Graduate places at independent investment banks
With graduate opportunities seemingly shrinking at the bulge-bracket banks, it's worth a look at the smaller, independent organisations. But even there, the volume of applications to the banks is swelling, and there aren't exactly loads of places...
CLOSE BROTHERS
Who? The firm's rich history as an independent bank dates back to 1878, but it's fair to say that 2008 hasn't exactly been a great year. The tough market conditions have pushed profits for the year to 31 July down by nearly a third on last year. Still, after talk of a potential break-up or sale, Close Brothers has decided to stay intact and graduate recruitment remains in line with previous years.
Number of places: 10 on the graduate scheme, 6 for the summer internship
Minimum degree: 2.1
Deadline: 16 January 2009 (graduates), 13 March 2009 (interns)
EVERCORE
Who? Started by former Lehman banker Robert Altman in 1996, this year has been a bit of a mixed bag for this independent firm, which has offices in the UK, US and Mexico. The first quarter saw a slump in M&A advisory revenues of 52% on the same period during 2007. However, second-quarter revenues are up by 2% on last year, after some big deals which included the $42bn separation of Time Warner Cable from Time Warner.
Number of places: 15-20 globally
Minimum degree: 2.1
Deadline: Recruitment ongoing
Apply to: Send CV to recruit.europe@evercore.com
GLEACHER SHACKLOCK
Who? The firm's UK staff split from the US parent company, Gleacher Partners, back in 2005 to go it alone as an independent firm run by former Dresdner Kleinwort banker Tim Shacklock and Lehman alumnus Eric Gleacher. Last year, it managed to double its profits to 17m on the back of booming M&A markets (these figures were only announced in September) and has been involved Cable & Wireless's 340m approach for Thus and the British Energy-Electricité de France deal in 2008.
Number of places: 2 summer internship places for 2009, and if you impress on that you'll be offered a place on the graduate scheme starting 2010.
Deadline: 6 July 2009
Minimum degree: 2.1
GREENHILL
Who? Founded in 1996 by ex-Morgan Stanley banker, Robert Greenhill, it's now a public company and has offices in London, Frankfurt and various locations in the US. The bank hasn't been entirely sheltered from slumping M&A volumes, and posted second-quarter results that were down 32% on the same period last year. This, however, was less than half the drop predicted by bearish analysts, prompting the chief exec to describe the results as "outstanding".
Number of places: 5 on the graduate scheme, 4 summer internships
Minimum degree: 2.1
Deadline: Recruit on a rolling basis, but the advice from the Cornell Partnership, who run the recruitment for the Greenhill analyst scheme, is to get your application in early as there are a lot of applications for only a few places.
Apply to: londonanalystrecruit@greenhill.com
LAZARD:
Who? The bank has hit the headlines for all the right reasons this year. It's advised on some of the biggest M&A deals of 2008, including the purchase of HBOS by Lloyds TSB, Barclays snapping up Lehman's US business, Bear Stearns' merger with JPMorgan and the $52bn acquisition of brewer Anheuser-Busch by rival firm, InBev. Revenue from financial advisory hit a record $501.4m in the first half of this year.
Number of places: 15 in London for graduate training scheme, 24 summer internships
Minimum degree: 2.1
Deadline: 19 November 2008 (graduate scheme), 30 January 2009 (internships)
HOULIHAN LOKEY
Who? Houlihan Lokey focuses on mid-market deals and, on the face of it, business is booming. The bank is expanding in Europe, having recently acquired the investment banking business of Acris and UK debt consultancy Blenheim Advisors. It's also made some high-profile hires in its financial restructuring, private equity coverage and financial advisory divisions in the London office this year.
Number of places: A spokesperson for the bank tells us that they don't have a formal graduate training scheme and generally take on analysts as the business demands it. However, they say that requirements are "really high" at the moment.
Minimum degree: n/a
Deadline: Recruitment ongoing
PERELLA WEINBURG PARTNERS
Who? Established a mere two years ago by former Morgan Stanley man Joseph R. Perella and ex-Goldman Sachs banker Peter A. Weinberg, this boutique firm focuses on corporate advisory and asset management. Since 2006, it's been poaching some of Wall Street's bright lights and has been quietly working on some big ticket deals this year, such as France Telecom's $38.7bn approach for TeliaSonera.
Number of places: 5 on the graduate scheme, 5 internships.
Minimum degree: 2.1
Deadline: Recruitment ongoing
ROTHSCHILD:
Who? Though verging on bulge-bracket status, this venerable UK institution has shied away from the complex investment products that have left the bigger banks floundering and has actually been advising its troubled rivals. It's been involved with the Lehman-Nomura deal, as well as Commerzbank's acquisition of Dresdner. Rothschild generated more than $1.5bn through its advisory business in the 12 months to March 2008.
Number of places: 30 for graduate training scheme, 30 summer interns and 15 long-term interns
Minimum degree: 2.1
Deadline: 3 November 2008 (graduate scheme), 5 January 2009 (summer internships)
