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
@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.