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The Best and Worst Investment Banks to Work at in 2023

Introduction 

Choosing the right investment bank to work for is a crucial decision for finance professionals looking to build their careers in the industry. As investment banking remains a highly competitive and demanding sector, it is vital to find a firm that matches your values, offers growth opportunities, and provides a positive work environment. With that in mind, we have analysed some of the best and worst investment banks to work for in 2023, considering factors such as work-life balance, employee satisfaction, compensation, and growth prospects. 

 

The Best Investment Banks to Work For in 2023 

 

Evercore 

Evercore stands out as one of the best investment banks to work at in 2023. As an independent advisory firm, Evercore has carved out a strong niche in the investment banking industry, focusing on mergers and acquisitions, restructuring, and strategic advisory services. There are several reasons why Evercore is a top choice for finance professionals: 

  • Compensation: Evercore is known for offering competitive salaries and bonuses, often higher than what is offered by some of the larger bulge bracket banks. 

  • Work-life balance: Although investment banking is generally known for its long hours, Evercore has taken steps to ensure that employees can maintain a healthy work-life balance, with initiatives such as protected weekends and a focus on employee well-being. 

  • Deal experience: Employees at Evercore get exposure to high-profile deals and transactions, offering valuable experience for career growth. 

  • Culture and values: The firm is recognised for its strong culture, with an emphasis on collaboration, integrity, and intellectual rigor. 

 

Lazard 

Lazard is another highly-regarded investment bank, known for its global footprint and diverse range of services, including mergers and acquisitions, capital markets, and restructuring. Lazard is an attractive option for finance professionals for the following reasons: 

  • Prestige: Lazard has a long history and a solid reputation in the industry, making it an attractive choice for those seeking prestige and strong brand recognition. 

  • International opportunities: With offices in over 40 cities across 25 countries, Lazard offers excellent opportunities for professionals interested in working abroad or gaining international experience. 

  • Compensation: Lazard offers competitive compensation packages, which can be a key consideration for those in the finance industry. 

  • Entrepreneurial culture: Lazard is known for its entrepreneurial culture and a less hierarchical structure, which can lead to greater responsibility and growth opportunities for employees. 

 

Goldman Sachs 

Goldman Sachs, a leading global investment bank, remains one of the top choices for finance professionals in 2023. With a strong track record and a broad range of services, including investment banking, securities, and investment management, Goldman Sachs continues to be a dominant player in the industry. There are several reasons why working at Goldman Sachs can be an excellent choice: 

  • Prestige and reputation: As one of the most prestigious investment banks in the world, Goldman Sachs is known for its high-calibre clients and ground-breaking deals. A position at the bank can significantly enhance a finance professional's résumé and future career prospects. 

  • Learning and development: Goldman Sachs is renowned for its commitment to employee development, offering comprehensive training programs and resources that help employees grow both professionally and personally. 

  • Innovation: The bank has a strong focus on innovation and technology, making it an attractive option for finance professionals who want to work at the forefront of industry advancements. 

  • Diversity and inclusion: Goldman Sachs has made significant strides in promoting diversity and inclusion within the workplace, creating a more welcoming and supportive environment for employees from all backgrounds. 

 

J.P. Morgan 

J.P. Morgan, another powerhouse in the investment banking world, remains a top choice for finance professionals in 2023. As a key division of JPMorgan Chase & Co., the investment banking arm offers a range of services, including mergers and acquisitions, capital markets, and advisory services. Here are a few reasons why J.P. Morgan is an appealing option for finance professionals: 

  • Stability and growth: J.P. Morgan has consistently demonstrated strong financial performance and stability, making it an attractive option for those seeking job security and growth opportunities. 

  • Diverse opportunities: With a wide range of businesses under its umbrella, J.P. Morgan offers a variety of career paths for finance professionals, enabling them to explore different areas of the industry and expand their skill sets. 

  • Training and development: The bank is known for its investment in employee training and development, providing ample resources and opportunities for continuous learning and growth. 

  • Strong corporate culture: J.P. Morgan's corporate culture emphasises teamwork, integrity, and a commitment to excellence, fostering a supportive and collaborative work environment that promotes employee satisfaction and success. 

 

The Worst Investment Banks to Work For 

 

Wells Fargo Securities 

Wells Fargo Securities, the investment banking division of Wells Fargo, has struggled in recent years due to the fallout from the bank's fake accounts scandal and ongoing regulatory scrutiny. These challenges have negatively impacted the firm's reputation, and as a result, working at Wells Fargo Securities may not be ideal for the following reasons: 

  • Reputation: The scandals surrounding Wells Fargo have led to decreased trust in the bank and tarnished its brand, potentially making it less attractive to clients and employees alike. 

  • Limited growth opportunities: Wells Fargo Securities' ongoing challenges have resulted in a less aggressive growth strategy compared to its competitors, which may limit career growth opportunities. 

  • Morale: The ongoing issues at Wells Fargo have reportedly had a negative impact on employee morale and job satisfaction. 

 

Deutsche Bank 

Deutsche Bank has faced significant challenges in recent years, including massive fines for regulatory breaches, leadership changes, and restructuring efforts. As a result, Deutsche Bank's investment banking division may not be the best choice for those seeking a stable and growth-oriented work environment. The reasons include: 

  • Uncertainty: The ongoing restructuring efforts have led to uncertainty about the bank's future direction, potentially impacting job security and morale. 

  • Work-life balance: Deutsche Bank has been known to have a demanding work culture, with long hours and high expectations, which can contribute to a poor work-life balance for its employees. 

  • Reputation: Deutsche Bank's legal troubles and regulatory fines have negatively impacted its reputation in the industry, which may affect its attractiveness to both clients and prospective employees. 

  • Compensation: Although Deutsche Bank offers competitive compensation packages, the bank's financial challenges in recent years have led to concerns about bonus pools and potential future cuts. 

 

Citibank 

Citibank, another prominent player in the investment banking landscape, has recently faced challenges that have led to redundancies and cost-cutting measures. This has raised concerns about the bank's attractiveness as an employer, making it a less desirable option for finance professionals for the following reasons: 

  • Redundancies: The bank has implemented a series of cost-cutting initiatives, including layoffs in its investment banking division. This has caused unease among employees, who may be concerned about job security and future growth opportunities. 

  • Culture: Citibank has been criticised for its bureaucratic and hierarchical culture, which can hinder innovation and make it challenging for employees to advance within the organisation. Additionally, the bank's focus on cost-cutting may lead to increased pressure on employees to deliver results, potentially exacerbating work-life balance issues. 

 

Nomura 

Nomura, a global investment bank headquartered in Japan, has also faced headwinds in recent years, resulting in job cuts and concerns about its overall business strategy. As a result, Nomura may not be the best choice for finance professionals seeking stability and growth opportunities. The reasons include: 

  • Redundancies: Nomura has experienced several rounds of job cuts, particularly in its international operations, as part of its efforts to streamline and refocus its business. This has raised concerns about job security and the bank's commitment to growth in certain regions and business lines. 

  • Culture: Nomura has faced challenges in integrating its global workforce, with reports of cultural clashes between its Japanese roots and its international operations. This can create a challenging work environment, making it difficult for employees to feel engaged and connected to the company's mission and values. 

 

In light of these concerns, finance professionals may want to exercise caution when considering Citibank and Nomura as potential employers. While both banks have a strong presence in the investment banking industry, the recent redundancies, cultural challenges, and uncertainty surrounding their future strategies may make them less attractive options compared to their peers. 

 

Conclusion 

In conclusion, when considering the best and worst investment banks to work for in 2023, it is essential to carefully evaluate factors such as work-life balance, compensation, growth opportunities, and the overall reputation of the firm. While Evercore and Lazard stand out as top choices due to their competitive pay, strong cultures, and growth opportunities, Wells Fargo Securities and Deutsche Bank may be less attractive options due to their ongoing challenges and negative reputations. 

 

Ultimately, the right investment bank for you will depend on your individual career goals and preferences. By conducting thorough research and considering the factors discussed in this article, you will be better equipped to make an informed decision about the best investment bank for your career. 

 

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