Goldman Sachs teetering at the top

IFR 2103 3 October to 9 October 2015
7 min read
Philip Scipio

JP Morgan has pulled within striking distance of taking the top spot in the global investment banking fee league table from rival Goldman Sachs. But for at least another month, Goldman has been able to hold off JP Morgan based on the continued strength of its mergers and acquisitions advisory practice.

Unaccustomed to being runner up, JP Morgan has been second to Goldman for most of the year as M&A deal flow stayed on course to challenge the record, in terms of value of deals announced, set in 2007, and Goldman Sachs remained the go-to adviser.

Lazard has also benefited from the strength of the M&A market this year. Goldman and Lazard were the only two major houses to show an increase in fees in the first nine months of the year, compared with the same period last year, going up by 8.5% and 10.5% respectively. By contrast JP Morgan has seen a 6.1% fall year-on-year in fees.

Still, at the end of September JP Morgan narrowed Goldman’s lead to a mere US$51m in estimated fees, down from the US$135m gap between the two at the end of August. JP Morgan remains in pole position in the Americas, earning the most in the region, while Goldman held the top spot for EMEA.

JP Morgan was able to close the gap globally based primarily on its strength in global bond underwriting. The bank extended its lead in the segment and added market share in the month. Bank of America Merrill Lynch was next followed by Citigroup, Goldman and Morgan Stanley.

In global equity underwriting, JP Morgan overtook Goldman, to show a lead of US$13m. Morgan Stanley was next after those two, followed by BAML and Citigroup.

BAML held the top position for fees from loans, followed by JP Morgan, Deutsche Bank, Citigroup and Barclays. Citigroup overtook Barclays and Goldman, which slipped to number seven behind Credit Suisse.

Overall, the industry has earned US$64.18bn in fees from bond and equity underwriting, loan deals and advisory during the year to-date, coming from nearly 34,000 deals.

Global Investment Banking Fees: September 2015
Global Investment Banking Fees
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1Goldman Sachs1,8104,635.57.2
2JP Morgan2,8144,584.97.1
3BofA Merrill Lynch3,0903,954.16.2
4Morgan Stanley2,3433,704.55.8
5Citigroup2,3783,124.04.9
6Deutsche Bank2,2122,712.64.2
7Barclays2,2072,527.53.9
8Credit Suisse1,5732,400.33.7
9Wells Fargo & Co2,3521,610.82.5
10UBS9251,479.22.3
11RBC CM1,6871,458.82.3
12HSBC2,4621,250.51.9
13BNP Paribas1,5781,006.21.6
14Jefferies637933.81.5
15Mizuho Financial2,192806.31.3
16Nomura1,313761.01.2
17Lazard172737.91.1
18Mitsubishi UFJ1,858659.71.0
19Sumitomo Mitsui1,906628.61.0
20BMO CM1,023580.50.9
Total​33,84264,183.2
Americas Investment Banking: September 2015
Americas Investment Banking
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1JP Morgan1,9353,372.69.2
2BofA Merrill Lynch2,2603,100.58.4
3Goldman Sachs1,0303,099.18.4
4Morgan Stanley1,1862,506.36.8
5Citigroup1,4152,194.76.0
6Barclays1,2391,773.34.8
7Credit Suisse9261,678.74.6
8Deutsche Bank1,1071,553.04.2
9Wells Fargo & Co2,2141,517.74.1
10RBC CM1,3631,247.83.4
Total​14,37236,748.4
Asia-Pacific & Japan Investment Banking: September 2015
Asia-Pacific & Japan Investment Banking
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1Morgan Stanley745524.14.4
2Goldman Sachs359504.14.2
3Mizuho Financial1,508432.73.6
4Nomura738419.33.5
5Sumitomo Mitsui1,375407.63.4
6UBS214378.73.1
7JP Morgan242343.62.9
8Citic490342.82.8
9Deutsche Bank346329.52.7
10Citigroup373296.62.5
Total​11,45812,031.1
EMEA Investment Banking: September 2015
EMEA Investment Banking
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1Goldman Sachs4241,032.36.7
2JP Morgan640868.75.6
3Deutsche Bank762830.25.4
4Morgan Stanley414674.14.4
5Barclays697650.54.2
6Citigroup594632.74.1
7BNP Paribas824590.53.8
8BofA Merrill Lynch489582.63.8
9UBS300559.13.6
10HSBC896541.03.5
Total8,36115,403.7
Global Bonds: September 2015
Global Bonds
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1JP Morgan1,3411,433.88.5
2BofA Merrill Lynch1,4531,224.27.3
3Citigroup1,2911,091.66.5
4Goldman Sachs954953.45.7
5Morgan Stanley1,503946.55.6
6Deutsche Bank1,340933.95.6
7Barclays1,294895.85.3
8Credit Suisse874747.84.5
9Wells Fargo & Co1,282706.74.2
10HSBC1,540560.83.3
Total​15,67716,786.7
Global Equities: September 2015
Global Equities
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1JP Morgan3301,059.96.7
2Goldman Sachs2791,046.36.6
3Morgan Stanley3801,029.66.5
4BofA Merrill Lynch286789.25.0
5Citigroup256706.04.4
6Deutsche Bank206598.33.8
7Credit Suisse261589.43.7
8UBS219539.93.4
9Barclays204455.42.9
10RBC CM246347.52.2
Total​4,33715,924.2
Global Loans: September 2015
Global Loans
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1BofA Merrill Lynch1,191959.47.4
2JP Morgan938821.26.3
3Deutsche Bank519608.54.7
4Citigroup664571.14.4
5Barclays581559.54.3
6Credit Suisse302511.33.9
7Goldman Sachs303509.13.9
8Wells Fargo & Co875471.63.6
9Mitsubishi UFJ1,260401.13.1
10RBC CM431394.33.0
Total​7,63013,036.0
Goldman brings trio of US issuers to Europe