Chicago Scene 2019

hailtothechief's picture
Rank: Monkey | 37

Any updates on the Chicago banking scene in 2019? I can try and aggregate recent posts below;

  • GS (FIG presence)
  • JPM (Industrials, small C&R presence... mostly sourcing(?))
  • MS (no junior level talent anymore)
  • Blair (Does very well in HC and TMT... C&R is also supposedly good, but not talked about as much on WSO... Lost some good "culture" MDs to Guggenheim)
  • Baird (Industrials is top notch for MM)
  • Houlihan (Food & Beverage is sought after, healthcare is a crushing workload... is restructuring active in Chi?)
  • Mesirow (Paper & Packaging vertical generally mentioned as nice stuff)

Open to any thoughts / discussion... Chicago is obviously a much different scene than NY / SF

Comments (23)

Nov 17, 2019

Houlihan does have Restructuring in Chicago. Think it's pretty well-regraded (not a prestigious as NY but still)

Nov 17, 2019

GS has industrials

Nov 18, 2019

...

  • Intern in IB - Gen
Nov 18, 2019

evercore

  • Prospect in Other
Nov 18, 2019

How is BAML Chicago compared to other cities like NY, Palo Alto and LA?

Nov 18, 2019

Industrial coverage in Chi town. I believe some DCM as well.

  • Prospect in Other
Nov 18, 2019

Ye. So generally speaking, is BAML Chi not as good as other locations?

  • Analyst 2 in IB - Ind
Nov 18, 2019

Greenhill has industrials team that takes 3 analysts every year and then feeds 1-2 to Madison Dearborn Partners every year

    • 1
  • Analyst 3+ in CorpDev
Nov 18, 2019

To give more color on recent exits:

Analysts who started summer 2016: 1 to Pegasus Capital, 1 to Golden Gate Capital

Analysts who started summer 2017: 1 to Thoma Bravo, 1 to Silver Lake, 1 to MDP (starting next year)

    • 4
Nov 19, 2019

Lincoln International

    • 1
Nov 19, 2019

Piper has a smaller office there too, a lot of DCM

    • 1
Nov 19, 2019

How is BMO in Chicago? Read they were expanding a lot lately but was wondering how they stack up

Nov 19, 2019

Real estate is the best for placement and has sent some kids to mega funds in recent years. Lev Fin and FCR are solid in Chicago as well because they are able to capitalize o the legacy Harris bank relationships to get business in those areas.

    • 4
Most Helpful
Nov 19, 2019

Lazard - significant restructuring of office as a result of senior banker departure to Guggenheim and Sempra Energy; restructuring and Laz MM seemingly unaffected

Moelis - newer group in same building as Lazard; diverse offering of coverage groups; affable group of people; sweaty; strong mix of individuals from elite business schools

Goldman - supposedly strong group; doesn't recruit out of business school

Barclays - enjoyable group of people; mix of industrials, packaging, education technology and sponsors work; focused on life outside of the office; healthy balance between major business schools in area

Baird - outgoing and relaxed; do well in the Chicago market; more of a diverse offering similar to William Blair; again, healthy balance between major business schools; headquartered in Milwaukee but focused on Chicago market

Blair - great culture, new building, similar diverse offering to Baird given that the firm is actually headquartered in Chicago; strong mix of elite business schools representation

JPM - a phenomenal group focused on automotive and diversified industrials; focused on building out M&A practice in Chicago to compete with Citi; small C&R practice; Booth HEAVY

CS - extreme turnover; office is also dominated by Booth; packaging and industrials work; weak culture relative to other BB banks based on my interactions

Citi - largest BB presence in Chicago; global head of M&A sits in Chicago; healthy balance between top business schools, obvious focus on diversified industrials; young MD's who began career in Chicago

BAML - focusing on mid-market practice; nice team; IU heavy; new tower under construction

Lincoln - small office with limited opportunities; smart individuals; not personable

Perella - relatively new office; historically taken a summer associate but strong A2A retention may limit needs in future

Evercore - small office; maybe will increase in size to compete with Lazard/Moelis moving forward

MS - senior bankers; no junior banker presence (interesting approach, IMO)

Houlihan - didn't recruit here; strong RX practice obviously; heard summer internship yield isn't the best

BMO - headquartered in Chicago (US-based operations); strong committment to Chicago; quite a few former UBS bankers; many bankers with military backgrounds prior to business school

Wells - no significant presence; hired an MD from JPM to focus on Chicago presence moving forward; rumored to be relocating Charlotte-based resources from regional investment bank to assist in development of Chicago office

Guggenheim - three MD office (one from Laz MM, two from Blair); VP from Wells; commitment to Chicago market; will be interesting to monitor growth of office

Greenhill - 3-4 MD office; commitment to Chicago market since recession; new MD from JPM (ED to MD promotion in transition)

    • 19
    • 1
Nov 19, 2019

Each of these platforms executes out of Chicago.

Nov 20, 2019

would add
Macquarie: small office focused around Education Technology and other niche sectors - few MDs hired several interns

UBS: think a few MDs at least not sure about junior presence

Deutsche - still have a small presence believe its industrials focused hires mainly from Big Ten schools

Goldman also does hire juniors quite often especially for their FIG group which has a small presence in Chicago along with their more established Industrials

Nov 25, 2019

to add, UBS has a few analysts in the office. They work with mostly Chicago-based deals, but are on other deals as well.

  • Intern in IB - Ind
Nov 20, 2019

Rayjay FIG/ Industrials

    • 1
Nov 20, 2019

Heard JPM (Lev fin) has presence there. So does DB industrials Don't know if either teams still exist.

  • Intern in IB-M&A
Nov 25, 2019

Can confirm Lev Fin has presence but no analysts, only associates

  • Analyst 1 in IB-M&A
Nov 20, 2019
Comment
Nov 25, 2019