2025 US Rankings - Middle Market/Balance Sheet Investment Banks
Hi everyone - wanted to get a better picture of the Middle Market/Balance Sheet Investment Banking Scene. Below will be my thoughts and I am curious of what this forum's thoughts are as well. Should be noted this is relative, for example any group at Goldman/Goldman tier would blow these groups out of the water except HL RX for exits etc. additionally would say NYC office automatically up-tiers
S+ : HL RX
S: JEFF HC
A+ : JEFF O&G, RJ CR (Financo), WF REGAL
A: HL, RBC PU&I, WF, JEFF, Solomon CR
B+ : Baird, HW, RBC, WB, Piper
B: Solomon, RJ, BMO, Eastdil, Intrepid
C+ : Mizuho, Stifel, Lincoln International, Cantor Fitzgerald, TD Cowen, Leerink, Santander
C : Truist, Stephens, CIBC, Keybanc, Oppenheimer, Macquire, Nomura, Union Square, BNP Paribas
D : Stout, SMBC, SocGen, Citizens, Shea&Co, Cannacord, GP Bullhound, Duff&Phelps, MUFG, Scotia Bank, BGL
E : HSBC, Ziegler, ING, Rabobank, Capital One, D.A Davidson, B.Riley
EDIT: Will keep list changing based off comments
My bank is ranked higher than usual, therefore this list is 100% unbiased and objectively accurate.
what bank so I can update for maximum objectivity
Jef is heavily underranked here, their culture sucks but the bank is by far the best here and it's not close. Per Bloomberg M&A data, They have almost double the M&A LTM US flow of a "historic BB" in DB, ~ 20-25% higher than RBC, which claims to be a BB, and ~ 10-15% higher than another "historic BB" in UBS. Yes, WF is higher than Jef on the M&A league tables, but WF wins most of their deals on the back of their commercial lending in the US, unlike Jef. RBC is also guilty of this to a heavy extent, btw despite it still being way lower than Jef on these rankings.
Jef rest should be in A+ and Jef O&G should be alongside HC in S, Those are perhaps the only two groups in this entire list that are truly elite in their space comparatively (maybe WF REGL too). Also RX and M&A are fundamentally different, and it's a bit weird to rank them together since you are doing different fundamental work; not really apples-to-apples comparisons.
Jef is 100% a better US franchise than those names mentioned from a pure M&A perspective, not looking at things like culture or anything like that, numbers-wise. Picking WF or UBS over them is defensible as a decision given closeness in league tables based on interests (as these banks have different top groups), views on culture, where you think you are a better personality culture, etc. However, think picking DB or RBC or any of these other M&A franchises like HL over Jef is just not logical in the long run for your experience, given that those franchises are just significantly weaker than Jef is.
Before any MS from RBC fanboys, keep in mind RBC has very strong and large commercial lending operations in the region, unlike DB, UBS, and Jef (though all 3 have strong LevFin teams; they don't essentially lend through commercial banks in the region) and yet the bank is below both Jef and UBS in LTM M&A and barely above DB.
Funny cause I don’t know one person in Houston that would want to work at Jefferies even with their deal flow. That should tell you something
Del
Congrats on HL M&A
Not a bad list—WF should be a tier higher. Other than that, pretty solid.
WF and Jef are clearly the best M&A franchises here and it's not particularly close. This ranking of including specific groups as well seems overly granular, especially since for most of these banks, groups are something you get placed in.
The top 3 BS non-historic BB banks are pretty clearly (in alphabetical order) Jef, RBC, and WF. You can point to WF and RBC winning deals on commercial relationships all you want in M&A, but in this particular convo, they just have significantly more deal volume than the other names mentioned here.
Both Jef and WF are heavily underrated on this forum as actual M&A platforms, they are not part of the top 8 or so (the 6 full-fledged BBs and CVP + EVR; think Lazard was here for Q1 2025 but to be clear they are not usually in the top 8 for overall US M&A) in overall M&A flow, but somewhere in that 8-12 range of overall US M&A flow (RBC is sometimes in here too depending on how you want to define Canada vs US flow since oftentimes banks mix those teams and how much you want factor in commercial relationships as a reason for winning deals. I wouldn't argue RBC is in that tier and say only Jef/UBS/WF is in a tier of their own slightly above RBC, but I think it can be argued).
Interesting tiering here given in past posts you are pretty clearly the dude that has shit on Jef and UBS continuously and hyped up WF. I understand your arguments, but it kinda seems like your thoughts on RBC largely apply to WF as well, and it's not like WF, even with its absurdly strong commercial lending operations, that wins them deal flow is significantly above Jef or UBS. I understand both Jef and UBS win deals based on LevFin relationships as well, but that's still IB... maybe this is creating too many tiers, but it feels like the UBS/Jef as one tier and then WF/RBC seems most appropriate. Not going to dispute the RBC thing as even if you include it in the broader tier, it seems like the weakest M&A flow bank in the US anyway in the tier.
think their (WF/RBC/JEFF/UBS) differences are so marginal based on LTM league tables in the US
I mean yes, if you want to be very picky with tiering, anything can be argued in terms of tiering because it is fairly subjective. Would say that WF/JEF/UBS are very clearly in the same ballpark to whereas it's hard to debate. Agree with you on RBC here and same point that I am making; it's either the clear worst bank in that tier or in the tier right below the other 3. Unlike between 3, I can't see a reasonable reason for picking RBC over the other 3, except for edge cases (someone must like PU&I, think the gap between RBC and the other 3 is more material than between each other in terms of actual quality of franchise.
Can confirm. One of the well known top PE HHs (think Ratio/Amity/CPI) told me that now the top funds would only consider top 10 banks in the league table. Basically, they told me JEFF/UBS/WF will be favored over MM shop like Moelis, while Evercore now is only considered by UMM/MM and Qatalyst analysts would have no other chance than MM funds.
Jeff is having more deal in quantity not quality. That’s why they bumped up their number compared to other MM banks. Also, their RX practice just mid comparing to HL RX or other balance sheets banks LevFin group.
What about piper sandler's tech team or formerly dbo partners? From what I've heard they seem quite good? Can anyone confirm or deny?
Move TD especially Cowen down. Santander should be way down. MUFG as well.
Tbf Santander should probably be split into LevFin and all other groups
Like the other balance sheets have a better levfin team then Santander. The rankings lowkey kinda wild
tbh, guggenheim can fall here nowadays. def no longer in the league with evr, moelis, cvp anymore
WF Regal should be S tbh. Basically BXRE to go
Pipers on here twice
Move Cannacord up
Canaccord is S+ tier
cant look down on their tech group frfr (totally not biased)
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I hear that Solomon has the most cracked Fortnite players
Piper and Solomon CR are too high.
Piper should def be a step below Jefferies, not much of a debate at all.
Solomon CR had a good year but still not better than but still only closed a handful of deals, many being sub 500M.
Solomon on a generational run right now tough tbh, have you seen the rainmakers they have been poaching from Evercore, Moelis etc. expanding franchise and absolutely kills at CR. Wouldn’t be surprised to see it continue climbing especially once these MD’s settle in. Also comp for these guys must be crazy + sexiest office imo. Piper agreed can take down and for now we can notch Solomon to same, overall extremely bullish on this franchise and am curious how crazy some of the numbers they are paying these rainmakers to join the firm
“Kill it at CR”;, they advised on less than 5Bn M&As in 2024. This puts them like #7-10 in MM consumer groups.
That being said it’s still impressive what they do with so few MDs, and interesting to see how they progress.
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What are best WF groups for PE exits? Would imagine REGAL, and maybe two other groups.
bump
Would REGAL pigeonhole you into REPE exits, or are solid traditional PE exits possible/likely?
JEF and WF above RBC is crazy.
RBC > JEF >>> WF
New List (dont care about specific groups or unknown banks past tier C+)
Tier 1 - RBC
Tier 1.5 - HL, JEF
Tier 2 - WF, Baird, HW, WB, Piper, BMO
Tier 3 - BNP Paribas, TD Cowen, Mizuho, etc
RBC way above WF and Jef is what is crazy... look at league tables in the US. I think, AT BEST, what you can argue for RBC is that it's the clear worst bank in a tier of UBS, WF, and Jef. Idt there is any possible way to spin the data outside of maybe going super sector specific to where you can argue RBC is a better overall M&A franchise than any of those 3 in the US. RBC wins deals with commercial relationships and lending, and is still lower than Jef and UBS in the league tables, despite both of those banks not having commercial lending relationships, which is representative of a pretty huge gap between those banks.
RBC is one of the most well-loved on this forum and all 3 of those banks get continuously shit on, but the facts are pretty clear than RBC is just worse than all 3. HL is also heavily overrated, they are the sole MM player, whilst banks like RBC/WF/Jef all do larger deals.
Found the incoming RBC intern
Santander is on here twice
BMO, Intrepid, Cantor and Mizuho all too high. Leerink too low
Eastdil higher. S/A+ Potentially, especially when considering relative prestige in its sector
What about Scotiabank? I’m thinking D or E
Trust and Santander should at least be on C+ if not B for some of their strongest groups (LevFin, Sponsors, etc). BNP should be lower. Never seen BNP doing anyting in the US except for US Silica deal and even for LevFin they lead less often than Truist and Santander which are in a league below WF/RBC/Jeff. Mizuho is okay if we are counting GHL there too. Macquarie should be lower too - idk what they do anymore in the US after firing DCM.
These banks are too high on your list: Stifel RX, Solomon, Harris Williams, BMO, Intrepid, Eastdil, Mizuho, Lincoln, Leerink, Santander (LMAO), Truist, CIBC, Union Square, and everyone in Tier D and below
Are you proposing a downtier for all said banks. I’ll agree on Stifel RX should be down 2 tiers at minimum.
I don't know where I would place them but a lot of the names I just listed should be below the names in Tier C. Obviously, some solid MM banks on my list like HW and Solomon, but just ranked too high.
best group in D.A. Davidson?
Tech has been doing okay, the rest are all basically ass. IB as a whole is a sinking ship
Move bgl down to its own last tier
delete
You need to make a God / SS tier for AGC Parnters, Tobin & Co, Aeris Partners, and DC Advisory, surprised these heavy hitters aren't on here already
.
whoooosh
Would move Stout to E tier and remove Ziegler, Rabobank, and Davidson entirely
where does fifth third go?
The toilet
naurrr
largely a commercial bank with essentially no investment bankers outside of a handful of niche M&A teams and a small capital markets functions driven by commercial banking clients due to lack of coverage investment banking and limited distribution capabilities to my understanding
Missing Needham & Co?
Is it better than Aeris?
Aeris has marginally larger deal sizes but Needham has been around much longer
In a tech coverage group - would argue that GP Bullhound and Shea & Co deserve to be in C tier (at least the U.S. franchise of GPB). GPB recently did a billion dollar deal and have consistently been pulling in some 200-500M and Shea is well known to be a consistent hitter as well in MM tech M&A. Would argue both are either the same level as or higher than every bank in the C tier.
Agreed—GPB gave me a modeling test for a SA interview a while back… If you’re pulling that shit you must be a solid shop.
Cowen tech/HC should be moved up a tier
Piper HC should be above Piper overall. Doesn’t make sense to consider any position in like WF (ex: DCM) the same level as Piper HC or Valence imo
loop capital?
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