BAML question

Ignore my title -- I have 5 years of work experience and have worked in multiple lines of business at BBs so feel like I can offer a better take than just "prestige". That said, we do have to address prestige so we'll get it out of the way.

In terms of prestige: Would say that JPM is a notch below MS/GS based on M&A mandates / headcount and exits and blah blah blah. BAML is a notch below JPM, but would say is very solidly consistently number 4 in BBs, whereas Barclay's / Citi / Credit Suisse / UBS will generally jostle and the ranking will be much more group-specific based. Prestige is just one element though, albeit probably the most "important" one for 90% of this website since most of us do not want to be at a bank long term and therefore prestige is the best currency to leave. Apart from prestige, there is the "business" answer (while prestige and 'business' often go hand in hand, they are not 1:1 in my opinion).

In terms of 'business', JPM probably replaces MS in the top two, and BAML might run against MS to fight for the third or fourth seat. My opinion is corroborated by the fact that JPM is pretty consistently rated as the "best" all around bank by research and financial analysts (as in, stock pickers/equity research guys who invest in and evaluate bank stocks). JPM is often considered the best because they are simply the biggest and well-run by a respected CEO who gets good results that clients, employees, and investors generally trust. With the size comes diversification of business and revenue streams that the others really can't compete with. Taking it a step further: from the clients' perspectives, JPM is then an easy one-stop-shop for literally any transaction they need and can work with companies of virtually any size (whereas GS and MS might turn their nose up at smaller financings and mandates). Think about all the possible relationship-building touch points JPM's business have apart from investment banking activities; young tech founders who got their business credit cards at JPM's consumer bank (Chase) can go to JPM's private bank to manage their sudden wealth, then use JPM's commercial/ bank to help build the business until it gets big enough to become an investment bank client. At every step of the way you have a fuck ton of MD's doting on you to keep your business.

Bank of America is big and has a balance sheet so they can differentiate from GS/MS, but JPM still beats them in most league tables, including LevFin where its balance sheet vs. balance sheet. Additionally, JPM has a pretty golden reputation following the financial crisis as they (either by genius or luck) didn't really participate in the market making of the real-estate shit that tanked the economy (BAML and most of the other major banks were peddling billions of the toxic shit and got sued pretty badly when the dust settled). Finally and anecdotally, I think there is also inherent history behind JPM and MS (the Morgan banking dynasty) and Goldman which adds to their credibility and attracts the "sexiest" clients. Few of us have actually seen guys like Wilt Chamberlain / Pele / Babe Ruth play their respective sports, yet we all believe and inherently "understand" that they belong in the "top xxx players of all time" conversations. I think the history of the Morgan's and GS names have a certain star power that translates to winning better deals, attracting better talent, etc.

All this to say that BAML is a good firm, but I think there are tangible reasons why there is not a "big 4" BB group. Again, JPM is part of the "big 3" but I think consensus is that it is unambiguously behind GS/MS in terms of prestige and exits. MS and GS are masters of M&A, and BAML is a very solid jack of all trades place with a good balance sheet, but it is simply just smaller than JPM who is also jack of all trades AND has the better balance sheet.