What’s happening with the LA banking scene lately? I’ve been hearing that MDs are leaving across multiple firms, and that UBS, Barclays, and Lazard no longer have offices in LA. Does anyone have more details or insight into what’s going on?
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Based on the most helpful WSO content, the LA investment banking scene remains dynamic, with notable shifts in firm presence and group strengths. Here's a breakdown:
Barclays LA: Barclays' LA office is still recognized for its strong sponsors and consumer retail groups. It remains a top-notch choice for those interested in these sectors.
Lazard LA: Lazard LA is primarily focused on aerospace and defense M&A. The office is known for its strong culture, interesting deals, and excellent exit opportunities, including placements at prestigious firms like Ares and Oaktree.
UBS in LA: There’s no specific mention in the context about UBS closing its LA office. However, UBS has been active in hiring talent, particularly from Barclays' tech group, which could indicate a shift in focus or strategy.
Moelis LA: Moelis LA continues to be a standout office, often ranked as the strongest in LA for exits and prestige. It’s highly regarded for its media focus and overall reputation on the street.
Other Firms:
While there’s no direct confirmation of UBS, Barclays, or Lazard closing their LA offices, the scene is evolving with shifts in leadership and group dynamics. If you’re targeting LA, Moelis, HL, and Lazard remain top choices, with Barclays and Citi offering strong sector-specific opportunities.
Sources: Los Angeles IB, IB in Los Angeles - banks, groups, culture?, Los Angeles IB, EBs NY vs SF offices, Moelis and CS Top in Los Angeles?
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A2A at a shop with friends across the board. Only 4 firms I’d look at are Moelis, HL (Rx is top, m&a is A&D and mid), Santander (Ex CS FSG), and GS (only do HC).
I’ll add Morgan Stanley’s media team in LA is decently solid. Some good exits into media corp dev especially for those interested in that
Think MS LA juniors all got moved
MS LA no longer hire juniors, they all got moved to SF or left the firm
What about PWP LA?
the ex laz team moved here, TMT mostly does entertainment and interactive media as their head is focused on those. Think they also do industrials out of this office
Got it, thx. Any insight on how that office is performing relative to rest of LA IB scene / PWP firm as a whole?
Laz team went to Gugg A&D
Del
Honest question here, why is the LA IB scene so small?
No real answer but if you think about it the other way, why should there be a LA banking scene?
There is a huge Nexus in NYC (no duh) that covers almost all verticals and then you have SF that has Silicon Valley / AI, etc. what would be the logical reason to have an office in LA? I know Media is huge in LA but aside from that industry, banks could probably easily cover that through their SF offices as LA is only a 30 minute flight away
Only reason it still exists or started is because of 80s/90s Drexel/DLJ/ UBS/CS alumni legacy. No real reason to have anyone in LA vs SF even for sponsor banking unless covering only MM/LMM sponsors. Tech and sponsors in SF is way larger - that’s where you should be on the west coast.
Even ADGS and Media can be covered from east coast where most execs are anyway. Gaming & Lodging due to Vegas proximity is the only real GEO draw
here’s what I can offer on the LA scene:
MOE: still the top dawgs, Media team is among top of the street if not top. Ken sat here and I believe navid does too
PWP: industrials/A&D, have one P&U MD that’s very strong. Strong shop all around but PWP as a whole has been a little weird recently.
LAZ: Got axed entirelyGugg: took most if not all of the Laz guys. Took at least one of the two MDs. New shop attempting to grow covering A&D
GS: have a C&R team and a HC team. Don’t know anything about them, they’re super small
MS: all juniors got moved to NYJPM: mid cap team covering consumer, don’t know much
Barclays: Good FSG group, know they were running without an office head for a while but not sure if they’re still around. They were as of last recruitment cycle
Rothschild: smaller cap tech banking, small team
BofA: medium sized team, half EGRC and half FIG
Citi; small metals & mining shop, elite team
MUFG: very good PF energy team
UBS: believe they are still around, not sure why people saying they aren’t Santander: growing team covering Ind, REGAL, and FSG. no clue how deal flow is, seems they do more financings than M&A
Lincoln: big shop that does MM industrials, C&R, and growing TMT a bit.
Wells: growing a lot, have a sponsor team and a mid cap tmt team
If I missed any feel free i don’t remember feel free to ask and id be happy to provide what i know/go more in depth about shops i already talked about.
Few others updates:
Barclays LA: closed down, full team has departed to other firms
William Blair: small tech group covering software / semis
Why did Barclays LA shut down? Thought it was one of the best shops in LA?
What about HL?
Small PJT team out there as well
Yeah have heard but never interacted with them. Know they don’t take juniors
Would add that Macquarie has one of the best gaming M&A teams in LA
Recently heard JPM set up and IBD team in Manhattan Beach, if that is true, sounds like a pretty sweet gig. Definitely wasn’t an option when I was an analyst.
This is true. Their midcap IB team operates out of an office in el segundo. Has analysts through MD level bankers
Any insight on Intrepid?
Low comp for analysts with extremely high pay for assos and up, believe they profit share. Owned by MUFG and they work on a ton of LMM-MM deals, believe they have a very strong beauty and cosmetics MD. One of their bankers tragically did commit suicide not too long ago
How’s leerink LA? Looks like the guy running the shop is an ex-roth hc MD
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