2022 League Tables US (Factset)

Thanks for sharing!

Allen & Co. bringing the heavy 

Slightly shocked at Stephens and Stifel 

Thanks can you also share the 2021 pull for reference?

Looks like Wells Fargo improved, cracking the top 10. 

If you looked at this and didn't know anything about how Wells Fargo makes its fees you'd think they were balling 

What deals did Santander even do? How are they so high? 

Rothschild in US pretty solid now

Generally would caution against using this table, FT one is probably a better picture painted 

What happen to UBS?

PWP sucks 

Looking closer at this I fee like it might include $ amount lent too. What US deal was Mediobanca SPA on? I've never heard of this firm

Not familiar - is Evercore doing similar-sized deals as compared to years past but doing more of them, or is it doing the same amount of deals as in years past but of comparatively larger sizes?

Okay yeah Blair and Baird lower than some of those other names? HL is lower than Greenhill? I guess Greenhill is public so they disclose more deals? Obviously list should be taken with a serious grain of salt 

Lmao at PWP and William Blair being in the shitter

League tables are useless. You can’t compare a bank like JPM to an M&A advisory boutique. BB banks often get advisory credit for financing deals. Not sure why people care about league tables at all

Looking at this, it seems like Deutsche Bank is completely underwater for their advisory business. On the other hand, Wells Fargo had a huge year in terms of growth. I wouldn't be surprised if they overtake Credit Suisse this year following the reorganization.

Obviously, all of this should be taken with a grain of salt, but it'll be interesting to see how the BBs shift this upcoming cycle.

Curious, what's the criteria for a deal to be under the US league tables? Did you filter under the target firm's location? Think this would be slightly confusing with cross border deals

BMO ahead of deutsche? Lol and double Baird / Blair that’s wild

How is E&Y so high up? I know the big4 do a lot

of deal volume but I understood it to be smaller deals and most deal value undisclosed due to private.

Based on these rankings, big4 are really the best MM banks. If they paid market they could probably suck up all the talent from HL, WB, RWB etc

Jeffries, EY and Rothschild bankers walk into a bar… you would be able to guess their own take on league tables but the reality is that that yellow shirt and brown suit generates fees hahah…

Oh look Moelis is blacked out in the corner.

One thing I’d like to point out is that Moelis’ league table position might be artificially deflated because they do a lot of sponsor backed deals, which are often undisclosed deal values. Without that handicap they’d probably move up from 25th place to at least 22nd, amongst other top tier elite boutiques. Just my 2 cents

Have to really look at this on a fee basis, not deal value. Deal value is heavily skewed by large transactions (and I believe banks often get credit for full value even if they just did a fairness opinion). Citi for example did $1.3Bn of advisory (M&A fees) which is signifcantly less than say Evercore (~$3Bn of mostly M&A fee) and similar to Moelis (~$1Bn), Houlihan (~$1.5Bn), etc. This table would have you believe they are multiples larger, which isn't the case. (note, appreciate these fees have international, some capital markets, Rx, etc. but you get the idea).

Also have to conpsider size of the firm relative to the fees generated.