How to know if Levfin groups are a "markets-based role" or actually part of IBD?

I'm an incoming SA interested in LevFin groups at banks and had a genuine question about how the LF teams are classified at different BBs. Was reading through an mergers and inquisitions post about LF at BBs, and I was curious as to how you determine whether the LF group at a bank is actually part of the IBD, or if it is just a "markets-based role" like levered DCM in disguise. Is this classified by deal flow/deal types/number of lead left financings/etc.? It seems clear to me that BBs like JPM/BAML/CS would place LF under their IBD, but how do BBs like UBS/Barclays/DB classify the LF team (hell, even GS LF kind of confuses me with how they classify it. I'd assume IBD cause it's GS but I just don't know)? And would classifying LF as markets related mean you're not getting as strong a skillset as those doing LF at a bank that has it as IBD?

I'd be lying if I said I wasn't thinking about this because of exit opps, so would being at a BB that has LF classified as markets also kill your chances at a PE role? It seems like it's the exact same work regardless of whether it is markets-related or IBD related so would doing LF at a bank that classifies it under markets completely kill my chances at UMM/MF recruiting? Thanks for the help in advance!

1 Comments
 

Consectetur non illo minus ratione nisi corporis. Rerum non vitae iure expedita nihil quidem ut. Quia nihil consequatur sunt consequuntur.

Career Advancement Opportunities

July 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.3%
  • Guggenheim Partners 01 97.8%
  • Morgan Stanley 07 97.2%

Overall Employee Satisfaction

July 2026 Investment Banking

  • Moelis & Company No 99.4%
  • Evercore No 98.9%
  • Morgan Stanley 01 98.3%
  • Banco Santander 02 97.7%
  • BMO Capital Markets 12 97.2%

Professional Growth Opportunities

July 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 06 98.3%
  • Goldman Sachs 01 97.8%
  • JPMorgan 01 97.2%

Total Avg Compensation

July 2026 Investment Banking

  • Vice President (16) $429
  • Associates (46) $258
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (22) $179
  • Intern/Summer Associate (14) $159
  • 1st Year Analyst (80) $150
  • Intern/Summer Analyst (73) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
kanon's picture
kanon
99.0
3
Secyh62's picture
Secyh62
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
DrApeman's picture
DrApeman
98.9
6
dosk17's picture
dosk17
98.9
7
Betsy Massar's picture
Betsy Massar
98.9
8
CompBanker's picture
CompBanker
98.9
9
GameTheory's picture
GameTheory
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”