Goldman Sachs solidifies lead as top 2015 fee earner

IFR 2098 29 August to 4 September 2015
6 min read
Americas, EMEA, Asia
Gareth Gore

Goldman Sachs solidified its lead as the highest fee earner among global investment banks so far this year during August, winning the beauty parade to gain mandates for a number of bumper deals.

The bank was chosen during the month to lead the IPO of Houlihan Lokey, a secondary offering from Tesla Motors, a block trade in AerCap and Apple’s inaugural Kangaroo bond. That helped it climb up the bond, equity and loan league tables.

Such issues earned around US$470m for the US firm during the month, taking the total fees earned from equity and bond underwriting, loan origination and advisory this year to US$4.2bn. That is equivalent to 7.4% of all industry fees, up 10bp from its 7.3% share at the end of July.

The order of the top 10 banks remained unchanged from July, with JP Morgan, Bank of America Merrill Lynch, Morgan Stanley and Citigroup rounding out the top five. Deutsche Bank, the top non-US bank in sixth, lost 10bp of market share while eighth-placed Credit Suisse gained 10bp.

Despite traditionally being the slowest month of the year, August nonetheless provided a decent amount of fees, totalling almost US$6bn. That took the total earned by the industry so far this year to US$57.6bn.

Still, fees are 8.9% down on the same period a year ago. Of the top 15 firms, only Goldman has earned more in 2015 than it did during the same period a year earlier. Many firms have seen fees fall by double-digit percentages.

The fall in fees is despite a strong year for mergers and acquisitions, which is set for its best year by total value of deals announced since 2007. That has swelled advisory fees earned by the industry so far this year to US$16.2bn – marginally above the US$15.2bn from bond underwriting and a similar amount from equity deals.

Global Investment Banking Fees: August 2015
Global Investment Banking Fees
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Goldman Sachs1,6344,248.107.4
2JP Morgan2,5184,112.807.1
3BAML2,6513,521.106.1
4Morgan Stanley2,1363,444.406
5Citigroup2,1062,775.604.8
6Deutsche Bank1,9772,444.704.2
7Barclays1,9732,298.304
8Credit Suisse1,4082,163.003.8
9Wells Fargo2,0931,469.002.6
10RBC CM1,4921,306.002.3
11UBS8181,244.802.2
12HSBC2,1621,112.901.9
13BNP Paribas1,350865.11.5
14Jefferies5768571.5
15Nomura1,142807.71.4
16Mizuho Financial1,834720.81.3
17Lazard1576811.2
18Mitsubishi UFJ1,478572.71
19Sumitomo Mitsui1,5735220.9
20BMO CM865518.80.9
Total​28,97257,601.50
Americas Investment Banking: August 2015
Americas Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,7362,985.009
2Goldman Sachs9332,867.708.7
3BAML1,9202,729.008.2
4Morgan Stanley1,1172,340.807.1
5Citigroup1,2581,935.105.8
6Barclays1,1311,662.905
7Credit Suisse8381,511.504.6
8Deutsche Bank9981,405.104.2
9Wells Fargo1,9771,384.804.2
10RBC CM1,2001,121.703.4
Total​12,41233,134.20
Asia-Pacific & Japan Investment Banking: August 2015
Asia-Pacific & Japan Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Morgan Stanley648475.64.4
2Nomura634473.34.4
3Goldman Sachs3304694.3
4Mizuho Financial1,247376.33.5
5Sumitomo Mitsui1,130347.53.2
6UBS188333.43.1
7CITIC462326.23
8JP Morgan222317.62.9
9Deutsche Bank313289.72.7
10Citigroup330272.52.5
Total​9,84810,872.70
EMEA Investment Banking: August 2015
EMEA Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Goldman Sachs374911.46.7
2JP Morgan563810.26
3Deutsche Bank6687505.5
4Morgan Stanley372627.94.6
5Citigroup5225684.2
6Barclays600544.24
7BAML425533.53.9
8BNP Paribas691527.13.9
9HSBC778474.93.5
10Credit Suisse383445.13.3
Total​6,99713,594.60
Global Bonds: August 2015
Global Bonds
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,2121,276.608.4
2BAML1,2641,076.307.1
3Citigroup1,1571,005.306.6
4Morgan Stanley1,355910.76
5Goldman Sachs861865.65.7
6Deutsche Bank1,211844.25.6
7Barclays1,152802.55.3
8Credit Suisse792699.24.6
9Wells Fargo1,1556384.2
10HSBC1,377491.73.2
Total​14,01315,207.20
Global Equities: August 2015
Global Equities
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Goldman Sachs2621,023.906.8
2JP Morgan3181,015.106.7
3Morgan Stanley359987.46.5
4BAML270754.45
5Citigroup247662.24.4
6Credit Suisse246565.43.7
7Deutsche Bank195564.83.7
8UBS2015093.4
9Barclays1894292.8
10Nomura153386.12.5
Total​3,95915,142.50
Global Loans: August 2015
Global Loans
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1BAML982790.17.2
2JP Morgan815648.45.9
3Deutsche Bank452518.94.7
4Barclays519498.54.5
5Goldman Sachs2714644.2
6Citigroup559433.33.9
7Wells Fargo760428.53.9
8Credit Suisse256400.93.6
9RBC CM367344.43.1
10Morgan Stanley224340.63.1
Total​5,96711,008.50