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.
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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...
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