Gamble on Recovery - BAML vs. UBS. vs. Citi
Hi,
Which of the following 3 banks do you believe will be very strong in 1-2 years?
Based on the league tables in equities, debt and M&A....of 2010 and Q12011 it seems BAML is the most successfull top 3 in all debt categories, top 3 in all equities categories.. bouncing in M&A....followed by UBS but Citi............
What do you think?
That should be the order. If/when bofa fixes itself, baml is the old Merrill with an unlimited balance sheet and an unparalleled distribution. Citi is similar but they will have to give the rest of their retail system to MS. Most of you kids are two young to remember that pre crisis Citi and Merrill dominated the league tables across product categories and many of those folks are still around. UBS has always been second tier in the US and will remain so.
Do u think BAML will be stronger than GS/MS/JPM then?
Is this in reference to prestige? Job opportunities / comp? Firm growth? Deal flow?
Yes all of that.
BAML is not the old ML. It lost most of top ML guys to other banks.
Officially, BAC bought ML, which is MLFP&S (Merrill Lynch, Fenner, Pierce and Smith). This is often shortened to BAML. Someone mentioned that ML is not the ML of old in that many of the senior FAs left. Very true. However, many stayed as well and there is also a big push currently for them to hire a new force of younger FAs to begin addressing the needs of the millennial generation.
There is, and has been, a major shift in the industry. Between robos and low-cost B/Ds, with very low minimums to open, full service FAs are becoming more scarce and more niche-oriented, and fee compression continues to be an issue for the full-service industry.
Do believe there is opportunity out there, but would not suggest a newbie enter this profession unless they have a built-in book of business.
Im gonna say Citi will be the strongest of three in global M&A, strong EM exposure, and best positioned for cross border.
My vote goes to Citi followed by BAML. As has been said, Citi was an IBD powerhouse not that long ago and they've actually retained a lot of their deal makers in addition to picking up a few.
None of the above
Look at whats been going on and u can see MS is going down the tubes. Losing money and all that.
I actually agree with this. I wouldn't even consider going to Morgan Stanley, not only are they underpaid but they've been sliding down the shitter. It wouldn't surprise me if in a few years, the rankings were in fact GS>JPM>Citi>BAML >others.
UBS is 6'th internationally for M&A. Middle market my ass.
Ignore boutique...he's a joke
I give you that Citi IBD was stronger in M&A compared to BAML.
But Citi Equities / Debt is nowhere compared to BAML.....You need to offer financing to get mandates see what JPM is doing...
How would you change the rankings if we are talking about debt financing ....BAML>JPM>Citi>GS>MS?
Baml and jpm should be the same. What you don't get is that once Morgan Stanley exercises its option on smith Barney Citi loses a huge part of its distribution capability that has always been an integral part of all things equity related - capital markets, trading etc... Also bofa has the biggest balance sheet in the country - but citi will def rebuild GS-jpm-baml will be the new MGM
Baml is going to be a strong player in the next few years.
I don't think Citi will ever be seen as better than MS...and trust me if I have any bias, it's in favor of Citi lol. Not sure where this anti-MS information is coming from though, all of my contacts at MS say deal flow is better than ever.
^they are only bb to post worst net losses in S&T, and MS is dead without good S&T profits.
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