They're growing so heavy, curious to know when would people no longer consider them an “EB”
Certainly there’s some point where a bank gets so big you can no longer call it a “boutique”
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I mean LAZ is still bigger than them yet it's been EB for ages, even when it was relatively much bigger than other EBs
It’s just a label would need to be a huge change like Evercore starts a commercial bank. Similar to how banks like wells and Jefferies are not BBs despite (in my view) being stronger than the lower BBs
No balance sheet = not a BB
This is a very M&A centric perspective and shows that you don’t really understand the dynamics at play.
When you say “so big” what exactly are you referring to? Evercore’s M&A advisory revenue is similar to [insert BB - JP Morgan’s] but the comparison stops there.
Evercore is an $11bn market cap with ~2,500 global employees and probably does 70%+ of its revenue in M&A (including RX).
JPM is a $770bn market cap with ~320,000 employees and does probably 30% of its investment banking revenue from M&A (equal to 5% of its C&IB Segment revenue and 1% of total firm revenue)
The suite of products and services that JPM can offer its investment banking advisory clients is vastly different than Evercore
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