Chicago IB

Based on the most helpful WSO content and insights from the Wall Street Oasis forums, here's a breakdown of the general perception and insights on Chicago investment banking (IB) shops across different tiers: Bulge Bracket (BB), Elite Boutique (EB), and Middle Market (MM). This overview combines insights on prestige, exits, and overall reputation within the industry.

Bulge Bracket (BB):

• Goldman Sachs (GS): Known for its strong group in Chicago, especially in industrials. GS maintains its global prestige even at the regional level.
• J.P. Morgan (JPM): Has a significant presence, though it's noted that the Chicago office might focus more on sourcing with less deal execution. However, JPM's overall brand carries weight.
• Morgan Stanley (MS): Not explicitly mentioned in the context, but as a major BB, it's likely to have a solid presence and competitive in terms of deal flow and exits.
• Citi, Barclays, Bank of America (BofA), UBS: These firms have a strong presence in Chicago, with each offering unique strengths across various sectors. Their global networks support significant deal flow and exit opportunities.

Elite Boutique (EB):

• Greenhill & Co. (GHL): Recognized for its solid placement into private equity (PE) and a strong focus on recruiting from Midwest targets. The Chicago office is particularly noted for its performance.
• Lazard (LAZ): While Lazard has a global reputation, the Chicago office has mixed reviews, especially in terms of work culture. However, its restructuring team is known for rigorous work and solid placement.
• Evercore (EVR), Moelis & Company (MOE), and Guggenheim Partners: These firms are known for their strong deal flow and exit opportunities, maintaining their elite status in the Chicago market as well.

Middle Market (MM):

• William Blair & Company: Often highlighted as one of the top MM banks in Chicago, known for hard work but excellent placement into PE.
• Robert W. Baird & Co. (Baird): The Chicago office is particularly well-regarded, with a strong reputation in healthcare and industrials. Known for a good culture and solid exit opportunities.
• Lincoln International: Strong in the MM space, especially in industrials, with a good track record for deal flow and exits.
• BMO Capital Markets: Mentioned as having a significant presence in Chicago with comprehensive coverage groups. Its status as the IB HQ in the U.S. adds to its prestige in the MM space.
• Houlihan Lokey (HL): Known for its expertise in restructuring and M&A, offering solid exit opportunities.

This overview is based on insights from the WSO forums and reflects the collective wisdom of industry insiders. It's important to note that perceptions can vary, and the best fit for an individual depends on specific interests, career goals, and cultural fit.

Sources: Top Chicago IB, Chicago BB and EB Ranking, Top Industrials Shops in Chicago - Top IB Chicago, Chi BBs Advice - GS/BAML/MS?, Thoughts on Baird Chicago?