Excel guide
Investment banking number formats in Excel
Banks use a small set of custom number formats: negatives in parentheses, zeros as a dash, and units like x or pp written into the format, not the cell. Open Format Cells (Ctrl+1), choose Custom, and paste the code.
The format codes
Ctrl+1 > Number > Custom, then paste the code in the Type box.
- Thousands:
_(* #,##0_);_(* (#,##0);_(* "-"_) - One decimal:
_(* #,##0.0_);_(* (#,##0.0);_(* "-"_) - Multiples (EV/EBITDA):
_(* #,##0.0x_);_(* (#,##0.0x);_(* "-"_) - Margins:
_(* 0.0%_);_(* (0.0%);_(* "-"_) - Growth with sign:
_(* + 0.0%_);_(* - 0.0%_);_(* "-"_) - Percentage points:
_(* +0.0"pp"_);_(* -0.0"pp"_);_(* "-"_) - Brackets (pro forma, adjusted):
_(* \[#,##0.0\]_);_(* \[(#,##0.0)\]_);_(* \[-\]_)
How the codes work
- Three sections separated by semicolons: positive; negative; zero.
- _( and _) add a space the width of a parenthesis, so positives and negatives line up.
- * (asterisk then space) pads the cell, which pushes numbers to the right edge.
- "-" shows zeros as a dash; text in quotes like "pp" is displayed as is.
One click with Plzfix
Each of these formats is a button on the Plzfix tab (Number, Decimal, Multiple, Margin, Growth, and pp and Brackets under Specials). The codes are editable in Settings if your bank's style differs.
Questions
Why are negatives shown in parentheses?
It is the accounting convention: parentheses are easier to spot than a minus sign in dense tables, and they keep columns aligned.
Should I divide by 1,000 with a format or with a formula?
Prefer real units in the cell and state the unit in the header. Plzfix's Divide by x button converts a selection to thousands or millions without rewriting formulas by hand.
How much does Plzfix cost?
There is a free tier with a daily click allowance and every tool unlocked. Pro is €10 per month, €50 for 6 months or €90 per year, per user, with unlimited use.