JP Morgan edges out Goldman Sachs as highest 2015 fee earner

IFR 2114 19 December to 8 January 2016
6 min read
Gareth Gore

JP Morgan looks set to end the year as the bank that earned most from fees linked to bond and equity underwriting, corporate loans, and advisory work during 2015, according to provisional data from Thomson Reuters.

The bank has been neck-and-neck with Goldman Sachs, whose industry-leading advisory arm has been boosted by an upswing in M&A volumes, for much of the year, but managed to just edge out its US rival in the final months of the year.

JP Morgan earned US$5.78bn in investment banking fees in the year to December 17 for a 7% market share, while Goldman brought in US$5.75bn for a 6.9% share. The two were well ahead of third-placed Bank of America Merrill Lynch, which had 6.3% of total fees.

Across the industry, investment banks earned a total US$82.8bn in fees from underwriting, loans and advisory work. That was 4.5% down on what they earned in the previous year. The number of issues at almost 44,700 was 5.7% up, however.

In many ways, investment banking fees were poor in 2015. Global bond underwriting fees, equity underwriting fees and corporate loan fees fell 12%, 13% and 2% respectively from those earned a year earlier.

But advisory has surged on the back of buoyant M&A activity. This year has been a record one for M&A, with volumes of announced deals surpassing the level set in 2007 in December. Advisory income was a whopping US$24.3bn, up 9.5% on a year earlier.

The surge has helped Goldman Sachs, which ranked third last year, knock BofA Merrill off second place.

Outside the top three, there were few changes in the industry order. Among the movers, Credit Suisse knocked Barclays off seventh spot, while Mizuho displaced Japanese rival Nomura for 15th place.

Fees in the Americas and Asia-Pacific were roughly flat on a year earlier, while EMEA fees were down 13%.

Global Investment Banking Fees: December 2015
Global Investment Banking Fees
Managing bank or groupNo of issuesTotal US$(m)Share (%)
​ 1JP Morgan3,7205,778.007
2Goldman Sachs2,3415,745.706.9
3BAML4,0535,234.606.3
4Morgan Stanley3,4354,815.905.8
5Citigroup3,2184,064.504.9
6Deutsche Bank2,8073,438.104.2
7Credit Suisse2,0433,243.703.9
8Barclays2,8993,242.503.9
9Wells Fargo & Co3,0962,057.502.5
10UBS1,2201,856.602.2
11RBC CM2,0961,835.302.2
12HSBC3,0931,637.402
13BNP Paribas2,0871,406.701.7
14Jefferies9061,274.301.5
15Mizuho Financial2,8721,128.601.4
16Nomura1,711956.81.2
17Sumitomo Mitsui2,501910.81.1
18Lazard234907.91.1
19Mitsubishi UFJ2,326866.41
20Credit Agricole CIB1,260714.60.9
Total​44,66782,791.70
Americas Investment Banking: December 2015
Americas Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan2,5704,150.708.9
2BAML2,9784,022.908.6
3Goldman Sachs1,2923,884.408.3
4Morgan Stanley1,8843,127.706.7
5Citigroup1,9262,821.706
6Credit Suisse1,1872,258.304.8
7Barclays1,6342,184.804.7
8Deutsche Bank1,4061,979.204.2
9Wells Fargo & Co2,9151,936.004.1
10RBC CM1,7041,566.203.4
Total​19,61946,700.10
Asia-Pacific & Japan Investment Banking: December 2015
Asia-Pacific & Japan Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Morgan Stanley1,023785.75.2
2Goldman Sachs4906114
3Mizuho Financial1,917599.53.9
4Sumitomo Mitsui1,795557.53.7
5Nomura984541.73.6
6UBS273477.73.1
7JP Morgan316458.63
8Citigroup506408.72.7
9Deutsche Bank432398.42.6
10Citic530376.62.5
Total​14,30315,199.20
EMEA Investment Banking: December 2015
EMEA Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Goldman Sachs5621,250.306
2JP Morgan8401,168.705.6
3Deutsche Bank9741,060.505.1
4Barclays917914.94.4
5Morgan Stanley531902.54.3
6BAML640839.84
7BNP Paribas1,106838.14
8Citigroup792834.14
9HSBC1,174754.83.6
10Credit Suisse578691.23.3
Total​11,24620,892.50
Global Bonds: December 2015
Global Bonds
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,8031,757.008.6
2BAML1,9551,560.607.6
3Citigroup1,7681,406.606.9
4Morgan Stanley2,3381,233.506
5Goldman Sachs1,2321,118.105.5
6Deutsche Bank1,6811,090.005.3
7Barclays1,7131,086.305.3
8Credit Suisse1,1239074.4
9Wells Fargo & Co1,737887.74.3
10HSBC1,906699.13.4
Total​20,76020,444.90
Global Equities: December 2015
Global Equities
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Morgan Stanley4801,336.806.7
2JP Morgan4081,300.606.5
3Goldman Sachs3601,288.806.4
4BAML3561,040.805.2
5Citigroup332879.14.4
6Credit Suisse332763.73.8
7Deutsche Bank265744.63.7
8UBS279704.23.5
9Barclays2666023
10Nomura2094132.1
Total​5,51120,054.90
Global Loans: December 2015
Global Loans
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1BAML1,5281,355.607.5
2JP Morgan1,2381,019.905.7
3Deutsche Bank665897.95
4Citigroup8937974.4
5Barclays746783.64.4
6Credit Suisse395710.33.9
7Wells Fargo & Co1,134669.33.7
8Goldman Sachs396658.53.7
9Mitsubishi UFJ1,565560.33.1
10RBC CM5465302.9
Total​9,89317,984.30