IFR 03.08.2019

People

&Markets

FEE TABLES JULY 2019

1/1/2019 to 31/7/
Source: Refinitiv

Fees perk up in July after bleak H

)NVESTMENTûBANKINGûFEESûPERKEDûUPûINû*ULYûAFTERû

AûWEAKûlRST

HALFûTOûNARROWûTHEûGAPûINûREVENUESû

most banks are suffering from a year earlier.

Industry revenues from debt and equity

UNDERWRITINGû-!ûADVISORYûANDûSYNDICATEDû

LOANSûWASû53BNûBYûTHEûENDûOFû*ULYû

DOWNûûFROMûTHEûSAMEûSTAGEûOFûû

ACCORDINGûTOû2ElNITIVûDATA

4HATûINCLUDEDûAû53BNûINCREASEûINûFEESû

INûTHEûLASTûlVEûWEEKSûHOWEVERû2EVENUESû

HADûBEENûRUNNINGûûBEHINDûYEAR

EARLIERû

LEVELSûUPûTOû*UNEû

4HEûNUMBERSûWILLûRAISEûOPTIMISMûBANKSûAREû

ALREADYûSEEINGûAûPICK

UPûINûACTIVITYûFROMûAû

GRIMûlRST

HALFû"ANKûEXECUTIVESûHAVEûSAIDûTHEû

deal pipeline is encouraging, but geopolitical

and trade risks had deterred dealmaking.

JP MORGAN remains the leading bank in the

lRSTûSEVENûMONTHSûOFûTHEûYEARû)TûWORKEDûONû

ûUNDERWRITINGû-!ûADVISORYûANDû

syndicated loan deals globally, which brought in

53BNûINûFEESûDOWNûûFROMûAûYEARûEARLIERû

4HATûGAVEûITûAûûSHAREûOFûGLOBALûINVESTMENTû

BANKINGûFEESûACCORDINGûTOû2ElNITIVûESTIMATES

4HEûTOPûNINEûBANKSûKEPTûTHEûSAMEû

POSITIONSûTHEYûHELDûAFTERûTHEûlRSTûSEVENû

MONTHSûOFûûTHEûDATAûSHOWED

GOLDMAN SACHS ranked second with fee

income of US$3.36bn, giving it a market

SHAREûOFûû)TûWASûFOLLOWEDûBYûMORGAN

STANLEY, BANK OF AMERICA MERRILL LYNCH and

CITIGROUPûASû53ûBANKSûKEPTûTHEûTOPûlVEûSPOTSû

"!-,ûSHOWEDûTHEûBIGGESTûINCREASEûINû

MARKETûSHAREûAMONGûTHOSEûlVEûGAININGû

BPûTOûAROUNDû

CREDIT SUISSE and BARCLAYS were the leading

NON

53ûBANKSûINûSIXTHûANDûSEVENTHû

respectively.

4HEYûWEREûFOLLOWEDûBYûDEUTSCHE BANK

and RBC CAPITAL MARKETS, which had the

biggest revenue declines among the top

ûBANKSûWITHûFEESûDOWNûûANDûû

respectively.

*0û-ORGANûTOPPEDûTHEûRANKINGSûFORûFEESûINû

THEû!MERICASûWITHûAûûMARKETûSHAREûINû

the region, and in Europe, the Middle East

ANDû!FRICAûWHEREûITûHADûAûûSHAREûMIZUHO

FINANCIALûWASûTHEûLEADINGûBANKûINû!SIAûWITHûAû

ûMARKETûSHARE

*0û-ORGANûALSOûTOPPEDûTHEûFEEûTABLESûFORû

bond underwriting, equity underwriting

ANDûLOANSûINûTHEûlRSTûSEVENûMONTHSûOFûTHEû

YEARûTHEû2ElNITIVûDATAûSHOWED

Steve Slater

GLOBAL BONDS

Managing No of Total Share
bank or group issues US$(m) (%)

1 JP Morgan 1,363 1,161.1 6.
2 BAML 1,052 1,005.7 5.
3 Citigroup 1,244 969.0 5.
4 Morgan Stanley 1,302 773.8 4.
5 Barclays 1,043 700.7 3.
6 Goldman Sachs 801 691.4 3.
7 Credit Suisse 652 605.3 3.
8 Deutsche Bank 1,099 591.2 3.
9 HSBC 1,213 540.6 2.
10 Wells Fargo 972 498.4 2.
Total 16,553 18,860.

GLOBAL EQUITIES

Managing No of Total Share

bank or group issues US$(m) (%)

1 JP Morgan 237 834.4 8.

2 Morgan Stanley 253 822.9 8.

3 Goldman Sachs 209 807.3 8.

4 BAML 169 561.5 5.

5 Citigroup 187 508.7 5.

6 Credit Suisse 159 409.9 4.

7 UBS 116 267.3 2.

8 Barclays 105 246.2 2.

9 Deutsche Bank 74 203.4 2.

10 Jefferies 89 201.0 2.

Total 2,840 9,830.

GLOBAL LOANS

Managing No of Total Share

bank or group issues US$(m) (%)

1 JP Morgan 746 699.2 5.

2 BAML 810 652.0 5.

3 MUFG 899 610.1 5.

4 Mizuho Financial 617 530.1 4.

5 Citigroup 539 474.0 3.

6 RBC CM 288 456.6 3.

7 Wells Fargo 584 402.4 3.

8 Sumitomo Mitsui 619 379.8 3.

9 Credit Suisse 209 365.8 3.

10 Barclays 385 362.8 3.

Total 5,548 12,108.

EMEA INVESTMENT BANKING

Managing No of Total Share

bank or group issues US$(m) (%)

1 JP Morgan 539 765.9 5.

2 Goldman Sachs 334 740.7 5.

3 Citigroup 510 675.8 5.

4 Morgan Stanley 256 562.7 4.

5 Barclays 472 549.2 4.

6 BAML 362 515.3 3.

7 BNP Paribas 620 506.7 3.

8 Deutsche Bank 479 468.2 3.

9 HSBC 629 436.1 3.

10 Credit Agricole CIB 468 361.7 2.

Total 6,281 13,225.

ASIA-PACIFIC & JAPAN INVESTMENT BANKING

Managing No of Total Share

bank or group issues US$(m) (%)

1 Mizuho Financial 1,226 696.8 4.

2 Bank of China 1,628 690.3 4.

3 Citic 1,940 593.0 3.

4 Morgan Stanley 702 549.9 3.

5 Sumitomo Mitsui 1,052 530.2 3.

6 ICBC 1,469 467.2 3.

7 Goldman Sachs 287 364.3 2.

8 JP Morgan 235 358.2 2.

9 UBS 200 351.7 2.

10 Credit Suisse 191 349.9 2.

Total 13,649 15,400.

AMERICAS INVESTMENT BANKING

Managing No of Total Share
bank or group issues US$(m) (%)
1 JP Morgan 1,744 2,608.3 9.
2 Goldman Sachs 851 2,253.0 8.
3 BAML 1,540 2,142.7 7.
4 Morgan Stanley 913 1,756.7 6.
5 Citigroup 1,258 1,586.4 5.
6 Credit Suisse 626 1,161.9 4.
7 Barclays 966 1,149.4 4.
8 Wells Fargo 1,581 1,104.9 3.
9 RBC CM 959 1,018.5 3.
10 Deutsche Bank 617 762.5 2.
Total 10,373 28,117.

GLOBAL INVESTMENT BANKING FEES

Managing No of Total Share
bank or group issues US$(m) (%)
1 JP Morgan 2,517 3,732.4 6.
2 Goldman Sachs 1,469 3,358.0 5.
3 Morgan Stanley 1,870 2,869.2 5.
4 BAML 2,131 2,868.7 5.
5 Citigroup 2,093 2,602.3 4.
6 Credit Suisse 1,115 1,849.7 3.
7 Barclays 1,628 1,787.9 3.
8 Deutsche Bank 1,568 1,428.7 2.
9 RBC CM 1,168 1,199.8 2.
10 Wells Fargo 1,676 1,185.9 2.
11 HSBC 1,771 1,098.9 1.
12 Mizuho Financial 1,834 1,092.9 1.
13 UBS 635 948.1 1.
14 BNP Paribas 1,266 934.6 1.
15 MUFG 1,406 888.4 1.
16 Sumitomo Mitsui 1,474 794.0 1.
17 Bank of China 1,729 763.5 1.
18 Jefferies 513 659.9 1.
19 Citic 1,946 595.4 1.
20 Credit Agricole CIB 772 561.7 1.
Total 29,997 56,744.