FEE TABLES OCTOBER 2018
JP MORGAN, GOLDMAN SACHS and MORGAN STANLEY
last month stretched their lead over rivals
for investment banking fees, and have made
THEûMOSTûSIGNIlCANTûGAINSûINûMARKETûSHAREû
across the industry so far this year.
JP Morgan brought in US$5.95bn in fees
from M&A advisory, debt and equity
underwriting and syndicated lending
through to the end of October, according to
DATAûFROMû2ElNITIVû4HATûGAVEûITûAûûSHAREû
of the global fee pool, up 41bp from the
same stage of 2017.
Goldman remained in second place on the
back of US$5.39bn in fees. That gave it a 6.3%
market share, up 54bp from a year ago – the
largest increase of any bank.
Morgan Stanley’s fee income of
US$4.43bn gave it a 5.2% market share, up
38bp from a year ago. It also lifted it to third
FROMûlFTHûAûYEARûAGO ûLEAPFROGGINGûBANK OF
AMERICA MERRILL LYNCH and CITIGROUP.
Global fees for M&A, underwriting and
syndicated loans were US$84.93bn up to the
end of October, down 5% from the same
stage of 2017.BAML has lost 21bp of market share so far
this year and Citigroup has lost 34bp, the
DATAûSHOWEDû"ARCLAYSûANDû$EUTSCHEû"ANKû
also lost share.
CREDIT SUISSE was the highest ranking
non-US bank in sixth place with a market
share of 3.4%, up 15bp from a year earlier.
The Swiss bank last week reported a sharp
FALLûINûlXEDûINCOMEûANDûEQUITIESûREVENUESûINû
the third quarter, but it outperformed rivals
with a 7% increase in revenue from advisory
and underwriting (see P&M front page story).
Japan’s MIZUHO, MITSUBISHI UFJ and SUMITOMO
MITSUI have all picked up market share and
nudged up the league table this year, helped
by strength in syndicated loans.
MUFG ranked third for global loans,
Mizuho was fourth and Sumitomo was
eighth – behind market leaders JP Morgan
and BAML.
JP Morgan and BAML were also the top
pair for fees from bond underwriting, while
'OLDMANûRANKEDûlRSTûFORûEQUITYû
underwriting, the data showed.
Steve SlaterJP Morgan, Goldman, M Stanley stretch lead
GLOBAL LOANS
Managing No of Total Share
bank or group issues US$(m) (%)
1 JP Morgan 1,175 1,165.8 6.2
2 BAML 1,289 1,114.6 5.9
3 MUFG 1,428 863.0 4.6
4 Mizuho Financial 979 791.9 4.2
5 Citigroup 817 717.7 3.8
6 Wells Fargo 909 672.0 3.6
7 Bank of China 433 665.1 3.5
8 Sumitomo Mitsui 1,041 616.0 3.3
9 Goldman Sachs 471 598.4 3.2
10 Barclays 620 589.8 3.1
Total 8,736 18,882.3GLOBAL EQUITIES
Managing No of Total Share
bank or group issues US$(m) (%)
1 Goldman Sachs 329 1,393.1 8.4
2 JP Morgan 346 1,361.9 8.2
3 Morgan Stanley 387 1,345.6 8.1
4 Citigroup 295 848.0 5.1
5 BAML 241 835.1 5.0
6 Credit Suisse 208 670.3 4.0
7 Deutsche Bank 161 487.0 2.9
8 UBS 161 465.9 2.8
9 Jefferies 155 362.7 2.2
10 Barclays 155 346.3 2.1
Total 4,631 16,633.5GLOBAL BONDS
Managing No of Total Share
bank or group issues US$(m) (%)
1 JP Morgan 1,743 1,602.4 6.6
2 BAML 1,624 1,420.3 5.8
3 Citigroup 1,751 1,234.1 5.1
4 Goldman Sachs 1,106 1,143.6 4.7
5 Barclays 1,374 951.5 3.9
6 Morgan Stanley 1,847 938.2 3.8
7 Credit Suisse 975 840.5 3.4
8 HSBC 1,634 836.9 3.4
9 Wells Fargo 1,387 780.4 3.2
10 Deutsche Bank 1,242 758.8 3.1
Total 23,438 24,398.3
EMEA INVESTMENT BANKING
Managing No of Total Share
bank or group issues US$(m) (%)
1 JP Morgan 756 1,399.2 6.6
2 Goldman Sachs 474 1,203.0 5.6
3 Citigroup 717 943.7 4.4
4 Barclays 666 875.5 4.1
5 Morgan Stanley 431 841.5 3.9
6 HSBC 907 806.2 3.8
7 BAML 498 801.9 3.8
8 BNP Paribas 853 767.9 3.6
9 Deutsche Bank 683 758.1 3.5
10 Credit Suisse 486 726.5 3.4
Total 9,173 21,359.5ASIA-PACIFIC & JAPAN INVESTMENT BANKING
Managing No of Total Share
bank or group issues US$(m) (%)
1 Bank of China 2,089 1,068.8 5.1
2 Mizuho Financial 1,840 991.6 4.7
3 Sumitomo Mitsui 1,745 801.1 3.8
4 Goldman Sachs 418 720.3 3.4
5 Morgan Stanley 934 695.2 3.3
6 Citic 2,481 667.3 3.2
7 Citigroup 498 574.9 2.8
8 MUFG 1,133 554.2 2.7
9 JP Morgan 270 546.5 2.6
10 ICBC 1,743 527.9 2.5
Total 19,227 20,896.8AMERICAS INVESTMENT BANKING
Managing No of Total Share
bank or group issues US$(m) (%)
1 JP Morgan 2,496 4,007.8 9.4
2 Goldman Sachs 1,323 3,468.8 8.1
3 BAML 2,477 3,134.0 7.3
4 Morgan Stanley 1,450 2,891.0 6.8
5 Citigroup 1,827 2,343.8 5.5
6 Barclays 1,391 1,703.6 4.0
7 Wells Fargo 2,304 1,694.2 4.0
8 Credit Suisse 1,033 1,672.3 3.9
9 RBC CM 1,538 1,381.9 3.2
10 Deutsche Bank 930 1,123.1 2.6
Total 15,969 42,670.1
GLOBAL INVESTMENT BANKING FEES
Managing No of Total Share
bank or group issues US$(m) (%)
1 JP Morgan 3,520 5,953.5 7.0
2 Goldman Sachs 2,209 5,392.1 6.3
3 Morgan Stanley 2,809 4,427.7 5.2
4 BofA Merrill Lynch 3,295 4,252.3 5.0
5 Citigroup 3,035 3,862.4 4.5
6 Credit Suisse 1,801 2,911.9 3.4
7 Barclays 2,299 2,675.6 3.2
8 Deutsche Bank 2,048 2,210.6 2.6
9 Wells Fargo 2,454 1,826.8 2.2
10 RBC CM 1,877 1,682.8 2.0
11 HSBC 2,460 1,658.6 2.0
12 Mizuho Financial 2,818 1,564.4 1.8
13 UBS 953 1,484.0 1.7
14 BNP Paribas 1,818 1,405.2 1.7
15 MUFG 2,172 1,274.1 1.5
16 Sumitomo Mitsui 2,439 1,219.5 1.4
17 Jefferies 761 1,165.8 1.4
18 Bank of China 2,219 1,144.2 1.3
19 Lazard 241 1,003.9 1.2
20 TD Securities 1,417 841.0 1.0
Total 43,950 84,926.5
1/1/2018 to 31/10/2018
Source: Refinitiv
“We have taken GM down in size at an enormous pace, but
it is not the main driver of the story we are writing”
CREDIT SUISSE CEO TIDJANE THIAM, P13