Vault Career Guide to Investment Banking (European Edition)
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Vault Career Guide to Investment Banking (European Edition)
WHAT YOU'LL find INSIDE:
  • How the different investment banking functions interact
  • Trends in investment banking: past, present and future
  • Career paths for recent graduates, MBAs and young professionals
  • Life on the job: culture, lifestyle, hours and more


Pages: 134
Price: 29.95



Read an excerpt from the Vault Career Guide to Investment Banking (European Edition)


The Players
The biggest investment banks include Morgan Stanley, Credit Suisse, Citigroup, JPMorgan, Deutsche Bank and UBS, among others. Of course, the complete list of I-banks is more extensive, but the firms listed above compete for the biggest deals worldwide.

In the European market there is also a number of major regional players, including Rothschild, ABN Amro, Lazard, BNP Paribas, Mediobanca, Societe Generale, Dresdner Kleinwort Wasserstein, HSBC Holdings and Barclays Capital.

Many an I-banking interviewee asks, "Which firm is the best?" The answer, like many things in life, is unclear. There are many ways to measure the quality of investment banks. You might examine a banks expertise in a certain segment of investment banking. For example, Citigroup was tops globally in 2005 in total debt and equity underwriting volume, but trailed Goldman Sachs in mergers and acquisitions ("M&A") advisory. Goldman Sachs has a stellar reputation in equity underwriting and M&A advisory but is not as strong in debt issuance. Those who watch the industry pay attention to "league tables," which are rankings of investment banks in several categories (e.g., equity underwriting or M&A advisory). The most commonly referred to league tables are published quarterly by Thomson Financial, a research firm based in Newark, N.J. Thomson collects data on deals done in a given time period and determines which firm has done the most deals in a given sector over that time period. Essentially, the league tables are rankings of firm by quantity of deals in a given area.

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