Looking at an Rx league table and in addition to the obvious names (moelis, HL, evercore) I was surprised to see both JP Morgan and Morgan Stanley. Does anyone know anything about these groups? Do they handle conventional restructurings for debtors/creditors? And maybe less applicable to MS, but curious how JPM isn't conflicted out of almost everything.
| +172 | Evercore > Goldman and I don’t think it’s particularly close anymore | 63 | 2h |
| +156 | Article: Why UBS's Asian M&A bankers are thriving and UBS's American M&A bankers are not | 17 | 18h |
| +125 | I am a drunk MD AMA | 40 | 1d |
| +87 | UBS Offer Day | 30 | 1d |
| +75 | Santander IB? | 10 | 3d |
| +71 | I hate Wells Fargo | 19 | 20h |
| +51 | No return offer - feeling like a failure is an understatement | 20 | 15h |
| +50 | Think Twice before Recruiting for HOUSTON IB!! | 18 | 3h |
| +48 | How cooked am I as an incoming WF IB SA 2027? | 17 | 12h |
| +46 | WF Return offers | 28 | 2d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
MS/JPM boost one of the best RX practices above PJT RSSG and above Evercore RX/Lazard RX/HL RX. Most BB have a better RX practice than EB in order to leverage there balance sheet to get more clients. Think about it, lend money, let them fail and now collect RX fees. Kill two birds with one stone.
JP’s Restructuring group mainly focuses on a specific technique where they restructure the firms DEI efforts to implement a 6-figure tax write off. Other than that, I haven’t heard of their restructuring group on any notable deals. Correct me if I’m wrong
None of the BB’s have real Rx advisory practices. As someone mentioned above, there are significant conflicts with BB’s when corporations file; this can be a result of anything from direct debt exposure to things like FX / swaps / treasury etc. This is the reason why only boutiques / non balance sheet banks have Rx advisory groups
Perhaps you’re referencing a loan workout group at JPM? All banks will certainly have this group to manage themselves out of bad credits.
A lot of these teams syndicate and issue DIP financing in conjunction with RX / distressed / stress scenarios - which is where some of those fees you’re seeing may have come from.
Some of the groups that I’m familiar with across the street:
JPMorgan - Special Credits Group
UBS - Impaired Asset Management (Led by Leonora Daniel)
BofA - Special Assets Group
MS - Workout / Special Assets
GS - Workouts & Restructuring
Deutsche - Restructuring / Workout (Kind of affiliated with LevFin) (Led by Philip Saliba)
MUFG - Special Assets Division
TD - Loan Workout Group
what is analyst experience and exits like at these groups?
Officiis beatae hic et vel libero sed suscipit. Quaerat voluptatibus quia molestiae natus atque. Rerum quia magnam consequatur fuga quod. Ipsam neque quam fuga facere. Nostrum inventore rerum et commodi vitae rerum eaque. Qui commodi placeat ut voluptas eaque. Dolor eaque id autem officiis voluptatem provident ut.
Consequatur hic non quod ducimus. Qui minima error doloribus. Quia at perspiciatis animi et vero quasi accusamus. Enim deleniti quo sequi delectus.
Repudiandae totam hic eaque delectus ipsa voluptatum maxime. Perferendis ex quo debitis dolore accusantium enim a. Ut tenetur nihil reprehenderit fugiat voluptas. Illum libero in eum qui.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...