JULY 2026 CHICAGO BANK RANKINGS
Everyone hates rankings, but in honor of SA '28 recruiting kicking off fairly soon for CHI banks, here we go. Currently a BB An at one of these banks, and I want to note that these rankings are entirely based off of Chicago presence (Not the platform as a whole nationally/Internationally), deal flow, exits, and how much you're actually going to learn as a junior. Also please note that rankings are not everything and if you connect with a group at a "lower" bank, that is awesome and who really cares- if you land a spot anywhere, you will have a strong career and be just fine.
2026 Rankings:
S+: HL RX, LAZ RX, GUGG Services & PEAG
S: JPM IND, GS IND, GUGG (rest)
A+: EVR (packaging), HL (rest), GS (rest), Blair tech & HC
A: JPM (rest), PWP, Baird IND, Lincoln IND, GHL IND, Blair (rest)
B: BARC, MOE, LAZ (rest), Citi, BofA, Lincoln (rest), Baird (rest), Piper
C: DB, Solomon HC, BMO, RJ, JEFF M&A, WF
D: UBS, Truist, Solomon (rest), Macquarie
F: BGL, Stifel, Stout, Cantor Fitzgerald
Edit: MOE moved down, BARC up, added Piper and WF
Blair and GHL are sinking ships. I’ve noticed the material we get from both of these banks has gotten progressively worse.
Any GS CHI group will work you until you cannot physically work anymore. If you want double monitor outlines burned into your eyes go work there. Trust me I know from experience. Idc how "prestigious" it may be, it is not worth it. The name helped with PE recruiting but I promise you can get a solid PE offer from most of these shops if that is the goal. I would go a step further and avoid most of the BBs on this list. To all the sophomores in college, pick the group that actually gives you a smile or even cracks a joke in your superday.
Agree, I work at a top BB in a top group in NYC and they are overrated.
Join the group with the people you enjoyed speaking with the most. Culture above all.
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Moe is complete satellite shop list inaccurate
what does that mean for hours, dealflow, recruiting etc
comparing moe chi to nyc/la is like comparing ur girl to Margot Robbie
BofA is just emerging companies and like automotives what is this
Barc should be bumped up
Did not realize they exited so well to GTCR, will bump up
Missing PIPR
Genuine question, would anyone pick Baird/Blair/Lincoln over Jefferies just because of the Chicago presence?
If all you are doing is pitch work and getting bitched around by the NY office at JEFF Chi (usually the case with obscure satellite offices), then yes it would be better to be at a MM shop where the Chi MDs actually bring in killer deal flow.
How much are uchi/nu/ preferred at these banks? what % of class do you think are at these schools?
Notre Dame, UChicago, Northwestern, Michigan do really well in Chi, probably ~35% of the banking scene
What about Mesirow?
Too good for this list
What other JPM groups are in Chicago? What are they like
Mid-cap group. Don't know much about it
Smaller group, heard there is only 1 analyst in mid-cap
Is SA for CHI really starting that soon? I am a little naive to the timeline.
Bump down Lincoln mostly lmm or platform add ons outside of IND
Lincoln services has been crushing too. Rightfully ranked imo. Consumer is not the best though
Lincoln's CAG group has been growing (hired a new greenhill MD). Curious to see if they start pulling real restructuring work
Currently spending my freshman summer as an M&A Intern at a Chicago boutique and would definitely like to work in Chicago to start out my career as I love the city and the cost of living is great relative to peers.
I do have some family from the Chicago area but other than that I don’t have many ties to the city, as I’m originally from the South (Oklahoma/Texas/Louisiana) and attend university in New England. How do you recommend one goes about IB recruiting in Chicago when they have no strong ties to the city? I’ve been trying to network a bit this summer but it’s been difficult I can’t lie.
Use the first internship as a springboard make it genuine that you want to live / work there, connect with alum
Is chicago banking overrated I feel like it seems like a stretch compared to other places man.
Ignore title. This really isn't true lol, esp not for exits.
Could you elaborate? Curious about exits
Laz RX and GS are likely the best for exits. GS has an IND, FIG, and CMG group in Chicago with a strong number of senior people, but seats are limited. All GS groups exit well (MF/UMM) across NYC & Chicago. Evr is also one of the top satellite seats, focusing on Paper/Packaging & FIG. Barc also had a strong team in Chicago in prior years, with exits to seats like GTCR. In terms of comp, the EBs here pay the best.
Terms of Chi HQ, WB and Baird IND exit the best. Lincoln's had good laterals as well, but likely the best culture. Office is sweet too
Edit: HL RX is solid too for exits
Anyone have further insights on GHL and HL? I always see them on the lists but there's never really much commentary
Not a lot of MDs left at GHL. HL Chi is one of HL’s strongest offices specifically their C&R group. Both firms have exceptional exits.
Going to add a different take: I think at any of these offices that are a satellite, need to be very hesitant. In that situation, I may even opt for Blair/Baird/etc.
Had many friends who ended up in some of the smaller offices who found it to be a weird experience doing endless pitches, work that nobody in NY wanted to do, or just clicking around, with little real experience to show for it. The "best" of finance comes with the camaraderie of your office/ the "ethos" of a fast-moving environment. Heard from many friends this got lost in small offices
Would not call JPM DI Chicago a "satellite" office. The DI team is 50/50 NYC/Chicago.
Absolute sweatshop though.
What is the analyst all-in pay like at these Chicago MM banks? Specifically curious about Baird, Blair, Lincoln
bump
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