List of bulge bracket investment banks
Here’s a list of bulge bracket investment banks (in alphabetical order):
- Bank of America Merrill Lynch
- Barclays Capital
- Citigroup
- Credit Suisse
- Deutsche Bank
- Goldman Sachs
- JPMorganChase
- Morgan Stanley
- UBS
What are bulge bracket investment banks?
The “bulge bracket” consists of the world’s largest global investment banks, premier banking institutions that serve clients that consist of governments, large corporations, and institutions. They provide both advisory and underwriting servicesInvestment Banking Career PathInvestment banking career guide - plan your IB career path. Learn about investment banking salaries, how to get hired, and what to do after a career in IB. The investment banking division (IBD) helps governments, corporations, and institutions raise capital and complete mergers and acquisitions (M&A)., as well as equity researchEquity Research AnalystAn equity research analyst provides research coverage of public companies and distributes that research to clients. We cover analyst salary, job description, industry entry points, and possible career paths., sales & tradingSales and Trading Career ProfileThe sales & trading division (S&T) of an investment bank helps mutual funds, hedge funds, pension funds, etc. facilitate equities transactions (buy/sell). A career in sales & trading can be extremely strenuous with a very fast paced environment. The competition for positions is intense, compensation can be very high, services, and asset Portfolio Management Career ProfilePortfolio management is managing investments and assets for clients, which include pension funds, banks, hedge funds, family offices. The portfolio manager is responsible for maintaining the proper asset mix and investment strategy that suits the client's needs. Salary, skills,managementPortfolio Management Career ProfilePortfolio management is managing investments and assets for clients, which include pension funds, banks, hedge funds, family offices. The portfolio manager is responsible for maintaining the proper asset mix and investment strategy that suits the client's needs. Salary, skills,. Bulge bracket investment banks are often primary dealers of US Treasuries and are known to design some of the most innovative, ground-breaking financial products through continuous research.
Why are they called bulge bracket (BB)?
The term “bulge bracket” originates from the order of banks listed on the “tombstone” or prospectus of a deal. The banks are listed in sequential order based on the role they play in the deal, from most important to least important. The font size of the banks at the top are larger and bolder – they “bulge” out.
What’s the opposite of bulge bracket?
In contrast to bulge bracket banks that are full-service investment banks, there are also middle-market (or “mid-market”) investment banks, and then significantly smaller firms known as boutique investment banksBoutique Investment BanksBoutique Investment Banks are smaller firms that typically do not offer full-service investment banking, but do offer at least one investment banking financial service. Boutique banks often have only a local or regional presence, although some operate globally. List of boutique investment banks. A boutique bank is not really the “opposite” of a bulge bracket bank, but it does tend to operate at the opposite end of the investment banking spectrum.
Boutiques are smaller in size and often only operate in a specific region or country, as opposed to the global scope of the largest investment banks. Also, boutique banks only offer a few investment banking services, as opposed to the full range of services that are provided by bulge brackets.
The deal size differential between bulge bracket investment banks and boutique investment banks makes for a large gap. The gap can be anywhere from only working on deals below $100 million or only working on ones above $1 billion.
Working at a bulge bracket bank
Bulge bracket investment banks are the powerhouses of the financial industry. The investment bankersInvestment Banking Career PathInvestment banking career guide - plan your IB career path. Learn about investment banking salaries, how to get hired, and what to do after a career in IB. The investment banking division (IBD) helps governments, corporations, and institutions raise capital and complete mergers and acquisitions (M&A). that push these banks forward work tirelessly, often day and night, to secure whatever it is that their clients ask for. As such, expect to work long hours if choosing to go down this career pathMapInteractive Career Map - discover your career path in corporate finance. Learn which job is right for you: salary, personality, skills, certifications etc.. In contrast to working at boutique investment banks, which have more reasonable work hours, you can expect to be more overworked, yet also more highly rewarded in the salary department.
With the nature and pace of the industry, the security of a job in a bulge bracket bank may be considerably less than is the case at a boutique. Workplace evaluations are definitely more competitive, and there is a tough, survival-of-the-fittest mindset within the workplace.
However, when it comes to prestige, the top investment banks reign king. Employment as an investment banker at one of these banks is often among the most sought after jobsMapInteractive Career Map - discover your career path in corporate finance. Learn which job is right for you: salary, personality, skills, certifications etc., and having had a job title at a bulge bracket bank looks great on your resume and carries some instant credibility and prestige.
How to get into the industry
While there are many investment banks, the list of applicants is extremely long and the competition is fierce. One of the best ways to break into the industry is to do a lot of networking, through events like NIBCNIBC Investment Banking CompetitionCFI is proud to be a leading partner and sponsor of the NIBC - National Investment Banking Competition - conference. Register for the case competition here. The National Investment Banking Competition (NIBC) brings together 1,600 students, from over 100 universities, competing to be recognized as the best team in the case competition. (an international investment banking competition and conference).
For more tips on getting into the industry, check out our guideHow to Get a Job in Investment Banking?This guide will outline how to get a job in investment banking using out top three tactics: networking and resume, interview prep, and technical skills on how to get a job in IBD.
Other categories of investment banks
We have published lists of:
- Top 100 banksList of Top Investment BanksList of the top 100 investment banks in the world sorted alphabetically. Top investment banks on the list are Goldman Sachs, Morgan Stanley, BAML, JP Morgan, Blackstone, Rothschild, Scotiabank, RBC, UBS, Wells Fargo, Deutsche Bank, Citi, Macquarie, HSBC, ICBC, Credit Suisse, Bank of America Merril Lynch
- Boutique investment banksBoutique Investment BanksBoutique Investment Banks are smaller firms that typically do not offer full-service investment banking, but do offer at least one investment banking financial service. Boutique banks often have only a local or regional presence, although some operate globally. List of boutique investment banks
- Mid-market investment banksMiddle Market Investment BanksMiddle market investment banks help mid-market firms raise equity, debt, and complete M&A. Here is a list of the top mid-market banks serving mid-size businesses having annual revenues from $10M up to $500M and 100 to 2000 employees.
Additional resources
- What is investment banking?Investment BankingInvestment banking is the division of a bank or financial institution that serves governments, corporations, and institutions by providing underwriting (capital raising) and mergers and acquisitions (M&A) advisory services. Investment banks act as intermediaries
- “Why” work in investment banking?Why Investment Banking?Almost every investment banking interviewer will ask the question: why investment banking? I want to work in investment banking because it's the fastest way to learn financial modeling, valuation, Excel, and understand the nature of large corporate transactions. I'm aware the job has a strict hierarchy, very long hours
- Investment banker salariesInvestment Banker SalaryAn investment banker salary is among the highest in the world. They are paid a base salary and a bonus for their compensation. Find out how much they make. An analyst straight out of university can expect to earn over USD $100,000, but per hour it could be as low as $20-35 when working 100 hr/wk
- IB interview questions and answersInterviewsAce your next interview! Check out CFI's interview guides with the most common questions and best answers for any corporate finance job position. Interview questions and answer for finance, accounting, investment banking, equity research, commercial banking, FP&A, more! Free guides and practice to ace your interview
