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Ex-DB here:

DB is one of the few places where there's actually a clear consensus on top groups and group tiering—and for good reason.

Realistically, only LevFin and Sponsors are competitive with top groups across the Street. REGL is solid, but it’s mostly hyped on here because it's so much better than the rest of DB’s coverage groups and operates in a relatively niche space.

If you look at the league tables, it's obvious that DB isn’t a strong M&A shop. But on the flip side, it’s a legit player in LevFin, especially when it comes to lead-left roles on sponsor-led deals. That kind of exposure means the transactional experience in LevFin/Sponsors at DB is meaningfully stronger than anywhere else in the bank, by a wide margin.

That said, DB as a whole is probably one of the most overhyped banks on this forum. A lot of that comes from historical name recognition and how disproportionately better LevFin/Sponsors is compared to the rest of the firm. It’s often lumped in with Jefferies, but honestly, that comparison doesn’t hold. Jefferies has a deeper bench of strong groups and does significantly more M&A, something like 2x+ DB’s M&A volume since the start of 2024. So while DB’s LevFin/Sponsors combo is legit, the rest of the platform just doesn’t stack up.

 

Probably the weakest consumer group of any reputable bank. There are very few consumer deals 5-10B+ and when there are, it only goes to top advisers, anything below is split between BBs/EBs/MMs.

Because the deals are smaller and MMs are more active in deals, its leaves virtually no room for a bank like DB to have much success. Can’t say I’ve seen them on a single deal other than PowerCrunch/Ferrero, which was a tiny deal.

Interested to see if the new hire has any impact.

 

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