Chicago has emerged as a major hub for investment banking in the US. With its central location and access to talent from schools like University of Chicago and Northwestern, Chicago has attracted many bulge bracket, middle market and boutique investment banks. Key players like Goldman Sachs, JPMorgan and Credit Suisse run major operations from Chicago. Apart from the large banks, Chicago also hosts middle market banks like William Blair and boutique banks like Ziegler. Chicago investment banks are deeply involved in industries like industrials, consumer, healthcare and financial services. They provide full investment banking services ranging from IPOs, debt financing, M&A advisory to restructuring. Chicago investment banks heavily recruit from local universities as well as schools like Harvard, Wharton and Columbia. Landing a job in Chicago investment banking is competitive but rewards candidates with great experience and opportunities. With its central location and business friendly environment, Chicago’s importance as an investment banking hub will only increase in the future.
Bulge Bracket Banks Dominate Chicago Investment Banking Scene
Chicago is home to major investment banking operations of bulge bracket banks like JPMorgan, Goldman Sachs, Bank of America and Credit Suisse. These global banks have major presence across businesses like M&A, equity and debt financing. They serve large cap clients in industries like industrials, consumer, healthcare and financial services. Bulge bracket banks in Chicago have large analyst classes focused on building modeling and financial analysis skills. Associates get exposure to live deals and client interactions. VPs and Directors originate business, manage client relationships and run deals. The Chicago offices are tightly integrated with the global network of these banks.
Middle Market Banks Leverage Chicago’s Industries
Chicago has emerged as a hub for middle market investment banks as well given its concentration of mid-sized industrials, consumer and financial services companies. Middle market banks like William Blair, Piper Jaffray and Houlihan Lokey have deep roots in Chicago. These banks focus on high touch services and deep expertise in certain sectors. William Blair which is headquartered in Chicago focuses on healthcare, financial services and tech. It runs a primary as well as secondary advisory business. These middle market banks recruit heavily from local schools and are an excellent avenue for Chicago based candidates.
Boutiques Offer Specialist Advisory Services
In recent years, a number of boutique investment banks have emerged in Chicago as well. These include banks like Ziegler, Intrepid Partners, CohnReznick and Matrix Capital Markets. Boutique banks focus on specific sectors or services. For example, Ziegler has deep expertise in healthcare while Intrepid focuses on tech enabled services. Boutique banks work on smaller deals but offer candidates deeper experience and direct client access. Their strong sector expertise opens up exit opportunities for those looking to switch to industry.
Chicago Investment Banking Recruiting and Culture
Chicago investment banks recruit heavily from local schools like University of Chicago, Northwestern Kellogg, UIUC and Notre Dame. They also recruit from Ivy League and top East Coast schools given the prestige factor. Candidates need to demonstrate interest in Chicago as a location. In terms of culture, Chicago investment banking offers better work life balance compared to the East Coast. Hours are still long but people have interests outside of work as well.
Future of Investment Banking in Chicago Looks Strong
Given Chicago’s central location, excellent universities and business friendly environment, its position as an investment banking hub will only strengthen. As companies emerge from the pandemic, deal activity involving mid-sized industrials, consumer and services companies is expected to rise. This plays to the strength of Chicago investment banks. With its lower costs, Chicago will also attract more back office functions from East Coast banks. Candidates interested in Chicago investment banking will find increasing opportunities across banks and excellent exit options to Chicago based corporates.
Chicago has developed into a major investment banking center driven by bulge bracket banks like JPMorgan and Goldman Sachs and mid-market specialists like William Blair. Its central location, top universities and sector expertise make it an attractive long term destination for investment banking professionals.