FactSet YTD U.S. 2022 League Tables
1. Goldman Sachs & Co. $232,404.5, 77
2. Morgan Stanley 136,393.4, 45
3. JPMorgan Chase & Co 117,360.1, 52
4. BofA Securities, Inc. 91,884.9, 37
5. Citigroup 89,638.2, 30
6. Allen & Co. LLC 84,023.4, 4
7. Barclays Plc 68,660.7, 32
8. Lazard 42,698.6, 21
9. Credit Suisse 41,171.1, 19
10. PJT Partners, Inc. 36,547.1, 13
11. Jefferies LLC 31,481.3, 40
12. Mizuho Financial Group, Inc. 30,540.3, 4
13. RBC Capital Markets 30,538.0, 26
14. Evercore, Inc. 27,092.4, 31
15. Qatalyst Group LP 25,611.0, 3
16. Centerview Partners LLC 19,623.6, 13
Value in $mm, deal count
Jefferies killing it with that deal count.
Also deal values under repped due to private sponsor sell sides
Those are only the US league tables, so here's the Global YTD league tables as well per Factset:
1. Goldman Sachs - $329.0 bn, 102 Deals
2. Morgan Stanley - $270.1 bn, 70 Deals
3. JPMorgan - $200.6 bn, 77 Deals
4. Bank of America - $170.5 bn, 57 Deals
5. Citigroup - $158.4 bn, 40 Deals
6. Credit Suisse - $111.6 bn, 32 Deals
7. Jefferies - $97.2 bn, 55 Deals
8. Barclays - $90.8 bn, 48 Deals
9. Allen & Co - $84.0 bn, 4 Deals
10. HSBC - $81.6 bn, 7 Deals
Love or hate Rich's antics on social media, but you gotta give him credit for overseeing Jefferies's transformation from basically a no-name bank to a top 10 IB franchise by revenue over the past 2 decades.
Yup, according to Dealogic Jefferies went from 27th in 2008 to 8th in 2020 and 2021 in total global IB revenue, and Handler & Friedman definitely deserve quite some credit for growing Jefferies. They first saw the vacuum created in the MM by all the balance sheet banks buying up the IB platforms after Glass-Steagall was repealed and bought up a bunch of boutiques in the early to mid 2000s. Then, post-GFC, they scavenged heavily from the BBs that were hit hard and aggressively built out their LevFin franchise when the Euro banks retreated from that. In the third growth wave of 2015/16, when the Euro BBs were retreating from IB due to structural weaknesses, Jefferies went on the offensive again and poached heavily from them to fill the gap.
Where do you see management taking Jefferies from here on out?
Their ability to poach and build out teams in a quick manner while giving them the autonomy they need to succeed at Jefferies.
Over the past few years, management has been focused on making Jefferies much more well-rounded and filling out the gaps across products and sectors. For example, Industrials started out as just capital goods, and then Jefferies started building out all the other verticals, and C&R started out as just restaurants and F&B, and then management started poaching seniors to build out other verticals. Over the past few years, Jefferies management has identified where they are weak and has heavily focused on completing industry coverage (ex. poached a bunch of MS and RBC seniors to build out P&U, kicked out their former team and poached WF bankers to improve their ADG coverage from MM to UMM/mid-cap focus, poached CS to improve their Tech team, went on a raiding party to build out FIG), product coverage (poached lots of CS LevFin bankers over the past few years and a lot of ECM bankers from everywhere, recently been focused on building out their DCM team), and geographic coverage (heavily building out UK & Europe teams by poaching some hard-hitters like Noblet and Yates (super heavy hitter in the UK, one of the founding partners of PWP), recently been focused on Asia and Australia teams, and looking to focus more on Middle East in the future).
Put it very nicely.
I think one thing that differentiates their growth strategy is that they are very good at scouting senior talent from other banks AND being able to retain them. They have built out some of their top groups (Healthcare, Energy) that way. For example, the energy group still has leadership from when it was bought in 2004 I think.
Other banks have tried buying groups / poaching bankers but have failed. Look at Greenhill’s try at building out their PCA group by buying cogent 4-5 years ago. The moment the lock ups expired the whole team jumped to Jefferies. I think JefCo gives a lot of autonomy - which helps. Other banks try and mold the poached bankers by their standards.
Jefferies has done this in the past 1-2 years with the PCA team from Greenhill and FIG team from CS.
Jefferies is basically UBS 10 years ago. A full-service IB not based on DCM like balance sheet banks, but based on sponsor and corporate relationships and smartly using its relatively limited balance sheet by focusing on sponsor-backed LevFin.
Ironic because Jefferies themselves raided UBS's seniors post-GFC.
Thx for sharing
Is there a way to cut by Technology deals only? Thanks!
Yes, attached here. Please let us know of any other comments.
Thanks,
Can someone add a US Technology list ?
Sorry about that, I wasn't sure if there was a link or file to download!
Sure is
I don’t see one
Thanks. One comment- can you please break out sponsor backed deals? List seems small.
Looking at yearly league tables to compare banks is so fucking dumb, and YTD is ridiculous. A massive driver here is the fact that places like Miz will finance the debt and get M&A credit, not to mention that there are so many deals that either just haven't announced yet or went undisclosed or just failed to close due to external factors.
I get that college kids are looking for a way to level-set, but it isn't an F1 race. Evercore probably has 100bn+ in the live pipeline as lead m&a advisors, do you really think they are doing less work than RBC or Jefferies?
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