Wall Street Elite: Ranking the Banks Dominating Revenue per MD in 2024
Method not perfect but a good estimate for each bank relative to each other.
Method Notes:
Based on 9M 2024 data, annualized to the full year. IB revenue from LSEG Data and using FactSet transaction volume for data missing. LinkedIn headcounts based 10/21/2024 on "Investment Banking" and "Investment Banking" and "Managing Director" with filter for US and US and Canada for Canadian banks with a large Canadian presence
https://thesource.lseg.com/thesource/getfile/inde…
https://go.factset.com/hubfs/mergerstat_em/quarte…
Raw data if curious: 
Disclaimer: The information presented in this post is for informational and entertainment purposes only. While we strive for accuracy, we make no guarantees regarding the completeness or reliability of the data. Rankings and figures are based on publicly available information and estimates, which may not reflect current or precise values. Readers should not make financial, career, or investment decisions solely based on this information.
Qatalyst pound for pound heavyweight champion of the world
PWC does banking?
I think in europe
Yes in Europe the big 4 accounting firms do a lot of mid market M&A
Thanks for making this. Even accounting for ECM/DCM financing, there are some nutty placements here (i.e. Morgan Stanley being lower than Scotiabank/TD).
A couple thoughts on MS, TD and UBS:
MS: Regression towards the mean - the bigger you are the more likely you are to approach mean for the industry
TD: Potentially TD people still have like Cohen linkedins? Likely lower
UBS: Lots of laid off people with UBS linkedins, might mean slightly higher avg
Feels directionally correct with many EBs outperforming everyone else
Yes, lots of cowen mds havent updated to TD — still lots of active MDs on the TD side with fat being cut after Cowen merger and regulatory issues. only the top performers stayed.
Follows the thought MS and GS are better than JPM because JPM has many many MDs
Great analysis. Agreed some weird conclusions. Thought BofA would be very close to the bottom given the terrible junior and mid level pay the past few years. Guess the bank is just cheap.
JPM being that low is surprising too.
Qatalyst being goated is not surprising at all.
Yeah not sure if some of the results are weird because no one ever shows data like this, or because they are wrong
Well if you don’t like the results encourage anyone else to do their own analysis and explain the method used
How the hell are TD and Scotia ranked so high
Maybe they don’t use LinkedIn in Canada?
🤣🤣🤣🤣🤣 do you think canada is a farm
Lmaoooooo
Evercore is underrated because “managing director” at EVR is similar to “Director” or “Executive Director” elsewhere.
Well that’s on them for trying to inflate the egos of executive directors and senior vps
The MD counts seem massively overstated in a lot of cases.
If the banks are willing to release MD headcount’s I’d use that. Else LinkedIn is the best we got
How bad would Greenhill be if the data was available?
i think it's better we dont see
UBS leading from behind 🫠
Show this to the idiot who replied "Congrats on LionTree" to me like it was an insult.
Congrats on liontree
congrats on liontree
Congrats on Liontree
Congrats on Liontree
Some of the MD numbers seem slightly off. Looking at 10Ks:
PJT - 115
EVR - 136
PWP - 64
Moelis - 160
This doesn't include MDs at PWP, PJT, EVR (just partner or smd). Also doesn't take into account geography. But would still move the numbers a bit.
Good find in the 10Ks. It looks like it was just a quick and dirty estimate using the same method for LinkedIn headcount’s across all of the banks. Will always be percentage of bankers with either not their current banks / no LinkedIn, but assuming similar percentage for all of them
serious - what deals has liontree done this year?
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