JP Morgan remains top but loses fee share

IFR 2052 27 September to 3 October 2014
7 min read
Americas, EMEA, Asia
Spencer Anderson

JP Morgan has continued its run on the top of the global investment banking fees league tables, though its closest rivals gained ground in some parts of the world in what was a busy month for dealmaking across the globe.

Coming back from the lull in the summer months, investment banks earned fees of more than US$8.6bn in September. The figure was a dramatic improvement on August’s US$5.71bn haul.

As usual, JP Morgan dominated its usual categories of Americas, global bonds and Europe, Middle East and Africa investment banking. However its market share in the Americas and EMEA fell by 10bp, which contributed to its overall loss of global market share.

JP Morgan was a joint runner in Alibaba’s US$25bn IPO, but so were its rivals Citigroup, Goldman Sachs, Credit Suisse and Deutsche Bank.

Bank of America Merrill Lynch held on to its top spot in global loans, while Morgan Stanley did the same in global equities.

Continuing to shake up the top 10 banks was RBC, which held on to its top 10 position after breaking through in August. RBC was helped along by its entry into the top 10 in global equities. The firm was involved in Nyrstar’s €251.6m capital raising.

Out in Asia-Pacific and Japan, leader Morgan Stanley’s share held steady for the month, but has fallen by 40bp since July. Nomura picked up 20bp of market share after losing 40bp the previous month. Also taking some share from the leader were Citigroup and Sumitomo Mitsui.

The busy month puts the industry ahead of where it was this time last year in terms of fees. Year-to-date there have been US$67.6bn worth of investment banking fees, US$7.6bn more than 2013. Jefferies has seen its fee haul grow most from a year earlier, up 31%. HSBC’s haul has grown by 24%.

The growth however has proved less helpful to BofA Merrill, Wells Fargo, Nomura, Mizuho and Sumitomo, all of which are worse off than a year ago.

Global investment banking fees - September 2014
Global investment banking fees - September 2014
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan3,3654,805.307.1
2BofA Merrill Lynch3,1784,209.306.2
3Goldman Sachs1,9064,065.806
4Morgan Stanley2,5573,867.405.7
5Citigroup2,5313,359.005
6Deutsche Bank2,5943,299.104.9
7Credit Suisse1,8362,984.404.4
8Barclays2,3192,889.704.3
9Wells Fargo & Co2,0531,695.102.5
10RBC CM1,8921,656.702.4
11UBS1,1571,650.602.4
12HSBC2,6481,365.502
13BNP Paribas1,7151,273.401.9
14Jefferies6041,041.201.5
15Nomura1,223948.81.4
16RBS1,501834.91.2
17Mizuho Financial1,941794.61.2
18Sumitomo Mitsui1,903751.11.1
19BMO CM1,111726.21.1
20Mitsubishi UFJ1,730706.31
Total​30,87967,646.50
Americas investment banking - September 2014
Americas investment banking - September 2014
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan2,3133,214.808.8
2BofA Merrill Lynch2,3083,080.908.4
3Goldman Sachs1,0712,608.807.1
4Morgan Stanley1,2952,372.006.5
5Citigroup1,4802,114.305.8
6Credit Suisse1,0471,848.905.1
7Barclays1,2631,844.505.1
8Deutsche Bank1,2601,760.504.8
9Wells Fargo & Co1,9091,580.804.3
10RBC CM1,5491,380.703.8
Total​13,10236,507.80
Asia-pacific & Japan investment banking - September 2014
Asia-pacific & Japan investment banking - September 2014
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Morgan Stanley844637.65.6
2Nomura777583.85.1
3Sumitomo Mitsui1,378504.54.4
4Mizuho Financial1,397494.24.3
5Goldman Sachs403479.44.2
6Citigroup431387.13.4
7UBS255373.83.3
8JP Morgan296336.92.9
9BofA Merrill Lynch386332.22.9
10Credit Suisse273311.42.7
Total​9,95911,464.40
EMEA investment banking - Spetember 2014
EMEA investment banking - Spetember 2014
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan7891,253.706.4
2Deutsche Bank9231,233.306.3
3Goldman Sachs463977.65
4Barclays796893.14.5
5Morgan Stanley444857.84.4
6Citigroup644857.64.4
7BNP Paribas932835.24.2
8Credit Suisse538824.14.2
9BofA Merrill Lynch509796.24
10HSBC957693.93.5
Total​8,25319,674.20
Global bonds - September 2014
Global bonds - September 2014
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,4741,407.907.8
2BofA Merrill Lynch1,3681,166.306.4
3Citigroup1,3311,101.106.1
4Deutsche Bank1,5521,060.005.9
5Morgan Stanley1,6411,022.005.6
6Goldman Sachs1,015953.45.3
7Credit Suisse966863.74.8
8Barclays1,265856.74.7
9HSBC1,718643.93.6
10Wells Fargo & Co871614.63.4
Total​14,006 18,112.1 ​
Global equities - September 2014
Global equities - September 2014
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Morgan Stanley3981,306.907.3
2Goldman Sachs3151,213.206.8
3JP Morgan3881,211.306.8
4BofA Merrill Lynch354955.45.3
5Citigroup320918.55.1
6Deutsche Bank288866.54.8
7Credit Suisse313791.94.4
8UBS272655.13.7
9Barclays261639.13.6
10RBC CM325434.52.4
Total​4,26117,930.50
Global loans - September 2014
Global loans - September 2014
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1BofA Merrill Lynch1,2961,275.008.1
2JP Morgan1,3121,118.407.1
3Deutsche Bank6268585.4
4Credit Suisse405698.34.4
5Barclays637673.54.3
6Citigroup710655.64.2
7Wells Fargo & Co953588.13.7
8Morgan Stanley304550.63.5
9Goldman Sachs319511.33.2
10Mitsubishi UFJ1,1554753
Total​7,42715,781.50
September 2014 Fees