JP Morgan solidifies its lead on fees

IFR 1957 27 October to 2 November 2012
2 min read
Americas, EMEA, Asia
Spencer Anderson

With two months remaining in the year, JP Morgan has solidified its top position in the global investment banking fees table.

The lender has earned fees of US$4.4bn in the first ten months of the year, putting it nearly US$700m ahead of its closest competitor Bank of America Merrill Lynch, according to Thomson Reuters and Freeman Consulting estimates.

JP Morgan’s fees came from 3,579 issues and gave it a market share of 7.7% – both figures the highest among its peers. The bank was on two of the biggest equity deals in September – the government sell-downs in Sberbank and AIG worth US$5.2bn and US$20.7bn respectively.

The US bank was particularly dominant in the Americas and Europe, Middle East and Africa regions, holding 9.6% of the Americas market and 6.4% of EMEA. BofA actually had more issues in the Americas, but they were worth around US$200m less in fees.

In fact, JP Morgan topped nearly every table, leading in global equity, bonds and loans. The only chart it did not lead was in Asia-Pacific investment banking, which was led by Mizuho Financial. The top western bank in the region was second-ranked Morgan Stanley with fees of US$602m and 5.5% of the market share. JP Morgan was seventh in Asia-Pacific.

At the end of September, it was a similar picture for the bank, leading in all of the same categories except for global equity, which was topped by Morgan Stanley.

The month of October was fairly stagnant in terms of league table changes, with most firms retaining their positions across most categories. The biggest move was Lazard which fell from 18th to 20th position in terms of total fees.

Global Investment Banking Fees
The entrance to JP Morgan Chase's international headquarters on Park Avenue is seen in New York