European ECM Tier list

Interested in working in ECM in continental Europe (not UK), I'm wondering what would possibly be a good ecm teams ranking.

Do you find this one realistic?

Tier 1: MS, GS, JPM, Citi, BofA, BNP, DB

Tier 2: Jefferies, Unicredit, Barclays, Berenberg, Bryan Garnier

Tier 3: SocGen, Natixis, Santander, ING, HSBC, Stifel

Tier 4: Credit Agricole, Commerzbank, Intesa San Paolo, Nomura, TP ICAP

Tier 5: The rest

Note: I put both Large Cap and Small/Mid Cap teams in their respective tier for their segment, not necessarily to compare them

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