Investment Banking in London (EMEA) - Strongest Players, League Tables, Salaries, Differences...

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Here is a summary of Investment Banking in London.

Strongest Banks:

In Europe, Goldman Sachs and Morgan Stanley are traditionally the strongest banks that get the most high profile transactions. They are followed by the 'Elite Twins in London' Lazard and Rothschild and the remaining 'big five' US banks - JPM, BAML and Citi. These top 7 banks in Europe are followed by Credit Suisse which proved to be particularly strong recently and the rest of the bulge bracket banks. Difference with the US league tables is surprisingly weaker Barclays and certain Elite Boutiques and much stronger Rothschild.

Here is the most recent league table according to Bloomberg. (Europe, Last Twelve Months, M&A Advisory). Market share based on total deal value in brackets.

  1. Morgan Stanley (24%)
  2. Goldman Sachs (19%)
  3. BoA Merrill Lynch (17%)
  4. JP Morgan (16%)
  5. Rothschild (14%)
  6. Citi (13%)
  7. Credit Suisse (11%)
  8. Lazard (10%)
  9. Barclays (9%)
  10. Deutsche Bank (8%)


Salaries in London are significantly lower compared to New York (and apparently Hong Kong too). Even after taking into consideration exchange rates and real purchasing power, bankers in New York are better off.

Standard base salary in London for a first year analyst is PS50k. Bonuses depend on the analysts ranking and range from 10k - 50k. Certain elite boutiques pay better than PS50k but the difference is not that significant. Average total compensation would be around PS70k before tax. This is still a great salary if we consider that average UK graduate salary is around PS20-PS30k.


Spring weeks are a major thing in EMEA. Spring weeks take place in the first year (sophomore in the US). They are 1 week long programmes that allow students to get a flavour of life at banks and be fast-tracked and secure summer internships for the following year. Summer Analysts in London are paid same as 1st year analysts - PS50k, which is around PS10k for the whole 10 week internship.

Work Life Balance

Same as New York.

Target Universities

Big thing in London too. In the UK, it would be Oxbridge, LSE, Imperial and UCL. Then there are Warwick, LBS and others. There are European targets such as Bocconi, St Gallen, Rotterdam and others.

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Comments (70)

Jan 27, 2019

Accurate. Anyone could provide info on London based boutique/mid market banks? Thanks.

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Jan 27, 2019

Main mid-market banks would be Investec, Peel Hunt, Panmure Gordon, etc. Boutiques would be FIG specialists such as Fenchurch, Evercore have been improved rapidly in London, then other boutiques such as Moelis, Centreview etc also have a presence in London but dealflow can be variable.

This is my perception at least, happy for those who know more to add to/correct this.

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Jan 27, 2019

The best MM in London are WB, RTH, Jeff and Arma

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Jan 27, 2019

Arma and WB definitely not best MM in London. They both have average deal size around 100m which is very low and none of them ranks among the top 50 in Europe for 2018. Rothschild with average deal size 1bn definitely king of middle market (even though with that average deal size we can hardly say mid market) and crushing league tables - 5th only behind GS, MS, JPM and BAML for 2018. So not even comparable. Jefferies ranking 27th could be considered one of the top mid market banks in London.

Overall, would agree with Engineer Monkey that Investec, Peel Hunt, Panmure are strong in mid market London, London based and focused. Perhaps add Canaccord and Numis. Just throwing names, there is also Ondra partners and Nplus1 Singer. Just my two cents.

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Jan 27, 2019

WB and Arma not top because they are not too 50 in league tables? Are you serious?

BTW, I forgot Gleacher Shacklock.
RTH is not a pure MM player, but they do a lot in the space and they are considered competitors by the above mentioned firms. You cannot base these type of things on LT. Do you actually know how League tables work?

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Jan 27, 2019

Sure, I would like to know how league tables work from a guy who is still at university and never actually worked in banking and was asking for CV advise on WSO to apply for summer internships last year. Tell me

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Jan 28, 2019

The best MM in London are WB, RTH, Jeff and Arma

Not sure if you're trolling but no idea what Arma is and WB worked on very small deals and have market share close to 0.

Traditional London mm are Investec, Numis, Peel Hunt. Foreign banks focusing on mid market in London Jefferies, Moelis, RBC, Nomura etc..

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Jan 28, 2019

Agree with PatrickBateman about MMs in London: William Blair, Rothschild, Jefferies and Arma ( for TMT). Never seen Investec, Peel Hunt and Panmure.

William Blair: traditional sectors
Rothschild: traditional sectors and also active on the larger deals, but most deals are MM
Jefferies: nearly all sectors
Arma Partners: top for TMT and dominate the TMT deals in Europe

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Jan 27, 2019

Another point to add - Banks are situated either in the City (e.g. Goldman Sachs, UBS, Nomura, Rothshild...) or in Canary Wharf (Morgan Stanley, JPM, HSBC...). Private Equity and Hedge Funds tend to be clustered around Mayfair.

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Jan 27, 2019

No dude this doesn't make any sense.

I wouldn't base this on Leagu Tables. Top is Gs followed by MS as said (some team like tech are better at MS) and by PJT and JPM (random order). A bit below RTH and Laz, followed by tier 2 BBs like Citi, BAML, BAR, CS + CTW. Then Evercore, Moelis, DB and UBS

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Jan 29, 2019

Your PJT point is true in the US, but is far from reality in London/Europe.
Have a look at the exit opps, kind of talents attracted and deals involved and you will clearly see that the US BBs are above the rest in London, followed by Roth/Laz and then other BBs like CS/Barclays, and the US EBs.

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Jan 27, 2019

Wouldn't compare PJT to the others in terms of exit ops, the office was opened in Ldn in 2015 and classes used to be quite small until last year. I think the program M&A + Rx makes PJT quite unique and also they are hiring from top BB. In Europe not having local presences and bs make the work really tough, that's why I think they are impressive

Most Helpful
Jan 27, 2019

Naturally, the best private equity exits in London are from US bulge bracket banks GS, MS, JPM, Citi and BAML and boutiques such as Lazard and Rothschild. These are followed by the rest of bulge bracket.

In addition, big four plays much greater role in Europe than in the US.

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Jan 29, 2019

Second this.

I've seen on multiple occasions:
Big4 TS -> MM PE
Big4 Audit/TS -> PE Investment Monitoring/Management/Secondaries -> PE Investing
Big4 TS/CF -> Industry Niche Boutique (e.g. Fenchurch, KBW) -> PE

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Jan 31, 2019

If it means anything, I'm currently Big 4 TS, and have only been with the firm 4 months since graduation, but I haven't seen that many exits to PE/IBD etc. Despite this, recruiters in London often specify ACA (CPA equivalent in UK) qualified with transaction experience as desirable requirements for many PE/VC firms

Jan 29, 2019

Surprisingly I don't seem many people from Citi/BAML on the buy-side. I see more people from DB/CS LevFin, UBS/DB TMT, and some NRG/UK M&A Barclays.

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Jan 27, 2019

Pretty accurate except for target universities. There are many missing.

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Jan 27, 2019

This. While the universities aren't as pigeonholed into targets and non-targets as in the US, going to Oxbridge, the main London unis, Durham, Bristol, Warwick and possibly Edinburgh will set you at an advantage compared to other lower Russell group unis - I'm at Manchester (good for if I wanted to go into engineering... which I don't any more) and it's noticeable how there's much less of a presence of IBs at careers fairs than at the unis listed.

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Jan 28, 2019

Second this. Oxbridge and LSE are definitely a notch above all the other schools mentioned, but even if you look at alumni from Bristol, Edin or Durham you will find plenty of people at BBs.

Jan 29, 2019

This. The target uni landscape is broad in Europe given the many countries which send candidates to London.

A quick (incomplete) summary for continental Europe target schools would be:

  • Italy: Bocconi
  • Spain: IE, ESADE
  • France: ESSEC, ESCP, HEC
  • Germany: WHU, LMU, Mannheim;
  • Portugal: Catolica Lisbon
  • Netherlands: Rotterdam BS
  • Sweden: SSE
  • Denmark: Copenhagen BS
  • Poland: Warsaw school of economics
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Jan 29, 2019


Not to mention people from African universities, Middle Eastern, US/Canadian universities and some Asian universities. London is by far one of the most competitive spots for banking in the world. Followed by Singapore/HK then NY.

Feb 20, 2019

In Spain IE is definitely target regarding graduate programs, but from people completing undergrad ICADE - Comillas is the top school by far.

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Jan 27, 2019

How about vacation time? Do bankers in London actually get time off for vacation? I know that's generally a bigger thing in Europe.

In the US so far I've seen people at the analyst/associate level take 0-1 week off per year, even though technically we have several weeks of vacation.

Jan 27, 2019

In theory yes - more time off for vacation. In practice, not really. Even if you get holiday, you're expected to be on your phone and ready to come to the office if something happen. On the other hand, I think this depends on the group as well. I've seen first year analyst taking 2 weeks off to go to Thailand and others on vacation as well in DCM. Furthermore, time of the year could be crucial.

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Jan 27, 2019

Could we have a quick ranking for different groups and products (even though these are less important in PE exits than in the US)? Interested in:

M&A (overall), LevFin, DCM, ECM

TMT, HC, Natural Ressources, Industrials, C&R, REGAL, Infra/Transpo, FIG, FSG

Jan 27, 2019

M&A Overall, 2018, Bloomberg, Based on total deal value. (Market Share).

1 Morgan Stanley 24%
2 Goldman Sachs 19%
3 Bank of America Merrill Lynch 17%
4 JP Morgan 16%
5 Rothschild & Co 14%
6 Citi 13%
7 Credit Suisse 11%
8 Lazard Ltd 10%
9 Barclays 9%
10 Deutsche Bank 8%
11 BNP Paribas 6%
12 UBS 5%
13 Evercore Partners Inc 5%
14 Societe Generale 5%
15 Macquarie 4%
16 Robey Warshaw LLP 4%
17 PJT Partners Inc 4%
18 Ducera Partners LLC 4%
19 Credit Agricole CIB 3%
20 Wells Fargo 3%
21 KPMG Corp Finance 3%
22 Jefferies 3%
23 Centerview Partners LLC 3%
24 Mediobanca 2%
25 Perella Weinberg Partners 2%
26 HSBC 2%
27 LionTree Advisors LLC 2%
28 PwC 2%
29 Nordea 2%
30 Moelis & Co 1%
31 Greenhill & Co 1%
32 Banco Santander 1%
33 RBC Capital Markets 1%
34 Grant Samuel Securities Pty Ltd 1%
35 Lambert Brown Asset Management Pty Ltd 1%
36 China International Capital Corp 1%
37 BDT & Co LLC 1%
38 Ardea Partners LLC 1%
39 Duff & Phelps LLC 1%
40 Ernst & Young 1%
41 CITIC Securities 1%
42 Investec 1%
43 Kotak Mahindra Bank Ltd 1%
44 Axis Bank Ltd 1%
45 Lavin y Cia Enrique y Nelson CBL 1%
46 Nomura 1%
47 Guggenheim Capital 1%
48 Gleacher Shacklock 1%
49 Houlihan Lokey 1%
50 SEB 1%
51 Qatalyst Group 1%
52 Banco Bilbao Vizcaya Argentaria 0%
53 Deloitte Touche Tohmatsu 0%
54 Dyal Co LLC 0%
55 CIBC 0%
56 Numis 0%
57 Banco BTG Pactual 0%
58 Mizuho Financial 0%
59 Banco Itau BBA 0%
60 Victoria Partners GmbH 0%
61 M Klein & Co LLC 0%
62 Scotiabank 0%
63 Raymond James & Associates 0%
64 Fenchurch Advisory Partners Ltd 0%
65 William Blair & Co LLC 0%
66 D'Angelin & Co Ltd 0%
67 ING Groep 0%
68 Goetzpartners Corporate Finance GmbH 0%
69 Rabobank 0%
70 Ondra Partners 0%
71 ABG Sundal Collier Asa 0%
72 Bradesco BBI SA 0%
73 Kempen & Co NV 0%
74 Studio Tributario Associato Facchini Rossi & 0%
75 Intesa Sanpaolo 0%
76 BMO Capital Markets 0%
77 Robert W Baird & Co 0%
78 Zaoui & Co LLP 0%
79 Carnegie 0%
80 VTB Capital 0%
81 Canaccord Genuity 0%
82 Clarksons Platou Securities 0%
83 Connaught UK Ltd 0%
84 Cantor Fitzgerald 0%
85 Daiwa Securities 0%
86 Svenska Handelsbanken 0%
87 China Renaissance Partners 0%
88 Samsung Securities Co Ltd 0%
90 Banca Leonardo 0%
91 BR Partners 0%
92 RGS Partners Assessoria em Fusoes e Aquisico 0%
93 TD Securities 0%
94 National Bank Financial Inc 0%
95 Lincoln International LLC 0%
96 Arma Partners 0%
97 PNC Financial Services Group Inc 0%
98 GCA Corp 0%
99 Allen & Co 0%
100 Blackstone Group 0%

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Jan 29, 2019

Have you got a link for this?

Jan 29, 2019

This is obviously highly bank dependent. However, talking to a major PE HH in London, I was told that TMT, Industrials and Healthcare are favoured by traditional LBO funds, i.e. sector-agnostic ones.

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Jan 28, 2019

Thank you! Awesome information here

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Jan 28, 2019

Do we have such info for markets as well?

Jan 28, 2019

Very different landscape and depends on the specific product e.g:

  1. Cash Equity
  2. Equity Financing
  3. Equity Derivatives
  4. Equity Structured
  5. Multi-asset Structured
  6. FX (spot and derivatives)
  7. Rates (and breakdowns)
  8. Credit (and HY, Dist)
  9. Structured FI
  10. Commodities (and break downs)

No one bank has "the best" markets division, but generally the US banks are strong in fixed income, the French in Structured Equity, etc, with massive polarisation between each. DB still has a lot of [revenue] market [/wallet share despite being a major source of concern.

Offshore liffe

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Jan 28, 2019

It makes sense, thanks mate

Jan 28, 2019

I'm just here waiting for the DB not a BB memes...

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Jan 28, 2019

Any advice for those doing an IBD summer at a lower tier firm (DB/UBS/BNP) and how to get a FT at a top tier firm? I heard accelerated FT recruiting is bigger in London but seems fairly hidden and opaque.

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Jan 27, 2019

FT recruiting isn't as obscenely accelerated as in the US - most firms open for applications the summer before you'd be starting, and can stay open until late October or even November (GS only closed for applications in December for FT 2019 recruiting). WRT to shifting up a firm, put in a lot of work this summer, which means you'll have a solid professional reference, and leverage that. Most firms recruit from their SA pool, but if you want to move then the fact you'll have an SA stint in IB is a huge bonus, as most banks won't recruit students without experience for a FT position.

Jan 27, 2019

I heard and experienced many people doing a SA and then moving for FT to a different bank. There used to be 'invite only' breakfast and events hosted from top tier bb banks for interns from other banks. This seems not to be the case in London anymore. For example, GS did these 4 years ago, but they do not do them anymore. I would say firstly focus on converting and receiving a full time offer from your bank. You can leverage this later when interviewing with other banks. There are two ways to go about it. 1) Officially apply in September - not likely that you will get far but I've seen people shopping around after receiving FT offer and ending up at a better bank. 2) Meet bankers and alumni for coffee during your internship from banks you are interested in (but be extremely careful) and leverage them after your internship ends and get interviews for specific teams through them.

Jan 29, 2019

Just wanted to chime in here and mention that GS still holds these breakfast events for interns from other banks around mid-August (as of 2018).

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Jan 29, 2019

Seriously concerned about the outlook for London given 1) the impact of Brexit, and 2) the prospect of a Labour government. Deal flow has sagged in recent months due to companies awaiting clarity on the outcome of Brexit negotiations, and banks have reduced hiring accordingly. I'm aware that several banks (MS, BNP, CS, etc.) have already moved parts of their DCM origination teams to Continental Europe, with more to follow should a no-deal scenario become reality.

Moreover, it's little secret that Labour's leadership despises the financial services industry and will likely inflict even more pain on the sector should they come to power.

It's a good time to be a banker in Frankfurt.

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Jan 29, 2019
Leon Dragonov:

Seriously concerned about the outlook for London given 1) the impact of Brexit, and 2) the prospect of a Labour government. Deal flow has sagged in recent months due to companies awaiting clarity on the outcome of Brexit negotiations, and banks have reduced hiring accordingly. I'm aware that several banks (MS, BNP, CS, etc.) have already moved parts of their DCM origination teams to Continental Europe, with more to follow should a no-deal scenario become reality.

Moreover, it's little secret that Labour's leadership despises the financial services industry and will likely inflict even more pain on the sector should they come to power.

It's a good time to be a banker in Frankfurt.

Labour won't win a majority government even if they do get in, lifetime labor voters are saying they can't vote for a Corbyn government

Jan 27, 2019

The fact that Corbyn can't sustain a poll lead against the most incompetent Tory leader for years should at least help to assuage any fears on the latter point.

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Jan 31, 2019

I think this is an interesting point. I think the answer as to what happens after Brexit is actually no-one knows, other than that recruiting in IBD has indefinitely taken a hit. It will be interesting to see post-March if BBs will continue recruiting, and if so how they will go about it. I'm sure GS haven't put halts to their plans to build a new HQ in London...

Jan 27, 2019

I think that IBD will probably be the last division to be severely affected by Brexit regarding recruiting, especially M&A jobs seem secure for now. Simultaneously, I don't believe it is impossible that certain industry teams might be moved to other locations, e.g. Industrials to Frankfurt, or other groups where a specific bank doesn't have a lot of business in the UK.

Jan 31, 2019

Their new HQ is almost finished in construction and they're going to move there this summer

Jan 30, 2019

IMO, DB looks incredibly strong in EMEA at the moment. The slim down of its operations on the other side of the pond should render an opportunity to focus on its home region and finally show the Yanks who's Kingpin of the Square Mile.

Personal Ranking of BBs atm:
DB = GS = MS > JPM = BAML = Citi ... The rest

Incoming IBD Summer Analyst at Deutsche Bank

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Feb 1, 2019

What do you guys think about S&T in London? I will start applying for S&T summer internships at the end of next summer and I am pretty scared about the prospects for traders/quants/structurers in london. I know that for M&A you need to speak the local language, but does it apply to S&T too? e.g. may I recruit for frankfurt, paris speaking only english?

Jan 27, 2019

What is the overall take on EMEA M&A product groups in London like they exist at MS and BAML to my knowledge? While M&A is often the top group in the US, I have a hard time figuring out why those would be any good in London given that for most major markets you have established country coverage teams (at least at top 7 firms).
If you have a local group that has the relationship and a sector team in London what is the job of EMEA/EU M&A teams? I doubt that they do the model. Is it only for markets where the bank does not have a local presence?

Jan 27, 2019


Mar 17, 2019

Afaik Morgan Stanley's UK M&A team do the execution and modelling for relevant deals with very little coverage.

Meanwhile, Goldman and all the boutiques have sector teams which do the M&A execution and coverage with no pure M&A team.

Feb 1, 2019

Opinions on the likes of Macquarie/Nomura/RBC?

Jan 29, 2019

RBC has a decent deal flow in the MM space
Macquarie is really good in Infra/PUI only otherwise they have no dealflow
Nomura has a non existant M&A dealflow, they mostly do cap markets afaik

Feb 1, 2019

Great post, thank you!

A similar, country specific breakdown (e.g. for France, Germany etc.) would be awesome.

Jan 29, 2019

Generally speaking these rankings will still apply as most of the big deals are cross border anyways think alstom simens for instance.
Big local banks will have a good dealflow locally - ie DB in Frankfurt, SocGen in Paris, Unicredit/Mediobanca in Milan due to corporate relations and lending power.

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