Big banks lose ground during bumper March

IFR 2026 29 March to 4 April 2014
7 min read
Americas, EMEA, Asia
Spencer Anderson

The top four investment banks all lost market share to smaller rivals during a very busy March, with activity in terms of issues and fees earned almost as high during the month as for January and February combined.

JP Morgan held on to the top spot from the previous month, with Goldman Sachs close by in second. Bank of America Merrill Lynch, which had a slow start to the year, having spent much of 2013 in second position, managed to regain ground, knocking Morgan Stanley off the third spot.

Goldman has gained most ground compared with last year, with its move up the charts appearing to have much to do with its continued success in the Europe, Middle East and Africa region, where it topped the league tables for the second month. JP Morgan dominated EMEA through much of 2013.

Goldman was involved in a US$1.2bn sell-down of ING’s US life insurance arm during March.

BofA Merrill had a better month. After sliding to fourth place in global fees in February, it moved back to third after improving its market share by 20 basis points – largely at the expense of Morgan Stanley, which lost 60bp of market share and fell back to fourth place.

Despite some activity among the top 10 banks, JP Morgan maintained its dominance of the league tables and showed little sign of slowing down. Once again it topped the charts in Americas investment banking, global bonds and global loans.

In Asia-Pacific, Morgan Stanley continued its hold on the region, but lost 110bp of market share. Much of this was the result of Sumitomo Mitsui, which charged four places up the charts to the fourth spot, boosting its market share considerably to 4.9% from 3.2%. The lender was helped by a US$1.38bn jumbo financing backing KKR’s planned buyout of Panasonic Healthcare. Morgan Stanley was not involved in the deal.

Year-to-date fees are substantially behind 2013’s pace, partly due to a slow January and February. To-date, fees have totalled US$18.5bn, down 10% from a year ago. Goldman Sachs has bucked this trend, seeing its year-on-year fee total grow by 5.8% to US$1.34bn. Among the top five banks, BofA Merrill has fared the worst, with year-to-date fees falling by 21%.

March 2014: Global investment banking fees
Global investment banking fees
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
​ 1JP Morgan9201,401.907.6
2Goldman Sachs6161,346.307.3
3BofA Merrill Lynch8881,162.706.3
4Morgan Stanley7401,089.705.9
5Deutsche Bank781916.35
6Citigroup700876.94.7
7Credit Suisse566875.24.7
8Barclays662836.24.5
9UBS338494.52.7
10RBC CM5594562.5
11Wells Fargo & Co531379.72.1
12HSBC718375.32
13Jefferies LLC1763371.8
14BNP Paribas460321.21.7
15Nomura376314.41.7
16Mizuho Financial632249.31.3
17Lazard54242.11.3
18RBS421239.91.3
19Sumitomo Mitsui584214.71.2
20BMO CM305203.51.1
Total8,29218,509.60
March 2014: Americas investment banking
Americas investment banking
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1JP Morgan6391,028.6010.1
2BofA Merrill Lynch650858.58.4
3Goldman Sachs319847.38.3
4Morgan Stanley3566736.6
5Citigroup424588.75.8
6Credit Suisse326587.85.8
7Barclays361546.45.4
8Deutsche Bank387500.44.9
9RBC CM448373.53.7
10Wells Fargo & Co507365.53.6
Total3,46410,188.60
March 2014: Global bonds
Global bonds
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1JP Morgan447402.97.7
2BofA Merrill Lynch422352.26.7
3Citigroup416324.46.2
4Goldman Sachs340301.25.8
5Deutsche Bank487296.65.7
6Morgan Stanley490295.35.7
7Barclays395260.35
8Credit Suisse302250.54.8
9HSBC521216.84.2
10BNP Paribas312156.53
Total3,9205,223.30
March 2014: Asia-pacific & Japan investment banking
Asia-pacific & Japan investment banking
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1Morgan Stanley259221.96.8
2Nomura2392186.7
3Mizuho Financial488175.25.4
4Sumitomo Mitsui456158.94.9
5Goldman Sachs135138.54.3
6UBS85112.53.5
7Citigroup121103.73.2
8BofA Merrill Lynch11299.43.1
9HSBC24279.52.4
10Deutsche Bank13375.52.3
Total2,7603,252.00
March 2014: EMEA investment banking
EMEA investment banking
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1Goldman Sachs174360.57.1
2Deutsche Bank271340.46.7
3JP Morgan221317.26.3
4Barclays223252.45
5Credit Suisse165218.64.3
6BofA Merrill Lynch133204.74
7HSBC265202.94
8Morgan Stanley135194.83.8
9BNP Paribas242190.13.8
10Citigroup163184.53.6
Total2,2095,069.00
March 2014: Global equity
Global equity
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1Morgan Stanley111349.27.4
2Goldman Sachs82324.46.8
3JP Morgan108297.26.3
4Citigroup81222.84.7
5BofA Merrill Lynch932164.6
6Deutsche Bank802094.4
7Credit Suisse93191.84
8Barclays71157.13.3
9Nomura54156.33.3
10UBS66132.22.8
Total1,2944,742.50
March 2014: Global loans
Global loans
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1JP Morgan307352.88.6
2BofA Merrill Lynch326335.28.1
3Deutsche Bank175246.16
4Credit Suisse126208.25.1
5Goldman Sachs1071884.6
6Barclays153187.84.6
7Citigroup166170.34.1
8Wells Fargo & Co237157.43.8
9Morgan Stanley80154.23.7
10RBC CM1161383.3
Total1,8794,122.00
A sign stands in front of the JP Morgan Chase & Co bank headquarters building in New York