Goldman Sachs holds on to top spot as Morgan Stanley gains

IFR 2089 27 June 2015 to 3 July 2015
6 min read
Americas, EMEA, Asia
Gareth Gore

Goldman Sachs, the biggest investment banking fee earner globally in the year to date, saw its lead over rivals shrink again during June, with its share of the pot falling to 7.4% from 7.6% at the end of May.

June has been the best month so far this year for banks, especially in the equity space, where global IPOs and other deals generated US$2.6bn in fees for the industry – substantially more than the US$1.8bn average during the first five months of the year. Loan fees also surged.

The month saw some high-profile listings, including the US$732m debut of Fitbit in the US and US$1.44bn-valued IPO of Axovant Sciences.

The pick-up meant that investment banks earned US$8.7bn in fees during the month, taking the total earned so far this year to US$42.2bn. Despite the June pick-up, fees are nonetheless down 14% on the same period a year earlier.

Behind Goldman, JP Morgan held on to its second-placed position. Morgan Stanley, which has been fighting neck-and-neck for third position with Bank of America Merrill Lynch for the last few months, beat its larger US rival into the number three spot.

Morgan Stanley was doubtless helped by its strength in equities during the month. However, in the global equity fee table it did lose its second-placed spot to JP Morgan, and dropped to third. Goldman Sachs topped the table.

In global loan fees, Deutsche Bank surged to third from sixth a month ago after an extremely productive few weeks. BofA Merrill remained top. In bonds, JP Morgan continued to dominate, while Goldman Sachs displaced Barclays for sixth spot.

Advisory fees – as opposed to underwriting fees for bond, equity and loan deals – continue to be a major source of revenues for investment banks this year, generating more than a quarter of the total fee pot.

Global Investment Banking Fees: June 2015
Global Investment Banking Fees
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
​1Goldman Sachs1,2053,135.407.4
2JP Morgan1,9243,100.907.3
3Morgan Stanley1,6792,547.406
4BofA Merrill Lynch1,9662,532.406
5Citigroup1,6192,049.804.9
6Deutsche Bank1,4711,828.004.3
7Barclays1,4721,633.803.9
8Credit Suisse1,0621,523.103.6
9Wells Fargo & Co1,5071,119.002.7
10RBC CM1,1461,005.102.4
11HSBC1,622921.32.2
12UBS626895.12.1
13BNP Paribas999646.11.5
14Jefferies416620.91.5
15Mizuho Financial1,410553.41.3
16Nomura815529.61.3
17Mitsubishi UFJ1,172450.41.1
18Lazard1084141
19Sumitomo Mitsui1,224381.20.9
20BMO CM713369.50.9
Total20,63242,218.70
Americas Investment Banking: June 2015
Americas Investment Banking
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1JP Morgan1,3342,258.409.4
2Goldman Sachs6882,040.508.5
3BofA Merrill Lynch1,4161,898.407.9
4Morgan Stanley9031,737.207.2
5Citigroup9841,397.905.8
6Barclays8371,139.804.8
7Wells Fargo & Co1,4241,066.404.4
8Credit Suisse6271,029.104.3
9Deutsche Bank7361,026.004.3
10RBC CM917859.43.6
Total8,80323,971.40
Asia-Pacific & Japan Investment Banking: June 2015
Asia-Pacific & Japan Investment Banking
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1Goldman Sachs245376.34.7
2Morgan Stanley4943144
3Mizuho Financial963277.63.5
4Nomura462269.63.4
5Sumitomo Mitsui888259.23.3
6UBS146252.73.2
7JP Morgan166240.23
8CITIC207226.52.9
9Deutsche Bank2422112.7
10BofA Merrill Lynch234210.42.7
Total6,9987,934.70
EMEA Investment Banking: June 2015
EMEA Investment Banking
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1Goldman Sachs272718.67
2JP Morgan427602.35.8
3Deutsche Bank494591.15.7
4Morgan Stanley283496.24.8
5Citigroup390443.14.3
6BofA Merrill Lynch317423.54.1
7Barclays455418.54.1
8BNP Paribas506390.13.8
9HSBC584384.43.7
10Credit Suisse286346.23.4
Total5,05210,312.60
Global Bonds: June 2015
Global Bonds
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1JP Morgan9461,047.209.1
2BofA Merrill Lynch900816.47.1
3Citigroup926769.56.7
4Morgan Stanley1,099713.56.2
5Deutsche Bank920667.75.8
6Goldman Sachs6546375.5
7Barclays861603.65.2
8Credit Suisse618532.74.6
9Wells Fargo & Co810486.94.2
10HSBC1,057407.93.5
Total9,60911,520.70
Global Equities: June 2015
Global Equities
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1Goldman Sachs198815.26.9
2JP Morgan253770.36.5
3Morgan Stanley281748.76.3
4BofA Merrill Lynch219620.95.2
5Citigroup189497.24.2
6Credit Suisse185447.53.8
7Deutsche Bank157446.93.8
8UBS157387.53.3
9Barclays149341.72.9
10RBC CM180255.32.2
Total3,00011,859.90
Global Loans: June 2015
Global Loans
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1BofA Merrill Lynch748529.37.2
2JP Morgan603464.46.3
3Deutsche Bank305316.34.3
4Citigroup400302.44.1
5Barclays375299.94.1
6Wells Fargo & Co554294.94
7Goldman Sachs1872753.7
8Mitsubishi UFJ754260.33.5
9HSBC456242.33.3
10RBC CM277241.13.3
Total4,4407,379.10
Fees