Best Chicago offices

Based on the most helpful WSO content, here's a breakdown of the Chicago investment banking scene, including notable banks, groups, and deal flow insights:

Top Banks and Groups in Chicago

1. JPMorgan (JPM)

   • Focus Areas: Automotive, diversified industrials, M&A practice, LevFin, and Sponsors coverage.
   • Strengths: Phenomenal group with a strong focus on building out M&A in Chicago.
   • Culture: Mixed reviews on culture compared to other Chicago shops.

2. Citi

   • Focus Areas: Diversified industrials, M&A, and global execution.
   • Strengths: Largest BB presence in Chicago with the global head of M&A based there.
   • Culture: Healthy balance between top business schools and strong deal flow.

3. Moelis

   • Focus Areas: Telecom and other sectors.
   • Strengths: Known for a collegial culture, though recent churn has been noted.
   • Deal Flow: Mixed reviews, but the team is committed to the Chicago market.

4. Lazard

   • Focus Areas: Strong deal flow and client relationships in the Midwest.
   • Strengths: Quiet but nice team with a strong commitment to Chicago.

5. Evercore

   • Focus Areas: Restructuring and other verticals.
   • Strengths: One of the larger EB presences in Chicago with ~6 MDs.
   • Deal Flow: Strong deal flow and a collegial culture similar to their New York office.

6. Greenhill

   • Focus Areas: Industrials.
   • Strengths: Small analyst classes (2-4 per year) with strong PE recruiting to UMM funds like Madison Dearborn and Silver Lake.

7. William Blair

   • Focus Areas: Diverse offerings across multiple sectors.
   • Strengths: Headquartered in Chicago with a great culture and strong deal flow.

8. Baird

   • Focus Areas: Similar to William Blair with a diverse offering.
   • Strengths: Outgoing and relaxed culture with a strong Chicago market focus.

9. Guggenheim

   • Focus Areas: Middle-market practice, niche technology spaces.
   • Strengths: Newer presence in Chicago but committed to competing in the market.

10. BMO Capital Markets

    • Focus Areas: Consumers, Industrials, and M&A.
    • Strengths: U.S. IBD split between NY and Chicago, with a strong local presence.

Deal Flow in Chicago

• General Outlook: Chicago remains a strong market for deal flow, especially in industrials, M&A, and restructuring.
• Elite Boutiques (EBs): Evercore, Lazard, and Greenhill have strong deal flow and are well-regarded for their focus on specific verticals.
• Middle Market (MM): William Blair and Baird dominate the middle market with consistent deal flow and strong analyst experiences.
• Bulge Brackets (BBs): Citi and JPMorgan lead the BB presence in Chicago, with Citi placing significant emphasis on their Chicago office.

If you're aiming for Chicago, targeting these banks and groups based on your interests and career goals would be a great strategy!

Sources: Lazard vs Moelis Chicago Offices, Chicago Scene 2019, Chicago Scene 2019, bb chicago or mm chicago for IB?