JP Morgan extends lead in global fees

IFR 2008 2 November to 8 November 2013
6 min read
Americas, EMEA, Asia
Spencer Anderson

JP Morgan extended its lead over its investment banking rivals during October, winning more of the fees on offer during a bumper month for deals, with activity boosted by the Fed’s decision to delay tapering QE.

The month saw 3,532 new issues, worth US$9.1bn in fees for the banks – higher than the average seen earlier in the year. It was a good month for the bigger banks, with all five leading firms increasing their market share.

JP Morgan’s global investment banking market share rose to 8.2% in a month when it was in the headlines for a multi-billion dollar fine from US regulators, with US$5.31bn earned in fees so far this year. The firm knocked Morgan Stanley off top position in the equity fees league table, having been involved in deals such as a US$3.3bn equity and convertible for Crown Castle.

Bank of America Merrill Lynch continued in second position – where it has been all year long – boosted by its continued dominance in fees from investment banking and global loans in the Americas. It played a leading role in a US$5bn refinanced loan for agricultural giant Cargill, in which JP Morgan also participated. BofA Merrill has earned US$4.82bn so far in 2013.

The only category not topped by BofA Merrill or JP Morgan was the Asia-Pacific and Japan league table, which was once again led by Nomura. The bank lost two percentage points of market share, however. Nomura was a joint lead manager on Daiwa House’s US$83m follow-on offering, while rival Mizuho was an underwriter.

The top 20 positions in the global table remained completely unchanged, with not a single firm moving up or down the ranks.

Global investment banking fees: October 2013
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan3,4945,307.408.2
2BofA Merrill Lynch3,6824,821.807.4
3Goldman Sachs2,1494,065.206.3
4Morgan Stanley2,7923,771.605.8
5Citigroup2,6923,362.805.2
6Deutsche Bank2,9312,955.104.5
7Barclays2,4362,931.404.5
8Credit Suisse1,9442,783.804.3
9Wells Fargo & Co2,1011,842.802.8
10UBS1,2941,733.802.7
11RBC CM1,9351,697.802.6
12HSBC2,4551,148.601.8
13BNP Paribas1,6511,065.601.6
14Nomura1,4161,012.301.6
15Mizuho Financial2,2008951.4
16Jefferies630890.91.4
17RBS1,616824.91.3
18Sumitomo Mitsui1,851766.61.2
19Mitsubishi UFJ1,783707.51.1
20BMO CM1,054623.31
Total33,03065,022.50
Americas investment banking: October 2013
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1BofA Merrill Lynch2,7663,887.8010.3
2JP Morgan2,4513,711.009.9
3Goldman Sachs1,1582,583.606.9
4Morgan Stanley1,4682,454.506.5
5Citigroup1,7182,348.106.2
6Barclays1,4092,123.605.6
7Credit Suisse1,2141,914.605.1
8Wells Fargo & Co1,9961,767.704.7
9Deutsche Bank1,4041,693.704.5
10RBC CM1,6061,468.703.9
Total14,23737,620.00
Asia-Pacific & Japan investment banking: October 2013
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Nomura885709.46.5
2Mizuho Financial1,671660.56
3Morgan Stanley914614.35.6
4Sumitomo Mitsui1,417554.25.1
5Goldman Sachs469477.74.4
6JP Morgan292405.93.7
7UBS291384.53.5
8Daiwa Securities Group719336.93.1
9Deutsche Bank531305.32.8
10HSBC736291.12.7
Total10,62110,946.10
EMEA investment banking: October 2013
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan7711,190.507.2
2Goldman Sachs5461,004.006.1
3Deutsche Bank1,017956.15.8
4Citigroup6047254.4
5BofA Merrill Lynch514709.34.3
6Morgan Stanley435702.74.3
7Barclays713661.54
8Credit Suisse496647.93.9
9BNP Paribas856647.73.9
10HSBC929516.33.1
Total8,58716,456.40
Global Bonds: October 2013
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,6881,645.308.6
2BofA Merrill Lynch1,7241,440.407.6
3Citigroup1,4681,195.306.3
4Morgan Stanley1,8191,115.505.9
5Deutsche Bank1,8521,106.205.8
6Goldman Sachs1,2021,080.505.7
7Barclays1,429927.44.9
8Credit Suisse1,065825.44.3
9Wells Fargo & Co864669.43.5
10HSBC1,6895963.1
Total16,26619,032.90
Global Equity: October 2013
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan3951,295.408.1
2Morgan Stanley4441,289.608.1
3Goldman Sachs3471,189.607.5
4BofA Merrill Lynch3931,118.607
5Citigroup356887.65.6
6Credit Suisse325769.84.8
7Deutsche Bank3246864.3
8UBS316657.64.1
9Barclays267616.23.9
10Nomura159432.52.7
Total4,26515,926.80
Global Loans: October 2013
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1BofA Merrill Lynch1,3851,411.509.2
2JP Morgan1,2191,391.909.1
3Barclays586769.45
4Deutsche Bank608673.74.4
5Citigroup698632.54.1
6Credit Suisse397624.44.1
7Wells Fargo & Co975620.84
8Goldman Sachs343539.63.5
9RBC CM414500.53.3
10Mitsubishi UFJ1,229487.93.2
Total7,19815,352.50