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The firms you named are solid and all of them will give you a great experience. Some might be stronger, some weaker: Their respective ranking varies across offices as deal flow etc. depends on certain rainmakers!
Just keep in mind that you've named T2 & T3 MMs. Obviously firms like Houlihan Lokey, Rothschild, Jefferies etc. rank "better" in the MM space...
d
Oops totally forgot those. By any chance do you know which fall in T2, T3, and maybe the ones which are a tier lower?
**Can Vary Based on Group**
T1: Baird, WB, HW, HL, Jef
T2: Piper, Solomon Partners, RJ, Lincoln, Oppenheimer
T3: TD Cowen, Stifel, Truist, BMO
T4: Key, Cantor, DC Advisory, BGL, Stout, Stephens
Think this may be more accurate
T1a: Jef, HL
T1b: WB, Baird, HW
T2: Piper, Solomon Partners, RJ, Lincoln, Oppenheimer, Laz mm
T3: TD Cowen, Stifel, Truist, BMO, Wells
T4: Key, Cantor, DC Advisory, BGL, Stout, Stephens
Solomon Partners is MM? I was corrected during an interview with them when I said that they were MM (as part of my "Why Solomon" answer) that they were not MM.
Is Wells Fargo MM? I thought they were closer to a BB...
Also Lincoln is in that tier? Are their exits on par with the rest in the same tier? I know they do a crazy number of deals (but smaller ones)...
(idk anything I haven't even done my internship yet, just curious so thanks for the insight).
1: Yes, Solomon is a MM because they do almost all MM deals. I think they like to market that they're an EB because they hire mostly targets and do a few 1B+ deals in C&R. Other MMs on the list do many 1B+ deals a year too (e.g., WB, Piper, RJ, etc).
2. Wells isn't an MM, they're more of a large in between bank. As of right now, the best exits outside of the REGAL group seem to be to MM PE, and on a per capita basis they tend to place less into MM PE than many of the tier 1s and 2s on the list. People on here keep hyping up their new hires and investments into IB, so perhaps that will change in the next 5 years we'll see.
3. Not too sure about Lincoln and their exits because you're right that they do mostly LMM deals. I've heard that career progression is great though if you want to be a career banker. I'd imagine exits into PE aren't the best since analysts don't really get any true modeling work.
Classic delusional Solomon move thinking they are in EB. They are very MM and should be ashamed for misleading new prospects.
This is kind of similar to how other MM firms position it - for instance WB HATES being called a middle market firm - they call themselves a "Premier Boutique"
Would specify that tier 1a should just be HL Rx, which is a top top offer. Rest of HL would be 1b IMO
Agreed on the conclusion here but want to note that HL RX isn’t comparable to anything else listed here, as the group isn’t doing MM M&A deals. Basically, a prospect shouldn’t comp an offer their versus anything listed here.
Congrats on HW
Lincoln too high, crazy to have above WF/Cowen. Their analysts dont even model
is that across all their offices?
This ranking sucks
Insert Jefferies employee screaming it’s an EB/BB here
Wild that Lincoln and Piper are in the same tier…other than that seems pretty accurate
Doesn't Piper compete a lot with Stifel and KeyBank
Second that
Any idea where Guggenheim would fall under in this ranking
Gugg has insecure analysts thinking they are an EB
Pays like one
how is Oppenheimer better than Stifel? I am applying to both banks for SA 2025 so just curious. These rankings are helpful!
Just more highly regarded
Oppenheimer used to be better but not anymore IMO
what about balance sheet banks, where would the likes of BNPP/HSBC/Santander fall?
also interested
Do those banks even do M&A? I've never seen any of them on MM deals (talking $200 - $1B EV).
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