Pecking order in Europe - GS/MS/JPM
I understand it is extremely difficult to compare these banks without specifying groups but I was wondering if the pecking order is similiar to US (that is, GS > MS > JPM). Any thoughts ? Which groups at these banks do you consider to be the best in Europe (London-based) ?
MS isn't a prescence like it is in US, I don't think you can assume it pips JPM, also the euro-bb's are obviously much much bigger here.
UBS was no.1 in M&A in 2007 (GS was third), it's healthcare and media teams also are quite highly regarded. Obvioulsy, no.1 in equities 9 years running, so ECM is pretty good there too.
CS has been taking a lot of PWM. IBD - not so sure about.
JPM is, just my opinion, quite underrated - industrials team is very good, no. 2 in M&A in 07, less comraderate atmosphere, but very good.
GS is obviously the most prestigious but doesn't dominate nearly as much as it does in the US, proped up by FICC rather than IBD activity.
MS, we'll see what happens in the future, it's always going to be relatively strong in soft sectors - consumer, retail, leisure.
DB - don't know anything.
Barcap - obviously picked up some bargain price Lehman assets - we'll see how that pans out.
RBS and Citi - don't know anything, but wouldn't go near them.
LevFin is obv on it's ass at the min, but it'll be nice to see who takes top stop in that over the next few years.
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