Pennsylvania was shut out of the recent rankings of the top investment banks to work for in 2014, according to Vault.com's rankings released this week.
No Pennsylvania-based investment bank was ranked in the top 50 of the website’s rankings, and none ranked in the 18 subcategories, such as international opportunities, business outlook and hours that made up the full rankings.
There were investment banks with Central Pennsylvania branches that showed up in the rankings — Bank of America, Wells Fargo, etc. — but none based anywhere in the state cracked the top 50.
The annual rankings had a new No. 1, as Blackstone Group took over the top spot after ranking No. 2 last year.
“Blackstone’s jump to No. 1 underscores the rise of the smaller, independent advisory boutiques, as the large, full-service investment banks continue to fall out of favor with employees, as well with the clients, the public and job seekers,” Derek Loosvelt, senior finance editor at Vault.com, said in a news release.
“Blackstone has an incredible amount of prestige, according to professionals at peer firms, and insiders say the firm offers nearly unmatched experience, as junior bankers are able to take on a considerable amount of responsibility while working on complex, high-profile transactions and assignments.”
J.P. Morgan Investment Bank fell from the No. 1 to No. 3, at least partially because of the London Whale scandal, Vault.com officials said.
Goldman Sachs rebounded from its own bad press to take the No. 2 spot, moving up from No. 3. The New York City investment bank also ranked No. 1 in the “prestige” subcategory of the rankings.
Of the top 11 investment banks in the rankings, 10 are based in New York City. In the top 50, 35 are based there.
Houlihan Lokey, checking in at No. 4, is the only non-New York bank to make the top 10. The Los Angeles-based bank “dominates” the quality-of-life rankings, according to Vault.com officials.
Only one European bank made the top 50 list, the Royal Bank of Scotland. Three Canadian banks — RBC Capital Markets, BMO Capital Markets and TD Securities — made the list. The other 46 are American.
About 3,500 banking professionals were surveyed for the report. They scored peer banks on a scale of 1 to 10 but were not allowed to rate their own firms.