Thoughts on best M&A groups among BBs? Excluding GS and Barclays bc they do it in-house, I was thinking MS>JPM>Citi>BofA>CS>The Rest...Any color on which BBs are picking up momentum, such as Citi (dominated mega-deals last year) or RBC (on Raytheon deal)...Obviously a ton of threads on this but any chance you'd take a mid/low-tier BB M&A group over Moelis/Lazard and do you think there is meaningful exit opp differences btw those
| +131 | New Article: Dramatic Slide as UBS #22 (US) & New Leadership Desperately Needed | 25 | 19h |
| +121 | Americas M&A League Table Q2 Updated | 55 | 2h |
| +76 | Wealthy Parents / Jaded | 24 | 1d |
| +61 | A COMPLETE GUIDE TO SUMMER INTERNSHIP RECRUITING | 11 | 1d |
| +59 | How are hours rn for SA (interns) | 31 | 1d |
| +44 | Boutique firm wants access to my LinkedIn? | 38 | 5h |
| +33 | Investment Banking in Mexico | 9 | 1d |
| +30 | Investment Banking is Hard | 13 | 7h |
| +27 | Restructuring: Anti-climactic Experience | 3 | 9h |
| +21 | Excel macros for QOL formatting | 0 | 4d |
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.
Deleted
Small point, but RBC didn't advise on Raytheon on its merger with United - Citi did. RBC only provided the fairness
correct but that is an advisory role which paid them $7m+
A fairness opinion role is NOT an advisory role. I have worked on my fair share of FOs and no one would equate it to an advisory role. Check the press release
"Citigroup Global Markets Inc. is acting as financial advisor to Raytheon, and RBC Capital Markets LLC provided a fairness opinion."
A fairness is focused on valuation and price, which are important deal aspects but not the only ones. The actual financial advisory role is providing advice on price/valuation IN ADDITION TO strategy, diligence, deal structuring and terms, tactics, negotiations with UTX, corporate governance matters (e.g. what should the mgmt and board split be?), investor relations and market receptivity, the attractiveness of other alternatives and options, and the list goes on
RBC was brought in May 2019 (1 month before the deal announced) and got paid $7m. Citi was brought in in late 2018 and got $68.5m. end of story
BofA M&A >/= Citi, imo. Going to top bb industry team, so no dog in the fight, but seems like the momentum has kind of shifted.
jpm > ms
JPM M&A actually ranks #4 this year in the US, behind GS, MS, BofA. Source: http://graphics.wsj.com/investment-banking-scorecard/