.

P.409 8.200 Visit Vault at www. Baird & Co.083 8. 33 .485 7.192 8.560 7. how receptive is your firm to women in terms of hiring.The Vault Guide to the Top 50 Banking Employers.267 8. expert advice. career message boards.477 6. expert resume reviews.333 8. the Vault Job Board and more.677 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.958 8. Morgan Investment Bank Centerview Partners TD Securities Cowen and Company Citi Consumer Banking SunTrust Banks UBS Investment Bank Robert W. 2010 Edition The Vault Diversity Rankings Diversity With Respect To Women On a scale of 1 to 10.600 8. promoting.047 for insider company profiles. where 1 means needs a lot of improvement and 10 means exemplary.500 7.364 6. (Baird) RBC Capital Markets Credit Suisse Jefferies Moelis & Company Duff & Phelps SCORE 9.

2010 Edition The Vault Diversity Rankings Diversity With Respect To Ethnic Minorities On a scale of 1 to 10.810 8.000 8.939 7.818 7. promoting.727 8.The Vault Guide to the Top 50 Banking Employers. 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.200 34 © 2009 Vault.400 7.722 7.059 7.947 7. how receptive is your firm to minorities in terms of hiring.160 6. Baird & Co.917 7. .533 7. Morgan Investment Bank UBS Investment Bank Citi Consumer Banking Moelis & Company RBC Capital Markets TD Securities Cowen and Company Jefferies Robert W.976 6. where 1 means needs a lot of improvement and 10 means exemplary.P.178 Inc. (Baird) SunTrust Banks Duff & Phelps SCORE 9.

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. promoting. 2010 Edition The Vault Diversity Rankings Diversity with Respect to Gays & Lesbians On a scale of 1 to 10.P. expert advice.313 8.875 6. Morgan Investment Bank Centerview Partners Houlihan Lokey Credit Suisse Moelis & Company TD Securities Robert W.100 8.150 6.875 for insider company profiles. where 1 means needs a lot of improvement and 10 means exemplary.333 8.vault. the Vault Job Board and more. expert resume reviews.400 8.143 Visit Vault at www.000 7.286 7. Baird & Co. career message boards.222 8. (Baird) UBS Investment Bank Jefferies Cowen and Company RBC Capital Markets SunTrust Banks William Blair SCORE 9.667 7. 35 .222 7. how receptive is your firm to gays and lesbians in terms of hiring.The Vault Guide to the Top 50 Banking Employers.191 5.818 6.


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

Blankfein 2008 Revenue: $53. of Offices: 62 UPPERS • “Commitment to being No. 1” • “Opportunities to be seen and heard by senior leaders” • “The people” KEY COMPETITORS Barclays Capital J. cuts in compensation.P. but a dented gold standard” • “Remains the most prestigious.32 billion No.58 billion 2008 Net Income: $2.898 No. of Employees: 27. NY 10004 Phone: (212) 902-1000 Fax: (212) 902-3000 BUSINESSES Asset Management & Securities Services • Investment Banking • Trading & Principal Investments THE STATS Employer Type: Public Company Ticker Symbol: GS (NYSE) Chief Executive: Lloyd Morgan Morgan Stanley DOWNERS • “Fast-paced and stressful environment—”pressure to be a top performer” • “Long hours” • “Layoffs. . INC. attacks from the press and government” EMPLOYMENT CONTACT “Careers” at www. but be careful about being a small fish in a big pond” THE BUZZ 38 © 2009 What insiders at other firms are saying • “Still the best” • “Snobby.PRESTIGE RANKING 1 GOLDMAN SACHS GROUP. 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 Inc. insane hours” • “The gold standard of investment banking.

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

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

the firm sustained its first loss). meanwhile. 6 in global debt.32 billion. 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 2008.2 billion from $46 billion in 2007. was expected to influence Goldman’s rivals to decide to make a comparable move (and indeed. its first as a public company was nevertheless devastating across almost all of its business lines. 2 in equity and equity-related issues. a year before going public. hitting a 31-year low.P. other firms followed).9 billion initial public offering in March 2008. Meanwhile.97 a share. 8 to No. Goldman also worked on the largest IPO of the year. Goldman raised another $5 billion in a stock offering—twice what it was hoping to raise via sales of its shares. The day after the news broke.S. as did investors. equity and equity-related issues (Goldman worked on 584 deals worth $228.S. According to the new rules.1 billion in deals. the IPO market was down in 2008. According to the Financial Times. Goldman’s share price had dropped 56 percent in 2008.01 per share the firm earned during the same period a year earlier. October 2008: Mining for a merger? It was also reported that soon after Goldman received approval to convert its status to holding company. underwriting US$45. would buy $5 billion in preferred shares in Goldman.S. which immediately pushed Goldman’s stock up 16 percent in after-hours trading. a big dip from the $7. which was structured as a Citi takeover that would likely have led to thousands of job cuts in both companies’ investment banking departments.) The Visa deal certainly helped Goldman jump from No. Treasury in an effort to recapitalize the markets. it dropped two spots to No. as U. banks in order to help restore confidence to the markets. Under the terms of his deal with Goldman. when it reported a $2.6 percent versus 2007. Wall Street analysts had predicted an average of a $3. Visit Vault at www. 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. which went into effect in 2009. The firm’s largest dip came from its trading and principal investments division. Berkshire Hathaway.” With the injection. Treasury Secretary Henry Paulson (the former Goldman head honcho) announced that the Treasury would inject billions of dollars into U. expert resume for insider company profiles. “The needs of our economy require that our financial institutions not take this new capital to hoard it.S. or $4. the Vault Job Board and more. IPOs. 2008 was likely to be different.1 billion loss. 2008. 2010 Edition Goldman Sachs Group. Goldman had a bit of a reversal of fortune when investing guru Warren Buffett said his firm.73-per-share loss for the firm (although some had forecast a loss of $6 per share). Goldman CEO Lloyd Blankfein approached Citigroup CEO Vikram Pandit regarding the possibility of a merger. November 2008: Setting an example Executives from Goldman Sachs requested that they not receive bonuses for 2008.1 billion). but to deploy it. Inc. the U. 3 in EMEA equity and equity-related deals.6 billion loss. 41 .S. whose revenue fell 71 percent from 2007 to $9 billion. Goldman also moved up to two spots to rank No. Morgan) Visa’s US$17. investment banking revenue tumbled nearly 50 percent to $1. Goldman’s fixed income. October 2008: A gift from Hank (and Uncle Sam) Goldman Sachs found out that it would receive $10 billion from the U. December 2008: Goldman’s first public loss Goldman suffered its first loss ever as a public company in December 2008. 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. The step. The firm leaped four spots to No. principal investments posted a $3. for its fiscal fourth quarter. career message boards. Revenue.vault. However. September 2008: Buffett wants in on the action On September 23. Paulson said. On the global equity tables. Analysts applauded the move. U.4 billion. its lowest annual earnings since 2002 and an 80 percent plunge versus 2007. decreased 52 percent to $22. followed in the footsteps of some European countries. and moved up two spots in U. at the time of the announcement. (Like the M&A market. Goldman reported fiscal 2008 earnings of $2. quickly approved by the company’s directors. Although partners receive a larger share of the firm’s bonus pool. 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).03 billion and asset management revenue dropped 19 percent to $945 million. 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. which had already announced similar moves designed to help thaw their credit markets. and bonuses were expected to dwindle further now that Goldman had become a bank holding company. underwriting (along with J. currency and commodities trading unit posted negative revenue of $3. Citi roundly rejected the proposal. IPO issues fell 85. expert advice.The Vault Guide to the Top 50 Banking Employers. Full-year results for Goldman didn’t look much better. 7 in global initial public offerings and six spots in EMEA IPOs.S. Though the loss was not Goldman’s first quarterly loss (in 1998.

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

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

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

3 million No.PRESTIGE RANKING 2 THE BLACKSTONE GROUP L.340 No. but still among the elite” “Strong M&A practice. KEY COMPETITORS Goldman Sachs Lazard Morgan Stanley 345 Park Avenue New York. of Offices: 12 What insiders at other firms are saying • • • • “Exceptional—always on top” “IPO hurt their prestige” “Stock has been battered. Schwarzman 2008 Revenue: -$349. of Employees: THE STATS Employer Type: Public Company Ticker Symbol: BX (NYSE) Chief Executive: Stephen 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. NY 10154 Phone: (212) 583-5000 Fax: (212) 583-5712 www. top restructuring shop” THE BUZZ 45 .blackstone.blackstone.4 million 2008 Net Income: -$872.

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

In a conference call with analysts. The SEC.5 million in revenue compared with $30 million in the previous year’s first quarter.4 million in management advisory fees during the latest quarter. December 2008: Black December Amid a souring global economic climate and decline profits.4 million compared with $3.6 million. government) goes back many years—AIG’s former chairman and chief executive. was that it booked $381. amid an industry-wide crackdown on executive pay.” February 2009: Sinking deeper Blackstone announced that it had sustained a net loss of $827. 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. Blackstone acquired GSO for cash and stock worth $620 million as well as up to $310 million more. contrary to media speculation as of late. mostly in its New York-based units.97 million in the fourth quarter of 2007. the Vault Job Board and more. Blackstone CEO Schwarzman didn’t allude to any job cuts.2 million in fourth quarter 2007.P. insiders told Bloomberg. While Fortress agreed to release the information. James also said that. The firm also suffered negative fourth quarter revenue of $611. CEO Hamilton E. was a member of Blackstone’s first board of directors in 1989. while the company’s hedge fund unit brought in $99. May 2009: Fewer losses than last year Blackstone booked a first quarter 2009 loss of $231. received a $350. its biggest loss since it went public in summer 2007. opting instead to optimistically state. 2010 Edition The Blackstone Group L. asked for “performance information” for the funds from Blackstone and its competitor Fortress Investment Group. Maurice Greenberg. compared with net income of $128. expert resume reviews.4 million bonus. including the insurance concern’s aircraft leasing business.8 percent from 2008 to 2007—from $180 million to $350.28 million (analysts expected negative revenue of $589. Blackstone said that performance data didn’t need to be published under current regulations. however. meanwhile. Blackstone’s relationship with AIG (which infamously nearly crumbled in 2008 and is now largely owned by the U. Bloomberg reported in January 2009. Blackstone acknowledged that founder Stephen A. Despite revealing losses in November 2008. 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. the firm had reported a quarterly loss of $502. plummeted 31 percent to $47.vault. which was not that large of a drop compared with the $447. 47 .09 million) compared with positive revenue of $344. The firm cited higher management and advisory fees as reasons for the poor results. A bright spot. slightly less than the $251 million loss it suffered in the same period in 2008. Blackstone’s financial advisory division posted a 29 percent increase in revenue to $92 million. career message boards.000.05 billion in 2007.5 million. 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. The hedge fund. expert advice. “We are in an extremely strong financial position. Schwarzman’s compensation fell 99. revenue for full-year 2008 came to a negative $349. Blackstone would not try to become a private company again by buying up its stock on the open market. Blackstone cut 70 jobs.1 million in the fourth quarter of 2008. January 2009: Shutdown in the East Blackstone Group’s GSO Capital Partners hedge fund will close its Asia investment desk. March 2009: Exec compensation takes a tumble In an SEC filing. based on certain earnings targets. Blackstone also stated a net loss of $872. Several of the firm’s business lines managed to do well. has yet to purchase any Asian bonds or loans because it considers prices to be too high.62 billion in profit the firm pulled in within the previous year.5 million in similar fees it brought in during the same period a year earlier. Bloomberg for insider company profiles.000 salary in 2008 but also received a $15.The Vault Guide to the Top 50 Banking Employers. which opened its doors in September 2008. James’ total compensation dropped 73 percent from the $58.S. In a letter to the SEC. Blackstone President and COO Tony James called the current economic conditions a “depression” but said it wasn’t as bad as the Great Depression. December 2008: A big score Blackstone was contracted by insurance giant AIG to help with its restructuring and sell off its businesses. James.1 million. November 2008: Losses but no cuts A month earlier.” Visit Vault at www.2 million he earned in 2007. Revenue. In 2008. Still.3 million compared with $1. to increase its distressed asset investment presence. or rather a not so dark spot. Meanwhile. meanwhile.

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

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

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

intelligent and reliable” “Banged up through the credit crisis. of Offices: 1.morganstanley.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.7 billion No. NY 10036 Phone: (212) 761-4000 Fax: (212) 762-0575 www.P.74 billion 2008 Net Income: $1. Morgan UBS Investment Bank 1585 Broadway New York. of Employees: 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. Mack 2008 Revenue: $24.PRESTIGE RANKING 3 MORGAN STANLEY KEY COMPETITORS Bank of America Merrill Lynch Citi Credit Suisse Deutsche Bank Goldman Sachs What insiders at other firms are saying • • • • “Still on top” “Has fallen from grace” “Very reputable. not ‘white shoe’ anymore” THE BUZZ 51 .215 No.

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

S.S. and came in No. In Europe announced deals.4 billion in the first quarter 2008. as U. Asset management was one sector in particular that took a beating. an after effect that CEO John Mack attributed to the financial crisis and its resulting “exceptional market conditions. at the expense of Europe and emerging markets. announced M&A. at least in the short run. the report suggested that. 2010 Edition Morgan Stanley June 2009: Paying back TARP Soon after Morgan Stanley received permission from the U. Morgan Stanley did advise on several high-profile deals. as the firm fell behind UBS. 1. equity and equity-related issues.” For fullyear 2008. it dropped to No. (Morgan Stanley had ranked No.6 billion.S. Morgan Stanley was a fixture at the top of the banking league tables. Treasury to repay the $10 billion it borrowed in government Troubled Asset Relief funds.7 billion—or about 33 percent of all M&A deals worldwide during the three-month period. Morgan Stanley ranked No. during the year. fixed income and warehousing—will be under heightened scrutiny by executives with a renewed focus on liquidity. electricity giant Enel on its €11. 7 ranking in global debt. December 2008: Tough fourth Morgan Stanley posted a $2. coming in at $24. In a statement.8 billion (mostly due to markdowns in investments and reduced assets under management). And in total global debt underwriting in 2008. meanwhile. though. 5 in worldwide announced M&A deals in 2008. J. the firm repaid the funds.-headquartered banks reign in globalization models and cut down on non-domestic credit. falling 62 percent from the previous year’s first quarter to $3 billion.7 million in net income. 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. up 10 percent from 2007.7 billion.. the firm plummeted to for insider company profiles. Part of the problem was that two big transactions fell through. during a year when fixed income deals across the industry dropped by nearly 40 percent. Equity sales and trading fared comparatively well. 9. including Verizon Wireless’s $28. Morgan Stanley fell two spots in the rankings to No. On the underwriting side. but tops in M&A Morgan Stanley posted a larger-than-expected first quarter 2009 loss of $177 million.. 2. 1 in U. plummeted by 58. and in U. though corporate banking and retail businesses are expected to grow.1 billion acquisition of Alltel. 7 from No. 10 in the first quarter of 2008.4 percent. compared with a profit of $1.3 billion to the Treasury. the investment banking industry will see a heightened focus on the U. There was good news.4 billion de-merger of its American beverage business. 7 from No. the Vault Job Board and more. Reed Elsevier Group plc on its $4. more than the original estimate of $25 billion in funds expected to be returned in 2009.S. Visit Vault at www.” the world’s 15-largest investment and wholesale banks will see their balance sheets contract by another $2 trillion by the end of 2009. According to Thomson Reuters. came in at 57 cents per share—about six times the loss of 9 cents analysts had predicted.S. dropping by 51. The loss. 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. banking system since the height of the financial crisis. Morgan Stanley held on to its No. Morgan Stanley ranked No.2 million in 2007.The Vault Guide to the Top 50 Banking Employers. a financial thrashing that affected nearly every one of its businesses. Citigroup and Goldman on the M&A tables by deal volume.) The firm also placed No. But it was a different story in 2008. nine other firms were given the go ahead to return a collective $68. Every divisions’ revenue fell. The firm also advised Cadbury plc on its $6. bringing in record net revenues of $10 billion. 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.. For the investment banks that remain standing. 2 spot in 2007.S. Dr Pepper Snapple Group Inc. down from $5.vault. posting a pre-tax loss of $1. expert advice. Investment banking brought in net revenue of $3. its total deal volume also fell significantly. 1 spot in M&A to Goldman Sachs.36 billion loss for its fourth quarter 2008. often (barely) ceding the No. fell 12 percent from 2007.” Along with Morgan Stanley. The firm was also working with Microsoft on its ultimately-failed $44 billion offer for Yahoo! Still. and Altor Equity Partners and Bure Equity AB on their acquisitions of investment bank Carnegie and insurance adviser Max Matthiessen. Morgan Stanley teams were hired by Swedish telecom TeliaSonera to advise on a $47 billion bid by France Telecom. advising on 533 debt issues worth $183 billion. the firm reported $1. The firm worked on 70 deals worth a total of $218. Revenue also dropped. dropping from its No. largely due to real-estate losses and debt-related write-downs.1 billion acquisition of ChoicePoint Inc. According to “The Outlook for Global Wholesale & Investment Banking.S. Furthermore.5 billion in the previous year. 53 . Net revenues in 2008.2 percent. December 2008: Slipping on the tables For many years. expert resume reviews. According to Thomson Reuters. announced M&A deals. career message boards. Morgan.1 billion sale of assets in France. down from $3. 6 in European announced deals. but the French company backed out of the deal. Italy and Spain. as its deal volume in the U. April 2009: Another loss. 1 in worldwide announced M&A deal volume for the first quarter 2009.P. businesses that rely on unsecured funds—like prime brokerage.

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

is “very good”—although others say “a more diverse culture is needed for this white shoe firm. 55 . Morgan Stanley has been named one of the Top 50 Companies to Work For by Working Mother magazine for eight consecutive years. the banking industry in general is going through a rough time due to the economy.” Another contact says that the tough times are not Morgan Stanley-specific: “Right now. workshops. and one of the 50 Best Companies to Work for in the U. “The company’s overall strategies are still on right track. The firm offers several women-specific initiatives such as conferences. some insiders say.vault. As for the firm’s immediate outlook.” Visit Vault at www. expert resume reviews.” 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. career message boards. by LATINA Style magazine.The Vault Guide to the Top 50 Banking Employers.” 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.” adding.” That said. In addition. 2010 Edition Morgan Stanley Melting pot? Diversity. the Vault Job Board and more. “We just had a massive layoff across regions and divisions due to the subprime for insider company profiles. one insider notes. expert advice. internships and a women’s employee networking group with over 900 members. four women sit on Morgan Stanley’s management committee and two women have seats on its board of directors.S. One contact reports that “the culture is not friendly toward women.

) No. 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 York. 1—a powerful brand” “Too arrogant” “Lots of talent. .000 (approx.: Jamie Dimon Chief Executive. Morgan’s Investment Bank: Jes Staley 2008 Revenue: $12.$ NY 10017 www.18 billion No.PRESTIGE RANKING 4 J.P. JPMorgan Chase & What insiders at other firms are saying • • • • “The new No. 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. 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. Chief Executive.2 billion 2008 Net Income: .P. J. of Employees: Inc.

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

.S. maintaining top rankings in several categories. a move presumably designed to cap risk-taking by large investment banks.S. April 2009: Surpassing expectations JPMorgan Chase & Co. was one of the many banks asked to accept $25 billion from the U. 1 in Nordic M&A and.” The company “looks for the best candidates with a combination of qualitative and quantitative skills. "The needs of our economy require that our financial institutions not take this new capital to hoard it. J. meaning the bank would not need to raise supplementary capital. a 10 percent drop from the $2.P.4 billion during the period.3 billion in its investment banking division (largely due to its fixed income trading business).K. 2010 Edition J." With the injection.P.000 and $70. 1 spot in three of the most important categories: global investment banking fees. the investment bank suffered a $1. Treasury Secretary Henry Paulson announced that the Treasury would inject billions of dollars into U. passed the U.S.P.S. February 2009: Drops across the board Although JPMorgan Chase & Co.S. banks in order to help restore confidence to the markets. European announced M&A volume.S.P. We look for talented. company insiders said. since JPMorgan Chase & Co.The Vault Guide to the Top 50 Banking Employers. Paulson said. No. 5 in U. The decline was attributed to investment banking fees and advisory fees taking a tumble as well as an increase in credit loss provisions. government's stress test. nearly tripling the $3 billion it brought in for the first quarter of 2007. J.18 billion loss. Then-U. Treasury in an effort to recapitalize and stabilize the markets. Morgan Cazenove. announced M&A volume. through J.S. Morgan’s Investment Bank May 2009: Passing with flying colors JPMorgan Chase & Co. The positive results didn't come as much of a surprise. GETTING HIRED Tough competition Insiders say J. “In investment banking. Morgan Investment Bank also booked a negative $302 million in net revenue. its investment banking business lost $2. taking the No. the U. For the year. Morgan is very selective but not over pretentious in our selection process.000.P. posted first-quarter 2009 earnings of $2. The choice to break up the desk followed the government's recent decision to obtain large stakes in big U. the firm froze base salaries between $60. Most notably. it is very difficult to get a full-time offer without a summer internship. 2 for EMEA equity and equity-related underwriting. No. Morgan's recruiting process is “highly selective and rigorous. CEO Jamie Dimon recently said the bank turned a profit in January and February.P. announced M&A.14 billion in net income it recorded for 2007. The results were hardly a surprise to the firm’s executives. government to limit divisions that take heavy risks. who had already argued that the company had enough capital to deal with a crumbling economy.” Summer internships are the best way to get a foot in the door. 58 © 2009 Vault. 3 in U.P. The firm had a strong financial showing in comparison with many of its competitors. No. 9 in Spanish announced M&A. In addition to the cuts. No. Morgan also ranked No. No. but to deploy it. Morgan reshuffled the unit's current workers into its five other groups.” says an insider. J. No.” “J. posted an overall $702 million profit for the fourth quarter of 2008.5 billion in 2007. The firm has also bowed to demands from the U. followed in the footsteps of some European countries. October 2008: Taking billions from Uncle Sam JPMorgan Chase & Co. some of which were told to shore up additional capital after their stress tests. bright individuals with a strong work ethic. great personal skills and the ability to work in groups on challenging projects. 2 for French announced M&A. November 2008: Use those vacation days J. November 2008: Reduced prop trading J.P. banks. 2 in global announced M&A deal volume.P. equity and equity-related underwriting. a big drop from the US$ Inc. 6 in German announced M&A.000 employees or about 10 percent of its investment bank staff. and global debt. and one source stresses. 1 in global high-yield bond underwriting for the fourth year in a row. The bank was buoyed by record revenue of $8.S.” 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. Morgan was again standing tall.37 billion it brought in a year earlier but higher than analysts had predicted. quite a fall compared with the $3. Morgan will lay off approximately 3. the firm did extremely well in the global rankings. December 2008: Standing strong on the tables On the Thomson Reuters investment banking industry league tables for 2008. No.14 billion. No. which announced similar moves earlier in the week designed to help thaw their credit markets.

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

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

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

9 million No.300 (approx. of Offices: 39 offices in 24 countries worldwide DOWNERS • “You will work your butt off” EMPLOYMENT CONTACT www. of Employees: 2.PRESTIGE RANKING 5 LAZARD LTD KEY COMPETITORS Goldman Sachs Morgan Stanley Rothschild 30 Rockefeller Plaza New York.) 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 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: $ Inc.68 billion 2008 Net Income: $205. NY 10020 Phone: (212) 632-6000 www.lazard.lazard. .

all of whom were accustomed to having their way). financial sponsors. An office in London and a new American headquarters in New York were opened in 1870 and 1880. He most recently served as chairman of Goldman’s equity capital markets group. the Lazards relocated to the gold rush town of San Francisco. naming William Loomis as CEO. The for insider company profiles. developing their own specialties and client lists. the initial investment was $9. 1 in restructuring Euromoney magazine named Lazard the Best Global Corporate Restructuring House for 2009. Lazard’s well-known restructuring business appears primed to be the firm’s blue ribbon business in 2009 and 2010).125 cents per share.300 employees and offices in 39 cities across 24 countries on five major continents. and advising InBev on its $52 billion acquisition of Anheuser-Busch.1 million. Madoff Investment Securities in connection with the sale of the market-making business. the largest cash deal in history. 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.The Vault Guide to the Top 50 Banking Employers.2 million during the quarter. Louisiana. The firm’s modern history can be traced to 2002. One year later. sovereign funds and major corporations. David-Weill became manager of the firm’s executive committee.” Lazard has advised on some of the most significant mergers and acquisitions in Europe and the Americas since the mid-19th century. expert resume reviews. debt adviser to Fannie Mae and Lehman Brothers. Bruce Wasserstein. For decades the three “Houses of Lazard” operated mostly autonomously. Lazard’s asset management business is mainly comprised of equity products. Tuft originally joined Goldman in 1976 and was a co-founder of the bank’s equity capital markets group. The firm went public in 2005. In conjunction with releasing its quarterly results. real estate. power and energy. Ford and Chrysler.5 billion sale of Barclays Global Investors to BlackRock. a distant relative of the original Lazards.S. It has approximately 2.” These roles included acting as “debtor-side financial adviser to Bear Stearns in its sale to JPMorgan. July 2009: Restructuring heats up Amid a suffering mergers and acquisition market.vault. the Vault Job Board and more. industrials. A couple of its latest high-profile M&A assignments include advising Barclays PLC on its $13. when dynamic dealmaker Bruce Wasserstein took over the helm of the firm. expert advice. Gold rush roots How much does it cost to start a financial services firm? For the Lazard brothers of New Orleans. but it also offers fixed income and alternative investments. In a financial environment where companies are crumbling and bankruptcies are occurring on a daily basis. Loomis resigned in 2001 (reportedly due to wrangling between partners in London and Paris. The firm’s merger and acquisition advisory revenue fell 40 percent to $134. 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.000. financial institutions. infrastructure. Lazard also offers advice to governments. Unification took place in 2000 when the three Houses merged. 63 . career message boards. At Lazard. Lazard also announced it will increase quarterly dividends by 25 percent to $0. media and telecommunications. and today. Lazard has also advised the United Auto Workers in VEBA (Voluntary Employee Beneficiary Association) restructurings with General Motors.9 million while its financial restructuring revenue nearly tripled to $93. After the merger. adviser to the United Auto Workers (UAW) in VEBA restructurings with the big three automakers. and manages more than $100 billion in assets for its clients. Each industry group is managed by regional or global heads. expanded into banking in Paris in 1852. investment banking. health care and life sciences. London and Paris. becoming chief executive. Lazard’s influence indeed reaches almost every corner of the globe. and adviser to the trustee for the liquidation of Bernard L. 2010 Edition Lazard Ltd THE SCOOP M&A masters Called the “Granddaddy of M&A. French immigrants. Lazard has advised one nine of the top 10 bankruptcies during 2009. which funded a dry goods business in 1848.” Visit Vault at www. Lazard’s principal executive offices are in New York. July 2009: No. Its respected mergers and acquisitions practice is divided into industry groups that include consumer. Lazard’s second quarter 2009 profit fell 33 percent versus the same period a year earlier to $43. founder of Wasserstein Perella. 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. and technology. and embarked on an ambitious plan to expand the firm’s international business and recruit top investment bankers from around the world. stepped in to lead the firm. Michel David-Weill. there are two main business units: financial advisory and asset management. took over the company in 1977.

64 © 2009 Vault. For 2008. Prior to his stint at Bessemer. However.5 million loss for the first quarter of the year. Pohl will help advise on large restructuring deals. In 2007. announced M&A deals. since Lazard isn’t a broker dealer. Pohl advised on a number of bankruptcies. who co-headed prestigious law firm Skadden.2 million (in stock. 10. including the bankruptcy of Lehman Brothers.9 percent in total deal volume (a drop that was better than that of the industry’s overall. who came to Lazard from money manager Bessemer Trust.05 billion it reported for 2007. Meagher & Flom’s restructuring unit. versus the $322. a significant fall versus the $7.4 million. The funds historically bought majority and minority stakes in North American companies with annual sales of between $20 million and $500 million. 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).8 million in net income it booked for the first quarter 2008. reducing headcount to 2. the firm ranked No. worldwide M&A deals decreased 29. it won’t be actively trading client funds. . dropping 19 percent to $248. Nationwide Financial Services’ $2. including VeraSun Energy. Weiss has advised a number of clients in Europe. February 2009: That’s fine. 11 in worldwide announced M&A deals for Inc. In his old role at Skadden.The Vault Guide to the Top 50 Banking Employers. June 2009: Lazard’s newest venture Lazard announced that it would be developing a private wealth management subsidiary. cross-border and multi-dimensional transactions. National Steel and Diamond Brands. At Lazard.000. keep the bonus On the heels of several announcements from industry executives turning down their annual bonuses amid public criticism during the financial crisis.9 million in net income in 2008. Arps. One week prior to the announcement of its 2008 results. Lazard dropped one spot to No. which together manage about $700 million in capital.7 million it made the year before.200. Lazard revealed that it had cut approximately 10 percent of its staff. The deal created a Chicago-based private equity business for Lazard. 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. March 2009: New M&A chief Lazard appointed Antonio Weiss to its newly established post as global head of mergers and acquisitions. they weren’t too bad when compared to those posted by many of its competitors. Lazard booked $1. the largest in history. The 26-cent-per-share loss—attributed to layoff costs. It booked $205. Under the new unit. April 2009: An unforeseen loss Lazard posted a $53. Slate. and has led Lazard teams on many of our most complex. Lazard ranked No. Pohl. December 2008: Still in the game According to Thomson Reuters. A few of Lazard’s larger deals during the year included Mitsubishi UFJ Financial Group’s $6. including InBev on its acquisition of Anheuser-Busch and KKR Private Equity Investors in its sale to Kohlberg Kravis Roberts. Lazard will offer services such as tax planning and investment management advice.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). The new venture will be based in New York and headed up by Thaddeus Shelly. and for European announced M&A deals. December 2008: From law to banking Lazard hired Timothy R. The Chicago-based firm has two funds. 2010 Edition Lazard Ltd July 2009: On the Edgewater Lazard acquired the management vehicles of private equity and growth investor The Edgewater Funds.05 billion bid for an interest in Morgan Stanley.” February 2009: Dealing well with the financial crisis Though Lazard’s financial results were down considerably versus 2007. moving up one spot from the previous year but losing 19.6 percent versus 2007).68 billion in operating revenue versus the $2. Wasserstein’s bonus was $36. Lazard CEO Bruce Wasserstein said Weiss “has proven to have a keen understanding of international cultures. Shelley founded and led Legg Mason’s private client services unit. a fourplace jump versus 2007. Revenue also decreased for the quarter.8 million). redeemable in March 2011) and his salary was $4. For U.S. has built a knowledge base across a wide swath of industry sectors. 12.

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

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

NY 10022 Phone: (212) 389-1500 www.greenhill.87 million 2008 Net Income: $48. KEY COMPETITORS Goldman Sachs Houlihan Lokey Morgan Stanley 300 Park Avenue New What insiders at other firms are saying • • • • “Rising star” “Too dependent on Bob Greenhill” “Blue-chip boutique. growing” “Lost some of its luster” THE BUZZ 67 .PRESTIGE RANKING 6 GREENHILL & CO. intelligent. free sodas and beverages. 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. INC. Bok & Simon A.. Niehaus CEO: Scott L. Borrows 2008 Revenue: $ DEPARTMENTS Merchant Banking Mergers & Acquisitions Restructuring UPPERS • “No face time” • Greenhill “provides cereal for breakfast. designer coffee and snacks” THE STATS Employer Type: Public Company Ticker Symbol: GHL (NYSE) Chairman: Robert H.98 million No. talented.greenhill. of Employees: 234 No.

Ken Goldsborough from GE Capital and Andrew Kramer from UBS’ restructuring unit. where he was a managing director. booked $61.5 million the firm reported for 2007. The firm is headquartered in New York.9 million in revenue and $49 million in net income for 2008. Tokyo and Chicago.8 million in revenue and $13. Robert F. Woeber joined the firm from Morgan Stanley. IN THE NEWS March 2009: New group and new faces Greenhill & Co. Thanks to the firm’s tiny size. Greenhill hired three senior bankers from Lehman to open a Chicago office. it can also afford more transparency than most on Wall Street. January 2009: Tough year for everyone Greenhill & Co.4 million and net income of $19.” and to be sure. along with appointing two new senior bankers. bolstered by the strengthening yen. Japanese buyouts of overseas firms rose to a record $75 billion in 2007. The numbers were down versus the same period a year earlier when the firm reported revenue of $75. At Greenhill. Greenhill calls itself “a unique investment firm. “It’s a strange policy.” Scott Book told the now-defunct New York Sun in May 2008. with offices in Dallas. Instead. “We’ve interviewed more managing director candidates in the past eight weeks than at any other time in the firm’s history. Liu.4 million and $178. He replaced John D. Greenhill’s second rule is focus. struck out on his own and founded an eponymous boutique firm. expanding its global and national mandates.7 million in net income for the first quarter 2009. San Francisco. April 2009: Earnings slide Greenhill & Co. In January 2007.. its fund placement advisory group. Greenhill President Scott Bok told the press that there’s no heated whispering about year-end bonuses at Greenhill. 68 © 2009 Vault. In November. and has since remained chairman of the firm. He led the company for 11 years before stepping down from as CEO in October Inc. Greenhill & Co. 2010 Edition Greenhill & Co. it follows a model quite unlike the structure of its behemoth competitors. CNBC’s Guy Adami named Greenhill among the boutique investment banks that are the new “winners” of Wall Street. following the demise of Lehman and Merrill Lynch. Greenhill opened its Tokyo office in October 2008. Prior to joining the firm. Expansion in ‘08 Although 2008 was a year in which most financial firms contracted. staffed entirely with former Lehman Brothers employees. Woeber. beginning in January with its San Francisco outpost directed by Andrew K. in an effort to capture part of the still-bubbling Japanese acquisitions market. who focused on industrial clients at Lehman. did the opposite. Frankfurt.” Bok admitted. down considerably from the $400. Many of these MDs are former Morgan Stanley bankers who knew Greenhill during his 30-year tenure there. London.2 million. booked $221. . will join Greenhill as managing directors. Inc. Lieb its new CFO. Greenhill also opened three new offices in 2008. The bankers. Greenhill added 14 managing directors to its roster. It also named Richard J. Toronto. in 2008. All told. trading or lending divisions to distract from its advisory work. the firm writes a detailed memo that explains each managing director’s bonus.” Greenhill went public in 2004 but remains closely held by its managing directors. bringing its total number of MDs to 49. The decreases were due to dry deal markets as a result of the worldwide financial crisis. It scooped up talent from ailing rival banks and even launched a new department. announced that it planned to develop its presence in the restructuring sector by starting up a financing advisory and restructuring group. and every MD receives a copy of the memo. Lieb has been with Greenhill since 2005. THE SCOOP Open Book In 1996. former head of Smith Barney and former president of Morgan Stanley. So it’s no surprise that. the firm seeks to avoid conflicts of interest. were brought in with the intention of bolstering Greenhill’s business in the Midwest. Greenhill handed the reins to new co-CEOs Scott Bok and Simon Borrows. “But it works. Greenhill. Lieb spent 20 years in the real estate investment banking group at Goldman Sachs. who left the join one of the firm’s (unspecified) clients. independence is the guiding philosophy—because it is not part of a larger financial institution. It has no research. the managing directors.The Vault Guide to the Top 50 Banking Employers.

which plans to buy stakes in U. a global diversified mining company. Greenhill held steady at No. 2010 Edition Greenhill & Co. “Earnings potential is very low in this firm unless you’re a partner or managing for insider company profiles. Neil Banta. Overall.” Another contact adds that there’s “equity participation for officers. and should send their cover letters and resumes to the appropriate office’s e-mail address (for New York: nylateralhire@greenhill. November 2008: To infinity and beyond Greenhill closed out 2008 with a common stock offering. with strong performers offered the option to stay on for a third. Though. Christopher D. who had been global head of private fund marketing group at Lehman Brothers. as the firm fell to No.” Individuals interested in working for Greenhill can enter the firm as an analyst (full time or summer). The full-time analyst program typically lasts two years. associate or lateral hire. And the company provides cereal for breakfast. expert advice. raised $400 million in an initial public offering. the Vault Job Board and more. One insider is happy to report that there’s “no ‘face time.. was named head of Greenhill’s new fund-raising department.7 billion pre-conditional offer from Swiss-based Xsastra.3 billion worth of deals it advised on in 2007). And standout third-year analysts may be offered an associate position. hours can be light.250. to purchase the U. 23 from No. December 2008: Decline in M&A. the firm seeks out those with “strong academic backgrounds and analytical abilities” who have “communication skills.” As far as perks. where appropriate. free sodas and beverages.The Vault Guide to the Top 50 Banking Employers.” Additionally. Greenhill didn’t advise on as many deals in 2008 as it did in 2007.1 billion acquisition of ABN Amro.-based Lonmin plc. the firm seems to provide all the basics. actually boosting its overall deal volume to $61. 15 in 2007. leadership ability and teamwork orientation.6 billion. Dave Brown. and certainly none came close to Fortis. and limited stock options were allocated when the firm went public. Scott Bok. you work very hard. but still strong The decline of M&A made a dent in Greenhill’s rankings for worldwide announced M&A deal volume.K. Interviews for the full-time analyst and associate positions typically take place during the fall.” The contact adds those options “vest over a five-year period.S. which receives average marks from insiders.vault. 17 in 2008. the $17.5 billion from $45. but when you’re not. according to Thomson Reuters. for U. announced M&A deal volume. the firm worked on 23 deals during 2008 worth a total of $70. Explains one associate in New York. while candidates for summer positions usually meet with the company in February and March. Greenhill. February 2008: $400 million blank check The Greenhill-founded GHL Acquisition Corp. private equity investing and corporate restructuring. For analysts and associates.7 billion merger of Northwest and Delta Air Lines Airlines. Greenhill offers a unique opportunity to work across the firm’s three groups— mergers and acquisitions. 69 .250. and European growth companies through GHL.” As far as dress code.000 shares owned by its managing directors. One source says.S. Greenhill stipulated that it will use the proceeds “to provide financial flexibility to pursue. “You get a $25 meal allowance and a free car service or taxi if you work late. the further expansion of its advisory business by industry and location. The other members of the group— Patrick S. and the $10. However.” Another contact notes that you Visit Vault at www.” and an associate points out that the “modern” New York office has a “new floor” and “nice chairs and desks.” He adds. career message boards. Dunleavy. Highlights from 2008 included working on health care company Roche Holding’s $43. “There’s a gym at the office that’s stocked with workout clothes—all you need to bring is sneakers. Inc. Lateral hires can apply at any time. is GHL’s chairman and CEO.” May 2008: Ex-Lehman bankers join Greenhill Greenhill launched a fund placement advisory group for raising capital for private equity funds. for merchant banking investments and for general corporate purposes. The firm issued 1. designer coffee and snacks. GETTING HIRED Sharp skills Generally. plus a little more. OUR SURVEY SAYS So-so salaries If you’re not in the higher ranks of the firm. In a press release. a special-purpose company (also called a SPAC or “blank check company”). you may be in for some sticker shock when it comes to compensation.000 new shares of common stock and 2. it’s “banker blues and grays only.” which means formal attire. “Hours fluctuate widely due to the small size of the firm—when you’re working on something important. the firm does go casual on Fridays. he says. Meghan Kelly—also came from Lehman.’ You only stay if you’re busy.7 billion acquisition of the publicly held interest of biotechnology firm Genentech. expert resume reviews. Kirsten. Greenhill’s co-chief executive.. has a 20 percent interest in the firm. The Royal Bank of Scotland Group and Santander Central Hispano’s $99.7 billion (compared to the $194.

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

strong bank” “Past its prime” “Strong performance in a tough market” “Future in North America remains unclear” THE BUZZ EMPLOYMENT CONTACT www.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.2 billion* 2008 Net Income: -CHF 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. 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.P. of Offices: 57* *Credit Suisse Group AG KEY COMPETITORS Deutsche Bank Goldman Sachs J. Credit Suisse Group: Brady Dougan CEO.2 billion* No. great NY 10010-3629 Phone: (212) 325-2000 Fax: (212) 325-6665 www. Investment Banking: Paul Calello 2008 Net Revenue: CHF of Employees: 46.700* 71 .

IN THE NEWS April 2009: Surpassing estimates Credit Suisse posted first quarter 2009 net income of $1. and said it would follow through on its promise to cut 5. meanwhile. equity and debt capital markets. Credit Suisse rebranded and shifted its structure (again) to an “integrated bank” model.2 percent from first quarter 2008.300 positions—about 11 percent of its total workers. Various mergers. Revenue. Credit Suisse opened its first international branch outside its home country in New York City in 1942. Within its global asset management business. Also in 2004. the bank grew within Switzerland. acquiring a controlling stake in the firm 10 years later (after which the bank was renamed to Credit Suisse First Boston). in 2004. Credit Suisse First Boston (CSFB) and Winterthur (a Swiss insurance firm that it divested in 2006 to AXA). The firm cited weak trading and restructuring charges as reasons for its deep loss. 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). The group’s private banking business—investment counselling and asset management to high-net-worth individuals—has a global footprint. The new unit. after a rumour surfaced from inside Credit Suisse that approximately 20 percent of the firm’s fixed income group received pink slips. As World War II raged in Europe. Credit Suisse began handing out some pink slips due to the subprime mortgage meltdown.2 billion for the quarter. The bank opened its first branch in Basel. As almost every big investment bank was forced to do in late 2007 and early 2008. The bank was helped by a boom in fixed-income trading. fixed income.7 billion. A spokesman for the firm cited “market conditions and projected staffing levels required to meet client needs” as causes for the cuts.S. the group famously restructured into two streamlined business units: Credit Suisse Financial Services and Credit Suisse First Boston. created in response to the numerous client requests for help with such issues..The Vault Guide to the Top 50 Banking Employers.2 billion and a record full-year loss of $7. the group restructured again. up from $2. across Europe and internationally. February 2009: An unenviable record Credit Suisse posted a net loss for the fourth quarter 2008 of $5. at the close of 2008. private equity and hedge funds. Credit Suisse did not confirm how long of a temporary leave Callan will take. Credit Suisse began its “cooperation” with The First Boston Corporation in the U. CSFB was famously (along with Morgan Stanley) one of the principal underwriters of Google’s $23 billion IPO. private placements and leveraged finance services—is one of the world’s leading investment banks. Since the group rebranded to create an “integrated bank” in 2006. the firm offers a wide range of products. it was revealed that the firm would indeed have to cut about 500 investment banking positions. came in at $8. the firm annoucned it would cut another 5. In 2002. Credit Suisse. into three business units: Credit Suisse. representing about 11 percent of its workforce. acquisitions and alliances continued through the 1990s. including equities. will be headed up by Marisa Drew and Craig Klaasmeyer. 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. In 2006. Despite the cuts. In January 2008.1 billion. Switzerland in 1905. Drew is currently the co-head of Credit Suisse’s European global markets solutions group. once and for all. and Klaasmeyer serves as the co-head of the firm’s leveraged finance group in Europe. Two years later. 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. multiple-asset class products. Credit Suisse Holding was established as the parent company of the group. Credit Suisse weathered the worldwide financial crisis very well and was relatively unscathed compared to many of its competitors. January 2009: Joining the restructuring game On the heels of similar moves by competitors Goldman Sachs and Morgan Stanley.5 billion. 72 © 2009 Vault. dropping the First Boston affiliation. Credit Suisse’s investment banking business—encompassing M&A advisory. becoming. 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. . all businesses under its umbrella have been collectively known as Credit Suisse. private banking and asset management. and the firm is touted as being one of the world’s largest private banking organizations. and merged banks ultimately became assimilated into the Credit Suisse identity. In addition. For the next three Inc. an increase of 8. Credit Suisse formed a debt advisory and restructuring group to provide advice for corporate clients seeking counsel regarding debt and liability-related issues. the firm confirmed. In 1978.300 investment banking positinos. the firm said all of its divisions had been profitable so far in 2009. Though its results were mostly dismal for 2008. and alternative investments such as real estate. A year after that.

The group’s private banking division had net new assets of a whopping CHF 14. Structured Products.4 percent in market share. The deal included portions of Credit Suisse asset management divisions in the U. October 2008: Crunched In the infamous third quarter 2008 (made infamous by the collapse of Lehman Brothers in September 2008). December 2008: Spinning the deep cuts Credit Suisse announced that it would cut another 5. IPOs. falling to No. 2. banks. down two spots and losing 30. 7. The securities will be put into a partner asset facility and workers will be given shares in it. and Swiss corporate and retail banking businesses. Additionally. Euromoney ranked Credit Suisse as the Best Foreign Bank in the U. Credit Suisse placed No. even though its total deal volume was down 28.300 positions—or about 11 percent of its employees—mostly in its investment banking unit. 73 . electronic trading and prime services divisions experienced strong results.3 percent. advising on 574 deals worth $183. foreign for insider company profiles. Visit Vault at www. expert resume reviews.7 million. Credit Suisse Group was hit with a net loss of CHF 1.S.5 billion. rising four spots to No. including wealth managemen. taking a pre-tax loss of CHF 3. however. and Credit Suisse was pleased with the results of its new “integrated bank” structure.1 billion) was 48 percent lower versus what the firm reported for the third quarter 2007. 8 from No. 3 in the previous year. 7. a unit of the Qatar Investment Authority. Also in early 2009.S. expert advice. However.5 billion. 6. The investment banking arm (like those of its peers) was hardest hit. working on 162 deals worth a total of $340 billion. Real Estate Investment. The group’s core net revenue for the quarter (CHF 3. 8.8 billion while gaining 4. In European announced M&A deals. 10 the previous year. Credit Suisse rose three spots to No. working on just eight deals worth $758.. Credit Suisse held on to its No.S. Credit Suisse also took a tumble. announced M&A transactions. including Range of Investment Products. Credit Suisse transferred about $71 billion in its managed assets to Aberdeen. through which the group earned CHF 1.The Vault Guide to the Top 50 Banking Employers. working on 20 deals worth $4 billion. up from No. the firm placed No. the publication ranked the bank first in several other categories. 9 from No. In addition. 7 ranking for the second consecutive year. Lee) in the leveraged buyout of Clear Channel Communications.K. and gave the firm the Domestic Deal of the Year award for the recapitalization of U. 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. 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. 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. and Nordic Region. In U. Credit Suisse also reported strong results in its other businesses.K. and the Industrial Deal of the Year award for advising Ingersoll Rand on its merger with Trane. 3 in global high-yield debt underwriting. Equity Portfolio Management and Fixed Income Portfolio Management. If the securities weaken in value.2 billion. working on 47 deals worth $25.vault. December 2008: Decent year on the tables According to Thomson Reuters. Europe and Asia. the firm dipped to No.3 percent in deal volume versus 2007.7 billion in financial backing from a “group of major global investors” that included Qatar Holding LLC.K. In global debt underwriting. In U. the Vault Job Board and more.26 billion.5 billion in revenue from cross-divisional business activities. and having the Best Private Banking Services Overall in Switzerland. the largest independent investment management firm in Scotland. the unit’s global rates. career message boards. In global initial public offerings. bonuses will be affected first. The firm also had a good year in global mortgage-backed securities underwriting. As part of the deal. in worldwide announced M&A deals for 2008. October 2008: A boost from Qatar and Scotland Credit Suisse raised $8. 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 jumped four spots to No.

” There is a list of core schools that the firm recruits from. Credit Suisse announced $1. Though candidates from top schools are screened very thoroughly. “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. and at least know the basics of finance.” Many current employees who completed internships with the company had very positive experiences. which includes six to eight. in China. OUR SURVEY SAYS “United Nations of banking” The general consensus is that the atmosphere at Credit Suisse is “very collegial. well rounded experience.” Furthermore. According to one source. diverse and global. 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. in January 2008. Previously. Technically inclined The core schools where Credit Suisse recruits are the “top-tier undergraduate and top-seven MBA” institutions. saying. among other sectors.” Another current employees recalls example questions such as “Express 1/8 as a percentage. The announcement followed on the heels of chief rival UBS’s acquisition of Beijing Securities.” One source speaks highly of the firm’s diverse atmosphere. The new cuts added to the 1. you “need to show strong technical skills as each interview includes some type of technical question. The first round includes “two-on-one” interviews on campus. one employee feels that the high number of incoming employees each year thins the talent. 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. beach BBQ.” and “If a clock reads 3:15.” During the final round. One source says the questions during his “45-minute” interview were “70 percent behavioral and 30 percent technical. 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. GETTING HIRED Top talent only Credit Suisse is “very selective in its hiring.” Another says that the internship was a “great. Analysts pointed to the difficulty banks have had downsizing their costs in light of the shaky market as reason for the layoffs.” There is “generally an open-door policy with senior bankers. the firm “takes very good care of its summers.565 positions the bank had already eliminated in the past year.” This round is followed by a final-round. team-oriented. 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. supportive. The recruiting process begins on campus with informal conversations to get to know candidates. One source says that the “internship served as a 10-week interview and really gave me the opportunity to display my full potential. We have people from a wide 74 © 2009 Vault.” The work and pay of most internships are “equivalent to those of a full-time associate. three weaknesses” and his “thoughts on the market process. We have a truly global workforce in our New York office. half-hour interviews with one or two bankers in each interview. candidates go through two rounds of interviews.” An insider says that the company “looks for strong candidates with a balance between academics and participation in organizations on their campus.” The internship gave “very realistic exposure to what a full-time associate would face.” Candidates from non-core schools can expect to go through an “exhaustive vetting Inc.” There are also side perks. The firm also assigns eight to 10 associates as junior mentors to help the interns throughout the summer.” a current employee says. the works—and an evening when they book Shake-Shack.” among many other events. .” A current employee says.” “There is a weekend trip to the Hampton’s—golf. “I like to call our firm the United Nations of banking. valuation and accounting.The Vault Guide to the Top 50 Banking Employers.” Candidates should “be ready to answer any kind of question. A week earlier.” Potential employees “must display sound quantitative aptitude with a good understanding of valuation techniques” in order to be considered.” One contact remembers being “asked [to give] three strengths. and one source reports that it is “difficult to get an interview if your MBA program is not on the target list.5 billion in securities-related losses. If selected.” and that the “sky is the limit if you are competent and able to take on the responsibility of a full-time analyst. “it is very difficult to get a full-time offer after school without having done an internship. for insider company profiles.” “Given the current market circumstances those of us that outperformed were paid higher than the previous year.) and is on track for a relatively stable year. Credit Suisse has cut back on office perks and downsized its work force in the last year. “As a first year. “Dress code is a little less strict on the West Coast due to casual attire of clients. According to one employee. expert advice. one source says that the firm has installed “new faucets that use less water. many report that hours become more tolerable as one accumulates seniority. citing “the cafeteria and other on-site services like dry cleaning. contribute to our team’s projects and bring new ideas to the table.” an analyst explains. expert resume reviews.S.” Bonus packages Salaries at Credit Suisse start at about $60. And as a third year. another contact warns that “you must be proactive about developing relationships with senior team members.” Though many employees are unaware of any specific updates Credit Suisse has made to improve its environmental footprint. 2010 Edition Credit Suisse’s Investment Banking Business variety of countries. Credit Suisse has the “top training program on Wall Street. but aside from that. which vests evenly over three years. and adds that Credit Suisse “has not accepted any federal assistance (Swiss or U. career message boards.” Training is tops According to current employees.” And the majority of employees say they would not take a pay cut in exchange for fewer hours. the Vault Job Board and more. and also offer free drinks and coffee. I put in about 80 hours per week.” the building is “otherwise pretty standard. “bonuses for first-year analysts were severely impacted by the economy and the market losses.” “San Francisco and Mexico City are much better. “Managers don’t play favorites. there are “numerous ongoing training opportunities to further career development. the hours are very manageable. cafes and traders’ pantry on the trading floors. In order to cut costs. Be proactive The managers at Credit Suisse are described by their subordinates as “phenomenal. 75 .” In some offices.” An associate reports that the “training was exceptional. with more normal hours and weekends off.” and “people typically wear suits for client meetings. One contact says.The Vault Guide to the Top 50 Banking Employers. all the time. They have high expectations but treat people fairly.” “Some groups also have continuing education throughout the year to teach more advanced topics to junior and mid-level bankers. in 2009.” An employee in New York reports that there are perks in the Big Apple as well. “I am encouraged to learn as much as possible.” These sessions are “often run by managing directors.” However. external law firms and other education consultants.” After the initial formal training.vault.” and “everything possible gets recycled.” Current employees also report that “NYC offices are much less luxurious than the regional offices.” Another employee backs this up. One employee estimates. “Associates and higher title levels get paid 20 percent of annual bonus in stock.” 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. In between these situations. work on group projects. explaining that “during your first couple of years you should expect to spend over 100 hours per week for many weeks in a row.” Others note that “lights turn off when nobody is around. which is much more alive than Wall Street and more gentrified than Times Square. 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. I worked about 90 hours per week.” The dress code is “business casual all the time. Every now and then you get a break of a couple of weeks. If you are on a fast-paced live deal.” Another adds. Ebb and flow Hours at the entry level can be brutal at Credit Suisse.” One source reports that “managers are often walking the trading floor and know many junior people quite well. I worked an average of 100 hours per week.” However.000 for analysts and $95.” The New York office is also “in a prime location in Gramercy. employees also “get to wear jeans during August” if they give a charitable contribution.” The cultural diversity leads to the firm being a “little less aggressive and merit-based.000 for associates. almost all employees agree that “not a lot of hours are wasted waiting on others or putting in face time. life can be more manageable. you will find yourself in the office at all hours. However.” One analyst says.” a place where “many senior execs have made their career.” An equity research analyst reports that “we work long hours during earnings time.” “approachable” and “not your stereotypical bankers. Visit Vault at www. and you often hear a wide variety of languages being spoken in your work area.” says one insider. As a second year.” Luckily.” An analyst in M&A explains that “banking is generally ebb and flow.” One employee says that the “firm did a good job paying the younger people despite the horrible macro” conditions.” New York vs.” 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.

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

‘eat what you kill’ mentality” • “Winning many notable What insiders at other firms are saying • “Top ‘prestigious boutique’—intelligent. of Offices: 9 DOWNERS • Hours can be “brutal” EMPLOYMENT CONTACT Under “contact us.” see “careers” at www. NY 10055 Phone: (212) 857-3100 Fax: (212) 857-3101 www. restructuring powerhouse” • “Quality firm. but status as a public company may be challenging” THE BUZZ 77 .93 million 2008 Net Income: -$ 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.PRESTIGE RANKING 8 EVERCORE PARTNERS KEY COMPETITORS Blackstone Group Goldman Sachs Morgan Stanley Greenhill & Co.71 million No. Lazard 55 East 52nd Street New York.evercore. high quality advisors” • “Dependent on Roger Altman. of Employees: 335 No.

which has approximately $12. foundations. Evercore devoted a fair amount of activity in 2008 to pumping up its investment management business. Mexico City. serving both public and private Inc. Burton has advised on huge deals such as Royal Bank of Scotland’s acquisition of ABN Amro and Golden West’s sale to Wachovia.8 billion in assets under management. individuals and related institutions. compensating for less advisory revenue given the slow M&A deal market. Friedman. Inc. making strategic deals in Brazil. Evercore operates from offices in New York. and the National Enquirer). and special committee and fairness opinion assignments. a Mexican private equity joint venture with Discovery Capital Partners. Evercore has recently expanded its investing businesses with the launch of Evercore Wealth Management. including investment management and fiduciary decision-making services. It also has alliances in Japan.. a unit of BofA’s wealth management division that provides services for companies’ employee benefit plans.The Vault Guide to the Top 50 Banking Employers. while Schlosstein focuses on managing the firm and growing the investment management side of its business. and Robert A. M&A advice. Evercore’s private equity investing business manages over $1. who will work with Evercore as a shipping investment banking executive. It also recently established Evercore Trust Company. including corporate and public pension funds. divestitures and sale transactions. D. investment banking boutique Evercore Partners went public in August 2006 with an $82. Ackert in February 2009. Fitness. expert testimony and fairness opinions. focusing on client relationships and transactions. 2010 Edition Evercore Partners THE SCOOP Boutique on the rise Founded in 1996 by Blackstone veterans Roger Altman and Austin Beutner.2 billion funded by U. Its advisory services include corporate advisory and restructuring advisory. Pacha. . San Francisco. LLC. its services include restructuring. Boston. Los Angeles. insurance companies and families. who will open Evercore’s Houston office and lead its midstream energy practice.S. where he spent nearly two decades as president. April 2009: Picking up a piece of BofA Evercore agreed to acquire Bank of America’s special fiduciary services group. Corporate advisory services include mergers and acquisitions. raising and structuring DIP (debtor-in-possession) and exit financing. and the U. May 2009: Evercore gains a new CEO from BlackRock Evercore scored a major coup.8 billion of assets under management. Schlosstein previously worked for BlackRock. setting up HighView Investment Group. the Evercore Ventures venture capital fund. helping to grow BlackRock from a start-up into one of the world’s leading financial services firms (Schlosstein also co-founded BlackRock).9 million initial public offering. endowments. Schlosstein had previously begun working in partnership with Evercore in 2008. a Tennessee claims management outsourcer. 78 © 2009 Vault. were the most recent high-level departures from Merrill after its sale to Bank of America in late 2008. Mark K. London. Its public debut was astonishing: Evercore’s revenue increased 47 percent in 2006 while net income rose 80 percent.C. will boost Evercore’s revenue.A. Houston. raising debt and equity financing. N. China..K. Japan. which provides customized investment and wealth management services to families. Evercore Asset Management and Protego Asesores. and general financial analysis. Evercore hopes fees from investment management will compensate for slowing advisory fee revenue given a shaky M&A deal market. Evercore is hoping that the acquisition of the unit. with an emphasis on large multinational corporations. In addition. which specializes in providing independent fiduciary services. Evercore plans to house the unit under its newly formed Evercore Trust Company. (publisher of Shape. Mark Burton. to employee benefit plans. 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. the U. banks. This business is divided among two private equity funds (Evercore Capital Partners I and Evercore Partners II). Brazil and France. Balkrishna Industries (a Mumbai-based tire manufacturer) and Sedgwick CMS. Schlosstein took over the role left vacant by the retirement of Evercore Co-Founder Austin Beutner. hiring Ralph Schlosstein as its new president and CEO. trusts. Roger Altman will continue to serve as full-time chairman of Evercore. and Monterrey. Washington. Evercore had previously hired ex-Merrill colleague George R. it has approximately $12. 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. Cornerstones of Evercore’s private equity portfolios include American Media. The restructuring advisory business works with debtors and creditors both in and out of court. and international investors.

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

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

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

NY 10005 Phone: (212) 250-2500 www.456 No. Morgan Morgan Stanley UBS Investment Bank 60 Wall Street New York. 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).9 billion What insiders at other firms are saying • • • • “Has done well in the downturn” “Kills analysts” “Great research. of Offices: Offices in 72 countries EMPLOYMENT CONTACT www.PRESTIGE RANKING 9 DEUTSCHE BANK AG KEY COMPETITORS Credit Suisse Goldman Sachs J. 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 place. DB (NYSE) Chief Executive: Dr.db. solid place to be” “Limited US presence” THE BUZZ 82 © 2009 Vault.5 billion 2008 Net Income: €3.P. Josef Ackermann 2008 Revenue: €13. of Employees: Inc.

compared with a $185 million net loss for the first quarter of 2008. keeping Ackermann Deutsche Bank booked $1. The bank was buoyed by improved trading for insider company profiles. It offers traditional and alternative investments. among others services. Deutsche Bank Deutsche Bank poached several of long-time rival investment bank Merrill Lynch’s senior staff members. By 1986. Furthermore. firm Bankers Trust (1999). Eastern Asia and Turkey). a private banker named Adelbert Delbruck and a politician named Ludwig Bamberger opened Deutsche Bank in Berlin as a specialist bank for foreign trade.4 billion. the firm made its first major bank acquisition outside of Germany with the purchase of Banca d’America e d’Italia.vault. The bank also listed in Frankfurt in 1880. Deutsche Bank truly has a global footprint. The firm also reported record revenue in interest rate and foreign exchange products. which increased 56 percent versus the same quarter a year earlier to $9. expert resume reviews. or PCAM. career message boards.” and according to the bank’s lawsuit. the Vault Job Board and more.S. At the same time. strategy and risk management. Other acquisitions included the Morgan Grenfell Group (1989). in addition to a good showing in its money market area. The asset management group at Deutsche Bank is one of the largest asset managers in the world. on the Paris Stock Exchange (now Euronext) in 1974. Deutsche Bank’s corporate and investment bank group oversees the capital markets (origination. Its client base includes retail clients and institutional investors such as pension funds. The bank’s private wealth management division caters to high-net-worth individuals and families. After World War II. it had become the largest bank in Germany and. called it a “hiring raid. by 1880. which it said had generated “tens of millions” of dollars in revenue for Merrill. corporate and investment banking. sales and trading). By 1957.S. expert advice. A complex history In 1870. its investments were scattered across the globe (including in North and South America. Before the turn of the century. Deutsche Bank’s international presence encompasses retail banking branches. and asset management. lending. Visit Vault at www. the latter encompassing absolute-return strategies and specialist real estate asset management.6 billion in net income for the first quarter of the year. corporate advisory. which had recently been acquired by Bank of America. the U. on the Brussels exchange (also now Euronext) in 1979.The Vault Guide to the Top 50 Banking Employers. with particular strength in Europe and its homeland of Germany. the German giant had invested in projects like the Northern Pacific Railroad in the U. It’s made up of two main divisions: corporate and investment bank (CIB). Its corporate banking and securities unit increased revenue nearly four times versus what it posted for the same period of 2008. March 2009: Merrill Lynch vs. 83 . DB’s shares have been listed on the Berlin Stock Exchange since the bank’s birth in 1870. accounting and disclosure.S. IN THE NEWS April 2009: Revisiting profit. and private clients and asset management (PCAM). Merrill accused Deutsche of having plotted for many months in advance to poach its staff.000 employees across 72 countries. asset manager Scudder Investments (2002). 2010 Edition Deutsche Bank AG THE SCOOP All around the world Boasting more than 80. 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. corporate lending and transaction banking businesses. the bank had regained its footing as a unified Deutsche Bank AG with headquarters in Frankfurt am Main. risk management strategies. which controls resource allocation. and private and business client services. and gives general corporate finance advice primarily to global corporations. Merrill. including 11 bankers and Merrill treasurer Eric Heaton. in Tokyo in 1989 and on the New York Stock Exchange in 2001. By 1876. The whole group is directed by a management board. wealth transfer planning and philanthropic advisory. comprises two subdivisions: asset and wealth management services. and the Baghdad Railway. Deutsche Bank closed its offices in Soviet-occupied areas and was scattered into 10 regional offices while western Germany was under occupation. 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. It also oversees mergers and acquisitions. Its asset management services include traditional asset management and alternative investments. the Swiss private bank Rued Blass & Cie (2003) and the Russian investment bank United Financial Group (2006). financial institutions and sovereign entities. Deutsche Bank’s private clients and asset management group. the U.

Deutsche Bank posted a record fourth quarter 2008 loss of $ Inc. “If you are only going to be able to pay a $500. who headed up the unit with Colin Fan. reporting losses of $10. Deutsche Bank moved up a spot to No. February 2009: Deutsche’s largest loss Following one of the worst financial eras in decades. equity and equity-related tables for 2008. 6 in asset-backed deals. Roc Capital is expected to open in the second quarter of 2009 with about 20 employees. announced its departure from the firm to begin the Roc Capital Management LP hedge fund. respectively.85 billion and $671 million. 4 ranking.S. 2010 Edition Deutsche Bank AG March 2009: Job hopping DB appointed Tom Cooper. with 705 deals worth $287. No. losing just a bit of market share (0.” he said in a statement. The firm also ranked No. While he announced fourth quarter 2008 results. Risk Magazine named DB’s loan exposure management group the Credit Portfolio Manager of the year.000 bonus.6 billion. 84 © 2009 Vault. for the fourth year in a row. as the co-chairman of global mergers and acquisitions in London.S. February 2009: Group exodus Deutsche Bank’s quantitative trading unit. Deutsche Bank came in at No. On the global debt.9 percent stake in Deutsche Postbank AG. 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. DB was named the Best Investment Bank 2008 in the Asia Pacific region (excluding Japan) by The Asset magazine. And in global IPO underwriting. 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.-based M&A deals in 2008 such as biopharmaceutical company Eli Lilly’s $5. Its investment banking unit had a particularly bad year.6 percent). Deutsche advised on several big U. No. 8 in U. On January 19th. merger and acquisition deals decreased 29. 9. Full-year revenue came in at about $17. 3 in international bonds.S.6 percent in 2008 versus 2007—and Deutsche Bank felt the squeeze.S. Also in January 2009.The Vault Guide to the Top 50 Banking Employers.75 billion bid for ImClone Systems and health care company Fresenius’ $3. 8 in global high-yield debt. posting a pre-tax loss of $10. Deutsche Bank fell two spots to No. On the Thomson Reuters worldwide announced M&A tables for 2008.73 billion bid for APP Pharmaceuticals. announced M&A transactions.87 billion. but saw its deal volume decrease by 25.3 billion in January 2009. companies receiving bailout money under its TARP plan will encourage American executives to work overseas. 5.S. Its corporate banking and securities division and asset management unit didn’t fare much better. who ran Deutsche Bank’s global arbitrage unit. the firm jumped three places to No.7 percent of market share in the process. January 2009: Nothing like a pat on the back The year 2009 got off to a good start for Deutsche Bank. December 2008: Despite rough waters. 3 versus 2007. 8 for the second straight year. Boaz Weinstein. Equitech Group.32 billion profit in 2007. No. 1 in all bonds in Euros. a 56 percent drop from 2007. the firm also leaped three spots to No. losing 1. Deutsche Bank took a great leap forward in its hugeness when it announced that it had agreed to acquire a 22. 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. Deutsche posted a net loss of $5 billion after snagging an $8. In U. with 89 deals worth $274. In global debt underwriting.5 billion. Other recent awards include Global Trade Review naming the firm the Best Global Structured Commodity Finance Bank. No. Deutsche stays afloat Globally. Deutsche Bank CEO Josef Ackermann said that the U. the world’s largest logistics group and successor to Germany’s former state-owned mail monopoly that was privatized in 1995. 5. Deutsche Bank held on to its No. the financial services business of Deutsche Post. 5 in global mortgage-backed securities. working on 197 deals worth a total of $351 billion. and Treasury Management International naming DB the Best Global Cash Management Provider for the second year in a row. investment grade debt and No.26 billion. In European announced M&A. former head of European M&A at UBS. For the full year. I think talent will be happy to work for us.1 percent. 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. . It will be based in New York and headed up by Arevind Raghunathan.

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

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

51st Floor New of Employees: 2.58 billion 2008 Net Income: €407 million 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 . Rothschild North America Investment Banking: David Resnick & Christopher Lawrence 2008 Revenue: € Rothschild North America 1251 Avenue of Americas. NY 10020 Phone: (212) 403-3500 Fax: (212) 403-3501 www.800+ No. Rothschild: Baron David de Rothschild Co-Heads.PRESTIGE RANKING 10 ROTHSCHILD EMPLOYMENT CONTACT BUSINESSES Asset Management Investment Banking Real Estate THE STATS Employer Type: Private Company Chairman.rothschild.

St Swithin’s Lane. Perhaps best known as a high-powered advisor. The latest version. As part of Rothschild’s global investment banking network. Rothschild picked up its share of banking industry recognitions. Rothschild Realty Inc. These underwent reorganization in 2003 when a new holding company. merchant banking and corporate banking.C. Rothschilds Continuation Holdings AG is the holding company for U.K. was created to oversee operations in Europe. Rothschild’s four North American offices are in New York. foundations. Rothschild won U. 2010 Edition Rothschild THE SCOOP Well connected Rothschild is one of the world’s largest independent merchant and investment banks. Toronto. private placements. Its London headquarters have never moved from New Court. saying they would offer most of the support to real estate and property companies. equities. Rothschild has been serving governments. D. helped De Beers founder Cecil Rhodes establish his eponymous scholarship at Oxford and played a major role in financing the London Tube. Canadian and multinational clients. is slated for occupancy in mid-2011. and Montreal. endowments. Founded in 1970. and other international businesses. restructuring and project finance for U.9 percent-stake purchase in the Nordea financial services group and participating in its 2. kept the Bank of England afloat during a financial crisis. corporations and wealthy individuals for two centuries. Rothschild Asset Management specializes in U. Financial Adviser of the Year. Its services include mergers and acquisitions advisory. Washington. winning fame as the financiers who funded the Duke of Wellington’s victory over Napoleon.8 billion ($15. His five sons carried the family business—and the family name—across Europe. of course.4 billion) acquisition of Scottish & Newcastle plc by Carlsberg A/S and Heineken. How the story began The investment banking arm of the family-owned Rothschild Group. and advising the Swedish government on its 19. advising CSR plc on its £91 million ($136 million) acquisition of California-based SiRF Technology. Other divisions cover private banking and trust. 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 recession. a real estate investment advisor established in 1981. the Rothschilds arranged loans for the Prussian government. not to mention historic estates and some of the most esteemed vineyards in the French wine country. . According to Standard & Poor’s. and advice on divestitures and privatizations.5 billion rights issue.K. EuroWeek dubbed it the LBO Advisory Bank of the Year for 2009. with a special emphasis on the middle market. The Rothschild story began in 1769 when Mayer Amschel Rothschild began offering banking services in his home town of Frankfurt.5 percent. though its footprint remains largest in Europe. has $800 million under management through the Five Arrows Realty Securities family of funds. too. and manages nearly $6 billion in assets for Inc. Concordia BV. assisting Unibanco with its $45 billion acquisition of Banco Itau. 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. 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. the North American investment banking operation collaborates with offices around the world on cross-border deals.S. Asset management services come courtesy of Rothschild Asset Management. mergers and acquisitions advice. 88 © 2009 Vault. though over the years its offices have been rebuilt and expanded. Officials at the Dubai Department of Finance began disbursing the funds quickly.The Vault Guide to the Top 50 Banking Employers. equity advice. high-net-worth investors. healthcare organizations. In later years.. a Rem Koolhaas-designed tower with a rooftop pavilion.S. Hong Kong-based Jardine Strategic owns a 20 percent stake and Rabobank owns 7. There are also the financial services businesses. financed the British government’s purchase of a controlling stake in the Suez Canal. an independent business unit headquartered in New York City.. while it remains under the control of the Rothschild family. Italy Financial Adviser of the Year and Middle Market Financial Adviser of the Year. Germany. The modern Rothschild family includes vast holdings of art and land. naming it the Cross Border Deal of the Year. Rothschild’s investment banking division provides debt advice and restructuring services. It has approximately 2.. In the real estate department. public pension funds and Taft-Hartley plans. In the FT and Mergermarket M&A Awards for 2008. and Acquisitions Monthly recognized its work on the £7.800 employees in 49 offices worldwide.

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

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

3 billion No. of Employees: 20. up and coming in the US” • “Mediocre—not real Lehman” THE BUZZ 91 . of Offices: Locations in over 30 countries EMPLOYMENT CONTACT www.000 No.barcap.23 billion 2008 Net Income: £1. 2008 Revenue: £5. NY 10166 Phone: (212) 412-4000 What insiders at other firms are saying • “Reputation greatly enhanced by Lehman—could be a major force” • “Wants to be a major US player.PRESTIGE RANKING 11 BARCLAYS CAPITAL KEY COMPETITORS Goldman Sachs Morgan Stanley UBS Investment Bank 200 Park Avenue New 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.barcap. but isn’t” • “The new blue chip. “Bob” Diamond Jr.

The Vault Guide to the Top 50 Banking Employers. which Bloomberg ranked fifth in U. equity origination. 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.S. Barclays Capital’s chief executive. interest rate products. May 2009: Trading heats up Barclays Capital released extremely positive first quarter 2009 results. loans. despite impairment charges and other credit provisions that rose to $3. The deal also included Lehman’s trading assets. The deal.95 billion. was created in 1997 to provide financing. the global head of mergers and acquisitions. research. who set up their own firm in 1690. Although it’s younger than many of its peers. as well as approximately 10.” A few months after the Lehman buy. confirmed the joy when announcing the Lehman deal. prime services. index products.000 employees. often referred to as BarCap. including bonds. Barclays became famous for buying big in New York. municipal finance. 92 © 2009 Vault. Investment Dealers’ Digest named Diamond its Best Banker of the Year for 2008. electronic trading. 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. Bob Diamond. which are offered finance. when city streets were paved with goldsmith bankers who financed colonialism by funding monarchs and merchants.000 positions. the Anglo Egyptian Bank and the National Bank of South Africa. with a combined market value of $1. establishing operations in the Middle East. The investment bank. which had an estimated value of $72 billion. Lehman’s New York City headquarters. Upon hiring its new crop of workers. stating. “This is a once in a lifetime opportunity for Barclays. M&A. Barclays buys the Brothers More recently. fixed income and M&A advisory units. In 1925. Barclays hired about 2. a venerable London bank that dates back to 1690. inflation-linked products. IN THE NEWS August 2009: Hiring another 1. Parker. convertible bonds.S. government and institutional clients around the world. The main clients of Barclays Capital’s services are corporations. Africa and the West Indies. and 15 to 25 workers in the U.000 Barclays Capital CEO President Bob Diamond told Dow Jones Newswires in an interview that Barclays Capital will hire up to 1.000 in the first half of 2009. and equity and interest rate services.K. securitization and structured investments. The firm has expertise in a wide variety of products and services. private equity. Barclays Capital. advisory and risk management solutions.000 new investment bankers by the end of 2009.5 billion. hopes “to be top three across all products and regions” in the investment banking sector.S.000 Lehman employees. said in an interview with Bloomberg that Barclays Capital plans to hire 30 to 40 bankers in Italy. booking £907 million in net profit. Barclays Capital will end up employing approximately the same amount of people it did at the end of 2008. John Freame and Thomas Gould were two such goldsmiths. a 361 percent increase versus the first quarter 2008. By the beginning of the 20th century. credit products. included Lehman’s equity. was born in 1986—the year Argentina beat England in the quarterfinals of the World Cup. market making. Barclays merged with the Colonial Bank. foreign exchange. emerging markets. according to Parker. and two offices in neighbouring New Jersey. The company’s hires will be “tilted towards Asia. 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. struck just one day after a struggling Lehman had filed Chapter 11 bankruptcy. fund solutions.1 billion. Born in the ‘80s Barclays Capital’s parent company Barclays Bank PLC can trace its roots back to London in the 17th century. liabilities worth $68 billion dollars. Paul G. leveraged finance. in January 2009. Barclays expressed delight at the acquisition. capital raising. Barclays Capital. After cutting about 3.” according to Diamond. arm of Lehman Brothers. The investment banking business.K. Inc. Barclays was one of the five-biggest banks in the U. takeovers after it acquired the U. Diamond confirmed. laying the foundation for what would eventually become Barclays Bank. It also offers foreign exchange management. institutions and government entities. parent Barclays PLC increased its first quarter 2009 profit by 15 percent to $2. In 1736. Barclays Capital is the investment banking arm of Barclays Bank PLC. . Germany and France.5 billion from $1. restructuring. a man named James Barclay married into Freame’s family. equity derivatives. fund-linked derivatives. risk management and advisory services to corporate. making clear an ambition to increase its presence in the U. It was also the year Barclays Bank became the first British bank to be listed on both the Tokyo and New York Stock Exchanges. 2010 Edition Barclays Capital THE SCOOP Debt masters Known as a powerhouse in the fixed income marketplace.

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

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

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

pwpartners.pwpartners. 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 THE STATS Employer Type: Private Company Chairman and CEO: Joseph Perella No. of Employees: 250+ No.PRESTIGE RANKING 12 PERELLA WEINBERG PARTNERS KEY COMPETITORS Evercore Partners Greenhill & DEPARTMENTS Asset Management Financial Advisory EMPLOYMENT CONTACT See “careers” section of Inc. Lazard Moelis & Company 767 Fifth Avenue New York. NY 10153 Phone: (212) 287-3200 Fax: (212) 287-3201 www. .

head of investment banking at Morgan Stanley. Morgan. Joseph Perella is famous for finding and training Wall Street talent. Conn. they built a team that has gone on to take the business world by storm. Perella Weinberg’s restructuring deals have included advising debtors. IN THE NEWS June 2009: Top 25 worldwide According to Thomson Reuters.1 billion during the six month period ending June 30. Currently.1 billion merger with Wells Fargo. while its asset management unit focuses on alternative investment products. Some of Perella’s other winning picks include Robert Wiesenthal. Denver and London (U. head of investment banking at J. KCP moved its office. Perella Weinberg worked on one deal (BlackRock’s purchase of Barclays Global Investors) worth more than $13 billion. the Vault Job Board and more. Founder Joseph Perella made his name as a pioneer dealmaker at First Boston in the 1980s.” It also maintains a scholarship in the name of Gordon Rich. becoming Perella Weinberg’s first hires.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. career message boards. sparking rumors that he would open his own boutique. to Perella’s New York office. It was Perella’s name and the team assembled that made that kind of fundraising possible—after all. Its advisory business includes mergers. Under the terms of the deal. Perella & Co. Perella Weinberg Partners acquired restructuring experts at Kramer Capital Partners (KCP). The firm raised $1.vault. Douglas Braunstein. 97 . 24 in worldwide M&A deal volume for the first half of 2009. who got his start as a Wasserstein Perella summer intern and is now CFO of Sony. Debtor-side transactions have included Masonite International and Spectrum Brands (both had more than $2 billion of debt). small staff and active engagements from Stamford. and the $36 billion merger between Ciba-Geigy and Sandoz that created Novartis in 1996. KCP founders Michael Kramer and Derron Slonecker joined Perella Weinberg as partners. San Francisco. The firm was recently enlisted by BlackRock on its pending $13. 16 in U. Perella Weinberg has already worked on some monumental deals. He is credited with discovering Bruce Wasserstein (back in his First Boston days).). Raymond McGuire. Indeed he did. that would be Peter Weinberg. Recent creditor assignments have included advising Herbst Gaming’s noteholders. 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. the firm ranked No. Wachovia on its $15. Restructuring experts welcomed aboard In November 2006.The Vault Guide to the Top 50 Banking Employers. Perella Weinberg Partners’ launch in 2006 was one of the most closely watched debuts in banking history. expert resume reviews. For the same period. announced M&A deal volume.5 billion acquisition of Barclays Global Investors and by the FDIC for strategic advice on the ongoing developments in the financial services industry. A shareholder revolt at Morgan Stanley—the ruckus that led to the 2005 resignation of chairman Philip Purcell—prompted Perella to leave the firm. Perella’s last gig was as vice chairman and managing director of Morgan Stanley.3 acquisition of Reuters Group.. who work out of offices in New York. 2010 Edition Perella Weinberg Partners THE SCOOP Morgan and Goldman alum team up Founded in June 2006. creditors and third parties. a Perella find who was co-head of M&A at Credit Suisse until his death in 2000.S. the firm consists of more than 250 employees. he worked on deals like America Online’s 2001 purchase of Time Warner (the biggest merger in history). 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 $ for insider company profiles. with Bruce Wasserstein (now chairman and CEO of Lazard). The illustrious group still meets for an annual reunion called the “Associates’ Lunch. Perella Weinberg ranked No. co-head of global investment banking at Citigroup. He also advised MBNA on its $35 billion sale to Bank of America. Since the acquisition. Also in the casino industry. Perella Weinberg Partners offers two services: advisory and asset management. expert advice. and when he and his protégé formed Wasserstein Perella. KCP’s team of professionals also joined the firm.7 billion sale to Altria Group. Gail Zauder. Elixir Advisors.5 billion CityCenter project. who became the first woman managing director in Credit Suisse’s M&A group and then founded her own boutique. 2009. acquisitions and restructuring. former CEO of Goldman Sachs International and an accomplished banker as well. and Walid Chammah. then left to create Wasserstein. Continental on its $35 billion sale to Schaeffler and UST on its $11. He knows how to pick ‘em Besides being known as a king of deals. Perella Weinberg advised on three deals worth a total of $14.P. Some of its highest profile assignments include advising Thomson Corporation on its $18. Austin. and several Morgan Stanley advisors jumped ship to join him.K. where he became close with some of America’s top M&A talent. In its short existence. As for Weinberg. Government-related restructuring assignments have included advising the New York State Insurance Department and the Pension Benefit Guaranty Corp. Visit Vault at www.

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

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



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.

Visit Vault at for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.


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.”

Visit Vault at for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.


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.”

Visit Vault at for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.




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.

Visit Vault at for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.


bringing its total headcount to about 75. This means that despite being disparaged for raising salaries after taking government aid. The employee exodus to Jefferies.000 jobs the firm has recently eliminated. UBS will be selling off its 49 percent stake in a New York City building it owns located at 299 Park Avenue. . doesn’t disclose the rent it is paying on the floors. Though the results weren’t as bad as the $10 billion net loss the firm booked for the first quarter 2008.000 jobs within the Inc. would be leaving the firm immediately. led to the exit of the group’s chief.76 billion. While UBS has not officially commented on the latest jobs loss report. head of UBS Investment Bank. 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. the building’s lease is valid until 2018. equities and fixed income divisions. according to the Swiss newspaper SonntagsZeitung. a senior member of UBS Investment Bank. who previously ran the division. UBS also put about $831 million in bonus funds aside in order to help retain senior bankers. 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. Benjamin Lorello.67 billion one connected to monoline insurance companies).The Vault Guide to the Top 50 Banking Employers. and to what UBS has called a “nearly complete lift-out” of the company’s health care unit. May 2009: Down again UBS posted a first-quarter 2009 net loss of $1. In total.000 employees. The report said marketing and support staff in Switzerland will take the brunt of the cuts. alleging that the midsized firm engaged in a “massive.700. 108 © 2009 Vault. An industry watcher told the Post that the deal may be “the one that pries open the market again. UBS announced plans to slash about 10 percent of its employees in 2009. UBS replaced Johansson with co-CEOs: Alex Wilmot-Sitwell. which took place over the course of five days in June. April 2009: Goodbye to Johansson UBS AG announced that Jerker Johansson. In September 2008. About 2. April 2009: Bye to Brazil bank UBS agreed to sell its Brazil banking unit UBS Pactual to Andre Esteves. and Johansson’s departure is the fourth for the unit in the last 18 months. UBS rents 750.. Crain’s and the Post speculated that it may be somewhere between $60 and $70 a foot. a goodwill impairment of $554 million and $161 million in severance costs from the sale of its Brazilian division Pactual. UBS also said it will soon name a new head of its health care group. 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. according to the Swiss publication Sontag. However. March 2009: More big cuts UBS said it will slash up to 5. The $2. The new wave of cuts came in addition to the 7.5 billion sale will result in a “small loss” for UBS but will help it shore up capital. June 2009: “Massive” banker raid UBS filed a lawsuit against Jefferies Group Inc. 2010 Edition UBS Investment Bank June 2009: Selling off its building stake According to the New York Post. bringing the total number of jobs purged by banks globally since July 2007 to about 131. head of fixed income. premeditated raid” that led to the departure of 36 health care investment bankers. UBS also noted that it expects to book approximately $571 million in restructuring and severance charges during the second quarter of 2009. including support staff. UBS will still be increasing senior bankers’ salaries by 50 percent to avoid defections.” Currently. In its earnings announcement. UBS revealed plans to cut approximately 2.000.16-million-square-foot building. The move was part of UBS CEO Oswald Grübel’s firmwide cost-cutting plan.000 positions. currencies and commodities.000 positions the firm announced it would cut in February. The bank will pay out the bonuses over the course of three years. which occupies the space. April 2009: More layoffs on the horizon UBS was on the brink of more job cuts. and Carsten Kengeter. UBS.000 square feet in the 1. the losses don’t appear to be letting up anytime soon.500 management jobs may be cut in the firm’s wealth management unit—a move that comes in addition to the 2. the firm had confirmed within the previous week that it was streamlining its business organization from eight to four regions. Previously in 2009. thanks to big write-downs (including a $1. which could affect up to 8. within its investment banking.

February 2009: Heading to court? The U. company insiders told DealBook. which reportedly will be called VinsonForbes. and Switzerland: evading taxes isn’t a criminal offense in Switzerland. As they stand.S. expert resume reviews.” the Financial Times reported. Oswald Grübel told Swiss newspaper Finanz und Wirtschaft that Switzerland should contemplate modifying its banking laws so potential tax evaders aren’t shielded. Visit Vault at www. Luxembourg’s financial regulator. UBS has decided to offer pay raises to its top bankers. Currently. Matthew Johnson. Ryan isn’t the first former UBS employee that ex-UBS Investment Bank president Ken Moelis has drafted for his new venture. Judge Alan S. Costas and Hutchins previously worked together at the UBS hedge fund. The loss. The new wave of reductions brings the firm’s total job cuts since October 2007 to 11. was still enough to cause UBS to make some changes. government of client taxes. If not. 2010 Edition UBS Investment Bank March 2009: Bonuses freefall but salaries skyrocket Despite slashing its bonus pool by about 80 percent in 2008. In his new role.000.. the Vault Job Board and more. February 2009: Paying up for Ponzi UBS was ordered by the Commission de Surveillance du Secteur Financier. career message boards. Additionally. Part of the lawsuit may stem from legal and cultural differences between the U. UBS was given three months by the regulator to hand over compensation and develop and improve its systems.4 billion fund that served as a channel for Bernard Madoff’s suspected Ponzi scheme. March 2009: No more secrets? A few days after he took over as UBS CEO. an ex-trader at Dillon Read. a boutique that will offer broker-dealer and securities services for institutional clients.vault.S. February 2009: Better.000 jobs in its investment banking unit.S. within the last two years. the insiders said. Germany and Britain have also called for Switzerland to agree to foreign tax probes. the company will likely face a minitrial in July 2009.S. to pay for its “serious failure” of guardianship of a $1. February 2009: Mum’s the word UBS was slapped with a Swiss lawsuit by affluent U. The firm said it plans to divide its wealth management business into two units: Wealth Management and Swiss Bank. 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.000. The regulator said that “poor execution of its due-diligence obligations constitute a serious failure of its surveillance role as a depositary bank. 109 . which lets banks retract payments from workers who don’t meet specific goals.The Vault Guide to the Top 50 Banking Employers. UBS—along with rivals Credit Suisse and Morgan Stanley—have also inserted “clawback provisions” into bankers’ salaries. Gold said in a conference call. current Swiss banking laws shelter those wanting to dodge taxes (but not those who commit tax fraud). making its employee count for that business about 15.000. Jeffrey Raich and Navid Mahmoodzadegan also joined the firm as head of mergers and acquisitions and media investment banking. In addition to the U. 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. Dillon Read Capital Management. UBS is in the process of reorganizing its remuneration system. but still not stellar UBS AG posted a $6. for insider company profiles. February 2009: Poached from UBS Christopher Ryan. clients looking to thwart the revelation of their names to the public. Some bankers’ salaries will increase from about $170. smaller than the $11 billion the firm lost in the fourth quarter of 2007.S. Justice Department began to pressure UBS to release information regarding 52. will soon join Moelis & Co.9 billion loss for the fourth quarter of 2008. The suit says UBS and the Swiss Financial Market Supervisory Authority breached secrecy laws and conducted illegal doings with foreign governments. the ex-head of credit fixed income at UBS AG.000 to $430.000 of its affluent clients. Ryan will counsel clients on risk and balance-sheet matters. expert advice. 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 also be a founding member of the new firm. insiders told Bloomberg. 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. and Wealth Management Americas. but revealing client names is. UBS plans to cut 2. UBS is facing scrutiny with an investigation into whether it deliberately tried to defraud the U.

but UBS will provide $6 billion in equity capital. so far. 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. Scott Wilson and Jia Zhai—also now work in UBS’ energy banking unit. and its brokerage staff declined by 340.’” When hiring. who was coCEO at Credit Suisse from 2003 to 20007. According to UBS. among others. investors seem to think Grübel will be able to do the same for UBS—on the news. but sometimes you’ll get a critical thinking question.and personality-based. withdrew $12.7 percent in Zurich trading. Three other ex-Lehman bankers—Anthony Carango.” The bank is even “more selective given the current environment. then present to the managers. the firm “takes into consideration technical skills.S. “We compete for the best candidates. September 2008: A new face in fixed income UBS hired Jeffrey Mayer on as global head of its fixed income unit. has been in relatively high demand amongst financial firms—in May. clients U. the firm had hired five Goldman Sachs brokers based in Dallas who collectively had $4 billion under management. A spokeswoman for UBS admitted in a February 2009 interview that. GETTING HIRED Future All-Stars Applicants for employment at UBS are “competing with the best and the brightest in a large number of fields. Mayer. but UBS does not limit itself to only business degrees. Under the plan. but Mayer turned down the proposal. but have increasingly focused on candidates who are also selective about their opportunities. Howard and Carnegie Mellon.7 billion during the first three quarters of 2008.” explains one current insider. Cornell. We’re actively asking candidates where else they are interviewing and where else they have offers. and five brokers from Morgan Stanley’s Houston office with $2.” 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. Most of the fund’s money will be provided by the Swiss National Bank. the bank’s shares increased 9. October 2008: Picking up some Brothers After Lehman Brothers filed for Chapter 11 bankruptcy. Interview questions are mostly behavioral. an ex-Credit Suisse executive. 110 © 2009 Vault. fit and potential for career advancement within the firm. The hiring spree appeared to be an attempt to recoup losses in the early part of the year.3 billion in mandatory convertible notes. its U. Rohner’s resignation came amid UBS’s tax scheme controversy as well as recent defections and big market-related losses. offering them signing bonuses equal to 260 percent of the revenue they had brought in over the past year.” UBS recruits from schools in the Northeast.1 billion under management. UConn. speak and hear their competition. formerly co-head of fixed income at now-defunct Bear Stearns. Fairfield.” The Super Day “can be an intimidating event because every applicant is grouped together and one is able to see.S. candid environments similar to a trading floor.S. UBS hired Gregory Fuller to be a senior technology banker and Jorge Martinez to head up its Asian oil and gas unit. UBS picked up some of the firm’s top bankers.” “The number of applicants alone makes it difficult to get an interview. The “first-round interviews are either on campus or over the phone. Grübel. the firm hired more than 200 U. in which candidates are split into groups and given a case study to work and talk through. The fund will allow UBS to transfer $60 billion in toxic assets to the fund. October 2008: Finding a lifeline UBS received a financial lifeline in the form of a fund set up by the Swiss National Bank. UBS will also receive $5.” Rattle and roll UBS has a standard two round interview process. A vice president with the company says. . would be taking over for Inc. Pace. January 2009: Too-big bonuses? In spite of the investigation UBS is facing for allegedly assisting well-heeled Americans dodge taxes.” One source says that “this is done on purpose in an attempt to rattle candidates and see how one reacts to loud. JPMorgan Chase offered him the opportunity to vice chair its investment bank. including the Ivy League and NYU. Fordham. brokers in the fourth quarter of 2008. was largely responsible for turning that firm around and.” and its recruiters are “looking for ‘All-Stars’ or those with the raw material to become an ‘All-Star.The Vault Guide to the Top 50 Banking Employers.

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

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

Jefferies KPMG Lazard Moelis & Company Perella Weinberg Partners Rothschild UBS UPPERS • “ What insiders at other firms are saying • • • • “Strong advisory practice” “Okay” “Terrific restructuring practice” “They work like crazy” THE BUZZ 113 .HL. of Offices: 14 (Worldwide) KEY COMPETITORS Bank of America Blackstone Evercore Partners Greenhill & Co.HL.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 Angeles. of Employees: 800+ No. CA 90067 Phone: (310) 553-8871 Fax: (310) 553-2173 DEPARTMENTS Financial Advisory Services Financing Mergers & Acquisitions Restructuring THE STATS Employer Type: Private Company Co-CEOs: Jeffrey Werbalowsky & Scott Beiser No. 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.

Although it’s best known as a middle-market advisor. San Francisco. 10 for those with values up to $500 million. Los Angeles and Washington. Its ranking slipped slightly as the deals got larger. offices are located in Minneapolis. based on fees. and The Deal Pipeline named it the No. 114 © 2009 Vault.S..S. Houlihan Lokey requested fees of $500. General Motors. 4 for deals valued up to $50 million and up to $100 million. Chicago. Paris. In worldwide announced mid-market transactions. mergers and acquisitions. the firm has worked on more than 500 restructuring transactions worth a total of over $1.” he said. “Enron is the most complex bankruptcy we’ve ever worked on. “but it’s possible that the bankruptcy of Lehman Brothers may involve even more convoluted financial issues and relationships. mid-market advisory. 1 Investment Banking Restructuring Advisor.000 per month for the first six months of work and $400. According to court filings. The firm’s U. the firm ranked No.S. including those of Lehman Brothers.C. At the time of its Chapter 11 filing. Hong Kong.000 creditors. The legendary camera maker filed Chapter 11 in December 2008 after a fraud investigation involving Polaroid owner Tom Petters. reported $1. September 2008: Picking up the pieces of Lehman WorldCom’s $107 billion bankruptcy paled before Lehman Brothers’ spectacular demise in September 2008. Each year. WorldCom. Houlihan would receive a termination fee of $ Inc. Houlihan Lokey would receive an upfront fee of $300. which operates over 340 gyms in the U. for all deal value categories. but if a restructuring is successful. Atlanta.5 billion in debt. Houlihan Lokey also serves large public corporations and small private companies. Houlihan Lokey placed No. 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. Houlihan Lokey was also named Investment Bank of the Year in 2008 by The M&A Advisor. New York.25 percent of Polaroid’s court-determined value. Houlihan Lokey takes home several high-profile awards and recognitions. In 2008. refinancing or sale. the biggest of which are U. financial advisory services and restructuring. Dallas. IN THE NEWS January 2009: The Polaroid picture Houlihan Lokey was enlisted by the Polaroid Corporation to advise the firm on a reorganization. Beijing and Frankfurt. It also requested deferred fees of 0. spread across its worldwide network of offices. 1 in U. Enron and Conseco. its overseas operations can be found in London.4 billion in assets and $1.S. It also had over 100. the privately-held investment bank Houlihan Lokey now employs more than 800 people worldwide. California-based Houlihan Lokey’s business is divided into four groups: financing. to advise on its Chapter 11 filing in New York.The Vault Guide to the Top 50 Banking Employers. And in the past 10 years. If deals fall through within six months. Tokyo.000 a month to advise Polaroid on strategic options. Thomson Reuters ranked the firm No.25 trillion. though.000 for each subsequent month. December 2008: Spotting Bally’s Houlihan Lokey was hired by Bally Total Fitness Holding Corp. CEO Jeff Werbalowsky acknowledged that it would be a challenging job. Bally’s.000.05 percent for the first $30 billion of unsecured recoveries and 0. Bancorp (owed $247 million) and HSBC Holdings ($231 million).S. According to court filings. Thomson Reuters has ranked Houlihan Lokey No. Houlihan ranked No. 5 for deals valued up to $200 million and No. In addition.035 percent of all unsecured recoveries in excess of $30 billion.” At least it proved to be a lucrative job.000 plus $150. And once again. 1 in M&A deals with values under $2 billion. . and Mergermarket and the Financial Times dubbed it the Mid Market Financial Advisor of the Year in the U. D. 1 in U.. December 2008: Top of the tables According to the Thomson Reuters investment banking league tables for 2008. Houlihan Lokey was hired to advise the creditor’s committee in the case. 2010 Edition Houlihan Lokey THE SCOOP Worldwide reach Founded in 1970. Lehman claimed $639 billion in assets. affiliates and subsidiaries. Houlihan Lokey stands to earn 1. M&A fairness opinions over the past 10 years. based on number of transactions.S.

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

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

” and sources in Dallas. and insiders say it’s all up from here.” but that’s changing. and give Houlihan high marks for its commitment to GLBT diversity.” says a D.000 gallons of water per year. “We have green resources on our intranet that provides corporate updates on efforts. we have more flexibility in managing for the long term.” a source explains. “Since we’re a private company.” with “business formal” mandatory for client interaction. “It’s very refreshing.” declares a senior banker. promoting and mentoring.” While most insiders agree the firm is “held up by our stellar restructuring group.” There are still “fewer women on the senior level. According to one source.” “We have a ‘Going Green’ program where people can identify green initiatives.” In New York. which save 40. Another contact adds.” And one analyst notes. expert resume reviews. A Los Angeles source gives points for “adequate space. “Junior financial staff often work long hours but they are treated with respect and are never made to work on unnecessary. “Significant gains have been made over the past several years.vault. source. “I was pretty impressed with the number of women hired at both the analyst and associate level. “The head of my office is female as well as some of the more senior people. we have a more casual Friday policy where you can wear jeans.C. The firm does not trade and thus holds no bad assets—it has made solid decisions protecting it from any instability.” but “the walls are high enough” to offer some privacy. adds an analyst. and is fully receptive to for insider company profiles. say the digs are “very nice.” a managing director says.The Vault Guide to the Top 50 Banking Employers. The dress code is “business casual every day.” “We have made many steps in this area. “The work is exciting. I was surprised at how much Houlihan is doing to be green. others report that there are “openly gay bankers” in various groups. gaining Houlihan Lokey “employs minorities at all levels of the firm.” one contact notes. Gaining.” a contact says. conservative organizations. and we have a specifically assigned ‘Green Team’ to review and implement changes.C. in this environment. 2010 Edition Houlihan Lokey Many insiders report putting in at least 60 to 70 hours per week.” a Dallas source remarks. Since “the work is meaningful. “and we’re not done. good technology and support.” Steady does it There’s been only “one round of extremely minor layoffs” at Houlihan Lokey. Enough space for most While there’s “nothing remarkably luxurious” about the offices. 117 . value added and we make a difference. and a great location. they are “very spacious” with “ample room for file storage” and “updated” furniture.” Visit Vault at www.” a majority of Houlihan insiders say they don’t mind pulling a late night or checking in over the weekend.” “In a building filled with traditional.” The firm also replaced “bottled water and Styrofoam cups by distributing Nalgene bottles. Green from top to bottom “From the CEO down we are very committed” to environmental awareness. time-consuming tasks. Houlihan is “the best place to be in the financial world. “During the summer. the seating is “a bullpen of cubicles. expert advice. sometimes more—and it’s most intense in the first years.” paper reduction efforts and “water-free urinals.” praise is also given to the “very strong corporate finance and financial advisory practices that have held up well” despite trying times. career message boards. the Vault Job Board and more.” One recent hire remarks. and don’t take steps that drive short-term profitability at the expense of longterm stability and value growth.” The Chicago office “had a major upgrade completed recently. New York and D. which has meant changes like “electricity saving measures. Women can also be found “at all levels within the organization. as well as resources and tips for folks to take advantage of at work and home.” While some employees say they don’t know very much about GLBT coworkers.

P.jefferies. Handler 2008 Revenue: $1.jefferies. 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.68 billion 2008 Net Income: -$536. INC.1 million No. of Employees: 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.PRESTIGE RANKING 16 JEFFERIES & COMPANY. NY 10022 Phone: (212) 284-2300 www. 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. Morgan Lazard DOWNERS • “The hours” • “Constantly being tied to your BlackBerry” • “Recent downsizing and cost cutting initiatives” EMPLOYMENT CONTACT See “careers” at www.307 No. .

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

In London. Jefferies’ fixed income and commodities revenue (excluding high-yield activity) for 2008 was $238. Total revenue also fell. Additionally. Nearly every business line will be affected by the cuts. Jefferies brought on more than 50 new senior professionals in fixed income. January 2009: A rough year In synch with almost all of its peers. . a reduction of operating expenses. 7 in fees from deals with values up to $100 million.2 million. The firm’s net loss for the fourth quarter was $443 million. In fees from deals with values up to $500 million.3 million it booked in 2007. Jefferies ranked No. which had more than 250 professionals at the time. a healthy 71 percent rise versus the $139.” In December 2008. including the top-ranked health care research team from Credit Suisse. 2010 Edition Jefferies & Company. Other key hires in January 2009 included Stephen Volkmann as a senior equity research analyst in New York. dropping from $2. June 2008: Adding to its energy Jefferies named Ralph Eads III as chairman of energy investment banking. and No. which aren’t the first during the financial crisis for the firm—Jefferies cut 64 employees in 2007. Overall in 2008.The Vault Guide to the Top 50 Banking Employers. and Hal Kennedy and Leon Szlezinger as managing directors in Jefferies’ New York-based investment banking division. Bury. as part of a continued build-out of its equity department in London. Jefferies completed 130 M&A transactions worth a total of more than $45 billion. a huge change from the $144 million it booked for 2007. December 2008: Mid-market master Despite the slow merger and acquisition market in 2008. The increase in revenue was largely due to “increased customer flow” in Jefferies’ corporate bond. 16 in European announced M&A deal volume. 9 in fees from deals valued up to $200 Inc.71 billion in 2007 to $1. Jefferies posted losses for the fourth quarter 2008 as well as for the full-year 2008. CEO Handler credited the “unprecedented volatility” for the losses. Handler said the acquisition would offer Jefferies the chance to enter the municipal market in “a comprehensive and high quality way. saying in a press release that 2008 was “the worst year for the financial markets in our lifetime. Markaity and Christopher M.8 million (the vast majority of which was a one-time charge for the accelerated expense of stock-based compensation plans). falling 70 percent.4 million from $597. working on 29 deals worth a total of $1. and its advisory revenue fell 15 percent. saying that it had completed a “strategic review” and implemented changes to “restore profitability” in 2009 that included substantial staff cuts. risk reductions and “other” structural changes. 11. September 2008: “Best in Class” In Alpha magazine’s 2008 Hedge Fund Trading Survey. Jefferies ranked No. and trading expertise and market knowledge. revenue for the equities business dropped 17 percent to $495.” He added. In the nine months leading up to these new hires.2 million in 2007. working on 63 deals worth a total of $119. changes to compensation plans. Inc. sources told Fxsteet. However. prior to the year end. 1 in two categories: traditional execution. Jefferies ranked No. Jefferies issued a statement preparing the public for its results. On the European tables. the firm’s capital markets revenue took a huge hit. 120 © 2009 Vault. The rankings were compiled by surveying more than 300 hedge funds that use investment banks’ services.9 million in imputed fees. For worldwide M&A advisory fees on deals with values up to $50 million. Jefferies’ prime brokerage group received 53 Best in Class awards from Global Custodian magazine. Jefferies fared well in Thomson Reuters’ annual M&A rankings.56 billion. The firm also ranked No.” He also said the Depfa’s 70-plus employees would be integrated into Jefferies’ fixed income department. and Stephen Straty and David Rockecharlie as co-heads of energy investment banking. Jefferies ranked No. Daniel B. that the firm kicked off 2009 with its “strongest opening balance sheet ever. 9. Jefferies added seven new health care research analysts and sales professionals. In terms of performance across the key Jefferies business divisions. and mortgage-backed securities trading December 2008: Cuts across all lines Approximately 10 percent of Jefferies’ 2. in addition to “declining competition.” Meanwhile. as managing directors and co-heads of the firm’s fixed income rates business. while the net loss for the year was $538. treasury and agencies.465-strong workforce will be cut. January 2009: Movin’ on up Jefferies hired two former Merrill Lynch veterans. emerging markets.68 billion in 2008. though.

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

which features “lectures from different industry and product groups throughout the firm.” The firm also offers a mentor program.” He adds. the general consensus is that offices are “not ultra-luxurious. Some of the senior managers are very understanding of the time requirements for junior bankers.” This breeds an atmosphere that “is competitive yet not cut-throat.” An associate advises that you should “expect to work on the weekends.” High exposure Junior employees “have a lot of exposure to senior members of the firm. and Friday evenings are typically considered a no-fly zone. “The firm has a positive vibe—we’re performing a lot better than most other investment banks and have not needed government aid. One employee explains. as senior bankers “will socialize with junior bankers and take them out to dinner.” Analysts receive a minimum of a $60.” There are a few problems.” but say that “fixtures are slightly dated.” On-call employees Like many investment banks. Analysts will usually be in business casual due to their extremely long hours in the office.” One employee cautions that the work is more intense for those starting out. you will be working long hours.” Another contact says that “the hardworking culture and small deal teams can add to the hours spent at the office. however. saying.” Big city living The quality of Jefferies’ office space varies by location.” In Los Angeles.” There have been some cuts for budget reasons. so it’s very difficult for many of the non-business students to keep up with training. In New York.” One employee says.The Vault Guide to the Top 50 Banking Employers.” The dress code is business casual. saying.” Pampered workers Sources report that “Jefferies tends to pay on the higher end of the market to recruit talent. report that “people have the independence to work and take on responsibility as they are able.” Another source adds. Inc. “there is ample space to work and stretch out. Jefferies expects its employees to be “on-call 24/7.000 starting salary.” An employee in Houston boasts that the Texas office “has nice comfortable chairs. 2010 Edition Jefferies & Company. Associates dress formally or in business casual attire depending on if they have client meetings. One employee complains that there is “very little emphasis put on development. and sources say that “on-the-job training is also very thorough. One employee says that “some people wear suits every day. and associates receive a minimum of a $95.” Jefferies has made a solid commitment to green initiatives with a “green committee and a renewed commitment to recycling. while others do not necessarily care how many hours analysts work.” 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.000 starting salary. with most analysts out of the office before 8 p. “Jefferies is in an energy star building with recycling initiatives all around.” but notes that “efficiency is stressed.m. “Senior bankers usually dress formally.” Training the Street There is a generally positive feeling about Jefferies formal training programs.” Another explains the dress code in more detail. “Besides competitive salaries and bonuses. but it is difficult to plan your own personal time given the unpredictability of client requests.” 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.” and the “review process entirely lacks detail and provides nothing you can build Inc. “I have not been micromanaged once. Jefferies pays analysts a $10. “There is constant interaction—more than at other banks—and senior bankers want to see their junior bankers learn and have a good experience. but one contact says that “Jefferies tends to pamper their employees even during the hard times.” There is also an in-house training process.000 early sign-on bonus for returning interns.” Overall.” but men are “expected to have dress slacks and a dress shirt. it will be a nice surprise.” but employees “have what they need.” One employee reports that the green committee “speaks once a month regarding different initiatives.000 signing bonus with an extra $5. with some variation based on what level or department you are in. The work is not necessarily difficult. employees report having a “nice office with great view of Los Angeles and the Pacific Ocean.” 122 © 2009 Vault. “As a first-year employee. and the Internet infrastructure could definitely be improved. which use “Training the Street”—”basically the industry standard for analyst and associate training.” The only real drawback to the formal program is that it “assumes incoming analysts already have a finance or accounting background. and a brand new state-of-the-art.” but stresses the fact that “jacket and tie are optional. . in-house conference center to hold meetings. and the trend differs among junior bankers. including weekends.” The firm also “reimburses the bulk of moving expenses such as brokers’ fees and offers assistance in finding a living space.” Ladies “can get away with a variety of clothing.” The relationships are more than just business. so if you don’t have to.” Another source notes that “the experience with managers varies considerably.” In New York.

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

.87 billion 2008 Net Income: -$20.P. Institutional Clients Group: John Havens 2008 Revenue: -$7. of Offices: 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. Goldman Sachs J.1 billion No.citigroup. 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. (Citi) CEO. of Employees: 309. Pandit 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. Citi: Vikram 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 Inc. NY 10013 www.000* No.

Parent Citigroup Inc. meanwhile. Although Pandit lowered the bank’s costs and allowed reinvestments in growth in 2007.. According to Thomson Reuters. after two years of “flat” returns that caused $200 million of write-downs in the first quarter 2008. 125 .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. Prince III). Citi ranked No. Citi made some significant changes to its structure. Visit Vault at www. the firm received a U. IN THE NEWS April 2009: Fraud charges for tipoff Federal prosecutors charged ex-Citi banker Maher Kara with securities fraud. (On a side note.7 billion. replacing interim chief executive Sir Winfried Bischoff. but the financial storm in the recent past has not been kind to this global giant. Pandit would have to address the firm’s risk management practices to win back the confidence of staff and investors. the hedge fund that Pandit set up after leaving Morgan Stanley. Pandit joined Citi just after it purchased Old Lane Partner.) At the time of his appointment.11 billion loss in the first quarter 2008).S. Pandit succeeded Chuck Prince (Charles O. which spanned three years and ultimately brought in $6 million in illegal revenue. Citi was revered as the world’s largest banking and financial services group. 3 in worldwide debt and equity underwriting volume. Citi decided to close the hedge fund.8 billion. Two months later.vault. The scheme. expert advice. a 99 percent increase versus the first quarter of 2008. Pandit’s job has not been easy. No. career message boards. Smith Barney. who became chairman of the board as well as remaining chief executive of Citigroup in Europe. the firm was still near the top of the investment banking heap in 2008. a new accounting rule letting Citi take a one-time gain of $2. transaction services and alternative investments. Prior to its rebranding. Federal Reserve bailout of $45 billion. 3 in worldwide announced M&A for insider company profiles. and No. which was sold to long-time rival Morgan Stanley in January 2009. by the end of the year. who had taken his post in 2003 amid some shareholder frustration that Citi’s stock price wasn’t matching that of its peers. Even so.000 since the beginning of 2009. Revenue. January 2009: Selling Smith Barney Citi agreed to combine its Smith Barney brokerage unit with New York-based Morgan Stanley’s brokerage division. 2010 Edition Citi Institutional Clients Group THE SCOOP Down but not out Citi Institutional Clients Group. Citi has over 200 million customer accounts in more than 100 countries around the world.S. offers a full range of investment banking services. merging markets and banking with alternative investments to create one group called institutional clients.S. was rebranded as simply “Citi” back in 2007. Citi’s capital markets businesses suffered from slowdowns in the credit markets and losses linked to mortgage-backed securities. taken $45 billion in assistance from the U. industry commentators noted that in the wake of the losses the group was hit with under Prince. one of the main units of global banking behemoth Citigroup Inc. announced M&A deals. restructuring advice. Vikram Pandit became the chief executive of Citigroup. Look who’s on top In October 2007. and unfortunately for Old Lane. The positive numbers were propelled by increased fixed income trading revenue. expert resume reviews. the following year was not so peachy. government and shed some assets—including its brokerage arm. 2 in U. In 2008. skyrocketed to $24. It was reported that Morgan Stanley is expected to acquire full control in phases over the next five years. in effect selling a 51 percent majority stake in the joint venture for $2.The Vault Guide to the Top 50 Banking Employers. debt and equity underwriting. concluding five consecutive quarters of losses (including a $5. Citi’s stock value had dropped to $21 billion from $300 billion two years earlier. alleging that he had informed his brother of insider information regarding imminent mergers.6 billion in net income for the first quarter 2009. In addition to the institutional clients group. which has seen billions of dollars wiped off its market value. 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. April 2009: Good news on the earnings front Citigroup booked $1. the Vault Job Board and more. landing in the top three on numerous league tables for the year. The realignment came on the heels of a 60 percent drop in net income for the third quarter 2007. in December 2007. including merger and acquisition advisory. And. As many expected. Citi’s main business divisions include consumer banking and global cards. 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.

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

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

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

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

of Employees: 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.hsbcusa. . EMPLOYMENT CONTACT See “careers” section of www. Mettawa.hsbcusa. UPPERS • “Committed to a good work/life balance” 26525 North Riverwoods THE STATS Employer Type: Subsidiary of HSBC Holdings plc CEO: Brendan McDonagh 2008 Net Income: $91 million No.PRESTIGE RANKING 18 HSBC NORTH AMERICA HOLDINGS INC. IL 60045-3428 Phone: (224) 544-2000 www. 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.S.866 No.

The vast majority of its 460-plus branches are in the state of New York. And. subprime market. credit cards. to the village of Mettawa. but others can be found in Connecticut. Washington State. HSBC North America Holdings contains the U. private banking. the bank opened branches throughout China. It has not had to take any government bailout money.K. British parent HSBC Holdings is one of the largest financial services firms in the world. North and South America.. as well as the Mercantile Bank. HSBC Canada and the HSBC Finance Corporation. D. the Hong Kong and Shanghai Banking Corporation acquired the British Bank of the Middle East. Hong Kong SAR. Construction began on a new 440. which provides retail banking. Oregon. Asia. HSBC took its internationalism a step further in 2002 by marketing itself as “the world’s local bank. six years after purchasing the two banks. almost a century into its existence. is intended to “support our continued growth plans while offering the greatest convenience for the overwhelming majority of our Chicagoland employees. McDonagh’s no stranger to HSBC.A. Maryland. HSBC France. and HSBC Private Banking Holdings (Suisse) S.000 square-foot campus and occupancy started in early 2008.2 billion transaction was complete. insurance and other consumer services. Virginia and Washington. Florida. In addition to being known throughout the world for its size. Household International and HSBC Bank USA N.400 employees installed by summer’s end.. In 1965. HSBC has remained relatively (though not completely) unscathed. HSBC’s business lines are commercial banking. 131 .S. the Channel Islands and the U. THE SCOOP North American arm As its name implies. the global banking group has about 9. with nearly 2. the Hong Kong and Shanghai Banking Corporation bought a controlling interest in the Hang Seng Bank. and global banking and markets. Also booted in the housecleaning was HSBC Bank USA executive Sandy Derickson. when Thomas Sutherland. HSBC was established as the international and uniform brand name in order to better promote the banking group as a whole in 1999. the Vault Job Board and more. Ill. Headquartered in London.K. and Canadian businesses of London-based HSBC (the name’s an acronym of its predecessor. HSBC North America announced plans to relocate its corporate headquarters from suburban Prospect Heights.A.S. HSBC was one of the first banks to be hit by the crisis. following the ouster of former chief Bobby Mehta. Singapore. who had been vice chairman of HSBC Finance.C. Change of address In 2006.500 and more than 310. New Jersey. However. expert advice. A storied history HSBC’s origins stretch back to the mid-19th century. Hang Sent Bank Limited in Hong Kong.000 employees throughout Europe. Luxembourg. about 13 miles north. By all for insider company profiles. with a truly international presence and established local presence in so many countries. HSBC’s largest and most-recognized subsidiaries include HSBC Bank plc in the U. over the coming decades and then century. Visit Vault at www. and opened offices in both Shanghai and London. which became HSBC Finance Corporation after the $14.S. HSBC is preparing to stay at its new headquarters facility for quite some time—it’s leasing the space for 13 years. With $580 billion in assets. personal financial services.S. 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 Hongkong and Shanghai Banking Corporation. Delaware. Monaco. the North American group includes HSBC USA. The Hong Kong and Shanghai Banking Corporation Limited was founded in 1865. Africa and the Middle East. The building. Southeast Asia and the Indian sub-continent. which had been based in Hong Kong since 1933. remaining one of the better capitalized banks in the world. thanks (or no thanks) to the 2003 acquisition of mega-lender Household International. in Switzerland..000 people..” according to executive vice president Steve Gonabe. 2010 Edition HSBC North America Holdings Inc. HSBC has earned a reputation for being a well-run organization. which had banking operations in India and South East Asia. career message boards. with an option to renew for up to 30 years. In 1959. Illinois. which was originally known as the Imperial Bank of Persia and had a number of operations in the Gulf Arab states.vault. The cause of Mehta’s troubles was fallout from HSBC Finance Corporation’s exposure to the U. lending. 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. expert resume reviews.” an approach that’s still taken by the firm. which can accommodate up to 3. also further expanding in Europe and North America. Before assuming the top spot he had served as chief operating officer of the bank’s North American consumer finance business. In the U. While many other large banking groups have struggled in the midst of the worldwide financial crisis that began in 2007. in the U. though. which remains part of HSBC’s global business and the largest bank in Hong Kong).The Vault Guide to the Top 50 Banking Employers. California.

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

D. and I feel comfortable consulting with my managers if I’m confused.” “The department I work for has made tremendous efforts to accommodate me. serving existing ones.” The culture is “collegial. HSBC executives didn’t rule out the prospect of further cuts in the near future. employees report an “overall very good” experience.” “Tell me about a time where you used something you learned in your studies. 133 . office.000 employees.. Out of a then-global workforce of 335. having had already booked write-downs of $18. the dress code is “formal when working with clients.” Visit Vault at www. staff had to go Though HSBC may not have had to open its hands for government bailout funds. they want to get a feel for you as a person. it ranked as the No.The Vault Guide to the Top 50 Banking Employers. provided that they have what it takes.” One example of this comes from an for insider company profiles.” (For the latter. Morgan.” Settle in The interviewing process varies and seems to include a bevy of different questions asked by interviewers. mergers and acquisitions tables. group interviews. In fact. one insider suggests. expert resume reviews.100 jobs worldwide. HSBC announced it would be cutting 1.P. your contribution and what you ultimately learned from it. 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. expert advice.” And even though it can be “demanding. half were to be from the U.” 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.” “personal achievements” and “willingness to work long hours. Still. They were very willing to accommodate me with a special schedule. “each candidate is discussed and an offer is extended only to those on whom all interviewers agree. applying it to a real business situation. representing 4 percent of its global banking and market division. “Briefly explain the situation. offices. your role. The Brit-centric bank didn’t place on the U. “including implementing a scent-free office.” 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.7 billion dollars since the crisis kicked off in 2007. who says HSBC accommodated his “severe allergies. it did have to make thousands of job cuts in the wake of the worldwide financial crisis.” but “a big part of getting hired is your timing and the position you’re applying for. the Vault Job Board and more. “There is a good dialogue that goes on.” “people are friendly. rest assured that “the bank is committed to a good work/life balance in theory. However. In September 2008.” warns one insider. UBS and J.” After the process concludes.” and “What recent events may have an influence on HSBC?” In addition.” Potential candidates must go through “several rounds of one-on-one interviews. 2010 Edition HSBC North America Holdings Inc. and case studies. the only office that seems to follow a formal dress code is the Washington.” Expect up to seven individual and group interviews that include the standard “background and experience questions. career message boards. HSBC assured onlookers that the cuts only affected a miniscule 0.C. “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.”) You might also have to field these: “Tell me an example of a time where you realized more than what you expected.” Life at HSBC The dress code at HSBC is “business casual Monday through Thursday. and has an ongoing campaign to be a best place to work. at the time of the announcement. right behind Citi.” OUR SURVEY SAYS Striking the balance While long hours at the firm might be in the cards. less than two weeks after the collapse of New York-based investment bank Lehman Brothers.K. 4 bookrunner. Of this number.” Though. be ready to answer this one: “Where do you see this company in five to 10 years?” Most of all.vault. GETTING HIRED More of a challenge “If anything. HSBC’s recruitment process is getting tougher.” When it comes to treatment by management. analytical and verbal tests. sales meetings and one-on-one meetings with branch managers who would push us to reach the numbers. “jeans and casual clothing” are permissible.” You might also be asked about your “educational background.” but on Friday.S. As far as qualifications go.” he explains. the firm tends to “select the best. it will “interview applicants from any school.” but “life in the branch was revolved around getting new customers. September 2008: When the times got tough. but in global IPOs.3 percent of its workforce.

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

solvent. What insiders at other firms are saying • “Wachovia savior.PRESTIGE RANKING 19 WELLS FARGO & COMPANY KEY COMPETITORS Bank of America U. of Offices: 11.66 billion No.S. wants to keep employees for life” • “Less of a competitor. strong with Wachovia. Kovacevich CEO & President: John Stumpf 2008 Revenue: $41.9 billion 2008 Net Income: $2. Bancorp Washington Mutual 420 Montgomery Street San Francisco.000 No.000 (branches) DOWNERS • “No race in senior management other than white” • “Salary increases are relatively low for non-bonus positions” EMPLOYMENT CONTACT 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. of Employees: 276.wellsfargo. reputable” • “Decent regional bank” • “Exceptional credit training. but has a friendly feel” THE BUZZ 135 . CA 94163 Phone: (866) 249-3302 www.wellsfargo.

By the 1980s. agricultural finance. the American public (and press) called for many TARPsponsored CEOs to give up their bonuses for 2008. trust services. wholesale banking. equipment finance. foreign exchange.S. In the 1990s it returned to the rest of the country.000 branches throughout the nation. Chicago. In the 1860s. Wells Fargo’s network was commandeered by the American government as part of its World War I efforts. insurance brokerage. insurance and trust services. leaving the bank with just one location in San Francisco. it took over the routes of the short-lived Pony Express. the seventh-largest premium finance company in the United. commercial finance. notes and other valuable assets. The Wells Fargo empire Wells Fargo & Company is a financial holding company and a bank holding company. Louis-based Insurance Brokers of America. including investment. leasing. providing retail. From its office in San Francisco. Boca Raton. specialized lending. Iowa. Wells Fargo Financial is headquartered in Des Moines. Before the merger.S. The Insurance Brokers of America is a small company that offers risk management services including property and casualty and employee benefits coverages. it sealed its reputation for trustworthiness by opening its famous stagecoach line. In 1918. trade services. This division operates mostly in the Midwest and West.66 billion in profits. home and consumer finance. Fargo & Co. wholesale banking. services 48 million banking households. It is headquartered in Denver with offices in San Antonio. Wells Fargo was a major presence in California and the seventh-largest bank in the nation. In 1861. consumer and private-label credit cards and commercial services.000 people and boasts 11. during which Wells Fargo booked $2. Their firm offered banking services (buying gold assets and selling paper bank notes in exchange for gold) and secure express delivery of gold.The Vault Guide to the Top 50 Banking Employers. Midwest and some Eastern states.” And in March 2009. because the bank did not hit certain performance goals. auto financing. funds and services insurance premium finance contracts.8 million for the year. North America. with $71 billion in assets. though. mortgage-backed securities and venture capital investment. treasury management. opening locations throughout the West. Through subsidiary arms. Puerto Rico and recently expanded to the Pacific Inc. Philadelphia. Wells Fargo offers securities brokerage and investment banking. receive a cash bonus. its mortgage and home equity business spans all 50 states. and investments and insurance. which made trips through the then-Wild West to ensure delivery across the country. Wagons west Henry Wells and William Fargo founded Wells. Boston. Salary insanity After banks began accepting money under the U. Wholesale banking includes corporate banking. provides real-estate secured lending. capital markets and institutional investments. in 1852 during the West’s gold rush. Finally. The first was its acquisition of St. The new behemoth has $1. Services provided by the community banking business include products for individuals and small businesses. asset-based lending. some of the largest being community banking. employees 276. becoming a regional bank in northern California and operating in San Francisco as a banker’s bank for the region. As of January 2009. (“WFC” to traders). Wells Fargo grew to include offices in other Western mining towns. and San Francisco. mortgage banking. 10 Canadian provinces. government’s TARP program in late 2008. The new company is the largest retail branch banking network in the country. creating the fourthlargest bank in assets in the U. the company went on to acquire the Flatiron Credit Company. In May. his compensation for 2008 became public knowledge: he took home $13. It operates in 48 states. He did not. Flatiron Credit Company was a subsidiary of TD Banknorth. Details of the deal were not disclosed. Wachovia formerly traded under the stock symbol “WB” but will now trade under the umbrella of Wells Fargo & Co.4 trillion in assets. Wells Fargo Financial. 136 © 2009 Vault. Before the big one Wells Fargo completed several mergers in 2008 before its historic acquisition of Wachovia. It has over 80 lines of business. Stumpf was on record saying that his bonus was within “the purview of the board. commercial real estate. The Flatiron Credit Company originates. commercial and corporate banking services. Wells Fargo rebuilt in the 20th century. 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. data processing. . consumer finance. advisory.

loan syndications and merger advice.55 billion for the fourth quarter 2008 (compared with a $1. thanks to low mortgage rates that helped homeowners to refinance. which became the owner of Evergreen after buying Wachovia Corp. Bloomberg for insider company profiles. the Vault Job Board and more. The firm celebrated the achievement by holding a series of events. 137 . April 2009: Evergreen’s not up for grabs In April 2009. The bank also said it plans to make $2 billion more in unidentified cost cuts in 2009. Revenue for the quarter dipped slightly. the bank could convert government preferred shares to common equity. Despite the dividend cut. expert resume reviews. deposits increased 1. Meanwhile. which will be concentrating on services for outside clients. a film about the first self-made female millionaire. which received about $25 billion in Troubled Asset Relief Program funding in 2008. May 2009: More capital needed In May 2009. regulators told Wells Fargo that the bank needs approximately $15 billion in new funding as the outcome of its stress test came to light. February 2009: Reaching a 10-year goal In the year when the first African American president was elected. Wells Fargo’s CEO John Stumpf said the firm will “return to a more normalized dividend level as soon as practical. it came in two years ahead of schedule.4 percent to $756. 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.” adding that the firm will reimburse the government for its $25 billion loan to the bank under its Troubled Asset Relief Program. beginning in the second quarter.36 billion profit in the fourth quarter 2007) as the bank struggled under mortgage assets it took on when it acquired Wachovia. Instead of raising capital privately. a cost-cutting measure that the bank says is likely to help it save about $5 billion a year. March 2009: Slashing its dividend Wells Fargo decided to cut its dividend by 85 percent.2 billion. Wells Fargo’s plan comes at an ideal time. insiders told Bloomberg. Wells Fargo achieved its 10-year goal of lending $1 billion to African-American business owners nationwide. The firm set this goal in 1998 with the expectation to complete the program by 2010. however. Wells Fargo.vault.5 billion.02 billion from $10. said it will be paying back those funds in order to re-establish its dividend as soon as it can. 2010 Edition Wells Fargo & Company IN THE NEWS July 2009: Above expectations For the second quarter 2009. insiders told the New York Post. just in time for Black History Month in 2008. The results were more than 50 percent higher than the net income the firm booked in the first quarter 2007. also posted revenue of $22. Through the new group. career message boards. Wells Fargo’s thrifty actions didn’t stop there. known in the industry as a warehouse lending division. Wells Fargo will offer services including fixed-income trading. rising to $21. The figure was a 47 percent increase from the same period in the previous year. falling to $9. April 2009: New group on the horizon Wells Fargo will open a division that will supply independent mortgage bankers with funding. shattering analysts’ predictions of 34 cents a share. giving Wells Fargo the opportunity for more prospective clients in the wake of additional foreclosures. up from $11. The bank may ultimately spend $4 billion on the unit. or 57 cents per share. January 2009: Not going well for Wells Wells Fargo reported a net loss of $2.21 Visit Vault at www. Such divisions are typically used by mortgage banks to create loans and retain the mortgages until they sell. too. including multiple screenings of Two Dollars and a Dream. largely due to the acquisition of Wachovia Corp. In early 2009. Wells Fargo booked record net income of $3. The bank.. Wells Fargo. assisted by its purchase of Wachovia. Revenue for the quarter also increased. Wells Fargo posted net income of $2.56 billion. However. JPMorgan Chase and PNC Financial Services Group both shuttered their warehouse lending divisions. April 2009: A record quarter In April 2009.82 billion from $10.46 billion in the second quarter of 2008.58 billion. expert advice.The Vault Guide to the Top 50 Banking Employers. has notified potential Evergreen purchasers that it won’t be selling the money-management company.05 billion for the first quarter 2009. The bank. plans to christen the new division Wells Fargo Securities. Wells Fargo said the investment management business Evergreen Investments wasn’t for sale.

” Candidates must exhibit “strong knowledge of finance. At Wells Fargo. more than a dollar below its actual price of $28. September 2008: A pitched battle The merger to acquire Wachovia was hard fought.7 billion it created in reserves to guard against losses. the firm’s director of environmental finance.16 billion in stock for the struggling financial giant. A session of legal wrangling followed. Though the bank attributed the loss to the $21.” October 2008: Taking TARP After the market crash of September 2008. It proved its commitment to the green sector by announcing that it had provided more than $3 billion to environmental financing. 2010 Edition Wells Fargo & Company billion.000 jobs in the coming years in order to keep the company running. and minimizing that is going to be the challenge for everybody in this company. Wells Fargo’s green projects include a $2 billion commitment for building projects which are approved by the U. The firm had to wrest a seemingly done deal from the hands of Citigroup. . January 2009: Losing employees In the current financial environment. the infusion of taxpayer money may make the company more accountable for its actions than it has been in the past.The Vault Guide to the Top 50 Banking Employers. LEED requires that buildings have improved energy and water efficiency. Though Citigroup soon dropped the legal challenge that would have prohibited Wells Fargo from acquiring Wachovia. experiences and leadership abilities.6 billion. it seems that all employees at the big banks fear that their jobs are on the line. Wells Fargo held a share offering which raised $12. Wells Fargo received $25 billion of the TARP pie.” Wells has “high standards when it comes to ethics.” but generally speaking. down considerably from the $8. it still plans on seeking nearly $60 billion worth in damages. Green Building Council’s Leadership in Energy and Environmental Design (LEED). the firm is “very competitive.S. Wells Fargo offered Wachovia $15 billion in a deal that required no government intervention. who had offered the bargain basement price of $2. “many good candidates are turned away. The fresh infusion of cash will provide Wells Fargo with capital in advance of potential losses from Wachovia’s troubled assets. The company has also invested approximately $700 million in green energy in the form of solar and wind plants. The company raised two and a half billion more than its target goal of $10 billion. CEO John Stumpf told the Charlotte Observer in January 2009. $500 million in green businesses that support environmental sustainability.” as there are “only a few spots every year for entry-level analysts. “I’m not going to kid anybody here. Citigroup filed a lawsuit seeking $20 billion in compensation and $40 billion in punitive damages for interfering in its deal. which are expected to amount to approximately $74 billion. “There were four of us picked out of an applicant pool of 800. December 2008: The green zone Environmentally focused investments are a “significant new area of business for Wells Fargo” according to Barry Neal. November 2008: Capital raising In order to subsidize the $15 billion merger with Wachovia. full-year revenue looked a little brighter. coming in at $42. While full-year 2008 net income came in at $2. especially with 138 © 2009 Vault. on-site renewable energy. Applicants for the firm’s commercial banking team must have “a good foundation in business and accounting. There will be some job loss. The firm offered its shares at a discount $27 per share. a 7 percent increase from 2007. though CEO John Stumpf insisted to the press that the company didn’t “need or ask for” the extra funds. However. and $50 million for nonprofits that work on improving the environment in low to moderate income communities. The merger became official on December 31.” Because of this. 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.” especially since the “economic down turn and cost-cutting measures” have resulted in fewer full-time hires. GETTING HIRED Get serious about banking Selectivity at Wells “depends on what office you are applying Inc.84 billion.06 billion the bank posted in 2007. resource conservation measures and clean air quality. 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).” According to one Minneapolisbased source.77 per share at the time of the offering. it seems that the fears may have some grounding in reality.23 billion.000 to 28. including a bid by Citigroup to prevent the merger. just days after Citibank’s offer. it said that it will not be seeking additional funding from the government. 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. grades. However. going above and beyond a goal it had set to provide $1 billion by 2010.

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

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

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

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

In 1982. entertainment. The Allen family still owns a chunk of Coke shares and there’s been some boardroom back-and-forths. including the founding Allen family. with an estimated net worth of $2 billion. exclusive advisory and wealth management work with some of the biggest names in corporate America. creating a limited-liability company called Allen & Co. the (very) private company is now helmed by the third generation of Allens. George Tenet. 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. The exclusive executive retreat has become ground zero for big media deal director (and media M&A powerhouse) Nancy for insider company profiles. Then-CEO Herbert Allen had bought a controlling stake in Columbia Pictures in 1973 (he paid just $4 per share for the legendary studio). took over the operations of Allen & Co. thanks to a relationship that dates back to 1982.. Since its first deal with Coke Allen & Co. attracting the likes of Barry Diller. The firm is an institutional broker and money manager for high-net-worth individuals.S. Senator Bill Bradley. former Major League Baseball deputy commissioner. which remains alive as an investment vehicle for the Allens. expert advice. As for CEO Herb Allen.’s closest ties are to Coca-Cola. the Disney/ABC tie-up and the 20-year.The Vault Guide to the Top 50 Banking Employers. Allen pocketed $45 million and earned himself a seat on the Coke board. no sprawling menu of financial services. 227. The event is widely covered by business media outlets. Michael Eisner. earned over eight decades of semi-secretive. $400 million deal that gave Citigroup naming rights to the Mets ballpark. Visit Vault at www. no employment contact and no formal recruiting process. no barrage of press releases touting recent deals.. seeded with $40 million of Allen family capital. In the 2008 edition Herb Allen and family ranked at No. The LLC. career message boards. Founder Herbert Allen relinquished control to his son Herbert Anthony Allen in 1966. 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. It’s also been behind the scenes of such headline-worthy deals as Time Warner/Comcast’s purchase of Adelphia. sports.vault. LLC. communications and technology sectors—this tiny boutique was a player in Google’s 2004 initial public offering. paying a whopping $750 million. Inc. helping it win a number of prestigious clients. the firm quietly revamped its legal structure. each of whom has the same first name. which dispatch reporters to eavesdrop around the closed-door meetings in the hopes of breaking news about a hot deal.” The cream of the crop Many boldface names have made their way onto Allen & Company’s list of managing directors. and his son Clarke joined the bank’s institutional sales group. 143 . it also provides M&A. Sumner Redstone and Oprah Winfrey. Bill Gates. is always Herb. underwriting and related advisory services. no research division. Among them are former U. raking in millions of dollars in advisory fees. The place to be By all accounts. The firm regularly ranks as one of the top-25 M&A advisors by deal volume each year. the Vault Job Board and more. is always Herbert.) When Herb Allen began his tenure as CEO. Coke bought Columbia. took the reins in late 2002. What Allen & Company does have is a platinum reputation and serious mystique. 1982 was a very good year for Allen & Company—that’s also the year the firm launched its annual media conference in Sun Valley. Idaho. (Rule of thumb around the Allen world: Allen Sr. too: Coke president Donald Keough became chairman of Allen & Co. the former director of the CIA. has done over 15 subsequent deals and underwriting assignments for the soft drink giant and its affiliates. Priceline. while Allen Jr. Coke is it Most of Allen & Company’s clients hail from the media. Herbert Anthony Allen Jr. 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. the marquee deal also catapulted Allen & Company into the upper echelons of i-banking. Three-Herbert firm Founded in 1922 by brothers Charles and Herbert Allen. expert resume reviews. But Allen & Co. and Steve Greenberg.

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

Finance. of Offices: 6. Global Human Resources.PRESTIGE RANKING 21 BANK OF AMERICA CORPORATION KEY COMPETITORS Citigroup Goldman Sachs JPMorgan Chase Morgan Stanley Wells Fargo 100 North Tryon Street Charlotte. 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 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 www. Global Marketing & Corporate Affairs) Global Banking & Wealth Management Global Card Services Global Markets Home Loans & Insurance UPPERS • Big.bankofamerica.98 billion 2008 Net Income: $4 billion No.bankofamerica.802 DEPARTMENTS/DIVISIONS Consumer & Small Business Banking Corporate Units (Global Risk Enterprise Technology & Delivery. of Employees: 284. Lewis 2008 Revenue: $73.100 retail bank offices • Merrill acquisition = culture in flux + uncertain future • Training could use improvement EMPLOYMENT CONTACT www.

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

these banks would grow with the country. Bank of America acquired FleetBoston Financial for $47 billion dollars. institutions and corporations and small businesses. who founded the firm in New York City in 1914. In 1991. Trust in 2007. Bessant. he was already serving the company as president of consumer and commercial banking and chief operating officer. BofA said that Brian Moynihan. while living in a rented room at the YMCA. Industry watchers have indicated that Sontag’s departure may point to an overall wearing down of the Merrill culture.S. the bank paid $35 billion for the MBNA credit card business. said in a statement. Merrill Lynch had established itself as one of the world’s leading wealth management. IN THE NEWS August 2009: Bessant’s new role Bank of America named veteran Cathy Bessant as president of its global corporate banking division. Two centuries later.100 people worldwide. Lewis was named Banker of the Year by American Banker magazine. and the bank expanded rapidly through the 1970s and 1980s. the Vault Job Board and for insider company profiles. which has seen a number of exits as of late. which. offices. expert advice. From these meager beginnings grew a firm with about 900 offices in 40 countries and total client assets of approximately $1. Before being acquired by BofA. In spring 2007.vault. will also head up BofA’s global corporate and investment banking unit. And in 2008. The bank hired Sallie Krawcheck. which acquired BankAmerica in 1998 to become Bank of America. capital markets and advisory companies. N.S. Bank of America purchased the U. Merrill’s history The “Merrill” in Merrill Lynch was Charles E. career message boards. who headed up the company’s global product solutions unit. Tom Montag. and in 2006. Time magazine included Lewis on its “The Time 100 List” identifying him as one of the 100 most influential people in the world. The deal was completed in October 2007. Sontag. The moves “position a number of senior executives to compete to succeed me at the appropriate time. will work out of the company’s headquarters in Charlotte. Tom Montag.-based LaSalle Bank Corporation and its subsidiaries. The new entity was mighty in that its business reached throughout the country.6 trillion. Additionally.The Vault Guide to the Top 50 Banking Employers.” CEO Kenneth Lewis said in a statement. insiders told The Wall Street Journal. expanding and merging with smaller firms and businesses. The bank acquired U. president of BofA’s global markets and corporate and investment banking divisions. 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. former head of global wealth management at Citigroup. Sontag indicated that he was leaving voluntarily. in the swinging 1960s. As decades past and the population expanded. who will report directly to Montag.S. expert resume reviews. He met his partner. 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 served. 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. NCNB’s model proved popular. NCNB merged with Citizens & Southern National Bank (C&S)/Sovran Corporation to form NationsBank. had operations in Great Britain and Canada. Visit Vault at www. as head of its global wealth and investment management business. In 2007. chief executive officer and president of Bank of America in April of 2001. But that wasn’t all for growth and consolidation. These banks were among the first banks in the United States of America. head of its global corporate and investment banking and global wealth management units. would be taking over the reins as the bank’s head of consumer banking. will work on “bringing together our corporate bankers with product-delivery officers to oversee industry groups” in her new role. As of mid-2008. Edmund Lynch. 147 . had held his brokerage hear role since January 2009. the firm employed nearly 63. Bank of America’s growth ambitions were once again the subject of business headlines. BofA confirmed that Liam McGee. in addition to its U. serving private clients. who had been with Merrill since 1978. before acquiring Merrill in September.S. the head of BofA’s global markets division. In 2004. August 2009: Hiring Sallie Bank of America confirmed several management changes.C. 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. Merrill. In a conference call. Bessant. In 2008. diversified financial services holding group Countrywide Corporation in an all-stock transaction worth about $4 billion. head of its consumer and small-business banking arm. is resigning. 2010 Edition Bank of America Corporation chairman. Meanwhile.

according to AP calculations. The bank was bolstered by its Merrill Lynch and Countrywide units. Overall. Bank of America has been accused by some of having a corporate business method as opposed to one that emphasizes person-to-person relationships.25 billion.5 million.” April 2009: BofA turning around Bank of America posted first quarter 2009 net income of $4. BofA Chief Marketing Officer Anne Finucane told the Financial Times that after interviewing clients. BofA’s credit card division didn’t fare as well.4 billion in net income. increasingly have had to deal with the prospects of salary and bonus restrictions. media and telecommunications resigns George H. his total compensation (including stock-based rewards) dropped 56 percent from the previous year. compared with a $991 million loss in the same period in 2008).The Vault Guide to the Top 50 Banking Employers. an experienced health care banker and head of M&A for the Americas at Bank of America. Young III announced his departure from Bank of America. boutique banks have begun to look more attractive to executives of certain large banks. According to The Wall Street Journal. . Meanwhile. Lewis will retain his chief executive title.34 percent in favor) preventing one person from holding the firm’s CEO and chairman position at the same time. Walter Inc. a Bank of America board member since 1998 and president emeritus of Morehouse College. the firm realized that “combined. 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. 148 © 2009 Vault. due largely to strong capital markets revenue. As of the end of June 2009. Though Lewis received a salary of $1. net revenue for the company jumped about 50 percent to $35. selling $7.S. to serve as chairman of the board.” May 2009: Raising billions Revealing the results of its stress tests. Hartman was joined by senior health care bankers Richard Girling and Mark Robinson. Ken Lewis was removed from his post as BofA chairman when shareholders narrowly passed a proposition (50.77 billion compared with an $867 million in profit in the first quarter 2008. Bank of America had raised the $33. losing $1. the U. During the meeting. the brands are stronger than either on their own. once celebrated as a top banker. profiting from trading at Merrill and mortgage refinancing at Countrywide. Massey.76 billion. After paying what some industry watchers deemed as too much for Merrill Lynch. As of late. saying. Both are looking more like successes to be celebrated. New York Attorney General Andrew Cuomo is also currently investigating whether Lewis informed shareholders of the risks of such a transaction. Insiders have indicated that some of the departures have been motivated by a difference in philosophy between the two firms. April 2009: Lewis steps aside as chairman During Bank of America’s annual shareholders’ meeting.7 billion to the net income total. Although many of its competitors opted to pay out bonuses. mainly by selling common stock worth $13 billion. Young.3 billion worth of its shares in China Construction Bank and converting nongovernment-owned preferred stock into common stock. Lewis. the bank said its most recent financial statement didn’t measure up to its hopes. which. We are building this company for the long run. Merrill brought $3. The board elected Dr. (Overall. mortgage banking and insurance losses decreased to $498 million from $732 million in 2008. Lewis defended controversial transactions such as Merrill and Countrywide.4 million in 2007 to $9 million in 2008.21 billion in the first quarter of 2008. The print and Internet campaign will publicize BofA’s Merrill Lynch unit via the “thundering herd” tagline. 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. as a result of taking government bailout funds. who also defected BofA for Centerview. up from $1. government told Bank of America it needed to increase Tier 1 common capital by $33.9 billion to endure the possibility of an intense and prolonged downturn (beyond what economists had forecasted). BofA endured two governmental rescue packages. “These acquisitions are not mistakes to be regretted. it fell from $20. April 2009: Head of Technology.9 billion. has become a highly controversial figure in the industry. BofA’s corporate and investment bank delivered $2. April 2009: Banker leaves for Centerview Alan Hartman. 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. a respected banker within the industry—who headed up Merrill Lynch’s global technology. departed the recently merged firm for the boutique investment bank Centerview Partners.

No. insiders told the paper. career message boards. January 2009: Not meeting expectations During the fourth quarter 2008.S. Cuomo is also investigating if about $4 billion in Merrill bonuses should have been revealed to investors. investment grade debt. 2 in global high-yield debt. Cuomo said Merrill “chose to make millionaires out of a select group of 700 employees. 10 in global debt underwriting. expert resume reviews. No. in March 2009. 4 in global debt. up from the $201 million the firm paid out in the previous year. investment grade debt. the bonus payments for the firm’s 10 highest-paid workers came to $209 million in cash and stock.” BofA said in a statement. expert advice. which then began to look closely at the activities of other traders.S. According to a spokesman for Bank of America. 3 in global mortgage-backed securities. including a $2. the Vault Job Board and more. for insider company profiles. 6 in global announced M&A deal advisory.” Visit Vault at www. January 2009: Thain’s exit Ex-CEO of Merrill Lynch John Thain said he would resign from Bank of America. December 2008: Cutting back Bank of America announced plans to cut 30. Eleven of Merrill’s high-ranking executives accepted more than $10 million in cash and stock in 2008. No. BofA added that the cutbacks.vault. 3 in global equity and equity-related underwriting. 5 in U. 8 in announced European M&A. No. 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. since the Merrill acquisition didn’t close until 2009). “The layoffs will come from both BofA and Merrill Lynch. 8 in global mortgage-backed securities. currencies and commodities trading business. ranked No. in addition to looking for facts about whether investors were deliberately deceived. 9 in global high-yield debt. equity and equity-related underwriting. which will “eliminate redundancies. No. Moreover. 6 in global debt. 8 in U. According to The Wall Street Journal. 1 in U. No.The Vault Guide to the Top 50 Banking Employers. IPOs. No. Stenfors’ trades set off a warning bell to the bank. No. No. No. No. No. No.3 billion goodwill write-down due to exposure in its fixed income. prior to the firm’s merger with Bank of America. announced M&A. In total. Merrill placed No. A month later. In a letter to the House Financial Services Committee. February 2009: Who wants to be a millionaire? New York State Attorney General Andrew Cuomo revealed that 700 of the 39. 4 in EMEA equity and equity-related deals. 7 in international bonds.31 billion loss Bank of America had calculated for the firm. Among the former Merrill employees involved in the probe is London-based currency trader Alexis Stenfors. Thain and BofA CEO Ken Lewis “mutually agreed that his situation was not working and [Thain] resigned. No.” January 2009: Done deal Bank of America officially closed its acquisition of Merrill Lynch on January 1.000 to 35.S. and will affect all business lines and divisions. 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 2008.000 Merrill Lynch employees were paid a bonus of $1 million or higher in 2008. No. 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. 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). IPOs. No. equity and equity-related underwriting. Merrill also took several charges in the fourth quarter. 2 in global common stock. 149 . 10 in global common stock.S. 3 in global asset-backed securities. equity and equity-related underwriting. who incurred a loss of more than $120 million. No. 4 in EMEA common stock. Merrill’s write-downs have stirred up several federal investigations into the firm’s practices.S. 2009. December 2008: Two at the top According to Thomson Reuters. 4 in announced U. according to Merrill’s annual report. a decision that came about one month after Merrill Lynch was acquired by Bank of America.S. 5 in global debt. an additional 149 employees collected at least $3 million in 2008.S. 7 in global equity and equity-related deals. 14 in global announced M&A deals and No.000 positions over the next three years. The Wall Street Journal reported that the annual bonuses may have been higher than Cuomo originally thought. Merrill Lynch lost $15. 4 in U. No. Banc of America Securities. 5 in U.84 billion—about $500 million more than the $15. No. some of whom had lost millions of dollars in other areas such as credit derivatives. No. The little $500 million oversight was due to not keeping “effective” internal controls. 7 in U. M&A and No. 3 in U. Among its many top rankings in 2008. 5 in global IPOs.S. No. No.” Cuomo also condemned Merrill for moving its bonus payments up to December 2008. No. No.

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

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

5 billion 2008 Profit: AU$871 million No. NY 10020 Phone: (212) 548 6555 Fax: (212) 399 8930 www.) KEY COMPETITORS Citi Deutsche Bank Goldman Sachs Rockefeller Center 600 Fifth Avenue. 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. 21st Floor New 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 www. .com.700 No.S.macquarie.macquarie.PRESTIGE RANKING 22 MACQUARIE GROUP ( THE STATS Employer Type: Public Company Ticker Symbol: MQG (Sydney) Chief Executive: Nicholas Moore 2009 Revenue: AU$5. of Employees: Inc.

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

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

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

com What insiders at other firms are saying • • • • “Rising star” “Minneapolis is in the middle of nowhere” “Strong equity financing capabilities. of Offices: 26 EMPLOYMENT CONTACT See “career opportunities” under “our company” section of www. of Employees: 1.PRESTIGE RANKING 23 PIPER JAFFRAY COMPANIES KEY COMPETITORS Houlihan Lokey Jefferies 800 Nicollet Mall Suite 800 Inc. .com 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.piperjaffray.4 million 2008 Net Income: -$182. MN 55402-7020 Phone: (612) 303-6000 Fax: (612) 303-8199 www.97 million No.035 No. great in health care” “Weak in M&A” THE BUZZ 156 © 2009 Vault. Duff 2008 Net Revenue: $326.

” December 2008: Building up restructuring The firm’s financial restructuring team expanded when Victor Caruso.63 million in the same period of 2008. Headquartered in Minneapolis. Piper Jaffray was spun off. Piper plus Jaffray (minus Hopwood) In 1913. Although CEO Andrew S. 3 spot brought it right behind runner-up William Blair & Co. business services. expert advice. career message boards. Jaffray opened a commercial paper brokerage in Minneapolis. said Caruso’s expertise “will allow us to expand our differentiated and integrated advisory strategy. In for insider company profiles. Visit Vault at www. 157 . co-head of investment banking.and mid-cap equity sales teams. As Piper Jaffray Hopwood the firm set its sights beyond Minneapolis. Previously he’d been a partner at Gordian Group. down from $528. and high-yield and structured products. Piper and Jaffray merged with local rival George Lane. H. Its shares debuted on the Nasdaq exchange under the symbol PIPR in 1986. and C. Hopwood & Company. institutional investing and research and asset management. a nearby investment firm. but the tie-up was short-lived: in 2003.” 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.000 employees in 26 offices worldwide. Its proprietary research covers more than 400 companies.94 million in 2007. A $730 million acquisition by U. The firm had low investment banking revenue due to lower revenue within taxable underwriting. it provides advisory services. IN THE NEWS April 2009: Still down For the first quarter 2009. Piper Jaffray’s revenue came in at $345. research directors. hospitality. Piper Jaffray serves middle-market corporations. technology. financial institutions. February 2009: Rough waters For full-year 2008. the Vault Job Board and more. including education. a managing director at Bear Stearns and a co-founder of Lehman Brothers’ restructuring division. who has provided financial restructuring advisory services for over 25 years. 3. health care. state and local governments.The Vault Guide to the Top 50 Banking Employers. aircraft finance.07 million in the previous year. Piper Jaffray specializes in over a dozen industry sectors. CIOs and other investment professionals at over 500 firms.73 million compared with a $1. equity and debt capital markets products. housing and senior living. and industrial growth. public finance remarketing and auction rate securities and public finance derivatives. The company also posted a net loss for the year of $182. The rankings were determined by surveys of analysts.39 million net loss in the first quarter of the previous year. The company also suffered a net loss for the quarter of $2. picking up a seat on the New York Stock Exchange and opening offices across the country.05 million. Piper Sr. senior research analysts from Piper Jaffray received a whopping nine awards for their stock picking prowess.vault. expert resume reviews. consumer. Piper Jaffray brought in $86.97 million compared with net income of $21. Piper’s No. a five-spot leap from its 2007 rank at No.P. who had established his brokerage firm in 1895. nonprofits and institutional investors. public companies. in 1992.” he added that “our actions were not able to overcome the severe market conditions and our operating results suffered. becoming an independent public company (PJC on the New York Stock Exchange). at the 2008 FT/StarMine Global Analyst Awards.C. Duff said the company “took steps to reduce our operating cost structure and manage and mitigate risk exposure. which combines our strong advisory. was decimated by the stock market crash—so Piper Jaffray was able to acquire it on the cheap. the firm name was trimmed to Piper Jaffray Inc. clean technology. where grain elevators and milling businesses had created a serious demand for promissory notes.08 million in revenue compared with $102. and overall winner Robert W. portfolio managers. public finance services. Four years later. 8. A final restructuring came in 2006 when Piper Jaffray sold its private client business to UBS Financial Services for $510 million. Baird. Murray Huneke. Bancorp in 1997 marked the end of Piper Jaffray’s independence. research. 2010 Edition Piper Jaffray Companies THE SCOOP Sweet home Minneapolis Piper Jaffray & Co. which focuses on investment banking. media. a total of 28 finalists were ranked based on their small. entertainment and telecommunications. restructuring and capital markets platforms to best serve our clients. cultural and social services. left Morgan Joseph & Company to join Piper as a managing director. private equity firms. institutional equity and fixed income sales and trading. is the operating subsidiary of holding company Piper Jaffray Companies. real estate. With more than 1.S.

” The firm recruits from “approximately 20 undergraduate institutions” and “10 business schools. The financial advisor link provides a more detailed description of experienced advisor and developing advisor career opportunities.piperjaffray. hiring former Wachovia Director Mark Piscatelli as a senior public finance banker. The same asset-backed and mortgagebacked securities that contributed to the global credit crisis? Absolutely. September 2008: East Coast grows Piper Jaffray built up its public finance banking operations. working on 17 transactions worth $287 million. 3. and have strong written and oral communication skills. on its sale to MTS Health Investors LLC. Piper Jaffray advised electronics giant Sharp Corporation on its $99 million sale to United Drug.4 billion in debt. On larger transactions—those valued at up to $200 million and up to $500 million—Piper came in at No. after Goldman Sachs and Houlihan Lokey Howard & Zukin. the heads of Piper Jaffray’s overseas operations received new responsibilities. As COO. corporate development and other key strategy. in Hartford. 2 in mid-market advisory for deals valued up to $50 million (based on deal value). was replaced in the CFO spot by Debbra Schoneman. and Alex Ko. became home to an expanded fixed income group. 20. July 2008: Good advice Even though the firm struggled through the second half of 2008.” The new Marina Del Ray team operates under the supervision of Managing Director Cliff Corrall.. A UConn grad who specializes in municipal financings. Schnettler. where candidates can view current opportunities. a health care private equity firm. Piper Jaffray advised Ohio-based DNA Diagnostics Center. Piper Jaffray typically wants candidates who are “detail-oriented. look no further than the “careers” section of www. That deal involved $1. with a focus on asset-backed securities and mortgage markets. “There are great opportunities in the distressed market that a highly skilled team can leverage. 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. Job postings are sorted by and include a brief list of essential functions and job requirements. 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.” explained fixed income head Ben May. CEO of London-based Piper Jaffray Ltd. a 22-year veteran of the firm.. The “career opportunities” page has links for three different job functions: investment bankers. apply online and build a profile to be considered for future openings.5 billion in cash and the assumption of $4. David Wilson. Meanwhile. Piscatelli is based in one of Piper’s newest offices. are self-starters. . financial advisors and research analysts. Calif. respectively.” But you can also check out online postings. Piper added five sales and trading professionals to form a structured mortgage products group. CEO of Piper Jaffray Asia. possess strong PC/technical skills and strong data mining 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. are able to work independently. 2010 Edition Piper Jaffray Companies And according to the 2008 Thomson Reuters banking league Inc. 14 and No. 158 © 2009 Vault. For deals valued up to $100 million the firm ranked No. were tapped to join the firm’s management GETTING HIRED Look down the road If you’re in need of investigating your career path options. “And this is a market we will now serve with an industry-leading and experienced team. September 2008: Carpe diem A newly opened office in Marina Del Ray. 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. Piper ranked No.The Vault Guide to the Top 50 Banking Employers. She had previously served as treasurer and managing director. this will allow CEO Andrew Duff to focus on the firm’s asset management business. Schnettler will oversee growth in the core investment banking and institutional securities business. one of the world’s largest DNA testing laboratories. its advisory teams managed to stay afloat. Conn. October 2008: It’s in the DNA In fall 2008. a former executive vice president at Countrywide Securities.

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

com THE STATS Employer Type: Subsidiary of Oppenheimer Holdings Chairman: Albert Lowenthal 2008 Revenue: $920. NY 10004 Phone: (212) 668-8000 www.opco. .com PRODUCT & SERVICES Asset Management Estate Planning Investment Banking Trust Services Wealth Management EMPLOYMENT CONTACT See “careers” under “about Oppenheimer” section of www. Solomon Company 125 Broad Street New York. of Employees: 3.500 No.77 million Inc. 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.PRESTIGE RANKING 24 OPPENHEIMER & CO.opco.07 million 2008 Net Income: -$20. KEY COMPETITORS Jefferies Perella Weinberg Partners Peter J.

Today. The firm cited “credit market disruptions” as a reason for the lackluster results. finance. Albert Lowenthal. Wealth management services is comprised of over 1.S. 20 in announced M&A deal volume for deals worth up to $200 million. Through over a century of expansion and merger activity. eventually became Fahnestock Viner Holdings. The firm is a wholly owned subsidiary of Oppenheimer Holdings. office—further solidifying itself as a leading financial services company.vault. expert advice. However.The Vault Guide to the Top 50 Banking Employers. private client and asset management divisions in 2003. The division provides advice on a broad range of products and services to individuals. Oppenheimer Asset Management and Oppenheimer Trust Company. a Canadian financial services holdings company. and changed its name to Oppenheimer Holdings. high-net-worth clients and their families. In the years that for insider company profiles.S. Fahnestock & Co. Neither Oppenheimer nor its parent is related to well-known OppenheimerFunds.300 financial advisors located in more than 90 offices across the U. Though the company also posted a net loss of $2 million for the first quarter. career message boards. 2010 Edition Oppenheimer & Co. was renamed Oppenheimer & Co. including consumer. states and public authorities to develop efficient financing plans. Fahnestock & Co. the Vault Job Board and more.Y.S. which provides customized professional money management through the consulting group. corporate executives. December 2008: Modestly-rated M&A According to Thomson Reuters. expert resume reviews. Oppenheimer will borrow $100 million from CIBC. broker-dealer is backed by over 125 years of history.” said Oppenheimer Holdings chairman. ranked No. thriving communities and institutional investors. the firm cited performance fees and expenses connected with the purchase of part of CIBC World Markets’ U. which acquired Oppenheimer’s U. more than 150 professionals work for Oppenheimer Asset Management..4 million for 2007. CIBC will receive payment of at least $5 million a year.S. Visit Vault at www. capital markets units. when William Fahnestock founded Fahnestock & Co.8 million compared with a net profit of $75. an 11 percent decrease versus the same quarter in 2008. media. Oppenheimer’s bankers work across a variety of industries. When that happened.” January 2009: Taking a hit For full-year 2008. The division provides clients with access to fiduciary services. middle market companies. Oppenheimer’s business is organized into four divisions: capital markets. Annual revenue came in at $920. the mutual fund management subsidiary of Massachusetts Mutual Life Insurance. with which a new Oppenheimer U. 161 . and CIBC will provide a warehouse credit line. industrials. The firm’s public finance department works closely with cities. individuals.4 million for the second quarter of 2007. CEO Albert Lowenthal said that while the company was “disappointed with the results of the first quarter of2009. entity will finance and hold syndicated loans for U. wealth management services. based on the performance of Oppenheimer’s capital markets business—but Oppenheimer doesn’t have to start paying until the first quarter of 2013. In regards to the loss.S. THE SCOOP Back to Fahnestock Oppenheimer & Co. Oppenheimer Trust Company was established as a service to longstanding. Oppenheimer made two big acquisitions—McDonald Investments and UBS’s Fishkill. The firm’s roots go back to 1881. equity underwriting. telecom and technology. energy.1 million net loss Oppenheimer took in the same quarter of 2008..S. initially as much as $1. Oppenheimer Investment Advisers and the alternative investments group of Oppenheimer Asset Management.” he added that “we are pleased with the dramatic improvement in operating performance. IN THE NEWS March 2009: Lackluster results For first quarter 2009.1 million.3 million. is a New York City-based investment bank that provides financial services and advice to high-net-worth investors. families. businesses and institutions. it was less of a hit than the $16. businesses and institutions. including M&A advisory. 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. in a statement. “Our firm is now positioned to service clients with a complete offering of capital markets services. the company’s principal operating subsidiary. high-yield fixed income origination and loan syndication.5 billion. I-banking gets a boost For the calendar years 2008 through 2012. Oppenheimer reported a net loss of $20. N. up from $914. research and trading solutions to growing companies. health care. Four pillars Oppenheimer’s capital markets group offers investment banking. Oppenheimer & Co. revenue came in at $205. The U. In addition.

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

NY 10281 Phone: (212) 428-6200 Royal Bank Plaza 200 Bay Street Toronto.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 York.rbccm.rbccm. M5J 2W7 Canada Phone: (416) 842-2000 Fax: (416) 842-8033 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. Ontario.000 No. of Employees: 3. of Offices: 76 EMPLOYMENT CONTACT www. 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 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.

convertible debt. income trust group. a buyback of $850 million in securities and a fine levied by New York State Attorney General Andrew M. chairman. In 2000 and 2001. including American firms Dain Rauscher Wessels and Tucker Anthony Sutro. RBC Capital Markets investment banking business is segmented into equity capital markets.” 164 © 2009 Vault. an eight point drop from its No.37 billion—a 22 percent share of the market. but it was still less than many of RBC’s peers were forced to cut during the year. One promotion after another followed. RBC Capital Markets is an international corporate and investment bank. RBC Capital Markets was known as RBC Dominion Securities. suggesting that business is not all bad. “CDI has a long track record of independent. Royal history The Royal Bank of Canada began operation in 1869. according to Bloomberg. although it was not immune to a few negative results. . This isn’t a small number. His successors. Until 2001. IN THE NEWS March 2009: Direct acquisition RBC Capital Markets acquired Canadian investment service provider Commission Direct Inc. 24 in Americas announced deals. RBC owned 50 percent of CDI. governments and high-net-worth clients around the world. high-yield. The firm lost its No. and chairman and CEO in 1991. Standish was also named president and McGregor. Project Finance International magazine recently named RBC Capital Markets the 2008 Global Bond House of the Year. syndicated finance. He joined RBC in 1996. Winograd.” said John Reilly. leveraged finance. and today. serving corporations.” December 2008: Holding (mostly) firm According to Thomson Reuters. RBC Capital Markets’ head of Canadian Equity Trading. were each named co-CEO. 2010 Edition RBC Capital Markets THE SCOOP Royalty in its blood RBC Capital Markets is part of the Royal Bank of Canada.The Vault Guide to the Top 50 Banking Employers.3 billion.S. 1 spot in Canadian announced M&A volume to CIBC. Cuomo for allegedly misleading investors about the riskiness of investments. when they were named co-presidents in February 2007. Winograd called their promotions part of RBC’s “long-term succession planning. But the bank also hired nearly a dozen former Bear Stearns employees and formed a new prime services group. and International Personal and Business.1 percent of its workforce during the year. equity private placements. 2 with 44 deals worth $26. RBC added several boutique acquisitions to its investment banking arm. Mark Standish and Doug McGregor. and mergers and acquisitions. 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. and RBC U. RBC Capital Markets ranked No. previously co-presidents of RBC. One tough year RBC Capital Markets held on during 2008. Overall. and both were appointed to the RBC executive committee. high-quality agency execution. when the firm acquired Richardson Greenshields. investment Inc. began as a research analyst at Richardson Securities of Canada in 1971. a 12-place drop from its 2007 ranking. 19 ranking in 2007. which has two other business segments: RBC Canadian Personal and Business. “We look forward to CDI continuing to develop and distribute innovative new products and services for the Canadian institutional marketplace.000 employees work from 76 offices in 15 countries. who holds an MBA from the University of Western Ontario and the CFA designation. Its 3. The former Dominion Securities was created in 1901 and purchased by the Royal Bank of Canada in 1988. Before the deal took place. RBC Capital Markets cut about 460 jobs—or 7. 24 in worldwide completed M&A volume in 2008. for an undisclosed amount. including job cuts. corporate finance. He was made president and CEO of RBC Capital Markets in 2001. though he agreed to see the firm through the transition until January 2009. October 2008: Salut. with 101 deals totaling $70. coming in at No. serving the growing needs of Canadian institutional clients. Winograd seems to have been grooming the two for his job. It also ranked No. These last two acquisitions resulted in the formation of RBC Capital Markets in November 2001. Indeed. mon frère CEO and Chairman Charles Winograd retired.

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

” Only the best When it comes to diversity. Many employees put in a 70-hour workweek. some less formal There’s “nothing extravagant” about RBC’s offices.” many insiders point to the “unpredictability” of their schedules. with several saying they put in weekend time from wherever they are.” it’s “gaining market recognition with clients. The offices have good views of the Hudson. while new.” Some formal.” and there’s “not a lot of egos. Of course.” explains a New York City contact. since getting H1-B visas is becoming increasingly difficult.” For American offices. and it decreases with seniority. “The office space was built by the firm. so it’s been my experience that time is seldom wasted on unneeded work.” but notice that “there are not many women in the investment bank. “the San Francisco office is better than the New York City one” when it comes to hours worked. “In an up market like 2005 and 2006.” Even though the RBC brand “is still growing in the United States.” On the other hand. one summer analyst position is offered per year in the FIG [financial institutions] group located in Boston. most employees are quick to admit that a conservative agenda has kept RBC in decent shape despite market turmoil.” and most contacts give the digs decent marks. citizen or have a green card in most cases.” one contact says. . people rarely find busywork to throw at junior staffers.” And. and say the firm “has been well managed through these difficult economic times. Random hours Workload “comes in bursts.” recalls a former intern.” says a vice president. is highly correlated with revenue. RBC “is focused on hiring the best talent possible.” Thanks to the generalist nature of the program. “Twenty percent of total compensation above $200. and in the past. Then it can get pretty busy for extended periods of time. and “remote access via laptop usually means I have the ability to work from home on weekends. “We moved to our World Financial Center offices in April 2008 from another downtown location. “the firm treats bankers well.” and average to above-average compensation.” One contact estimates the female proportion of the bank to be “10 percent.” While overall hours tend to be “reasonable.” some say “overall leadership is somewhat lacking. but not extravagantly. Race does not come into play. says a vice president. “You can have great working hours for weeks at a time. “We get 166 © 2009 Vault. but there’s still some progress to be made in terms of hiring and promoting ethnic minorities and women.” There were “three rounds of interviews to just get a summer internship offer. “Our progression up the league tables should be more pronounced.” say insiders who appreciate RBC’s “very flat” structure and “laid-back” vibe. “Because my compensation.” including “a 401(k) match. The firm “should be taking more advantage of the market environment. 2010 Edition RBC Capital Markets are usually staffed as generalists.” After the interns’ work is done. “Historically. there’s a lot of uncertainty about total compensation packages for 2009 and beyond.” Others say RBC is a fair-minded place. is not of the highest quality—looks a step above IKEA. “you need to be a U.” a managing director says.” says a vice president.” At least “you don’t need to stay at the office when work is complete.” As one source sums up. The furniture.” and report that RBC toes a very conservative. “Bankers.000.The Vault Guide to the Top 50 Banking Employers. but they’re “still respectable. as a source says. “Some groups seem to get worked like dogs and others have more balance. for the most part.500 and signing bonus for full-time at $25.” and “pay is largely in line with the market. which also varies by office and by group. Another tips. Another associate says he’s “not brave enough to ponder” what total payout will look like by the end of 2009. Sources call the firm “very receptive.” 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.” says an associate.000 for two-and-a-half months. at most. my compensation was at the low end of the Street range. “The BlackBerry makes me available 24/7. “you’ll work with all industry and product groups” and get experience working on “live deals. insiders estimate that the firm hires “50 percent” of its summer class—the rest “are fresh hires.S.” one insider Inc.” but as pay has fallen elsewhere. there have been one or two positions open at the larger offices. with a bonus of $2. “The firm focuses on hiring balanced bankers.” Up in the air So how well are bankers treated in terms of compensation? Sources say they receive “standard perks. Salary was “prorated with the standard $95. have an open-door policy.000 is in the form of restricted stock that vests over a three-year period. including bonus. risk-averse line. I cannot predict my 2009 bonus in this market.” However. RBC now pays in line with many of its competitors.” a source says.” While there are “minimal internal politics.

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

Morgan Lazard Morgan Stanley Rothschild UBS Investment Bank Nomura Holding America.nomura.P. of Employees: 25. NY 10281-1198 Phone: (212) 667-9300 www. 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. .6 billion 2009 Net Income: -$7 billion No. Building B New York. KEY COMPETITORS Bank of America Merrill Lynch Barclays Capital Citi Credit Suisse Deutsche Bank Goldman Sachs HSBC J. muddled” culture EMPLOYMENT CONTACT Follow the “careers” link at 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: $ Inc.000 No. of Offices: 190 UPPERS • “Friendly” culture • “Fairly diverse” workplace DOWNERS • “Lack of decision-making ability” among managers • “Risk-adverse.nomura. Inc. 2 World Financial Center.PRESTIGE RANKING 26 NOMURA HOLDINGS.

S. and five years later. Nomura became well known throughout Japan. for insider company profiles. a major electronic trading services provider with 1. it launched an investment management business. Nomura’s enterprises included the stand-alone securities division. companies list on U. his securities division was incorporated separately as Nomura Securities. It was also one of the first foreign-owned companies to gain membership on the London Stock Exchange. bond sales. Nomura returned to Japan with the intention of creating a global finance firm that could compete with the best in America. In 1946. Visit Vault at www. It has provided advisory services to companies in the consumer.. investment bank Lehman Brothers. Chicago. In Europe. his first step was to expand his research department and create a translation department so he could become involved in foreign currency-denominated bonds. and reports revealed that Nomura offered generous compensation and all-cash bonus payments to retain several top Lehman bankers. At that time. and boosted Nomura’s head count by over 8.vault. and offers origination.500 people to its existing staff of 1. arranging offerings in Asia and Japan for North American companies. Nomura swooped in to buy Lehman’s equities and investment banking operations in Europe. and.S. Asia and the Middle East. sales and trading.500 clients worldwide. including asset management. He began publishing a daily newsletter called the Osaka Nomura Business News.S. In the Americas. fixed income.The Vault Guide to the Top 50 Banking Employers. In 1906. no other broker at the time was putting out such reports. trades and spot transactions to his father’s currency exchange business. offices in New York. and has U. After a three-year transcription in the Japanese army. Underwriting and international trading were ramped up. to this day. financial institutions. Nomura offers a full range of securities and investment banking services. sales and trading.S. underwriting and commercial banking under the Osaka Nomura Bank name. which was not a bad deal. research is a central aspect of his firm’s operations. 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. M&A advisory and asset management. Thanks to his solid reputation. Journey from Osaka to New York The son of an Osaka moneychanger. while the European and Middle East arms went for the nominal sum of— this isn’t a typo—£1. retail and technology sectors. research and capital raising. restructurings and valuations. career message boards. This legend of Japanese finance arrived in New York in 1927. its U. Nomura has shown increasing interest in expanding its global operations. economic research and trading reports. often collaborating with Nomura’s Asian and European staff on divestitures.S. Today. Nomura paid $1. Inc. expert resume reviews. Nomura found itself at the center of the world financial crisis—and made the purchase of a lifetime. Inc. This group works most closely with Nomura staffs in Tokyo. the bank does business through Nomura Holding America. expert advice.000. THE SCOOP From Tokyo to the world Nomura Holdings is Japan’s largest securities group. derivatives. Its M&A group. joint ventures. and three years later. Hong Kong and London. Nomura created an in-house research department. By 1904.09 (US$2). helping non-U. executing global equity offerings and listing North American companies on the increasingly attractive Japanese exchanges. the year the Osaka and Tokyo stock exchanges were founded. Los Angeles and San Francisco. In 1927. Under the terms of the sale. The Asian businesses sold for £123 million (US$225 million). Nomura is credited with pioneering the use of investment trusts. In 2007. marketing. By then. Nomura Shoten became Nomura Shoten Incorporated. industrial. allowing Nomura to conduct plenty of international and cross-border deals. As of April 2009. Nomura moved the bulk of its businesses into the Lehman Brothers building in Canary Wharf. the firm’s headquarters shifted to Tokyo. the younger Nomura was running the shop. the Vault Job Board and more. he took his first trip to New York. Tokushichi Nomura II was born in 1878. or Nomura Shop). Its broker-dealer is Nomura Securities International. Nomura’s dream of opening an office in New York came true. its focus is on securities brokerage services. In 1922. underwriting. several Lehman managing directors remained in place. works both domestically and internationally on deals.500. young Nomura joined his father at the family business (called Nomura Shoten. merchant banking.S. 169 . In London alone. The move preserved thousands of Lehman bankers’ jobs outside the U. After the spectacular collapse of U. based in New York. placement of equity-related securities and strategic advice to corporate. Nomura added about 2. research and asset management. mergers and acquisitions advisory. foreign exchange. asset management and investment banking) work jointly with Nomura’s businesses around the world. A year later. healthcare. which contained stock analysis. offices provide capital raising.S. exchanges. Osaka was Japan’s business and finance center. Worldwide. Its four operating divisions in the Americas (equities. Landing Lehman In September 2008. Nomura formed a holding company to contain his empire. offering investment opportunities abroad for U. considering that Europe and Asia typically represented half of Lehman’s annual revenue. structuring.2 billion to acquire Instinet. institutional and government clients. 2010 Edition Nomura Holdings. Nomura and his company survived the Japanese market crash of 1907. Nomura boasted $203 billion in assets under management and 190 offices in 30 countries. corporate advisory. investors. and by 1917. and he decided to add stock sales. Best known in Japan as a domestic retail bank. foreign exchange. Nomura’s equity capital markets group is also based in New York.

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. the acquisition will become official in October 2009. IN THE NEWS July 2009: Nomura acquires NikkoCiti Nomura Holdings confirmed that Nomura Trust and Banking Co. March 2009: Off to Italy Nomura tapped Andrea Pellegrini to serve as Italy co-chairman and co-head of Italian investment banking. and the only Asian-headquartered investment bank to earn the status. 170 © 2009 Vault. Nomura added.5 trillion in assets and 261 employees. As of March 2009. 100 in Japan and about 1.” April 2009: New board member Nomura appointed Rainer Masera to the bank’s board of directors in Italy.2 billion in losses compared with a loss of under $1 billion in the previous year.5 trillion in trust assets and more than 100 employees.K. NikkoCiti Trust and Banking had ¥4. the firm cut 100 jobs in Asia. wider than the $1. With the deal less than a year old. The latest round of layoffs followed a few others: in 2008. while Nomura’s trust division possessed ¥19. Yamaji announced that the investment banking division would be run from the U. it remains to be seen how legacy Lehman employees will merge into Nomura’s culture and operating system. Nomura indicated it also needed the capital to fund expansion plans—especially brewing efforts to make inroads in the U. which immediately helped Nomura post a record quarterly loss. . Inc. Nomura can now participate in U. Yamaji promised that his move “is a message that we place priority on London.000 in London. former chairman of Lehman’s financial institutions group. Masera served as Italy’s technical minister for budget and economic planning in the Dini government from 1995 to 1996. A former director of the Bank of Italy. Nomura cited trading losses and acquisition costs related to its purchase of the Asian.500 workforce in the region (excluding Japan). April 2009: Taking its biggest hit Nomura Holdings posted its largest annual loss ever for the fiscal year ending March 31. Instead. in an effort to raise ¥300 billion ($3. Hiromi Yamaji. Pellegrini had previously served as Merrill Lynch’s chairman of the EMEA public sector group and head of investment banking/Italy. Compounding matters. Meanwhile. some Lehman bankers have publicly expressed frustration at Nomura’s conservative. packed his bags for London.S. Even though Japanese retail banking remains Nomura’s biggest moneymaker.8 billion loss for its fiscal year 2008. In March 2009. the firm posted a net loss of $2. For its fiscal fourth quarter.K.3 billion). will purchase NikkoCiti Trust and Banking Corporation for ¥19 billion in Inc. Thanks to its GEMM designation. its first since 1989. February 2009: Gathering capital Nomura announced a new share offering. If the transaction receives regulatory approvals.2 billion.The Vault Guide to the Top 50 Banking Employers. spurring rumors of a mass departure. “The importance of Japan as our most important market won’t change. working alongside Alessandro Cremona.K. risk-averse way of doing business. layoffs or both. In a shift that signaled Nomura’s heightened focus on Europe. Masera. The bank has struggled with the cost of merging operations with Lehman Brothers. representing 2 percent of the company’s total 2. 2009.5 billion loss in the same period of 2008. also holds a position on the board of the European Investment Bank. April 2009: Cutbacks in Asia Nomura Holdings cut 50 investment banking positions in Asia. European and Middle Eastern divisions of Lehman Brothers as major reasons for the slide.” he told the Financial Times. instead of Nomura global HQ in Tokyo. booking $7. as the 2008 bonus season approached. April 2009: London calling The financial world took notice when Nomura’s global head of investment banking. But the share issue did not seem to be solely intended to recoup losses. 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. 2010 Edition Nomura Holdings. Nomura took a hefty ¥67. gilt auctions and make markets for both index-linked and conventional gilts. Debt Management Office and the London Stock Exchange. 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.

K. 2 Thomson Reuters overall ranking in Asian mergers and acquisitions so far in 2008. a Nomura International plc subsidiary that specializes in health care and clean tech investment banking. Sources say the firm has “a poor graduate recruiting scheme. 12 in announced and completed transaction volume.” and that the hiring process is “not systematic. 15 in global announced M&A deal volume and No. The firm’s Dubai office will be its largest in the Middle East. December 2008: Strong standings On the 2008 Thomson Reuters league tables. America. Europe. Pre-Lehman acquisition. was spurred on by bad trades and the costs associated with incorporating Lehman Brothers’ Asian. and is slated to begin business there in the second half of 2009. booking a net loss of $785. Nomura beat out rivals such as Morgan Stanley and KPMG for the New Energy Awards honor. But while the sites are relatively detailed. Nomura’s Middle East operations were in Bahrain. in the U. 14 in the Benelux countries. Inc. while Lehman had a presence in Doha and Dubai. (The price tag for the European and Middle Eastern arms was not disclosed. For European dealmaking. information on employment in the Americas is sparse. European and Middle East operations.6 million for its fiscal second quarter. respectively. The poor results were due largely to international fallout from the credit collapse and market conditions causing traders to curb activity. opening the door to investment banking and capital markets operations there. October 2008: Another downer Nomura posted its third consecutive quarterly loss.vault. Nomura’s $225 million bid for the ailing firm’s Asian piece won out over other interested parties. In Europe. Germany and Italy. the Vault Job Board and more. career message boards.8 billion loss for its fiscal third quarter (ended December 2008). and will serve as a link between clients and institutions in Asia and those in Africa and the Middle East. expert resume reviews.S. 14 and No. 2010 Edition Nomura Holdings.000 employees and a No. reuse and recycle during daily operations. but lingered at No. The firm is also said to be in the process of securing licenses to operate in Qatar. Nomura’s fourth in a row and its worst ever. Speaking of for insider company profiles.S. Nomura raised €20 million in public equity deals for clients like PuriCore and Ceramic Fuel Cells. picking up extra recognition for its in-house initiatives to promote green purchasing and reduce energy use and waste.” Nomura’s main career page does provide links to sites for four geographic areas: Japan. In 2008.8 billion profit it recorded for the same period a year earlier. 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. February 2009: Kudos on health care Nomura Code. January 2009: Four in a row Nomura Holdings posted a $3..38 billion. including rumored interest from Standard Chartered. Middle Eastern and European investment banking arms. 171 . Nomura placed No. 7 in completed mergers and acquisition volume.”) Lehman has a sizable presence in Asia. 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. The bank was one of just 20 companies in the city to be lauded for its above-average efforts to reduce. Nomura ranked No. Nomura also made the top 10 for completed deals in France. Nomura’s revenue also fell. Nomura Code was cited as the most active clean tech advisor in the UK. Nomura advises candidates interested in employment in the U. expert advice. the firm ranked No. firm filed for Chapter 11 bankruptcy protection. 7 in European M&A so far in 2008. a steep decline versus the 21. representing six listed companies and raising €250 million in eight public market transactions since 2005. which the bank purchased in 2008. was named Adviser of the Year in the Rosenblatt New Energy Awards for 2009. Spain. shortly after the U. February 2009: Dubai will do Nomura International plc announced that it had been granted a banking license by Dubai’s Financial Services Authority. In 2008. 20 for completed M&A deal volume in the Nordic region. and Asia/Pacific. in February 2009. 11 in announced deal volume and No. it ranked No. September 2008: Picking up Lehman Nomura Holdings agreed to purchase Lehman Brothers’ Asian. The quarterly loss. decreasing by 28 percent to $1. wrapping 181 transactions worth a total of $268 billion.The Vault Guide to the Top 50 Banking Employers. to call the contact human resources department at (212) 667-2310 or fax them at (212) 667-1016 Visit Vault at www. with 3. 12 in completed deal volume. and No. but Nomura called it “nominal. Nomura won a platinum award at the City of London Clean City Awards—for the third year in a row.

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

com THE STATS Employer Type: Public Company Ticker Symbol: RBS (LSE.86 billion 2008 Net Income: -£24.000 (Worldwide) No. of Employees: 165. Andrews Square Edinburgh.PRESTIGE RANKING 27 ROYAL BANK OF SCOTLAND GROUP PLC KEY COMPETITORS Barclays Citigroup HSBC 36 St. EH2 2YB United Kingdom Phone: 44 (0) 131 556 8555 Fax: 44 (0)131 557 6140 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.rbs.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 . of Offices: 2.rbs.1 billion No. NYSE) Chairman: Sir Philip Hampton CEO: Stephen Hester 2008 Revenue: £25.

RBS in the U. which is being brought in class action-friendly American courts. RBS operates its commercial banking activity under the brand names Citizens and Charter One (Citizens acquired Charter One in 2004.S. RBS Insurance. Mexico and Uruguay in the Americas.K. Bermuda and the Cayman Islands. Citizens is certainly no newcomer to the U. 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 asset protection plan allowed RBS to move £325 billion of toxic assets from its global markets division into a taxpayer-backed pool. personal banking (which operates through the RBS and NatWest brands). it opened a branch in Glasgow. Calls for their resignation mounted in as RBS accepted bailout funds from the Treasury. Goodwin also raked in more than £4 million in annual compensation. Changes at the top The financial crisis led to a massive shake-up at RBS. For the first 50 years of its existence. Chairman McKillop agreed to step down at the RBS annual meeting in April 2009. U. Massachusetts. Michigan.000 employees and more than 1. global transaction services and finance.. 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). acquiring a number of English banks and opening a New York office in 1960. Chile. retail and commercial banking (which offers services through the Citizens and Charter One brands). strategy and communications). making him an easy target for shareholders’ ire. Today. RBS announced that Goodwin would resign and be replaced by newcomer Stephen Hester. 174 © 2009 Vault. RBS Lynk. The pending suit.5 billion. one week after dropping that bombshell. In the U. its only rival was the non-royal Bank of Scotland. Columbia. risk and restructuring. 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 from there it grew rapidly.. It also gave the British Treasury preferred shares worth £19. Indiana. Chicago and Los Angeles since the 1960s. a deal that added about 600 branches to its network). marking the biggest bank takeover in the world. as former chief executive Sir Fred Goodwin and former Chairman Sir Tom McKillop were deposed in October 2008.. RBS accepted funds from a £50 billion bailout plan. Citizens’ credit card arm. EMEA retail and commercial banking (through the Ulster Bank brand.—it’s had a presence in New York. U. project finance. The Royal Bank of Scotland has 10 main divisions: U. meanwhile. Brazil. In October 2008. but in 1783. at the time. More mergers followed in modern times.S. By the 1870s.450 branches. 23. loan and high-yield markets. 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. the bank initially brushed off rumors that the two men might leave. In mid-October 2008. The events of early 2009 meant that the government’s stake in RBS would rise to nearly 95 percent. McKillop and RBS for the losses they have incurred. RBS Card Services. In February 2009. RBS promised the government it would divest itself of any remaining illiquid assets within five years. Illinois. Further south. RBS became the first bank to join the British government’s asset protection program for troubled institutions. support (HR. a move that left the British government with a 70 percent stake in the bank. In the U. it maintains offices in the Bahamas. is open to all RBS investors in Europe and the United States. and vowed to increase lending. at which point he was replaced by Sir Philip Hampton. New York. It has about $167 billion in assets.. Rhode Island. The RBS leaders’ woes didn’t end there: in March 2009. provides electronic payment processing services. it has operations in Connecticut. chief executive of British Land. RBS Asset Finance is a big lessor in Inc. $98 billion in deposits. New Hampshire. 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. . RBS’s global banking and markets group encompasses corporate banking.K. RBS led a consortium to acquire ABN AMRO. In exchange. acquisition-hungry predator that wasn’t afraid to eliminate thousands of jobs at a time (his nickname: Fred the Shred). and provides consumer and commercial credit cards nationwide. RBS had set up shop in London. as well as RBS Greenwich Capital—an institutional fixed-income firm that supplies corporate finance and debt capital markets services. Conn. Houston. despite early signs of the coming credit crisis. RBS has a presence in Argentina. Delaware. Pennsylvania.S. In addition to the U. Then in 2007.The Vault Guide to the Top 50 Banking Employers. global banking and markets. leveraged finance.S. with over $5 billion in assets.S. the Royal Bank operated from a single location in Edinburgh. The bank’s annual loss of over £24 billion represented the biggest annual loss of any corporation in British history.S. Ohio. Vermont and Virginia. the Times reported that two British council pension funds had retained Cherie Blair to bring a class action suit against Goodwin. is headquartered in Bridgeport. corporate banking.

saying. revenue increased 26 percent to $14. including collateralised debt obligations. will mostly affect the bank’s back-office operations such as its technology and call center divisions. over the course of the next two years. “We expect credit conditions to continue to deteriorate over the next few quarters. Whittaker is the 13th member of the board to leave after the bank accepted a capital injection from the government in late 2008. These layoffs came on top of the approximately 6. the bank cited $4.3 billion in write-downs on the value of assets (steeper than the $986 million in write-downs it made during the first quarter 2008). 175 . Hoping to shrink costs by $3. One thing after another RBS’s financial problems in 2007 and 2008 were centered in its global banking and markets (GBM) division. The firm was also forced to write down approximately £8 billion on its exposure to structured credit vehicles. As a preliminary step.The Vault Guide to the Top 50 Banking Employers. career message boards. Whittaker will be staying on while he helps find his successor. fallout from the 2007 purchase of ABN AMRO. has riled fury in many after receiving a bailout from the U. (Critics of the ambitious acquisition got their “I told you so” moment. One of the biggest blows was a goodwill impairment charge of over £15 billion. It also intends to realise a one-sixth reduction in costs. RBS hunkered down to plan its way back to profitability.” adding that “unfortunately.” adding that “there will be a slowdown in financial market activity compared with the very buoyant conditions seen in Q1.2 million annual pension. who spurred the purchase to fruition.5 billion in costs cut from RBS’s worldwide operations over the next three to five years. A closed RBS building became the object of distinct rage.500 of them in the U.000 jobs. In a statement. 4. for insider company profiles. April 2009: Destruction in London On April 1. As a cause for the losses.7 billion. Putting a number on that would mean about £2.K. protesters demonstrating against the Group of 20 summit meeting targeted the Royal Bank of Scotland in London and other banks.. vandalizing property and outnumbering police forces. Although specific details were not provided. in April 2009. RBS said.700 redundancies it already made in 2009. RBS said the layoffs would have the most impact in its group manufacturing division. the Vault Job Board and more. About 4. As if that weren’t enough. compared with a profit of about $368 million for the previous year’s first quarter. that means taking difficult decisions about jobs. government while ex-RBS CEO Fred Goodwin walked away from his post with a $1. Meanwhile. £3 billion of which stemmed from GBM.S.000 people in total demonstrated at what they termed “Financial Fool’s Day” in the city. trader Bernie Madoff. According to announcements made in February. in early 2009. the bank plans to cease operations in 36 of the 54 countries in which it currently works. April 2009: More deep cuts RBS said it would initiate up to 9.000 job cuts that took place in smaller rounds earlier in the year and in 2008. tossed office equipment out the windows and sprayed graffiti on the branch walls.” Visit Vault at www. The new cuts. expert advice. partially attributed to the 97 percent boost in profits at the firm’s investment bank.” 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. RBS. which followed the 2.5 billion credit impairment loss in fiscal year 2008. as did critics of former CEO Sir Fred Goodwin.500 in the U. which carries out the firm’s investment banking operations. including about 4. RBS was also heavily exposed to the $50 billion frauds perpetrated by U. This exposure stands to cost RBS at least £400 million. 2009.vault. expert resume reviews. 2010 Edition Royal Bank of Scotland Group plc Circling the wagons With new management secured and the Treasury’s toxic asset plan in place. in particular.5 billion. CEO Stephen Hester said the bank had “set a new strategy [to return] to standalone strength as soon as practicable. IN THE NEWS May 2009: A steep loss with a glimmer of hope Royal Bank of Scotland posted a $1.K. as protesters broke windows.K. the bank announced deep rounds of cuts that would impact 9.29 billion net loss for the first quarter 2009. RBS said the actual amount of jobs cut could be “significantly lower” due to the bank’s plan to move workers into new positions.000 job cuts.) The ABN AMRO impairments were accompanied by yet another £6. CEO Stephen Hester warned against overenthusiasm.

slipping three spots from its rank for 2007.7 percent higher.2 billion loss for 2008 compared with a profit of about $10. An email.000 insiders in its global banking and markets unit (about 15 percent of its staff). And in announced U. November 2008: More write-downs to come The Royal Bank of Scotland said it will face more write-downs in the near future. Royal Bank of Scotland sold off its stake in Bank of China for $2. But one move Hester likely won’t want to replicate as CEO is another call to the U. In order to do this. will mainly affect leveraged loans. RBS plans to put its retail and commercial banking units in Asia. are paying themselves a huge amount of money. RBS managed to hold its own on the Thomson Reuters banking league tables for 2008. In 2008 worldwide announced M&A by volume.” Goodwin was ousted from his position in October 2008 as the bank posted its largest loss in its history (about $35. and living in luxury. 20 in announced M&A volume. February 2009: An unenviable record The Royal Bank of Scotland reported the largest annual loss in the history of U. central and east Europe on the auction block. read. UBS and Hong Kong-based billionaire Li Ka-shing both sold shares in Bank of China. The loss. purportedly sent from his attackers. 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. and the U. Soon-to-be CEO Stephen Hester said he wants the bank to be able to return to paying dividends in 2010.000 According to sources inside the Royal Bank of Scotland. Under Goodwin. and is considering selling off Charter One bank wholly or in divisions. December 2008: Still hanging on Troubles notwithstanding.. the firm received a government bailout to the tune of $28 billion. Fortunately for Goodwin. In European announced M&A. January 2009: A new chief Stephen Hester took over the CEO position at RBS from Fred Goodwin.K. January 2009: Getting out of China Following months of speculation. Bank of China’s shares closed 2. quite a dive compared to its finish at No. RBS also ranked No. which will help to insure RBS assets up to $462 billion.5 billion). RBS would have to buy back billion of government preference shares. a one spot fall versus 2007. followed similar moves by other banks. RBS ranked No. Bank bosses should be jailed. companies. “We are angry that rich Inc. government’s asset protection program. who said in 2006 that the taxes RBS pays help support government and public services. November 2008: RBS to cut 3.S. March 2009: Pension-related attacks Ex-RBS CEO Sir Fred Goodwin’s property was vandalized following news that he would be keeping his $24.5 billion of emergency capital from its government and from investors.89 million pension package. Filling big shoes is a move that comes naturally to Hester. like him.) RBS.S. still shocked markets and caused the bank to be the first to join the U. The attackers broke several windows of Goodwin’s Edinburgh home and of a Mercedes Benz parked in his driveway. down three spots versus 2007. the firm is expected to layoff as many as 3.—and remove its banking presence from 36 countries. asset-backed securities and corporate lending. while ordinary people are made unemployed.4 billion in 2007. he was not living in Edinburgh during the attacks. who announced his retirement from the post in November 2008. M&A. which had mulled selling the Bank of China stake since October 2008. In the U. the firm ranked No.K. including during the fourth quarter 2008. while less than analysts expected. This is a crime.K. .8 billion of its stake in China Construction Bank. 17. 20 for announced deals. Prior to the sale.The Vault Guide to the Top 50 Banking Employers. a figure outweighing the taxes the firm paid during that timeframe. the firm ranked No. likely to take place over a few-month period. destitute and homeless. government. 11 in 2007. The bank posted a $34. even as it took $32. and Bank of America sold $2.37 billion. 176 © 2009 Vault. (After the sale. 16. who also stepped in to replace Sir John Ritblat as CEO of property company British Land in 2006. The cuts.K.K.

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

bureaucratic” “Great management” “Poor service” THE BUZZ 178 © 2009 Vault. NY 10017 Phone: (212) 270-6000 Fax: (212) 270-2613 www. CEO: Todd Maclin 2008 Revenue: $ Inc.PRESTIGE RANKING 28 CHASE COMMERCIAL BANK UPPERS • “Exciting” workplace • Good benefits 270 Park Avenue New DOWNERS DEPARTMENTS Business Credit Commercial Real Estate Corporate Banking Equipment Leasing Middle Market Banking • “Lots of politics” • Not-so-great pay EMPLOYMENT CONTACT careers. of Offices: 73 (US) What insiders at other firms are saying • • • • “Premier commercial bank” “Not challenging.000+ No.jpmorganchase. . of Employees: 5.9 billion 2008 Net Income: $1 billion THE STATS Employer Type: Subsidiary of JPMorgan Chase & Co.

and First Chicago. technology. operates along five business lines. The Fed also exempted JPMorgan Chase from regulations governing its transactions with Maiden Lane. commercial banking for real estate investors and developers. In 2006. Morgan & Company.P.P. Washington Mutual Bank. acquiring WaMu’s 2. Morgan CEO William B.vault. Chase Commercial Bank is part of one of the world’s biggest financial services firms: JPMorgan Chase has nearly 220. Chase Commercial Bank’s more than 5. Chase Commercial has industry expertise in nearly two dozen sectors. public companies. However. nonprofits. 179 . Plenty of clout Parent JPMorgan Chase is one of the great legends of U. and the country’s No. restaurants and restaurant suppliers. including financial institutions. in March 2008. thanks to several recent monstrous mergers on its parent’s part. The new powerhouse was led at first by J. Morgan’s investment banking teams. Harrison. municipal governments. former Bank One CEO Jamie Dimon became chairman and CEO. Yeah. when the Chemical Bank of New York was formed. JPMorgan Chase combined with Bank One.836 billion. entertainment. 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. associations.The Vault Guide to the Top 50 Banking Employers. the Vault Job Board and more. Manufacturers Hanover. 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. expert advice. we do that All told.” Once more. including financial institutions. which subsequently merged with for insider company profiles. In May 2008.000 employees in more than 60 countries and total assets of approximately $2. municipalities. regulatory agencies went to extraordinary lengths to smooth the acquisition effort and subsequent transitions. jewelry and apparel. sports. health care. respectively. placed into FDIC receivership and awarded the dubious title of “largest American bank failure. and U. serves companies with annual revenues ranging from $10 million to $500 million. which reaches from New York to Arizona. which includes over 600 bankers and 700 service professionals. Native American tribes. offering everything from investment banking to cash management and credit. Morgan & Co. Bank One. when legendary financial institution Bear Stearns crumpled under the pressure of the credit crisis. 2010 Edition Chase Commercial Bank THE SCOOP Diverse services Chase Commercial Bank. collapsed in spectacular fashion: it was shut down by the Office of Thrift Supervision. art galleries. Meanwhile. and equipment financing.S. which had been created in 1998 by the merger of Banc One Corp. the deal also saddled JPMorgan Chase with WaMu’s extensive portfolio of tanking mortgage-backed investments. automotive. each share of Bear was converted into 0. 1 assetbased lender. higher education. expert resume reviews.21753 shares of JPMorgan Chase common stock.S. Rescuing WaMu Another bank’s failure resulted in a major acquisition for JPMorgan Chase. Over the decades JPMC incorporated or otherwise evolved from First Chicago. career message boards. social services organizations.2 trillion. 2 middle market lender in the U. labor unions. the business credit. a limited liability company constructed with the New York Fed to hold some of Bear Stearns’ assets. JPMorgan Chase was standing by to pick up the pieces—literally. In July 2008. Chase Manhattan and the original J. 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.P. Bear’s fall sent shockwaves through the banking industry. banking history. It’s also the top commercial bank in its retail branch footprint. JPMorgan Chase announced that it had completed its acquisition of Bear Stearns. syndication and collateral analysis).P.000 employees work with over 26.000 clients. associations. Chase can boast that it’s the No. under the terms of the deal. a subsidiary of JPMorgan Chase. the National Bank of Detroit. perhaps most important. Buying Bear Less than two years later. with roots that date back to 1824. in 22 states. the country’s biggest savings and loan. and specialty retail.S. JPMorgan Chase was there to pick up the debris.200 branches and its $135 billion in deposits for $1. to form JPMorgan Chase. lawyers and law firms. Under normal circumstances. commercial real estate and equipment leasing divisions provide structured asset financing (including loan structuring. Chase corporate bankers serve these clients through a partnership with J. which it already owned. funds managers. Its middle market banking division. a buy that big would be prohibited by rules governing asset sales between banks and their affiliate companies. cultural institutions. theaters. And. corporations and nonprofit entities. In 2004. A 1996 merger between Chase Manhattan and Chemical Bank formed the country’s then-biggest bank holding company.

7 billion.” Indeed. which was breaking ground for a new. Chase Commercial Bank provided a $196 million mixed-use credit facility. including $5 billion in loans specifically for health care companies.The Vault Guide to the Top 50 Banking Employers. but the two banks had history: in March 2008. knowledge of the banking industry. “from working in teams to ideas on how to improve the bank from an outsider’s perspective. keeping credit flowing into the economy.” 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.” But interviews “aren’t necessarily hard or nervewracking” and seem based largely on fit. Was snatching WaMu from the brink of disaster a risky move for JPMorgan Chase? Perhaps.” “They asked me a wide range of questions. said it will slash 12. “Lending to these organizations helps both them and our communities. “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.” Fit in Expect at least three rounds of interviews that will “help determine candidates who have the best fit.S. including WaMu’s coveted West Coast branch network and the distinction of being the nation’s biggest bank (finally surpassing Bank of America).” reports one insider. Chase Commercial also saw its overhead ratio drop in the quarter. Average loan balances skyrocketed to $117.” GETTING HIRED Sell yourself Chase is “very selective” when it comes to hiring. JPMorgan Chase got what it wanted. JPMorgan Chase announced that it had increased its loan commitments by 33 percent. they want to know if you can function in the environment. such as “give me an example of when you were a leader. and why I chose to attend the university I did. you can also expect to be asked about “what you are looking for” in a position and “what your ambitions are. 2010 Edition Chase Commercial Bank sale. Chase’s middle market banking division had a particularly good quarter. in the end. Chase Commercial Bank CEO Todd Maclin pointed to a children’s hospital in Chicago. So. “I was asked about my motivations. a 67 percent increase from the same period in the previous year. In conjunction with a $552 million bond issue.” “describe how you’ve worked in a team environment” and “name three things you like and dislike.” You may also get asked questions regarding “what classes you’ve taken. indeed. are undergoing a rebranding process that’s slated to be complete by the end of 2009.4 billion and net income of $480 million.000 positions—about 2. “We have expanded and will continue to expand our lending to existing clients while beginning new relationships with others.” The questions the firm likes to ask are largely behavioral in nature.” They’re also likely to “see what you know 180 © 2009 Vault. Chase Commercial and JPMorgan Chase rushed to assure customers—and the government—that they were. bringing in $796 million (an increase of $101 million from the previous year).” said Maclin. JPMorgan Chase had made an unsuccessful $8 per share offer for the savings and loan.800 more than it previously estimated—as part of its integration of Washington Mutual. IN THE NEWS February 2009: A new wave of cuts JPMorgan Chase & Co. financial system accelerated in the final days of 2008. The announcement came two days after JPMorgan Chase decided to cut its dividend by 87 percent in order to save $5 billion annually. The reason for this success in the midst of an economic meltdown was largely due to higher net revenue.” Occasionally there’s also “one written test” and “one group activity observed by the managers. nonprofits and government units.” 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. You may also be asked “is money or enjoyment more your objective in this position?” During the interview.75 billion from the incorporation of WaMu. going from 46 percent to 34 percent. compared to 2007. thanks to the WaMu acquisition. December 2008: Still lending As concern about the U. JPMorgan Chase also said it plans to save about $2.” explains a source. Chase Commercial Bank reported revenue of $1. a 63 percent increase from the previous quarter and an 80 percent increase from the same quarter in the previous year.” Questions might “target your skill and ability to deal with the scope and complexity of the diverse enterprises that make up the firm. which reopened for business upon completion of the Inc.” Interviewers “want to partly know if you’re good at your job—but more importantly. . $900 million building. only bringing in “individuals who are highly qualified and have great skills. WaMu branches.

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

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.PRESTIGE RANKING 29 DRESDNER KLEINWORT* KEY COMPETITORS Credit Suisse Deutsche Bank Lazard *Folded into Commerzbank AG’s corporates and markets division on September 1. 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. NY 10019 Phone: (212) 969-2700 www. of Employees: THE STATS Employer Type: Subsidiary of Commerzbank AG CEO: Stefan Jentzsch No. Inc.commerzbank. .commerzbank.500 No. the Dresdner Kleinwort name was dropped 1301 Avenue of the Americas New UPPER • Friendly people BUSINESSES Capital Markets Equity & Credit Derivatives Financing & Securities Management Fixed Income.

which he originally helped found). financing and cash management to corporations. Dresdner Bank took over British investment bank Kleinwort Benson. Despite its name recognition around the world. bio-energy and fuel cells). the firm hasn’t performed well as of late. Shortly after that deal closed. the entity took over American investment bank Wasserstein Perella—a firm that was highly reputed for its debt capital markets expertise. investment. employing approximately 40. of which more than a third work outside its native Germany.6 billion of the $7. largely due to the worldwide financial crisis.52 billion acquisition of Endesa as a deal of the year for Spain. 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. once Dresdner Bank is fully integrated.vault. risk management for insider company profiles. September 2009: Moniker change The Dresdner Kleinwort was officially disco ntinued.) In addition. as well as trading and research to institutional investors. (By May 2009.The Vault Guide to the Top 50 Banking Employers. and Mergermarket recognized its advisory of Schaeffler Group’s €22. Commerzbank. Dresdner Kleinwort operates through two main business groups: global banking and capital markets. The famous dealmaker Bruce Wasserstein subsequently left the firm. the Dresdner Kleinwort name will likely be retired. It offers services such as advisory.5 million includes more than half a million corporate customers. 183 . The Banker recognizes the Enel/Acciona €42. Dresdner Kleinwort had offices in more than 35 countries and a staff of over 6. former Dresdner Kleinwort employees will fall under the Mittelstandsbank division of Commerzbank or its corporates and markets unit. the firm’s long list of pan-European clients were provided with investment banking products and services. (Bruce Wasserstein is now the head of Lazard but his name remains associated with the private equity firm Wasserstein & Company. this coincided with the integration of Dresdner’s corporate banking operations. Although terms of the deal were not disclosed. creating Dresdner Kleinwort Benson. Going forward. following Commerzbank’s acquisition of Dresdner earlier in 2009.6 billion agreement) a deal of the year. The business will be incorporated into Deutsche Bank’s Trust & Securities Services unit. Within only a few years of its creation. the deal is estimated to be finalized in the fourth quarter of 2009. Before Commerzbank In 1995. expert resume reviews. and the bank’s network encompasses more than 5. The bank’s total private and business customer base of 8.000 employees. career message boards. Award time Dresdner Kleinwort raked in a number of awards in 2008. but it was only in 2006 that the investment bank dropped the Wasserstein part of its name and rebranded itself as Dresdner Kleinwort. real estate banking and institutions. and American offices in Boston and New York City. In addition to a global headquarters in Frankfurt. Commerzbank’s business structure is divided into four main units: corporate banking. Dresdner Kleinwort also boasted particular expertise in the realm of European renewables (such as wind. foreign business. In 2001.000 “correspondent banks” worldwide. Visit Vault at www.K. German insurance conglomerate Allianz bought Dresdner—and its subsidiaries—for a whopping $22 billion. the Vault Job Board and more. through its capital markets. The two investment banks were merged to form Dresdner Kleinwort Wasserstein. Dresdner Kleinwort has European headquarters in London and Frankfurt. most of the Londonbased corporate and investment banking businesses serving non-German clients had been phased out. Dresdner Kleinwort was given a second European headquarters in the financial capital of London where. and Commerzbank plans to contract rather than expand the investment banking capabilities once provided by Dresdner Kleinwort. solar.9 billion takeover of Continental. expert advice.000 people. corporate finance and origination business lines. and Commerzbank will be the brand that relates to all investment banking aspects of the former Dresdner. Dresdner Kleinwort quickly developed a strong position in its core home market of Germany and adopted home market of the U. Its new parent Commerzbank has a presence in 50 countries 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. retail banking. transaction management. in recognition of its many deals: Project Finance Magazine named its financing of Macquarie’s acquisition of Puget Energy (it supplied $3. The services offered by the corporate banking division include financing. which closed its acquisition of Dresdner Bank (Dresdner Kleinwort’s former parent) in January 2009. Currently.

with 36 deals worth $72. following Commerzbank’s takeover. according to The New York Times. leaving the two banks with 3. remains—as head of client relationship management. according to the paper. “Everybody sells their soul to the devil. Notably. January 2009: The full list Including CEO Stefan Jentzsch and COO Badouin Croonenberghs. according to Reuters: Head of capital markets and head of equity and credit derivatives Jens-Peer Neumann. December 2008: Dresdner gets results According to Thomson Reuters.300 London-based staff July 2008: HBOS tanks Dresdner Kleinwort and Morgan Stanley underwrote the $8 billion rights issue of HBOS. and head of research Colin Philips. it was revealed the bank would no longer be covering non-German companies. Anderson revealed his identity shortly before the book was published. currencies and commodities Eddie Listorti. But only 8. December 2008: Fact meets fiction Former Dresdner Kleinwort banker Geraint Anderson published Cityboy: Beer and Loathing in the Square Mile in the U. and the sale spells uncertain times for Dresdner Kleinwort. The “anemic” response to the rights issue.K. head of global finance Bertrand Pinel. the “careers” segment of www.K.200 of a total 3. M&A specialist and head of strategic advisor John McIntyre.The Vault Guide to the Top 50 Banking Employers.” The book was serialized in the Times and also became a national bestseller. M&A business and cutting 1. Only Berent Wallendahl. Dresdner Kleinwort ranked offers listings for job seekers in several stages of their professional lives. in its 2008 middle market M&A league tables. head of global loans and transaction services William Fish. head of hedge fund solutions and head of global equities Martin Newson. 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. He’s joined by Ralf Werres. Dresdner. working on 37 deals worth $73. Britain’s biggest home lender. 15 in European announced transactions with values up to $100 million. Twenty-five percent of Commerzbank is presently held by the German government.9 billion. The firm also ranked No.” writes Anderson in Cityboy. the paper said.K. deals up to $500 million. In addition. “I just decided that I’d get a damn good price for mine. 20 in European announced deals up to $500 million and No. . chief executive Stefan Jentzsch and COO Badouin Croonenberghs did not make the cut.2 billion acquisition of Dresdner Kleinwort’s parent bank. he previously wrote a column about his job at the investment bank for the London Inc. Thomson Reuters named Dresdner Kleinwort No. head of principal investments Thomas Roeder. head of fixed income. in an effort to help the bank raise much-needed capital. former head of client coverage at the firm’s global banking unit. may have made it “more difficult and costly for other banks to raise capital just when they need it most. head of emerging markets Mike Adams. head of global banking Alberto Piedro. 17 in European announced M&A deal volume. a “star stock analyst. 22 in worldwide announced M&A deal volume for 2008. 15 for announced U.6 billion. January 2009: Shakedown Commerzbank closed on its $14. No. Like many of its investment banking brethren.3 percent of its shares sold. according to Reuters.dresdnerkleinwort. Anderson logged 12 years at Dresdner where he was. head of global distribution Stefan Guetter. describing the narrator’s first job interview. Commerzbank plans to scale back Kleinwort to focus on German companies and retail clients.8 billion pounds of stock to sell. from Allianz. Additionally. 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. The disappointing turnout may have ramifications beyond HBOS. January 2009: And then there was one All but one member of the executive committee that ran Dresdner Kleinwort stepped down.” December 2008: Cutting back It was revealed that Commerzbank would be shrinking Dresdner Kleinwort’s U.” GETTING HIRED Casting a wide net Divided into sections for recent graduates and workers who have industry experience. DKIB looks for candidates primarily 184 © 2009 Vault. the following executives from Dresdner Kleinwort departed.

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

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. .com DEPARTMENTS Corporate & Investment Banking Investment Solutions Retail Banking EMPLOYMENT CONTACT Inc. boulevard des Italiens 75009 Paris. France Phone: +33-1-40-14-45-46 Fax: +33-1-40-14-69-73 www.4 billion 2008 Profit: €3.PRESTIGE RANKING 30 BNP PARIBAS SA KEY COMPETITORS Credit Agricole HSBC Holdings Societe Generale 16.000 THE STATS Employer Type: Public Company Ticker Symbol: BNP (Euronext Paris) CEO: Badouin Prot 2008 Revenue: €27. of Employees: 205.02 billion No.

” which means “Paris and The Netherlands. The corporate and investment banking business encompasses various divisions. private banking and securities group includes BNP Paribas Asset Management. in 2007. spanning 83 countries. In 2008. (In case you’re curious.000 employees. securities services. expert resume reviews.4 billion and net profit of €3. as well as a 5 percent worldwide staffing reduction (translation: 800 jobs lost). BNP Paribas underwrites. respectively. although profitable. The asset management. down from €31 billion and €7. Hawaii. Miami. BNP Paribas was named Global Bank of the Year by The Banker magazine. custody and execution on U. not unlike many other financial institutions did. The asset management and services business is comprised of private banking.000 are in Europe. compagnie Financiere de Paribas and Compagnie Bancaire. asset management. including equities and derivatives. Paribas comes from the phrase “Paris et Pays-Bas. online savings and trading. 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. Washington. The banking group’s total employee network worldwide boasts more than 205. losing $470 million to Madoff’s hedge funds (BNP did not invest directly with Madoff..”). BNP Paribas was also a victim of Ponzi schemer Bernard Madoff.S.The Vault Guide to the Top 50 Banking Employers.vault. real estate services and insurance. branch banking. expert advice. corporate finance. The banking group’s retail banking operations include retail banking both in France and internationally. Chicago. the Vault Job Board and more. A fully registered NASD broker-dealer. The transaction included an interest in Fortis’ insurance business in return Visit Vault at www.99 percent support. Italy and for insider company profiles. the combined entity will be the sole Europe-based financial firm with four domestic markets in Belgium. Plagued by recession. when Comptoir National d’Escompte de Paris and Banque Nationale pour le Commerce et l’Industrie united to form Banque National de Paris (BNP). after the French financial markets authorities gave BNP the green light. trades and markets a wide range of global and domestic fixed-income and equity products in the U. which also maintains an affiliation with American asset manager Fischer Francis Trees & Watts. Houston. In 2009. fixed income. private banking operations are based in Miami and works frequently with Latin American clients. of which 165. who believed the government did not have their best interest in mind. BNP Paribas can trace its roots back to the early 1800s. In addition to enviably strong European operations. Brokerage services are located in New York and Chicago.S. and works in tandem with its CooperNeff affiliate on proprietary portfolio strategies. Los Angeles. New Mexico. California. the banking powerhouse has a solid and growing international presence. it took control of the Paribas Group. In 1999. The Paribas Group was formed in 1988 after many (notorious) years of French nationalization and reorganization. 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. Idaho. and investment solutions. structured finance and cash management. the bank employs approximately 15. offering clearing.82 billion.000 people in the United States. plus branches that operate under the brand names First Hawaiian and Bank of the West. San Francisco and Dallas. the group included the Banque Paribas.02 billion. though the modern day version of the bank began to take form in 1966.S. personal finance and BNL Banca Commerciale. The merged group will be one of the biggest in Europe in terms of deposits. However. BNP Paribas did have an overall tough 2008.-listed equity and derivative markets. Additionally. For the year. Guam and Saipan. the bank booked revenue of €27. Brand Finance named BNP Paribas the world’s eighth top banking brand. the vote passed with 72. The American way BNP Paribas North America has U. with strong operations in both the United States and Asia. career message boards. the eighth safest bank in the world by Global Finance and the 13th-largest company in the world by Forbes. but had risk exposure to his funds through trading and collateralized lending activities). offices in New York. The vast majority of BNP Paribas employees are based in France and the Eurozone. the 2008 was tough for BNP Paribas: losses in the third quarter led to tougher risk management in the investment banking division. The bricks and mortar of it all BNP Paribas’s international business is comprised of three key divisions: retail banking. After the shareholders stopped throwing things. creating one of the largest financial institutions in Europe. corporate and investment banking. France. North American retail banking operations are carried out under the Bank West brand. with over 350 branches in Oregon. Nevada. 187 .

12 and No. was named to the 2008 Investment Dealer’s Digest list of “40 Under 40. Net income for the full year was reported to be positive. 2010 Edition BNP Paribas SA for assurances against losses and ownership of Fortis’ Luxembourg bank. In addition. and on the Americas project finance tables. the court ruled that the Belgian government would have to pay Fortis shareholders $6. including BNP Paribas ($3. Co. 47. and if it does. it was the No. However. calling the BNP deal “the best guarantee for continuity of Fortis Bank Belgium.The Vault Guide to the Top 50 Banking Employers. but BNP Paribas had its own share of the troubles.75 billion if a sale went through before a mid-February meeting.’s $23 billion purchase of William Wrigley Jr. 3 arranger of global project finance loans in 2008. Previously. 13. it was also awarded Best Bank in Western Europe and Best Bank in France. In the United States BNP ranked No. Chief executives also had to agree to give up their 2008 bonuses.9 billion. November 2008: Best of the best BNP Paribas was named Global Bank of the Year by The Banker magazine. making major moves from its previous positions at No. November 2008: Nice work Managing director Renaud-Frank Falce.” promised to challenge the Brussels Court of Appeals ruling. the result of write-downs and capital markets risks.0 billion) and Societe Generale ($2. 10 in worldwide announced mergers and acquisitions for 2008.1 percent of Fortis’ operations. 7 bookrunner for global asset-backed securities. BNP Paribas agreed to sell off its BNP Paribas Personal Finance unit in Belgium. and the second round of funding was expected to be put in action by early Inc. 45 and No. In addition to its advisory prowess. but just barely. In debt markets it was the No. . the remaining 49. There’s a catch. respectively. A Ukrainian subsidiary. To comply with antitrust rules. which was carved up by buyers earlier in the year. but he told the magazine that “I’ve been here for five years now.8 billion total loss for the fourth quarter. BNP Paribas acknowledges that the court case will mean the takeover won’t be completed on its original timetable. 17. As part of the decision. 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. Like the troubled asset relief program in the United States.4 billion).” In his 13 years at the bank. the legal tangles only pertain to 50. this was a seven-spot jump from its 2007 rank at No. the CIB unit is expected to show a pre-tax loss of about $2. coming in behind RBS and the State Bank of India. it will be able to choose between selling more bad debt to the French government. In an interesting twist. coming in at $3. a form of the deal had Fortis taking just a 10 percent stake in the insurance unit. the French bailout was divided into two tranches. and BNP Paribas plans to proceed with that half of the acquisition. 188 © 2009 Vault. Credit Agricole ($4. 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. Falce was imported from Europe. its first quarterly loss since BNP Paribas was created in 1999. January 2009: First time for everything BNP admitted it was taking a $1. again up from No. according to the Thomson Reuters league tables. December 2008: Shareholders weigh in A roadblock arose with a court decision that would subject the sale plan to a Fortis shareholder vote. BNP Paribas’ stock rose on the news. 19 bookrunner. won Best Bank in Ukraine. but a court decreed that shareholders must be able to vote on the matter. the deal will have Fortis taking a 25 percent stake of its Belgian insurance group while BNP Paribas promises financial backing. BNP Paribas indicated that it would likely participate in this second round. with 110 deals. In exchange for bailout funds. Meanwhile. who’s credited with building BNP Paribas’ corporate loan business in North America.3 billion). 13 mandated arranger and the No. A French bank bailout in December allocated $13. December 2008: In the bailout line The collapse of American banks made headlines in 2008. analysts had feared that it might cost as much as $9. 14 in announced and completed deals. and I’m looking to stay.9 billion to buy subordinated-debt securities from six of the country’s biggest banks. The Belgian government. or selling the government preferred shares without voting rights.” Like many BNP Paribas executives.9 percent are in the clear. though. December 2008: M&A advances BNP Paribas ranked No. with 120 deals in the pipeline. Falce recently worked on acquisition financing for Mars Inc.3 billion to prop up its operations.6 billion. 17. UkrSibbank. BNP Paribas was the world’s No. For worldwide completed M&A BNP Paribas ranked No.

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

com BUSINESSES Asset Management Brokerage Equity Research Investment Banking Private Client Services UPPERS • “Very team-oriented” • “Highly intelligent. KEY COMPETITORS Canaccord Adams Cowen and Company GMP Securities Jefferies JMP Securities Piper Jaffray & Inc. CA 94104 Phone: (415) 364-2500 Fax: (415) 364-2695 www. INC. Weisel 2008 Revenue: $189. One Montgomery Street San Francisco. of Employees: 455 (approx. Chairman & CEO: Thomas W.5 million 2008 Net Income: -$ 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. .2 million* No. respectful” management THE STATS Employer Type: Public Company Ticker Symbol: TWPG (NASDAQ) Founder.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.) No.PRESTIGE RANKING 31 THOMAS WEISEL PARTNERS GROUP.tweisel.

career message boards. technology. who joined as managing directors in investment banking focusing on the health care sector. it lingered well below its debut price at approximately $4.75 per share. Thomas Weisel Partners’ stock has been volatile. funds and accounts will be created that comply with the principles that Shariah-observant investors must follow. 191 . previously a managing director and global head of technology M&A at UBS. As of August 2009. IdealRatings will manage this process for TWAM clients. software. Visit Vault at www. and Sutton was previously with Bear Stearns. asset management. Morgan. IT. including 12 senior investment banking professionals and 22 senior brokerage professionals since January 2008. March 2009: Tough year Thomas Weisel reported $189. New York. recently hiring several key employees. Chicago. According to a TWP press release.” according to Chairman and CEO Thomas Weisel.The Vault Guide to the Top 50 Banking Employers. It also gives TWP a chance to scout future IPO or M&A clients. 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. operations.5 million in revenue for 2008. “TWAM will consult and guide GRP in asset gathering. THE SCOOP A public affair Thomas Weisel Partners offers investment banking. However. Weisel sold Montgomery to NationsBank for $1. Calgary. telecommunications and wireless companies. The reasons for the loss included a good will charge due to acquiring energy and mining-focused investment bank Westwind Partners. Big recent hires TWP benefited from the dislocation in the marketplace. Tech talk With its emphasis on growth sectors. 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. In his spare time. Portland.3 million. who founded Montgomery Securities 37 years earlier. Denver. Thomas Weisel Partners went public in 2006. equity research and brokerage services. after its successful debut. joined TWP as co-head of mergers and acquisitions. 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. and “a dramatic slowdown in capital markets activity. Moran was previously with Piper Jaffray. Toronto. he left his first firm behind to start another. launching a self-underwritten IPO. Among those hires were Jason Moran and Ralph Sutton. who worked for J. He also supports his alma mater by serving on the board of the Stanford Endowment Management Committee. TWP is a natural host for an annual Tech Conference which examines the future of the technology sector. non-recurring and non-cash items. semiconductor. London and Zurich.3 billion. In 1997. Inc. electronics. and has offices in Baltimore. expert advice. On the brokerage side. and Christopher Poggi. Additionally. and recorded a net loss of $203. the Vault Job Board and more. compliance and administration. The stock debuted strong and rose 30 percent above its $15 per share offering price on its first day of trading. Through the agreement. Weisel (Wize-ul). expert resume reviews. 2010 Edition Thomas Weisel Partners Group.vault. down considerably versus 2007.” May 2009: A new alliance The firm announced that affiliate Thomas Weisel Asset Management would be forming an alliance with IdealRatings. When NationsBank merged with BankAmerica to form Bank of America. a $330 million investment management company that focuses on investing in the global mining and metals for insider company profiles. a company that provides investment services to investors who follow Islamic banking principles (also known as “Shariah compliance”). former Lehman Brothers employee Douglas Leo joined as head of commission management for brokerage. Boston. Seth Ferguson. joined as a managing director in investment banking focusing on software. The event showcases new research and puts venture capitalists and institutional investors in touch with CEOs from hundreds of communications. The firm is headquartered in San Francisco.P.” and “GRP will assist TWAM in building out its asset management capabilities in the natural resource sector. The firm was founded in 1998 by Thomas W.

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

” and is “very team-oriented.” There are also “technical questions to gauge your ability to grasp financial concepts” along with “questions focused on fit. but competitive “Entrepreneurial” is a word that comes up frequently when insiders describe the firm’s culture. familiarity with the firm personality and work ethic. however.tweisel. They are highly for insider company profiles. and taxis after 9 p. Additionally. directors and managing directors. 2010 Edition Thomas Weisel Partners Group. “outfitted during the peak of the boom in 2000. career message boards.” but says “a lot of people wear suits unless it’s Friday or they have been working too much. “Slacks and a dress shirt with a jacket” is typically what employees will wear for client engagements. there is a lot of direct interaction with vice presidents. ‘white shoe’ feel about it without being too pretentious.” Your experience may depend on when you apply. TWP’s base salary is “in line with the Street.” adding. One insider says that “the process consisted of two phone interviews and one Super Day. “The attitude of the senior bankers is probably the most compelling reason to work at TWP. expert resume reviews. Harvard.” “friendly. it is a “competitive” culture that’s simultaneously an “aggressive” one.” For current openings. Columbia and Wharton.” It’s an art Office space in both the San Francisco and New York offices receive high marks.” And while your work load is “ebb and flow.” and the firm has “small.” while it tends to be “slower at other times. the Vault Job Board and more.” boast the “best offices in the Bay area.” it’s also “often dependent on the efficiency of the managing director. expect about two rounds of interviews that could entail meeting up to 20 people. “Candidates will typically interview with all or most members of the teams hiring.’” One analyst even calls it “the best balance of life that I know of. respectful and genuinely appreciate a thoughtful work product and good effort.” “Generally. Making an appearance at the office on weekends is an occurrence that tends to happen “more than once a month.” And the atmosphere is “not as intense as some banks are known to be. with a balance of fit and technical questions.m. Salaries and perks mostly receive the same degree of praise from insiders.” But there’s good news: “Bankers tend to be reasonable about not overworking analysts—TWP has a reputation as more of a ‘lifestyle firm. Penn. Brace yourself Once you’re asked in. you’re “intelligent.” Even though there’s the option of casual dress within the office. either—”15 to 20 percent of the bonus is paid in stock with a four year vesting schedule. “I have great relationships with both my managers and my subordinates.” “business attire is optional.The Vault Guide to the Top 50 Banking Employers.” In addition to featuring “lots of good art. it also finds candidates through “recruiters.” Still.” and the San Francisco offices.” 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.” Other perks include “meals after 8 p.m. client contact is still important. And the higher-ups seem to stick with the formal—”vice presidents and above typically wear suits daily. the firm is a great place to work. active hiring when there is a need. Dartmouth. have a good personality and are willing to work hard.” But the course of action does tend to vary.” Your call Although “most people still wear suits or at least dress on the high end of business casual.” Visit Vault at” One insider even goes so far as to say. the firm has “great people all around. Stanford.” And be prepared to be quizzed—”writing and skills tests are often required for associates. There is “rapid. expert advice.” the New York offices are “comfortable offices” and housed in a “good location.” and employee bonuses don’t look too shabby.” People are “positive from top to bottom.” Good balance The hours spent at the office “can vary depending on who you work with.” Though the firm recruits from “top undergrad and business schools” such as Brown. 193 . as well as management.” Class act Complaints are tough to find—if not downright impossible—when it comes to sources’ opinions on management.” though they are usually “typical investment banking hours” and average around “70 to 80” per week.” One insider calls the option “a little strange. check out the “careers” link at www. Inc.” “encouraging and helpful. Both have “amazing artwork.” OUR SURVEY SAYS Great people. “The interview questions were not atypical for investment banking.” “The culture is hardworking” and “has a classy. Monster and [recruiting firm] Glocap. which is [the] great part of working at Thomas Weisel.vault. and on weekends” and “pretax health and commuter benefits. collaborative teams with high levels of responsibility.

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

investmentbanking. MI 48243-1704 Phone: (313) 396-3000 Fax: (313) 396-3618 of Offices: Offices in 140 countries* * Deloitte Touche Tohmatsu EMPLOYMENT CONTACT deloitte. Suite 900 What insiders at other firms are saying • • • • “Smaller deals” “They do banking?” “Good for accountants” “Boring” THE BUZZ 195 .com UPPER BUSINESSES Acquisitions.PRESTIGE RANKING 32 DELOITTE CORPORATE FINANCE LLC KEY COMPETITORS Houlihan Lokey KPMG Corporate Finance 600 Renaissance Center.000* No. of Employees: 165. 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* No.

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

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

cibcwm.04 billion* 2008 Net Income: -C$4.100 No. NY 10017 USA Phone: (212) 856-4000 www. Ontario M5J 2S8 Canada Phone: (416) 594 7000 US Headquarters: 425 Lexington Ave New York. BCE Place DOWNER • Hours can be long EMPLOYMENT CONTACT www.cibcwm.2 billion* No.PRESTIGE RANKING 33 CANADIAN IMPERIAL BANK OF COMMERCE (WHOLESALE BANKING DIVISION) UPPER • Friendly workplace 161 Bay Inc. . 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. of Employees: 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.

merchant banking. who was replaced by CFO Tom Woods.K. during his stay. commodities.. CIBC Australia Ltd. Another key business area is cross-border U. the bank remained positive when it reported them. CIBC had greater U.) Neighbor to the south In the U. stating that its Tier 1 capital ratio of 10. capital markets. and CIBC World Markets [Japan] Inc. commonly referred to as CIBC.S. headquarters in New York City. as well as in other financial centers around the world. CIBC World Markets Inc. but climbing fairly steadily after that only to fall again in mid-January 2009.2 billion in structured credit losses. foreign exchange. CIBC Wood Gundy Inc. In early 2008. Rubin had been with CIBC for 20 years and. (Shenfeld received more good news in March 2009. In addition to its U. Houston.S. recover CIBC’s wholesale banking business CEO Richard Nesbitt... CIBC also maintained its corporate lending capability and its ability to distribute Canadian equities and fixed income products in the U.vault. CIBC is one of Canada’s top M&A advisors in a number of industries. quickly establishing itself as a leading North American investing institution. businesses.S.S.S. Top honors The bank and its bankers have received several awards recently.” According to a column in Canada’s Globe and Mail. Asia and U. fixed income and currencies. were also reduced. 2010 Edition Canadian Imperial Bank of Commerce (Wholesale Banking Division) THE SCOOP Canadian contender Canadian Imperial Bank of Commerce. Boston. CIBC’s stock price fluctuated madly on the Toronto Stock Exchange. the Vault Job Board and more. former CEO of the Toronto Stock Exchange. and research products and services to government. institutional. including equities. career message boards. 199 . global equities. CIBC World Markets Securities Ireland Limited. Combining CIBC’s capital with Wood Gundy’s underwriting reputation. Certain other activities within continuing businesses. more than any other Canadian bank. CIBC’s wholesale banking division was born in 1988 when CIBC acquired a majority interest in Wood Gundy Inc.” In addition. Salt Lake City. Avery Shenfeld.The Vault Guide to the Top 50 Banking Employers. the marketing name of CIBC’s wholesale banking division was “CIBC World Markets.S. Ups and downs Although CIBC’s results for its 2008 fiscal year (ending October 31st) included C$4. corporate and merchant banking. and one of the most noteworthy was given by Bloomberg Markets magazine. CIBC retained its other U. wholesale businesses.-based investment banking. fixed income. and international markets on behalf of its Canadian clients. equities and related debt capital markets businesses to Oppenheimer Holdings Inc. 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. including derivatives trading and asset-backed commercial paper conduits. Los Angeles and Chicago. as was Chief Risk Officer Ken Kilgour. CIBC’s wholesale banking arm has office in Atlanta. economy between 2006 and 2008. and form the bank’s wholesale banking arm.5 percent. and its losses were likely the catalyst for its move to “largely exit” global markets.. investment banking. was named Canada’s top economist 10 times). exited its leveraged finance activities in London. credit exposure than its Canadian peers. merchant banking and oil and gas advisory. has only been on the job since February 2008. became a powerful investment banking arm. Restructure. expert resume reviews. when CIBC’s chief economist Jeff Rubin left the organization and Shenfeld took over his post. (Canada) and CIBC World Markets Corp (U. money market and securitizations.S. revamp. As part of the housecleaning. Visit Vault at www.” (Today. Canadian Imperial Bank of Commerce’s wholesale banking division maintains a specialized focus on a handful of business lines: investment.S. equity and commodity structured products.5 percent “exceeds regulatory requirements” of 7 percent as well as its own “medium term target of 8. The firm’s global headquarters are located in Toronto. corporate and retail clients worldwide. and placed its structured credit business in runoff. CEO Brian Shaw was dismissed. is one of the largest banks in Canada. technically speaking. as a top forecaster (fifth place) of the U. which also includes other affiliates such as CIBC World Markets plc. as well as the balance of its U. which ranked a senior economist at CIBC World Markets. and real estate finance. And between November 2008 and January 2009. debt capital markets. and it has additional offices across Canada and the U. a leading Canadian securities dealer established in Toronto in 1905..S. The firm’s investment banking and capital markets divisions offer a range of financial services.S. CIBC said it “repositioned its wholesale banking business to reduce risk and strengthen its alignment with CIBC’s desired risk profile.S. Its wholesale banking business provides a wide range of credit. Until recently. leveraged finance. hitting record lows in mid-November.) are wholly owned subsidiaries of Canadian Imperial Bank of for insider company profiles.-Canada M&A transactions and investment management. in 2008 and the first half of 2009. which include real estate finance. and is a leader in Canadian equity underwriting and structured products. CIBC sold its U. expert advice.

and meal services. parent bank CIBC had a net loss of $2. (By June 2009.2 billion. and for the fourth quarter of the year.5 billion worth of trading activity. on the Toronto Stock Exchange.1 billion. Under the terms of the deal. CIBC was the No. compared to a net loss of C$538 million for the third quarter of the year. First step: brokering an agreement with private equity powerhouse Cerberus Capital Management.1 million CDN to support children’s hospitals.” Following Leith’s departure Geoffrey Belsher. joined as managing director of investment banking. which agreed to invest $1. The bank was also the fifth most active debt underwriter in Canada in 2008. shelters.1 billion. underwriting 49 debt deals worth a total of C$14. .05 billion in CIBC’s U.4 billion. who was also head of investment. January 2009: TSX top trader Some good news: CIBC’s wholesale banking unit beat longtime rival TD Securities as the top trader. investment banking. 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.9 billion.) 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. which was valued at $1. In the Canadian equity markets. Going forward. CIBC had a market share of 13. simply said that he had “elected to leave the firm.5 billion in trading activity. raising more than C$44 million over the years. including derivatives trading and asset-backed commercial paper conduits. departed after 25 years with the firm.5 billion.S. by value. equities and related debt capital markets businesses to Oppenheimer. residential mortgage market” while providing “important flexibility to benefit from a future recovery in the cash flows of these securities.1 percent for January. counseling programs. IN THE NEWS February 2009: More changes Further shakeups were afoot. as the division’s deputy chairman. because it consisted of mortgage-backed securities and collateralized debt obligations.” 200 © 2009 Vault. and CIBC will retain ownership of the assets. and it has set an annual net income goal of $300 million to $500 million for CIBC World Markets. CIBC wound down its London-based leveraged finance business and put its structured credit business in runoff.S. CIBC’s CEO Gerry McCaughey described the arrangement as establishing “a floor under CIBC’s exposure to the U. former managing director of Lehman Brothers Canada. pediatric health research. For the full fiscal year. residential real estate portfolio. December 2008: No. December 2008: It’s a miracle The first Wednesday of every December is “Miracle Day” at CIBC’s wholesale banking unit. signed on as head of corporate credit activities.The Vault Guide to the Top 50 Banking Employers. 3 in Canadian government debt underwriting. and the firm’s major charitable enterprise. Besides selling off its U. were scaled back.S. former chief risk officer at the National Bank of Canada. 3 in total equity underwriting Inc. CIBC worked on 54 announced deals during the year worth a total of US$26. the firm has taken this day to donate all sales and trading fees and commissions to children’s charities. And it came in fifth in Canadian IPO volume. Damage control is ongoing.075 billion (down from $1. the firm only worked on one deal. mostly the result of structured credit losses. CIBC’s wholesale banking division reported net income of C$133 million. The 2008 Miracle Day brought in $3. 1 advisor of Canadian merger and acquisition deals in 2008. with C$45.6 percent.186 billion) by mid-summer. Since 1984. David Leith. And it ranked No. Laura Dottori-Attanasio. CIBC had increased its market share to 17. December 2008: Big losses CIBC’s fiscal year ends on October 31st. leveraged finance. 1 in M&A (in Canada) According to Thomson Reuters. CIBC reported a net loss of $4. 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. The bank was named Financial Advisor of the Year in Canada and Mid-Market Financial Advisor of the Year in Canada.S. The firm was also recently named Investment Bank of the Year for its strong M&A performance by ACQ Finance Magazine. September 2008: Reducing real estate risk CIBC began taking further steps to reduce its exposure to the U. but that was worth C$60 million. with C$28. education and recreation programs. Under Nesbitt’s leadership. Other operations. it worked on 23 deals worth C$3. the bank ranked No. residential real estate market—in other words. Leith. corporate and merchant banking. CIBC said it will shift to a 75 percent retail business. CIBC will retain 100 percent of the returns on the portfolio following repayment of the investment. having worked on 35 deals worth a collective C$10.

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

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

P. Stephen Crawford. 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 What insiders at other firms are saying • • • • “Strong. NY 10019 Phone: (212) 380-2650 Fax: (212) 380-2651 www. Blair Effron.centerviewpartners. 19th Floor New York. great senior bankers” “Who?” THE BUZZ 203 . James Kilts & Robert Pruzan No. of Employees: 80 No. Lazard J. of Offices: 5 KEY COMPETITORS Allen & Company Evercore Partners Goldman Sachs Greenhill & Co.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. emerging boutique” “Small—only do a handful of deals” “Effron is the BUSINESSES Advisory Private Equity THE STATS Employer Type: Private Company Co-Founding Partners: Adam Chinn.

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

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

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

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

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

BRUYETTE & WOODS. of Employees: 75 No.kbw.kbw. of Offices: 10 EMPLOYMENT CONTACT www. KEY COMPETITORS FBR Capital Markets Fox-Pitt Kelton Sandler O’Neill + Partners The Equitable Building 787 Seventh Avenue. this isn’t the place for you” THE STATS Employer Type: Public Company Ticker Symbol: KBW (NYSE) CEO: John Duffy 2008 Revenue: $ 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.3 million No. NY 10019 Phone: (212) 887-7777 Fax: (212) 541-6668 www. small player with little brand equity in I-banking” “Good niche player” “Who?” THE BUZZ 209 .2 million 2008 Net Income: -$62.PRESTIGE RANKING 35 KEEFE.html What insiders at other firms are saying • • • • “Leader in FIG banking” “FIG INC. 4th Floor New York.

Inc. but it was one of the few whose offering was so successful. September 2008: Capital raising on the shelf In the wake of disappointing returns.S. Hartford. The firm cited a steep decline in investment banking revenue and institutional commissions as reasons for the less-than-stellar results. KBW. the offering was also an opportunity for Keefe. Analysts were impressed—KBW wasn’t the only boutique bank to go public. KBW did not immediately name a replacement for Coats. All three parts of the firm focus on the financial services and institutions sector. but the firm didn’t say in which departments the other layoffs took place. and No.3 million. asset management companies. has been subject to restrictions on 210 © 2009 Vault.” said Chairman and CEO John Duffy. the company said that it “has no current plan to raise capital.5 million in revenue and $27. general financial advisory. New York. announced deals up to $200 million. San Francisco and London. Inc. it opened a new. reaping nearly $143 million. announced his retirement. E. Coats worked on Salomon Brothers’ government bond trading desk. announced deals valued up to $500 million. mortgage banks. mutual thrift and insurance company conversions and structured finance. Chicago. employ a total of 450 people in 10 offices around the world. Bruyette & Woods. specialty finance firms and securities exchanges. common or preferred stock.1 million versus net income of $3. KBW filed a universal shelf registration statement that enables the firm to sell.S. No. announced M&A deals valued up to $50 million. Keefe. 17 for U. In a statement. “a significant portion of our outstanding common stock. Houston. Coats. which received fame with the release of Liar’s Poker. THE SCOOP Three leafed clover KBW. January 2009: Dealmakers The firm did well on the Thomson Reuters’ 2008 league tables for middle market M&A deals.. Richmond. its international operation. Bruyette & Woods.) In November 2006. A KBW spokesperson told Private Equity News that the firm is examining the current makeup and leadership of its 70-employee fixed income department. The firm’s fourth quarter 2008 was particularly rough. fixed income markets. co-head since 2002. According to KBW.S. Bruyette & Woods is staffed by approximately 75 professionals in Atlanta. Overcoming all obstacles Formerly headquartered in the World Trade Center. February 2009: Rough times For 2008. REITs. its American investment banking business. 5 for U.6 million that it brought in during the same period a year earlier. Keefe. In the 1980s. Within days the firm sold the full slate of shares at the top end of its expected price range.8 million shares.2 million in total revenue and a net loss of $62. and KBW Asset Management. debt and other securities. KBW ranked No. 2010 Edition Keefe. equity capital markets.” But the registration allows KBW access to public markets “in order to facilitate and expedite opportunities for growth. Bruyette & Woods laid off 7 percent of its workforce—40 staffers in total. Bruyette & Woods’ co-head of fixed income. permanent New York office in midtown Manhattan. Bruyette & Woods to work with Merrill Lynch as joint bookrunners. as KBW booked a net loss of $22. in one or more public offerings. . Keefe. Inc. and in 2003. started trading in 1969 and was considered a “bond vigilante” who lobbied the U. owned by employees. Bruyette & Woods Limited. a significant drop versus the $427.S. Its services include mergers and acquisitions advisory. written by bond salesman (and now Bloomberg columnist) Michael Lewis. Craig Coats Jr. there had been two layoffs in the fixed income division. broker-dealers. Keefe. IN THE NEWS April 2009: Staff cutbacks An insider told the industry publication Private Equity News that Keefe. Boston. The three arms of KBW Inc.3 million in net income it posted in 2007. Bruyette & Woods serves banking and insurance companies.The Vault Guide to the Top 50 Banking Employers. Priced at $21 a share. Bruyette & Woods lost 67 employees in the September 11 attacks. He added that since KBW’s 2006 IPO. 17 for U. March 2009: Coats hangs it up Inc. (Group CEO John Duffy’s book Triumph Over Tragedy details the firm’s rebuilding process. 11 for U. government to force bond yields higher.S. is the parent firm of three subsidiaries: Keefe. The firm fought hard to rebuild. KBW booked $242. completed the final phase of its post-September 11 recovery by launching an IPO of 6. No. Columbus. announced deals up to $100 million.

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

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

of Employees: 2. for the Midwest” “Niche player” “Regional broker/investment bank” THE BUZZ 213 .rwbaird..400 No. IL 60606 Phone: (800) 537-9854 www. 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 www.PRESTIGE RANKING 36 ROBERT What insiders at other firms are saying • • • • “Strong middle-market firm” “Decent . Suite 2100 Chicago. WI 53202 Phone: (414) 765-3500 Fax: (414) 765-3633 227 W. Monroe. Purcell 2008 Revenue: $680 million No.. BAIRD & CO. (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. President & CEO: Paul 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.

Baird’s overseas business remains modest.. with just about 100 professionals.S. and served as the NASD’s third chairman. By 1948 the firm had obtained a seat on the New York Stock Exchange and assumed its current name. This led to the opening of dozens of new offices in the U. which was later spun off and renamed the Securities Company of Milwaukee. and Baird Public Investment Advisors (manages investment portfolios for public entities).P. 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. The fixed income capital markets unit. (Baird) THE SCOOP What slowdown? While other banks handed out pink slips in 2008.S. Most of these employees were hired in the U. Baird was named the Middle Market Investment Bank of the Year by Buyouts magazine. Baird the bank traces its roots to 1919. Baird & Co. December 2008: Here come more execs Gregory J. when Robert Wilson was named lead partner of the First Wisconsin National Bank’s securities division.S. bringing global headcount to nearly 2. Baird Capital Partners Asia. But according to the firm. 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. It also came in No. .500 employees or fewer). This was the sixth consecutive year in which Baird made the prestigious national listing. The firm added more than 200 employees to its payroll over the course of the year. He joined Baird’s San Francisco office from the equity and capital markets division of Pacific Growth Equities. European and cross-border assignments have accounted for one-third of its mergers and acquisitions work in recent years. which serves high-net-worth individuals. consists of fixed income sales and trading and public finance.. becoming the state’s top investment bank before embarking on a strategic expansion in the Inc. before that he was co-head of J. Baird gathered its strength in Wisconsin in the 1980s. Ingram was named managing director and co-head of equity capital markets. 214 © 2009 Vault. Baird’s asset management division includes Baird Investment Management (which manages equity mutual funds). has 63 offices nationwide. Baird has also stayed true to its hometown and maintained its headquarters in Milwaukee. called First Wisconsin Company. IN THE NEWS January 2009: Courting loyalists The firm ranked No. a German affiliate. with about 25 offices in the U. 3 among small companies (those with 2. Baird & Co. (better known as Baird) handed out job offers. 14 overall on Fortune’s 2009 list of the 100 Best Companies to Work For. Since the late 1990s.K. 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. Baird Venture Partners and Granville Baird. Baird Advisors (a fixed-income investment manager). and Europe. research and equity sales and trading comprise the equity capital markets business.The Vault Guide to the Top 50 Banking Employers.A. He rose to become president of the division. The firm’s private equity business is carried out by several partners around the globe: Baird Capital Partners. Baird’s business mix Investment banking. January 2009: Nice deals For the second year in a row. to Illinois Tool Works and the sale of Driessen Aerospace Group to Zodiac S. The private wealth management division. Baird won top honors for its M&A prowess in the Acquisitions Monthly annual roundup of investment banks. Wholly owned by its employees. which includes an institutional sales team in London and investment banking teams in Germany and the U. Baird has advised on over 620 M&A and financing deals with a total value of over $107 billion. Milwaukee’s Robert W. Baird Capital Partners Europe. Morgan’s Americas ECM division. In 2008.400. one of the largest middle market consumer products transactions of 2008. corporate clients and business owners. 2010 Edition Robert W..

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

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

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

analysts get placed well for PE” “Not what they once were” THE BUZZ 218 © 2009 Vault. well paid.PRESTIGE RANKING 37 BROADPOINT GLEACHER SECURITIES GROUP. INC. “conditions are difficult today” • “Needs to pay competitive bonuses to retain top performers” EMPLOYMENT CONTACT Human Resources Fax: (518) 447-8115 Email: careers@broadpointsecurities.broadpointsecurities. UPPERS • Culture is “changing” • “US platform is a mix of professionals from many different backgrounds” One Penn Plaza 42nd Floor New York. 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 stars.36 million See “careers” under “about us” section of www. of Employees: 300 DEPARTMENTS Broadpoint Amtech (Equity Capital Markets) Broadpoint Descap Debt Capital Markets Investment Banking Venture Capital DOWNERS • In terms of Inc.01 million 2008 Net Income: -$ 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 & CO. .

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

said in a statement.” Peter McNierney. two Bear Stearns veterans with more than 25 years of experience in the business. but it was less than the net loss of $19. Under the terms of the deal. a broker-dealer that specializes in institutional research. June 2008: Beefing up the team Nearly six months after the announcement that Broadpoint was acquiring BNY Capital Markets. Increased revenue within investment banking. While the recession affected Broadpoint. a big boost from the $ Inc. He also served as a corporate vice president at Paine Webber and a vice president at Citibank in the treasury and investment banking division.6 million for the first quarter of 2009. up considerably from the $47. April 2009: A happy first quarter The firm posted net revenue of $70. Scales and Crescenzo were joined by Robert Arslanian. 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. 2010 Edition Broadpoint Gleacher Securities Group. The firm renamed the division Broadpoint AmTech. “Over the past 15 months more than 200 professionals have joined Broadpoint. it seemed to result in somewhat of a positive turn for the firm. Inc. Broadpoint named industry veteran Robert I. merging Broadpoint’s debt and equity raising prowess with Gleacher’s advisory expertise. The firm did report a net loss of $17. July 2008: New blood The firm’s restructuring efforts also included a new leader in the firm’s executive branch.” 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. the Broadpoint Descap unit.11 million it brought in for 2007. Broadpoint will pay selling Gleacher shareholders $20 million in cash and issue 23 million shares in common stock.36 million. 220 © 2009 Vault. The combined Broadpoint and American Technology team consists of 53 professionals including 25 research professionals (including 14 publishing analysts). “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.3 million in the same period of 2008. Full-year revenue came in at $145. distressed.The Vault Guide to the Top 50 Banking Employers. Turner previously served as executive vice president and CFO of Knight Capital Group. Michael Leit and Meredith Stable in the new investment grade sales department. IN THE NEWS June 2009: Gleacher enters the picture As part of its rebranding. Net profit. the firm officially became known as Broadpoint Gleacher Securities Group as it completed the acquisition of financial advisory firm Gleacher Partners Inc. BNY Capital Markets was formerly known as Mendham Capital Group until it was purchased by The Bank of New York in 1998. eight trading personnel and six management and support staff. a Nasdaq-traded online brokerdealer. convertible bond and equity securities. Former American Technology employees Richard Prati and Curt Snyder now serve as managing directors of the division. came in at $5 million in the first quarter of 2009.01 million. The merged firm will have about 300 employees in total. Renee Rainero. January 2008: Bringing in BNY Broadpoint expanded its fixed income division by acquiring BNY Capital Markets. The New Jersey-based group operates a sales and trading platform that specializes in high-yield. March 2009: A new boss Broadpoint Securities Group agreed to acquire Gleacher Partners. treasury. February 2009: A positive turn Things were mostly looking up for Broadpoint when it came to full-year 2008 results. 14 institutional sales professionals. cleantech and defense areas. meanwhile. the institutional Fixed Income division of Bank of New York.46 million in reported for the previous year. quite a different picture from the net loss of $9. . investment grade corporate. sales and trading in the information technology. government agency. Turner as the new chief financial officer. the equities division and debt capital markets division all contributed positively to Broadpoint’s strong showing.2 million the firm pulled in for the first quarter of 2008. The team is headed by Richard Crecenzo and Douglas Scales.

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

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 Keefe.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 Inc. of Employees: 907 No.williamblair. Ettelson No. bordering on cutthroat” THE BUZZ 222 © 2009 Vault.williamblair. IL 60606 Phone: (312) 236-1600 Fax: (312) 368-9418 www. Bruyette & Woods Piper Jaffray Companies Thomas Weisel Partners DOWNER • “Hours can be grueling” • “Hierarchy” • “Office politics” EMPLOYMENT CONTACT BUSINESSES Asset Management Equity Research Institutional & Private Brokerage Investment Banking Private Capital THE STATS Employer Type: Private Company President & CEO: John R. .com/careers What insiders at other firms are saying • • • • “Strong middle-market firm” “Baird without the rock solid research” “Decent research” “Intense.

and other debt products. was named Investment Dealer’s Digest Mid-Market Banker of the Year for his work with the firm in 2008. the sale of Merrill Lynch. consumer and retail. In 2009. William Blair has 10 offices around the world. institutional and private brokerage. and as the city’s local businesses grew into major companies. The debt capital markets department also works on public-private partnership (P3) transactions. expert advice. 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’s roots go back to 1935 when Chicagoan William McCormick Blair opened a firm with his partner. Indianapolis. 5 stock picker in the health care providers sector.” The firm wasn’t just blowing smoke—unlike many of its competitors. His contributions include serving on the Chicago-China Development Corporation for three years. and private capital services. London and Shanghai offices. 3 earnings estimator in the food and staples retailing sector. Blair Bonner & Company’s mission was to finance the expansion of local Chicago companies during that city’s boom. 1 stock picker in the air freight and logistics sector. William Blair proved its researching prowess by taking home six separate awards for individuals who excelled at stock picking or estimating earnings. the firm’s M&A team completed 60 deals worth $40. Boston. which operates from the Chicago. London. the firm backed up its assertion that business was still going well by ranking high on Thomson Reuters’ M&A league tables. Tokyo and Zurich. a loyal Midwesterner. The firm’s researchers also appeared in The Wall Street Journal’s 2008 Best on the Street Awards.7 percent growth from the previous year. The debt capital markets department provides investment banking and advisory services to both public finance issuers and public and private corporations. career message boards. Corporate finance. which has been a vital part since the firm’s inception in 1935. but Blair. and making repeated trips to the Guangdong Province in China. 5 stock picker in the investment services sector. serves industries such as business services. In the Financial Times/Star Mine Analyst Awards. Investment banking with William Blair William Blair’s investment banking division is broken into two groups: corporate finance and debt capital markets. No. and for insider company profiles. the firm profited from them. William Blair & Company provides a range of services that include asset management. health care and technology. Chicago profited from William Blair & Company’s services. 3 earnings estimator in the capital markets sector. Visit Vault at www. Bonner decided to relocate to Washington.5 billion during 2008. where the firm completed eight M&A deals in 2008. William Blair could honestly state that it had “no external debt. the Vault Job Board and more. William Blair has 900 employees (164 of whom are principals) and more than $182 million of equity capital. In 1941. 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. Mark Brady. but 95 percent of its employees remain based in the Chicago office. and Lane’s second.” At the end of the fiscal year. It was Kreger’s fourth time being included in the rankings. and Mark Lane was named as the No. the firm’s additional offices are in Boston. “Exceptional financial position” One week after the collapse of Lehman Brothers. Brady was recognized by IDD for his work in expanding William Blair’s business into Asia. wealth management.” “no direct exposure to Lehman” and had “virtually no risk of write-downs. San Francisco. 2 stock picker in the trading companies and distributors sector. the public finance team offers tax-exempt financing services. 2 earnings estimator in the diversified consumer services sector. from the start. recapitalizations. awards included the No. expert resume reviews. New York. 2010 Edition William Blair & Company THE SCOOP Chicago pride In addition to investment banking. The proceeds from these deals boosted the firm’s rank in the tables more than twenty places and showed a 238.The Vault Guide to the Top 50 Banking Employers. and the $85 billion federal bailout of AIG. with 45 transactions valued at a total of $35 billion. The corporate debt team works on debt restructurings. 1 earnings estimator in the professional services sector. Francis Bonner. 223 . No. had no intention of leaving his home. 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. The company placed 22nd overall for announced advisory deals in the Americas. John Kreger was named as the No. financial services. Shanghai. Heavily employee-owned. Overall.vault. Headquartered in Chicago. No. equity research. commercial and industrial. San Francisco. No. New York. Top talent William Blair is known for its strong equity research department. Hartford. IN THE NEWS January 2009: Wizard of M&A William Blair’s head of M&A.

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

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

but “firstyear analysts are here both Saturday and Sunday. They know that we are sacrificing a good chunk of our youth to work these 90-hour weeks.” Third-years get offices all their own. people treat you like a commodity.” Training the Street—on the South Side Like their counterparts at other banks. he says. .” Another disagrees. “I probably average getting out of the office around midnight. you can manage your time comfortably. but that’s definitely not true. We generally work one or two per month.” Nevertheless. One says that “there is less face time than at bulge bracket counterparts. respect transcends hierarchy.” Others disagree.” After the training period is over. with gold accents. “third-year analysts” are “available to help. “Sundays are work days (four to eight hours at a minimum). “Blair analysts spend the first month in a comprehensive training program that include Series 7 prep. then do it. and one with a tutor to help pass the Series 7.” says one Inc. “People do not have respect for your time and/or personal life. “Hold your breath that you will be free on Saturday. You’re expected to work every weekend. “training is very average for the industry. I do not have to work most Saturdays. Many people do not appreciate or thank you for your work. 2010 Edition William Blair & Company occasional week with a few all-nighters.” and is “matched by no other investment bank. Some say that “Blair treats all employees with tremendous respect and honors personal time as well as any investment bank. one insider says that “most of the bankers respect that analysts may also have a life outside of work. You have to be prepared for this mentally. you can “create a more positive work environment.” Another says that “at the lowest level.” The firm also has a generalist program for first-year analysts. analysts can close their doors and gain a welcome level of privacy. but overall. Otherwise. 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. One complains that “this job requires too many hours of work. for instance.” 226 © 2009 Vault. Respondents say they come in more than once a month on the weekends.” Overall.” 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. your deal team will mostly be OK with it if you provide sufficient notice.” says one contact.” generalists “audition a year prior to placement into an industry or product group.” Sources are split regarding the importance of face time. and if you have a date. Décor “is very old-school classy and very Chicago with rich dark wood and marble covering the walls.” The view from the bottom Sources are split on their take regarding treatment by managers. you’re still working quite a lot.” In other words.” The case of a few bad apples? One analyst says that although “the majority of senior bankers treat you with respect. A lot of nights are much worse. Training the Street.” And another insider adds that although managers are “demanding.” Another analyst in corporate finance says that “working Monday to Friday and Sunday is standard” for the department.” But some first-year analysts say that life at the bottom of the hierarchy is not easy. One analyst recalls “two weeks with Training the Street. “Late at night or during weekends. especially Sundays. “You are definitely at the bottom of the totem pole.” says one member of the M&A team.” Expect to be logging some of those hours on weekends.The Vault Guide to the Top 50 Banking Employers.” though “the temperature is awful and fluctuates frequently.” though “informal training is hit or miss depending who you work with. Once you are in a group and you can build a relationship with your team. “Essentially. or waste your time by assigning menial tasks or giving false deadlines.” Of course. when we are mailed study materials for the Series 7 and Series 63. which makes for a stressful first year.” and other internal programming. in order for them to find their place in the company.” But another insider says that training “begins six months before our start date. the best part about an office is it has a door. “I have heard the hours are fewer here than at bulge bracket firms.” says one contact in M&A.” Another agrees that “if you have work to do.” and “first-year associates definitely could have used more training. concert. saying. “analysts get offices!” First-years can expect to share a “spacious” office “with a second-year analyst (for mentoring purposes). “I am shown a great deal of appreciation for the hard work and long hours that I put in on my transactions. The firm tries “to emphasize that there’s no face time. there’s no reason to stay until the early hours. one with a senior analyst learning how to succeed as an analyst. as a history major.” Although TTS “was fairly good at giving a crash course. but if you don’t.” they “treat employees with respect. it can be shocking.” Another points out that “even though not as many deals are being closed and the bonuses will not be as good.” though he admits.” Double room occupancy “No cubicles or bullpens” here. I still had no idea what I was doing once I started full time. the hours are “the worst part about the job. “They provide what we need. “Many of the senior bankers were once investment banking analysts and realize the immense pressure that we face.” Some respondents are not sanguine about the time commitment. wedding or other event to attend.” Even so.” One insider who is less thrilled says.

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.

Visit Vault at for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.




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.

Visit Vault at for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.


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.

Visit Vault at for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.


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.

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

of which we probably get 40 to 50 per open spot. comprised of several 30.” Because of the “the number of hours spent with your colleagues. Haas.” Perks include “free meals and transportation nightly and on weekends” (“Individuals receive $20 a night for meals assuming they work past 8 p.” Long hours “come with the territory.m. because “as an analyst.000 and “increase $10. 2010 Edition Cowen and Company.” However.” the “culture can be very aggressive”—employees “need to be very thick skinned to fit in. UCLA. because “if you did not intern at a bank. Stanford. of how you frame your prior internship experiences.” If you want to get your foot in the door. Richmond. about 60 to 80 percent.” Though the group atmosphere is described as “very collegial and tightknit. to a lesser extent. which is a great perk. One contact says. 15 in 2008.” and one goes so far as 236 © 2009 Vault.” Recruiters can be found at schools such as “Tuck.” Current insiders also say that generally the company “has a national eye towards Ivy and NESCAC schools” (like Amherst. “We usually do maybe 15 to 20 preliminary interviews for each spot.” One associate explains that the company is “looking for very few.5 days per month. Williams and Wesleyan). One former intern recalls. however.” Analyst salaries start at $60. “Cowen does typically recruit from a small batch of schools. the question will be ‘Why not?’ And if you did intern at another firm. Cowen “recruits primarily from UC Berkeley. 100-hour weeks were standard. We hired sixteen for the class of 2007.” and even on the “high end of the Street range. extremely qualified candidates who can clearly articulate why they are interested in being investment bankers here. “My summer internship was a good experience. “The first was a Inc. personality fit and intelligence is extremely important. The second was an office visit. Most employees at the analyst level and above report working between 80 and 100 hours per week. directors and MDs.” On the West Coast. They want people that choose to work here because they recognize the advantages of the platform. however. USC and. and 10 for 2009.m.” and there are “not many positions available. I worked as if I was a full-time analyst. I received a full-time offer at the end of the summer. you have a lot of rope so-tospeak—more than enough to hang yourself at times if you are not careful.” The No. “bonuses were down significantly. “Cowen doesn’t want people that only want to work here because they can’t get a job at a bulge bracket. is uncommon. Columbia.” Dig in Employees who are hired at Cowen are expected to contribute a sizable amount of their time to the company.” Only a handful of recruits are hired each year.” “Bonuses are based upon firm wide performance at the analyst level.” Prior experience necessary Internships can be the key to employment at Cowen.” Another comments that “even during market slowdowns.” Entry-level employees may want to be cautious. Be wary.” An internship at either Cowen or another banking firm is almost a prerequisite for hire.”) One analyst working out of the San Francisco office reports. “We have a box at the Giants games.” Despite Cowen’s size most respondents say that the salaries are “comparable to Wall Street”. 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. and one source confirms that “during 2008. 1 most important requirement is that Cowen be the candidates’ first choice. . LLC GETTING HIRED Make it your first choice Cowen & Company is “more selective in the current environment. albeit without nearly the same level of expertise.” and in the past year.000 a year for seniority.The Vault Guide to the Top 50 Banking Employers. I got to go to maybe seven or eight games last year. which comes after screening resumes. One current analyst describes the process. The second round was much more intensive than the first.” and “vacation is accrued at 1. An insider says. UCLA and Carnegie Mellon on the MBA 45-minute interviews with 45-minute introductory interview on campus with an associate. and the numbers are dwindling. Berkeley on the BA side.” and the responses to these questions are more important than “memorizing the answers to the basic gamut of IB interview questions.” Round ‘em up Candidates recall two to three rounds of interviews where they’ve gone one on one with up to fifteen different people.” and “Bowdoin. the firm may see this change in the future as recently “salaries were frozen for all levels. Interviews at Cowen are “focused on fit as opposed to pounding you with technical questions. Emory. “the same as everywhere else. leaving before 9 p.” but “there are several analysts hired through connections.

expert resume reviews. but at least one source admits that “no one is completely satisfied in an investment banking position right now.” Another agrees that the training is similar to bulge banks.” while another agrees that “the firm is mostly Caucasian.” At this boutique firm. but you will likely find you don’t have the time to waste. Basic banking Office space is “is fairly basic” and “nothing fancy. but many employees feel that their colleagues “are unbiased when it comes to ethnicity in hiring.” The good news is that Cowen is making efforts to reach out to its female employees.” and “the environment is no longer as collegial—there are many more closed doors to senior bankers’ offices.” Another source notes. either.” San Francisco gets high marks for its offices. with one employee commenting that the space is “very nice. 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.” All employees are required to wear suits for client interaction. Cowen has also downsized its workforce and reduced business related travel as a result of the difficult market.” Looking forward.” One source says that the downturn has actually benefited the firm. it “is not a topic often discussed around the office so it’s a little bit more difficult to gauge.” and many offices offer a business casual dress code in the summer.” Still.” A source explains that “compared to the bulge banks.” Take me seriously Managers at Cowen “generally treat colleagues with respect.” Indeed. expert advice. most if not all bankers stick to formal dress. No bias Insiders agree that “the firm is male-dominated. “training can be very intimate.” Visit Vault at www. “If hours are a concern. sales and trading met for a day to talk about women in the workplace. Some managers are mindful of your time and others are more focused on getting the work done. your opinion and advice is often critical and is taken very seriously.” Training programs have a duration period of five weeks and are split into two different groups: one for analysts and one for associates.” One source says. where every woman professional in banking.” As for diversity as far as sexual orientation.” The firm doesn’t have any outreach targeted towards hiring or supporting minorities. “Last year the firm had a Women’s Summit event in New York.” Most managers get high marks from their subordinates but “it depends a lot on who you work for.” which “doesn’t always seem to be the case at other banks.” Another adds. career message boards. People here won’t waste your time. Not there yet Cowen’s offices “have not been retrofitted for environmentally sustainable practices. 237 .” 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. According to insiders.” but “there are a number of females that work at all levels.” The downturn has also caused employees to note that the firm has cut back on several former mainstays. napkins and lighting during the day as potential means of addressing the problem. promotion and mentoring. even though a “jacket is not formally required during the summer.” One source cites that there are “not many minorities here. One female associate explains. the Vault Job Board and more. “I work in the Bank of America building in a cubicle on the fifth floor. 2010 Edition Cowen and Company. When I leave Cowen.” Respondents suggest cutting back on disposable plates. One respondent reports that in his office. “I share a healthy fear with everyone on the Street that this will not last.” Cowen employees have a dress code that consists of “business casual in the office on the West Coast” and “formal dress in New York. including its winter holiday celebration. light and modern”— it’s not dark and depressing like most for insider company profiles. but says that it also has an added perk: “We benefit from small class size and much more insightful feedback. but it’s not all that bad.” “As an analyst.vault. saying that “given the current shake up and issues at bulge bracket firms. this is not the right industry for you. LLC to warn. It’s not glamorous. “I grade it well since I have a reasonably-sized office with a window where most associates don’t have that. most employees think that Cowen is “taking the right steps to survive and come up with interesting ways to make money.” Many sources give the firm low marks for its lack of green initiatives. most agree that the “the firm is in a much better position than most.” Another says.The Vault Guide to the Top 50 Banking Employers. with one commenting that “we recycle but it’s not a big focus. one source notes that “direct managers have become more difficult to work within the downturn. The company has “become more business casual over time.” Though most employees report a very open environment.” though the firm does “employ power conservation and similar cost-saving techniques. “a number of different races are represented at all levels.” A West Coast contact says that he “always wear slacks and a collared shirt to the office. Cowen has been able to increase its face time and mindshare of the CEOs of our clients. “Associates all have offices. I will leave Wall Street.

Pandit CEO.28 billion No. smart people” “Mediocre” “Stalwart US brand” “In trouble” THE BUZZ www.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. 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* .com BUSINESSES Commercial Business Consumer Finance Retail Banking Retail Distribution THE STATS Employer Type: Division of Citigroup Inc. CEO. of Offices: 7.730 *Citigroup Inc.65 billion 2008 Net Income: -$12.oncampus. Inc. 238 © 2009 Vault. Consumer Banking North America: Terri Dial 2008 Revenue: $28. of Employees: Vikram S. NY 10043 Phone: (800) 285-3000 Fax: (212) 793-3946 www.

To qualify for the reduced payments under Visit Vault at www.S. The global cards business encompasses Citi’s worldwide credit card business. Prince led a 2007 overhaul of the bank’s image. offering consumer lending and conducting business for insider company profiles. Prince III). 239 . concluding five consecutive quarters of losses (including a $5. the institutional clients group and global cards. 2010 Edition Citi Consumer Banking THE SCOOP Global giant Although its official name is Citigroup Inc. in 1976. which has seen billions of dollars wiped off its market value. its holding company was known as Citicorp. expert advice. meanwhile. restructuring and underwriting. Paul Companies in 2004. which will cut monthly payments to about $500 for three months. transaction services and alternative investments. At the time of his appointment. career message boards. the Salomon Smith Barney investment bank. the first commissioner of the U.000 since the beginning of 2009. international consumer finance. the Commercial Credit loan company and Primerica financial services. swapping its red umbrella logo for a streamlined red arc and changing its brand name from Citigroup to simply Citi. a corporation which included the Travelers Corp. the following year was not so peachy. insurance company. IN THE NEWS April 2009: Good news on the earnings front The firm booked $1. a commercial finance group (offering banking. Pandit succeeded Chuck Prince (Charles O. Citi has over 200 million customer accounts in more than 100 countries around the world. taken $45 billion in assistance from the U. His creation expanded through the 1800s. The old red umbrella can still be seen at Travelers insurance offices— Travelers was spun off from Citi and merged with the St. The institutional clients group includes global banking services such as merger and acquisition advisory. In 2003. Primerica Financial Services and Citibank Direct).A. government and has sold off some assets—including its brokerage arm to longtime rival Morgan Stanley in January 2009. consumer lending (including student loans. Citicorp merged with Travelers. Look who’s on top Vikram Pandit became the chief executive of Citigroup in December 2007. equity.S. typically bringing in more than half of each year’s Citi-wide earnings. Citi’s main business divisions are consumer banking. March 2009: Giving unemployed homeowners a break Citi said that it will reduce some of the mortgage payments it receives from unemployed homeowners. who had taken his post in 2003 amid some shareholder frustration that Citi’s stock prices weren’t matching those of its peers..6 billion in net income for the first quarter 2009. 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. a new accounting rule letting Citi take a one-time gain of $2. Citi’s commercial and consumer businesses are carried out by the consumer banking group. debt. who became chairman of the board as well as remaining chief executive of Citigroup in Europe. the hedge fund that Pandit set up after leaving Morgan Stanley. led by former Commercial Credit chairman Sandy Weill.S.11 billion loss in the first quarter 2008).S. it was the largest commercial bank in the world. It took the name City Bank in 1865 and. real estate lending and auto loans). Pandit joined Citi just after the global banking group purchased Old Lane Partner. In 2008. laid-off tens of thousands of employees. used $2 million of capital to found a commercial bank called the City Bank of New York. “Chuck” Prince III took over from Weill. leasing and commercial real estate). and a microfinance group. becoming St. which includes U. The positive numbers were propelled by increased fixed income trading revenue. Paul Travelers.The Vault Guide to the Top 50 Banking Employers. replacing interim chief executive Sir Winfried Bischoff. a 99 percent increase versus the first quarter of 2008. The resulting entity was Citigroup. came shortly after the firm received additional government bailout funds. Treasury. skyrocketed to $24. industry commentators noted that in the wake of the losses which the group was hit with under Prince. By 1929. U. Samuel Osgood. by 1894. was the largest bank in the U. Pandit’s job has not been easy.vault. the global banking group based in New York and known throughout the world was rebranded as simply “Citi” back in 2007.8 billion. Charles O. CitiFinancial.S. as well as global capital markets. Pandit would have to address the firm’s risk management practices to win back the confidence of staff and investors.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. The move. From City Bank to Citibank In 1812. but the financial storm in the recent past has not been kind to this global giant. Citi was revered as the world’s largest banking and financial services group. the Vault Job Board and more. The global consumer group is one of Citi’s biggest revenue drivers. and international retail banking (offered by Citibank. expert resume reviews. Although Pandit lowered the bank’s costs and allowed reinvestments in growth in 2007. the firm received a United States Federal Reserve bailout of a whopping $45 billion. Revenue. In 1998. Prior to its rebranding. First National City Bank (as it was then known) became Citibank N.

During the fourth quarter of 2008.29 billion for the fourth quarter 2008. however. January 2009: Selling Smith Barney Citi agreed to combine its Smith Barney brokerage unit with New York-based Morgan Stanley’s brokerage division. In fact. In early October 2008.1 billion in stock. Wachovia found another suitor—one that would buy its entire operations.The Vault Guide to the Top 50 Banking Employers. in effect selling a 51 percent majority stake in the joint venture for $2.000 it had already sacked before the announcement).2 billion in stock. the two operating units were divided so that Citicorp remained the core bank.000 jobs (in addition to the 23. According to Citi CEO Vikram Pandit in a statement. Treasury said it would boost its stake in Citi from 8 percent to 36 percent. usurping the earlier offer by Citigroup. as it booked a loss of $8. “While we believe Tier 1 capital remains the most important measure of the financial strength of banks. Meanwhile. It was reported that Morgan Stanley is expected to acquire full control in phases over the next five years. were ironically allocated toward the very thing that got the company into trouble: the housing market. 2010 Edition Citi Consumer Banking the program. the swap “has one goal —to increase our tangible common equity. January 2009: Divide and conquer? Citi revealed that it was splitting into two operating units. Citi said it lent $36. 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. we recognize that the markets also view tangible common equity as an important measure. February 2009: TARP spending breakdown Citi posted its initial progress report regarding its use of the funds from the U. which were excluded in Citi’s proposal. though. Also in February 2009. 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. Along with the restructuring. noting that he understands “the new reality” and “will make sure Citi gets it as well. of the $45 billion it received. insiders told Reuters. including changing the makeup of its board to include a majority of independent directors. live in their home as a primary residence and be at least 60 days past due on their mortgages or in home foreclosure. November 2008: Bring on the deep cuts The firm announced that after four consecutive quarters of losses. while the latter would oversee what remained of the group’s high-risk investments (many had already been sold off).S. Wells Fargo agreed to acquire Wachovia Corporation for $15. Less than a week after the Wells Fargo offer went public.5 billion. Citi itself remained as the parent company. The Wells Fargo deal included Wachovia’s brokerage and asset management units. the firm would cut an additional 52. the U.5 billion in business and personal loans. Citi has said it had an exclusive deal with Wachovia. It also significantly diluted existing shareholders’ stake in Citi by nearly 75 percent. while Citi Holdings encompassed the saleable assets. Citi spent $27. said that private banking services will remain on its menu.” Coinciding with the announcement. The former would continue to provide traditional retail and investment banking services. Citi also increased credit lines and opened new credit card accounts. Citi announced its fifth consecutive quarterly loss. October 2008: An ongoing battle Just days after Citigroup’s proposal to buy Wachovia’s banking operations for $2. entering into or consummating any transaction” involving an acquisition or merger with any other bank than Citi. and the Federal Deposit Insurance Corp. a judge with the New York State Supreme Court issued a temporary edict preventing Wachovia from “ Inc. Citi agreed to make several changes.7 billion. but potential spin offs and mergers from either of the units were not ruled out as possibilities.5 billion to buying mortgages in the secondary market during the last three months of 2008. . Citi. the news agency reported that many employees currently working within the private banking unit will be relocated to the firm’s consumer banking area. Citicorp and Citi Holdings Inc. 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. government’s Troubled Asset Relief Program.” 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. Most of the funds. including $1 billion in student loans and $2.S. and other regulators initially appeared to favor the Citigroup deal.” He added. converting $25 billion of its preferred stock into common equity. Although the new acquisition was approved by shareholders of Wachovia and Wells Fargo. An official hearing 240 © 2009 Vault. homeowners must have a loan from CitiMortgage.

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

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

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

000 No. of Employees: 4.PRESTIGE RANKING 42 BROWN BROTHERS HARRIMAN & CO. Morgan Private Bank Northern Trust State Street 140 Broadway New What insiders at other firms are saying • • • • “Good niche player” “Average” “ 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 Inc. old. old. NY 10005-1101 Phone: (212) 483-1818 Fax: (212) 493-8545 www. of Offices: 14 (Worldwide) EMPLOYMENT CONTACT See “career opportunities” at www. .bbh.bbh. old Wall Street name” “Snooty” THE BUZZ 244 © 2009 Vault. KEY COMPETITORS Bank of New York Mellon J.

investment management for individuals and institutions. and Philadelphia. telecommunications and media and outsourced business services. the Vault Job Board and more.-based marine terminal operator. Brown Brothers Harriman Trust Co. Brown Brothers Harriman has seven offices in the U. who invest in established businesses that provide essential products and services. forming Brown Brothers Harriman (BBH). “With only $197 million in assets. a Jacksonville. mergers and acquisitions services. the firm provides global custody. IN THE NEWS July 2009: No. Harriman merged with the Browns’ company. administrator and transfer agent for the JETS Down Jones Islamic Market Index Fund. career message boards. with offices in New York.3 percent annualized over the past five years. Cook. on an agreement to sell CML and affiliated companies to ICS Logistics. Charlotte.” said the magazine. arriving in Baltimore to establish an import/export business built on his experience as an auctioneer in the Belfast linens market. Visit Vault at www.000 people. The M&A group is part of BBH’s corporate finance department. expert resume reviews. foreign exchange. Chicago. expert advice. two businesses owned by railroad tycoon E. the first U. personal trust and estate administration. who joined the firm in 1997. medical technology. By 1857. which also includes the private equity and mezzanine groups.S. 245 . H.vault. Fla. me worry? North America’s oldest and largest partner-owned and managed bank. private equity. 1 securities lender BBH was ranked as the No. advising on middle-market mergers and acquisitions for companies with values between $50 million and $500 million. THE SCOOP for insider company profiles. March 2009: Appointing two new partners BBH named two new partners: Geoffrey M.” BBH Core Select returned 8. It also operates a subsidiary. and proceeded to expand their business into shipping and banking. “what this fund lacks in name recognition it makes up for in performance. a branch office in Philadelphia followed in 1818. Brown Brothers Harriman Investment Management LLC. 1 Securities Lending provider in the 2009 Global Custodian Securities Lending survey. In 1931. compared with 5. of BBH Luxembourg. his four sons opened a merchant banking firm in Liverpool.S. The Brothers’ history Alexander Brown left his native Ireland for America in 1800. and securities brokerage. Islamic ETF (exchange-traded fund). The corporate finance department serves private and closely held companies. Brown Brothers’ banking business had become the focus of the operation. Boston. BBH offers equity and mezzanine capital for corporate growth via its 1818 Funds. In addition to a full range of commercial banking services. and import/export work was discontinued. 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. and who typically hold stocks from three to five years. November 2008: Bottoms up Forbes named BBH Core Select the best bottom-up stock picker for long-term investors. January 2009: On the coast The company advised Coastal Maritime Stevedoring. employing about 4. July 2009: Landing the first Islamic ETF BBH was chosen to be the custodian. who joined the firm in 1992. Stone. Ready for M&A BBH’s mergers and acquisitions practice is focused on growing mid-market businesses. and Timothy Hartch. and Kevin W.The Vault Guide to the Top 50 Banking Employers. opened an office in New York City. with special industry emphasis on health care services. Unlike some private banks that boast of their advisory groups’ independence. 2010 Edition Brown Brothers Harriman & Co. In 1825. BBH converted its New York trust company into a nationally chartered trust. and seven overseas.. Brown Brothers & Co. In July 2006. Ten years later.2 percent for the S&P 500. The fund is co-managed by Richard Witmer Jr.

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

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

of Employees: 5. . KEY COMPETITORS Edward Jones Morgan Keegan Wells Fargo 880 Carillon Parkway St.raymondjames. great southern presence” “Supermarket for people with $2.500 No. What insiders at other firms are saying • • • • “Major competitor” “Regional firm that’s not that great for I-banking” “Strong research. of Offices: 2.PRESTIGE RANKING 43 RAYMOND JAMES 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. FL 33716 Phone: (727) 567-1000 Fax: (727) 567-5529 www.000 to invest” THE BUZZ 248 © 2009 Vault.200 • “Formal attire” only in some offices • Diversity efforts could be improved for gays and lesbians EMPLOYMENT CONTACT See “professional opportunities” section of www. James 2008 Net Revenue: $2. Inc.8 billion 2008 Net Income: $235 million No.rjf.

300 offices around the world. Its business falls into four core areas. the Raymond James Bank is a federally chartered savings bank providing loans and deposit accounts to clients of the firm’s broker-dealer subsidiaries. In practice. It also provides research on more than 600 companies and market-making in 330 common stocks. After Reilly takes over the role of CEO. Finally. syndicate.S. and many Floridians know it as a major supporter of local arts. The list takes into consideration factors such as assets under management and client retention. Inc. In Canada. and in the U. as well as bond trading. The RJF main campus in St.” April 2009: Sliding down For the second quarter ended March 31st.13 million the company brought in for the same quarter of 2008. James as CEO one year later. Florida-based Raymond James Financial (RJF) is one of the largest financial services firms in the U. Fla. RJF subsidiary Raymond James & Associates is the largest full-service investment firm and New York Stock Exchange member headquartered in the Southeast.79 million in the previous year’s quarter. revenue came in at $596. and will ultimately succeed Thomas A. 249 .800 works of art. good customer service can’t come from “automatons who only read scripts provided by the home office. meanwhile. sporting events and charities. nonaffiliated private account portfolio management alternatives and several nondiscretionary fee-based programs. investment advisory and financial planning services to approximately 1. almost all of which are owned by CEO Tom James and his family.1 million.K. 1 priority. 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. expert advice. down from the $807. James will stay on as executive chairman of the board. February 2009: Go big or go home Super Bowl XLIII was played in the Raymond James Stadium in for insider company profiles. internally sponsored mutual funds. The asset management group also includes personal trust services and two private equity funds. As CEO Thomas James puts it. career message boards. slid to $6. That includes pregame mentions of the stadium’s name and references to it in print-media for the two weeks prior to the game. And its research group is well regarded on the Street. Visit Vault at www. a research company. THE SCOOP Financial Floridians Founded in 1962..09 million in the quarter from $59.000 financial advisors. The equity and fixed income capital markets group includes institutional sales.2 million client accounts. Net income. assets under management totaled nearly $28 billion—a significant decrease from the $37.3 million worth of media exposure. Hometown spirit At Raymond James Financial customer service is a No. an arts and crafts festival that has been held in downtown Tampa since 1971. The private client group offers securities transaction. this means that financial advisors are given a certain degree of autonomy in their dealings with clients.. It operates through subsidiaries Raymond James & Associates (RJA) and Raymond James Financial Services (RJFS) in the U. equity and fixed income trading and public finance. 2009. investment banking. it’s known as Raymond James Ltd.vault. According to Joyce Julius & Associates.The Vault Guide to the Top 50 Banking Employers. RJF’s professional asset management division includes proprietary asset management operations. 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..S. the hubbub leading up to and during the Super Bowl granted Raymond James an estimated $37. Reuters reported. Petersburg is also home to over 1. equity research. As of early 2009.” RJF’s philosophy extends to its community. it is Raymond James Investment Services. with 2. It is considered one of the largest private art collections in the Southeast. 2010 Edition Raymond James Financial. the Vault Job Board and more. expert resume reviews. The firm partially attributed the overall decline to loan losses. The private client group consists of more than 5. 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.3 billion it managed a year earlier. The firm also sponsors the Raymond James Gasparilla Festival of the Arts.

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

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

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

PRESTIGE RANKING 44 SANDLER O’NEILL + PARTNERS. “Jimmy” Dunne III No. of Offices: 6 EMPLOYMENT CONTACT Follow the “careers” link at www.sandleroneill. Sixth Floor New What insiders at other firms are saying • “Top FIG bank” • “Small US broker/investment bank focused on financials” • “Who?” THE BUZZ 253 . L. Kelton 919 Third Avenue. of Employees: 285 No. but not luxurious” office space • “There are a few egos” THE STATS Employer Type: Private Company Senior Managing Principal: James J. KEY COMPETITORS Keefe. NY 10022 Phone: (212) 466-7800 Fax: (212) 466-7888 www. Bruyette & Woods FBR Capital Markets 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.

. said the paper.5 billion sale to Bank of America in the early part of January 2008. trading and sales. which closed on New Year’s Eve 2008.” Dunne said. Its services include mergers and acquisitions advisory. Huge deals Sandler O’Neill + Partners advised on 37 M&A deals in 2008.. today. Formerly headquartered in the World Trade Center.6 billion sale to PNC Financial Services. O’Neill. senior managing partner Jimmy Dunne revealed the changes that had taken place at his firm. Chicago. I remember one of my partners saying.” A privately owned boutique. garnered significant media attention.” Dunne told Newsweek. Sandler O’Neill also advised Countrywide Financial on its $2. The 21-year-old company. the company joined forces with Citigroup. his hiring marked the initiation of the company’s REIT coverage.The Vault Guide to the Top 50 Banking Employers. And that was extremely helpful in Inc. nimbler rivals” of Wall Street’s major investment banks. Sandler O’Neill + Partners was founded in New York City in 1988 by Thomas F. Mass.. real estate investment trusts (REITs) and insurance companies. among them offering private placements for New York Community Banccorp. L. “I’m kind of a nut on the figures. 254 © 2009 Vault. according to Bloomberg. The tragedy made some significant differences in the way Sandler O’Neill does business. among them the advisory of National City Corp on its $5. Sandler O’Neill focuses exclusively on the financial services sector—its client list consists of banks. Sandler O’Neill has additional offices in Boston.’” Dunne’s diligence and relentless focus played a major role in rebuilding Sandler O’Neill’s business in 2001 and 2002. and earned his MBA from Babson College. or REITs.9 million of bonds in the first pooled debt offering for regional banks. Sandler O’Neill lost more than a third of its employees. is part of the “corps of small investment banks is hoping to carve a lucrative niche in the new financial landscape. “Having the luxury of Chris Quackenbush and Herman Sandler before September 11th allowed me to play a hard-edged. most notably in terms of Dunne’s own leadership style. thrifts. deliver-the-news-withno-Novocain kind of guy. Herman S. At one point all we had was that. Goldfarb covers real estate investment trusts. In a Newsweek feature. Its mortgage finance division operates in New York and Memphis. Sandler O’Neill announced that Alexander D. THE SCOOP Small and powerful In its September 2008 story about the “smaller. Deutsche Bank.” IN THE NEWS January 2009: The REIT stuff In January 2009. Goldfarb was previously director and senior REIT analyst at UBS.” he said. I’d go through them overnight. North State Bancorp. Finally. Sandler and four other veterans of Bear Stearns. research. PNC used a good chunk of its federal bailout money to make the purchase.P. relocating the firm to new offices in Manhattan. Dunne and the firm’s partners decided in 2007 to expand benefits to the families for another three years. in February 2009. and Security Bank Corporation and public offerings for such big names as Bank of America and Citigroup. That deal. With their loss. “so I kept all our [financial] figures at my home. Sandler and O’Neill brought several of their Wall Street contacts on board as their business grew. capital-raising. IPO underwriting. and JPMorgan Chase to help sell $413. The New York Times named Sandler O’Neill + Partners among the new generation of firms to watch. “[That] discussion was 12 seconds. 2010 Edition Sandler O’Neill + Partners. ‘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. 2001. Current senior managing principal Jimmy Dunne led the rebuilding process after the September 11 terrorist attacks. In addition to maintaining the Sandler O’Neill Assistance Foundation for the victims’ families. Dunne admits that September 11th made him “much softer . The firm also participated in 42 capital-raising transactions in 2008. While he maintains that he’s opposed to “any kind of cuddling” or kid-gloves treatment on the job. He graduated from Wheaton College in Norton. Prior to UBS. Goldfbarb had joined the firm as associate director. It also assists insurance companies and thrifts with the demutualization process. tough. Rebuilding post-September 11 Sandler O’Neill’s recovery from the September 11 terrorist attacks earned it respectful praise in the press. fixed income advisory and strategic consulting. Atlanta and San Francisco. he was vice president and REIT analyst at Lehman Brothers. . his approach “had to” change. on September 11. including co-founder Herman Sandler and investment banking head Christopher Quackenbush.

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

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

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

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 J.pjsc. Morgan Stanley 520 Madison Avenue New York. NY 10022 Phone: (212) 508-1600 Fax: (212) 508-1633 www. of Offices: 1 EMPLOYMENT CONTACT See “careers” section of 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 & Co.PRESTIGE RANKING 45 PETER J. Solomon No. of Employees: 61 Inc. .com DEPARTMENTS Fairness Opinions/Independent Committees Family Business Advice General Financial Advisory M&A Restructuring.

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

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

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

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

com/careers or email your resume to uscorpfinrecruit@kpmg. based subsidiary of KPMG LLP (UK) Managing Director.kpmgcorporatefinance. of Offices: 9 What insiders at other firms are saying • “OK in the US” • “Smaller deals” THE BUZZ 263 . Head of KPMG Corporate Finance LLC: Stephen Gaines THE STATS Employer Type: U.PRESTIGE RANKING 46 KPMG CORPORATE FINANCE LLC KEY COMPETITORS Goldman Sachs Merrill Lynch Morgan Stanley 757 Third Avenue New 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.kpmgcorporatefinance.S. of Employees: 75 No.

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

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

3 billion Inc.000 No. of Employees: approximately 55. Davis 2008 Revenue: $20.542 DOWNERS • “The pay is far less than what we deserve” • “No special perks” EMPLOYMENT CONTACT www. of Offices: 2. .PRESTIGE RANKING 47 U. BANCORP KEY COMPETITORS Bank of America JPMorgan Chase Wachovia Wells Fargo 800 Nicollet Mall Minneapolis.31 billion 2008 Net Income: $ What insiders at other firms are saying • • • • “Strong and still lending” “Midwestern commercial bank” “Escaped subprime” “Competitive” THE BUZZ 266 © 2009 Vault. MN 55402 Phone: (800) 872-2657 www. Chairman & CEO: Richard 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.S.

Bancorp’s payment services division contributes nearly a quarter of its total revenue each year.S. or TARP.S. mortgage. the bank agreed to sell a preferred stake to the U. government in exchange for help.S.” This includes the promise of 24/7 service. U. Bancorp. and most of the assets of California-based banks Downey Savings and Loan and PFF Bank & Trust from the Federal Deposit Insurance Corp. correspondent banking. According to U. The fourth quarter earnings report showed that U. U. home mortgages. expert advice. Bancorp Fund Services.S. investments and insurance are handled through U. it did not acquire any of the assets of liabilities of the banks’ parent holding companies. FAF Advisors distributes U. However. plus corporate trust services and institutional trust and custody. treasury management.S. Once seen as a conservative bank that strayed away from risky investments.791 banking offices (primarily in 24 states in the Midwest and the West) as well as 5.The Vault Guide to the Top 50 Banking Employers.S.S.27 billion for credit losses in relation to the drop in home values and commercial and construction loans. career message boards. formerly Nova Information Systems. and offers corporate payment systems. First American Funds. The company has 2. it suffered huge losses in 2008 that have seriously affected its bottom line.S. Lines of business Business is divided between four core lines at U. investment. Bancorp’s proprietary mutual funds family.S. is the parent company of U. all of its subsidiaries range in size from $39 million to $139 billion in deposits. deposits. Bancorp. Bancorp entered into an agreement with the FDIC to alter the mortgages taken out by Downey and PFF’s customers.7 billion in assets and $2.6 billion of capital from the Treasury Department. dealer commercial services. IN THE NEWS November 2008: Changing its mind As one of the largest U.159 ATMs in the country. U.S. Though U. foreign exchange and international banking. although it does offer merchant services in Canada and parts of Europe. retail payment solutions (including debt. In return for modifying the mortgages. U. those operations.. November 2008: Sharing with the FDIC The biggest acquisitions of the year for U. which it claims as a unique customer service experience “to change forever what you expect from a financial institution. It also reported net charge-offs of $632 million. The wealth management and securities services division includes a private client group. 2010 Edition U. Based in Minneapolis. banks. credit and gift cards). the sixth-largest commercial bank in the U.S.S. merchant payment systems.S. are “not material. as well as commercial real estate services. U. The bank’s CEO Richard David told investors that “we don’t have any particular reason to need that.” referring to the sale of troubled assets. accurate online account for insider company profiles. the firm offers a full range of banking.S. Bancorp. The company picked up 213 new branches throughout California as a result of the merger. Securities tied to structure investment vehicles cost the company $253 million. and a response via email inquiries within 24 hours. The agreement to participate in the government’s bailout plan was a sharp turnaround for the company. equipment finance. small business banking. and transaction services. Bancorp is proud of its Five Star Service Guarantee. Bancorp. leaving many institutions on the verge of bankruptcy. U.S.” Finally. insurance. Bancorp came after the markets crashed. however. businesses and institutions.S. Bancorp remains one of the 10-largest banks in the U. trust and payment services to individual consumers. consumer banking and small business services.S.S. in-store and corporate on-site banking. Bancorp Investments. workplace and student banking.S. Bancorp THE SCOOP Finding its footing U.S. metropolitan branch banking. U. financial sales. as conditions on the ground changed as a result of failing credit and falling home prices. Bancorp agreed to take $6. Funds.7 billion in deposits at the time of the acquisition while PFF had $3.S Bank. reporting billions of dollars in losses in the final quarter of the year. with $256 billion in assets as of December 2008. consumer lending..8 billion in assets and $9.S. expert resume reviews. LLC. and U. Visit Vault at www. Bancorp received a big chunk of the money the government allocated to struggling banks as part of the Troubled Asset Relief Program. Most of its business is centered in the U.S. The wholesale banking division provides commercial banking to middle-market companies.vault. government banking. U. community development. consumer and integrated credit and debit card processing through Elavon.. brokerage. Bancorp lost more than 50 percent of its stock price in 2008. Though U. The bank’s profit for the quarter was $330 million. Bancorp agreed to buy Downey and PFF. Inc.S. LLC respectively. Bancorp Insurance Services. the Vault Job Board and more. 267 . the FDIC agreed to share losses on the loans with U.4 billion in deposits. Downey had $12. Bancorp took over the branches. the rapidly expanding consumer banking division provides community banking.S. Bancorp set aside $1.S. the lowest it had been since the third quarter of 2001.

S.S. “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.” which one contact describes as lasting around an hour. Mellon 1st Business Bank provides standard retail deposit products and operating and equipment loans. However. most candidates go through “multiple interviews. Overall. Elavon paid Capital City Bank $6. August 2008: Purchasing Capital City U. There.” You may also be asked about your “overall ability to work in a banking atmosphere.usbank. vice chairman of payment services. June 2008: Expanding operations The crisis in the markets may have made a significant impact of U. ranked No. and showcases new employee programs.” insiders say. especially “compared to other banks.” “Two or three is normally the minimum. Bancorp was named the Top Banking Team in U. Bancorp scored the best overall in terms of percentage of women corporate officers and management committee members. Pam Joseph.” One corporate finance staffer recalls “half a dozen interviews. but it didn’t affect its growth goals. vice chairman of wealth management and securities services. 5 on the list while Diane Thormodsgard. Banker’s annual rankings of The 25 Most Powerful Women in Banking. The ranking was based on hard data: U. ranked No. U. 44 women were part of the group that was recognized as the Top Banking Team in the country.S.” then “an HR review and phone interview with an HR representative. Quick and painless The interview process is a “very brief” one. Bancorp “primarily” keeps a “local” focus to its recruiting.” Employee love Inc. 2010 Edition U. number of senior women executives and financial performance of women-led business units.” and “working in a team versus working independently.S. There’s “the initial submission of your resume. Bancorp in January 2008. $1. responsiveness.S. The firm continued its buying spree in 2008.” says another source.S. such as Five Star Volunteer Day.S. The bank says its guiding principle is its Five Star Service Guarantee. which “ensures specific performance standards that reflect our customers’ expectations for quality. While some respondents don’t think U.S.” “your resume.S. you’re “brought in for an in-person interview. asset-backed financing and financial advice to businesses.S. Bancorp’s employees also made the Top 25 Most Powerful Women in Banking list.S. Then. the film allows U. GETTING HIRED Log on U. Bancorp’s balance sheet. Featuring real employees. including those aimed specifically at minorities (like the National Black MBA conference). 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. Bancorp October 2008: Banking on women A spot of good news came when U. the company emphasis is on customer service—and that’s a key consideration for recruiters and hiring managers.” After an initial resume screen.7 billion in deposits from the merger. candidates can also find scheduled recruiting events at regional job fairs. Bancorp recently showcased a film about its employees in 75 different locations around the nation. .S. a paid day off to volunteer with a nonprofit of the employee’s choosing. a wholly owned subsidiary that was acquired by U. accuracy and availability. Bancorp continued on its expansion spree by acquiring the merchant processing portfolio of Capital City Bank through Elavon. The movie will be used to recruit new talent.1 billion in loans and $2. executive vice president and head of national corporate and institutional banking. Bancorp is overly selective. was recognized as a Woman to Watch.25 million for the purchase of its merchant services business assets. Bancorp acquired $3. 14.4 billion in assets. entrepreneurs. U. professionals and nonprofits.The Vault Guide to the Top 50 Banking Employers.S. The firm got an additional shout out as Leslie Godridge. roundrobin style. the company website allows applicants to search for open positions by job category or location (the link is www. Two of illness or other extreme situations. 268 © 2009 Vault. treasury services. Bancorp also announced that it had created an employee assistance fund to aid workers who have experienced natural disasters.” If you pass that initial interview stage.S.

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

41 billion 2008 Net Income: C$692 million What insiders at other firms are saying • • • • “Good in Canada. Jaques Ménard CEO: Thomas Milroy 2008 Revenue: C$2. .com Inc. 1 First Canadian Place Toronto.bmocm.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 W. IL 60603 www. of Offices: 27 (including 14 in North America) DOWNER • “Few minorities in professional positions” EMPLOYMENT CONTACT See “careers” section of www. Ontario M5X 1H3 Canada Phone: (416) 359-4000 111 West Monroe Street Chicago. of Employees: 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. good in metals and mining” “Mediocre in the US” “Up and coming” “Third-rate” THE BUZZ 270 © 2009 Vault.400 No.bmocm.

The company jumped three places to take the No. TD Securities and CIBC World Markets.The Vault Guide to the Top 50 Banking Employers. The BMO Capital Markets division produced solid results. treasury management and institutional brokerage. January 2009: Leading the charts BMO Capital Markets is one of the biggest players in North America in the areas of mergers and acquisitions. March 2009: Finishing strong Despite the difficult financial environment in 2008. which were introduced in the American Reinvestment and Recovery Act of 2009). 19 overall. took a drop to C$358 million in the quarter from C$642 million.400 employees working from offices in 27 locations around the world. In addition. over 50 percent of its net income was earned in the U. Sugar Corporation on a multibillion-dollar sale to support Florida Everglades restoration. (BMO Capital Markets has been active in originating Build America Bonds. BMO Financial Group brought in C$2. 2009). BMO Capital Markets is a listed member of all the major stock exchanges including NYSE. and BMO Capital Markets saw an increase in net income to C$692 million. For all deals with North American involvement. Underlining the firm’s success south of the Canadian border. meanwhile. improved cross-selling. and the firm advised U.vault. 4 in equity and equity related deals. AIM (London Stock Exchange’s international market for smaller. with 46 deals valued at $38 billion. Though Coxe will be opening his own independent advisory firm. equity and debt underwriting.” retired from the firm in late December 2008. winning awards such as the National Polst/StarMine lifetime achievement award in investment research. during its 2008 fiscal year. expert resume reviews. risk management. and securitization.5 percent. he will retain his role as portfolio consultant to BMO’s Coxe Commodity Fund. including 14 in North for insider company profiles. up slightly from the C$2. capital markets. BMO ranked No. Nasdaq. growing revenue 17 percent year over year and increasing net income by 33 percent. municipal bonds business through the acquisition of Griffin. The firm also finished No. BMO Capital Markets has over 2. The firm cited “an increase in the general allowance for credit losses” and “severance costs” as reasons for the dip. the global portfolio strategist for BMO Capital Markets and the firm’s resident “Renaissance Man. 2010 Edition BMO Capital Markets THE SCOOP North American leaders A division of BMO Financial Group. BMO Capital Markets offers a full range of wholesale banking services. It also advised on 54 completed mergers and acquisitions in North America totaling C$46 billion. the firm placed No. Coming to the U. behind only RBC Capital Markets. Net income. 271 . The firm completed 26 deals with Canadian involvement that had a rank value of $10 billion or 8.62 billion it brought in for second quarter 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. In the U. BMO Capital Markets focuses on middle market clients with $250 million to $2 billion in annual sales.9 billion. the Vault Job Board and more.4 percent of the market share. In equity capital markets. BMO Financial Group still managed to deliver net income of C$2 billion. sales and trading. Stephens & Thompson Inc.65 billion in revenue. growing companies).S.S. career message boards. 4 in Canadian common stock and trust deals. 7 spot on the Thomson Reuters league tables measuring announced M&A deal activity in Canada in 2008. Coxe was one of the firm’s most decorated strategists. BMO Capital Markets has been focusing on grow its presence in the U. Wealth management services are provided to these middle market clients through BMO’s subsidiary Harris Private Bank. The London Stock Exchange. American Stock Exchange. December 2008: “Renaissance man” makes an exit Don Coxe. IN THE NEWS May 2009: Rough recession For the second quarter 2009 (ended April 30. Visit Vault at www. 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. the firm doubled the size of its U. the firm caters to larger clients and is a major underwriter and advisor on Canadian transactions. It completed 19 deals with proceeds of $3 billion and a total market share of 10. Kubik. research. with 17 deals with proceeds of $2.S. expanded trading activities and enhancing client coverage within key industries.S. expert advice. through increased product penetration.S. The Toronto Stock Exchange and The TSX Venture Exchange. the firm ranks even higher in the Canadian market. during the second quarter of BMO Capital Markets’ fiscal year 2009. In Canada. including advisory.S.

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.”

Visit Vault at for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.


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