2021 INVESTMENT BANKING PRESTIGE RANKINGS - OFFICIAL
It's about that time of the year to get the rankings going. Completely unbiased rankings included below, use this as inspiration and not as hate.
1.a. Goldman Sachs, Morgan Stanley, Evercore, Centerview, Moelis
1.b. JPM, Citi, BAML, Lazard, PJT
------------------------ PE MEGAFUND CUTOFF, Women Dream of Knowing You------------------------
2.a. Credit Suisse, Barclays, Guggenheim, Rothschild, PWP, Greenhill
2.b. RBC, Deutsche, UBS, Jefferies, William Blair
3.a. Wells Fargo, Macquarie, BMO, Mizuho, Houlihan, Harris Williams, Baird
------------------------ MM PE CUTOFF, Don't Even think about exit opps below here, Within Reach of Women, but gotta work for it------------------
3.b. US Bank, Nomura, BNP, Sagent, Marathon
------------------------ You're better off in your mom's basement, Women Forgot you exist------------------------
4.a. Big 4 corp fin, Truist, Stifel, Lincoln International
If you have an issue, feel free to dispute.
Welcome to wall street kids
Barclays is better than Citi and even with BAML. May be lower on league tables... but that's the way it is in reality. There's a reason why Citi feels the need to recruit 6+ months ahead of the rest of the BB's.
Deal flow trump that though IMO
Citi is a balance sheet bank. The stuff you see on league tables is always misleading... because often times they really were just on it for financing purposes.
...
Those numbers are never very accurate... because banks like Citi who are on the deal for financing more times than not (unlike GS/MS) get M&A credit. Also Citi is probably the biggest size wise out of all BB's. Bigger doesn't mean better.
Worth noting that based on the above link, Barcap crushed Americas M&A in 2019: if you filter for M&A, Last year 2019, and select fees (instead of deal value, getting at what others have said about financing vs actual advisory), Barcap ranks #7. Now also take into account that 69% of Barcap's fees came from Americas whereas for Citi that was only 55% (don't think any of us give a **** about Europe), and Barcap was virtually tied with Citi for #5 (Lazard also had outsized Europe presence).
However, 2020 was a whole different ballgame--looks like Barcap underperformed + boutiques with strong RX franchises (Lazard, EVR, Centerview, HL) outperformed big time and Barcap got pushed out of the Top 10. Meanwhile, Citi's M&A fees remained constant and the share attributed to Americas rose from 55% to 66%. Blew Barcap out of the water.
Neither came too close to BofA in 2019 or 2020.
As others have said, league tables also do not correlate directly to PE placement--general wisdom is all 3 have strong groups and send kids to plenty of MFs and UMMs every year (the "MF cutoff" above is absurd--most of "tier 2a" sends at least 2-3 to MF each year).
Curious to see how Q12021 fared given how burnt out everyone is.
Agreed. There's also a reason why Citi has quietly restarted their summer internship applications in London in March 2021, only 3 months prior to SA2021 internship, while no other BBs/EBs are doing the same. Lol.
How tf is Barclays better than Citi? The meatsucking for Barclays has gotten way out of hand on this site. Screened for M&A and specifically financial advisory in US only, these are the rankings of transaction value for the BBs in the last 3 yrs. Citi's financial advisory transaction value is 85 billion higher than Barclays... congrats on the Barclays offer tho
Nice shitposting spring insight participant.
All of the Tier 2b are better than Rothschild
Can mostly confirm. Not a terrible place to work (probably a better work life balance than many others out there) but fairly MM focused. I don't know if I'd put RBC above Roths tho.
The placement of RBC here is pretty weird. JEF/Blair/Baird are all better if we’re looking at exits tbh.
Mizuho and BMO are definitely below tier 3, Houlihan, Baird, and HW place analysts in mm pe consistently. How many times you seen mizuho on an m&a deal, let alone analysts moving to the buyside? Similar story with bmo but to a lesser extent
Can we not do this
Welcome to the big league
CS/Barclays/PWP belong in 1b
JPM/PJT belong in 1a
Wtf???? DB is at level 3b at this point.
Blair and Jeff at should be at 2a, move PWP and Moelis up 1 too
PWP to 1a? Dont you think they are a bit weaker on exit opps
PJT not in top tier completely invalidates this list
What should it be then? They have top tier exits.
he/she is saying PJT should be in 1a, not 1b.
Is JPM really that bad? In Europe they are consistenly among the Top 3.
-> is there such a big difference between US and Europe?
It's not a bad bank, but it's not GS/MS.
JPM has beat MS in fees generated across advisory and fixed income for the past few years. They are neck and neck with GS and MS. Crack open their earnings reports and it is clear. You should always back a statement by hard facts and not anecdotes
Yes
Mainly agree but would like to see PJT up in 1.a.
With minimal differences between 1a-1c and 2a-2c:
1.a. Goldman Sachs, Evercore
1.b. Morgan Stanley, PJT, Centerview
1.c. JPM, Moelis, Lazard
2.a. Citi, BAML, PWP
2.b. Credit Suisse, Barclays, Greenhill
2.c. Deutsche, UBS, RBC, Jefferies, Guggenheim, William Blair, Rothschild
DELETE
Check my rankings as they are more accurate and vetted by professionals
BB Rankings
Goldman Sachs
Morgan Stanley
JP Morgan
Bank of America
Barclays
Citigroup
Credit Suisse
UBS
Deutsche Bank
RBC
Wells Fargo
“EB” Rankings
Evercore
PJT Partners
Centerview
Lazard
Moelis
Perella Weinberg
Guggenheim
Jefferies
Houlihan Lokey
Greenhill
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