Chicago has emerged as a major hub for investment banks over the past few decades. The city provides access to midwestern companies and clients while also retaining close connections with east coast financial centers like New York. Some of the largest investment banks have major offices in Chicago, employing thousands of bankers and support staff. Landing a job at a top chicago investment bank is a coveted prize, but competition is fierce. Success requires understanding the landscape, targeting firms, networking relentlessly, and showcasing your skills and passion.
Bulge Brackets Dominate and Strategize Chicago Teams
The bulge bracket investment banks like Goldman Sachs, Morgan Stanley, JP Morgan, Bank of America Merrill Lynch, Citi, Credit Suisse and Deutsche Bank have massive footprints in Chicago, employing hundreds of bankers each. These global giants staff up deal teams to cover midwestern clients in M&A, IPOs, debt issuance, and other businesses. The chicago outposts house many junior bankers and serve as key training grounds. Beyond staffing up junior teams, chicago also plays an important strategic role. Firms station senior bankers with deep sector expertise like industrials, healthcare and consumer products. They drive key client relationships and originate business. To win as a banker, identify sub-sectors where banks have capabilities gaps and fill them.
Boutiques Compete By Specializing
While bulge brackets dominate league tables by volume, Chicago also houses specialized boutique investment banks that thrive by developing deep expertise in certain sectors or deal types. Firms like William Blair, Mesirow Financial, Dively, Capstone, Lincoln International and many others have strong investment banking practices centered in the city. These firms hire bankers with experience and connections in their sub-sectors to win advisory mandates. To succeed at a boutique, you must demonstrate true specialization and the ability to penetrate client networks.
Middle Market Banks Corner Local Deals
Chicago is home to dozens of mid-sized regional and local investment banks that focus on middle-market clients in the city and broader midwest. While they lack the brand power of megabanks, these firms complete hundreds of deals each year for mid-sized companies looking for hands-on advice. Local investment banks like D.A. Davidson, Stifel Nicolaus, Robert W. Baird, Loop Capital, and others court Chicago companies. Joining their ranks requires showcasing deal experience, sector knowledge, and primarily, networking your way into deals.
Junior Bankers Essential In Chicago
While senior bankers drive strategy and client relationships, junior bankers form the engine room of chicago investment banks. Analysts and associates work punishing hours on live deals and pitch books. They build financial models, craft presentations, conduct research and analysis, and coordinate deal execution. Rising to senior banker requires succeeding as a junior. Key traits include technical excellence, stamina, attention to detail, and teamwork. Analyst programs at top banks remain extremely competitive to enter but prepare you for advancement.
Chicago serves as a major hub for global and regional investment banks despite laying in the shadow of east coast stalwarts like New York and Boston. Bankers should target Chicago teams at bulge brackets, specialized boutiques, or local banks based on interests and experience. Gaining a foothold requires relentlessly networking, filling strategic needs, and demonstrating technical skills.