2024 London BB/EB M&A Rankings

JPM………………..everything else.

For EMEA:

Tier 1: GS, MS, JPM (CV, Q)

Tier 2: Citi, BofA

Tier 3: Evercore, PJT M&A

Tier 4: Rothschild, Lazard, Barclays, PWP

Tier 5: UBS, DB, Moelis

Sizeable gaps between Tier 1 and Tier 2, Tier 3 and Tier 4. EBs much weaker and BBs stronger in Europe relative to the US due to the 'more conservative culture', with senior management of large corporates preferring 'stronger brands' to justify their decisions to shareholders, alongside the much shallower capital markets which also helps BBs as they can leverage cheaper financing to win mandates.

For US, would bump up EVR, PJT, Moelis (massively), PWP, moving Citi, BofA and JPM down a tier.

Given that culture, hours, and exits have recently worsened at many EBs — and banks like UBS are posting strong dealflow with clearly better culture — the updated 2025 EMEA ranking shifts toward BBs:

Tier 1: GS, JPM, MSTier 2: UBS, Citi, BofATier 3: Evercore, PJT, RothschildTier 4: Lazard, Barclays, PWPTier 5: DB, Moelis

EBs are weaker on culture and stability right now, while BBs look stronger across dealflow, brand, and overall experience