TMT Banking Tierlist

Congrats on CVP Menlo! They are a tier or two below lol

cvp menlo too high imo - have momentum and heard good culture, but would bump them down 1 maybe 2 tiers

edit: beat me to it

Another CVP obsessed lover has been located.

how is liontree?

Curious on how has PJT been growing

Citi SF consistently on large cap deals in 2025, seems like Rajkovic and Goel from JPM have revitalised that team.

Would put them on the same level as JPM SF - have seen Citi on more prominent Tech deals recently (Advent-Sapiens, Marvell etc)

Where would Raine fit?

How is MS Menlo below GS SF? Lol

bump

bump

Where would Morgan Stanley NYC M&C be?

West Coast:

Q, GS, MS
EVR, MOE LA, JPM
LionTree, Citi, BoA PA, Barclays, Tidal
WF, Jeff

NYC (Tech & Media):
GS, MS, JPM, CVP
Allen & Co, EVR, Moelis, Raine, M Klein
Citi, PJT

You forgot UBS but they are completely irrelevant

CVP menlo lmfao

Please fix as below:

• GS TMT SF, MS Menlo, Q - Kings of tech banking; lead left or lead advisors on all prominent / headline tech deals and IPOs. When companies think of going public, they usually only reach out to GS/MS. Q known for advising landmark deals and paying crazy good comp, but obviously less recognized outside of finance. All known for tough, sweaty cultures but worth the pain, right?   
• EVR (SF/Menlo/NY) for M&A, JPM SF for coverage, IPO, etc. (rank relates only to JPM's tech coverage team; their M&A team is often perceived as more of a numbers/analytics support function. Perhaps a sign, you rarely see anyone from that team become senior at JPM)

------------------ Very big gap between banks above vs below --------------------

-------------------------------------------------------------------------------------------

• Jeff SF (prestige-wise on par but comp has always been a notch higher than banks below, although their bonuses come with very heavy claw-back terms. This rank does not relate to their non-IB teams like capital markets)
• LAZ SF (comps have been uneven, but generally pays in line with other boutiques (though always lower than Jeff) and is known for a relatively good culture), BofA Menlo (or was it Palo Alto? SF is primarily Fin Sponsors and EGRC), CVP Menlo (CVP tech is not that strong. Even heard from those who work there that they are nowhere near CVP NY; still a fantastic name to have on resume if planning to stay in finance), Moe SF (now largely former-SVB bankers; most legacy Moelis folks left after the SVB team acquisition due to culture/internal politics. Has a reputation for having one of the worst, toxic cultures in SF)
• Citi SF, Barclays SF/Menlo, DB SF, Wells SF, UBS SF, RBC SF — lost most (if not all) of their momentum after the pandemic-era tech bubble peaked in ’21. These shops are almost never lead-left. Don’t be fooled by the deal credentials — 99 times out of 100 they’re just picking up cookie crumbs from deals led by GS/MS/JPM: minor distribution roles with little real execution. You’ll hear more about layoffs than headline wins about these banks. MD turnover is high and they often jump to one another (just check LinkedIn). As a junior you’ll likely spend more time pitching than actually working on live deals at these banks. Last but not least, you'll rarely hear anything good about their bonus numbers.

NTD: surely there are other banks not listed, but too small or not meaningful enough to mention here