I am interested in Financial Institutions Group for Investment Banking. I was wondering if any of y'all had any views on banks in terms of their FIG in terms of deal flows, prestige, exit opps, etc. I know in general FIG kind of pigeon holes you but relative to other banks which ones are supposed to be the best.
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Goldman, KBW, Piper Sandler, Barclays, Lazard.
What about Citi FIG? or CS FIG?
CS is strong in FIG but not top tier
Any insight on the best FIG teams in UK/Europe?
In Europe JP is the leader, then top2-3 depends on the year
I would throw in FT Partners for those interested in a fintech specific coverage role
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How do PE analyst exits (assuming FIG-focused funds / FIG teams) fair at Barclays and Lazard? Have heard mixed things - anecdotally know Barcap FIG has sent to MFs and UMMs recently, have to imagine Lazard must be similar.
A lot of bad info here. What are we talking about? Deal flow? Exits? I would say unless you are obsessed with doing regional bank M&A then ignore KBW and Piper. From there here’s how i would look at it
GS FIG >>>>>>>>> JPM FIG >>>> MS >>>>>>CS /Citi, the rest
KBW and Pipe are good but only in regional banks and the exits from their are trash
Source: FIG IB analyst currently
What about FIG verticals other than banks? Heard Insurance can be a different world - are the same firms (& exits) good/bad?
Are any EBs good in FIG?
Maybe others can jump in. It’s my understanding that FIG isn’t a top group for CS. I know Citi is decent but unsure of where they are in the league tables.
Yea, didn't a bunch of people from CS go to Barclays? I haven't checked in a few months but I thought Citi FIG was top 3 in league tables last year.
What about exit opps from FIG?
this is just blatantly false. CS FIG is actually one of the biggest groups at the bank and specifically, CS specfin is the top specfin practice on the street
Yes, however exits are not the best historically and network is limited compared to the other groups. It could be growing though as I have seen them put on some large deals.
I believe ur head of specfin just went to Barclays last year lol
CS FIG has been pretty dominant - did 2 mega mergers in the past 6 months (TD & Aon). From what I understand the group is pretty lean as far as BB FIG teams go.
Citi FIG is top 3. They have recently been poaching top analysts from other BBs.
Source: Citi FIG analyst
"Poaching top analysts" LOL what the hell revenue is a "top analyst" gonna generate?
What is the culture like for Citi FIG?
GS, JPM, Barclays have strong teams. MS, BAML, and Citi are good but not necessarily the absolute strongest. UBS is the worst of BB.
Anyone know the quality of exits from the above (sans GS and JPM which seem to undoubtedly top the league tables)?
Can anyone comment on HL FIG?
Happy to chime in on HL. Got a buddy that’s there now. Lots of deal volume (albeit middle market deals), super strong mortgage practice - currently advising the federal government on privatizing Freddie and Fannie - strong in asset management too. Have a few niche verticals within insurance. Can’t speak to league table rankings.
Hows the HL FIG culture and hours?
bump
JPM is one of the top on the league tables in FIG for M&A.
Bump
JPM FIG is top, and honestly, it's not even close.
What’s the RBC FIG reputation like?
Some people claim GS FIG is the top FIG group on the street. JPM is a behemoth in the space, and they landed a few large deals last year (Charles Schwab/TD Ameritrade for example). JPM seems to have a very intense culture though. MS FIG is also another great team, prob top 3. Very nice group, much more laid back than JPM or GS. Those 3 cover all verticals (Banks, insurance, asset management, specialty finance).
Then I would put Lazard. Strong presence in asset management and I think insurance if I remember correctly. They have been doing a lot of work with PE sponsors in insurance space. I think they're trying to build out their fintech presence too if I'm not mistaken.
Baml has a large FIG group, but I don't know much about it other than it's sizeable. Could be a function of balance sheet.
PWP is quite niche, mostly focused on asset management and insurance. Very small team but good deal flow.
how’s CS FIG?
they were the sole advisor to TD Ameritrade and they also were part of the Aon - Willis Tower Watson deal
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Which banks are known for SpecFin practices?
Also where can I learn more about SpecFin?
so - having had been a GS FIG banker....I want to know...who the fuck proactively wants to go into FIG lol. you guys grew up thinking insurance companies were super cool and regional bank M&A? I get the fintech part of it but half of those groups are in the TMT vertical at banks. luckily at GS it’s within FIG but still
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ok so you’re telling me your family owns a bank? like the Safras or something? otherwise I wouldn’t say your family has a background in FIG. Finance is literally anything. my dad was a TMT banker in the 80s that doesn’t connect me to FIG at all. you worked at a financial institution...like a bank. like an investment bank....like almost everyone who hustles freshman and sophomore year for internships (I know I know you can do asset management/risk crap at insurance companies and stuff). not belittling but I’m just pointing out that your connection to FIG doesn’t seem very strong (unless again, you’re a Rothschild). if you find fintech exciting then by all means try to get into that but I will tell you there’s a 70% chance you will get into FIG and won’t do fintech and instead be stuck doing bank M&A. Fintech and fintech startups have been blowing up the last 5 years, it’s a hot hot space and everyone wants a piece of it
do people in fig get paid more than people in other groups since they usually account for a bigger portion of the revenues?
you just answered your own question. if they in fact do account for a larger proportion of revenues then yes they get paid more. if they don’t account for a larger proportion then they get paid less. it’s all a function of how much money you bring into the firm. at the junior levels it doesn’t matter. at the senior levels it does. just like any other front office role.
I’ve heard that FIG teams account for a large portion of total IB revenues at many banks and a lot more than other groups but why is this the case? Yes if you have more deal volume and larger deals obv revenue increases but not every FIG group can do this yet I hear this comment a lot. Why?
I think they provide additional products to financial institutions above and beyond the typical mergers and financing but also would appreciate more color
if internal transaction announcements indicate anything, it's probably because they churn out financings, more DCM/LF than ECM though. Like far more than most other groups on average, save for a group really crushing it in a particular year
I'm not mentioning them anymore but wanted to make sure we are considering all options here....
Does anyone have any insight into Wells Fargo FIG
bump
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