Fees jump in busy July but Goldman and JP Morgan lose share

IFR 2094 1 August to 7 August 2015
6 min read
Americas, EMEA, Asia
Gareth Gore

July was the busiest month so far this year for investment banking fees, with the industry earning US$9.42bn from bond issues, equity deals, loans and M&A advisory, according to Thomson Reuters figures.

Much of that activity was concentrated in the second half of the month, when many issuers rushed to market following an agreement between Greece and its creditors to begin talks on a third bailout. Worries about an imminent default led to many deals being cancelled or delayed previously.

Income from M&A advisory was particularly strong, generating US$2.9bn in fees for banks. For a second month, fees from equity capital markets were bigger than those from bond issuance. Leveraged issuance in particular has slowed in recent months.

Global investment banks have earned US$51.6bn so far this year in fees linked to more than 25,000 deals. That is, however, down 10% on the same period in 2014. Without a strong uptick in the second half, the wallet looks set to shrink in 2015.

Goldman Sachs and JP Morgan held on to the top two spots, but both lost market share to rivals – by 10bp and 20bp respectively. Third-placed Morgan Stanley gained a tenth of a percentage point in market share, as did Barclays, Credit Suisse and RBC.

UBS gained a place, displacing HSBC for 11th spot in the global investment banking league table.

By region, the Americas was by far the biggest contributor to the uptick in fees, with US$5.34bn generated from the region. The top five US houses dominate activity there. Barclays is the highest-ranking foreign bank with a 5% market share.

Global Investment Banking Fees July 2015
Global Investment Banking Fees
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1Goldman Sachs1,4403,782.807.3
2JP Morgan2,2073,646.207.1
3Morgan Stanley1,9443,133.006.1
4BAML2,3283,113.106
5Citigroup1,8972,481.204.8
6Deutsche Bank1,7572,203.704.3
7Barclays1,7322,045.904
8Credit Suisse1,2411,888.503.7
9Wells Fargo & Co1,8441,331.802.6
10RBC CM1,3341,193.102.3
11UBS7361,102.302.1
12HSBC1,9501,053.302
13Nomura1,020767.61.5
14BNP Paribas1,2037671.5
15Jefferies LLC505717.51.4
16Mizuho Financial1,6826711.3
17Lazard137628.31.2
18Mitsubishi UFJ1,339545.91.1
19Sumitomo Mitsui1,446488.90.9
20BMO CM793450.70.9
Total25,77351,634.80
Americas Investment Banking July 2015
Americas Investment Banking
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1JP Morgan1,5032,623.009
2Goldman Sachs8072,496.408.5
3BAML1,6762,383.508.1
4Morgan Stanley1,0052,109.307.2
5Citigroup1,1311,702.105.8
6Barclays9801,463.005
7Credit Suisse7371,320.604.5
8Wells Fargo & Co1,7471,269.804.3
9Deutsche Bank8741,249.804.3
10RBC CM1,0781,028.303.5
Total10,95029,306.80
Asia-Pacific & Japan Investment Banking July 2015
Asia-Pacific & Japan Investment Banking
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1Nomura576462.84.7
2Morgan Stanley593436.74.4
3Goldman Sachs298435.84.4
4Mizuho Financial1,158354.93.6
5Sumitomo Mitsui1,041326.23.3
6UBS171307.53.1
7CITIC430287.72.9
8JP Morgan1962812.8
9Deutsche Bank282255.22.6
10BAML274240.92.4
Total8,8729,884.10
EMEA Investment Banking July 2015
EMEA Investment Banking
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1Goldman Sachs337850.66.8
2JP Morgan511742.36
3Deutsche Bank603698.75.6
4Morgan Stanley3475874.7
5Citigroup475542.44.4
6Barclays533495.64
7BAML379488.73.9
8HSBC695459.53.7
9BNP Paribas6144573.7
10UBS241418.63.4
Total6,20912,443.90
Global Bonds July 2015
Global Bonds
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1JP Morgan1,0701,174.008.5
2BAML1,100970.17
3Citigroup1,062901.66.5
4Morgan Stanley1,241813.75.9
5Deutsche Bank1,086786.25.7
6Goldman Sachs771769.65.6
7Barclays1,018722.55.2
8Credit Suisse703635.64.6
9Wells Fargo & Co1,022582.24.2
10HSBC1,264474.83.4
Total12,41613,771.00
Global Equities July 2015
Global Equities
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1Morgan Stanley336930.46.6
2JP Morgan297925.16.6
3Goldman Sachs233906.96.4
4BAML258723.65.1
5Citigroup228587.64.2
6Credit Suisse226529.63.8
7Deutsche Bank183509.53.6
8UBS189490.83.5
9Barclays175409.12.9
10Nomura141377.12.7
Total3,62414,122.00
Global Loans July 2015
Global Loans
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1BAML852667.57.1
2JP Morgan6905646
3Deutsche Bank384446.34.8
4Barclays438415.14.4
5Citigroup478384.24.1
6Wells Fargo & Co655370.33.9
7Goldman Sachs224343.63.7
8Mitsubishi UFJ867318.43.4
9Credit Suisse211302.33.2
10HSBC562294.93.1
Total5,2779,386.70
Fees