Which of these firms have a strong presence in Chicago? How would you rank them?
Coming from a decent MM firm such as RJ, PS, Truist, Lincoln and planning to lateral next year after an A2A promotion to a bigger shop preferably in the Chicago area. Here's the list of banks that I think are the strongest players in M&A. Would like people to pitch in on which one have a presence in Chicago, what industry would they be covering and any insight into culture. Thanks.
GS - FIG / IND
JPM - IND
BofA - IND
CS - IND
Citi - IND
Barclays - IND
UBS - IND
DB - IND
EVR - IND (Paper & Packaging)
Lzd - RX
Moelis - C&R and IND
PWP -
Greenhill - IND
Any other firms out there in the Chicago area that's better than WB or Baird?
Depending on sector, I think you are going to have a hard time finding a better Chicago shop than WB frankly. If your goal is banking long term and you wish to be in Chicago, they are growing way way more than the older players and frankly paid people more this past year as well (also cash, which many in the above have some stock component). If your goal is to exit eventually, the tech or healthcare group should give you about as relevant exposure as any EB would and seems to place about as well as anywhere based on friends I know who exited top Chicago PE shops and start-ups. Just my 2 cents.
I just feel like my current shop isn't that much off from WB and I'm happy with the pay and culture. I'm not sure if I would exit to buyside or other opportunities in the future, however I would like to still join a bigger shop for job stability and better name on my resume. I'm also eyeing at IB or buyside opportunity internationally, and let's face it none of them probably heard of WB or Baird.
International totally changes it/your optimization. In that case, I'd eliminate all EB's or MM's tbh and go for brand name above all else.
I'd push back on the size = stability thing though. I'd actually think some of the larger players are less stable from a job security standpoint due to other arms presenting risk problems. Also, not sure your bank, but WB/Baird on a revenue basis is the same as evercore and bigger than Moelis/Lazard/Greenhill/PWP.
No doubt, WB or Baird are great firms. I also agree that I should be focusing on recruiting for BB. However, I won't say that WB or Baird are nearly close to EVR,Moelis, LZD, Greenhill or PWP when it come to exits. I did hear Greenhill have been going downhill but still seems to have some decent exits. I also have a good amount of junior guys moving from my current team to WB TMT and did hear great things about it. That's why I'm only considering firms that are better than WB in the Chicago area.
For Chicago exits—I would say they are equal anecdotally, especially WB tech. But again, irrelevant if you have even a slight preference for international exits—really really would look only at BB’s if you plan to go abroad. It’s a whole different game and even if other banks have groups abroad, places like moelis or evercore just won’t hold a candle to a MS, GS, or JPM.
Do you seriously think WB TMT is on par with other EB in Chicago? When it comes to potential exits in the U.S.? Particularly buyside MM/UMM exit? Any insights into the hours, comp and culture there?
5 years ago no, today yes. Don’t know if you are getting much better Chicago exits than like GTCR, Vistria, MDP, Thoma Bravo, which seem very accessible based on friends I know that left the firm the last few years with many either getting interviews at the places listed or actually placing. If you invest in tech (I do/did), you know how relevant they are now and the mandates they do because you’ve likely employed the firm or bought something from them and they aren’t viewed that differently from evercore (can’t wait for some undergrad with an evercore offer to dispute this)
This isn’t an undergrad ranking this is how someone who invests in the space views it—again I’d go elsewhere if your goal is to go international or to exit the industry entirely, but at that point pick a BB instead.
My two cents, you might be sleeping on WB and should maybe call some current employees or past employees to get a better view, don’t take my word for it. Based on reputation and just sheer size, I genuinely think WB if you are in Chicago is the best bank, other places will be niche groups and satellite offices. Especially if you are either healthcare or tech focused.
Would WB have decent exits for associates as well or would they be better at a BB? (Mba associate)
They paid more than the EBs?
GS - FIG and IND
Evercore - Paper & Packaging (runs this space lol)
Barclays - IND
Lazard - RX for sure, maybe IND?
Guggenheim has strong presence there now.
Yes, but I think WB is overall stronger than Guggenheim or not a huge difference.
How do they have a strong presence if they just opened an office. My Linkedin is constantly spammed by job postings from them
I was just giving OP another firm that is strong in MM M&A in Chicago.
Guggenheim/Chicago was actually started by a number of ex-Blair tech bankers, and they probably have at least a dozen ex Blair bankers there. They've ramped up very fast, and have established a very good reputation.
Add Solomon Partners to the list, we just recruited a rainmaker MD to build out our Chicago office and they are off to a killer start
I won't consider Solomon better than WB. Despite being a good decent shop.
hl - consumer and rx
Food & Bev specifically
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Thanks. Would you consider Rothchild and Guggenheim being on par with WB or Baird? Always think of HL, Guggenheim and WB being very similar. And, all of them being slightly better from Rothchild by a small margin in the U.S.
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BDT if you can pull it off. Otherwise Blair.
Isn't BDT a PE shop?
I'd characterize BDT more as an investment firm than a bank. Probably impossible to get in if you’re at a MM
Would put HL on this list for Chicago especially CFR. Rainmaker of an MD in that office and HL has amazing benefits / pay as well
This is probably more personal, I networked with a few of the VPs few years bank. And, just didn't feel like the culture is where I want to be. And, I don't see them as being a better brand than Baird and WB. Especially, after the type of bonus that I'm heard WB and Baird are paying this year, I would easily pass HL for Baird and WB.
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