Bulge Brackets in Chicago
One big concern with satellite offices is that they tend to be outsourced labor shops for NYC. This tends to be the case with the bulges. Could you guys provide some insight to these Chicago offices?
One big concern with satellite offices is that they tend to be outsourced labor shops for NYC. This tends to be the case with the bulges. Could you guys provide some insight to these Chicago offices?
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I'm fairly certain MS, Citi, and GS have solid presences in CHI and offer great exit opps. Citi, to my knowledge, has the largest presence in CHI out of all of the BBs. Barclays and BAML have been growing recently and have seen some solid deals come across their desks. I can't speak to exactly how good deal flow has been for these 2 banks, but I do know they execute. UBS has virtually no presence. DB's presence is very minimal. WF's is pretty small. Don't know much about JPM and CS.
EDIT: I've gotten new info that BAML may perhaps not be as strong as I thought it is. Sounds like they may do less executing than I thought.
JPM is strong in certain coverage groups (e.g. Healthcare).
I'm not sure JPM has healthcare coverage in Chicago. I'm pretty sure it's just a large industrials team and a very small consumer team. Can also confirm the MS having really strong exits. CS used to have a big industrials presence in Chicago, but it seems they've declined a bit in the past few years.
Believe they cover C&R (do a decent amount of Protein work) and want to say they have an industrials team as well. Not sure on exactly how much execution they do, but not a total pitch and ditch office either
Has GS FIG and IND teams been solid in the past few years? I know FIG did some big deals this past year and IND historically does a lot of sell-side M&A, but don't know how that translates to analyst experience and exits.
So would you say the top CHI BBs include CS, MS, Citi, Barclays? What about best banks in general in Chicago (including MM and EB)?
Lazard has (or at least had) an RX head in Chicago so a lot of the bigger deals came out of that office (e.g. the tribune rx). The best MM banks are probably Blair and Baird.
I wouldn't put CS and Barclays at the top. I think it's GS, MS, and Citi.
As far as best banks in general, one could make a great case that William Blair is the best place you can be at in Chicago. It's their main office, there's lots of deal flow, excellent exit opps, etc.
Baird and Lincoln are two other excellent Chicago-based banks. Piper Jaffray has a fairly small office but is growing. Lazard and Moelis have solid presences (don't know to what extent they execute.) Greenhill has around a dozen bankers in CHI.
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