If there’s one thing that the reelection of US president Donald Trump has shown, it is that Europe needs to sort itself out. That’s the case in many areas, but in IFR’s world, it is banking and capital markets – in particular EU banking and capital markets union. The person who did most to advance that vital development was not a politician, regulator or central banker. It was a bank CEO, UniCredit's Andrea Orcel. It’s commonplace to describe UniCredit’s bid for Commerzbank as “audacious” – and perhaps it was – but it shouldn’t have been. By...Read more
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Potential: unlocked
UniCredit has gone from also-ran to superstar in just four years, to lead the European banking sector on any number of metrics. The combination of that unprecedented turnaround with audacious bids for rivals has left the bank well positioned to drive the long-awaited – and necessary – wave of European banking consolidation. It is IFR’s Bank of the Year.
Par excellence
It might not be the biggest bond house globally, but the French bank’s ability to deliver excellence is second to none. Its core business will always be euros, where it retains its leading market share. But it is expanding its reach in the Swiss franc and sterling markets, and taking steps to grow its US dollar business. BNP Paribas is IFR’s Bond House and Europe Investment-Grade Corporate Bond House of the Year.
Precision steps
With equity capital markets in recovery mode, focus and care were needed to avoid missteps. The global leader in IPOs avoided the bear traps and delivered positive outcomes for clients and investors, making Morgan Stanley IFR’s Equity House, EMEA Equity House and Asia-Pacific Equity House of the Year.
Secret sauce
Creativity and expertise allowed Goldman Sachs to dominate the leveraged finance market despite a smaller balance sheet compared to its larger peers. For going toe to toe with the world’s largest money-centre banks and using best-in-class expertise, top-tier bankers and a formidable franchise, Goldman Sachs is IFR’s Leveraged Finance House of the Year.
Cementing its place
2024 was another strong year for banks’ markets divisions as traders made hay despite a drop in volatility across asset classes. For building on its impressive growth of recent years to cement its position as an elite dealer, Goldman Sachs is IFR’s Derivatives House and Equity Derivatives House of the Year.
Dominant force
The US bank is a global emerging market powerhouse, a top-two house in each of the three main regions. So dominant was the bank in 2024 that Citigroup is IFR's Emerging Markets Bond House, Asia Bond House, Emerging EMEA Bond House and Latin America Bond House of the Year.
On the top step
BNP Paribas showed the way in ESG financing with landmarks in key sustainable finance themes, including transition, development finance and nature/biodiversity, and reinforced it with strong advisory and research capacity. For its global leadership in ESG debt and deep commitment to market development, BNP Paribas is IFR’s ESG Financing House of the Year.
Independence pays off
Investment banking boutiques have been steadily gaining market share and the largest independents now regularly rank among the top 10 investment banks in advisory fees. One has consistently been among the top five, muscling aside some of Wall Street’s biggest banks. Evercore is IFR’s M&A Adviser of the Year.
Wired for success
No matter what the transaction was in 2024, if it was restructuring, Houlihan Lokey was probably involved, advising creditors within its huge roster of buyside clients or companies in distress looking to avoid disaster. Houlihan Lokey is IFR’s Restructuring Adviser, Americas Restructuring Adviser and EMEA Restructuring Adviser of the Year.
Running hot
The floodgates may not have fully opened for private equity deals in 2024, but KKR’s capital markets team led landmark financings for portfolio firms CyrusOne and Cotiviti and a string of ECM and structured finance transactions. For its scale, depth and range, KKR Capital Markets is IFR’s Private Equity Capital Markets House of the Year.
Combined force
UBS’s acquisition of Credit Suisse promises to completely transform the bank. The deal is already beginning to pay dividends in its financial institutions business, where a once-strong platform has been catapulted into the next tier. UBS is IFR’s Bank for Financial Institutions.
Breaking new ground
For its pioneering role in developing new structures to help war-torn and financially distressed countries in tricky situations – from Ukraine and Ivory Coast to the Bahamas – get back onto a sounder footing, Rothschild & Co is IFR’s Bank for Governments.
GP surgery
For its work on most of the biggest M&A deals for financial sponsor clients, helping to reopen a difficult IPO market and advising on a raft of complex deals for alternative asset managers, Goldman Sachs is IFR’s Bank for Financial Sponsors.
Faith in science
For creating a robust and transparent science-based net-zero decarbonisation strategy that is delivering strong results and shaping sustainable finance while overhauling the bank's governance to embed carbon-emission reduction in all credit considerations, Credit Agricole CIB is IFR’s Bank for Sustainability.
Take no prisoners
Academy Securities has hit twin goals of topping league tables across segments for diversity and inclusion firms and reaching a scale to allow it to hire veterans to help them transition out of service into civilian life. For those achievements, Academy Securities is IFR’s US Diversity and Inclusion House of the Year.
Investment banks rank among the biggest charitable givers on the planet – but what they support and how they give varies greatly. Many are now tying their giving to their wider corporate strategy, while others have spotted an opportunity to use philanthropy to cement their ties with clients.
The IFR charity tombstone auction to raise funds for Save the Children came as a surprise when it first started. Well, kind of.
Japan’s long-overdue exit from deflation, a slew of corporate reforms and a strong macro story have unleashed a transformation in the corporate sector. The trick now is to make it sustainable.
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