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BAML and JPM are probably the top 2 by a landslide in terms of deal flow and exits. They both have the largest capabilities from a balance sheet perspective. In terms of relatively across respective banks, Barclays/CS/UBS/DB are all solid as well. Citi/MS/GS are the ones that just aren't necessarily known for LevFin from the BB perspective.
Something that's cool about UBS though is that their LevFin and Sponsors teams are conjoined, so if you end up in that group you're basically doing both. Also, don't count out the likes of RBC/Nomura and some of the MM's. Nomura is heavy on LevFin (barely any M&A there) and RBC is becoming a top player in the U.S.
I've had a couple friends summer and go full time in these groups as well as a few alums who've talked about the top LevFin places on the street, hope this could help!
Went A to A in one of the groups you mentioned in your list (now in PE) and I would generally agree with the way you laid this out, however JPM should be removed altogether assuming OP is a junior guy. Every LF group you mentioned here except JPM will run the model process in-house and be on the frontlines in syndication. LF at JPM versus any of the other teams you mentioned will yield much different exit-opps and an overall different experience because of this. LF at JPM is more of a capital markets role versus what you typically think when you hear leveraged finance. Citi and to a lesser extent GS follow this model as well and let coverage teams run point.
I would say BAML and CS are the two top LF groups for the Analyst / Associate experience. BAML, as you mentioned, is a volume LF shop that churns deals left and right and has a large headcount base in relation to other LF groups. There are cons to this model. BAML will sometimes overstaff their deals and a junior might not do as much heavy lifting there in comparison to the leaner, but still large, shops on your list (CS, DB, UBS, etc). I worked at a smaller BB LF shop and the experience was demanding but also rewarding as an analyst due to this difference. There are times where I felt I was running an entire process myself and selling a deal into the market to accounts that could make or break a transaction, causing our balance sheet to be on the hook if we couldnt fill the book. Why they would allow a drunken 23 year old like myself to do this is beyond me, but I digress... Point is, in sum, although BAML is the king of the LF castle, it is a volume shop which has its drawbacks to the Analyst experience. It is so large that you may only work on one piece to a financing transaction whereas at the leaner LF shops, you have your hands on the entire thing. Much different experience and after 4 years I felt that I walked away from my LF group with a decade of experience under my belt, and that was very evident during my buyside interviews.
Still though, BAML places extremely well every year just look around. It is still a rewarding place to work as far as LF goes, but if I had to differentiate amongst the top two I would say CS is the best LF shop at the junior level because of those reasons above (no I did not work at CS).
I know for a fact that many of the banks you listed do not run the model in-house for LevFin. Lev-Fin in general is more of a markets job across the street, but many banks have syndication teams as well.
The last I heard, JPM's LevFin team runs the model, whereas Sponsors or coverage holds it at most places.
How can a bank like UBS (no balance sheet) actually compete with the other top shops in the LevFin space?
Is there a reason why WF is completely omitted from this rankings? I thought they were relatively strong in the LevFin groups. Just a question since I am interning at WF and looking at their LevFin team for FT recruiting.
Following up on this - did you ever find out how strong the WF LevFin team was?
BMO Capital Markets in Chicago has a reputable group as well. Don't count out chiraq in the lev. scene gents!
Any insight as to how WF ranks for LevFin?
bump
In terms of market share and volume the following banks are at least top five for US LBO loans, High Yield, Institutional New Money and Leveraged Loans (in no particular order) in the last two years
Bank of America, JP Morgan, Barclays, GS
Banks that are at least top ten are:
Credit Suisse, DB and RBC.
Source is Bloomberg League Tables. Please note, nothing on exit ops here, just deal flow. Just browsed through them really quickly so feel free to add anything I missed, but in general this reinforces most of the things on this thread.
do you have any idea which banks/groups have their LevFin teams deal with modeling?
From what I've heard JPM and Barclays do not and BAML and CS do. If you're concerned about exits though, that's not to say analysts from JPM or Barclays can't get good exits. Any group that has respectable deal flow will get good attention, it's just that you'll probably have to beef up your modeling skills on your own time.
Jefferies top player in US LBO financing. Group does modeling.
Can anyone provide color on some solid MM LevFin groups?
interested in this as well
There are none unless you consider jefferies a MM, which they certainly can’t be described as one anymore.
if you broaden the definition of MM to include the balance sheet bois, then I’d include SocGen, BNP, BMO, Truist, 5/3, Key, citizens, ABN Amro, Rabobank, CIBC, SMBC, Mizuho, HSBC, etc
keep in mind these guys will almost never be lead left (which as an analyst is what you want) on anything notable except maybe BMO and some regional relationships with Key/Citizens.
the MM advisory shops do have debt advisory but they don’t actually underwrite anything. Hope this helps.
Wb PNC?
Heard SocGen has a pretty decent WLB vs a lot of the bigger banks
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