Goldman keeps pace with JP Morgan

IFR 2031 3 May to 9 May 2014
7 min read
Americas, EMEA, Asia
Spencer Anderson

April was a busy month for dealmaking, giving a welcome boost to investment banking fees. But despite increased activity, industry league tables remained largely the same, with JP Morgan holding on to top spot and Goldman Sachs not far behind.

In fact, the top 10 remained completely unchanged apart from Citigroup and Deutsche Bank swapping places, with the former edging out its European rival for fifth place.

The month saw 4,146 new issues, well above the first-quarter average of 2,764. Fees also grew by US$9bn, the best month of the year to-date by far. Deal highlights included Altice and Numericable’s largest ever high-yield bond deal, which drew in US$100bn for the €12bn trade.

Perhaps not surprisingly, JP Morgan was the lead bookrunner on the Numericable deal, contributing to its hold on the top spot in EMEA and global bonds investment banking fees. It was also top of the charts in the Americas and Global Loans.

Goldman Sachs, which has usurped last year’s second place occupier Bank of America Merrill Lynch, was the lead bookrunner on the Altice bond. The firm has made a big push in debt capital markets, moving up two spots in the Global Bonds league table in April alone after boosting its market share by 80bp.

The firm however did lose its top spot in the Europe, Middle East and Africa region to JP Morgan. Out in Asia, Morgan Stanley held on to the top spot. Its position in the region was helped by its nearest rival Nomura falling into third place after losing 110bp of its market share. Morgan Stanley also topped the Global Equity fee table.

Despite the bumper month, 2014 is only marginally ahead of 2013’s pace. Total fees to date of US$27.5bn are only 1.4% higher than a year ago, with the top houses increasing their share. Top-placed JP Morgan’s fee haul is 8.5% higher than it was at the same point in 2013, but it is Goldman that has truly made the most noise among the top 10 banks, with its fees soaring by almost 20%.

Global Investment Banking Fees: April
Global investment banking fees
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,3412,107.307.6
2Goldman Sachs9022,007.007.3
3BofA Merrill Lynch1,2541,733.206.3
4Morgan Stanley1,0761,692.306.1
5Citigroup1,0341,317.404.8
6Deutsche Bank1,1021,275.904.6
7Credit Suisse8081,263.704.6
8Barclays9841,249.504.5
9UBS487691.82.5
10RBC CM777650.42.4
11Wells Fargo & Co780596.82.2
12HSBC1,043553.82
13BNP Paribas671529.11.9
14Jefferies LLC269471.31.7
15Nomura530392.21.4
16Mizuho Financial902361.91.3
17RBS595327.31.2
18Credit Agricole CIB422321.11.2
19Sumitomo Mitsui872316.41.1
20Lazard75289.71.1
Total​12,43827,577.10
Americas Investment Banking: April
Americas investment banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan9081,446.809.7
2BofA Merrill Lynch8931,279.408.6
3Goldman Sachs4691,266.008.5
4Morgan Stanley5281,035.606.9
5Citigroup621896.86
6Credit Suisse476829.45.5
7Barclays535794.75.3
8Deutsche Bank536711.44.8
9Wells Fargo & Co734566.63.8
10RBC CM621548.63.7
Total​5,17814,951.50
Asia-Pacific & Japan Investment Banking: April
Asia-Pacific & Japan investment banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Morgan Stanley356310.86.7
2Mizuho Financial6882605.6
3Nomura337255.55.5
4Sumitomo Mitsui679239.75.2
5Goldman Sachs196204.94.4
6BofA Merrill Lynch171153.13.3
7UBS113151.43.3
8Citigroup182129.62.8
9HSBC3611242.7
10Mitsubishi UFJ410108.82.3
Total​4,2074,640.00
EMEA Investment Banking: April
EMEA investment banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan342561.17
2Goldman Sachs252536.16.7
3Deutsche Bank394475.26
4Barclays334398.85
5BNP Paribas364360.24.5
6Morgan Stanley204345.94.3
7Credit Suisse221326.84.1
8BofA Merrill Lynch201300.83.8
9Citigroup2432913.6
10HSBC390287.23.6
Total3,2587,985.70
Global Bonds: April
Global Bonds
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan6616167.8
2Goldman Sachs478518.86.6
3Morgan Stanley709505.86.4
4BofA Merrill Lynch589499.56.3
5Citigroup593464.15.9
6Deutsche Bank695461.25.9
7Barclays5854125.2
8Credit Suisse424362.64.6
9HSBC741292.53.7
10BNP Paribas419231.72.9
Total5,959 7,877.0 ​
Global Equity: April
Global Equity
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Morgan Stanley162538.57.7
2Goldman Sachs136496.67.1
3JP Morgan1554726.7
4BofA Merrill Lynch141348.95
5Citigroup122330.14.7
6Deutsche Bank109285.14.1
7Credit Suisse136279.74
8UBS109231.13.3
9Barclays101212.23
10Nomura711852.6
Total​1,8536,993.60
Global Loans: April
Global Loans
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan445537.58.5
2BofA Merrill Lynch457507.58
3Credit Suisse186335.95.3
4Deutsche Bank250330.75.2
5Barclays239321.15.1
6Citigroup267280.14.4
7Goldman Sachs156259.54.1
8Morgan Stanley128246.13.9
9Wells Fargo & Co324228.23.6
10RBC CM1731852.9
Total​2,8166,332.50