Best Investment Banks To Work For In 2022

MOELIS NOTCHES TOP SCORE IN 13 DIMENSIONS

From 2020 to 2021, Moelis & Partners rocketed from 10th to 3rd in the Vault Banking 25. This year, the firm held steady at #3, despite boosting its overall index score by .211 of a point (compared to .059 for Evercore and .038 for Centerview Partners). Notably, Moelis & Company earned the highest survey averages in 13 dimensions: Benefits, Business Outlook, Client Interaction, Firm Leadership, Hours, Internal Mobility, Promotion Policies, Quality of Work, Relationships With Managers, Overall Satisfaction, Vacation Policies, Wellness, and Work/Life Balance.

Just one problem: only Business Outlook, Overall Satisfaction and Work/Life Balance are weighted as part of the Vault ranking methodology…and just a combined 25% at that. For Compensation, which accounts for 10% of the weight, Moelis & Company finished 2nd behind Centerview Partners. The same is true for both Formal Training and Informal Training, which (combined) take another 5% share. However, Moelis’ Achilles heel remains Prestige. Here, the firm remained anchored at 7th, behind both Centerview Partners and Evercore, despite boosting its score by .201 of a point.

That said, Moelis & Company has established the right model to make further progress. For one, it ranks 2nd to Centerview Partners in Compensation — and just .027 behind at that. For another, the firm has rolled out protected time that runs from 7:00 p.m. on Friday to noon Saturday, with team members also receiving protected Saturdays every third week.

“The firm has also encouraged folks to get back to office, but does not apply pressure and has been rather flexible,” writes a Moelis survey respondent. “Folks across the firm are also likeminded. They work extremely hard but also recognize the benefit of having a life outside of work. Returning to a collaborative workplace has been beneficial.”

And it is a place where merit trumps all other considerations too. “What makes Moelis stand out is the ability to develop and take on increasing responsibility in a natural progression,” explains a second survey-taker. “There is no ceiling on advancement based on your title. If you are qualified and competent, you will have continued opportunities to take on new and more advanced roles, whether that’s working directly with clients, managing larger teams of juniors, taking on a greater number of projects, etc.”

TWO NEWCOMERS

This year’s biggest move came from Lazard, which climbed from 9th to 5th, which can partially be attributed to ranking 6th for Prestige. In contrast, Bank of America dropped from 6th to 9th, losing ground in Prestige while ranking among the top five in just two survey dimensions (ESG Practices and Internal Mobility). Bank of America also ranked 13th for Compensation, 12th for Culture, and 14th for Satisfaction, measures that make up 40% of the Vault Banking 25 weight. Equally worrisome, BofA notched the 10th-highest average for Firm Leadership and 12th-best score for Business Outlook — further signs of a crisis of confidence in the ranks.

However, these numbers don’t necessarily correlate with frontline opinion. “The bank seems to be looking good for the future, as we had one of the best quarters recently,” writes one respondent. “We are consistently gaining market share and are the top leveraged finance shop on the Street. And Brian Moynihan is a great leader and very inspiring. He genuinely cares about the firm and the people who work here.”

Just one firm — Greenhill & Company — joined the Vault Banking 25 this year. It bested its banking peers for International Opportunities. Stifel and Nomura joined the Top 25 at 17th and 18th respectively, knocking out Jefferies & Company and Rothschild & Company in the process.

GOLDMAN SACHS LURKING AROUND

The top of the Vault Banking 25 also suffers from missing some key names: Goldman Sachs, JP Morgan, Barclays, Citi, and Credit Suisse. The reason: these firms opted out of participating in the employee survey. However, they weren’t forgotten by their competitors. Each of them had scores among the top 15 in Prestige, which is why their scores were high enough to make the ranking. Goldman Sachs again held the #1 spot for Prestige. Its 8.968 score was over .50 of a point higher than Morgan Stanley. That said, you could argue that Goldman Sachs’ low ranking casts a shadow over the Vault Consulting 25. That’s particularly true as the firm continues to evolve under the leadership of David Solomon, who took over as Chairman and CEO in 2018.

“David Solomon has shifted the culture in a very positive way,” writes one survey respondent. “We’re innovating and growing our consumer business and positioned to be in a great place in five years. I’m not going to be selling my equity anytime soon.”

Another staffer cites Goldman Sachs’ coaching culture as a major plus. “Incredible focus on developing young talent, both through formal and informal training programs and through both soft and hard skills. An emphasis on mentorship across the firm. Opportunity is given to those that are willing and able to take it on. Very talented individuals across the firm creates a lot of competition for any opportunity.”

Since the Prestige ranking originates from survey-takers outside the firm, it is subject to popular opinion over lived experience. Hence, Prestige rankings ends to remain fixed. That is the case here, where nine of the top ten firms held their same spot. The one difference was Perella Weinberg, which climbed two places to 10th thanks to a .231 of a point improvement in its index score. However, Perella Weinberg wasn’t alone in making news. Qatalyst Partners and LionTree Advisors produced Prestige averages that were .586 and .421 of a point better than the previous year respectively. In turn, they moved up five and spots in the process.

LOOP BREAKS THE RULES

While Diversity isn’t included in the Vault Banking 25 methodology, this year features a clear winner here: Loop Capital Markets. A Chicago-based, minority-owned firm, Loop Capital Markets ranked #1 for Overall Diversity, not to mention the Racial, Gender, and LGBTQ+ dimensions. This commitment to diversity starts from the top-down according to one survey respondent.

“This is an area that I am extremely proud of. We have an internship program that hires intentionally from City Colleges and Historically Black Colleges and Universities. And our CEO is African-American, our president is an African-American woman, our head of corporate investment banking is an African-American woman, our head of HR is an African-American woman, and the head of our short-term desk is an Asian woman. We are like the United Nations at Loop. There is so much diversity across the business.”

More than diversity, Loop Capital Markets’ success is rooted in access and development. “The career development at Loop Capital is important to the core of who the firm is. Our analysts frequently have meetings with upper management around ways to enhance our development and retain the junior team. When Wall Street made the decision to increase analyst pay, we started having those conversations immediately and took action. I’m also able to regularly join client meetings with our CEO and president and pitch our capabilities. The amount of visibility our junior team gets at the top level of our firm is very important and second to none.”

Click on the links below for more detailed rankings:

VAULT BANKING 25: OVERALL RANKING

VAULT BANKING 25: PRESTIGE RANKING

VAULT BANKING 25: CAREER, QUALITY OF LIFE, AND DIVERSITY RANKINGS