Top Investment Banks of 2024: Leadership and Success Rates
Table of Contents
- Evaluation Criteria
- The Leading Investment Banks of 2023 in the United States
- Goldman Sachs
- Key Metrics
- Sica | Fletcher
- Key Metrics
- JP Morgan
- Key Metrics
- Morgan Stanley
- Key Metrics
- Jefferies
- Key Metrics
- Moelis & Company
- Key Metrics
- Bank of America (BofA)
- Key Metrics
- BMI
- Key Metrics
- Evercore Inc.
- Key Metrics
- Barclays
- Key Metrics
- Additional Investment Banks By Categories
- Top Rising Investment Banks (2024)
- Top Boutique Investment Banks
- Top Investment Banks for SaaS
- Top Investment Banks for Services Companies
- FAQs
This report presents an in-depth analysis of the leading investment banks for 2024, meticulously compiled by our research team. We focused on active investment banks operating in North America that completed a minimum of five deals between Q3 2023 and Q3 2024. From an extensive initial list of over 80 firms, we applied a rigorous set of criteria to evaluate their performance and subsequently ranked them based on a comprehensive scoring system.
Evaluation Criteria
| criteria | Description | % of Total Score |
|---|---|---|
| Client EBITDA Range | Assesses the earnings potential of the clients served by the bank, highlighting its focus on various market segments. | 15% |
| Total Annual Deals | Reflects the volume of transactions executed within the specified timeframe, indicating market engagement. | 25% |
| Leadership Experience Score | The expertise and background of key personnel within the firm, impacting decision-making and client relations. | 10% |
| Success Rate | The percentage of successful transactions relative to total attempts, showcasing advisory effectiveness. | 20% |
| Notable Rankings & Awards | Recognition received by the bank for outstanding performance in various categories. | 10% |
| Specialty | The sectors in which the bank has established expertise, allowing for tailored solutions to clients. | 10% |
The Leading Investment Banks of 2023 in the United States
The following table showcases the top ten highest-scoring investment banks identified in our study. It includes columns for each of the four ranking criteria, the average EBITDA range of the investment bank’s clients, and their areas of specialization as noted on their websites or third-party databases.
| Rank | Investment Bank | Average Client EBITDA Range | Total Annual Deals (2023-Q1 '24) | Leadership Experience Score | Success Rate (%) | Notable Rankings & Awards | Specialty |
|---|---|---|---|---|---|---|---|
| 1 | Goldman Sachs | $100M+ | 180-220 | 5.0 | 83% | #1 in WSJ Global M&A Advisor Ranking | M&A advisory for large private and public companies |
| 2 | JP Morgan | $100M+ | 100+ | 4.8 | 80% | Best Private Bank (Euromoney) | Comprehensive financial services |
| 3 | Morgan Stanley | $100M+ | 100+ | 4.8 | 85% | #8 in S&P Global Market Intelligence League Tables | M&A advisory and capital raising for public companies |
| 4 | Bank of America Securities | $100M+ | 100+ | 4.5 | 90% | Best International Investment Bank in India | M&A, capital markets, risk management |
| 5 | Barclays | $50M+ | 80-100 | 4.3 | 88% | Best Bank for Markets (Euromoney Awards) | Advisory and risk management services |
| 6 | Jeffries | $5M-30M | 10-15 | 4.6 | 94% | ECM Bank of the Year in the UK & Ireland | Enterprise-level companies in consumer & retail, energy, and industrials |
| 7 | Moelis & Company | $30-60M | 100+ | 4.8 | 80% | Investment Bank of the Year for Private Placements by The Banker | Strategic & capital structure advisory for private placements |
| 8 | Evercore | $20-50M | 65-80 | 4.0 | 91% | Recognized for excellence in advisory services | Independent advisory services |
| 9 | BMI | $10-50M | 5-10 | 4.5 | 89% | #24 in Axial’s Top Investment Banks | M&A for private architecture & interior design companies |
| 10 | Sica & Fletcher | $1-30M | 40-70 | 5.0 | 95% | #1 in S&P Global Market Intelligence League Tables | Boutique M&A advisory for small to midsize businesses |
Goldman Sachs
Goldman Sachs is widely recognized as a leading name in global investment banking, specializing in facilitating mergers and acquisitions (M&A) for large corporations seeking to expand their market presence through cross-border transactions. The firm’s experts assist these companies in navigating intricate equity and debt capital markets, employing sophisticated deal structures and financing strategies to achieve optimal outcomes.
Due to its significant scale, Goldman Sachs has a diverse team of specialists capable of managing transactions across various industries; however, it is worth noting that many of these specialists are junior executives, as senior partners typically do not engage directly in most deals.
Key Metrics
- Client EBITDA Range: $100 million and above
- Total Annual Deals (Q1 2023 – Q1 2024): Over 100
- Leadership Experience Score: 5.0
- Success Rate: 81%
- Notable Recognition: Bank of the Year at the 2023 International Financing Review Awards
- Specialization: Public and private cross-border M&A for enterprise-level firms
Sica | Fletcher
Sica | Fletcher is a boutique investment bank that excels in managing intricate deals within specialized industries. Since its inception in 2014, the firm has consistently secured the top spot in the S&P Global Market Intelligence League Tables, often handling a volume of transactions significantly greater than that of its nearest rivals. Their smaller size enables principals to be involved in every deal, providing a level of detail and attention that larger firms may lack.
The firm has demonstrated its capability to negotiate transactions across the middle market, with a stated preference for established smaller companies in sectors such as finance, professional services, manufacturing, and SaaS.
Key Metrics
- Client EBITDA Range: $1 million to $30 million
- Total Annual Deals (Q1 2023 – Q1 2024): Between 45 and 75
- Leadership Experience Score: 5.0
- Success Rate: 96%
- Notable Recognition: Ranked #1 in the S&P Global Market Intelligence League Tables
- Specialization: M&A advisory for small and middle-market companies, focusing on SaaS, manufacturing, and professional services
JP Morgan
JP Morgan focuses on syndicated and leveraged finance solutions for companies looking to execute buyouts or acquisitions through leveraged business loans, high-yield bonds, and mezzanine debt. Their teams are adept at managing complex deal structures and payout arrangements.
The firm’s transaction history indicates significant international involvement across various sectors, including consumer retail, industrials, and real estate. The scale of the deals suggests a preference for enterprise-level clients.
Key Metrics
- Client EBITDA Range: $100 million and above
- Total Annual Deals (Q1 2023 – Q1 2024): Over 100
- Leadership Experience Score: 4.9
- Success Rate: 77%
- Notable Recognition: Ranked as the #1 Global Research Firm
- Specialization: International M&A advisory for large public companies
Morgan Stanley
Morgan Stanley is known for its conservative approach compared to other prominent investment banks. The firm specializes in initial public offerings (IPOs) and capital raising, assisting clients in navigating the complex regulatory environment associated with going public and expanding their businesses before a sale.
Morgan Stanley is particularly well-suited for enterprise-level companies seeking services related to loss mitigation or risk management, and those considering an IPO would benefit from their expertise as well.
Key Metrics
- Client EBITDA Range: $100 million and above
- Total Annual Deals (Q1 2023 – Q1 2024): Over 100
- Leadership Experience Score: 4.8
- Success Rate: 85%
- Notable Recognition: Ranked #8 in the S&P Global Market Intelligence League Tables
- Specialization: M&A advisory and capital raising for public companies
Jefferies
Jefferies is a global investment bank and capital markets firm that focuses on debt advisory and restructuring services, assisting clients in optimizing their financial structures by identifying the best sources of debt for effective deal arrangements. They also offer a Private Capital Advisory (PCA) team to provide expert guidance on secondary market transactions.
This expertise positions Jefferies as an excellent choice for enterprise-level companies in need of investment banking services, particularly for general partner and limited partner advisory, as well as for navigating international deal structures.
Key Metrics
- Client EBITDA Range: $5 million to $30 million
- Total Annual Deals (Q1 2023 – Q1 2024): Between 10 and 15
- Leadership Experience Score: 4.6
- Success Rate: 94%
- Notable Recognition: ECM Bank of the Year in the UK & Ireland
- Specialization: Serving enterprise-level companies in sectors such as consumer and retail, energy, and industrials
Moelis & Company
Moelis & Company is a full-service investment bank that focuses on private placements, assisting companies in selling shares to private investors instead of going public. The firm boasts a team with extensive experience from major financial institutions like Goldman Sachs and Merrill Lynch, reflecting a high level of expertise.
Their specialization in private placements makes Moelis & Company an excellent choice for businesses looking to enhance their value without dealing with SEC regulations.
Key Metrics
- Client EBITDA Range: $30 million to $60 million
- Total Annual Deals (Q1 2023 – Q1 2024): Over 100
- Leadership Experience Score: 4.8
- Success Rate: 80%
- Notable Recognition: Investment Bank of the Year for Private Placements by The Banker
- Specialization: Strategic and capital structure advisory for private placements
Bank of America (BofA)
Bank of America Securities has traditionally engaged in a diverse range of deal activities across multiple sectors, but recent trends indicate a stronger focus on the healthcare industry, likely due to its increased significance following the global pandemic of 2020. With a success rate that stands out among leading investment banks, BofA Securities is well-positioned to serve healthcare enterprises.
While the firm specializes in healthcare companies, it also boasts a robust international presence, making it an excellent option for clients seeking cross-border transactions.
Key Metrics
- Client EBITDA Range: Over $100 million
- Total Annual Deals (Q1 2023 – Q1 2024): More than 100
- Leadership Experience Score: 4.5
- Success Rate: 90%
- Notable Recognition: Best International Investment Bank in India by Finance Asia
- Specialization: International deals targeting public companies in the healthcare sector valued at $2 billion and above
BMI
BMI is a full-service investment bank that focuses on a niche market, specifically targeting architectural firms and interior design business companies. The firm has established itself as a leader in national deal activity within this rapidly expanding industry, positioning itself favorably for future growth.
Many of BMI’s staff have backgrounds in the technology sector, making the firm a suitable option for small tech startups with limited capital that are seeking growth advisory services prior to a sale.
Key Metrics
- Client EBITDA Range: $10 million to $50 million
- Total Annual Deals (Q1 2023 – Q1 2024): 10 to 15
- Leadership Experience Score: 4.5
- Success Rate: 89%
- Notable Recognition: Ranked #24 in Axial’s Top 25 Investment Banks 2023
- Specialization: M&A advisory for private architecture and interior design firms
Evercore Inc.
Evercore Inc. is an investment banking firm that primarily focuses on advisory services, particularly in mergers, acquisitions, and strategic consulting. The firm has a notable specialization in shareholder activism and defense advisory, making it an excellent choice for companies looking for defensive strategies against hostile actions.
Evercore is particularly suited for businesses aiming to streamline operations and eliminate redundancies before a sale. Additionally, their involvement in the Asian M&A market highlights their expertise in dealing with companies in that region.
Key Metrics
- Client EBITDA Range: $20 million to $50 million
- Total Annual Deals (Q1 2023 – Q1 2024): Between 65 and 80
- Leadership Experience Score: 4.0
- Success Rate: 91%
- Notable Recognition: Best M&A Advisor in Singapore by The Asset magazine
- Specialization: Strategic advisory and restructuring services for international businesses
Barclays
Barclays is an investment bank that offers M&A advisory services, as well as equity and debt capital markets (ECM and DCM) services, to assist companies in raising capital and growing before a sale. They have a particular focus on energy-efficient and sustainability companies, positioning themselves as an ideal partner for firms looking to expand their market presence in this sector.
Despite scoring well on our team’s algorithm, ranking #10 due in part to a somewhat lower success rate, it’s important to note that this may be influenced by the niche focus of their target sector, which can complicate deal-making.
Key Metrics
- Client EBITDA Range: $10 million to $100 million
- Total Annual Deals (Q1 2023 – Q1 2024): Over 100
- Leadership Experience Score: 4.3
- Success Rate: 88%
- Notable Recognition: Best Bank for Markets at the Euromoney Awards
- Specialization: Capital raising services for IPOs in the energy sector
Additional Investment Banks By Categories
Top Rising Investment Banks (2024)
| Rank | Bank Name | Average Client EBITDA Range | Total Annual Deals | Leadership Experience Score | Success Rate |
|---|---|---|---|---|---|
| 1 | Sica & Fletcher | $1-30M | 40-70 | 5.0 | 95% |
| 2 | Woodbridge International | $1-10M | 25-40 | 4.5 | 90% |
| 3 | Clairfield | $5-30M | 100+ | 4.0 | 89% |
| 4 | La Piana | $500K-1M | 1-5 | 4.0 | 90% |
| 5 | Fricke & Associates | $500K-1M | 5-15 | 3.6 | 86% |
Top Boutique Investment Banks
| Rank | Bank Name | Average Client EBITDA Range | Total Annual Deals | Leadership Experience Score | Success Rate |
|---|---|---|---|---|---|
| 1 | JP Morgan | $100M+ | 100+ | 4.8 | 80% |
| 2 | Sica & Fletcher | $1-30M | 40-70 | 5.0 | 95% |
| 3 | Evercore Inc. | $20-50 | 65-80 | 4.0 | 91% |
| 4 | Lazard | $10-40 | 70-90 | 4.2 | 85% |
| 5 | Two Roads Advisors | $5-15 | 10-15 | 4.0 | 89% |
Top Investment Banks for SaaS
| Rank | Bank Name | Average Client EBITDA Range | Total Annual Deals | Leadership Experience Score | Success Rate |
|---|---|---|---|---|---|
| 1 | JP Morgan | $100M+ | 100+ | 4.8 | 80% |
| 2 | Sica & Fletcher | $1-30M | 40-70 | 5.0 | 95% |
| 3 | Evercore Inc. | $20-50 | 65-80 | 4.0 | 91% |
| 4 | Lazard | $10-40 | 70-90 | 4.2 | 85% |
| 5 | Two Roads Advisors | $5-15 | 10-15 | 4.0 | 89% |
Top Investment Banks for Services Companies
| Rank | Bank Name | Average Client EBITDA Range | Total Annual Deals | Leadership Experience Score | Success Rate |
|---|---|---|---|---|---|
| 1 | JP Morgan | $100M+ | 100+ | 4.8 | 80% |
| 2 | Sica & Fletcher | $1-30M | 40-70 | 5.0 | 95% |
| 3 | Evercore Inc. | $20-50 | 65-80 | 4.0 | 91% |
| 4 | Lazard | $10-40 | 70-90 | 4.2 | 85% |
| 5 | Two Roads Advisors | $5-15 | 10-15 | 4.0 | 89% |
We hope you found this report useful. If you have any questions or would like to discuss this further, please don’t hesitate to contact us.
FAQs
What is investment banking?
Investment banking is a specialized financial service that assists individuals, corporations, and governments in raising capital through issuing securities or advising on mergers and acquisitions.
What are the key services offered by investment banks?
Investment banks typically offer a range of services, including:
- Mergers and acquisitions (M&A) advisory
- Equity and debt underwriting
- Initial public offerings (IPOs)
- Private equity and venture capital
- Trading and sales
- Research and analysis
What is the role of an investment banker?
Investment bankers play a crucial role in facilitating financial transactions. They analyze financial data, develop financial models, prepare investment pitches, and negotiate deals on behalf of their clients.
How do investment banks make money?
Investment banks primarily generate revenue through fees from the services they provide, such as underwriting fees, advisory fees, and transaction fees.
What is the difference between a bulge bracket bank and a boutique investment bank?
- Bulge bracket banks: Large, multinational banks with a diverse range of financial services, including investment banking. They often have a global presence and a large deal pipeline.
Boutique investment banks: Smaller, specialized firms that focus on niche areas of investment banking. They often offer more personalized services and deeper industry expertise.
What is the role of an investment banker in an M&A deal?
Investment bankers play a critical role in M&A deals by:
- Identifying potential targets or buyers
- Conducting due diligence
- Valuing the target company
- Negotiating deal terms
- Structuring the deal
- Managing the closing process
What is the role of an investment banker in an IPO?
Investment bankers help companies go public by:
- Preparing the IPO prospectus
- Marketing the IPO to potential investors
- Pricing the IPO
- Managing the IPO process
What are the challenges faced by investment bankers?
Investment bankers face numerous challenges, including:
- Long hours and high-stress work environment
- Intense competition
- Regulatory risks
- Market volatility
What qualifications are required to become an investment banker?
Investment bankers typically have a strong academic background, often with degrees in finance, economics, or business administration. Strong analytical skills, quantitative abilities, and excellent communication skills are essential.
What is the future of investment banking?
The future of investment banking is likely to be shaped by technological advancements, regulatory changes, and evolving client needs. Increased automation, artificial intelligence, and data analytics are expected to transform the industry.
