24 Comments
 

Just check the league tables from dealogic. Evercore as not been doing very well this year in M&A, and also hired a large class recently so the experience may not be what it was at the firm's peak.

 
"JuggernautIB"

Just check the league tables from dealogic. Evercore as not been doing very well this year in M&A, and also hired a large class recently so the experience may not be what it was at the firm's peak.

League tables are based on volume. Do you think HSBC is a better M&A experience than Greenhill just because it is more highly ranked?

 

Please show me the NA league table (the only one I am assuming is relevant for OP's question) where HSBC is ranked higher than Greenhill. If you think league tables are useless, then you should probably educate yourself on this business.

League tables GLOBALLY are useless, as you are not going to be working in 6 different offices spanning 4 continents at once. If you are working in the US, you look at North American league tables. EMEA location = EMEA league tables. Not sure where you got the idea that because HSBC globally is higher than Greenhill (mostly US), I would think the former is better than the latter.

 

You think so? I've always thought that the EB kids were doing more pure execution because they were not getting pulled in BC their bank is financing the deal. It seems like more and more, if a big deal doesn't require debt, EBs are taking the execution role on their own.

"I know you think you understand what you thought I said but I'm not sure you realize that what you heard is not what I meant."
 

I think what he meant more was that at the EB you're doing the role of both the M&A group and the Coverage group at a BB. A BB M&A analyst is usually a pure modeler with not that much time to build industry expertise but get a ton of modeling expertise. A BB Coverage analyst will get deep industry expertise but might not get a ton of modeling experience (depends on bank obvi).

I'm pretty sure every M&A group at a BB with maybe the exceptions of DB and UBS (still very good groups) are top tier and all the EBs are top tier.

 
Best Response

League tables are a shitshow anyway. I am at a EB and we are doing a ton of assignments that don't even mention our name and we wouldn't get any league table credit for it. Still, the bank couldn't care less. Same for most of the EBs, maybe with exception to LAZ which is an outlier here. My EB's philosophy is f.e. to only accept deals which pay a fee of at least $X, otherwise we pass on. Plenty of times we have been outbid by people who work for less or even work for free. The aim is not to be on top of the league tables, but to provide clients with good service so they come back to us / refer us and make a decent buck out of it.

Centerview is making a killing these days, but usually it's hard for a EB to be ranked above the big boys as they often get the credit for only providing financing. I have been on two pretty sizeable deals with the big dogs where they did literally nothing but still got the same deal credit, thereby distorting league tables.

Talking about Europe here, but I don't see why the situation would be different in the US.

 
"above_and_beyond"

League tables are a shitshow anyway. I am at a EB and we are doing a ton of assignments that don't even mention our name and we wouldn't get any league table credit for it. Still, the bank couldn't care less. Same for most of the EBs, maybe with exception to LAZ which is an outlier here. My EB's philosophy is f.e. to only accept deals which pay a fee of at least $X, otherwise we pass on. Plenty of times we have been outbid by people who work for less or even work for free. The aim is not to be on top of the league tables, but to provide clients with good service so they come back to us / refer us and make a decent buck out of it.

Centerview is making a killing these days, but usually it's hard for a EB to be ranked above the big boys as they often get the credit for only providing financing. I have been on two pretty sizeable deals with the big dogs where they did literally nothing but still got the same deal credit, thereby distorting league tables.

Talking about Europe here, but I don't see why the situation would be different in the US.

I'm also at an EB and we have a comparable model. BBs care about league tables because they go in their pitches and they measure themselves on it, I haven't heard a SINGLE person here bring up leagues.... ever
 

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