UNDISPUTED RANKINGS - 2021

BB Rankings:

  1. Goldman Sachs / Morgan Stanley / JPM

  2. BofA / Citi / Barclays

  3. Credit Suisse / RBC

  4. Wells Fargo / DB / UBS

EB Rankings:

  1. PJT / Evercore / Centerview / Qatalyst

  2. PWP / Lazard / Moelis

  3. Guggenhiem / Houlihan (Note: both RX teams would be tier one)

  4. Rothschild / Greenhill

MM Rankings:

Jefferies / Raine / Cowen / Baird / William Blair

Meh, weak groups:

Stifle / Nomura

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Comments (115)

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  • Analyst 1 in AM - Equities
May 17, 2021 - 3:11pm

Qatalyst should be right at the top of EB's, and Raine should be somewhere in honorable mention. 

Most Helpful
  • Intern in IB - Cov
May 17, 2021 - 3:19pm

Look at 2021 YTD League Table, pledge. Take out WF and RBC from the BB table, include Jefferies there, and then put DB as 5 and UBS as 6.

  • Associate 1 in S&T - Other
May 17, 2021 - 3:23pm

OP then should just link this website instead of his own honest opinion, tbh Jefferies will never be a BB. Also, this is just 2021 Q1 earnings.

  • Analyst 1 in IB-M&A
May 17, 2021 - 3:29pm

OP then should just link this website instead of his own honest opinion, tbh Jefferies will never be a BB. Also, this is just 2021 Q1 earnings.

It isn't just Q1 earnings lol. Jefferies has been outperforming since the past couple of years. It pays slightly above street at analyst level but that scales up considerably as you rise through the ranks and the top performers are paid at the EB level. This isn't to say that it is at the Goldman level but I think it's fair to say given it's historic and future trajectory that it is at UBS/DB level (maybe even slightly ahead in IB) and above the other balance sheet and MM banks. 

  • Analyst 1 in IB-M&A
May 17, 2021 - 3:35pm

That's probably why OP had them in honorable mention

Yeah that's fine if he doesn't put RBC/WF/Rothschild on there in the rankings. Putting those banks ahead of Jefferies for IB implies they are better than Jefferies which I disagree with for the aforementioned reasons. Plus, if it is at the UBS/DB level shouldn't it be recognised that way, too?

  • Intern in IB-M&A
May 17, 2021 - 3:44pm

Dude no offense to your rankings but you have Cowen right next to Jefferies and there's no way both are top MM. if Cowen's a top MM (which it isn't) then you need to raise Jefferies's level by a notch or more. Otherwise, remove Cowen from there. The closest Jefferies comps would be WB/Rothschild/Baird/HL.

  • Analyst 1 in IB - Cov
May 17, 2021 - 3:48pm

I've heard it's a lot of pitch work. Also, Jefferies is not in the same tier as WB LOL.

  • Intern in IB-M&A
May 17, 2021 - 3:58pm

I was replying to the Analyst 1 in IB - Ind who mentioned that Jefferies is not in the same tier as WB. Just wanted to clarify from him if he meant that Jef was above or below WB. If he did in fact mean Jef is below WB, I (and most others on the street) would disagree with that statement.

  • Intern in IB-M&A
May 17, 2021 - 4:04pm

Yeah no I totally agree that it's the best choice out of all the "comps". The only reason I listed those were to say that i would much rather have Jefferies compared to those than Cowen in the MM space. Tbh I think it is more along the WF/RBC/UBS/DB but the OP doesn't seem to want to place Jefferies in that category.

  • Analyst 1 in IB - Cov
May 17, 2021 - 4:08pm

Feel you. 100% would take JEF over any of those just listed.

May 17, 2021 - 11:49pm

Lets Assume that you are looking at this table: https://www.factset.com/hubfs/mergerstat_em/monthly/US-Flashwire-Monthl…

I would still put Jefferies Wells and RBC all in the same category as they are above a 1 billion deal value per deal.  I know that some people are going to say that well RBC and Wells are much lower on the transaction volume but, if we are not LQA the Q1 leagues tables and generally looking at 2018, 2019, and 2020 league tables (Excluding RBC 2020 as it looks like it was a really bad year for them)   generally they are much closer (RBC closer than Wells) to overall volume of the biggest players.  

  • Analyst 1 in IB - Cov
May 17, 2021 - 4:20pm

BofA and Citi are not a tier better than Barclays. Those banks may be ahead on league tables, but Barclays is more prestigious if anything. JPM arguably has the best name outside of GS, ridiculous to put BofA and Citi on the same tier.

  • Associate 1 in S&T - Other
May 17, 2021 - 4:22pm

Citi has always been ranks ahead of barcap especially pre 2008 era, barcap has prestige over Citi? don't think so

  • Analyst 1 in IB - Cov
May 17, 2021 - 9:10pm

Barclays is EX-Lehman, which was a better brand than Citi. League tables are not very accurate. Citi is a huge balance sheet bank, and often receive M&A credit when on the deal only for financing, not for M&A work. This is the case for every BB, but much more so with Citi/BofA than others. Also Citi is arguably the most global bank (which obviously is a great thing and has its pros), but once again misleading in terms of league tables because they have a much larger percentage of deals outside the US (many in very remote areas). Even just in the way they hire at the junior level, it is clear that Barclays is viewed as more prestigious. Barclays hires more candidates from top schools, and they do so while recruiting on the later side of things. Citi takes a bunch of non-core candidates, possibly the biggest diversity bank, and they recruit 6+ months ahead of the top 5 BB's (GS, MS, JPM, BAML, BARC) in order to try to pressure candidates that wouldn't normally go with Citi. Bigger does not always mean better, and Barclays is clearly viewed as better by more candidates. Not to mention better culture and in-house M&A. 

  • Intern in IB - Cov
May 17, 2021 - 4:34pm

Move JPM up with GS/MS or at least by itself. Barclays on par with the likes of BofA and especially Citi. RBC doesn't belong with CS, move down with DB/Wells/UBS. Boutiques look good.

  • Incoming Analyst in IB-M&A
May 18, 2021 - 3:02am

agree - Outside of the M&A group Citi should be in tier 3, Barc/Baml the only real banks that belong in tier 2 and even then Baml not strong outside product groups (M&A/Sponsors/Levfin) and MAYBE Consumer

  • Analyst 1 in IB - Cov
May 17, 2021 - 5:03pm

Large Banks

GS/MS/JPM

BAML/BARC/CITI

CS/UBS

JEFF

DB/RBC/WF

Large Boutiques

EVR/PJT/CENT

LAZ/MOEL

PWP/GUGG

Honorable Mention: Greenhill, Houlihan

Top Industry boutiques include: Qatalyst, Eastdil Secured, Liontree, Raine, etc.

  • Associate 1 in S&T - Other
May 17, 2021 - 11:21pm
  1. GS / MS/ JPM

  2. BofA / Citi / Barclays

  3. CS / RBC

  4. DB / RBC / UBS

Damn, RBC is doing so well, 2 of them are in top 10 list

  • Intern in IB - Gen
May 18, 2021 - 3:02am

EVR below Gugg and PWP? They have been on huge deals recently 

May 18, 2021 - 3:02am

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May 18, 2021 - 3:02am

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  • Incoming Analyst in IB-M&A
May 18, 2021 - 3:02am

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