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Balance Sheet Banks vs Boutiques

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Created January 1, 2026

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Quick breakdown. Balance sheet banks versus boutiques. Balance sheet banks can use their own

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capital. They lend money, underwrite debt and equity, and finance deals

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directly. That’s why they dominate large, complex transactions. Boutiques do not

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use their own balance sheet. They focus purely on advisory. Mergers,

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acquisitions, restructurings. No lending. No underwriting. Just advice.

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Balance sheet banks sell capital and advice. Boutiques sell advice only.

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