I used the search function to get some information about Rothschild in Europe, however, the majority of topics were quite outdated (mainly 2007-10, a few of 2011).
What's your take on Rothschild in Europe (UK as well as Continental Europe [Paris, Frankfurt])? From what I have read, Rothschild had a very strong presence in Europe (second largest M&A team in Frankfurt?) and Asia but kind of lags behind the top shops in the US.
- Is Rothschild still considered top notch in the UK and in Continental Europe?
- Any insights on the culture? Hours, weekend work, etc.
- Dealflow? (According to some league tables, they do have pretty much deals going on. Mainly midcap or also large transaction?)
- What about exit opportunities and business school applications (especially in Europe and the UK)?
Thanks for your help.
Based on hearsay, they are a very solid name in Europe, do a very large number of transactions every year (not necessarily the biggest ones) and make their analysts work soul-crushing hours.
Rothschild in Frankfurt is a powerhouse. Easily one of the top M&A houses in Germany. They've got a fairly big office there and they work their analysts and interns hard.
Deal flow is big, biggest by volume in the UK. Culture seems great, hours are still banking but not sweat shop and people are nice. Very focused on their independent status and their ability to retain key employees. This is a very personal point and I will get looked down upon for this but they have quite a few seniors who come from big 4 ( london) and they tend "not get it". Do get some big mandates due to Roths owned companies (think Rio Tinto)
Restructuring isn't great there. They have debt advisory and RX, which often creates internal tension (e.g. when a covenant reset becomes full blown RX, who gets it?), head guy in RX tends to micro manage. Along these lines they have poor exits from these groups as they, and i quote from prominent buysiders, "don't add value, so we don't hire them [hire the bank and individuals]". And was told that they add more of an admin function in this respect than advice. to add to this, they recently screwed up on the Klockner Pentaplast RX
Very good sell-side franchise in the UK / Europe generally, focused on mid-market stuff (BBs.
I've heard (indirectly) that they pigeonhole analysts - ie, one guy does creds, one guy does valuations, one guy does market overviews, and that's it - you're focused on one thing. Maybe not that extreme, but I'd look in to it.
Thanks so far for your responses, I really appreciate your information.
@drexelalum11: Concerning the pigeonhole thing: During my interviews, I talked to two analysts about their day-to-day work and both told me that their work varies every day. One day they are writing an information memo, another day they do valuation or market research or just update some comps. So I'm not sure about that.
Ok, to get more specific here:
I do have an internship offer (two weeks to decide) for Rothschild's M&A team right now. Everybody there made a great impression and I came along pretty awesome with my interviewers, so I'm strongly leaning towards accepting. However, I'm still in the process with Deutsche and Barclays and I'm wondering which one to choose regarding brandname, hours, FT recruiting, culture etc. given that I would land offers from one of them.
Ok, there's not much time left for me: Therefore, it's time to decide..
Which internship would you choose and why? Any big differences in culture, hours, prestige, dealflow?
My options are: Rothschild M&A vs. Citi IBD vs. Deutsche Bank IBD
At the moment, I'm still leaning towards RS since I liked everyone pretty much and I got the impression that I would fit in the team fairly well. Any thoughts?
Again, from what I have heard from my M&A friends Rothschild in Frankfurt is the way to go. Pros: Culture, deal flow, rep, pay. Cons: Very long hours.
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