I don’t know this person’s reasoning,but I agree. Santander just took the heads of CS’s Los Angeles office which had historically been one of the strongest sponsors groups on the street, tracing its roots back to Kenny Moelis and DLJ/Drexel. Santander is seemingly making a big push to build out its US presence.

 

Raymond James. Deal flow going up while other banks are laying off and have closed several billion dollar deals this year

 

DB has made 50 senior hires, and have a top sponsors group in a environment where sponsors are about to be unbelievably busy with all the dry powder they have.

 

In what sense DB sponsor group is strong? I witnessed some situation when the “sponsor” MD checked with sponsor on the pitching stage, and the sponsor said they would not be bidding as the asset not for them. So literally - DB did not even pitch!

Few months forward, the sponsor won the auction. I can literally list at least 5 of such situations for PE backed assets

 

Literslly none, nothing had happened in 2023 to warrant banks “out shining” eachother. It’s been the same the last 3 years with the exception that CS no longer exists and Greenhill doesn’t either.

 

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