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.
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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?
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