Goldman Sachs gains ground in tough January

IFR 2018 1 February to 7 February 2014
7 min read

JP Morgan led the way in terms of investment banking-related fees in January, starting the year in good shape after dominating 2014. Goldman Sachs was one of the few banks to gain ground in what was a poor month for dealmaking, moving to second from third last year.

Emerging market turbulence meant that deal activity was subdued, with fees in January plummeting 26% from a year earlier among the top 20 banks to US$4.935bn. JP Morgan took in US$394m, a mere US$6m more than Goldman, taking 8% of the market to its rival’s 7.9%.

All banks in the top ten saw their year-on-year fee totals fall, but Goldman suffered a smaller decline than its rivals. Bank of America Merrill Lynch’s fee take declined 27% – pushing it into third place – while Citigroup’s investment banking fees slumped a whopping 43%.

JP Morgan continued its success on the back of its global bonds business, which maintained its dominance, and was a large contributor to its topping the global fees table in 2013 and 2012.

It also topped the loans table, pulling in US$35m in fees, helped by its participation in a €1.2bn refinancing by Luxembourg satellite operator SES. Last year BofA Merrill spent the entire year in the lead in global loans.

Goldman’s first month of 2014 came largely at the expense of BofA Merrill, which fell to third in global investment banking fees. BofA Merrill spent most of 2013 in the second spot behind JP Morgan. Despite falling in the rankings, BofA Merrill was lead manager for one of the biggest bond deals in January, a US$4bn two-tranche deal with Community Health System.

Much of Goldman’s success in the month had to do with a bumper January in EMEA investment banking, where it topped regional fees. BofA Merrill failed to make the top ten. Goldman was buffered by a US$1.39bn high-yield bond with First Data, where it served as lead manager.

BofA Merrill was also knocked off its usual top spot in Americas investment banking by JP Morgan, with Goldman also not far behind.

Another bank moving up the charts in the month was Morgan Stanley, which managed to edge out the competition in Asia-Pacific and Japan, a region usually dominated by Nomura and Mizuho Financial. Morgan Stanley also came in first in global equities, holding on to the top spot of a business it led in 2013.

Global investment banking fees: January 2014
Global investment banking fees: January 2014
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1JP Morgan196394.78.0
2Goldman Sachs162388.77.9
3BofA Merrill Lynch178314.26.4
4Morgan Stanley192308.36.2
5Credit Suisse134256.05.2
6Barclays169247.95.0
7Citigroup160219.14.4
8Deutsche Bank196217.24.4
9UBS88139.62.8
10RBC CM139116.62.4
11HSBC185105.62.1
12Lazard19100.32.0
13BNP Paribas12884.21.7
14Nomura11882.01.7
15Jefferies3671.61.5
16Wells Fargo & Co6368.91.4
17SG CIB7961.31.2
18BMO CM6557.41.2
19Mizuho Financial10956.61.1
20RBS9147.91.0
Total​1,8174,935.1​ ​
Americas investment banking: January 2014
Americas investment banking: January 2014
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1JP Morgan114285.411.9
2BofA Merrill Lynch104223.19.3
3Goldman Sachs62202.78.5
4Credit Suisse59168.27.0
5Morgan Stanley62151.26.3
6Barclays68137.35.7
7Citigroup75130.25.4
8Deutsche Bank82114.54.8
9RBC CM10397.74.1
10Wells Fargo & Co6268.02.8
Total​6202,389.0
Asia-Pacific & Japan investment banking: January 2014
Asia-Pacific & Japan investment banking: January 2014
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1Morgan Stanley8690.57.6
2Nomura6860.75.1
3UBS2656.64.8
4Goldman Sachs4355.94.7
5BofA Merrill Lynch3846.23.9
6Mizuho Financial8544.33.7
7HSBC7044.33.7
8Citigroup3942.53.6
9Citic Group1338.13.2
10Haitong Securities536.23.0
Total​6351,189.7
EMEA investment banking: January 2014
EMEA investment banking: January 2014
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1Goldman Sachs58130.29.6
2JP Morgan6396.87.1
3Barclays7087.56.4
4Deutsche Bank8083.76.2
5Morgan Stanley4666.74.9
6Lazard1166.34.9
7SG CIB6658.64.3
8BNP Paribas7157.14.2
9Credit Suisse5054.14.0
10Citigroup4746.33.4
Total​6011,356.4
Global bonds: January 2014
Global bonds: January 2014
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1JP Morgan125153.69.2
2BofA Merrill Lynch113124.97.5
3Goldman Sachs110107.86.5
4Citigroup118102.96.2
5Morgan Stanley14091.55.5
6Deutsche Bank14886.75.2
7Barclays11985.05.1
8Credit Suisse8578.94.7
9HSBC16161.23.7
10RBC CM9553.63.2
Total​1,0481,663.7
Global equity: January 2014
Global equity: January 2014
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1Morgan Stanley30105.47.0
2Deutsche Bank2074.04.9
3Citigroup2272.04.8
4JP Morgan2669.94.6
5Goldman Sachs1769.84.6
6BofA Merrill Lynch2563.94.2
7Barclays2157.73.8
8Nomura1251.93.4
9UBS1948.13.2
10Credit Suisse1939.22.6
Total​3841,511.6
Global loans: January 2014
Global loans: January 2014
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1JP Morgan2435.59.4
2BofA Merrill Lynch2530.58.0
3Credit Suisse1125.16.6
4Deutsche Bank1620.15.3
5BMO CM618.74.9
6Barclays1418.74.9
7Morgan Stanley718.64.9
8HSBC1616.84.4
9Wells Fargo1216.64.4
10Jefferies412.53.3
Total​119379.4