2025 S&T Rankings
Throwaway but figured I’d share my views since there has been some movement in recent years. Am only an analyst so happy to discuss.
Equity Derivs: French banks known to be strong, even American banks have exotic desks that are filled with French people.
Prime Brokerage/Equity PT and Algo: Mostly American banks dominate here due to strong M&A business.
- GS
- MS
- JPM
Cash Credit (IG, HY, distressed): Large balance-sheet banks + legacy Lehman business. Citi shut down its distressed business recently due to underperformance.
Credit Derivatives (CDS, CLNs, options, TRS, macro credit): Similar ranking to credit.
- JPM
- DB
- GS
- Barclays
Rates: Probably the asset class with the most amount of parity across the street.
- Citi (flagship desk at the firm)
- JPM
- DB
- GS
FX: HSBC is known for its strength here.
- HSBC (particularly strong in EM)
- JPM
- Citi
Mortgages/CLOs/Structured Products: Balance-sheet heavy stuff, so the typical names. Santander has made some progress here by poaching people from other banks and handing out the MD title like candy, but they lack mid-level people.
- JPM
- BAML
- Citi
- GS
Munis: Some banks not even involved in this business. Citi exited this business in 2024, but they used to be a solid #2 to BAML. This area tends to have a bit of a banking flavor, with many banks grouping it into IBD. At GS, these guys sit up on the 30th floor with FIG.
- BAML
- JPM
- MS
Commodities: Legacy J Aron + the others banks that have maintained this line of business. Banks are only a small player in the commodity space. Oil super majors (BP, Shell, etc.) & trading houses (CCI, Trafigura, etc.) are involved in the physical space and have much more regimented training for juniors.
- GS
- Macquarie
- JPM
- Citi
Overall, the Big 5 American banks are definitely the place to be (they get the most flow). If I had to speculate, would probably be bearish on Citi, bullish on MS, neutral on GS, JPM, BAML. Barclays and DB are still strong players in markets, but curious about others' views on what's happening in the aftermath of UBS/CS and trajectory of Jefferies/RBC.
Delete delete delete
Assuming this is rage bait?
He’s right. Same with baml. For flow eqd would say gs >> jp > baml >barc but all great spots.
Not sure what metrics you are using, but here are some changes I would make to place a bigger emphasis on HF placements (assuming this is for NY):
Jp shouldn’t be above MS OR Mac either for commodities
Agreed
bump^
Agree that DB should be up there for cash credit (distressed specifically) as well. Would expect they have decent placements, getting better given how much balance sheet they run / CJ Lanktree coming back.
Equity derivatives in general I wholly agree with your comment - GS and MS still maintain their elite traditions on those respective desks. I think GS has a slight advantage; check out their One Delta team - no serious contest across the street in my opinion.
Believe JPM desks very good across various fixed income businesses but I would respectfully suggest Jefferies is among the top handful of firms specifically in distressed / special sits - they still take proprietary risks unlike peers and were featured in Bberg last year because they are known as having outstanding P&L but can't confirm. GS not very good in this field, high turnover on research and trading side and they still haven't figured it out. Bank loans desk slightly better but still not elite.
Rates GS is definitely king, JPM not far behind. Some serious brainpower at both desks.
Would argue BAML #1 in mortgages - they are known at peer desks and clients for having outstanding securitization and trading execution capability.
Commodities - GS and that JAron heritage are not to be discounted. They had a great guy running this business who was pushed out of the firm because he criticized leadership. Place is horribly political and regularly loses top talent for stupid reasons but at least a few years ago they were certainly best.
How have the Jefferies distressed / special sits exits been to HFs? Can only think of 2 off top of my head in past few years vs generally pretty good HF exits across JPM, GS, DB, and Barclays. MS and Citi decent too for that matter though Citi largely because people forced out.
how does BB placement/performance compare with Jane Street/Optiver institutional sales? if you have any insight into that
having citi ranked number 2 in munis is hilarious considering they closed it down last year. you spent time posting this instead of doing what exactly?
Was not aware of this - fixed now
Does anyone here not agree with the structured product ranking that the OP has provided? I thought DB would be at the top of this list alongside Nomura
Any idea how good MS Fixed income is? Would it compare to GS/JP and what would the exits be?
Worse than GS/JP in terms of flow and internship quality (return rates are low), but exits are actually somewhat comparable for certain trading desks despite being overall weaker in fixed income
Yeah their distressed desk has pretty good outcomes and people across the street.
You work for a bit less "established" business with some gaps or some occasional chaos, which can be good if you are a top performer but worse if you don't perform.
You are still within a very strong brand and broader group, so benefit from the "aura".
While in equities it's rather crowded as its top notch already, so the "queue" to great positions is a bit longer. Also means you have a bit lesss scope to "shine" and while the "expected" success is higher, there is less scope for positive tail.
Tbh this is all some nuanced stuff, just get a job...
Aut omnis voluptatem accusamus velit odio laudantium. Expedita corrupti voluptatum consequatur autem fuga iusto quae. Sunt nulla est nulla magni. Sint qui dolore qui sunt. Ea ex quae commodi quidem et.
Odio sint ipsum sint voluptate. Ut sit labore est neque dolorem numquam aperiam. Vel voluptate ex nesciunt et quo architecto. Et possimus dolorem similique.
Iure magnam minus harum enim corrupti. Harum fuga doloribus ipsum est ut harum. Rerum et quis molestias assumenda ea nobis omnis. Nihil corrupti aut quo facilis debitis quod.
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...