JP Morgan holds top spot but rivals gain ground in 2014

IFR 2064 20 December to 9 January 2015
7 min read
Americas, EMEA, Asia
Spencer Anderson

JP Morgan notched up yet another year atop the Thomson Reuters global investment banking fee league table in 2014, finishing the year with a solid 7% of the total pot – 80bp more than its nearest rival Bank of America Merrill Lynch.

The bank stretched out its lead in the final few weeks of the year, supported by its continued dominance in both the Americas and Europe, Middle East and Africa regions, as well as from global bonds, where it tops the table with a whopping 130bp lead.

But JP Morgan’s US$6.08bn haul from bond, equity, loan and advisory fees during the year was 6% lower than in 2013, despite this year being one where the industry earned more than in the previous 12 months. Indeed, many mid-tier firms have stolen market share from the dominant banks.

BofA Merrill was hit more by the trend, seeing its fees fall by 9.1% year-on-year to US$5.36bn. BofA Merrill’s loss in market share was the largest of a top 20 bank in terms of global fee intake, with JP Morgan the second-largest fall.

The declines for both American firms will come as something of a disappointment as global fees for the industry as a whole grew by 2.6% to US$86.7bn.

It was a good year for rivals of the top two banks to play catch-up. One bank that certainly made the most of this was IFR Bank of the Year Morgan Stanley, whose global market share grew 45bp and nearly clipped Goldman Sachs for third place. The bank’s increase in market share was the biggest gain of all banks in the top 20, and its haul of global fees grew by 10.7%.

Morgan Stanley has dominated both Asia-Pacific investment banking and global equities, leading its main competition by 80bp or more in both categories.

Also posting higher gains in market share were HSBC and Jefferies at 19bp and Deutsche Bank at 17bp. Jefferies, despite posting a US$92.4m loss in the fourth quarter, saw its fees grow 17.4% in 2014, the largest increase in the year.

Global investment banking fees: December 2014
Global investment banking fees
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan4,1356,079.507
2BofA Merrill Lynch4,1255,356.106.2
3Goldman Sachs2,5175,348.406.2
4Morgan Stanley3,3885,256.706.1
5Citigroup3,3654,371.805
6Deutsche Bank3,3384,042.604.7
7Barclays3,0303,663.304.2
8Credit Suisse2,3473,643.604.2
9Wells Fargo & Co2,7422,205.302.5
10UBS1,4832,153.402.5
11RBC CM2,4162,083.702.4
12HSBC3,4201,707.302
13BNP Paribas2,2641,523.401.8
14Jefferies LLC8371,306.501.5
15Nomura1,6611,249.901.4
16Mizuho Financial2,7051,031.201.2
17RBS1,888993.71.1
18Sumitomo Mitsui2,601927.71.1
19Lazard250884.51
20BMO CM1,414881.51
Total​42,26986,734.00
Americas investment banking: December 2014
Americas investment banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan2,8174,046.608.5
2BofA Merrill Lynch2,9983,999.508.4
3Goldman Sachs1,4223,445.307.3
4Morgan Stanley1,7143,267.206.9
5Citigroup1,9622,783.705.9
6Barclays1,6512,373.605
7Credit Suisse1,3232,307.704.9
8Deutsche Bank1,6342,211.604.7
9Wells Fargo & Co2,5462,071.204.4
10RBC CM1,9981,769.603.7
Total​17,65747,477.40
Asia-Pacific & Japan investment banking: December 2014
Asia-Pacific & Japan investment banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Morgan Stanley1,154908.46
2Nomura1,087784.45.2
3Mizuho Financial1,957674.24.4
4Goldman Sachs541632.94.2
5Sumitomo Mitsui1,899613.74
6UBS338498.53.3
7Citigroup578484.83.2
8JP Morgan392467.63.1
9BofA Merrill Lynch504442.62.9
10CITIC268414.42.7
Total​14,06615,192.30
EMEA investment banking: December 2014
EMEA investment banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan9671,565.306.5
2Deutsche Bank1,1601,423.605.9
3Goldman Sachs5931,270.205.3
4Citigroup8561,103.304.6
5Barclays1,0121,087.604.5
6Morgan Stanley5551,081.104.5
7BNP Paribas1,213938.63.9
8Credit Suisse675936.63.9
9BofA Merrill Lynch653914.13.8
10HSBC1,216860.43.6
Total​11,15324,064.30
Global bonds: December 2014
Global bonds
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,9351,824.007.9
2BofA Merrill Lynch1,8431,519.106.6
3Citigroup1,8121,467.306.3
4Morgan Stanley2,1881,374.005.9
5Deutsche Bank1,9991,367.405.9
6Goldman Sachs1,3451,236.105.3
7Credit Suisse1,2481,097.104.7
8Barclays1,6981,093.304.7
9HSBC2,217823.23.6
10Wells Fargo & Co1,259816.33.5
Total​19,31723,171.80
Global equities: December 2014
Global equities
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Morgan Stanley5281,759.207.7
2Goldman Sachs4211,558.806.8
3JP Morgan5071,532.306.7
4BofA Merrill Lynch4551,300.305.7
5Citigroup4131,166.505.1
6Credit Suisse4041,028.504.5
7Deutsche Bank373952.44.1
8UBS357871.73.8
9Barclays329813.83.5
10Nomura220578.32.5
Total​5,67622,989.80
Global loans: December 2014
Global loans
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1BofA Merrill Lynch1,6081,418.707.7
2JP Morgan1,4061,276.106.9
3Deutsche Bank773972.25.3
4Citigroup9138094.4
5Barclays789771.84.2
6Wells Fargo & Co1,174728.34
7Credit Suisse487727.54
8Goldman Sachs401618.93.4
9Morgan Stanley377617.13.4
10Mitsubishi UFJ1,541516.72.8
Total​9,66518,374.20
Fees