13 Comments
 

Only applies for NA stuff-

Winners: WF and RBC: performed better this year than in years past and is improving.

Losers: UBS: performed worse than the pro-forma combined entity. We have to truly see next year to see the real effects since it was going through merger pains and integration pains for most of the year, but not looking good for the pro-forma entity.  I am not saying it's finished for the firm and weak 1H performance is perfectly understandable but weak 2H performance signals there is trouble there. We'll have to see what 2025 holds and it's possible they do better, but there are clear signs of weakness. 

 
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Can actually speak to this since I have a really good friend there.

In short, WF does in fact get a lot of additional advisor credits where they don't do much still BUT now there are more and more deals they are winning where they serve as the lead advisor. It's obviously not a BB yet or rival to it despite what the league tables tell you, but there is more and more work where they are actually the lead advisor which is very encouraging. For reference, previously it was almost all of them doing barely anything or mostly lending but sometimes getting credit for relationship reasons, but now they are seemingly winning more deals as either the lead or not due to pure lending relationships. 

Also want to note that deals due to lending relationships aren't a WF-only thing, but all BB and large banks do it. RBC also does the same thing as WF, but also has similar trends from the experiences of my friends there thus me grouping both of them together. 

 

Just the worse UBS. News made it seem like they took significantly better seniors than UBS did but league tables in what CS was strong in (LevFin & Sponsors banking) show UBS dramatically outperformed them in terms of improvement. Last I checked deal logic UBS was top 3 in new LBO lead lefts and top 5 in overall lead lefts for sponsors deals, Santandar wasn't top 10 in either. UBS LevFin and Sponsors franchise went from okay to one of the better ones on the street, whilst Santadar's really hasn't been able to step up to the big leagues.

Also, just have friends at both banks from the transition and the UBS ones seem to have more deals/stuff to talk about for the resume.

 

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