How to Research a Bank's FIG Practice

Introduction

Researching a bank's FIG group before your interview is the single highest-ROI preparation activity after technical and behavioral preparation. Referencing a specific deal the team advised on, understanding the firm's competitive positioning in FIG, and asking intelligent questions about the group's strategy transforms you from a generic candidate into someone who has done the work. FIG interviewers can immediately distinguish candidates who researched the team from those who applied to every FIG group with the same generic preparation.

Step 1: Map the Team's Deal Flow

The most important research is identifying what deals the FIG group has actually worked on. Start with the firm's own press releases and newsroom (every major bank publishes deal announcements). Search for "advised on" combined with sector terms (bank, insurance, asset management, fintech). Cross-reference with SEC filings: S-4 merger registration statements and Schedule 14A proxy statements are required to list financial advisors by name, making them the most reliable public source for confirming who advised on a specific transaction.

For more systematic research, Dealogic and Bloomberg league tables allow filtering by advisor, industry (financial institutions), deal size, and time period. If you do not have terminal access, The Deal Pipeline publishes free league tables, and industry publications (American Banker, Insurance Journal, Banking Dive) regularly report on deal activity with advisor names.

Step 2: Understand Team Structure and Sub-Sector Coverage

FIG groups are organized by sub-sector: commercial banking, insurance (often split into underwriters and brokers/distributors), asset and wealth management, specialty finance, and fintech/payments. Larger groups may also cover exchanges and market infrastructure. Understanding which sub-sectors the group emphasizes tells you what kind of work you will do and what technical questions to expect.

LinkedIn is the most accessible tool for mapping team composition. Search "[Bank Name] Financial Institutions Group" and filter by current employees. Count the approximate headcount, note the ratio of senior bankers (MDs, Directors) to junior professionals (VPs, Associates, Analysts), and identify which sub-sectors are represented. The firm's website and career pages may also describe the FIG group's coverage areas and list key professionals.

Step 3: Research Key Personnel

Identify the head of FIG and the senior bankers in the sub-sector you are most interested in. LinkedIn profiles, deal press releases (which sometimes name the lead banker), and industry conference speaking panels are the primary sources. Knowing who leads the team allows you to reference their work in the interview and ask informed questions about the group's direction.

Step 4: Understand Competitive Positioning

Where does this firm's FIG group stand relative to competitors? This context helps you articulate why this specific bank in the interview.

Bulge brackets offer the broadest exposure: you will work across sub-sectors on transactions ranging from regional bank consolidation to insurance brokerage mega-deals to fintech IPOs. Goldman led 2025 with $1.66 trillion in advisory volume across 40 megadeals.

Elite boutiques emphasize advisory quality over volume. Lazard posted a 90% year-over-year increase in deal value in Q1 2025. These firms offer more direct senior banker exposure and mentorship but narrower deal type exposure (no capital markets execution).

FIG specialists are the most important category to understand because they are often unknown to candidates outside the sector. KBW advised on 60% of the 15 largest bank M&A deals since 2019. Piper Sandler consistently ranks first in insurance M&A advisory. These firms offer the deepest FIG expertise, the highest deal volume in their sub-sectors, and career paths that produce genuine sector specialists. Many senior bankers at bulge bracket FIG groups spent formative years at specialist firms.

Middle-market firms are growing aggressively in FIG. Raymond James posted a 92% year-over-year increase in M&A advisory revenues in Q1 2025. Jefferies climbed to sixth globally in investment banking. These firms offer a balance: meaningful deal flow, faster responsibility than bulge brackets, and growing reputations that open doors for future career moves.

The goal is to demonstrate three things through your research: that you know what the team does (deal flow and sub-sector focus), that you understand how the team is positioned competitively (strengths relative to peers), and that you have specific questions about the group's strategy and pipeline that show genuine interest in joining this particular team. A candidate who can reference a recent deal, compare the firm's positioning to a competitor's, and ask an informed question about where the team sees growth has already separated themselves from the vast majority of applicants.