Top BB M&A Groups

Thoughts on best M&A groups among BBs? Excluding GS and Barclays bc they do it in-house, I was thinking MS>JPM>Citi>BofA>CS>The Rest...Any color on which BBs are picking up momentum, such as Citi (dominated mega-deals last year) or RBC (on Raytheon deal)...Obviously a ton of threads on this but any chance you'd take a mid/low-tier BB M&A group over Moelis/Lazard and do you think there is meaningful exit opp differences btw those

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Comments (26)

  • Associate 1 in IB-M&A
Jun 13, 2020 - 2:37pm

EVR is like RBC 5 years ago - up and coming EB, trying to compete with the best

  • Analyst 1 in IB - Restr
Jun 13, 2020 - 2:23pm

I would take Moelis (esp LA) or Lazard over a BB. Ive seen more peers at these and other EBs exit better than those who went to BB. But, you shouldnt only consider exits. Think about the type of experience you want, the culture, location, etc. There are many WSO threads on this topic already. You shouldnt have the mindset of putting everything into rankings and doing what other people do. Form your own opinion

  • Analyst 2 in IB-M&A
Jun 13, 2020 - 7:05pm

Why do you care so much? Just get into one of the firms and go with the place you gel with the people best. If you go to GS and hate everyone you won't perform well, do well in the culture, nor get assigned good work. So stop inquiring about rankings constantly and forget about prestige jesus.

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  • Associate 2 in IB-M&A
Jun 13, 2020 - 11:17pm

Small point, but RBC didn't advise on Raytheon on its merger with United - Citi did. RBC only provided the fairness

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  • Associate 2 in IB-M&A
Jun 14, 2020 - 7:14pm

A fairness opinion role is NOT an advisory role. I have worked on my fair share of FOs and no one would equate it to an advisory role. Check the press release

"Citigroup Global Markets Inc. is acting as financial advisor to Raytheon, and RBC Capital Markets LLC provided a fairness opinion."

A fairness is focused on valuation and price, which are important deal aspects but not the only ones. The actual financial advisory role is providing advice on price/valuation IN ADDITION TO strategy, diligence, deal structuring and terms, tactics, negotiations with UTX, corporate governance matters (e.g. what should the mgmt and board split be?), investor relations and market receptivity, the attractiveness of other alternatives and options, and the list goes on

RBC was brought in May 2019 (1 month before the deal announced) and got paid $7m. Citi was brought in in late 2018 and got $68.5m. end of story

  • Incoming Analyst in IB - Gen
Jun 14, 2020 - 3:02pm

BofA M&A >/= Citi, imo. Going to top bb industry team, so no dog in the fight, but seems like the momentum has kind of shifted.

  • Prospect in IB - Cov
Jun 21, 2020 - 4:44pm

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  • Intern in IB - Cov
Jun 14, 2020 - 10:51pm

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