Goldman Sachs dominates slow January, but Swiss suffer

IFR 2068 31 January 2015 to 6 February 2015
6 min read
Americas, EMEA, Asia
Christopher Spink

Goldman Sachs started 2015 as it means to go on, earning more than all of its rivals from fees linked to bond, equity, loan and M&A advisory deals in January, and pushing JP Morgan – which led the league table in 2014 – into second place.

Morgan Stanley also started the year well, pushing Bank of America Merrill Lynch into fourth place. BofA Merrill had a slow start in Europe, coming ninth in the regional table. Morgan Stanley’s global market share rose by 1.53 percentage points to 7.12%.

According to Thomson Reuters data, banks earned US$3.96bn from deal-linked fees during the month, with 1,963 issues. But it was a slow month, well down on the monthly average in 2014, when banks earned US$7.23bn a month on an average of more than 3,500 issues a month.

A major casualty in the first month of 2015 was Credit Suisse, which has fallen from fifth to eighth in the table after seeing its fees fall by two-thirds compared with last January to US$118m. Both Credit Suisse and compatriot UBS saw their market shares drop significantly, by 180bp and 64bp respectively.

The severe strengthening of the Swiss franc after the Swiss National Bank lifted the SFr1.20 cap to the euro on the currency on January 15 put most international companies off financing in Swiss francs in the second half of the month. Neither bank showed up in the top 10 EMEA fee earners.

Their number of issues has declined significantly too. Credit Suisse was the eighth-biggest global bonds fee earner but only carried out 79 issues, barely half the 153 executed by market leader Morgan Stanley.

Credit Suisse was fourth-biggest global loans fee earner, but only carried out eight deals. UBS was fifth in global equities, boosted by its joint bookrunner role with Goldman Sachs on Santander’s record-breaking €7.5bn accelerated bookbuild in the second week of the year.

Global investment banking fees: January 2015
Global investment banking fees
Managing bank or groupNo of issuesTotal US$(m)Share (%)
​1Goldman Sachs126352.88.9
2JP Morgan200300.77.6
3Morgan Stanley2012827.1
4BofA Merrill Lynch1702586.5
5Citigroup171197.25
6Deutsche Bank152167.64.2
7Barclays178156.84
8Credit Suisse104117.63
9Wells Fargo & Co12698.82.5
10UBS6183.12.1
11RBC CM12678.42
12HSBC188761.9
13Nomura10256.11.4
14BNP Paribas9255.51.4
15Mizuho Financial12653.41.3
16Credit Agricole CIB7045.41.1
17Jefferies47441.1
18CICC743.31.1
19CIBC52431.1
20Sumitomo Mitsui10041.91.1
Total​1,9633,958.00
Americas investment banking: January 2015
Americas investment banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan13424110
2BofA Merrill Lynch118212.48.8
3Morgan Stanley115212.18.8
4Goldman Sachs63185.87.7
5Citigroup96132.15.5
6Barclays97114.74.8
7Wells Fargo & Co12096.74
8Deutsche Bank6490.73.8
9Credit Suisse6186.13.6
10RBC CM9560.72.5
Total​9152,399.80
Asia-Pacific & Japan investment banking: January 2015
Asia-Pacific & Japan investment banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1CICC743.37
2Goldman Sachs3638.46.2
3Sumitomo Mitsui7032.95.3
4Nomura5732.55.2
5Mizuho Financial7631.95.1
6UBS1730.74.9
7Deutsche Bank3623.23.7
8Morgan Stanley5822.93.7
9HSBC74223.5
10Daiwa Securities Group5321.63.5
Total​567621
EMEA investment banking: January 2015
EMEA investment banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Goldman Sachs27128.613.7
2Deutsche Bank5253.75.7
3Morgan Stanley2846.95
4JP Morgan5445.44.8
5Citigroup4644.44.7
6HSBC5636.93.9
7Barclays5434.93.7
8BNP Paribas4831.43.3
9BofA Merrill Lynch2529.93.2
10Credit Agricole CIB4127.42.9
Total​504937.1
Global bonds: January 2015
Global bonds
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Morgan Stanley1531157.8
2JP Morgan134109.87.5
3Barclays14798.46.7
4Citigroup12594.46.4
5HSBC17170.34.8
6BofA Merrill Lynch10468.64.7
7Goldman Sachs8861.94.2
8Credit Suisse7961.24.2
9Deutsche Bank12159.44.1
10Nomura9247.53.2
Total​1,2151,465.70
Global equities: January 2015
Global equities
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan2887.88.8
2BofA Merrill Lynch2384.48.5
3Goldman Sachs1867.66.8
4Morgan Stanley2855.95.6
5UBS1541.84.2
6Deutsche Bank12393.9
7Citigroup1632.63.3
8RBC CM2128.22.8
9Wells Fargo & Co1223.22.3
10Barclays1421.12.1
Total​291993.1
Global loans: January 2015
Global loans
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Morgan Stanley722.98.1
2BofA Merrill Lynch3021.47.5
3Citigroup2216.15.7
4Credit Suisse815.95.6
5Deutsche Bank1015.65.5
6Barclays813.94.9
7SunTrust Banks12134.6
8US Bancorp2112.24.3
9PNC Financial1111.54.1
10Goldman Sachs510.63.8
Total​123283.7
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