Vault’s Verdict

Well known for its financial institutions group that provides investment banking services to financial services firms, Sandler O’Neill is looking for aggressive self-starters who are self-motivated, street smart, sales-oriented, and client-focused. The firm has an old-school Wall Street, merit-based culture that rewards hard work, and its flat organizational structure minimizes the bureaucracy found at many larger firms in the industry. Insiders work rather long hours, but don’t seem to mind since they’re usually working on live deals and their bonuses are generous and paid all in cash. Sandler O’Neill does not a have a formal training program, which means junior professionals will hit the ground running and most of their learning and training will be done on the job. Diversity, perhaps a result of the firm’s old school culture, is not one of Sandler’s strong suits. As for senior managers, they have an open-door policy, so even analysts have access to senior bankers and managing principals. The firm’s business outlook is rather bright. Sandler’s prestigious FIG M&A group is expected to be very busy in the coming years, and the firm should, for the foreseeable future, remain on top of the league tables for financial institution capital raising.

“Looking for a go-getter who brings experience and relationships, and is able to build a business. There are no contracts or guarantees. Success is self-driven.”

“Looking for aggressive, self-starter, self-motivated, street-smart, sales-oriented, client-focused people.”

“As with everything, there are good days and bad days, but overall the work environment at Sandler makes for a very rewarding experience. It starts with the highest-ranking partners, who create an atmosphere that is hardworking, yet relaxed when it needs to be.”

“Great firm. Old-school Wall Street culture -- the partners take care of their troops. Reputation and client service come first. Hard work is rewarded, and a flat organization greatly minimizes the B.S. that is found at large firms.”

“Work/life balance is unparalleled. Flat organizational structure. Compensation is all cash and is 100 percent performance-based. Great place to work and build a book of business.”

“Strong, merit-based culture. Like I would imagine at most investment banking jobs, here it is a trial by fire. But if you demonstrate the desire and willingness to work hard, you will be awarded with additional responsibility and opportunities for growth.”

“Sandler has a great culture starting at the top with Jimmy Dunne. As an analyst, you have access to senior bankers as well as the managing principals of the firm. Everyone has an open-door policy, and everyone who has been successful at the firm has bought into the culture.”

“Close-knit group of guys, but the partnership skews things somewhat. Commission structure and history lead to a tendency to put self before firm. Very old-school culture.”

“This is Wall Street, if you have to ask about hours, then you better look at another industry.”

“Long hours, but this is investment banking, what do you expect?”

“You work hard during the week, but rarely come in on weekends.”

“There is no formal training program, but coming from a larger firm previously, I find initial training programs to be overrated. Most of your learning and training will be done on the job. You learn through repetition.”

“You hit the ground running. No formal training.”

“When I started nearly five years ago, there wasn’t much of a training program. However, they have done a lot since to create one. It is still more of a ‘learn as you go’ culture.”

“Comp is all cash and very fair. Formula-based for salespeople, and very generous for traders.”

“Below market comp, but it has gotten much better since I started. Sandler’s a private firm, so my bonus has always been all cash. That’s a plus.”

“Culture is dominated by white males.”

“Spartan offices, but when was the last time your office space won you an assignment?”

“Address is very convenient to Grand Central and LaGuardia. Easy walk to Park Ave and Midtown and away from the tourist crowd.”

“The firm has overgrown its current office space and is relocating in the first quarter 2012 to a larger space.”

“We expect FIG M&A, our specialty, to pick up immensely in the near future. Additionally, we expect to remain on top of the league tables for bank capital raises in 2011.”

“Very good outlook. With a recent capital infusion and a spurt of recent hiring, Sandler is primed to take advantage of what should be a very busy next few years.”