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

------------------------------------------------

UBS: UBS (rest)

54 Comments
 

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.

 

Senior VP in IB - Cov

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.

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.

 

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. 

 

Marco and Co have done a bang up job at UBS. And by bang up I mean they permanently fucked it

 

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

 

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?

 

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