Rising Banks in 2025
Curious to know others’ thoughts on banks that are on the up in 2025.
Currently seeing Evercore, Citi & Jefferies flying up league tables. Thoughts?
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I think the Japanese banks are making the biggest pushes, from what I hear. Citi has been doing pretty great as Foster has been pretty successful in the early years of the turnaround, and I fully expect the bank to continue doing well.
Off the top of my head Wells got some crazy mandates this year. I think Lincolns honestly doing really well as well. Curious to know how Deutsche is going they really invested heavily into their IBD.
seems to be doing quite poorly but at least better than UBS
Delete
Lincoln recently on a $9.25B deal. Damn
Should read how they got it lol
TD Securities is a sleeper I didn't expect that from them
slow asf day so heres the m&a league tables i think hes referring to
Interesting seeing the more 'established' boutiques losing market share (Lazard, Roths, HL) with the 'newer' ones gaining (EVR, CV, Moelis)
HL is not an EB lol
Early days but Japanese banks have been acquiring a shitton of US boutiques to establish a M&A foothold in the states.
I'm not sure if I would call it early days, maybe a 2nd try but Japanese banks have a history of trying to enter foreign markets with a mixed record of success. See Mitsunishi coming out of the 2008 Financial Crisis and Nomura in the mid-2010s. Mizuno and SMBC are just the latest to try again. I do think there's a fundamental cultural issue with respect to financial conservatism (+ track record) that prevents Japanese banks from being competitive (at least in the past). As a Japanese bank, what's your differentiation? Access to cheap capital, so lend me money aggressively at cut rates, but then you run headlong into home-based that's relatively risk adverse. Obviously the situation is more.comple. but operating in a culturally foreign market is a real barrier
As someone who works at a Japanese bank this is a fairly one-dimensional view. Funding in mother Japan JPY is indeed cheap but the hedging is not, and our all-in cost of funding for USD or EUR is not actually that competitive.
Moreover (and importantly) how does ANY bank differentiate itself? There's no patented process to M&A advisory. It's mostly a function of brand name ("safe pair of hands" won't get anyone fired if something goes wrong) and people.
The cultural point is nonsense. Making the pilgimage to mother Japan once or twice a year is expected, and I'm no stranger to awkward best horse discussions whenever a Japanese bidder is involved, but 95% of the time it's like working anywhere else.
Heard Jeff RX is goated! Jk, Jeff just has a lot of deal in volume not quality.
In terms of RX I think Ducera is gaining popularity
Meh. They've been trying to grow the bank via non-RX deal teams and they're mediocre.
Facts have never seen them on anything substantial on the M&A front
How is DB looking?
On the down – basically a glorified corporate bank with an investment banking arm at this point.
Can hardly be classified as a BB, given their lack of presence outside of US/Europe. Virtually invisible in MENA and APAC.
How does DB's US presence compare to its European?
Evercore is for sure pushing past typical headcount for a EB.
Just off their earning results Lazard has 3,263 and EVR has 2,525 employees. So I guess Laz headcount is still ~30% higher
Think you’re comparing on group level, Lazard also runs a massive AM business unlike Evercore
Any European banks making headway?
Bump
Not particularly.
Laz/Roths have fallen behind Evercore/PJT in the past 5 years in EMEA, Barclays is making headcount cuts in IB currently (after drastically underperforming all their US BB peers in Q3 earnings), and DB continues to lose market share — not even top 20 in M&A in the US.
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