Investment Banking 2025 Rankings
Saw multiple threads on this topic last week and wanted to consolidate the discussion into a single thread.
This isn’t about prestige but rather a data-driven look at 2024 results and the relative strengths of each bank.
As expected, GS and MS dominated the M&A league tables, while the top spots in ECM went to the leading three BBs. JPM secured its usual position at the top of the DCM table.
Evercore continues to cement its position as a formidable challenger to the top BBs in M&A, arguably emerging as the strongest EB due to its well-rounded capabilities and robust US franchise. Centerview remains in the top 10, solidifying its reputation as the leading advisor in healthcare sell-side M&A. With a bullish M&A environment anticipated in 2025, they will probably climb even higher in the rankings.
Looking ahead to 2025, these trends will likely persist, but one or two banks (e.g. UBS) may struggle to maintain their top 10 positions due to recent challenges.
Global M&A Rankings
Global ECM Rankings
Global DCM Rankings
Here before salty JPM trolls like EverViewMorganSachsPartners insists on using deal fees tables to show themselves as No.2
I see I have been summoned. I love all the top M&A groups, so this is just a matter of accuracy.
If you go by simple deal value you are awarding full credit to the 5th advisor on a deal. You can see how it understates Centerview and overstates Citi for example.
Mirror mirror on the wall, why were Morgan Stanley's M&A fees so small?
If you look at most large cap deal announcements that MS is on, they are usually listed as the lead advisor.
You could also counter that argument by suggesting JPM’s fees are inflated because of their balance sheet, where they are able to participate in deals even as 3rd or 4th advisors and generate fees due to their lending capabilities
You would expect lower fees relative to deal volume if that were the case, but instead it is the opposite.
I don't even have a stake in either but just divide the fees by the deal counts above and you will see the delta – no need to keep instantly awarding yourself silver bananas on a quiet thread
UBS is paradise
Your a prospect, any bank is a paradise dude. Beggers cannot be choosers.
Haha true. I would be happy with just about any bank ATP.
Interesting to see DB so high, looks like their rebuilding of the investment bank is finally paying off
DealLogic may have UBS's top 10, but believe both LSEG and FactSet have them in the 10-12 range. Not a massive difference but they are much closer to being 10-12 than 8th. Also, DB in the global top 10 is like a unicorn, nice to see their investment pay off. Lazard also had a nice rebound year for M&A. ECM rankings this year are interesting because there simply wasn't much overall activity, will be interesting to see how the tables look for next year where pipelines for ECM look much more robust.
Was very surprised to see Lazard in the top 10 this year, they might have had struggles in the past few years, but looks like the ship is finally stabilizing
Go DB!!!
BofA has done quite well, if only this was reflected in analyst and associate bonuses...
Bro it was 2 bad years of comp calm down
Well, with the overhiring we saw these past few years and the bank refusing to let go of underperformers, comp will be bad no matter how well it does this year or next
DB comeback starting?
Can’t wait to skew this data for every pitch I do over the coming months so that with enough footnotes my bank is number 1 in every category
This made me laugh. At my old bank, we would always highlight ourselves as number one based on the number of deals done that year and excluding any deals where the EV was above $1B
Okay tbf, this sounds like relevant marketing for MM stuff. Also this has to be HL, only large MM player that doesn't really attempt to venture into the larger-cap space.
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