European M&A League Tables - Strongest banks, trends and key observations

TRENDS & OBSERVATIONS:

  • GS, MS and JPM traditionally topped the league table with limited signs of losing market share
  • Rothschild confirmed the trend of winning larger deals (while maintaining the high number of deals) leading to outperforming Lazard. Both boutique twins experienced overall growth vs GS, MS, JPM in the past 3 years (despite weaker LTM performance). Rothschild remains the strongest European bank and is the only non-US bank among the top 5
  • Citi underperformed in the past 3 years ranking below Barclays
  • UBS brings a positive surprise overtaking its Swiss rival Credit Suisse
  • Evercore confirms its market position as the third strongest boutique behind Rothschild and Lazard (although far behind the two with only half as much deal value). PJT and Robey Warshaw are the remaining top 5 boutiques in Europe.
  • BNP Paribas growing recently, while Credit Suisse falling (second weakest bulge bracket, only ahead of DB now)

LEAGUE TABLE:

Below are Bloomberg European M&A league tables based on total deal values for the last 3 years (total deal value based on completed deals)

  1. Goldman Sachs (€327bn)
  2. Morgan Stanley (€228bn)
  3. JP Morgan (€180bn)
  4. Rothschild & Co (€172bn)
  5. Lazard (€162bn)
  6. BAML (€138bn)
  7. Barclays (€134bn)
  8. Citi (€124bn)
  9. UBS (€123bn)
  10. Evercore (€85bn)
  11. Credit Suisse (€75bn)
  12. BNP Paribas (€75bn)
  13. Robey Warshaw (€75bn)
  14. Deutsche Bank (€63bn)
  15. PJT Partners (€61bn)

WSO Elite Modeling Package

  • 6 courses to mastery: Excel, Financial Statement, LBO, M&A, Valuation and DCF
  • Elite instructors from top BB investment banks and private equity megafunds
  • Includes Company DB + Video Library Access (1 year)

Comments (41)

Most Helpful
  • Assist. VP in IB - Cov
Mar 12, 2021 - 10:26am

Sounds about right, LAZ and RTH always been exceptional in Europe, probably top 2 in France. Wouldn't be surprised if they replace JPM in the top 3 next

Would be interesting to see how Centerview and other boutiques ranks

Learn More

300+ video lessons across 6 modeling courses taught by elite practitioners at the top investment banks and private equity funds -- Excel Modeling -- Financial Statement Modeling -- M&A Modeling -- LBO Modeling -- DCF and Valuation Modeling -- ALL INCLUDED + 2 Huge Bonuses.

Learn more
Mar 24, 2021 - 11:02am

That's because we are looking at European tables and American banks happen to have a big presence everywhere. If you go country by country then the top 1-2 banks are most times a local one. In France BNP Paribas, SocGen and Natixis are usually on top, while in Italy Mediobanca is first, Santander is T3 for Spain and so on

This is not to say that American banks are not massive everywhere (they are), but rather that on a country by country basis league tables resemble more what we would expect: a mix of American BB with local banks

Mar 13, 2021 - 9:47am

I think Evercore's ranking is heavily skewed by 2 pharma deals done out of the US FYI (if you know you know which ones I am talking about). Not a bad by by any means but don't think that they are there yet in terms of Large Cap M&A.

  • Analyst 1 in IB - Cov
Mar 13, 2021 - 9:06pm

Robey Warshaw is incredible considering their headcount is less than 20 people. Serious revenue per headcount.

Mar 14, 2021 - 9:57am

Revenue per headcount is probably the most relevant metric here. GS/MS/JPM might top the rankings but their analyst classes are huge and they have tons of seniors, whereas the M&A team at a place like PJT is probably smaller than most industry teams at these big banks.

  • Analyst 1 in IB - Gen
Mar 15, 2021 - 1:35am

Insane deal flow right now, turned down many mandates recently. Growing and hiring exponentially. Pay is in line with BBs for mid bucket and can reach EB level for top bucket. Top teams are Healthcare, PUI, Industrials and TMT.

  • Analyst 3+ in IB - Restr
Mar 26, 2021 - 4:37pm

My top choices in London would be as follows:

1)GS

2)MS

3)RTH

4)LAZ

5)JPM

6)BAML

7)CITI

8)EVERCORE

9)BARC

10)PJT

11)CS

12)UBS

13)CTW

14)JEFF

15)MOCO

16)GREENHILL

17)RBC

Mar 27, 2021 - 7:28pm

Citi super strong recently, so not sure how much the above tells us. Last 3 years is too short for long term but also doesnt show the current Covid world.

Also still don't get the Rothschild / Lazard hype in this forum. Definitely strong but how biased do you have to be saying that anyone would pick them above JPM?

  • Accountant in IB-M&A
Jun 8, 2021 - 7:48pm

Dignissimos cupiditate dolor et hic excepturi et. Et dolores ipsum dolores. Quidem ut omnis tempora omnis eius qui. A sed ex rerum consequuntur voluptas nulla. Quo soluta saepe ut quidem assumenda est.

Et maxime quae fugiat consectetur aliquid quidem ut. Error aut cum neque aut libero quae laboriosam autem. Et quisquam nihil vero et voluptas error.

Nesciunt aut molestiae ea reiciendis est velit. Quisquam quo nesciunt tempore minus. Quae tempore et minima est autem architecto.

Non numquam voluptate fugiat enim rerum est. Itaque eius et necessitatibus ut. Doloremque ut error sit et sit nam. Nihil quos in animi nobis inventore rerum ratione. Occaecati est suscipit ut consectetur provident fugiat.

Start Discussion

Total Avg Compensation

September 2021 Investment Banking

  • Director/MD (10) $853
  • Vice President (38) $367
  • Associates (217) $232
  • 2nd Year Analyst (129) $151
  • 3rd+ Year Analyst (30) $147
  • Intern/Summer Associate (102) $144
  • 1st Year Analyst (476) $135
  • Intern/Summer Analyst (375) $82