Top IB Groups
Ranking the top groups on wall street for each sector/product:
TMT: Goldman Sach, Morgan Stanley, JPM
REGAL: BofA, Wells Fargo, JPM
M&A: Morgan Stanley, JPM, BofA
FIG: Goldman Sachs, JPM
HC: JPM, CenterView Partners, Goldman Sachs
Industrials: Goldman Sachs, JPM, Morgan Stanley
LevFin: BofA, CS
Consumer & Retail: GS, PWP, JPM, MS
ECM: nobody cares but who do you think…GS…etc
DCM: does this count as banking!?? Idk but it’s prob Goldman, JPM, or MS
Additional top tier groups:
Quatalyst (Tech Focused)
Moelis (LA Media Group)
Only bank that you wouldn’t expect is Wells Fargo…however, their REGAL group is considered to be top of the street (behind BofA). Aside from that group, the top groups are all from top tier banks, GS, JPM, MS, BofA, Evercore, CenterView…etc. let me know if I missed anything or you have some insight!
Cute list but no criteria so idk what you are going off of
Surprised you didn’t put PWP HC there. It’s PWP’s top group alongside RX and has been on fire over the past few years & continues to grow like mad. Obviously it’s not JPM/CVP/GS but it’s just below that imo. Just a strange choice when you put their CRG there, but it could be a testament to how weak other CRGs are.
This could also be out of date, but if I remember correctly Barclays Tech is amazing and has great exits to show for it. Would definitely at least note it as something interesting. Obviously not Q/GS/MS Menlo but below that.
Then again these days Barclays seems fucked so what do I know
Especially in Medtech they dominate. Strong senior leadership, mostly ex JPM.
im also not sure what you know because Barclays tech was just gutted with a bunch of mds leaving
Like I said, it might be out of date — tech everywhere rn is fucked generally as a rule of thumb & I’m not super in tune with it tbh. I’m just saying historically they were strong, which is true
Unfortunately the Barclays tech team is in shambles these days
Did this guy just say who cares about DCM and ECM and “are they even banking” when they are the only reason any of you have a job in M&A this year 🤣
Yeah the coverage guys can build fancy models at 4am (that nobody on the buyside uses btw, they all know it’s bullshit), but how much revenue do you make? Oh? $0 without someone on a product team to actually generate the revenue for you?
Corporate Banking keeping banks afloat
Corporate banking is a loss leader for most banks.
Brother I work in coverage and can assure you product groups like DCM/ECM/Lev Fin are all instrumental. Can’t trust any post on WSO anymore credibility is awful
Fact. As a cap markets guy, nothing helps execution more than a stud coverage team. But it goes both ways, unfortunately haha
Would sub out lazard in RX. Laz lost major players at the senior level and other firms exit similarly not on that list. PJT is really the clear dominate tier 1
Facts. Lazard RX is known for sexual assault cases not deals
Missing Energy:
Tier 1: JPM, CITI, TPH/PWP, Jefferies
Post Trauber would say Citi has totally died off - I don’t see them on much these days. JPM /JEF / GS/ TPH / RBC (added for balance sheet a lot but has been on a ton of deals) top groups in my opinion. EVR and MOE haven’t been ok much recently - though MOE kills the rx game which has been slower in energy recently.
Sponsors: JPM, BOFA & DB
Rx: HL and Lazard are not the top Rx groups. It’s PJT and Evercore.
M&A: No Evercore? BofA??
More rankings from the perspective of a prospect… aka how much can you regurgitate from opinions you have read online
Not including HL as a top RX is wild. PJT and HL are easily top 2.
You don’t work in Rx so you literally have no idea. Just take a look at deals over the last 5 years and hush.
If you put Evercore as top 2 in RX you are incredibly dense. It’s obviously PJT and HL and it’s not even close
If you pick HL or Evercore Rx you’re incredibly dense. Have fun working on $150mm UCC deals
Though Rx shops are split between the creditor and debtor side, the top are definitely PJT and HL. I would definitely put EVR and Lazard below that
At MS, tmt is broken up into Media & Comms and Tech, M&C being marginally higher regarded. Further proof that this was written by a prospect, lol.
Edit - Nvm, it’s actually a WF kid that doesn’t know the difference between their and there.
MS tech is still top 3 tho
Power & Utilities: Barclays, MS, Lazard, JPM, Citi, BofA
What about RBC PU&I?
100% belongs in the mix up there and not at the tail end either
Phenomenal group.
The best PU&I groups are Barclays, Lazard, and RBC. All the others listed are definitely a tier below. Just because a group is JPM or MS doesn't mean its good.
what about infrastructure & energy?
JPM, Citi, TPH/PWP, Jefferies
Hasn’t JPM FIG surpassed GS FIG in recent years? Anyone know definitively?
Yes in depository subvertical.
No Moelis, Evercore?
BofA is consistently the best in Consumer. No idea how you put 4 inferiors over them
.
Given your comments on capital markets I’m going to guess you’ve never done a stint in banking
How much does being in one of these groups matter for PE/HF opportunities? If you’re in an “average” group at a solid but not very top BB/ EB (BofA, Citi, Laz, Moelis, Barclays) can you still place okay ?
Piper Sandler for FIG
PCA: Evercore, PJT Park Hill, Lazard, Jefferies (?)
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