Bulge bracket, elite boutiqe and middle market firms - What's the difference?

Great question. (Definitely not a dumb one! ) ?

 Here’s a quick breakdown:

• Bulge Bracket: These are the largest global banks (e.g., Goldman Sachs, JPMorgan). They offer a full range of services, from M&A to trading, and have massive deal volumes. They’re usually international with huge client networks.
• Elite Boutique: These firms (e.g., Evercore, Lazard) focus mainly on M&A and strategic advisory. They don’t offer services like lending or trading but work on high-profile deals, often competing directly with bulge brackets.
• Middle Market: These banks (e.g., Houlihan Lokey, Jefferies) typically handle smaller deals compared to bulge brackets but offer a full range of services. They often focus on mid-sized companies and are usually more regional.

The categories are generally consistent worldwide, though the specific banks considered “elite” or “middle market” can vary by region.

I hope this helps. 

You might also like these resources: https://www.preplounge.com/en/articles/bulge-bracket
https://www.preplounge.com/en/articles/elite-boutique-investment-banks 

Hey there, 

These terms basically categorize investment banks by size, deal flow, and focus. 

Bulge bracket (BB) banks are the biggest players (e.g., Goldman Sachs, JPMorgan, Morgan Stanley, Deutsche Bank) handling massive global deals across all industries. 

Elite boutiques (EBs) are smaller but highly specialized, often competing with BBs on big M&A deals (e.g., Evercore, Centerview, Lazard). 

Middle market (MM) banks focus on mid-sized deals, often working with smaller companies or private equity firms (e.g., Jefferies, William Blair).

The categories are the same worldwide, even though some financial instituations are stronger in certain regions than in others. 

Just get in touch if you have further questions or would like support with your interview prep. 

Bulge bracket, elite boutique, and middle-market banks refer to different categories of investment banks based on their size, services, and market focus. Bulge bracket banks are the largest global firms offering a full range of services, including M&A, IPOs, and trading, and handle the biggest deals. Elite boutique banks are smaller, highly prestigious firms focused mainly on advisory services, working on large deals but without the trading or lending operations of bulge brackets. Middle-market banks cater to mid-sized companies, focusing on smaller deals with a regional or specialized focus. While these categories are generally consistent worldwide, the prominence of specific firms may vary by region.