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)
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
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