US & EMEA League Tables

What do you think about this year's league tables? Any key takeaway that you found during the year?

I was surprised that Citi had such a record year in ECM Globally but was not able to catch the first banks in M&A with those relationships 

Also surprised that HSBC did that well in Europe, maybe their BS helped them to capture these deals?

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 (42)

  • Analyst 1 in IB-M&A
Jan 1, 2021 - 9:53am

They're always #1 for deal flow, I think they're far too discredited on this site in terms of the learning opps that Analysts can get. Probably because of the US bias.

They also actually get on quite a few interesting but smaller deals like Ferrero buying Fox's Biscuits. 

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
  • Intern in IB-M&A
Jan 1, 2021 - 4:33pm

Does high # of deals mean better learning experience through reps even though most people seem to think of a lower # of deals but higher dollar value deals being more impressive particularly for exit ops? Also Roths has a fairly high deal count relative to its total deal volume in the US as well right? 

  • Intern in IB - Gen
Jan 1, 2021 - 2:41pm

jefferies m&a has always been strong, but has particularly been reaping the benefits of all the sponsor financings levfin did really getting going around 2015. now those PE funds are looking to exit those investments, and the JEF m&a team will come back around 5-7 years later and sell them which is what we are seeing now.

Jan 1, 2021 - 3:37pm

Looks like JPM underperformed this year, look at volume YoY is massively down. May definitely be a one off, but bare in mind that BofA is also or was also aggressively hiring in 2019.

  • Prospect in IB-M&A
Jan 1, 2021 - 4:27pm

And whats your opinion in Europe, it seems that that MS is catching JP lately (and even more if headcount adjusted) and that BofA is distancing even more from Citi / CS 

  • Analyst 2 in IB-M&A
Jan 1, 2021 - 5:59pm

Take a look at past and current league tables, MS > JPM in terms of M&A in both US and EMEA (exception for EMEA this year)

Most Helpful
  • Analyst 1 in IB - Cov
Jan 1, 2021 - 9:10pm

While certainly a bit of a surprise, not sure whether BofA being ahead of JPM is such an anomaly in the Americas. They definitely have the platform to catch up to the current top 3. In general, it seems obvious that they are distancing themselves from the other BBs and are likely to occasionally show up in the top 3 globally in the next couple of years. Something that is not fully clear to me yet, however, is in which sectors they really aim to claim leadership; it seems to be the case that they are pretty much #3-5 in every sector but not necessarily leading anywhere. The most momentum seems to be in Technology at the moment but it seems very unlikely for them to seriously outcompete GS/MS in this space.

Citi is clearly failing to fully sustain the initial growth they had in 17-19 and missed out on many, many megadeals in 2020. Something that shouldn't happen with this balance sheet but maybe Covid-19 proved particularly difficult for their platform. On the other hand, CS really stepped up and proved that their new leadership might be working. 

Jan 1, 2021 - 9:41pm

Not sure what the search query was for those league tables, but here's what Factset shows when I search for mergers/acquisitions; announced in 2020 not including cancelled deals, rumors, or rumor cancelled; and target location in U.S.

Crazy how wide the gap is between the top 4 BBs and the rest.

US M&A League Table

Ape shall never kill Ape

  • 3
  • 3
  • Analyst 1 in IB - Gen
Jan 2, 2021 - 12:15am

This is dealogic, same conditions as those stated by yourself

Just by watching Europe you can see that your league tables are pretty off, far off, so would assume the same applies to US & Global

Jan 2, 2021 - 6:59am

dealogic messes around with the criteria too frequently and factset is off, too. Find below a more accurate table, from bloomberg. 1) GS, 2) MS, 3) JPM based on the deals I saw. BofA definitely isn't above JPM and JPM definitely isn't above GS and MS. 

Dates : Custom(January 1 2020, December 31 2020) Apply to - announced date

Deal Status : Pending, Completed

Country : Include : United States, Apply to Target

Bloomberg league table

Jan 2, 2021 - 3:25pm

Repudiandae est voluptatem placeat et beatae nobis. Quia voluptas ipsa repudiandae libero rerum amet. Similique dolorum laborum aut omnis. Unde beatae illo molestias incidunt mollitia.

Aspernatur saepe neque nam qui ipsum. Ut aut quaerat ducimus excepturi voluptatem voluptatibus delectus in. A ea in animi reprehenderit accusamus architecto voluptas. Voluptate consequatur aspernatur ea cum in id esse.

Dolores eaque eos omnis repellendus. Aliquid repellat inventore delectus expedita eum rerum. Dicta animi aperiam vitae reiciendis.

Et blanditiis doloribus aperiam voluptas similique. Aut similique corporis dolor omnis.

Jan 2, 2021 - 11:49pm

Sapiente sint repellat corporis voluptatem totam laudantium. Minima quo maiores omnis. Natus ea sit culpa illo totam debitis. Explicabo aliquam natus quas provident ut ad. Non possimus culpa soluta laboriosam reiciendis est consequatur.

Rerum aperiam minus libero. Minima labore veritatis temporibus veritatis non est. Eum velit rerum reiciendis quae tenetur.

Quis suscipit porro aspernatur in quibusdam. Perferendis odio ipsam enim sint similique eos quam quibusdam. Ab similique deserunt optio alias nihil porro eveniet. Hic assumenda voluptatem ut harum sequi. Quis repellat harum sunt ut excepturi nulla reiciendis.

Exercitationem eveniet aut recusandae fuga dicta nihil vitae. Quis ut harum soluta atque. Eos fugit nemo ad ipsa nam. Repudiandae ut exercitationem possimus voluptas.

Start Discussion

Total Avg Compensation

November 2021 Investment Banking

  • Director/MD (10) $853
  • Vice President (40) $360
  • Associates (234) $234
  • 2nd Year Analyst (144) $156
  • 3rd+ Year Analyst (34) $154
  • Intern/Summer Associate (107) $146
  • 1st Year Analyst (512) $136
  • Intern/Summer Analyst (393) $83