Future of BITG Following Acquisition by US Bancorp
Haven't really seen much discussion around the announced acquisition, wondering if anyone has thoughts on the go-forward entity growing into a legitimate player in NY investment banking. To me it seems like they're on a great trajectory - BTIG was historically driven by S&T, but over the last few years has built out a nice banking platform including strong ECM and growing M&A capabilities. Now they have the backing of the ~6th largest balance sheet in the US via US Bank, which should drive substantial deal flow to the investment bank. Back in the 2000s US Bank actually spun out their IBD which eventually became Piper Sandler of today. Going forward, my understanding is that they believe 3-5 years out they could comp to a WF type bank, although there is a lot of work to be done to get there in terms of headcount growth.
Also, there was a Bloomberg article a little while back about them planning to hire 100s of investment bankers in the near term.
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