Chicago Scene 2019
Any updates on the Chicago banking scene in 2019? I can try and aggregate recent posts below;
- GS (FIG presence)
- JPM (Industrials, small C&R presence... mostly sourcing(?))
- MS (no junior level talent anymore)
- Blair (Does very well in HC and TMT... C&R is also supposedly good, but not talked about as much on WSO... Lost some good "culture" MDs to Guggenheim)
- Baird (Industrials is top notch for MM)
- Houlihan (Food & Beverage is sought after, healthcare is a crushing workload... is restructuring active in Chi?)
- Mesirow (Paper & Packaging vertical generally mentioned as nice stuff)
Open to any thoughts / discussion... Chicago is obviously a much different scene than NY / SF
Greenhill has industrials team that takes 3 analysts every year and then feeds 1-2 to Madison Dearborn Partners every year
To give more color on recent exits:
Analysts who started summer 2016: 1 to Pegasus Capital, 1 to Golden Gate Capital
Analysts who started summer 2017: 1 to Thoma Bravo, 1 to Silver Lake, 1 to MDP (starting next year)
Real estate is the best for placement and has sent some kids to mega funds in recent years. Lev Fin and FCR are solid in Chicago as well because they are able to capitalize o the legacy Harris bank relationships to get business in those areas.
Lazard - significant restructuring of office as a result of senior banker departure to Guggenheim and Sempra Energy; restructuring and Laz MM seemingly unaffected
Moelis - newer group in same building as Lazard; diverse offering of coverage groups; affable group of people; sweaty; strong mix of individuals from elite business schools
Goldman - supposedly strong group; doesn't recruit out of business school
Barclays - enjoyable group of people; mix of industrials, packaging, education technology and sponsors work; focused on life outside of the office; healthy balance between major business schools in area
Baird - outgoing and relaxed; do well in the Chicago market; more of a diverse offering similar to William Blair; again, healthy balance between major business schools; headquartered in Milwaukee but focused on Chicago market
Blair - great culture, new building, similar diverse offering to Baird given that the firm is actually headquartered in Chicago; strong mix of elite business schools representation
JPM - a phenomenal group focused on automotive and diversified industrials; focused on building out M&A practice in Chicago to compete with Citi; small C&R practice; Booth HEAVY
CS - extreme turnover; office is also dominated by Booth; packaging and industrials work; weak culture relative to other BB banks based on my interactions
Citi - largest BB presence in Chicago; global head of M&A sits in Chicago; healthy balance between top business schools, obvious focus on diversified industrials; young MD's who began career in Chicago
BAML - focusing on mid-market practice; nice team; IU heavy; new tower under construction
Lincoln - small office with limited opportunities; smart individuals; not personable
Perella - relatively new office; historically taken a summer associate but strong A2A retention may limit needs in future
Evercore - small office; maybe will increase in size to compete with Lazard/Moelis moving forward
MS - senior bankers; no junior banker presence (interesting approach, IMO)
Houlihan - didn't recruit here; strong RX practice obviously; heard summer internship yield isn't the best
BMO - headquartered in Chicago (US-based operations); strong committment to Chicago; quite a few former UBS bankers; many bankers with military backgrounds prior to business school
Wells - no significant presence; hired an MD from JPM to focus on Chicago presence moving forward; rumored to be relocating Charlotte-based resources from regional investment bank to assist in development of Chicago office
Guggenheim - three MD office (one from Laz MM, two from Blair); VP from Wells; commitment to Chicago market; will be interesting to monitor growth of office
Greenhill - 3-4 MD office; commitment to Chicago market since recession; new MD from JPM (ED to MD promotion in transition)