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I did a thing on this recently. I looked at the top 8 investment banks' and top 4 consulting firms' (as ranked by Vault) US offices.
This was the result:
1. New York (12/12)
1. Houston (12/12)
1. San Francisco (12/12)
1. Los Angeles (12/12)
5. Chicago (11/12)
6. Dallas (10/12)
6. Boston (10/12)
6. Atlanta (10/12)
9. Washington DC (8/12)
10. Philadelphia (6/12)
Those were the top 10 and only ones with at least half of the offices.
Some other cities mentioned in this thread were higher than most, but still not very close to the top ones like Houston, San Francisco and Los Angeles:
Miami (3/12); in 4-way tie for 13th
Minneapolis (3/12); in 4-way tie for 13th
Charlotte (2/12); in a 5-way tie for 17th
Phoenix (0/12)
Kansas City (0/12)
I did a thing on this recently. I looked at the top 8 investment banks' and top 4 consulting firms' (as ranked by Vault) US offices.
This was the result:
1. New York (12/12)
1. Houston (12/12)
1. San Francisco (12/12)
1. Los Angeles (12/12)
5. Chicago (11/12)
6. Dallas (10/12)
6. Boston (10/12)
6. Atlanta (10/12)
9. Washington DC (8/12)
10. Philadelphia (6/12)
Those were the top 10 and only ones with at least half of the offices.
Some other cities mentioned in this thread were higher than most, but still not very close to the top ones like Houston, San Francisco and Los Angeles:
Miami (3/12); in 4-way tie for 13th
Minneapolis (3/12); in 4-way tie for 13th
Charlotte (2/12); in a 5-way tie for 17th
Phoenix (0/12)
Kansas City (0/12)
Interesting. What did they have ranked as the top 8 investment banks, and what were the top 4 consulting firms?
Interesting. What did they have ranked as the top 8 investment banks, and what were the top 4 consulting firms?
Goldman Sachs, Blackstone, Morgan Stanley, JP Morgan, Lazard, Greenhill, Credit Suisse, Evercore Partners, and McKinsey, BCG, Bain, and Booz.
I chose 8 and 4 because that's where the two lists reach almost identical ratings and it stops just short of companies with a lot of offices, whereas these probably average about a dozen US offices each.
Goldman Sachs, Blackstone, Morgan Stanley, JP Morgan, Lazard, Greenhill, Credit Suisse, Evercore Partners, and McKinsey, BCG, Bain, and Booz.
I chose 8 and 4 because that's where the two lists reach almost identical ratings and it stops just short of companies with a lot of offices, whereas these probably average about a dozen US offices each.
Look where major hedge funds, private equity shops, VCs...and their poorer investment banking brethren, are based...and where their highest-paid <45yo partners work/live
Since at least ~15yrs ago most of world's highest-paid tech investment bankers have been based in MenloPk/SF offices of NYC IBs (in '95, the top tech IBer in Menlo earned far more than his NYC-based "boss", the CEO of MorganStanley)
Perhaps most of world's wealthiest VCs and a fair no. of blue-chip private equity shops are on SandHill Rd...and a few hedge funds up in SF's FinDt
And many of world's wealthiest bean-counters are guys from PodunkState who moved up from crappy acctg jobs to be early employees in finance/acctg of then-start ups like Cisco, Oracle, Google, etc etc
Shrewd, esp younger, financiers tend to move to wherever is the big money and where new cos. and wealth are being created and concentrated...SV's tech industry has dominated global wealth creation for past ~15yrs; energy-oriented financiers tend to migrate to Houston; Luddite industries (and RoW) are usually managed out of NYC
Not sure where Bos or Chic or LA fit into an increasingly industry-specific approach; each seems like a relatively minor, Luddite suburb of Manhattan for a random hedge fund or PE shop or mutual fund, but fairly illiquid choices from a career perspective for any kid...esp vs Manhattan or Menlo/SF
Not sure where Bos or Chic or LA fit into an increasingly industry-specific approach; each seems like a relatively minor, Luddite suburb of Manhattan for a random hedge fund or PE shop or mutual fund, but fairly illiquid choices from a career perspective for any kid...esp vs Manhattan or Menlo/SF
Yet both Chicago and Boston are higher ranked financial centers than SF/Menlo...interesting.
I'd be interested to hear why you're so high on hedge funds and connecting them with the Bay Area...yet the Bay Area only has one major hedge fund. It's third in the country, far behind Boston and in a whole different universe than New York (which is on a level of its own).
1. New York City: $470.45 Billion
2. Boston: $68.9 Billion
3. San Francisco: $20 Billion
4. Chicago: $10.72 Billion
5. Pittsburgh: $10 Billion
6. Los Angeles: $9.38 Billion
In terms of private equity, SF/Menlo still take a back seat to New York City and Boston in terms of capital raised. Maybe you should choose a different argument.
P.S. I know I keep saying this in responses to your other posts...but Hedge Funds are a tinyyyyyyy fraction of the financial market. My firm alone manages greater than 2.5 times as much money than the Top 50 hedge funds in America combined.
San Fran, DC, Boston, and Jersey City (definitely an underrated contender)
I don't think people underrate Jersey City...they just lump them in with New York City since you can throw a football from Goldman Sach's new Lower Manhattan HQ and hit JC's Goldman Sachs tower.
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