Source: Institutional Investor http://www.iimagazine.com/RankingsBI.aspx
"Universal banks such as JPMorgan Chase, Citigroup and UBS, which provide a wide variety of products, fared better in the overall service category than the more-focused shops that traditionally have dominated investment banking, including Goldman Sachs and Morgan Stanley. "
Rank Firm
1 JP Morgan 2 Goldman Sachs 3 Citigroup 4 UBS 5 Bank of America 6 Lehman Brothers 7 Merrill Lynch 8 Morgan Stanley 9 Bear Stearns 10 Credit Suisse 11 Deutsche Bank 12 Lazard 13 Wachovia 14 Piper Jaffray & Co 15 RBC Capital Markets
How do you figure this?
I didn't figure anything, I read the report.
Has Goldman ever been considered the best bank....i always thought it was just the most prestigious.
They're being ranked for "overall service", not advisory prowess. It seems natural that one-stop-shops like JPM, Citi or any bank with a balance sheet and varied operations would fare better.
They were ranked by CEO's. The CEO's were asked to value the advice and overall quality of advisory and product work....below is description:
We asked clients to express their opinions about which banks provide the most outstanding overall service, as well as which performed best in a number of product categories, such as IPOs, high-yield bonds and M&A advice, during the previous 12 months. We also asked them to tell us the attributes they value most in investment banks and individual bankers.
The rankings were arrived at by assigning firms scores in each category, with votes weighted according to place — first-place votes in a given category were worth more than second-place votes, and so on. The results for each category were tabulated and are presented separately; the Best Overall rankings, in other words, are not an aggregation of the product rankings. The ranking was compiled by Associate Editor Carolynn B. Tetro, under the guidance of Director of Research Sathya Rajavelu, Assistant Managing Editor Justin Schack and Senior Editor Jane B. Kenney.So the survey doesn't take into account PE at all...wonder if rankings would change if they added the PE folks.
You are probably right. I'd assume JP, Citi, BofA would move even higher. The PE guys don't need great advice, they need their money
"...as well as professionals at private equity firms, responded to our survey"
It's no surprise that the universal banks are on top. It is interesting (to me, at least) how far down the list Morgan Stanley and Credit Suisse lie relative to Lehman, Merrill and Bear.
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