Distressed/SSG Groups within Banks
There isn't much info on these groups, but typically they are housed under S&T, and I was wondering what the opportunity is like for someone at one of the major groups on the street (JPM, GS, DB). I will be starting soon at one of the aforementioned and am wondering how active the Banks still are in this area post-crisis? Also, are buy-side distressed/private credit opportunities available as exits ops? I've also seen some Private Credit/DL desks within Banks that I am curious about.
Bump. Keen to hear views on Merrill too (well, BofA)
Bump
heard they're good
Db is the only one of the banks you mentioned with proper distressed credit trading where they actually make $.
same goes for private credit.
I think no. DL, I&E Financing, Distressed Credit, etc. sits within FIC (Global Markets - IB)
GS is the biggest, historically with SSG which was part of S&T
These days have moved to a fund model so more comparable in terms of setup to a BX as B/S involvement by the bank has been curtailed but otherwise its business as usual and teams are still the same
not 100% accurate, SSG sat by itself side by side with MBD but always invested balance sheet (whereas MBD had outside capital) until recently it split into real estate and the credit teams (especially hybrid capital) and took on outside capital - i know they had some issue raising capital since they’ve never had to do it - source: myself (ignore my wso title)
Do you know how comp structure is like? Is it in line with IBD on base? How about bonus wise? Given the set-up is housed within a bank, does the investment team get carry since they are not managing third party capital?
Yes and no. The correct comparable is APO, GS is running exactly that model fyi.
SSG doesn’t exist anymore. That team = RE investing
the credit and lending stuff has been split between capital solutions in GMD and private credit. Basically GS don’t want to hold too much of concentrated loans hence do a fund type model for AMD and a syndicate in GMD.
Anyone have a view on BNP? Heard some chatter about them looking to become more active in the space but also heard about some major shake ups with the group.
Barclays is one of the best, if not the best. They have been absolutely killing it
Have heard that the Europeans punch well above their weight in distressed space. I think Barclays is very good and Credit Suisse used to be very good at credit, doubt it now but could be.
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