Just wondering about street perception on ranking the bulge brackets/elite boutiques across the major industry and product groups:
(As in which firms have the strongest groups for some of these)
M&A Equity Debt Healthcare TMT Industrials Consumer/Retail Energy Real Estate LevFin Financial Sponsors FIG
My perception has always been that there's a lot of variation, with some groups considerably stronger or weaker at certain banks (even at the BBs), so I think it might be helpful for people weighing offers, trying to pick groups strategically, or looking to get into a particular industry/product and want a strong group.
Also which groups do you think are strongest (relative to the other banks, not in terms of which groups get the best deal flow, etc) at each of the BBs?
bump
Interested as well
Fairly sure CS Sponsors and BarCap NR are top groups of their respective industries
M&A - Morgan Stanley
Debt - Citi, Bank of America Merrill Lynch
Healthcare - JP Morgan
TMT - Goldman Sachs
Industrials - Citi
Consumer/Retail - GS, MS, Barclays
LevFin - BAML Natural Resources - Barclays
Power & Utilities - Barclays
Out of curiosity, when Barclays is strong in a sector is it due to Lehman's legacy groups?
Yes, but certain rainmaking MDs have retired or left to do their own thing (re: Skip McGee). BarCap has traditionally been very strong (and they still are), but there are other shops that are now currently on equal footing with them on top of the hill (in Houston at least - not sure what other shops, if any, have a NatRes presence in NYC beyond Chemicals/Downstream activity).
NatRes and P&U, yes.
Barclays’ CR team used to be the Credit Suisse CR team before they all left to BCS. Before then, Credit Suisse had a dominant CR team.
Jefferies takes the cake for natural resources
deleted
To add a few more names:
M&A - Morgan Stanley, GS, JPM
Debt - Citi, Bank of America Merrill Lynch, JPM
Healthcare - JP Morgan, GS, MS
TMT - Goldman Sachs, MS, JPM, BAML, Qatalyst
Industrials - Citi, GS
Consumer/Retail - GS, Lazard, BAML, Centerview, JPM, Barclays
LevFin - BAML, JPM, CS
Natural Resources - MS, Barclays, GS, Citi, BAML
Power & Utilities - Barclays, Citi, GS
Generally, MS and GS are always at least top 3; and JPM/Citi/BAML are usually in the top 5/6 for every industry.
BAML does not belong in that list for TMT
JP Morgan definitely does not have the top HC group. Not sure why everyone thinks this. If you look at deal flow over the past few years, it's clearly a race between GS and MS.
Well, this pretty much is dependent on location a well...
Here's a post I made earlier this year
JP tech over MS is grossly inaccurate, especially since you’re including BofA
What about sponsors groups?
Both Barclays and CS have great Sponsors groups. BAML is up there as well.
Jefferies/CS are the best Sponsors groups and I don’t think you’d find anyone really contesting that, Barclays/BAML/DB round out the top 5
GS FIG is strong too
GS FIG is unquestionably the best. JPM FIG really doesn't compete for the major deals. Would say that top three for FIG in order would be: GS, Lazard, JPM.
Do you have any more info on GS and Lazard FIG? JPM FIG is mentioned a bunch on this forum, but havent heard much about the other two
What are the stronger CS groups besides sponsors?
Have heard good things about their LevFin group. Would love more info on them though
I'm more interested in the rep of their M and A and industry groups, if anyone has insights.
I feel like it is generally tough to have good LevFin and Sponsors groups, because only one would do modeling right?
I've heard CS Sponsors is strong because they model for PE backed deals, which means LFO&R does all non PE high yield financing. Can anyone confirm?
CS Sponsors is strong because of the modeling they do and the books they have. Would say power and utilities is very strong at CS but recently had a big departure so not sure what will happen.
Putting league tables aside, CS Sponsors is excellent from a skillset development standpoint because they do both standard coverage group work (re M&A) as well as Leveraged Finance work (negotiating commitment papers). At BBs, usually groups are one or the other - if you're in M&A you won't know as much about debt and if you're in LevFin, you miss out on the intricate modeling experience that you only get in a coverage group (i.e. building a Company's operating model and actually putting thought into it vs. just hard coding in whatever revenue/EBITDA figures are given on the CIM to spit out a debt repayment % for leveraged lending guidelines)
CS Sponsors is one of the rare groups that combines both skillsets, making it essentially the perfect group to prep you for PE recruiting. This is what makes the group such a powerful platform from a junior experience standpoint. Of course the fact that CS is also one of the most aggressive LBO financing banks out there also helps
By the way just so you know, LF&OR only deals with corporate issuers, not sponsor backed stuff (that will all be run by the financial sponsors group). So think large corporate frequent HY issuers like American Airlines, T-Mobile, Digital Globe, Hertz, Valeant, and in Europe, clients like Altice, Liberty Global, those kind of issuers. You do all the modeling and all that but given 80% of your work is just on refinancings / repricings (almost no acquisition financings), I've heard from a number of peers that it gets quite dull
Work at CS.
Most sought after group is Sponsors.
Top industry groups are industrials and tech.
M&A is M&A and Lev fin is also highly sought after
What firms have the strongest Real Estate groups?
GS
or MS
MS, GS, BAML, JPM
I think you forgot Restructuring. This is a significant practice too.
edit
HL, PJT, Lazard, Moelis
William Blair = #1 in everything.
all you fake ass want to be bankers comparing banks....you will end up at DB and you will be chopping up those league tables to make DB #UNO
What are the different EBs known for
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