Strongest Groups within S&T at BBs
I was digging through looking for any recent data or threads on the strongest divisions at each BB and couldn't find anything, so figured I'd start a new thread. What are some of the stronger/weaker divisions within S&T at the BBs (GS, JPM, Citi, MS, DB, CS, Barclays) as well as within smaller firms like Jefferies?
Any information focusing on strengths/weakness within any bank or comparisons/rankings between banks is helpful
Bump bump
bump...interested in CS
bump
@koalamacro had an in-depth take for the American BB's:
JPM is probably most well rounded in everything. For the most part, it's just American banks at the top of everything now. Below is just more or less who sticks out, but the top 5 in every area will basically be all American banks.
Equities will be GS, MS, and JPM. Large part of it being their strong investment banking divisions / prime brokerage / private wealth. It's all crucial to having a strong equities S&T division.
Securitized Products / Credit will be Citi, BAML, JPM. Strong consumer banks / mortgage underwriting will play a big factor in this as well. Munis are more or less the above because of similar reasons, aka strong public finance relationships.
Commodities is really just JPM and Citi now with full service divisions. GS is only relevant in certain commodity markets (have exited a bunch of different markets. Certain Canadian banks are ok too in (ex. TD) because of their strength of balance sheet / funding but it's also in certain markets.
Rates / FX will be Citi and JPM. Rates at Citi is probably one of most well known on the street like how GS/MS are with equities. Citi traditionally has been very strong in FX, partly due the legacy international presence all over the world in local markets. Formerly DB was very good too, but clearly they are gone.
You'll see that the overall strengths of the bank is closely related to which S&T desks see more flow. As another example, UBS / CS traditionally see a lot of private wealth flow, so they are known on the street as vol sellers / supplies. As a whole, European banks are mixed in somewhere below the American banks in every area now.
Do you know where Barclays falls?
The best way to get a feel for who is doing what in various products is to look at the league tables and see the rankings in terms of how much new issue a bank is underwriting in various products. Generally if you are underwriting it you are going to be trading it.
Have the division rankings amongst the banks stayed relatively consistent throughout the years? Just wondering because I was on a networking call with an S&T analyst at MS and she said they were #1 in their equities division, but I found that to be such a subjective statement. I wondered if it fluctuated based on other factors.
Very interested in BAML if anyone can give insight. I'm an incoming SA who will (hopefully) be rotating through 3 different desks.
Top tier in credit (IG, HY, distressed, structured products) and mortgages.
Top of the league tables (by far) in Munis too. Then Citi, then JPM.
Citi rates is top tier globally
Anyone know what MS is strongest in? Curious about non-equitites desks specifically.
Recruiting frat bros and lax bros to the trading floor
What about Barclays? Specifically their credit desks?
Curious about where BNP Paribas Equity Derivatives ranks
Their bread and butter. French banks (i.e. SocGen) generally very strong in equity derivs
Would it be better to take an offer from BNP/SocGen or top BB like GS/MS/JPM in equity derivatives in terms of experience and exit opps?
Not BB but Commodities and Credit Markets at Macquarie are very good places to be at right now
S&T League Tables: https://www.globalcapital.com/data/all-league-tables
Not sure why I got hit with MS.... it literally shows various trading products and their top 5 bank rankings for each one based on $bn/# of issues + it’s actively updated based on dealogic lol
legit lmao
strongest S&T at CS is mortgages...rates not so much
MS and GS are always very strong in rates prop trading
JPM and Citi have the most balance sheet available
CS credit trading has been very impressive lately, but yeah they are top tier in CMBS. ( They use to have a lot more RMBS stuff)
Anyone know how strong CS is in S&T?
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