I'd imagine a lot of groups in chicago are like little brothers to their NY counterparts, focusing mainly on MM stuff. Which groups in Chicago work on the biggest deals, and rival like NY GS TMT and MS M&A? Do any even come close?
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Most likely FIG or Industrials. Not sure how their deal flow compares to their NY counterparts though...
A lot of chicago groups are also more regionally focused than product or industry focused. What I mean is they have one catch-all "coverage" group for IBD and they work on anything and everything that's closer to their clients than a group in NY or San Fran can.
Please ELABORATE. You mean some banks have only one group wtf? Can you give specific examples?
I think you misinterpreted his response. Orangebull is saying that for many bulge bracket banks, their Chicago office is more focused on deals that happen to be regionally located in the Midwest and man many times work horizontally across products or industries. For example, the GS Chicago office could working with CAT on a carve-out that could involve its Industrials group and likely its Lev Fin if it also plans on financing the deal.
Outside of GS, the best shop in Chicago is William Blair.
Isn't this how NY banks operate too? Of course product groups and industry groups will overlap...
I had heard back in 07 CS and UBS were top in chicago. No longer true at all?
the NYC offices of pretty much all the BBs are not regionally focused (i.e. they are not mainly doing deals located in the Northeast). I think that was the distinction that Orangebull was trying to draw and I can attest to this.
I think when you define what is the best in Chicago, you need to put some context around it. If it's strictly economics, are you talking about purely fees generated or fees/employee generated? Or are you talking about what is the best experience that can be provided to you at the analyst level due to quality deal flow and exit opps? In terms of exit opps, MDP and GTCR will tap all the top BB analysts in Chicago and some from NYC. Blair analysts see a lot of dealflow and have very good placement into buyside.
WB is better than most of the BB's in Chicago? Why is that?
If interested in Chicago for IB or M&A definitely consider Lincoln International. They're based out of Chicago and these guys have been growing. Almost purely focused on M&A transactions.
My experience from recruiting: No particular order within tiers
Top Tier: JPM (great industrials group), Citi (Head of North American M&A here poached most top guys from UBS, great Industrials team) Lazard (Restructuring head is there) Middle Tier: GS (doesn't always execute, very small intern class(4)), MS (same size intern class (4), doesn't have the strongest group but they seem solid) Bottom Tier: Barclays, Deutsche, UBS
I know that BAML and CS have practices as well but I'm not familiar so I won't rank. Greenhill also has a decent practice.
On the whole I'd say Chicago is about as good as SF if we were comparing their strength in industrials to SF's strength in tech. Both top notch regional places to work.
Which tier is Greenhill? Are you familiar w Moelis' group there?
Moelis group is solid, but not as strong as LA or NYC.
Can anyone comment on Duff & Phelps Chicago office for IB?
Blair, Baird, Lincoln International, BMO are some of the banks that come to mind. GS has a FIG and Industrials practice in Chicago. Most BBs/large MMs only have FIG groups in Chicago.
What are the top banks and groups in Chicago besides from CS and UBS? (Originally Posted: 08/16/2007)
I know CS and UBS are the top banks in Chicago right now for banking, but I was wondering what other banks were good in Chicago. I've searched some on this site but couldn't really find anything outside of CS and UBS. Anyone have any suggestions on the best banks and groups in Chicago?
GS has a solid FIG and Consumer and they do all execution in house. MS has an office, dont know how strong but I know one analyst went on to a top tier PE shop. Citi has a strong industrials presence and JPM has a pretty decent sized group and is strong in paper and forestry. Lazard also is solid in chicago.
pretty solid presence in Chi-town, esp the Consumer group
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