​Barclays leads European challenge to US top five fee-earners

IFR 2136 4 June to 10 June 2016
7 min read
Americas, EMEA, Asia
Christopher Spink

Barclays looks to be pulling away from competitors in the fight to be Europe’s leading investment bank. Eight banks have now received more than US$1bn in estimated fees so far this year, according to data from Thomson Reuters.

The top five in this group – JP Morgan, Goldman Sachs, Bank of America Merrill Lynch, Morgan Stanley and Citigroup respectively – had all passed this point by the end of April. Now three Europe-headquartered banks – Barclays, Credit Suisse and Deutsche Bank – have joined them, based on fees from M&A advisory, bond and equity underwriting and corporate loans, according to Thomson Reuters data.

The ninth in the table is another US bank, Wells Fargo. However, it is significantly behind this pack, having made US$701m in fees by the end of May.

Last year, the leading fee-earner of the three European institutions was Deutsche Bank, with a 4.2% market share, followed by Credit Suisse and Barclays, which each had 3.9% shares. This year, Barclays leads the trio with 3.9%, followed by Credit Suisse and Deutsche.

Both the latter have admitted in recent results that their advisory and primary debt and equity underwriting businesses have suffered from the restructuring of their franchises during a time of market turbulence.

The difference among the three is most obvious when looking at the table of EMEA fees alone. Here, Barclays is third with a 5.1% market share, replacing Deutsche, which was in that position for 2015 overall. Morgan Stanley has also made more in fees in EMEA so far this year than Deutsche.

Credit Suisse is outside the top 10 of EMEA fee earners, showing how it relies on its strong US presence. In the Americas, as of the end of May, it ranked sixth, after the top five US banks and just ahead of Barclays.

The Americas region still accounts for more than half of total fees so far this year. BAML is the second biggest fee-earner there, with an 8.8% share. It has made more in fees in this region, at US$1.37bn, than Barclays, Credit Suisse or Deutsche have done globally. So have JP Morgan and Goldman Sachs, respectively still the top two global fee-earners this year.

Global Investment Banking Fees: May 2016
Global Investment Banking Fees
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,5702,029.906.9
2Goldman Sachs8921,876.506.4
3BAML1,6051,783.406.1
4Morgan Stanley1,1941,615.005.5
5Citigroup1,3741,386.604.7
6Barclays1,0841,152.403.9
7Credit Suisse6691,032.703.5
8Deutsche Bank9711,012.303.4
9Wells Fargo1,195701.32.4
10RBC CM782607.32.1
11UBS4775892
12HSBC1,145562.41.9
13BNP Paribas739508.91.7
14Mizuho Financial1,232476.41.6
15Sumitomo Mitsui948389.61.3
16Lazard81344.21.2
17Rothschild109332.11.1
18Mitsubishi UFJ935321.81.1
19Nomura625299.91
20Jefferies287279.51
Total​19,37229,386.10
Americas Investment Banking: May 2016
Americas Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,0671,481.809.5
2BAML1,1891,369.808.8
3Goldman Sachs5171,310.208.4
4Morgan Stanley653977.86.3
5Citigroup873895.85.7
6Credit Suisse390768.54.9
7Barclays621723.84.6
8Wells Fargo1,127659.64.2
9RBC CM656544.13.5
10Deutsche Bank512510.83.3
Total​7,94315,637.7 ​
Asia-Pacific & Japan Investment Banking: May 2016
Asia-Pacific & Japan Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Morgan Stanley388289.24.6
2Mizuho Financial830254.44
3Citic900219.23.5
4Sumitomo Mitsui707204.13.2
5Nomura363176.62.8
6Goldman Sachs168159.42.5
7Citigroup211156.22.5
8Deutsche Bank135153.72.4
9Bank of China591135.82.2
10Haitong Securities Co87134.42.1
Total​7,5856,307.20
EMEA Investment Banking: May 2016
EMEA Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan368440.45.9
2Goldman Sachs211406.95.5
3Barclays3423805.1
4Morgan Stanley156347.94.7
5Deutsche Bank324347.84.7
6BNP Paribas396337.44.5
7Citigroup292334.64.5
8BAML242294.44
9HSBC433291.33.9
10Rothschild69195.22.6
Total​4,0107,441.20
Global Bonds: May 2016
Global Bonds
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1BAML931649.26.9
2JP Morgan917643.76.8
3Citigroup9136216.6
4Goldman Sachs5854875.1
5Barclays752476.85
6Morgan Stanley891463.94.9
7Deutsche Bank678459.44.8
8Wells Fargo747355.23.7
9HSBC8553333.5
10Credit Suisse408264.62.8
Total​11,4069,473.70
Global Equities: May 2016
Global Equities
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan123368.66.6
2BAML92313.25.6
3Morgan Stanley115308.15.5
4Goldman Sachs101286.65.2
5Citigroup892113.8
6Credit Suisse83202.43.6
7Deutsche Bank68199.13.6
8Barclays63135.52.4
9RBC CM83135.32.4
10UBS60130.22.3
Total​1,7975,561.60
Global Loans: May 2016
Global Loans
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1BAML506398.37.8
2JP Morgan418291.95.7
3Citigroup301245.64.8
4Barclays207232.94.6
5Wells Fargo382217.24.2
6Sumitomo Mitsui442204.44
7Mitsubishi UFJ613185.73.6
8Mizuho Financial472163.83.2
9Credit Suisse107150.62.9
10HSBC237148.62.9
Total​3,3715,118.00