Anybody have insight into the top industrials group across each of the main groups (bulge, middle market and elite boutiques)? Any insights would be much appreciated! And definitely any insights into which groups are growing as well!
| Current and Former UBS Bankers: Do You Regret Joining? Was It Worth It? | 41 | 2h | |
| +181 | UBS IB Americas has failed, now behind Santander and Stiffel | 35 | 4d |
| +163 | Some banks are overrated as fuck | 55 | 3h |
| +144 | Beware all those preparing to recruit for '28 | 41 | 21h |
| +38 | Post-IB Paths (non-buyside) | 9 | 4h |
| +35 | Does making it in IB mean killing your personality? | 11 | 1d |
| +34 | How to be satisfied | 23 | 20h |
| +31 | Any tips for sleeping well? | 11 | 43m |
| +29 | Weird Question: Would you rather your MD be someone you despise, or someone you love? | 3 | 4h |
| +27 | Summer Class is wild | 17 | 15h |
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.
Industrials varies a lot across each sub vertical. Generally GS and Evercore so really well
MM- I believe Baird and Jefferies both have strong industrials teams
Is Jefferies still an MM, or does the firm operate in a grey area between BB & MM?
The latter - reality is: HC, Oil & Gas, Industrials, Tech groupes at Jef are more like a BB. The rest are closer to MM.
Jef repping many LMM deals in industrials, especially logistics & transportation
Current industrials banker.
Very broad space, tough to define. Generally, BBs dominate, and no BB really has a bad industrials practice, because financing is so important and the "advisor role" often comes packaged with debt (hence BBs being better in the space than smaller firms). That being said, GS is generally on top, followed by JPM, then a mix of Citi / CS / MS. Barc lost a lot of senior people to CS in 2017 and Guggenheim in 2018, but is getting stronger, and is pretty much even with UBS, DB, and BAML in industrials. At basically every bank there's a reason industrials is never the worst group -- you're guaranteed good deal flow, PE shops love industrials companies, and its a very "standard" valuation methodology (EBITDA driven). It also isn't too sexy, but its solid and stable.
Lots of MM activity in the space, and players like Baird, Blair, Harris Williams, and Jefferies are strong. Don't know too much about them but see them a lot for smaller deals we do.
Of the boutiques, I'd say Lazard is probably the strongest followed by Evercore, but neither are particularly strong compared to the BBs (would probably rank somewhere near the middle). PJT is virtually nonexistent, Moelis, CVP, PWP are all ok but a step behind. Again, a good group to be in regardless of bank because you get lots of deal flow and activity constantly happening.
I work in a MM industrials group so can speak to more of the MM players. High level basically every respectable MM you’ve heard of (Blair, Baird, HL, HW, Lincoln, etc) the industrials group is the best or one of the best coverage groups. As said above lots of MM sponsor activity in industrials so will typically be a good dealflow group at the MM shops
PJT has made some big industrials hires lately including Brandon Panda from Evercore A&D (just led PJT’s advisory mandate for Boeing on Spirit Aerosystems). PJT was also the architect of GE’s split up and 3M’s recent strategy/M&A moves. But certainly less well represented (at least to date) in the run of the mill industrials processes where the other names you list have a lot of share (won’t see them running sponsor sell sides for $1B industrials assets for example).
Bump — updated view as of 2024?
Second this bump
PWP Chicago is killing it, and BofA is solid. GS and JPM typically clean the street tho.
I here bofa has gotten bad with bonus dropping
BofA fell off. Terrible bonuses driving lots of people out and there are a few absolute psychopath MDs with that wreck junior lives. Market share in the group has actually been OK but it’s mostly because of financing and the fact the group is huge. They’re really getting hit hard in M&A, which is what happens when you don’t pay people. One MD is saving the group M&A wise.
BofA industrials is not solid anymore — at least for the past 3 years it has gone downhill in terms of M&A deal flow and quality/size of deals, culture, and pay. Doubt it’ll get better anytime soon which is a shame.
I work at a BB in industrials, rank by market share for the BBs is as follows. Seems to be consistent with the “prestige” rankings in the post above.
Tier 1: JPM, GS: clean the street, significantly ahead of all other peers
Tier 2: MS, BofA: MS is firmly in 3rd, brought in some high profile deals lately. BofA is a mess internally/pays poorly but their industrials group is consistently solid
Tier 3: Citi, Barclays, WF, UBS: Citi and Barclays are losing share and focusing less on IB, would avoid. WF and UBS are up and coming, pay well, etc, although people complain about the UBS culture post-shakeup
- Tier 4 is everyone else
Interested in hearing if the part about the "Tier 3" banks still holds true/is accurate. Heard Citi and Barc have a pretty solid franchise so surprised to hear that they're losing share.
The tier 3 comment is accurate as of rn still. Think WF is the strongest of that tier as of rn, not Barclays or Citi (they are strong groups at both), given how many strong hires WF had, but would think those 4 are in one rough tier together. Directionally correct tiering IMO, which is about as good as you can do with these rankings. Industrials as a broader IB business is pretty fragmented, and it's one of the hardest sectors to rank because of it. I don't think the difference between tiers 2 and 3 in terms of junior experiences and deal flow is that huge, for example, and certainly not huge when compared to other sectors like tech, where the top few teams truly dominate the good ones in market share.
Goldman and citi tops
Vel exercitationem hic vel esse exercitationem quo perspiciatis. Necessitatibus culpa similique saepe. Nihil harum placeat ad ut. Reiciendis sed vero veritatis explicabo cum optio omnis sequi.
In in molestiae officiis impedit et aut. Beatae est sunt quisquam. Aut ut qui quia et inventore.
Quia omnis officia aspernatur officiis sed impedit qui sapiente. Aut et numquam earum quis. Dolores voluptas accusantium accusantium. Consectetur perferendis et ut est consequuntur.
Quos pariatur numquam adipisci corrupti exercitationem deleniti iusto ut. Ipsa sit eius possimus quasi dignissimos accusantium aspernatur.
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...