15 Comments
 

Great data

  1. Looks like Qatalyst, PWP, William Blair, BDT/MSD, Houlihan, Stifel, PSC, missed the cutoff.
  2. Large gains for JPM, WF (although this could be just "advisor" credit where they were truly paid financing fees) and losses for Citi, Lazard, PJT, RBC.
  3. UBS only declined 2% but shows up at #13 when considering service as a sellside advisor.

2025 names when considering sell-side advisory roles only:

  1. Goldman
  2. JPM
  3. Evercore
  4. MS
  5. BofA
  6. CVP
  7. Allen & Co
  8. Barclays
  9. WF
  10. Citi
  11. Jefferies
  12. BMO
  13. UBS
  14. Guggenheim
  15. Moelis
  16. Deutsche Bank
  17. TD
  18. RBC
  19. Scotiabank
  20. Citizens
  21. PWP
  22. Lazard
  23. Stifel
  24. CIBC
  25. BDT & MSD

Houlihan at 26, Ardea at 27, PJT at 29.

 

PJT are on larger deals and play a more significant role on the ones they are mandated on compared to EVR (especially in EMEA, less true of the US).

Same is true of the likes of Jefferies, Citi, PWP etc.

 

Deal values are misleading due to the roles played by advisors on deals.

Take Citi for example - down on deal value but posted their record M&A fee share since 2015, gains in total IB fee share too; clearly prioritising lower volume, larger deals and a more significant role on the deals they advise on too.  

Fees is a significantly better metric as to how banks are performing.

 
Most Helpful

This VP in IB-Cov clearly works at Citi. He's been commenting on every single Citi thread hyping up his bank.

While I do agree that Citi has done better this year, it's only on very select sectors where they earned the majority of those fee share gains. It'll be interesting to see what Vis does in the long term, but let's not get ahead of ourselves and claim that it's a completely transformed franchise (yet).

Large banks (especially balance sheet banks) make big name hires all the time, it'll take at least 5 years to see how that plays out and for the reputation of a bank / division to change

 

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