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data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This article <b>needs additional citations for <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verification</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Bulge_bracket" title="Special:EditPage/Bulge bracket">improve this article</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a>. Unsourced material may be challenged and removed.<br /><small><span class="plainlinks"><i>Find sources:</i> <a rel="nofollow" class="external text" href="https://www.google.com/search?as_eq=wikipedia&q=%22Bulge+bracket%22">"Bulge bracket"</a> – <a rel="nofollow" class="external text" href="https://www.google.com/search?tbm=nws&q=%22Bulge+bracket%22+-wikipedia&tbs=ar:1">news</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?&q=%22Bulge+bracket%22&tbs=bkt:s&tbm=bks">newspapers</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?tbs=bks:1&q=%22Bulge+bracket%22+-wikipedia">books</a> <b>·</b> <a rel="nofollow" class="external text" href="https://scholar.google.com/scholar?q=%22Bulge+bracket%22">scholar</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.jstor.org/action/doBasicSearch?Query=%22Bulge+bracket%22&acc=on&wc=on">JSTOR</a></span></small></span> <span class="date-container"><i>(<span class="date">July 2022</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <figure typeof="mw:File/Thumb"><a href="/wiki/File:ChryslerBuildingMidtownManhattanNewYorkCity.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/ChryslerBuildingMidtownManhattanNewYorkCity.jpg/300px-ChryslerBuildingMidtownManhattanNewYorkCity.jpg" decoding="async" width="300" height="202" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/ChryslerBuildingMidtownManhattanNewYorkCity.jpg/450px-ChryslerBuildingMidtownManhattanNewYorkCity.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5c/ChryslerBuildingMidtownManhattanNewYorkCity.jpg/600px-ChryslerBuildingMidtownManhattanNewYorkCity.jpg 2x" data-file-width="1000" data-file-height="674" /></a><figcaption>Most "bulge bracket" banks maintain central offices in <a href="/wiki/New_York_City" title="New York City">New York City</a>, one of the three key global financial hubs alongside <a href="/wiki/London" title="London">London</a> and <a href="/wiki/Hong_Kong" title="Hong Kong">Hong Kong</a>.<sup id="cite_ref-WorldEconomicAndFinancialSuperCenter_1-0" class="reference"><a href="#cite_note-WorldEconomicAndFinancialSuperCenter-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup></figcaption></figure> <style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output 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.mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of a series on <a href="/wiki/Financial_services" title="Financial services">financial services</a></td></tr><tr><th class="sidebar-title-with-pretitle" style="background:#efefef;padding:0.4em;"><a href="/wiki/Bank" title="Bank">Banking</a></th></tr><tr><td class="sidebar-image"><span class="skin-invert" typeof="mw:File"><a href="/wiki/File:Community_Noun_project_39956.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8d/Community_Noun_project_39956.svg/120px-Community_Noun_project_39956.svg.png" decoding="async" width="120" height="126" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8d/Community_Noun_project_39956.svg/180px-Community_Noun_project_39956.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8d/Community_Noun_project_39956.svg/240px-Community_Noun_project_39956.svg.png 2x" data-file-width="56" data-file-height="59" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Types of banks</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Advising_bank" title="Advising bank">Advising</a></li> <li><a href="/wiki/Banq_(term)" class="mw-redirect" title="Banq (term)">Banq</a></li> <li><a class="mw-selflink selflink">Bulge bracket</a></li> <li><a href="/wiki/Central_bank" title="Central bank">Central</a></li> <li><a href="/wiki/Commercial_bank" title="Commercial bank">Commercial</a></li> <li><a href="/wiki/Community_development_bank" title="Community development bank">Community development</a></li> <li><a href="/wiki/Cooperative_banking" title="Cooperative banking">Cooperative</a></li> <li><a href="/wiki/Credit_union" title="Credit union">Credit union</a></li> <li><a href="/wiki/Custodian_bank" title="Custodian bank">Custodian</a></li> <li><a href="/wiki/Depository_bank" title="Depository bank">Depository</a></li> <li><a href="/wiki/Development_finance_institution" title="Development finance institution">Development</a></li> <li><a href="/wiki/Direct_bank" title="Direct bank">Direct</a></li> <li><a href="/wiki/Export_credit_agency" title="Export credit agency">Export credit agency</a></li> <li><a href="/wiki/Investment_banking" title="Investment banking">Investment</a></li> <li><a href="/wiki/Industrial_loan_company" title="Industrial loan company">Industrial</a></li> <li><a href="/wiki/Merchant_bank" title="Merchant bank">Merchant</a></li> <li><a href="/wiki/Bulge_Bracket#Middle_Market" class="mw-redirect" title="Bulge Bracket">Middle market</a></li> <li><a href="/wiki/Money_center_bank" title="Money center bank">Money center</a></li> <li><a href="/wiki/Mutual_savings_bank" title="Mutual savings bank">Mutual savings</a></li> <li><a href="/wiki/Neobank" title="Neobank">Neobank</a></li> <li><a href="/wiki/Offshore_bank" title="Offshore bank">Offshore</a></li> <li><a href="/wiki/Participation_banking" title="Participation banking">Participation</a></li> <li><a href="/wiki/Payments_bank" title="Payments bank">Payments</a></li> <li><a href="/wiki/Postal_savings_system" title="Postal savings system">Postal savings</a></li> <li><a href="/wiki/Private_bank" title="Private bank">Private</a></li> <li><a href="/wiki/Public_bank" title="Public bank">Public</a></li> <li><a href="/wiki/Retail_banking" title="Retail banking">Retail</a></li> <li><a href="/wiki/Savings_bank" title="Savings bank">Savings</a></li> <li><a href="/wiki/Savings_and_loan_association" title="Savings and loan association">Savings and loan</a></li> <li><a href="/wiki/Universal_bank" title="Universal bank">Universal</a></li> <li><a href="/wiki/Wholesale_banking" title="Wholesale banking">Wholesale</a></li> <li><a href="/wiki/Bank_holding_company" title="Bank holding company">Bank holding company</a></li></ul> <i><a href="/wiki/Lists_of_banks" title="Lists of banks">Lists of banks</a></i></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Bank_account" title="Bank account">Accounts</a> <b>·</b> <a href="/wiki/Bank_card" title="Bank card">Cards</a></div><div class="sidebar-list-content mw-collapsible-content hlist"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal; display:block;margin-top:0.15em;"> Accounts</th></tr><tr><td class="sidebar-content" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Christmas_club" title="Christmas club">Christmas club</a></li> <li><a href="/wiki/Deposit_account" title="Deposit account">Deposit</a></li> <li><a href="/wiki/Money_market_account" title="Money market account">Money-market</a></li> <li><a href="/wiki/Savings_account" title="Savings account">Savings</a></li> <li><a href="/wiki/Time_deposit" title="Time deposit">Time deposit (Bond)</a></li></ul> <a href="/wiki/Transaction_account" title="Transaction account">Transaction (checking / current)</a></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal; display:block;margin-top:0.15em;"> Cards</th></tr><tr><td class="sidebar-content" style="padding-top:0.15em;"> <ul><li><a href="/wiki/ATM_card" title="ATM card">ATM</a></li> <li><a href="/wiki/Credit_card" title="Credit card">Credit</a></li> <li><a href="/wiki/Debit_card" title="Debit card">Debit</a></li> <li><a href="/wiki/Credit_card#Prepaid_cards" title="Credit card">Prepaid</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Funds transfer</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Cheque" title="Cheque">Cheque</a></li> <li><a href="/wiki/Payment_card" title="Payment card">Card</a></li> <li><a href="/wiki/Electronic_funds_transfer" title="Electronic funds transfer">Electronic</a> <ul><li><a href="/wiki/Electronic_bill_payment" title="Electronic bill payment">Bill payment</a></li> <li><a href="/wiki/Mobile_payment" title="Mobile payment">Mobile</a></li></ul></li> <li><a href="/wiki/Wire_transfer" title="Wire transfer">Wire</a> <ul><li><a href="/wiki/Real-time_gross_settlement" title="Real-time gross settlement">RTGS</a></li> <li><a href="/wiki/Net_settlement" title="Net settlement">NS</a></li></ul></li> <li><a href="/wiki/Automated_clearing_house" title="Automated clearing house">ACH</a></li> <li><a href="/wiki/Instant_payment" title="Instant payment">Instant payment</a></li> <li><a href="/wiki/Giro_(banking)" title="Giro (banking)">Giro</a></li> <li><a href="/wiki/SWIFT" title="SWIFT">SWIFT</a> <ul><li><a href="/wiki/Correspondent_account" title="Correspondent account">Correspondent account</a></li></ul></li> <li><a href="/wiki/CLS_Group#Operations" title="CLS Group">CLS</a></li> <li><a href="/wiki/Cross-Border_Interbank_Payment_System" title="Cross-Border Interbank Payment System">CIPS</a></li> <li><a href="/wiki/SPFS" title="SPFS">SPFS</a></li> <li><a href="/wiki/BRICS_PAY" title="BRICS PAY">BRICS PAY</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Terms</div><div class="sidebar-list-content mw-collapsible-content hlist"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><td class="sidebar-content" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Asset" title="Asset">Asset</a> <ul><li><a href="/wiki/Asset_allocation" title="Asset allocation">allocation</a></li> <li><a href="/wiki/Asset_and_liability_management" title="Asset and liability management">management</a></li></ul></li> <li><a href="/wiki/Automated_teller_machine" class="mw-redirect" title="Automated teller machine">Automated teller machine</a></li> <li><a href="/wiki/Bad_debt" title="Bad debt">Bad debt</a></li> <li><a href="/wiki/Bank_regulation" class="mw-redirect" title="Bank regulation">Bank regulation</a></li> <li><a href="/wiki/Bank_secrecy" title="Bank secrecy">Bank secrecy</a></li> <li><a href="/wiki/Capital_appreciation" title="Capital appreciation">Asset growth</a></li> <li><a href="/wiki/Capital_asset" title="Capital asset">Capital asset</a></li> <li><a href="/wiki/Cash" title="Cash">Cash</a></li> <li><a href="/wiki/Climate_finance" title="Climate finance">Climate finance</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a></li> <li><a href="/wiki/Disinvestment" title="Disinvestment">Disinvestment</a></li> <li><a href="/wiki/Diversification_(finance)" title="Diversification (finance)">Diversification (finance)</a></li> <li><a href="/wiki/Eco-investing" title="Eco-investing">Eco-investing</a></li> <li><a href="/wiki/Economic_bubble" title="Economic bubble">Economic bubble</a></li> <li><a href="/wiki/Economic_expansion" title="Economic expansion">Economic expansion</a></li> <li><a href="/wiki/Enterprise_value" title="Enterprise value">Enterprise value</a></li> <li><a href="/wiki/Enterprise_risk_management" title="Enterprise risk management">Enterprise risk management</a></li> <li><a href="/wiki/Environmental_finance" title="Environmental finance">Environmental finance</a></li> <li><a href="/wiki/Environmental,_social,_and_governance" title="Environmental, social, and governance">ESG</a></li> <li><a href="/wiki/Ethical_banking" title="Ethical banking">Ethical banking</a></li> <li><a href="/wiki/Finance" title="Finance">Financial</a> <ul><li><a href="/wiki/Financial_analysis" title="Financial analysis">analysis</a></li> <li><a href="/wiki/Financial_analyst" title="Financial analyst">analyst</a></li> <li><a href="/wiki/Financial_asset" title="Financial asset">asset</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">economics</a></li> <li><a href="/wiki/Financial_engineering" title="Financial engineering">engineering</a></li> <li><a href="/wiki/Financial_forecast" title="Financial forecast">forecast</a></li> <li><a href="/wiki/Financial_plan" title="Financial plan">plan</a></li> <li><a href="/wiki/Financial_planner" title="Financial planner">planner</a></li> <li><a href="/wiki/Financial_services" title="Financial services">services</a></li></ul></li> <li><a href="/wiki/Fractional-reserve_banking" title="Fractional-reserve banking">Fractional-reserve banking</a></li> <li><a href="/wiki/Full-reserve_banking" title="Full-reserve banking">Full-reserve banking</a></li> <li><a href="/wiki/Fundamental_analysis" title="Fundamental analysis">Fundamental analysis</a></li> <li><a href="/wiki/Growth_investing" title="Growth investing">Growth investing</a></li> <li><a href="/wiki/Hedge_(finance)" title="Hedge (finance)">Hedge (finance)</a></li> <li><a href="/wiki/Impact_investing" title="Impact investing">Impact investing</a></li> <li><a href="/wiki/Investment_advisory" title="Investment advisory">Investment advisory</a></li> <li><a href="/wiki/Investment_management" title="Investment management">Investment management</a></li> <li><a href="/wiki/Islamic_banking_and_finance" title="Islamic banking and finance">Islamic banking</a></li> <li><a href="/wiki/Loan" title="Loan">Loan</a></li> <li><a href="/wiki/Mathematical_finance" title="Mathematical finance">Mathematical finance</a></li> <li><a href="/wiki/Mobile_banking" title="Mobile banking">Mobile banking</a></li> <li><a href="/wiki/Money_creation" title="Money creation">Money creation</a></li> <li><a href="/wiki/Pension_fund" title="Pension fund">Pension fund</a></li> <li><a href="/wiki/Private_banking" title="Private banking">Private banking</a></li> <li><a href="/wiki/Sustainability" title="Sustainability">Sustainability</a></li> <li><a href="/wiki/Sustainable_finance" title="Sustainable finance">Sustainable finance</a></li> <li><a href="/wiki/Speculation" title="Speculation">Speculation</a></li> <li><a href="/wiki/Statistical_finance" title="Statistical finance">Statistical finance</a></li> <li><a href="/wiki/Strategic_financial_management" title="Strategic financial management">Strategic financial management</a></li> <li><a href="/wiki/Stress_test_(financial)" title="Stress test (financial)">Stress test (financial)</a></li> <li><a href="/wiki/Structured_finance" title="Structured finance">Structured finance</a></li> <li><a href="/wiki/Structured_product" title="Structured product">Structured product</a></li> <li><a href="/wiki/Toxic_asset" title="Toxic asset">Toxic asset</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Related topics</div><div class="sidebar-list-content mw-collapsible-content hlist" style="padding-bottom:0;"> <ul><li><a href="/wiki/Asset_pricing" title="Asset pricing">Asset pricing</a></li> <li><a href="/wiki/Bond_(finance)" title="Bond (finance)">Bond (finance)</a></li> <li><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a></li> <li><a href="/wiki/Cost_of_capital" title="Cost of capital">Cost of capital</a></li> <li><a href="/wiki/Equity_(finance)" title="Equity (finance)">Equity (finance)</a></li> <li><a href="/wiki/Ethical_banking" title="Ethical banking">Ethical banking</a></li> <li><a href="/wiki/Exchange_traded_fund" class="mw-redirect" title="Exchange traded fund">Exchange traded fund</a></li> <li><a href="/wiki/Finance" title="Finance">Financial</a></li> <li><a href="/wiki/Financial_law" title="Financial law">law</a> <ul><li><a href="/wiki/Financial_market" title="Financial market">market</a></li> <li><a href="/wiki/Financial_market_participants" title="Financial market participants">participants</a></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">regulation</a></li> <li><a href="/wiki/Financial_risk" title="Financial risk">risk</a></li> <li><a href="/wiki/Financial_system" title="Financial system">system</a></li></ul></li> <li><a href="/wiki/History_of_banking" title="History of banking">History of banking</a></li> <li><a href="/wiki/List_of_banks_(alphabetical)" title="List of banks (alphabetical)">List of banks</a></li> <li><a href="/wiki/Market_risk" title="Market risk">Market risk</a></li> <li><a href="/wiki/Personal_finance" title="Personal finance">Personal finance</a></li> <li><a href="/wiki/Public_finance" title="Public finance">Public finance</a></li> <li><a href="/wiki/Security_(finance)" title="Security (finance)">Security (finance)</a></li> <li><a href="/wiki/Share_(finance)" title="Share (finance)">Shares</a></li> <li><a href="/wiki/Sustainable_development_goals" class="mw-redirect" title="Sustainable development goals">Sustainable development goals</a></li> <li><a href="/wiki/Systematic_risk" title="Systematic risk">Systematic risk</a></li> <li><a href="/wiki/Systemic_risk" title="Systemic risk">Systemic risk</a></li> <li><a href="/wiki/Time_value_of_money" title="Time value of money">Time value of money</a></li> <li><a href="/wiki/Too_big_to_fail" title="Too big to fail">Too big to fail</a></li> <li><a href="/wiki/Too_connected_to_fail" title="Too connected to fail">Too connected to fail</a></li> <li><a href="/wiki/Watered_stock" title="Watered stock">Watered stock</a></li></ul> <ol><li class="mw-empty-elt"></li></ol></div></div></td> </tr><tr><td class="sidebar-below hlist"> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Banking" title="Category:Banking">Category</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Commons page"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/12px-Commons-logo.svg.png" decoding="async" width="12" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/18px-Commons-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/24px-Commons-logo.svg.png 2x" data-file-width="1024" data-file-height="1376" /></span></span> <a href="https://commons.wikimedia.org/wiki/Category:Banking" class="extiw" title="commons:Category:Banking">Commons</a></li> <li><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Symbol_portal_class.svg" class="mw-file-description" title="Portal"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/16px-Symbol_portal_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/23px-Symbol_portal_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/31px-Symbol_portal_class.svg.png 2x" data-file-width="180" data-file-height="185" /></a></span> <a href="/wiki/Portal:Banking" class="mw-redirect" title="Portal:Banking">Portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Banking" title="Template:Banking"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Banking" title="Template talk:Banking"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Banking" title="Special:EditPage/Template:Banking"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p><b>Bulge bracket banks</b> are the world's largest global <a href="/wiki/Investment_banks" class="mw-redirect" title="Investment banks">investment banks</a>,<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> serving mostly large <a href="/wiki/Corporation" title="Corporation">corporations</a>, <a href="/wiki/Institutional_investors" class="mw-redirect" title="Institutional investors">institutional investors</a> and <a href="/wiki/Government" title="Government">governments</a>. The term "Bulge Bracket" comes from the way investment banks are listed on the "<a href="/wiki/Tombstone_(financial_industry)" title="Tombstone (financial industry)">tombstone</a>", or public notification of a financial transaction,<sup id="cite_ref-Staff_3-0" class="reference"><a href="#cite_note-Staff-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> where the largest advisors on investment banking operations (mergers, acquisitions, IPOs, or debt issuance) are listed first. The term is primarily related to the financial advisory side of the business, as opposed to sales and trading. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Overview">Overview</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bulge_bracket&action=edit&section=1" title="Edit section: Overview"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Bulge bracket banks usually provide both advisory and financing banking services, as well as the sales, <a href="/wiki/Market_maker" title="Market maker">market making</a>, and research on a broad array of financial products including equities, credit, rates, commodities and their derivatives. They are also heavily involved in the invention of new financial products, such as <a href="/wiki/Mortgage-backed_security" title="Mortgage-backed security">mortgage-backed securities</a> (MBS) in the 1980s, <a href="/wiki/Credit_default_swap" title="Credit default swap">credit default swaps</a> in the 1990s and <a href="/wiki/Collateralized_debt_obligation" title="Collateralized debt obligation">collateralized debt obligations</a> (CDO) in the 2000s and today, <a href="/wiki/Carbon_emission_trading" title="Carbon emission trading">carbon emission trading</a> and <a href="/wiki/Insurance" title="Insurance">insurance</a>-linked products. </p><p>Bulge bracket firms are usually <a href="/wiki/Primary_dealer" title="Primary dealer">primary dealers</a> in US <a href="/wiki/Treasury_securities" class="mw-redirect" title="Treasury securities">treasury securities</a>. Bulge bracket banks are also global in the sense that they have a strong presence in all four of the world's major regions: the <a href="/wiki/Americas" title="Americas">Americas</a>, <a href="/wiki/Europe,_the_Middle_East_and_Africa" title="Europe, the Middle East and Africa">Europe, the Middle East and Africa</a> (EMEA) and <a href="/wiki/Asia-Pacific" class="mw-redirect" title="Asia-Pacific">Asia-Pacific</a> (APAC). </p><p>The name comes from the way investment banks are listed on the "<a href="/wiki/Tombstone_(financial_industry)" title="Tombstone (financial industry)">tombstone</a>", or public notification of a financial transaction;<sup id="cite_ref-Staff_3-1" class="reference"><a href="#cite_note-Staff-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> the more important banks in a syndicate are listed first.<sup id="cite_ref-gilpin19871005_4-0" class="reference"><a href="#cite_note-gilpin19871005-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> There is often debate over which banks are considered to belong to the bulge bracket. Various rankings are often cited, such as <a href="/wiki/Bloomberg,_L.P." class="mw-redirect" title="Bloomberg, L.P.">Bloomberg 20</a>, <a href="/wiki/Mergermarket" class="mw-redirect" title="Mergermarket">Mergermarket</a> <a href="/wiki/M%26A" class="mw-redirect" title="M&A">M&A</a> league tables, or <a href="/wiki/Thomson_Reuters_league_tables" class="mw-redirect" title="Thomson Reuters league tables">Thomson Reuters league tables</a>, as well as other rankings. </p> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bulge_bracket&action=edit&section=2" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>According to biographer <a href="/wiki/Ron_Chernow" title="Ron Chernow">Ron Chernow</a>'s 1990 book <i><a href="/wiki/The_House_of_Morgan" title="The House of Morgan">The House of Morgan</a></i>, "in the late 1960s and early 1970s, the top tier—called the bulge bracket—consisted of <a href="/wiki/Morgan_Stanley" title="Morgan Stanley">Morgan Stanley</a>; <a href="/wiki/First_Boston" title="First Boston">First Boston</a>; <a href="/wiki/Kuhn,_Loeb_%26_Co." title="Kuhn, Loeb & Co.">Kuhn, Loeb</a>; and <a href="/wiki/Dillon,_Read" class="mw-redirect" title="Dillon, Read">Dillon, Read</a>." Morgan Stanley appeared above the other members of the bulge bracket by demanding and receiving the role of syndicate manager. While order within brackets was otherwise determined alphabetically, Chernow describes this positioning as being of "life-and-death" importance to the firms. Chernow says that <a href="/wiki/Bache_%26_Co." title="Bache & Co.">Bache Halsey Stuart Shields Incorporated</a>'s name was chosen based on a desire to be placed as high as possible within its bracket.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (June 2024)">citation needed</span></a></i>]</sup> </p><p>According to Chernow, Morgan Stanley "queasily noted the rise of <a href="/wiki/Salomon_Brothers" title="Salomon Brothers">Salomon Brothers</a> and <a href="/wiki/Goldman_Sachs" title="Goldman Sachs">Goldman Sachs</a>, which were using their trading skills to chip away at the four dominant firms." In 1975, to more reflect economic reality, Morgan Stanley removed Kuhn, Loeb and Dillon, Read, and replaced them with <a href="/wiki/Merrill_Lynch" class="mw-redirect" title="Merrill Lynch">Merrill Lynch</a>, Salomon Brothers and Goldman Sachs. Chernow describes' Morgan Stanley's place at the top of the bracket as a "gilded anachronism" by the late 1970s.<sup id="cite_ref-chernow_5-0" class="reference"><a href="#cite_note-chernow-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote"><p>For Morgan Stanley, the doomsday trumpet sounded in 1979. That year, IBM asked the firm to accept Salomon Brothers as co-manager on a $1 billion debt issue needed for a new generation of computers... After much resounding talk, nearly everybody [at Morgan Stanley] voted to defy IBM and demand sole management. Morgan Stanley was shocked when word came back that IBM hadn't budged in its demand: Salomon Brothers would head the issue, as planned. It was a landmark in Wall Street history: the golden chains [of Morgan dominance] were smashed.<sup id="cite_ref-chernow_5-1" class="reference"><a href="#cite_note-chernow-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>By the 1980s a revised bulge bracket had been defined. <i>The New York Times</i> in 1987 reported that </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>Of these, six firms—The First Boston Corporation, Goldman, Sachs & Company, Merrill Lynch & Company, Morgan Stanley & Company, Salomon Brothers and Shearson Lehman Brothers—are so powerful that they make up the <i>bulge</i> bracket, so-called because more often than not they lead the deals, garnering the top tombstone spots.<sup id="cite_ref-gilpin19871005_4-1" class="reference"><a href="#cite_note-gilpin19871005-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>In the 1990s, the dominance of the bulge bracket firms was globalizing. In 2001 <i>The New York Times</i> reported that "The real battle for the bulge bracket is taking place in Europe."<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Modern_list">Modern list</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bulge_bracket&action=edit&section=3" title="Edit section: Modern list"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 2020, the <a href="/wiki/Corporate_Finance_Institute" title="Corporate Finance Institute">Corporate Finance Institute</a>, a Canadian financial analyst certification organization, and Wall Street Oasis, an online investment banking and finance forum, listed nine investment banks as part of the bulge bracket category.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Investopedia" title="Investopedia">Investopedia</a> in 2022 listed the same banks.<sup id="cite_ref-hargrave20221223_9-0" class="reference"><a href="#cite_note-hargrave20221223-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> As of March 2023<sup class="plainlinks noexcerpt noprint asof-tag update" style="display:none;"><a class="external text" href="https://en.wikipedia.org/w/index.php?title=Bulge_bracket&action=edit">[update]</a></sup>, there are eight bulge bracket banks, following the <a href="/wiki/Acquisition_of_Credit_Suisse_by_UBS" title="Acquisition of Credit Suisse by UBS">acquisition of Credit Suisse by UBS</a>.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <ul><li><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/United_States" title="United States"><img alt="United States" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></a></span></span> <a href="/wiki/Bank_of_America" title="Bank of America">Bank of America</a></li> <li><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/United_Kingdom" title="United Kingdom"><img alt="United Kingdom" src="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/23px-Flag_of_the_United_Kingdom.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/35px-Flag_of_the_United_Kingdom.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/46px-Flag_of_the_United_Kingdom.svg.png 2x" data-file-width="1200" data-file-height="600" /></a></span></span> <a href="/wiki/Barclays" title="Barclays">Barclays</a></li> <li><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/United_States" title="United States"><img alt="United States" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></a></span></span> <a href="/wiki/Citigroup" title="Citigroup">Citigroup</a></li> <li><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/Germany" title="Germany"><img alt="Germany" src="//upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/23px-Flag_of_Germany.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/35px-Flag_of_Germany.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/46px-Flag_of_Germany.svg.png 2x" data-file-width="1000" data-file-height="600" /></a></span></span> <a href="/wiki/Deutsche_Bank" title="Deutsche Bank">Deutsche Bank</a></li> <li><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/United_States" title="United States"><img alt="United States" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></a></span></span> <a href="/wiki/Goldman_Sachs" title="Goldman Sachs">Goldman Sachs</a></li> <li><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/United_States" title="United States"><img alt="United States" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></a></span></span> <a href="/wiki/JPMorgan_Chase" title="JPMorgan Chase">JPMorgan Chase</a></li> <li><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/United_States" title="United States"><img alt="United States" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></a></span></span> <a href="/wiki/Morgan_Stanley" title="Morgan Stanley">Morgan Stanley</a></li> <li><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/Switzerland" title="Switzerland"><img alt="Switzerland" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/08/Flag_of_Switzerland_%28Pantone%29.svg/16px-Flag_of_Switzerland_%28Pantone%29.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/08/Flag_of_Switzerland_%28Pantone%29.svg/24px-Flag_of_Switzerland_%28Pantone%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/08/Flag_of_Switzerland_%28Pantone%29.svg/32px-Flag_of_Switzerland_%28Pantone%29.svg.png 2x" data-file-width="512" data-file-height="512" /></a></span></span> <a href="/wiki/UBS" title="UBS">UBS</a></li> <li><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/France" title="France"><img alt="France" src="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/23px-Flag_of_France.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/35px-Flag_of_France.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/45px-Flag_of_France.svg.png 2x" data-file-width="900" data-file-height="600" /></a></span></span> <a href="/wiki/BNP_PARIBAS" class="mw-redirect" title="BNP PARIBAS">BNP PARIBAS</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Other_uses">Other uses</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bulge_bracket&action=edit&section=4" title="Edit section: Other uses"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>By extension, members of the international business community sometimes refer to leading business services providers as "bulge bracket". For example, this term has been used to describe a group of global, highly prestigious law firms with deep expertise across a broad range of topics. However, these firms are more frequently referred to as the <a href="/wiki/Magic_Circle_(law_firms)" title="Magic Circle (law firms)">Magic Circle (law firms)</a> and <a href="/wiki/Silver_Circle_(law_firms)" title="Silver Circle (law firms)">Silver Circle (law firms)</a>. Similarly, "bulge bracket" has sometimes been used to describe the <a href="/wiki/Big_Three_(management_consultancies)" title="Big Three (management consultancies)">Big Three (management consultancies)</a> (or alternatively "MBB") or the <a href="/wiki/Big_Four_accounting_firms" title="Big Four accounting firms">Big Four accounting firms</a> due to their global reach and strong reputations in consulting and accounting services, respectively.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (June 2024)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bulge_bracket&action=edit&section=5" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/List_of_investment_banks" title="List of investment banks">List of investment banks</a></li> <li><a href="/wiki/Primary_dealer" title="Primary dealer">Primary dealer</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bulge_bracket&action=edit&section=6" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-WorldEconomicAndFinancialSuperCenter-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-WorldEconomicAndFinancialSuperCenter_1-0">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.businessinsider.com/top-8-cities-by-gdp-china-vs-the-us-2011-8">"Top 8 Cities by GDP: China vs. The U.S."</a> Business Insider, Inc<span class="reference-accessdate">. Retrieved <span class="nowrap">May 21,</span> 2018</span>. <q>For instance, Shanghai, the largest Chinese city with the highest economic production, and a fast-growing global financial hub, is far from matching or surpassing New York, the largest city in the U.S. and the economic and financial super center of the world.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Top+8+Cities+by+GDP%3A+China+vs.+The+U.S.&rft.pub=Business+Insider%2C+Inc&rft_id=http%3A%2F%2Fwww.businessinsider.com%2Ftop-8-cities-by-gdp-china-vs-the-us-2011-8&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABulge+bracket" class="Z3988"></span><sup class="noprint Inline-Template noprint noexcerpt Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:NOTRS" class="mw-redirect" title="Wikipedia:NOTRS"><span title="This article is about the bulge bracket, so the source needs to support the connection, not merely imply it (February 2019)">better source needed</span></a></i>]</sup></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20090203233720/http://www.yourdictionary.com/finance/bulge-bracket">"Bulge bracket - Definition of bulge bracket at YourDictionary.com"</a>. Archived from <a rel="nofollow" class="external text" href="http://www.yourdictionary.com/finance/bulge-bracket">the original</a> on February 3, 2009<span class="reference-accessdate">. Retrieved <span class="nowrap">March 6,</span> 2009</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Bulge+bracket+-+Definition+of+bulge+bracket+at+YourDictionary.com&rft_id=http%3A%2F%2Fwww.yourdictionary.com%2Ffinance%2Fbulge-bracket&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABulge+bracket" class="Z3988"></span></span> </li> <li id="cite_note-Staff-3"><span class="mw-cite-backlink">^ <a href="#cite_ref-Staff_3-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Staff_3-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFStaff2003" class="citation news cs1">Staff, Investopedia (November 25, 2003). <a rel="nofollow" class="external text" href="http://www.investopedia.com/terms/b/bulgebracket.asp">"Bulge Bracket"</a>. <i>Investopedia</i><span class="reference-accessdate">. Retrieved <span class="nowrap">February 5,</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Investopedia&rft.atitle=Bulge+Bracket&rft.date=2003-11-25&rft.aulast=Staff&rft.aufirst=Investopedia&rft_id=http%3A%2F%2Fwww.investopedia.com%2Fterms%2Fb%2Fbulgebracket.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABulge+bracket" class="Z3988"></span></span> </li> <li id="cite_note-gilpin19871005-4"><span class="mw-cite-backlink">^ <a href="#cite_ref-gilpin19871005_4-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-gilpin19871005_4-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGilpin1987" class="citation news cs1">Gilpin, Kenneth N. (October 5, 1987). <a rel="nofollow" class="external text" href="https://www.nytimes.com/1987/10/05/business/split-in-tombstone-ranks.html">"Split in 'Tombstone' Ranks"</a>. <i>The New York Times</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=Split+in+%27Tombstone%27+Ranks&rft.date=1987-10-05&rft.aulast=Gilpin&rft.aufirst=Kenneth+N.&rft_id=https%3A%2F%2Fwww.nytimes.com%2F1987%2F10%2F05%2Fbusiness%2Fsplit-in-tombstone-ranks.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABulge+bracket" class="Z3988"></span></span> </li> <li id="cite_note-chernow-5"><span class="mw-cite-backlink">^ <a href="#cite_ref-chernow_5-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-chernow_5-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFChernow2010" class="citation book cs1"><a href="/wiki/Ron_Chernow" title="Ron Chernow">Chernow, Ron</a> (2010). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=sgNUEqkgctEC&pg=PT654">"Chapter Thirty-One: Tombstones"</a>. <i>The House of Morgan</i> (Twentieth anniversary ed.). Grove/Atlantic, Inc. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780802198136" title="Special:BookSources/9780802198136"><bdi>9780802198136</bdi></a><span class="reference-accessdate">. Retrieved <span class="nowrap">3 February</span> 2019</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Chapter+Thirty-One%3A+Tombstones&rft.btitle=The+House+of+Morgan&rft.edition=Twentieth+anniversary&rft.pub=Grove%2FAtlantic%2C+Inc.&rft.date=2010&rft.isbn=9780802198136&rft.aulast=Chernow&rft.aufirst=Ron&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DsgNUEqkgctEC%26pg%3DPT654&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABulge+bracket" class="Z3988"></span></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKapnerSorkin2001" class="citation web cs1">Kapner, Suzanne; Sorkin, Andrew Ross (February 3, 2001). <a rel="nofollow" class="external text" href="https://www.nytimes.com/2001/02/03/business/international-business-american-bankers-invade-europe.html">"INTERNATIONAL BUSINESS; American Bankers Invade Europe"</a>. <i>New York Times</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=New+York+Times&rft.atitle=INTERNATIONAL+BUSINESS%3B+American+Bankers+Invade+Europe&rft.date=2001-02-03&rft.aulast=Kapner&rft.aufirst=Suzanne&rft.au=Sorkin%2C+Andrew+Ross&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2001%2F02%2F03%2Fbusiness%2Finternational-business-american-bankers-invade-europe.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABulge+bracket" class="Z3988"></span></span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://corporatefinanceinstitute.com/resources/careers/companies/bulge-bracket-investment-banks-list/">"Bulge Bracket Investment Banks - List of Top Global Banks"</a>. <i>Corporate Finance Institute</i><span class="reference-accessdate">. Retrieved <span class="nowrap">July 19,</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Corporate+Finance+Institute&rft.atitle=Bulge+Bracket+Investment+Banks+-+List+of+Top+Global+Banks&rft_id=https%3A%2F%2Fcorporatefinanceinstitute.com%2Fresources%2Fcareers%2Fcompanies%2Fbulge-bracket-investment-banks-list%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABulge+bracket" class="Z3988"></span></span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.wallstreetoasis.com/finance-dictionary/what-is-a-bulge-bracket-investment-bank-bb">"What Is A Bulge Bracket Investment Bank (BB)?"</a>. <i>Wall Street Oasis</i>. Wall Street Oasis<span class="reference-accessdate">. Retrieved <span class="nowrap">September 16,</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Wall+Street+Oasis&rft.atitle=What+Is+A+Bulge+Bracket+Investment+Bank+%28BB%29%3F&rft_id=https%3A%2F%2Fwww.wallstreetoasis.com%2Ffinance-dictionary%2Fwhat-is-a-bulge-bracket-investment-bank-bb&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABulge+bracket" class="Z3988"></span></span> </li> <li id="cite_note-hargrave20221223-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-hargrave20221223_9-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHargrave2022" class="citation web cs1">Hargrave, Marshall (2022-12-23). <a rel="nofollow" class="external text" href="https://www.investopedia.com/terms/b/bulgebracket.asp">"What Is Bulge Bracket?"</a>. <i>Investopedia</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2023-03-26</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Investopedia&rft.atitle=What+Is+Bulge+Bracket%3F&rft.date=2022-12-23&rft.aulast=Hargrave&rft.aufirst=Marshall&rft_id=https%3A%2F%2Fwww.investopedia.com%2Fterms%2Fb%2Fbulgebracket.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABulge+bracket" class="Z3988"></span></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.finma.ch/en/news/2023/03/20230319-mm-cs-ubs/">"FINMA approves merger of UBS and Credit Suisse"</a>. <i>FINMA</i><span class="reference-accessdate">. Retrieved <span class="nowrap">March 25,</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=FINMA&rft.atitle=FINMA+approves+merger+of+UBS+and+Credit+Suisse&rft_id=https%3A%2F%2Fwww.finma.ch%2Fen%2Fnews%2F2023%2F03%2F20230319-mm-cs-ubs%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABulge+bracket" class="Z3988"></span></span> </li> </ol></div></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output 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banks</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;text-align: left;background-color: #eee;"><a class="mw-selflink selflink">Bulge bracket</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Barclays" title="Barclays">Barclays</a></li> <li><a href="/wiki/Bank_of_America" title="Bank of America">Bank of America</a></li> <li><a href="/wiki/Citigroup" title="Citigroup">Citigroup</a></li> <li><a href="/wiki/Deutsche_Bank" title="Deutsche Bank">Deutsche Bank</a></li> <li><a href="/wiki/JPMorgan_Chase" title="JPMorgan Chase">JPMorgan Chase</a></li> <li><a href="/wiki/UBS" title="UBS">UBS</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align: left;background-color: #eee;"><a href="/wiki/Americas" title="Americas">Americas</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Banco_Bradesco" title="Banco Bradesco">Bradesco BBI</a></li> <li><a href="/wiki/BMO_Capital_Markets" title="BMO Capital Markets">BMO Capital Markets</a></li> <li><a href="/wiki/CIBC_World_Markets" class="mw-redirect" title="CIBC World Markets">CIBC World Markets</a></li> <li><a href="/wiki/Ita%C3%BA_Unibanco" title="Itaú Unibanco">Itaú BBA</a></li> <li><a href="/wiki/National_Bank_of_Canada" title="National Bank of Canada">National Bank Financial Markets</a></li> <li><a href="/wiki/RBC_Capital_Markets" title="RBC Capital Markets">RBC Capital Markets</a></li> <li><a href="/wiki/Scotiabank" title="Scotiabank">Scotiabank GBM</a></li> <li><a href="/wiki/TD_Securities" title="TD Securities">TD Securities</a> <ul><li><a href="/wiki/TD_Cowen" title="TD Cowen">TD Cowen</a></li></ul></li> <li><a href="/wiki/Wells_Fargo" title="Wells Fargo">Wells Fargo Securities</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align: left;background-color: #eee;"><a href="/wiki/Europe,_the_Middle_East_and_Africa" title="Europe, the Middle East and Africa">EMEA</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Banca_Akros" title="Banca Akros">Banca Akros</a></li> <li><a href="/wiki/Banca_IMI" title="Banca IMI">Banca IMI</a></li> <li><a href="/wiki/BNP_Paribas_CIB" title="BNP Paribas CIB">BNP Paribas CIB</a></li> <li><a href="/wiki/Cr%C3%A9dit_Agricole_Corporate_and_Investment_Bank" title="Crédit Agricole Corporate and Investment Bank">Crédit Agricole CIB</a></li> <li><a href="/wiki/Credit_Suisse" title="Credit Suisse">Credit Suisse</a></li> <li><a href="/wiki/Danske_Bank" title="Danske Bank">Danske Bank LC&I</a></li> <li><a href="/wiki/First_Abu_Dhabi_Bank" title="First Abu Dhabi Bank">First Abu Dhabi Bank CIB</a></li> <li><a href="/wiki/Handelsbanken" title="Handelsbanken">Handelsbanken Capital Markets</a></li> <li><a href="/wiki/HSBC" title="HSBC">HSBC GBM</a></li> <li><a href="/wiki/ING_Group" title="ING Group">ING WB</a></li> <li><a href="/wiki/%C4%B0%C5%9F_Yat%C4%B1r%C4%B1m" title="İş Yatırım">İş Yatırım</a></li> <li><a href="/wiki/Lloyds_Bank_Corporate_Markets" title="Lloyds Bank Corporate Markets">Lloyds Bank Corporate Markets</a></li> <li><a href="/wiki/Natixis" class="mw-redirect" title="Natixis">Natixis</a></li> <li><a href="/wiki/NatWest_Markets" title="NatWest Markets">NatWest Markets</a></li> <li><a href="/wiki/Nordea" title="Nordea">Nordea CI&IB</a></li> <li><a href="/wiki/Banco_Santander" title="Banco Santander">Santander CIB</a></li> <li><a href="/wiki/Sberbank_CIB" title="Sberbank CIB">Sberbank CIB</a></li> <li><a href="/wiki/SEB_Group" title="SEB Group">SEB LC&FI</a></li> <li><a href="/wiki/Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale" title="Société Générale">Société Générale CIB</a></li> <li><a href="/wiki/Standard_Chartered" title="Standard Chartered">Standard Chartered CCIB</a></li> <li><a href="/wiki/UniCredit" title="UniCredit">UniCredit CIB</a></li> <li><a href="/wiki/VTB_Capital" title="VTB Capital">VTB Capital</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align: left;background-color: #eee;"><a href="/wiki/Asia%E2%80%93Pacific" title="Asia–Pacific">APAC</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/BOC_International" title="BOC International">BOC International</a></li> <li><a href="/wiki/CITIC_Securities" title="CITIC Securities">CITIC Securities</a> <ul><li><a href="/wiki/CLSA" title="CLSA">CLSA</a></li> <li><a href="/wiki/CSC_Financial" title="CSC Financial">CSC Financial</a></li></ul></li> <li><a href="/wiki/Mitsubishi_UFJ_Securities" title="Mitsubishi UFJ Securities">Mitsubishi UFJ Securities</a></li> <li><a href="/wiki/Mizuho_Securities" title="Mizuho Securities">Mizuho Securities</a></li> <li><a href="/wiki/NH_Investment_%26_Securities" title="NH Investment & Securities">NH Investment & Securities</a></li> <li><a href="/wiki/SBI_Capital_Markets" title="SBI Capital Markets">SBI Capital Markets</a></li> <li><a href="/wiki/SMBC_Nikko_Securities" title="SMBC Nikko Securities">SMBC Nikko Securities</a></li> <li><a href="/wiki/UOB-Kay_Hian" title="UOB-Kay Hian">UOB-Kay Hian</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align: left;">Independents</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;text-align: left;background-color: #eee;">Bulge bracket</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Goldman_Sachs" title="Goldman Sachs">Goldman Sachs</a></li> <li><a href="/wiki/Morgan_Stanley" title="Morgan Stanley">Morgan Stanley</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align: left;background-color: #eee;">Americas</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Allen_%26_Company" title="Allen & Company">Allen & Company</a></li> <li><a href="/wiki/B.C._Ziegler" title="B.C. Ziegler">B.C. Ziegler</a></li> <li><a href="/wiki/B._Riley_Financial" title="B. Riley Financial">B. Riley Financial</a> <ul><li><a href="/wiki/FBR_Capital_Markets" title="FBR Capital Markets">FBR Capital Markets</a></li></ul></li> <li><a href="/wiki/Baird_(investment_bank)" title="Baird (investment bank)">Baird</a></li> <li><a href="/wiki/BDT_%26_MSD_Partners" title="BDT & MSD Partners">BDT & MSD Partners</a></li> <li><a href="/wiki/Brown_Brothers_Harriman" class="mw-redirect" title="Brown Brothers Harriman">Brown Brothers Harriman</a></li> <li><a href="/wiki/Brown_Gibbons_Lang_%26_Company" title="Brown Gibbons Lang & Company">Brown Gibbons Lang & Company</a></li> <li><a href="/wiki/BTG_Pactual" title="BTG Pactual">BTG Pactual</a></li> <li><a href="/wiki/Canaccord_Genuity" title="Canaccord Genuity">Canaccord Genuity</a></li> <li><a href="/wiki/Cantor_Fitzgerald" title="Cantor Fitzgerald">Cantor Fitzgerald</a></li> <li><a href="/wiki/Centerview_Partners" title="Centerview Partners">Centerview Partners</a></li> <li><a href="/wiki/Drexel_Hamilton" title="Drexel Hamilton">Drexel Hamilton</a></li> <li><a href="/wiki/Ducera_Partners" title="Ducera Partners">Ducera Partners</a></li> <li><a href="/wiki/Evercore" title="Evercore">Evercore</a></li> <li><a href="/wiki/Financial_Technology_Partners" title="Financial Technology Partners">Financial Technology Partners</a></li> <li><a href="/wiki/Greenhill_%26_Co." title="Greenhill & Co.">Greenhill & Co.</a></li> <li><a href="/wiki/Guggenheim_Partners" title="Guggenheim Partners">Guggenheim Partners</a></li> <li><a href="/wiki/Harris_Williams_%26_Co." title="Harris Williams & Co.">Harris Williams & Co.</a></li> <li><a href="/wiki/Houlihan_Lokey" title="Houlihan Lokey">Houlihan Lokey</a></li> <li><a href="/wiki/Jefferies_Group" title="Jefferies Group">Jefferies</a></li> <li><a href="/wiki/Lazard" title="Lazard">Lazard</a></li> <li><a href="/wiki/Leerink_Partners" title="Leerink Partners">Leerink Partners</a></li> <li><a href="/wiki/Lincoln_International" title="Lincoln International">Lincoln International</a></li> <li><a href="/wiki/LionTree" title="LionTree">LionTree</a></li> <li><a href="/wiki/Marathon_Capital" title="Marathon Capital">Marathon Capital</a></li> <li><a href="/wiki/Moelis_%26_Company" title="Moelis & Company">Moelis & Company</a></li> <li><a href="/wiki/Needham_%26_Company" title="Needham & Company">Needham & Company</a></li> <li><a href="/wiki/Oppenheimer_Holdings" title="Oppenheimer Holdings">Oppenheimer</a></li> <li><a href="/wiki/Perella_Weinberg_Partners" title="Perella Weinberg Partners">Perella Weinberg Partners</a></li> <li><a href="/wiki/Piper_Sandler" class="mw-redirect" title="Piper Sandler">Piper Sandler</a></li> <li><a href="/wiki/PJT_Partners" title="PJT Partners">PJT Partners</a></li> <li><a href="/wiki/Qatalyst_Partners" title="Qatalyst Partners">Qatalyst Partners</a></li> <li><a href="/wiki/The_Raine_Group" title="The Raine Group">The Raine Group</a></li> <li><a href="/wiki/Raymond_James_Financial" title="Raymond James Financial">Raymond James Financial</a></li> <li><a href="/wiki/Roth_Capital_Partners" title="Roth Capital Partners">Roth Capital Partners</a></li> <li><a href="/wiki/Seabury_Capital" title="Seabury Capital">Seabury Capital</a></li> <li><a href="/wiki/Solomon_Partners" title="Solomon Partners">Solomon Partners</a></li> <li><a href="/wiki/Stephens_Inc." title="Stephens Inc.">Stephens Inc.</a></li> <li><a href="/wiki/Stifel" title="Stifel">Stifel</a> <ul><li><a href="/wiki/Keefe,_Bruyette_%26_Woods" title="Keefe, Bruyette & Woods">Keefe, Bruyette & Woods</a></li> <li><a href="/wiki/Miller_Buckfire_%26_Co." title="Miller Buckfire & Co.">Miller Buckfire & Co.</a></li></ul></li> <li><a href="/wiki/Stone_Key_Partners" title="Stone Key Partners">Stone Key Partners</a></li> <li><a href="/wiki/Wedbush_Securities" title="Wedbush Securities">Wedbush Securities</a></li> <li><a href="/wiki/William_Blair_%26_Company" title="William Blair & Company">William Blair & Company</a></li> <li><a href="/wiki/WR_Hambrecht_%2B_Co" title="WR Hambrecht + Co">WR Hambrecht + Co</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align: left;background-color: #eee;">EMEA</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Arbuthnot_Latham" title="Arbuthnot Latham">Arbuthnot Latham</a></li> <li><a href="/wiki/African_Alliance_Investment_Bank" title="African Alliance Investment Bank">AAIB</a></li> <li><a href="/wiki/ABG_Sundal_Collier" title="ABG Sundal Collier">ABG Sundal Collier</a></li> <li><a href="/wiki/Berenberg_Bank" title="Berenberg Bank">Berenberg Bank</a></li> <li><a href="/wiki/Bpifrance" title="Bpifrance">Bpifrance</a></li> <li><a href="/wiki/Carnegie_Investment_Bank" title="Carnegie Investment Bank">Carnegie</a></li> <li><a href="/wiki/EFG_Hermes" class="mw-redirect" title="EFG Hermes">EFG Hermes</a></li> <li><a href="/wiki/Investec" title="Investec">Investec</a></li> <li><a href="/wiki/Van_Lanschot_Kempen" title="Van Lanschot Kempen">Kempen</a></li> <li><a href="/wiki/Mediobanca" title="Mediobanca">Mediobanca</a></li> <li><a href="/wiki/Numis" title="Numis">Numis</a></li> <li><a href="/wiki/Renaissance_Capital_(Russian_company)" class="mw-redirect" title="Renaissance Capital (Russian company)">Renaissance Capital</a></li> <li><a href="/wiki/Robey_Warshaw" title="Robey Warshaw">Robey Warshaw</a></li> <li><a href="/wiki/Rothschild_%26_Co" title="Rothschild & Co">Rothschild & Co</a></li> <li><a href="/wiki/Zaoui_%26_Co." title="Zaoui & Co.">Zaoui & Co.</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align: left;background-color: #eee;">APAC</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Barrenjoey_Capital_Partners" title="Barrenjoey Capital Partners">Barrenjoey Capital Partners</a></li> <li><a href="/wiki/China_Galaxy_Securities" title="China Galaxy Securities">China Galaxy Securities</a></li> <li><a href="/wiki/China_International_Capital_Corporation" title="China International Capital Corporation">China International Capital Corporation</a></li> <li><a href="/wiki/China_Renaissance" title="China Renaissance">China Renaissance</a></li> <li><a href="/wiki/Daiwa_Securities_Group" title="Daiwa Securities Group">Daiwa Securities Group</a></li> <li><a href="/wiki/Everbright_Securities" title="Everbright Securities">Everbright Securities</a></li> <li><a href="/wiki/GF_Securities" title="GF Securities">GF Securities</a></li> <li><a href="/wiki/Guosen_Securities" title="Guosen Securities">Guosen Securities</a></li> <li><a href="/wiki/Guotai_Junan_Securities" title="Guotai Junan Securities">Guotai Junan Securities</a></li> <li><a href="/wiki/Haitong_Securities" title="Haitong Securities">Haitong Securities</a></li> <li><a href="/wiki/Huatai_Securities" title="Huatai Securities">Huatai Securities</a></li> <li><a href="/wiki/JM_Financial" title="JM Financial">JM Financial</a></li> <li><a href="/wiki/Macquarie_Group" title="Macquarie Group">Macquarie Group</a></li> <li><a href="/wiki/Mirae_Asset_Securities" title="Mirae Asset Securities">Mirae Asset Securities</a></li> <li><a href="/wiki/Nomura_Securities" title="Nomura Securities">Nomura Securities</a></li> <li><a href="/wiki/Orient_Securities" title="Orient Securities">Orient Securities</a></li> <li><a href="/wiki/Samsung_Securities" title="Samsung Securities">Samsung Securities</a></li> <li><a href="/wiki/Shenwan_Hongyuan" title="Shenwan Hongyuan">Shenwan Hongyuan</a></li> <li><a href="/wiki/Somerley_Capital" title="Somerley Capital">Somerley Capital</a></li> <li><a href="/wiki/Zhongtai_Securities" title="Zhongtai Securities">Zhongtai Securities</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="noviewer" 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