European M&A League Tables - Strongest banks, trends and key observations
TRENDS & OBSERVATIONS:
- GS, MS and JPM traditionally topped the league table with limited signs of losing market share
- Rothschild confirmed the trend of winning larger deals (while maintaining the high number of deals) leading to outperforming Lazard. Both boutique twins experienced overall growth vs GS, MS, JPM in the past 3 years (despite weaker LTM performance). Rothschild remains the strongest European bank and is the only non-US bank among the top 5
- Citi underperformed in the past 3 years ranking below Barclays
- UBS brings a positive surprise overtaking its Swiss rival Credit Suisse
- Evercore confirms its market position as the third strongest boutique behind Rothschild and Lazard (although far behind the two with only half as much deal value). PJT and Robey Warshaw are the remaining top 5 boutiques in Europe.
- BNP Paribas growing recently, while Credit Suisse falling (second weakest bulge bracket, only ahead of DB now)
LEAGUE TABLE:
Below are Bloomberg European M&A league tables based on total deal values for the last 3 years (total deal value based on completed deals)
- Goldman Sachs (€327bn)
- Morgan Stanley (€228bn)
- JP Morgan (€180bn)
- Rothschild & Co (€172bn)
- Lazard (€162bn)
- BAML (€138bn)
- Barclays (€134bn)
- Citi (€124bn)
- UBS (€123bn)
- Evercore (€85bn)
- Credit Suisse (€75bn)
- BNP Paribas (€75bn)
- Robey Warshaw (€75bn)
- Deutsche Bank (€63bn)
- PJT Partners (€61bn)
Interesting to see UBS outperforming Credit Suisse, and DB falling further.
CS and DB no longer bulge bracket
While both are still considered bulge bracket; DB reputation has been suffering for years now and Credit Suisse increasingly weak in Europe
Sounds about right, LAZ and RTH always been exceptional in Europe, probably top 2 in France. Wouldn't be surprised if they replace JPM in the top 3 next
Would be interesting to see how Centerview and other boutiques ranks
What do Restructuring, ECM, DCM tables look like
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Top 10 European league table with only 3 non-us banks. says it all
Rothschild, Lazard, Barclays, UBS = 4.
but yeah fair point US banks continue to win out
Laz = American, even if the founders were originally from France, first office was opened in San Francisco
That’s because we are looking at European tables and American banks happen to have a big presence everywhere. If you go country by country then the top 1-2 banks are most times a local one. In France BNP Paribas, SocGen and Natixis are usually on top, while in Italy Mediobanca is first, Santander is T3 for Spain and so on
This is not to say that American banks are not massive everywhere (they are), but rather that on a country by country basis league tables resemble more what we would expect: a mix of American BB with local banks
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do you have the rankings beyond #15? Would be interested to see how the likes of HSBC, RBC, Nomura etc stack up. Thanks
HSBC is trash tier
Not sure abt Nomura and rbc
slightly better than hsbc
I think Evercore's ranking is heavily skewed by 2 pharma deals done out of the US FYI (if you know you know which ones I am talking about). Not a bad by by any means but don't think that they are there yet in terms of Large Cap M&A.
which two?
AZ / Alexion was run out from the UK - not completed yet by the way.
If you count AbbVie Allergan, you'd need to remove it across all the other banks as well (Allergan was counted as a European company given it was headquartered in Ireland).
Takeda Shire was run out from the UK as well.
Robey Warshaw is incredible considering their headcount is less than 20 people. Serious revenue per headcount.
Revenue per headcount is probably the most relevant metric here. GS/MS/JPM might top the rankings but their analyst classes are huge and they have tons of seniors, whereas the M&A team at a place like PJT is probably smaller than most industry teams at these big banks.
Interested in hearing more about Jefferies
Insane deal flow right now, turned down many mandates recently. Growing and hiring exponentially. Pay is in line with BBs for mid bucket and can reach EB level for top bucket. Top teams are Healthcare, PUI, Industrials and TMT.
Great to hear. Any insights on the Energy group?
Would be great to see ranking of banks/boutiques focusing specifically in the MM space!
Also would be interesting to see pay comparison
Is this league table from Dealogic?
It says bloomberg in the post..
... I guess I was in a hurry when I read it ahah. Thanks
Any info on BAML in Europe/London? Best teams, deal flow, reputation?
How are CVP and MoCo doing?
Center relatively decent, Moelis non-existent in M&A and okay in restructuring
Any info on Robey Warshaw?
My top choices in London would be as follows:
1)GS
2)MS
3)RTH
4)LAZ
5)JPM
6)BAML
7)CITI
8)EVERCORE
9)BARC
10)PJT
11)CS
12)UBS
13)CTW
14)JEFF
15)MOCO
16)GREENHILL
17)RBC
Why you gotta do JPM like that
No one is taking Roths over JPM lmfao
PJT must be much further up..
More like
1)GS
2)MS
3)JPM
4)Roth
5)Lazard
6)PJT
7)Citi
8)BofA
9)Barclays
10)Evercore
Some banks play the volume game. Others are more focused on quality deals. UBS is #4 in terms of revenues (fees) YTD (dealogic)
Citi super strong recently, so not sure how much the above tells us. Last 3 years is too short for long term but also doesnt show the current Covid world.
Also still don't get the Rothschild / Lazard hype in this forum. Definitely strong but how biased do you have to be saying that anyone would pick them above JPM?
Ouch
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