Chicago IB Overview
Freshmen at target getting ready for SA28' processes (only recruiting for Chi). Here's what I've heard & found regarding the Chi scene.
Bulge Brackets:
- JPM M&A - Does some Mid-cap & regular sized, works w/ NY
- JPM IND - 50/50 split between NY & Chi, great group
- GS IND - DK much
- GS CMG - MM focus, seems mid but IDK
- BofA IND - ~40 ppl, 2MDs, some MDs leaving, M&M, Auto, Agri
- BofA EGRC - (shouldn't have to explain)
- Citi IND - ~40 ppl, M&M, Auto [also Citi FIG left a couple years ago from Chi]
- Barclays Tech & services - ~30-40 people, mid group
- DB IND - smaller side, poor deal flow (knew an aso2 who just closed first deal)
- UBS - Dk much, small, Bouse
- No IB Presence: MS
- Evercore IND: ~20 ppl, 1-2 SA/y, Paper & Packaging
- Moelis - ~20ppl, FIG, Auto, Food& Bev, general midwest, satalite asf
- Greenhill IND: Decent growing team, dk much else
- Gugg PEAG/Tech & Services - 50ppl , decent SA class size, MM focus, great deal flow
- Gugg IND - smaller part of Chi office, dk much
- Lazard Rx - small but good, dk much
- Lazard HC - satalite asf, dk much
- PWP IND - ~20ppl , M&M, Auto, Business services
- No presence: PJT, CVP, Rothschild (left couple years ago)
Best Middle Market Banks (ranked):
What did I get right/wrong? Any insight on banks without much info?
Pretty much spot on, great work
interviewed w moe chic its more like a 7/8 person type shop. greenhill chicago is top notch
I heard they make analysts print and bind in the moe office lmao
GS has a FIG team in Chicago, 1-3 summer analysts a year. JPM has mid cap M&A, industrials coverage, midcap coverage and midcap financial sponsors group in Chicago. All in probably 15 SA spots across the 4 groups
Doesn’t Jef exist
yeah they're definitely on the coming up but not quite in the HL, Baird, and Blair level for Chicago. I only included top MMs but theres a top of good ones I didn't list.
fwiw GPC spin - off being run out of Gugg Chi
Definitely an underrated spot
Thoughts on GS FIG chi? Anyone know much abt group/exits
Wasn't aware GS had part of their FIG team in Chi. Did some research and couldn't find much on the group besides 1 person saying it was a sweatshop & 1 saying it was chill bc most chicago banks are
Great post - seems like you are definitely connected within the Chicago banking scene already.
I will chime in for some extra details and more light on other banks.
Wells Fargo
- Industrials team (unsure if they are cross-staffed or solely execute deals from this office) ~10+ bankers
- Middle market team (quite sure they only execute by themselves from this office) ~15+ bankers
Raymond James
- Safety and security team
- Commercial and industrial services team
- Unsure of headcount’s although talent seems iffy (know some analysts who got in with no networking from non-target schools)
- Presence is also very minimal and often overlooked
Solomon Partners
- business services team
- Industrials (aerospace and defense heavy)
- I do not believe deal flow is strong within industrials, but culture seems to be strong amongst the office ~ 15+ bankers, very small office
Cantor Fitzgerald
- Diversified industrials team
- Strong team, extremely fast growth in recent years
- MD, VP, and Associate all came from Citi in Chicago
- Junior class is very close knit, talent may not be strongest but they receive lots of hands on work
Stout
- Generalist summer -> placement first year
- Good amount of coverage groups
- Pay is below street by ~$5k-10k
- New office with great amenities (golf sim, pickleball courts, etc.)
- Good people but will still grind you
- Deal flow is strong, lots of tangible reps within the lower middle market
Lincoln International
- Generalist and then placement
- Strong amount of coverage groups
- Headquarted in Chicago
- Strong culture and insane office
- Positive momentum although junior level is mainly slide work, mostly unhappy juniors in terms of tangibility of work product
BGL
- generalist summer and first 6 months -> placement
- Very similar to Stout, plays in the same field and base was below street a few years ago, unsure of current state of pay
- Very fratty culture
- Had bad reviews from SA 2025 class
- Office is far from everything and running out of room
Peakstone
- Nepo heaven
- Extremely lean teams
- Brings in interns off cycle which is possibly how to get a spot without being nepo
- Does not follow the normal recruitment cycle
Piper Sandler
- HCS, DCM, FIG, Industrials
- One of the strongest middle market banks in Chicago alongside HL, Baird, Blair
- Extremely smart teams, and strong SA classes
- Culture is strong, and reviews are positive from junior to senior level
PMCF
- Also plays in similar place as BGL, Stout, but on an even smaller scale
- People are nice but talent is not strong
- Pay is likely to be under street
- Hours are very manageable
I’m not familiar on DC Advisory, Truist, Deloitte…, and more banks that are missing here.
appriciate adding onto this. I avoided adding many MMs because there are a lot but this is extremely helpful
I’ve worked at Lincoln. Knew very few unhappy juniors. Good analysts model and meet with management all the time. They got to do way more than BB analysts who don’t even know their MDs.
I won’t disagree here and not looking to slander Lincoln. From what I heard that’s the information I gathered. It’s good to hear from your perspective which is more favorable having worked with the group.
Can you please elaborate on Piper’s Chicago office? Trying to recruit there but haven’t seen much online as it seems to be a smaller office. You seem to know it / have a good opinion of the people so just curious. Thanks in advance if you are able!
Pm me
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WF CHI industrials info is somewhat wrong. Right now, the Chicago-based industrials team has 1 MD (Dan Moll), 1 VP, 1 ASO, 1 AN, and 2 incoming analysts who graduate college in 2026. It's a very small office, and they work on deals focused on environmental and infrastructure services. They are not cross staffed with the WF industrials group in NYC.
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