Banks on pace to beat 2013 fees

IFR 2061 29 November to 5 December 2014
6 min read
Americas, EMEA, Asia
Spencer Anderson

JP Morgan stretched out its lead atop the investment banking fees league table in November, putting the lender on target to finish the year in the top spot once again. The firm saw its market share rise 20bp during the month to 7%, while its nearest rivals were either flat or had lost share.

The US firm maintained its dominance in Europe, Middle East and Africa, in the Americas and in global bonds. It has earned US$5.80bn so far this year from underwriting, loans and mergers and acquisitions, according to Thomson Reuters data.

During November, Bank of America Merrill Lynch saw its global market share hold steady at 6.3%. It held on to the top spot in global loans, although its market share in fees from the asset class fell markedly by 60bp. JP Morgan also lost share in loans, though by half the amount. Many of the top 10 in global loans lost market share, although Citigroup and Deutsche Bank were the exceptions, seeing their share grow by 10bp.

Out in Asia-Pacific and Japan, Morgan Stanley once again held on to the top spot by a comfortable margin of 80bp, a slight gain on a month ago as its chief rival in the region Nomura slipped slightly. Morgan Stanley was an active bookrunner on the record-breaking US$8bn bond for Alibaba. Citigroup, Deutsche Bank and JP Morgan were also involved.

November ended up being a slower month than the previous one, with new issues declining a substantial 23% from October to 3,465 – although in dollar terms the decline was less drastic, with the November haul of US$7.12bn just over 10% lower than the previous month.

Despite the weaker month, banking fees remain in a good position to outpace 2013’s numbers. Total fees so far this year hit US$82.68bn, a 7.4% increase on the same time frame last year.

Global investment banking fees: November
Global investment banking fees: November
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan3,9175,796.807
2BofA Merrill Lynch3,9065,189.906.3
3Goldman Sachs2,3825,021.606.1
4Morgan Stanley3,1524,971.406
5Citigroup3,1794,212.105.1
6Deutsche Bank3,1623,926.404.7
7Barclays2,8703,553.104.3
8Credit Suisse2,2293,544.804.3
9Wells Fargo & Co2,5572,115.502.6
10UBS1,4232,071.702.5
11RBC CM2,2811,997.202.4
12HSBC3,2411,699.302.1
13BNP Paribas2,1391,473.601.8
14Jefferies7651,215.601.5
15Nomura1,5071,140.001.4
16RBS1,808980.21.2
17Mizuho Financial2,494950.21.1
18Sumitomo Mitsui2,396895.41.1
19BMO CM1,318845.51
20Mitsubishi UFJ2,1978221
Total​38,90782,683.00
Americas investment banking: November
Americas investment banking: November
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan2,6713,877.308.5
2BofA Merrill Lynch2,8393,865.808.5
3Goldman Sachs1,3513,225.507.1
4Morgan Stanley1,6183,102.406.8
5Citigroup1,8572,680.005.9
6Barclays1,5642,297.105.1
7Credit Suisse1,2672,231.904.9
8Deutsche Bank1,5502,170.304.8
9Wells Fargo & Co2,3731,983.304.4
10RBC CM1,8791,683.003.7
Total​16,19445,426.00
Asia-pacific & Japan investment banking: November
Asia-pacific & Japan investment banking: November
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Morgan Stanley1,037802.65.7
2Nomura956688.74.9
3Goldman Sachs506594.24.2
4Mizuho Financial1,795591.34.2
5Sumitomo Mitsui1,733578.14.1
6Citigroup538460.83.3
7UBS320455.33.2
8JP Morgan356428.33.1
9BofA Merrill Lynch475404.52.9
10Deutsche Bank5393902.8
Total​12,99914,021.40
EMEA investment banking: November
EMEA investment banking: November
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan9281,491.306.4
2Deutsche Bank1,1021,366.105.9
3Goldman Sachs5631,201.805.2
4Barclays9711,091.404.7
5Citigroup8141,071.304.6
6Morgan Stanley5301,066.404.6
7Credit Suisse643932.94
8BofA Merrill Lynch621919.64
9BNP Paribas1,152914.23.9
10HSBC1,161856.83.7
Total​10,26723,235.60
Global bonds: November
Global bonds: November
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,8591,773.208
2BofA Merrill Lynch1,7601,476.306.6
3Citigroup1,7271,419.806.4
4Morgan Stanley2,0241,308.605.9
5Deutsche Bank1,9051,307.905.9
6Goldman Sachs1,2821,182.905.3
7Credit Suisse1,1931,062.504.8
8Barclays1,6211,058.904.7
9HSBC2,114815.83.7
10Wells Fargo & Co1,179800.43.6
Total​17,98722,298.40
Global equities: November
Global equities: November
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Morgan Stanley4891,660.807.7
2Goldman Sachs3941,467.306.8
3JP Morgan4751,422.406.6
4BofA Merrill Lynch4301,241.105.7
5Citigroup3901,129.105.2
6Credit Suisse383971.44.5
7Deutsche Bank350916.14.2
8UBS340828.83.8
9Barclays308768.83.6
10RBC CM388504.82.3
Total​5,26421,615.70
Global loans: November
Global loans: November
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1BofA Merrill Lynch1,5121,421.407.7
2JP Morgan1,3291,278.407
3Deutsche Bank7331,005.705.5
4Barclays743798.24.3
5Citigroup853795.44.3
6Credit Suisse4597544.1
7Wells Fargo & Co1,0846903.8
8Goldman Sachs382624.73.4
9Morgan Stanley365615.63.3
10Mitsubishi UFJ1,454538.52.9
Total​9,01418,383.90
A sign outside the headquarters of JP Morgan Chase & Co in New York
Fees