FIG - Financial Institutions Group

An investment banking practice that focuses on firms in the general financial services space. Typically firms divide up into i) insurance, ii) banking, iii) specialty finance, iv) financial technology. Some firms only practice in this area (ex: Sandler O'Neil, Keefe Bruyette Woods, etc). The valuation approaches are different from non-FIG because FIG companies are valued through equity multiples. The balance sheets are built differently as are the firm's operations (ex: banks rely on interest income and rely on the yield spread as their chief revenue driver).

Latest league table (SNL Financial):
http://www.snl.com/press/20070117.asp