NEWSFLASH: UBS FALLS OUT OF BULGE BRACKET AS M&A RANKING SLIPS TO #24
In a stark signal of shifting power dynamics on Wall Street, UBS has dropped to #24 globally in M&A by deal value, posting just $5.7 billion (1.0% market share) across 14 deals, according to the latest league tables.
Once considered a core member of the bulge bracket, UBS now ranks behind a wide range of elite boutiques and mid-market banks, including:
- Centerview (#6) — $50.3bn
- Evercore (#7) — $47.1bn
- Moelis (#12) — $18.5bn
- Piper Sandler (#15) — $13.9bn
- TD Securities (#18) — $9,661 (1.7%) | 18 deals
- Scotiabank (#19) — $8,707 (1.6%) | 7 deals
- Rothschild (#22) — $6,786 (1.2%) | 12 deals
- Stifle/KBW (#23) — $6,052 (1.1%) | 29 deals
- UBS (#24) — $5,719 (1.0%) | 14 deals
- Cohen & Co (#25) — $5,713 (1.0%) | 4 deals
- BMO Capital Markets (#26) — $5,085 (0.9%) | 14 deals
Notably, UBS is effectively tied with Cohen & Co. and sits just ahead of firms like BMO, a grouping far removed from traditional bulge bracket peers.
By the Numbers
- UBS: $5.7bn (1.0%) | 14 deals
- Goldman Sachs: $159.3bn (28.7%)
- J.P. Morgan: $116.8bn (21.0%)
- Morgan Stanley: $68.5bn (12.3%)
UBS now commands less than 1/25th of Goldman’s deal volume.
What This Signals
Market participants are increasingly viewing UBS as:
- Non-competitive in large-cap M&A
- Absent from marquee transactions
- More aligned with wealth management than advisory leadership
The drop reflects ongoing integration challenges, senior banker turnover, and a continued erosion of advisory relevance relative to both bulge bracket peers and aggressive boutiques.
Bottom Line
The league tables are often debated—but rarely ignored.
And today, they deliver a clear message:
UBS is no longer operating as a bulge bracket M&A franchise.
This is not a marginal decline. It is a reclassification.
Congrats on layoff
I’m sorry for your loss (of BB status)
Based on this trajectory, WF looks to replace UBS as the next bulge bracket bank.
No WF is not currently a core bulge bracket.
WF analysts get paid more, work less hours, and get more deal experience than UBS analysts. I would choose WF over UBS every day of the week
Agreed, I’m saying they’re not at the point yet to where UBS previously was. Although, they’re definitely on the way there if they keep it up.
Hiring Americans instead of H1Bs is a good business practice when you’re trying to grow your Americas IB franchise!
UBS should learn from WF…
Congrats on UBS!
Congrats on GPT premium.
Congrats on UBS!
Much closer to #26 than #6!
Congrats on MV!
Can we get higher quality UBS shitposts please?
Reading this gave me brain damage. No wonder you work at / got laid off from UBS.
Thanks Marco. Can you start hiring decent bankers for once?
Nope it’s way more fun to be a king and subsidize all your friends with high paying, low effort jobs
UBS top bank >> Goldman Sachs
Congrats on UBS!
This has really affected me. I grew up during a time when UBS was a solid top tier BB - NO doubt about it. They were kings in my eyes. My father used to tell me many stories about the great Ulysses B. Sullivan and how he rose from poverty to building a multi billion dollar banking and advisory practice.
UBS was the kind of bank that every kid inspired to work at one day. I remember wearing my Nike x UBS fleece to school all the time. I was proud to represent such a distinguished firm in any way that I could. I dreamed of the day where I could make it to a firm like UBS. Out of all the bulge brackets, UBS had one of the biggest, most visible bulges.
This has really put into perspective that we take too many things for granted. The past is the past and it’s not coming back. It’s a shame that future generations are going to grow up not knowing the great powerhouse that was UBS M&A.
I also blame the current generation for a poor work ethic and an overall lack of accountability. It is because of them - that such a great institution is now a shell of its former self.
It’s going to be very tough for me to adapt to these new bulge bracket rankings. Everything feels so different now. It feels like a piece of my world just vanished before my eyes. I spent all my life with the past bulge bracket rankings. It’s a shame that things happen the way that they do.
WSO didn't consider UBS a BB for a long time
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