There are about 147 investment banking businesses in the UK—but a few stand out as industry leaders. These top firms boast the highest deal flow, revenue, compensation, and prestige.
In this article, we’ll focus on the best IB firms in the UK, highlighting their market presence, reputation, exit opportunities, industry specialty, and other vital factors. Keep reading to gain valuable insights into the country’s most sought-after employers for investment bankers.
Investment banks offer important financial services to government entities, companies, institutional investors, and high-net-worth individuals. These essential services include:
By providing these services, investment banks enable UK-based companies to expand, operate more efficiently, and raise capital. This contributes to the overall health of the UK financial market and economy. Also, the influence of UK investment banks extends beyond the country's borders, impacting financial markets across Europe and the broader EMEA region.
There are several good investment banking firms to work for in the UK, including well-known names like Barclays, JPMorgan Chase, Goldman Sachs, Deutsche Bank, Citi, and Morgan Stanley. These top-tier institutions have very competitive selection processes. But having their names on your resume can be a golden ticket to securing the best opportunities throughout your career.
Elite boutiques and the best middle-market investment banking firms like Evercore, Rothschild & Co, and Lazard are also considered as great places to work. Let’s explore these and more firms in detail below.
This wall street IB firm is one of the most respected financial institutions in the world. It often tops the league tables in various categories like M&A activity, investment banking fees, equity and debt.
Analysts working at JPMorgan Chase get significant exposure to highest-profile transactions that prepare them for an outstanding career. Granted, you’ll have great exit opportunities. But the firm also offers opportunities for a long-term career. There are also training and mentorship programs for career development.
Another bulge bracket firm that needs no introduction is Goldman Sachs. The acceptance rate for Goldman Sachs in the UK is notably low due to many applicants for any single role. However, it’s worth trying to get in as it can offer a rewarding investment banking career. You might just be the one that gets hired.
The work environment is extremely fast paced as you’d expect with any large financial firm. Getting a summer analyst role or an off-cycle internship can be a great way to see if you’ll like the culture.
👉 To prepare for your upcoming interviews, check out our Goldman Sachs Interview Guide.
Some of the most high-profile M&A activities in the region often bear the signature of Morgan Stanley. In 2023, the bank was the leading financial advisor in the UK, advising on M&A transactions worth about $39 billion.
Globally, the firm has a history of advising on major deals including Elon Musk’s $44 billion acquisition of Twitter in 2022. As a result, investment bankers working here get an unmatched level of M&A and capital raising exposure.
👉 Find out more about how to start your career at Morgan Stanley in our Morgan Stanley Interview Guide.
BofA also gives great exposure to M&A and debt-related transactions. It ranked fourth in 2023 in the UK for M&A advisory deals, with a total transaction value exceeding $34 billion. Besides mergers and acquisitions, the bank has expanded its equity capital markets presence in Europe, focusing on secondary sell-downs. So, working at BofA can bring exclusive opportunities for career growth in capital markets as well.
Ranked top 10 on LinkedIn’s top companies in the UK, Barclays remains a prominent employer in the country. The list highlights the 25 best employers to grow a career within the UK and Barclays has featured in the top 10 for the fourth consecutive year.
To add to the employer reputation, the bank lifted the EU bonus cap meaning bankers at the firm could see higher bonuses soon. It’s the first UK bank to make this move and others might follow. Previously, bankers could only get bonuses about two times their salaries.
In terms of deals, Barclays has been actively involved in significant financial transactions. It played a crucial role in the IPO of CVC Capital Partners, helping the firm raise €2.3 billion in what became Europe's third-largest initial public offering in 2024.
Deutsche bank sometimes makes headlines in Europe with its involvement in outstanding deals that influence industries. One of the standout transactions is the €8 billion acquisition of Vodafone Italia by Swisscom, approved by the Italian government in May 2024.
Another one is Porsche's €9.1 billion IPO in 2022, which was voted as ECM Deal of the Year. It was the largest IPO in Europe in over a decade by market capitalization. Participation in such deals adds to the firm’s reputation and showcases prowess in managing high-stakes equity capital markets transactions.
After the historic merger with Credit Suisse, UBS is expected to do more in its investment banking operations in UK. However, that might not be immediate and it's more of a wait and see situation. Still, there are concerns about potential job losses in the UK banking sector resulting from the merger.
If you want to specialize in energy, technology, or healthcare, Citi might be the investment banking firm for you. It often engages in high-profile transactions in these sectors. For instance, it became the top M&A financial adviser in the oil and gas industry for Q1 of 2024. During this period, Citi advised on six deals with a total worth of $43.5 billion.
BNP Paribas has made notable strides in the UK investment banking market. It ranked 130th by volume in Dealogic's M&A league tables in 2022, but climbed to 36th in 2023, and is in 8th place for the year so far in 2024. Clearly the firm is growing in recognition and competitiveness within the UK market.
In 2024, BNP Paribas has been involved in three significant deals of the year including:
However, some bankers complain of compensation, especially bonus cuts in tough economic times.
The easiest way to join Centerview Partners, like with most banks, is through the summer internship programme. If your performance during the internship impresses the management, the odds of getting an offer to join the firm’s analyst programme are high.
You can lookout for Centerview’s insight event that typically happens in London to learn more about an investment banking career at the firm, the culture, and more.
While EY is not a pure-play investment bank, it has an investment banking practice focused on M&A advisory. Investment bankers would view working here as valuable experience if you join the M&A advisory services division, not the transaction advisory services (TAS) group.
When it comes to reputation, EY is one of the "Big Four" professional services firms, along with Deloitte, KPMG, and PwC. So it's highly respected globally.
If you're interested in high-profile exits, try getting into Evercore. It's considered as one of the most prestigious and elite investment banking advisory banks with a strong deal flow. The M&A exposure in the firm gives analysts exit opportunities into top-tier hedge funds and private equity firms.
Typically, you'll see Evercore in high profile deals alongside the bulge bracket investment banking firms. For instance, Evercore, J.P. Morgan, and Deutsche Bank were the lead financial advisors in Swisscom's €8 billion Acquisition of Vodafone Italia.
While it may not be as prestigious as bulge bracket firms, Houlihan has a solid reputation in the mid-market, especially for restructuring and advisory services. It typically advises on several transactions valued under £1 billion, with many in the £100-200 million range.
So, it ranks higher in deal volume, not transaction value. In Q1 of 2024, Houlihan Lokey led the M&A advisors in the technology, media, and telecom (TMT) sector by volume with a total of 19 deals.
This one is a perfect fit if you want to major in ESG investment banking. HSBC has a strong presence in sustainable finance, and is a major IB player in Europe. Just like Houlihan, HSBC is the place for executing transactions often valued under £1 billion.
Jefferies is one of the top middle-market investment banks that consistently ranks higher in M&A leaders by deal value. It had a market share of just 0.1% in IB in 2000 but has now gained about 4% of the £100b market for advisory, equity capital markets, and leveraged finance.
The bank has been hiring more managing directors in investment banking to grow its competitiveness in those IB products, making it a good opportunity for those looking for seniors positions.
Lazard is one of the most prestigious investment banking firms in the UK and Europe. In the UK, it consistently ranks among the top advisors for mergers and acquisitions, especially in deal volume and value. Some of the transactions that show Lazard’s UK market presence in 2024 include:
Another prominent boutique investment bank in the UK worth checking out is Moelis. Its investment banking presence and deal flow are more limited compared to larger firms and elite boutiques. But it's still considered a good IB firm to work for especially for those interested in restructuring (Rx) deals and capital markets transactions.
Nomura's influence in the region is growing though not to its influence levels in Asia. Sometimes it can be overshadowed by larger European banks. If you're not choosing between Nomura and a bulge bracket or elite boutique, it can be a solid place to start a career in investment banking.
PWP typically hires junior associates with 2 years experience as an analyst at other boutique or leading investment banking firms. Another criteria is a track record of executing M&A transactions. Investment banking associates work in the advisory team but are rotated or cross-staffed across the firm to gain experience in different aspects of the business.
For the summer analyst internship, Perella Weinberg UK aims to find candidates who will progress to full time analysts, associates, and beyond. So it's a good place for career development if you're interested in a long-term career in IB. Some examples of the deals PWP handles include €17.5B acquisition of stake in Deutsche Telekom’s German and Austrian Tower Business and €29B Combination with Deutsche Wohnen.
Are you interested in restructuring rather than M&A? If so, PJT partners is one of the best firms you can check out. It's a top choice for restructuring, pays well, and has good exit opportunities.
The bank has been active in Europe, advising on significant restructuring deals. These include the Adler Group's €6.7 billion debt restructuring and advising creditors of Spanish steelmaker Celsa and French firms Orpea and Casino.
RBC excels in M&A and debt capital markets in the UK. In 2023, it was recognized as a leading advisor in the oil and gas sector by volume for completing 34 transactions. RBC was the top adviser by both deal volume and value in 2022 but took the 10th position for value in 2023.
The bank is also restructuring to enhance its presence in European investment banking. It's aiming to increase its market share of the fee pool to more than 2%.
Getting an opportunity to work with Rothschild & Co can mean a good amount of deal exposure. It's one of the most prestigious and dominant elite boutique firms in Europe with a strong deal flow and excellent exit opportunities.
Rothschild & Co primarily focuses on mid-market transactions. So it often tops in deal volume not total value. For the first half of 2024, the bank advised on 12 deals in the power sector totalling $8.9bn. JP Morgan led in deal value while Rothschild & Co led in deal volume.
The US investment bank, Wells Fargo, has been making efforts to expand its influence in European debt capital markets. So, if DCM is the area of IB you're hoping to work in, you can give it a look.
Through recent efforts, Wells Fargo managed to improve its ranking in Yankee bonds to fourth place in 2023 with a 7.4% market share. Other notable deals in UK and Europe include:
The firm you choose can significantly impact the success of your investment banking career. Here are some of the factors to consider when selecting an IB firm.
Compensation and benefits: Compare compensation packages across different firms, especially those ranked on the same level of prestige and deal flow
There are several top investment banking firms in the UK that can offer a rewarding finance career. The largest options with a high market share and competitive selection process include Barclays, JP Morgan, BofA, Morgan Stanley, Deutsche Bank, UBS, Goldman Sachs, and Citi.
The top elite boutique investment banking firms with great deal flow and exit opportunities include Lazard, Evercore, Rothschild & Co, PJT partners, and Jefferies.
However, securing an offer at one of the top firms is tough. Make sure your resume and cover letter are top-notch and be prepared for a demanding interview process with several rounds of technical questions and personal fit interviews. We wish you much success! 🚀
