Top Investment Banking Firms in Germany 2024

Working for top-tier firms from the start of your investment banking career will look great on your resume. You might also get exposure to mega deals early on, and have the best opportunities for professional growth.

However, even the most prestigious IB firms aren't made equal. The reputation, deal flow, work culture, year-after-year performance, compensation, sector focus, and other factors make each bank different from the others. Keep reading our list of the top investment banking firms in Germany for insights about each bank and make informed decisions. 💡

What Is the Role of Investment Banking Firms in Germany

Investment banks are crucial in the national and global economics. They support the country's businesses, from small and medium-sized enterprises (Mittelstand) to large multinational corporations, in their financial operations and growth strategies. Below is an overview of the role IB firms play in the German economy:

• Capital raising: They help companies issue stocks and bonds to raise capital for expansion and other expenses. Some also assist in initial public offerings (IPOs) and secondary offerings.
• Mergers and Acquisitions (M&A): Investment banks act as advisors to companies when buying, selling, or merging with other businesses. They provide valuation services and negotiate deals in their stead.
• Corporate restructuring: When companies need to reorganize their financial structure, including times of bankruptcy proceedings and debt restructuring, investment banking firms advise them accordingly.
• Financial advisory: Banks offer strategic advice to corporations, institutions, and governments. Part of how they do that involves providing market insights and financial planning services.
• Underwriting: IB firms assume the risk of buying securities from issuers and reselling to investors. They also guarantee a minimum price for securities in public offerings.
• Market making: Providing liquidity to financial markets by buying and selling securities is a crucial role investment banks play in the economy.
• Research: Another vital role of these banks is producing financial analysis and research reports on companies and industries. This way, they offer investment recommendations to clients.
• Asset management: Depending on services specialization, investment banks may manage investment portfolios for institutional and high-net-worth clients.

Some investment banking firms operate in all these areas while others specialize in a few functions.

What Are the Best Investment Banks to Work for in Germany?

The largest investment banks, called bulge bracket firms, are nearly every analyst's dream workplace. These include Barclays, Morgan Stanley, Goldman Sachs, BofA Securities, and JP Morgan. Having their names on your resume can open coveted doors for the rest of your career.

However, getting hired in the most prestigious institutions is often like winning a lottery. Luckily, there are other well-respected firms in the elite boutique and mid-market investment banks category that can also give you excellent opportunities to kickstart your career. Let's explore these top-tier investment banks in Germany below.

Top Firms for Your Career in Investment Banking

JP Morgan Chase & Co.

This is the largest investment bank in the world, both in terms of investment banking fees and market revenues. Getting an offer for an internship or another rank in the firm is a worthwhile pursuit. Besides the prestige, it can expose you to exclusive opportunities and various types of capital raises beyond M&A.

The typical career path for an IB analyst at J.P. Morgan in Germany begins with the Investment Banking Analyst Program, which lasts for two years. But it's also possible to get into the company at another level in your career journey.

👉 Take a look at our JPMorgan Chase Interview Guide to help you prepare for the recruitment process at the top bank

Goldman Sachs

Goldman Sachs aims to be the world’s preeminent investment bank, and it isn’t far from that as it’s consistently ranked as the second-largest IB firm in the world. Working here is ideal if you have a long-term interest in investment banking and the financial markets, want to go international, or are trying to move into a new industry.

In its global business, the bank is recognized as a market-leading advisor on mergers and acquisitions and underwriting. That's why it has ranked first in advisory revenues for 21 years straight. It's also always topping in various league tables.

👉 For optimal preparation for the recruiting process, check out our Goldman Sachs Interview Guide

Morgan Stanley

If you're looking to work on landmark transactions in equity, debt, and mergers & acquisitions, Morgan Stanley will be a perfect match. Former and current employees highlight that it's a good place to master first-class advisory services. That's definitely backed up by the firm's ability to claim top positions in league tables year after year. And it has been a significant player in the German financial market since 1987, with offices in Frankfurt and Munich.

👉 Does Morgan Stanley sound exciting to you? Find out more about the recruitment process in our Morgan Stanley Interview Guide

Bank of America Securities

BofA Securities advises on significant M&A deals, and participates in various debt and equity offerings. One of the publicized deals the bank took part in include Cinven’s Acquisition of Bayer AG-Environmental Science. BofA played a key advisory role in this €2.4 billion transaction, marking it as one of the largest M&A deals in the region.

The firm has also been named as Western Europe's best investment bank, reflecting its competitive position against major players like JPMorgan and Goldman Sachs. Other awards include Euro Money's “Best Investment Bank in Germany” (2022) and a total of 19 other awards in 2024.

Barclays

Another leading investment bank to work for in Germany is Barclays. It offers both summer and off-cycle internships in investment banking, providing valuable experience and potential paths to full-time analyst roles.

In recent years, Barclays has been making moves to simplify its operations and refocus on corporate and investment banking in the region. Part of this strategy includes the anticipated sale of its German consumer finance operation to BAWAG Group AG. This should free up about €4 billion in risk-weighted assets and allow the bank to focus on core investment banking activities in Germany.

Deutsche Bank

Headquartered in Frankfurt, Germany, Deutsche Bank is among the largest investment banks in Europe. The firm consistently ranks in Germans league tables for investment banking fees, M&A deals, debt, and equities.

In 2022, it led two out of the three largest Western European equity capital markets deals. These transactions were Air France KLM's €2.3bn capital increase and the €1.8bn accelerated bookbuild of Nordex Bank.

UBS

This investment banking firm has consistently ranked among the top three global equity research teams from 2016 to 2023, indicating its expertise in market analysis and investment strategies.

UBS acquired Credit Suisse in 2023 in a landmark emergency rescue deal. The result is a significant expansion of its operations and assets under management in Germany. As a result, UBS became a dominant player with over $5 trillion in assets under management post-merger.

Boutique Firms for Your Career in Investment Banking

BNP Paribas

BNP Paribas remains a key player in the financial sector. In the first half of 2024, it had a wallet share of 5.1% in investment banking fees in Germany. It also ranked top 10 in other areas with an 8.1% market share in M&A activity, 2.3% in equity, and 4.3% in German debt.

The firm is firmly established in the region with over 75 years in Germany. The prestige, performance, and solid presence makes BNP Paribas an ideal investment banking firm to work for, especially for those interested in corporate finance or structured finance.

Bryan, Garnier & Co

If you're interested in investment banking activities around healthcare, technology, and energy transition sectors, Bryan, Garnier & Co might be a great fit for you. The firm focuses on these industries and has a good amount of deals, specifically supporting small to mid-cap growth companies.

The investment banking activities for Bryan Garnier include IPOs, capital raises, sell-side M&A, and follow-on public-market capital raises. Since establishment, it has completed a total of €37bn worth of IB transactions for more than 300 clients. Among these deals are Abivax’s €130m crossover financing and CARBIOS’s €141m rights issue.

Carlsquare

The deals Carlsquare handles might not match the volumes and value that elite global boutiques and bulge bracket firms work on. But it still has a good deal flow having successfully closed 500+ transactions since establishment.

The employee count is also a bit low, standing at about 160 in their 11 offices in 8 countries. But the company gives investment bankers an opportunity to further career goals through tailor-made training and support flexible working arrangements. Typically, they look for an excellent undergraduate degree from a first-rate university or relevant professional experience in areas like IB, transaction services, or accounting when hiring analysts.

Commerzbank

If you want an institution that often serves Mittelstand (small and medium-sized enterprises), Commerzbank might be worth looking at. It consistently ranks among the top investment banks with 2023 being its best year in over a decade. It posted a net profit of 2.2 billion euros, marking the best results in 15 years.

It has kept the momentum in 2024 featuring in league tables with larger institutions like Deutsche Bank and Goldman Sachs. In terms of mergers and acquisitions in Germany, Commerzbank ranked at the 7th position with a market share of 4.7% in the first half of the year. It also featured in the top 10 in equity issuance (market share 1.8%) and debt capital markets (market share 4.6%).

Evercore

Learning more about M&A is nearly guaranteed if you get a position at Evercore which ranks as one of the biggest boutique investment banks in the world. The firm participates in major deals when it has a good year. For instance, in 2023, Evercore was involved in four of the ten largest global M&A transactions of the year.

Some deals that back it up as a top M&A financial adviser include:

• IVG Immobilien's shareholders sale of OfficeFirst Immobilien to Blackstone
• WCM’s public takeover by TLG Immobilien
• Cerberus €1 billion acquisition of a residential real estate platform

HSBC

Securing a portion of the German debt capital markets is part of HSBC strengths. It was positioned as the 8th largest firm in the German debt capital markets (DCM) sector in the first half of 2024. The 4% market share and proceeds exceeding €10 million reflects its established presence and competitive capability in this sector.

For the office culture, most employees express appreciation for international exposure and opportunities for professional growth. Some also describe working at HSBC as a dynamic and challenging experience, which can be both rewarding and demanding.

Houlihan Lokey

Another significant player in the financial restructuring, capital markets, and mid-cap M&A sector is Houlihan Lokey. The firm was named the Mid-Market M&A Bank of the Year in EMEA” at 2024’s GlobalCapital Equity and M&A Awards.

Its pay packages are also competitive with entry level investment banking analysts earning an average of £153,000. This is higher than the national estimate of £115,000.

Lazard

Lazard is one of the leading investment banks in Germany. It is often involved in significant M&A deals alongside the bulge bracket firms. Among the recent transactions, Lazard and Morgan Stanley advised CVC to extend its partnership with Multiversity in April 2024. The underwriters in this deal include Morgan Stanley and Goldman Sachs.

To emphasize its capability in large-cap and cross-border transactions, Lazard commanded a market share of 20.8% with about 16 deals valued at 13.4 billion in the first half of 2024 in Germany.

Lincoln International

Based in München and Frankfurt, Lincoln International is a well-respected mid-market investment bank. The firm specializes in merger and acquisition services and private capital raising. It has provided advisory services to large corporate clients in the region including SUEZ S.A., Siemens AG, Gerresheimer Group, Edeka, and Akzo Nobel N.V.

Rothschild and Co

Investment bankers interested in M&A advisory at a prestigious elite boutique firm can’t miss Rothschild & Co. on the list. The firm is a major player in the M&A advisory space, especially for mid-market and large-cap deals.

In 2023, Rothschild & Co advised on a total of 196 deals valued at £73.6 billion making it a top M&A adviser in Europe by both value and volume. This included a mega deal valued at over $10 billion, and showcased its capability in handling large transactions.

In another major deal, Rothschild & Co advised on the IPO of CVC Capital Partners on April 26, 2024, which raised €2.30 billion. As a result of the ranking, employees from the firm often secure positions in top private equity firms and other prestigious financial institutions.

Société Générale

While Société Générale may not be at the very top of the prestige rankings in Germany, it maintains a solid reputation. The bank is was involved in the following transactions awarded “Deals of the Year 2023” by The Banker:

• Porsche's €9.4 billion IPO in Europe
• Boursorama's €10 billion securitization in Securitisation and Structured Finance
• A $3 billion green bond for PIF in the Middle East

In terms of compensation, Société Générale pays entry level investment banking analysts an average of €80,000 compared to the €115,000 national average.

UniCredit

If you're looking for a decent stepping stone for a career in investment banking, UniCredit can be a good pick. It has a good standing when compared with other middle market banks.

From an investment banking review for the first half of 2024, UniCredit is the 8th largest investment bank in Germany based on investment banking fees and M&A activity. It has a market share of 4.6% and total IB fees of $69.5 million, though that's a 25% decline compared to the previous year. So, it's an ideal place to execute a decent amount of deals.

How Can You Find the Right Firm to Work for?

There's no one formula to finding the best investment banking firm to work for in Germany. However, you can use some strategies to pick the right fit. We're confident that you can't go wrong with any of these top firms listed in this article.

Here are tips to help you filter out the right firm for you.

• Assess your goals and priorities: What's most important to you? Prestige, deal flow, work-life balance, job retention, exit opportunities, or compensation? Determining your priorities will help you filter out those that don't fit your criteria.
• Check requirements: Double-check the firm's requirements for the position you're seeking and compare with your qualifications. If you're still in school looking for a summer analyst position, you have higher chances of ensuring you qualify for your top picks.
• Evaluate exit opportunities: Common post-IB paths in Germany include private equity, corporate development, and strategic roles. Research which firms have the strongest networks if you're not interested in a long term career in investment banking.
• Know the firm's specialties: While some investment banks operate in all key areas of the industry, others specialize in a few. Some may even focus on specific sectors like technology or health. You can narrow down to firms that deal in the specialities and industries in which you have an interest.

Bottom Line

Investment banking firms are categorized into bulge bracket, elite boutique, and mid-market firms. Different factors influence where a bank lies including prestige and value of transactions.

Getting an offer at one of the largest investment banking firms in Germany, like Deutsche Bank, Morgan Stanley, JP Morgan, Barclays, UBS, and BofA isn't easy but it's worth trying. You can also get great exposure from top-tier boutique and mid-market firms like Evercore, BNP Paribas, Rothschild and Co, Lazard, Commerzbank, and Bryan Garnier.

Here you can find articles about top investment banks in other regions:

🔎 Top Investment Banks worldwide
🔎 Top Investment Banks in the USA
🔎 Top Investment Banks in the UK