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Career Resources
Guggenheim was never a top EB what are you smoking
Flip TD and BMO.
TD just choked First Horizon with regulators.. BMO landed Bank of The West before SVB mania. Believe it’s quite pivotal but won’t be reflected till ~5yrs down the line.
Piper with their recent acquisitions like DBO, Sandler O Neil, TRS, and the Valence Group. Seems like these acquisitions have been successful in helping Piper grow into more verticals and punch above their middle market competitors in these verticals. Thoughts on if they can become a "top" middle market firm in the next couple of years?
Huh
+1 on Wells rising. only caveat I have is I don't see them being a fully established BB unless they start expending internationally? But the superstar hires will definitely help them build momentum.
Also, confused with Citi? Besides shrinking their IBD division (which all BBs are doing) what is going on there? They aren't in the top 10 of the league tables right now on volume nor fees. Seems like they are below Wells and Bank of Montreal this year.
Evercore is not on par right now with Centerview, but that is in large part due to how much Centerview has been killing it recently. They (CVP) are a top firm still on the rise.
Biased as I am former JPM, but they are on the rise, not only because of league tables but also because they are stepping up to the plate and working with the government on potential US debt default scenarios and bought first republic's assets (which is largely due to their size but still respectable). Dimon is also extremely competent, despite his boomer WFH policies (but again that's just because of his age).
In contrast -- Goldman is no longer a BB for countless obvious reasons. Their decks look like some analyst who hasn't slept for a week threw up on it. That is all.
Regarding bulges:
Agree on WFC. They have shown a remarkable willingness to invest in the IB franchise over the past few years and have made many key hires across multiple verticals. They clearly want to be a player here and once everything is rolling their balance sheet will do a lot of the talking.
Completely disagree on MS. Strong argument MS has been the best run bulge over the past 4-5 years. Their purchases in wealth and ability to build the balance sheet was really prescient and showed great ability to execute on the thesis. Look at the stock performance if you feel differently. They have lost ground to JP over past 10 years but so has everyone and they have really gained on GS as GS has screwed up past few years.
GS is hurting right now. The partners dont believe in DS and he completely missed going all in on consumer. All the deals he made with Apple have terrible economics and who knows what type of loss they will book on Greensky. They also just messed up the SVB deal that sent the banks into a crisis.
BofA keeps trending up through consistent investment and improvement, year after year... although it helps the "tier" they were in (Citi, CS, BARC, DB) all have made unforced errors past few years. That helps you move up when everyone around you keeps falling.
PWP for sure. RX is on the rise, poaching partners/MDs everywhere, lights out years recently, etc.
Edit: Didn’t even see that yesterday they just poached the COO of GS M&A. Wild