2026 Bulge Bracket Tier List
S+: GS TMT
S: GS FIG, MS Menlo/M&A
A: JPM HC/M&A, GS Classics
B: MS (rest), JPM (rest), GS (rest)
C: BofA FSG/M&A, Barc PU&I/TECH, Citi M&A/HC/FSG
D: BofA (rest), Barc (rest), Citi (rest)
E: DB LevFin, REGLL, IND
F: DB (rest), UBS LevFin/GIG
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UBS: UBS (rest)
accurate + ubs lower
lol especially after this year's bonuses
Not a single fucking person is taking “MS Menlo” above any GS NYC Classics group. Dumbass.
found the GS Wet-Dreamer
Appropriate reaction
You’re a tweaker lmao
lmfao what a goat.
MS Menlo (MStech) has been on pretty much every single important transaction in the tech space for the past 20 years. Smoking is not healthy.
Damn Citi HC replaced IND
Lol this is just simply not true
DB is that bad huh?
clear gaps between gs/jpm/ms --> bofa/citi/barclays --> db/ubs
So basically if you go to DB or UBS you’re screwed?
D: BofA (rest ex-EGRC)
D-/E+: BofA (EGRC)
How is JPM M&C and NY Tech?
Top group at JPM.
MS M&C (correct me if it’s not run out of NY) should be in S.
Citi IND and arguably Tech (more debatable but have won a considerable amount of large mandates in 2025, Marvell etc) are on the same level as HC/M&A in C.
On MS - you are wrong. M&C does not belong with Menlo and M&A
What do you know about Citi Tech?
Seems to be a focus area for Vis with strong momentum.
Hired Rajkovic, Goel, Friedland, Govind in the past year - all with a focus on Tech.
Landed quite a few landmark deals in 2025: Charter $35bn, Marvell $6bn, S&P Global/With Intelligence $2bn - think I’m missing a few here too.
Does anyone have info on Citi industrials?
Strong group, should be higher on list
UBS isn’t low enough
Why separate DB levfin but not JP or BofA Levfin which are consistently 1 and 2 in rankings
Agreed. BofA LevFin is rly strong. I don’t work there btw
I’m shocked that the WF fanboys haven’t complained about not being included.
we're silently complaining don't worry
I don’t think anyone really cares. We were paid a lot of money yesterday and are generally not as obsessive as others about this stuff.
If DB / UBS are bulge bracket maybe it’s for the best that we are not.
UBS isn’t a BB anymore, get that shot out of here
Marco and Co have done a bang up job at UBS. And by bang up I mean they permanently fucked it
GS TMT too low
wheres rbc
I don't think capital market groups at even GS should be put above the top groups at the mid-tier BB's at least from an exits perspective. Unless you mean something else by GS (rest) at tier B after putting GS classic/coverage in A. GS TMT is full of a bunch of nepo babies and the non-nepos get cranked hard (even relative to GS). Source: was at GS TMT; the level of incompetence by some people despite technically having a lot of "deal experience" is crazy.
.
Why DB levfin stronger than UBS? Works at another levfin shop but UBS definitely does more lead left than DB, especially on sponsor deals
Hi Marco
But where is PNC M&A Advisory, tier S+++???
Would rank all other bulge PU&I over Barclays
Why is that?
Any BB tier list is just a proxy for group + office + deal flow, so ranking entire firms is kind of pointless. That said, putting MS Menlo above GS NYC Classics is a spicy take.
From a professional standpoint, MS Menlo is prob better than any non TMT classics IBD team (prob in line with GS TMT in terms of tech dealflow)
Damn since when did BoFa & Citi fall so much? Or are they just higher when compared to every investment bank instead of just BBs? Also I thought Citi industrials would’ve been in line with their M&A, what changed?
Citi is still solid but compared to BBs they’re mid. BofA fell off because of trash pay. Senior levels are looking rough
What about consumer
citi m&a is an EASY a tier
DB Sponsors?
Almost right, would put UBS Tech (Menlo specifically) at least in A-tier
UBS is Paradise
A-tier as in Ass Tier
wheres rbc
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