Thoughts on these updated 2025 EMEA Rankings in terms of deal value/exit ops across all sector/coverage/product teams? Hard to weight some (e.g. PJT RSSG would be SS, however their M&A sector teams pushes them down, same with DB LevFin etc).
SS+: GS, MS
SS: JPM, CVP
A: Evercore, Rothschild, Barclays, PWP
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Accurate but think Lazard should be S (even with its recent decline)
Hope laz analyst programme is going well!
Del
Barclays should be C tier
Rothschild has better exit opps than PJT? You might be smoking there mate. No one is taking Citi over CVP - can guarantee you that. Lazard should be at the very bottom of that list - where the fuck are their exits, and what deals???
Overall outdated list, plz fix thanks. Evercore and PJT should be S tier, and realistically ahead of citi/bofa. PWP should be A tier, if not higher than roths/laz (based on exits per capita)
EVR B tier?
Rothschild above Evercore 🤣🤣🤣
SS+: GS/MS
SS: JPM
MBB (for the few good firms that recruit consultants, otherwise moves directly to RIP Buyside tier)
----- Massive GAP
A: Bofa, Citi
B: PWP, Evercore, PJT (debatable very weak on M&A but RX top notch), Centerview (debatable as no established buyside pipeline but top notch firm)
C: Rothschild, Lazard, DB, Barclays, UBS
------ RIP Buyside Dreams
Honorable mention: HL RX if you love creditor on creditor violence
RIP: Greenhill
And yes before your ask, I haven't had poontang in 6 months
Inaccurate
Not a good list. Objectively not a "big gap" between the top BBs, and Citi/BofA are below not above US EBs. CVP also clearly has an "exit pipeline" (see below and consider they only have 5 analysts per year). PJT is also solid in M&A and growing, not "very weak" lol.
Recent exits (and consider the analyst class sizes from these exits are 1/5th of that of BBs):
PJT: Ares SS and PC, Apollo buyout, Apollo Credit, Sona, Oaktree global opps, Mudrick, Centerbridge, Angelo Gordon, SVP, Searchlight, BCC SS, Blantyre, Tresidor, CQS, Algebris, EQT, KKR Credit, multiple KKR SI, Triton Debt, KKR buyout, Advent, GIP, KSL, Partners Group, Stellex, PSG, Norvestor, ASP, Blackrock, GIC, Arena, Ashgrove, Riverock, Roundshield, Softbank, Talis, Helios, Glendower, NB, Lakemore, Cross ocean
CVP: Aea Investors, All Seas Capital, Bell Rock, Burda Principal Investments, CapVest, Citadel, CVC, Entrepreneur First, G Square HC PE, General Atlantic, Kinnevik, Millennium, Silver Lake, SVPGlobal, TA Associates
PWP: Alberta (AIMCo), Alteri Investors, Apax, Apollo, Balyasny, Blackrock, Brookfield, Builders Union, Cambridge Innovation Capital, Carlyle (CIEP), Carlyle PE, Centerbridge, Cinven, Citadel, Coller Capital Corsair, CPP (European Credit), CVC, Fortress, G Square HC PE, GIC ,Global Holdings Management, HarbourVest (Direct Investments), KKR (Infra), KKR (PC, SI), Pamplona Capital, Permira, Providence, PSP, RTP Global, Saudi Public Investment Fund, Sixth Street, TA Associates, Tiger Infrastructure Partner, Triton, Warburg Pincus
EVR: Advent, CVC, Partners Group, Carlye, Oaktree, Permira, Silverlake, EQT, Ares, Mubadala, HIG, Balyasny, Vitol, BC, General Atlantic, Apax,
This screams incoming EB summer analyst slop. Generally, BB SA classes are at most 4 x the size of BB's and as low as 2.5 - 3x for the ones with leaner deal teams. There are really 3 points you can benchmark banks with, all of which point to the top BBs being leagues ahead of the rest of the pack, with the only closest competitors being Citi/Bofa.
I agree the euro/euro-heritage EBs don't have many realistic levers for growth and i can very well see EVR absoluetely dominating all the other EBs in large cap buyout exits in 5-10 years, but at the moment that is simply not the case. Also, you are missing out an apollo exit from EVR a few years ago :). I also don't agree with the point of self selection for EB exits. For CVP and PJT maybe, but frankly the EB 'comp premium' does not exist in london at the junior level, and other BB's such as JPM have nicer people / a better culture than most EB's.
Yes, there is a massive gap between GS/MS/JPM and the rest. Take it from someone that made the jump, has had very close relationships with headhunters, and is involved in the recruiting at one of the top tier exits you list above.
Regarding the EBs, you are just proving my point about half of the exits you list are irrelevant/not top tier or not PE/HF. They are simply less established than the BBs in London, though their presence has been growing. They are obviously tremendous places to start a career in.
To be honest I am just commenting on a ranking post (absolute cesspool) to get some points for the WSO leaderboard (very sad I know), but what I stated above is just facts and not really a debate.
Know it’s an honorable mention but where’s HL RX on the tiers
The tiers don't make sense if you are bunching all of the groups together.
HL RX is S(S) tier for RX along with PJT.
But if you are comparing HL RX to all IB divisions like JPM Levfin or CVP M&A then its probably S/A
What a pile of doodoo - at least try
Can’t take serious trying to set Lzd at same level as PJT and evercore below them
No Matter how low quality you perceive the london analysts to be, 'London' rankings will always be fundamentally based on EMEA deal flow. Frankly, Lazard had the best 2024 out of all EB's in europe, finishing 4th in EMEA, with the closest being rothschild at 9th (a lot of MM though). Frankly, PJT M&A is fundamentally mediocre in europe, with the RX practice offsetting that to make it comparable to laz on a dealflow basis. So yes, perhaps Lazard and PJT in S, but CVP certainly should be moved down to A and that is solely for comp. Quite literally all of the EB's have placed in the top 10 in some type of metric, for atleast one quarter over the past few years - with the exception of CVP? Truly remarkable perceived prestige they have built up with hopeful undergrads in europe. I guess thats what happens when you can't be bothered to invest in emea growth like the other US EB's, therefore keeping your firm small, and consequently your analyst class, then choosing to almost exclusively recruit from oxbridge / lse (because hey, if im only taking 5 interns, why bother wasting time interviewing from warwick, when theres more than enough lse hardos willing to sell their soul to join this firm because they think they would get the same blockbuster experience / 250k a0 comp that our firm gets in the US).
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