Trending Content - Investment Banking Forum
Career Resources
WSO Free Modeling Series - Now Open Through
September 30, 2026
9 Free Financial Modeling Lessons
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.
+Bonus: Get 27 financial modeling templates in swipe file
+Bonus: Get 27 financial modeling templates in swipe file
High Finance Applications
Guaranteed
Get at least one offer GUARANTEED
- 1:1 support
- 92% success rate
- 2,000+ mentor network
- Unlimited Live bootcamps
- AI for resume + LinkedIn
- Networking automation tools
- HireVue simulation tool
- Full course library
- Private Slack community
- 20hrs of mocks
- + much more...
Not all mandates are public. Lot of out of court and etc distressed exchanges etc. Would move MB down a tier and JEFF up a tier especially with derrough. Also is this tier in terms of exits, prestige, something else? PJT still in a league of its own.
Obligatory congrats on jeff
Congrats on UCC king!
Least obvious Jeff RX people. Congrats on RX bottom tier!
Really should be 1. PJT 2a. EVR 2b. HL etc.
Agree with other commenters, PJT on its own, then EVR/HL, then move down Gugg and MB respectively. HL is good but at the size they are they frankly should be on more mandates. Can’t have 2-3x more people than everyone else and be on less.
I would put CVP up too given the size of their rx group
Think gugg has definitely been on that tier the past 2 years, but agree on MB on second thought
As someone on the EB industry side, HL always ranks too high in these IMO. They do a fine job on volume, T2 is fine, (but not differentiated vs. others on that level) but they have a higher proportion of creditor-side mandates and often win on cost (creditors are cheap and they will take sub $2M fees that PJT, EVR, MOE, CVP won't do).
Never really see GUGG on stuff, certainly not same tier as those other banks. After T2 there's a big drop-off IMO (at least from a US perspective)
HL has still been on some of the most topical LMEs + Ch.11 of the past few years but at the end of the day all of these t2 places are great places to work with similar buyside opportunities for analysts
gugg had a breakout 23-4 in terms of mandates, rite aid/lumen/first republic/svb/MLB and multiple (other) bn+ dollar debtor sides. they def had a slower 25 besides the continued rite aid debacle and an interesting california pensions fund advisory but putting them lower feels wrong
Few comments below thx.
Tier 2(b) PWP, CVP, GUGG
Pretty accurate
Anything beside these banks (excluding top RX consulting like A&M,FTI) don’t to RX lol. no need to be a nerd and at a shit bank.
How is Ducera?
Tier 4
Can’t comment on the above, as not in the US.
Biased, but my impression is that HL does very well internationally. Huge mandates in Europe and Asia eg Chinese RE, Ardagh, Altice (France and International).
Would rank them higher at Tier 1 on an international level, alongside PJT, in a league of their own vs the rest I.e. EVR doesn’t have a great RX team outside of the US
if you're at EVR RX in the UK are you poorly setup for learning/comp/exits to distressed later? Is it a big leap vs. HL? Can you share anything in terms of expectations on hours/comp/exits at these for EU?
Congrats on PWP RX!
Fair
LAZ and PWP are objectively a different tier than “Gugg” buddy lol go look at the transactions, congrats on fake EB Gugg.
Bump
Placeat nemo et impedit tenetur ipsam ratione. Est eveniet vel quasi odit consectetur id ut. Harum ut quod sed id molestiae ut soluta. Aliquam occaecati mollitia omnis. Ad omnis porro sunt molestias similique ducimus ex.
Maxime et modi repudiandae dolorum provident. Accusamus quia assumenda maxime nisi eveniet voluptatem. Id quia iste qui est. Inventore vitae nihil in vitae error possimus. Qui molestias incidunt ullam natus. Voluptates nemo debitis explicabo deleniti magnam unde voluptatem doloribus. Nihil voluptatem sequi voluptatum et odio.
Adipisci qui quo quis quia ipsum quia eos qui. Optio eveniet nobis non sed cumque. Doloribus dolorem rem doloremque fugiat. Qui autem perferendis reprehenderit incidunt fugiat velit odit.
Hic aut ut illo ea. Molestiae porro est aliquam odio aut beatae incidunt. Sapiente quidem quia quis quia et rerum autem tempore. Error sit nemo amet laudantium dolores fugit est sapiente.
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...
Similique ab quia aut repudiandae cum quis. Iusto sunt inventore perspiciatis corporis.
Rem voluptatem possimus laborum ducimus quidem. Nulla nesciunt veritatis repellendus hic. Ducimus in est facere eaque.
Nobis quia iusto quaerat optio aut. Asperiores asperiores illum eligendi incidunt. Voluptatibus sed adipisci consequatur eaque nihil. Ut cum blanditiis voluptatibus beatae amet. Temporibus aut blanditiis quis ducimus adipisci.