The king has returned! Not surprised that it was Moelis who poached him. They’re also bringing Laghari and Burpee from Guggenheim (all three were originally from Citi).
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I think this’ll obviously position Moelis a lot better than where it was previously. It’ll be seen if this puts Moelis near the other top banks or no.
Laghari and the ex-Guggenheim team showed they couldn’t do anything at Gugg. Steve also, like them, had the support of a balance sheet previously (at both UBS and Citi) while lending which Moelis doesn’t have. I think Steve will obviously be a marked improvement but I doubt they’ll be able to swing to the top of the league table.
I spoke to a banker this morning, and he shares a similar opinion about whether or not Moelis will rise to the top: "I'll believe it when I see it"
This is clearly incorrect that Laghari and Burpee didn’t have a positive impact at Guggenheim. Guggenheim announced 3 deals in the upstream space in the year they were there versus two upstream deals in the entire three years prior.
anyone who was expecting for Guggenheim to become a JP Morgan doesn’t know how banking works.
the two citi guys left of their own accord, Guggenheim didn’t push them out
The Citi people were only at Guggenheim for ~1 year. Any deals announced during their time were brought in well before they joined.
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