I've heard a lot of mixed views on this topic and there has not been a discussion about this in recent years. How would you all rank the Chicago BB's and EB's? I've heard great things about Citi, GS, and William Blair; but not much about other firms.
| +162 | How to stop feeling like shit for not making it in IB? | 59 | 36m | |
| +119 | If Tik Tok is forced to sell, what banks do you think would be involved in the deal? | 59 | 2h | |
| +85 | Updated LA Banking Scene (2024) | 60 | 3h | |
| +39 | Ranking banks that went under | 23 | 4s | |
| +37 | Burnt Out M&A ASO | 19 | 2h | |
| +35 | Relevance of A-Levels for U.K. London recruiting | 24 | 4h | |
| +32 | A strategy for SA applicants late to the game like myself | 15 | 1d | |
| +27 | Series 79 Help / Tips to Pass The First Attempt | 11 | 2d | |
| +27 | Intern Ettiquette | 4 | 1d | |
| +23 | What are hours like at BBs in London? | 47 | 1d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
BUMP - Interested as well
bump
William Blair is #1 in Chicago. Lazard is here as well, Lincoln International, Goldman, etc.
Lol
What's so funny?
UBS industrial's is like 2 analysts deep at most. 6 total people? Baird is a decent firm for MM but behind WB Not sure on Barclays presence, but have a couple alumni higher than Associate. Gugg and Lazard are there as well. Gugg runs skeleton lean teams HL has brutal culture TobinCo might be expanding to Chi soon?
To add to this, Houlihan Food team is #1 in the MM, based in Chicago and under Novak.
Lazard's advisory practice in Chicago isn't worked as hard as NYC and does almost exclusively buy side work. Been growing well b/c of the office head and his top MDs.
HL food is absurd. 100% bonuses for the last few years.
Do you know about Laz Chicago RX vs New York?
Why are you dissing Guggenheim ;)
Not dissing, just know an Analyst there and going off his account.
MS, GS, JPM, BAML, CS, Citi, Barclays, DB and UBS all have offices in Chicago and cover different things.
MS - Industrials and i believe some business services/TMT. Might have a small healthcare team too GS - Used to have a sold packaging MD who left for Rothschild. Now i believe its just industrials but not 100% sure. FIG maybe? JPM - Diversified Industrials and Consumer (Consumer team is much smaller) CS - Not 100% sure anymore. Used to have a good Education practice, but MD recently left for Macquarie. Probably still do TMT in some capacity BAML - Industrials and consumer. Consumer seems to be mostly Proteins Citi - Industrials and M&A. Co-head of M&A sits in Chicago. Apparently this place is pretty sweaty Barclays - Education, Business Services, Financial Sponsors, and Packaging. Packaging MD left last summer for Evercore, but they have a new packaging MD they hired away from DB DB - Believe they still do packaging and some industrials work. Not 100% sure UBS - No clue anymore. Small team now. Used to be very solid back in the day, though. Lost a lot of MDs, know one guy went to Greenhill.
As far as EBs go, I know Greenhill, Moelis, Lazard (regular and MM) and Evercore have offices here as well.
Other banks include: Rothschild, Piper Jaffry, BMO, Blair, Baird, RBC, Gugg, Lincoln, and a few other spots as well
In terms of rankings, its hard to say as there is no real data that i know of that breaks deal-flow out by office. I can try and answer more specific questions in regards to culture/groups i know.
One thing to note is that some BB offices in Chicago are definitely "Pitch and Ditch" offices - so watch out for that
This seems surprising to me.
JPM also has a solid Lev Fin team in Chicago.
To add onto your comments based on my knowledge, please correct if you've heard otherwise:
MS - Notorious for having a very toxic culture (heard of stories where associates will go around smashing keyboards)
BAML - Known as a pitch shop, but they placed a guy into Carlyle (Washington D.C.) a couple years back
Barclays - Known as a pitch shop, execution is done out of NYC
Greenhill - Solid shop, recruiting is heavily focused on Midwest targets (all 3 of their analysts this year are from Northwestern), very solid placement into PE
Blair - Probably the one of the top shops in Chicago, will work you hard, but placement is very good (MDP, GTCR, etc.). I'd argue that if you want to do banking in Chicago, you're better off working at Blair than at a BB
Baird - Hub of IB for the company, industrials is sweaty, healthcare is known for having a good culture (not as sweaty as industrials)
BMO - I believe that Chicago is their IB HQ in the U.S.
Lazard - Restructuring will work you very hard, solid placement
Sagent - Small industrials team here (co-CEO is also out here), not a lot of deal flow
BMO is HQ'd out of NYC where Wilpon is based.
Mostly right, but i've heard the culture at MS has improved as of late. Also, I know that BAML does at least some level of execution out of their office, and that Barclays executes the majority of the deals they pitch out of Chicago. Lazard has an M&A group that is pretty rough in Chicago as well, but their Middle Market group is a little more easy going.
I think everyone is giving Blair a little more credit than it deserves. You'll get looks from all the top headhunters if you work at a BB or EB, and its up to you where you place from that point forward. It is much less about your group and much more about who you are as an individual.
There are some lifestyle groups at Blair. Like 70 hour weeks. Same with Baird.
Sagent only closed 2 deals out of Chicago last summer too.
Barclays does more execution than you'd think in Chicago.
GS does have FIG and also recently took the head of services and another MD from CS Chicago.
Know a former 1st year Chicago William Blair analyst that got a $70k first year bonus. Another kid from our school was a rookie on a Chicago sports team and they literally lived in the same building/had the same quality of lifestyle while living in the city. Made all of us super jealous, he lived like a stud.
William Blair Chicago is predominantly filled with 3.8/3.9 GPA kids from public non targets/semi targets who seem to come from Big 10 schools and midwestern suburban middle class households. Solid group of guys at the analyst level. I'm not sure how the long term career would be there compared to NYC BB's, but at the analyst level it seemed like my friend had hit the jackpot.
You're pretty spot on about Blair imo. It was definitely a pretty big target for kids from my school (a public semi-target). Fwiw they definitely had this "fratty" vibe about them during recruitment season, and the candidates they took from my school over several years all were hella Greek. But everyone I know who has worked/interned there seemed to like it.
any idea how the comp is like at the VP to MD level compared to a lower nyc bulge bracket such as DB or UBS? I feel like a summa cum laude non target graduate or some kid with like a 3.4/3.5 from a semi target would be better off going to William Blair in Chicago and climbing up the ranks at the bank, as opposed to slaving away at UBS or DB in New York City while paying rent for a closet and having practically a 0% chance of hopping to the buy side to a PE or HF. Staying on as an associate at William Blaire and living in Chicago's cost of living sounds like a pretty good alternative than being a PE reject in new york city.
Yup, William Blair is all Big Ten folks. A lot of Illini, and Kelley grads.
Is there a Private Equity ranking for Chicago as well? What are the top shops??
DrRollTide do you have any insight on this?
.
It starts with Thoma Bravo, GTCR and MDP. Byron Trott's BDT raised a fund in the same league, but is less proven.
Wind Point, Wynnchurch (Distressed/SS/Deep Value), FlexPoint Ford, and Sterling are in the next tier. Heard rumors that Sterling may be unwinding and splitting up, though not sure how valid it is given Fund V is in the market.
Plenty of good lower and MM shops beyond those.
Yup, this guy hit nail on hammer.
To rattle off a few others: Vista Equity, Cressey, Linden, CIVC, RoundTable, Silver Oak, Water Street
Only thing I'll add is Pritzker (family office) which competes with many "regular" PE firms.
I think everyone in my analyst class are all aware of the first three, or your top tier here. These are right there on the top of everyone’s lists with other big name upper MM funds in NYC that we all know. Curious as to how well regarded the second tier is / how they stack up compared to NYC firms as im not as familiar with these 4. Thinking in terms of quality of experience, career trajectory, reputation, etc. what would some roughly comparable names be or how would you think about this?
My understanding of Chicago banks (fairly recent post-recruiting perspective)
BBs
GS: Very good Industrials group. Bank's head of P&P did leave a couple years ago to start Rothschild office in Chicago, but just grabbed a few senior bankers from CS (I think in services). Pretty broad range of interesting deals (know they've worked on IPOs, sell-side, strategic/buy-side) and I've heard of several analysts do some awesome travel for work (think working alongside a CFO in Milan). Definitely a hardworking place, heard a few horror stories about hours, culture, exit opp recruiting. Also have a FIG group I don't know much about, and I hear they are starting to build out some Consumers coverage.
Citi: Probably places more emphasis on their Chicago office than any other BB. Do full execution with a few global heads in the office. Place well in top non-NY exit opps. Entire Industrials team based in Chicago, and about half of FIG. Good guys that get worked hard.
CS: Large amount of the bank's Industrials and Business Services. A few very specific verticals (e.g. education, some TMT) covered very heavily. Mostly sell-side M&A and a lot of debt bookrunning, both investment-grade and HY. Usually working with product groups out of NY, but frequently do some large, complex deals. Hardworking but an excellent, smart group of guys in the office, mostly Notre Dame but usually a couple guys per class from other schools.
JPM: Very heavily covering the auto industry and a good chunk of the bank's other Industrials, along with some Consumers, LevFin, and Sponsors coverage. Pretty even mix of buy-side, sell-side, financings, and strategic advisory assignments. Teams looked to be pretty thin, but didn't strike me as a great culture relative to other Chicago shops (totally subjective).
BAML: Fairly large Corporate and Investment Banking office. Good amount of issuances/syndication work on the corporate side, M&A covers most of Industrials and a bit of consumers (may have a few bankers in other verticals, but I'm not sure). Also a large autos strategic advisor, and seem to fully execute those deals in the office.
DB: Industrials and Consumers, do plenty of debt bookrunning and will pair it with M&A advisory as well. Thought some of the senior bankers in Industrials were very cool, definitely what you'd expect of "Midwest" personalities.
MS: Don't know a ton about these guys, but from my understanding it's a super small office that cover a few verts in Industrials, Services, and Consumer/Retail. I hear deal flow is good but more mid market transactions. Mixed reviews on the culture: some say crazy, some say fratty, some say it's a decent time.
Barclays: Also don't know much. Know they cover some specific verts in Industrials and Services. Not sure whether or not they execute much.
UBS: That building is beautiful, but pretty sure this place is a ghost town as far as IBD is concerned. Know nothing about them.
EBs
Lazard: Have Rx and Midwest Advisory in Chicago. Global head of Rx is based there, and Chicago is where most of the biggest Rx deals end up. Midwest Advisory does mostly buy-side and activist defense/board advisory for Midwest-based companies/industries. Both sides of the office have pretty laid-back, smart dudes who place well pretty much everywhere. LMM is also in Chicago.
Moelis: Do some pretty sweet deals in TMT, P&P and Transportation verticals. Fully execute M&A deals in the office, and they do an Rx deal every once in a while. Total sweatshop, but the analysts there place super well and seem to really enjoy working together. Northwestern is their top target school along with IU and ND.
Greenhill: A bit smaller than the two above, but good deal flow as well (even if GHL is down as a whole). Pretty broad mix of advisory assignments, I know they've done a few LBOs, a divestiture, activist defense, buy-sides. Completely execute in Chicago and analysts go on to good funds. Three analysts per class.
Evercore: Super tiny, new office. Recently hired a P&P head from Barclays and Rx MD from Lazard. Not sure what they work on other than what I can assume based on the senior bankers there. Analyst class is only 1 kid right now.
Rothschild: Office is only a couple years old. Hired away the head of P&P from GS and he is now building out a team. Currently at about 10 bankers, expected to grow to maybe 25-30 within the next 5 years with maybe 4-5 MDs. Right now they work on mid-sized M&A deals for P&P and a health/fitness vertical in their Consumers coverage. Super lean and full execution, pretty sure they have the European mindset on buy-side recruiting though.
PJT: Don't know much about the office, but I know they have a few partners from their Strategic Advisory in Chicago (including a former MS co-head) and Park Hill (offers services/fundraising to AM funds) is set up in Chicago as well.
MMs:
Blair: Headquartered in Chicago, definitely have a huge presence across all verticals in the middle market. Culture varies by group, but overall you can expect a Midwest/Big Ten vibe with people who enjoy their work. Personalities are a bit more intense than most MM banks. Tons of deal flow and exit opps are pretty good for MM (also have made a bigger push for A-to-A as of late), but it is almost exclusively sell-side M&A with pretty thick deal teams.
HL: Some Rx work done out of this office (not sure how the work gets split with NY/LA), but corporate finance side does Middle Market M&A in Consumers, Industrials, and Healthcare verts. Mixed reviews on the culture, seems like it may vary significantly based on group.
Baird: IBD is mostly based in Chicago with all industries covered there. Very likable personalities with good MM deal flow, but the work looked pretty repetitive in my opinion. Place well in MM/Midwest exit opps.
Lincoln: Newer to the banking scene, but another shop based in Chicago. Work on the lower end of MM deals, but have a fun culture - good mix of laid-back but fun people (solid amount of former student-athletes). Crank out a lot of deals, mostly sell-sides and a good amount of sponsors coverage. Also have international opportunities for analysts.
BMO: U.S. IBD is split between NY and Chicago. Work on debt, equity, and M&A deals in Consumers, some Industrials, and a few other verticals in Chicago. Also of note that the "Harris" of BMO Harris Bank derives from a commercial bank HQ'd in Chicago.
Mesirow: Don't know much, but they're a large MM based in Chicago.
Stifel/KBW: Pretty sure Stifel is decently-sized in Chicago, and I know KBW does a lot of work out of their office, mostly issuances for BDCs, specialty finance, DIs.
SRR: Don't know much about them, but heard of a couple sell-side processes they were running while I was working during a previous internship.
Piper/Raymond James/Sagent: Also in Chicago, also do MM IBD, also don't really know anything about them.
Others
BDT: Arguably the coolest job in finance. Check out their website if you haven't heard of them (kidding). Mix of advisory (execute for Berkshire, Koch, Pritzker's) and family office-style PE.
Macquarie: Unsure of what they work on in Chicago, but I believe it's a pretty decent-sized office.
Guggenheim: HQ'd in Chicago.
Big 4: Deloitte, EY, PwC, KPMG all do IBD advisory, usually sell-side M&A processes. Interesting model based off of cross-utilizing other consulting/accounting services.
Duff & Phelps: Large presence in Chicago.
Loop Capital: Believe it is mostly ECM/DCM/S&T type of work. Have heard good things about the Public Finance desk.
A Couple Key Takeaways
Almost all Chicago offices will be based on their Industrials coverage (some exceptions, of course) with other groups/verts put there secondarily
Most shops (even top EBs/BBs) won't consistently place in top NY funds. This is the result of a number of factors that make Chicago candidates less likely to place in a PE megafund (logistics, plethora of candidates in NY, most Chicago people don't want to go to NY)
Generally speaking, personalities and culture are more enjoyable in Chicago. There are plenty of assholes everywhere in finance, but the Midwest seems to generally have far fewer than NY
Base comp for junior bankers is almost always the same in Chicago as it is in NY, but bonuses may vary greatly depending on how the bank views their Chicago office. That said, cost of living is much more reasonable in Chicago compared to NY/SF/LA
There are definitely opportunities to have an intense, intellectually-stimulating experience in Chicago, but do plenty of research if you are going to a bank not HQ'd in Chicago to ensure you're not in a "pitch and ditch" spot
Top target schools include all of the usual suspects on the coasts and UChicago, Northwestern, Notre Dame, Michigan, Indiana, Illinois, plus the rest of the Big Ten/Miami/DePaul for smaller shops
Props to you for making this list - you definitely have a good understanding of the banking scene in Chicago.
This is pretty f'ing spot on from every conversation I've had with people in Chicago.
Ive heard Pitch and Ditch quite a bit. What do you mean by it?
Id est blanditiis tempora voluptatibus harum. Voluptatibus illo recusandae quo id saepe est sint. Iusto adipisci et laboriosam et.
Nemo voluptatem consequatur fugit unde vero reiciendis dolor. Ducimus eligendi iusto voluptas labore ratione atque quo debitis. Laudantium occaecati corrupti repudiandae aut sunt et sit. Et laboriosam qui ex eum possimus nobis fugit. Fuga quidem sint dolores et. Nam qui dolores id maiores eos nihil.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Est voluptates hic eius sed aperiam. Similique ut eos et qui veritatis molestias. Omnis doloremque omnis eveniet esse quis vel ut. Deserunt eaque non magni.