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2018 has been one of the wildest years in investment banking since the financial crisis — here are the 40 biggest moves

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  • It's been one of the most active years in senior investment banking hires and exits since the financial crisis, according to top Wall Street headhunters.
  • Business Insider reviewed executive search reports detailing nearly 300 investment banking moves at the managing director level or higher this year. 
  • We spoke with top investment banking headhunters to determine the top 40 moves of the year. 

According to top Wall Street headhunters, 2018 has been the most active year of hires and departures by senior investment bankers in recent memory.

We reviewed reports and spoke with executives at several premier investment-banking search firms and found nearly 300 moves at the managing director level or higher in the US this year. 

Julie Choi, CEO of CBK Partners, formerly known as Choi & Burns, said 2018 has been the most robust year of hiring among the senior ranks — both in terms of quality and quantity — she's seen since the meltdown in 2008.

Albert Laverge, head of the corporate and investment banking practice for Egon Zehnder, told Business Insider the same.

What's changed in 2018? A few dynamics are at work.

  • An unprecedented amount of shakeups at the highest ranks of bulge-bracket investment banks — Bank of America Merrill Lynch, Citigroup, Goldman Sachs, and UBS have all seen their power structures revamped.
  • It's not just boutiques and independents picking off talent from global investment banks anymore:  “In past years, bulge-bracket firms were filling roles as departures occurred, which created a musical chairs between one firm and another. That doesn’t really reflect growth," Choi said. "What’s really different this year is that every firm is looking to take the hill — both independent and bulge bracket.”
  • The record level of dealmaking we've seen in 2018 is likely spurring moves as well — the hottest sectors for deals mirror the hottest sectors for investment banker moves (TMT and healthcare). Firms may not feel they can wait to hire when the market is as hot as it is. 

"What I do find notable is how active the landscape is. It's November and announcements are still coming," Laverge said.

Given the inordinate amount churn this year, Business Insider put together a list of the most notable moves of 2018. We worked with a handful of senior headhunters who live and breath this industry to winnow that list of nearly 300 moves down to the 40 biggest of 2018.

Some caveats: While seniority and title matter, it's not the only thing that matters. Well respected dealmakers at an MD level may earn a spot ahead of a group head that's past their prime. Also, this is a US focused list, so no European- or Asia-based bankers. Lastly, we only included people who oversee or work directly in investment banking.

Read on for Business Insider's list of the 40 most significant and noteworthy hires and departures in investment banking in 2018.

Have thoughts? Think we missed somebody obvious or important? Shoot us a message at amorrell@businessinsider.com. We'll revisit our ranking at year's end and expand it if necessary.

Gregory Berube: Goldman Sachs to Evercore

Old role: Head of Americas restructuring finance and advisory 

New role: Senior managing director, restructuring and debt advisory group

Month: May

After a 14-year run at Goldman, Berube left to help build out Evercore's restructuring business. Among his notable past mandates: Caesars Entertainment, Chesapeake Energy, GNC, Six Flags, and Toys "R" Us.



Chris Blake: Citigroup to Perella Weinberg

Old role: Co-Head of the global automotives

New role: Partner in industrials, focused on automotive

Month: July

Automotive specialist Blake decamps from Citigroup after 19 years, joining fellow top-40 mover Brennan Smith in the firm's burgeoning Chicago bureau, which it opened up earlier this year.  



Jordan Bliss: Credit Suisse to Guggenheim

Old role: Head of West Coast life sciences investment banking

New role: Senior managing director in healthcare investment banking

Month: July

A 12-year healthcare investment banking vet, Bliss started his career in M&A at Lehman Brothers and subsequently Barclays before his nearly three-year run at Credit Suisse. He'll continue to focus on life sciences deals — along with fellow Credit Suisse recruit Punit Mehta — in his new post with Guggenheim in San Francisco. 



See the rest of the story at Business Insider

Full "The Business Insider: The Money Game" article




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