The Top Investment Banks in the U.S. in 2023
Last Updated: September 5, 2023
This report presents the top investment banks of 2023. To compile the dataset, our research team sourced active investment banks operating in North America that conducted a minimum of 5 deals in H1 2022 – H1 2023. From an initial list of >80 investment banks, they applied the criteria listed in Table 2 below and sorted the investment banks based on total score. (Sources)
Our list contains the 10 highest-scoring institutions from our study. We’ve included a column for: (a) each of the 4 ranking criteria; (b) the average EBITDA range of the investment bank’s clients; and (c) area of specialization as noted on the firm’s website or third-party databases.
The Top Investment Banks in the US, 2023
| # | Name | Client EBITDA Range | Total Annual Deals (2022-2023) | Leadership Experience Score | Success Rate | Notable Rankings & Awards | Specialty |
| 1 | Goldman Sachs | $100M+ | 100+ | 5.0 | 83% | Bank of the Year 2022 International Financing Review Awards | M&A for large public & private enterprises seeking cross-border services |
| 2 | Sica | Fletcher | $1-30M | 40-70 | 5.0 | 95% | #1 in S&P Global Market Intelligence League Tables | Small and middle market M&A advisory with a focus on SaaS, manufacturing & professional services |
| 3 | JP Morgan | $100M+ | 100+ | 4.8 | 80% | Best Private Bank in Euromoney’s Private Banking Global 2023 | International M&A advisory for large public companies |
| 4 | Morgan Stanley | $100M+ | 100+ | 4.8 | 88% | #8 in S&P Global Market Intelligence League Tables | M&A advisory and capital raising for public companies |
| 5 | Jeffries | $5M-30M | 10-15 | 4.5 | 93% | ECM Bank of the Year in the UK & Ireland | Enterprise level companies in consumer & retail, energy, and industrials |
| 6 | 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 placement |
| 7 | BofA Securities | +$100M | 100+ | 4.5 | 89% | Best International Investment Bank in India by Finance Asia | International deals focusing on $2B+ public companies within the healthcare sector |
| 8 | BMI | $10-50M | 5-10 | 4.5 | 90% | #24 in Axial’s Top 25 Investment Banks 2022 | M&A for private architecture & interior design companies |
| 9 | Lazard | $10-40M | 70-90+ | 4.2 | 85% | Secondaries Deal of the Year in Buyouts Insider | Strategic advisory for consumer, retail, and government contractors |
| 10 | Evercore Inc. | $20-50M | 65-80 | 4.0 | 91% | Best M&A Advisor in Singapore by The Asset magazine | Strategic advisory and restructuring services for international businesses |
Note: We define investment banks as financial institutions that provide either, or all of: M&A advisory, capital raising, IPO services, and strategic & legal guidance.
Goldman Sachs
Goldman Sachs is arguably the best known name in global investment banking, handling deals for large corporations interested in cross-border M&A to increase their market share. Goldman’s specialists help these companies navigate complex equity and debt capital markets complete nuanced deal types utilizing leverage and financing structures to secure the best deal possible.
Because of their size, Goldman is likely to have specialists that can manage transactions in every industry, although, it should be noted that these will likely be junior executives as the firm’s principals don’t touch most deals.
- Client EBITDA Range: $100M+
- Total Annual Deals (2022-2023): 100+
- Leadership Experience Score: 5.0
- Success Rate: 83%
- Notable Rankings & Awards: Bank of the Year 2022 International Financing Review Awards
- Specialty: M&A for large public & private enterprises seeking cross-border services
- Contact: Goldman Sachs Website
Sica | Fletcher
Sica | Fletcher is a boutique investment bank specializing in representing small to midsized private companies. They have consistently earned the #1 position in the S&P Global Market Intelligence League Tables since their founding in 2014, and they routinely handle workloads that dwarf their closest competitors. Their size also allows their principals to touch every deal, offering a greater attention to detail than larger firms provide.
Based on their transaction history, Sica | Fletcher has the ability to negotiate deals throughout the middle market, but their website indicates a preference for established smaller companies, particularly in finance, professional services, manufacturing, and SaaS.
- Client EBITDA Range: $1-30M
- Total Annual Deals (2022-2023): 40-70
- Leadership Experience Score: 5.0
- Success Rate: 95%
- Notable Rankings & Awards: #1 in S&P Global Market Intelligence League Tables
- Specialty: Small and middle market M&A advisory with a focus on SaaS, manufacturing & professional services
- Contact: Sica | Fletcher Website
JP Morgan
JP Morgan specializes in syndicated and leveraged finance options for companies seeking to effect a buyout or make an acquisition using leveraged loans, high-yield and junk bonds and/or mezzanine debt for their clients. Their teams navigate complex deal and payout structures.
Listed deal activity suggests a great deal of international exposure across a variety of sectors, including consumer retail, industrials, and real estate. The size of listed deals would also indicate a preference towards enterprise-level companies.
- Client EBITDA Range: $100M+
- Total Annual Deals (2022-2023): 100+
- Leadership Experience Score: 4.8
- Success Rate: 80%
- Notable Rankings & Awards: #1 Global Research Firm
- Specialty: International M&A advisory for large public companies
- Contact: JP Morgan Website
Morgan Stanley
Morgan Stanley bears a significantly more conservative reputation than some of the other more well-known names on this list. Specializing in IPO services and capital raising, their teams perform best when helping clients navigate the often confusing and overwhelming regulatory landscape involved in going public and growing their companies prior to sale.
Morgan Stanley makes an ideal match for enterprise-level candidates in need of loss mitigation or risk management services. Companies considering an IPO should also consider their services.
- Client EBITDA Range: $100M+
- Total Annual Deals (2022-2023): 100+
- Leadership Experience Score: 4.8
- Success Rate: 88%
- Notable Rankings & Awards: #8 in S&P Global Market Intelligence League Tables
- Specialty: M&A advisory and capital raising for public companies
- Contact: Morgan Stanley Website
Jeffries
Jeffries is a global investment bank and capital markets firm specializing in debt advisory and restructuring for clients seeking optimal sources of debt to create the best possible deal structure. In addition, they provide a PCA team for clients who need expert guidance on secondary market transactions.
This expertise makes Jeffries an ideal candidate for large companies seeking IB services for general partner and limited partner advisory services, as well as international deal structures.
- Client EBITDA Range: $5M-30M
- Total Annual Deals (2022-2023): 10-15
- Leadership Experience Score: 4.5
- Success Rate: 93%
- Notable Rankings & Awards: ECM Bank of the Year in the UK & Ireland
- Specialty: Enterprise level companies in consumer & retail, energy, and industrials
- Contact: Jeffries Website
Moelis & Company
Moelis & Company is a full-service investment bank specializing in private placement for companies seeking to sell shares to private investors rather than take their company public. Their team has pedigrees from financial giants like Goldman Sachs & Merryl Lynch, indicating that their strategic thinking is as strong as you’re likely to find.
The specialization of private placement within Moelis & Company makes them a great match for companies seeking to grow their value without navigating SEC regulations.
- Client EBITDA Range: $30-60M
- Total Annual Deals (2022-2023): 100+
- Leadership Experience Score: 4.8
- Success Rate: 80%
- Notable Rankings & Awards: Investment Bank of the Year for Private Placements by The Banker
- Specialty: Strategic & capital structure advisory for private placement
- Contact: Moelis & Company Website
BofA Securities
Bank of America Securities has historically kept a wide breadth of deal activity across many sectors, however, recent deal activity suggests a movement deeper into the healthcare field; a possible result of its growing value following the 2020 pandemic. With a success rate that is highest amongst the more well-known names on this list, healthcare enterprises are likely to find their best match in BofA Securities.
While they specialize in healthcare companies generally, it’s also worth noting that BofA Securities also has a well-established international presence, making it an ideal candidate for anyone seeking cross-border deals.
- Client EBITDA Range: +$100M
- Total Annual Deals (2022-2023): 100+
- Leadership Experience Score: 4.5
- Success Rate: 89%
- Notable Rankings & Awards: Best International Investment Bank in India by Finance Asia
- Specialty: International deals focusing on $2B+ public companies within the healthcare sector
- Contact: BofA Securities Website
BMI
BMI is a full service investment bank which makes its living by targeting a niche market: architectural firms and interior design companies. Within this space, they have dominated national deal activity within a rapidly growing industry, ultimately placing themselves in a favorable position for future growth themselves.
Because so many of BMI’s staff have experience within the larger tech field, they might also make a good match for small tech startups without much capital seeking growth advisory services prior to a sale.
- Client EBITDA Range: $10-50M
- Total Annual Deals (2022-2023): 10-15
- Leadership Experience Score: 4.5
- Success Rate: 90%
- Notable Rankings & Awards: #24 in Axial’s Top 25 Investment Banks 2022
- Specialty: M&A for private architecture & interior design companies
- Contact: BMI Website
Lazard
Lazard provides investment banking services primarily targeted at financial advisory for unique deal structures including secondaries, allowing clients to purchase assets or equity directly from prospective buyers. In addition, they offer specialized advisory services for clients seeking input on sovereign advisory and geopolitical risk.
Their emphasis on special advisory makes them an ideal candidate for the government sector companies to weigh in on public sector operations.
- Client EBITDA Range: $10-40M
- Total Annual Deals (2022-2023): 70-100
- Leadership Experience Score: 4.2
- Success Rate: 85%
- Notable Rankings & Awards: Secondaries Deal of the Year in Buyouts Insider
- Specialty: Strategic advisory for consumer, retail, and government contractors
- Contact: Lazard Website
Evercore Inc.
Evercore’s investment banking criterion appears to focus strictly on advisory services, including mergers, acquisitions, and strategic advisory. Their website indicates a specialization in shareholder activism and defense advisory services, making them an ideal match for companies in need of defensive strategies in the face of hostile activity.
As such, Evercore is likely the best match for companies seeking to remove redundancies and streamline operations prior to a sale. In addition, their activity in the Asian M&A market suggests a high degree of expertise for companies in the region.
- Client EBITDA Range: $20-50M
- Total Annual Deals (2022-2023): 65-80
- Leadership Experience Score: 4.0
- Success Rate: 91%
- Notable Rankings & Awards: Best M&A Advisor in Singapore by The Asset magazine
- Specialty: Strategic advisory and restructuring services for international businesses
- Contact: Evercore Inc.’s Website
Top Investment Banks by Category
The following sections provide additional rankings for investment banks serving niche subsectors within M&A. For each section, we provide a brief breakdown of each bank, using several of the criteria noted in the larger table above.
Top Rising Investment Banks – 2023
| # | Bank | 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 | 89% |
| 5 | Fricke & Associates | $500K-1M | 5-15 | 3.5 | 86% |
Top Boutique Investment Banks – 2023
| # | Bank | Average Client EBITDA Range | Total Annual Deals | Leadership Experience Score | Success Rate |
| 1 | Sica | Fletcher | $1-30M | 40-70 | 5.0 | 95% |
| 2 | Intrepid | $5-50M | 15-25 | 4.5 | 93% |
| 3 | Perella Weinberg Partners | $5-40M | 40-50 | 4.5 | 91% |
| 4 | Loeb & Loeb LLP | $10-40M | 60-80 | 4.0 | 91% |
| 5 | Clairfield | $5-30M | 100+ | 4.0 | 89% |
Top Investment Banks for Services Companies – 2023
| # | Bank | Average Client EBITDA Range | Total Annual Deals | Leadership Experience Score | Success Rate |
| 1 | JP Morgan | $100M+ | 100+ | 4.8 | 80% |
| 2 | Evercore Inc. | $20-50M | 65-80 | 4.0 | 91% |
| 3 | Sica | Fletcher | $1-30M | 40-70 | 5.0 | 95% |
| 4 | Lazard | $10-40M | 70-90+ | 4.2 | 85% |
| 5 | Two Roads Advisors | $5-15M | 10-15 | 4.0 | 89% |
Top Investment Banks for SaaS – 2023
| # | Bank | Average Client EBITDA Range | Total Annual Deals | Leadership Experience Score | Success Rate |
| 1 | Sica | Fletcher | $1-30M | 40-70 | 5.0 | 95% |
| 2 | Goldman Sachs | $100M+ | 100+ | 5.0 | 83% |
| 3 | Morgan Stanley | $100M+ | 100+ | 4.8 | 88% |
| 4 | Moelis & Company | $30-60M | 100+ | 4.8 | 80% |
| 5 | BMI | $10-100M | 5-10 | 4.0 | 90% |
Top Investment Banks for Fintech – 2023
| # | Bank | Average Client EBITDA Range | Total Annual Deals | Leadership Experience Score | Success Rate |
| 1 | Houlihan Lokey | $30-50M | 500-600 | 4.5 | 95% |
| 2 | Goldman Sachs | $100M+ | 100+ | 5.0 | 83% |
| 3 | Jeffries | $5M-30M | 10-15 | 4.5 | 93% |
| 4 | BofA Securities | +$100M | 100+ | 4.5 | 89% |
| 5 | BMI | $10-50M | 5-10 | 4.5 | 90% |
***
Table 2. Evaluation Criteria
| Criteria | Description | % of Total Score |
| Success Rate | The percentage of total deals the investment bank closed in the given time frame. When companies did not publicly disclose their success rate, we approximated it by comparing average deal activity for similarly-sized firms to the number of deals that firm closed. | 35% |
| Leadership Experience Score | A qualitative evaluation of the investment bank’s leadership, expressed on a 5 point scale, based on prior experience at larger firms and # of years in the industry. | 30% |
| Total Annual Deals | The number of transactions handled by the investment bank from H1 2022 – H1 2023. | 20% |
| Notable Rankings & Awards | Recognition of the investment bank in notable M&A publications or at major industry events over the last calendar year. | 15% |
- Most Prestigious Banking Firms (Vault)
- Top Investment Banks: Rankings of Banks by Tier and Category (Mergers & Inquisitions)
- The Hierarchy of an Investment Bank (Investopedia)
- Typical Hierarchy of Investment Banks (Corporate Finance Institute)
- League Tables (Financial Times)
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