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In this video, I discuss what defines bulge brackets!
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Tags: Bulge Bracket, Bulge Brackets, what are bulge brackets, what are bulge bracket banks, what makes a bank bulge bracket, bulge bracket investment banks, what are bulge bracket investment banks?, bulge bracket explained, what makes a bank a bulge bracket, investment banking explained, what do investment banks do, how do investment banks make money, largest investment banks, biggest investment banks
Script:
Chances are if you’re a student applying for roles in investment banking, an industry professional, or just someone who follows Litquidity on instagram, you probably were a bit confused when you first heard the term “bulge bracket.” This phrase gets thrown around a lot, and can at times result in heated debates among finance bros in their flexed apartment in Murray Hill. But what does it mean?
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What is “Bulge Bracket”?
So this definition will come from investopedia, and granted, it is a bit geared for people who have a general understanding of how investment banking actually works, so bear with me for a second.
"Bulge bracket" is a slang term that describes the company or companies in an underwriting syndicate that issued the largest number of securities on a new issue. The bulge bracket is usually the first group listed on the tombstone—a print advertisement of a new issue of securities.
So basically, “bulge bracket” is a catchall term for the most profitable multinational investment banks in the world. These are banks whose clients include the largest corporations and governments on the planet.
And after “bulge bracket” banks, there are “boutique” banks. These are firms that are typically smaller, and generally newer that specialize in certain niches of investment banking. Boutiques typically are involved in smaller deals, with smaller companies.
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An easy way to visualize this is bulge bracket banks are like the Big 4 accounting firms, and boutiques are everybody else.
So going back into the technical aspect, as the larger firm in an underwriting syndicate, a bulge bracket may act as the manager of the underwriter syndicate. In IB, syndicates are created so that the underwriting firms can share the risks (and profits) associated with a new security issue like an IPO or a bond offering with other banks. The larger the issue, the more banks are likely to participate in the syndicate.
So as you can tell, the term “bulge bracket” is synonymous with major investment banks. These are the banks that get the clout of being listed in larger print than anyone else on the legal filings.
Although a topic of neverending debate, the banks most commonly associated with the term “bulge brackets” include: Bank of America Merrill Lynch, Goldman Sachs, Barclays Capital, Credit Suisse, Deutsche Bank (RIP), JPMorgan, Citigroup, Morgan Stanley, and UBS. Each of these banks have operations around the globe, and offer a wide range of services to their corporate clients.
