JPM still top for fees, Deutsche moves up loans table

IFR 2158 5 November to 11 November 2016
6 min read
Americas, EMEA
Christopher Spink

There was little change at the top of the investment banking fees table during October, with JP Morgan extending its lead over nearest rival Goldman Sachs.

JP Morgan has a 7.1% market share of the total US$66.94bn fee pool, according to Thomson Reuters data. That is the same proportion as at the end of September, but Goldman’s share has slipped by 10bp to 6.2%. The pair are the only banks to have pulled in more than US$4bn in fees this year.

The largest changes are in loan rankings. Deutsche Bank has slipped to seventh in overall fee rankings from sixth a year ago, but in loans it has improved to third from sixth.

The bank was one of the participants in the massive US$60bn bridge facility provided to German company Bayer for its planned takeover of US seeds specialist Monsanto.

Deutsche is also advising British American Tobacco on its proposed US$47bn purchase of Reynolds American, part of which is expected to be funded by new loans. The rise puts the bank above Citigroup, Barclays and Wells Fargo in the loans table.

Wells Fargo’s investment banking business appears unaffected by the controversy afflicting the bank’s retail sales, which saw chief executive John Stumpf leave last month.

It remains ninth in the overall table with a 2.5% market share. It is also the sixth most active underwriter of bonds, by number rather than value.

Rothschild has moved from 20th to 17th on the back of the flurry of M&A activity recorded in the month. Its estimated fees are a fifth higher than at the same time last year, at US$770m.

Global Investment Banking Fees: October 2016
Global Investment Banking Fees
Managing bank or groupNo of issuesTotal US$(m)Share (%)
​ 1JP Morgan3,4194,754.67.1
2Goldman Sachs1,9964,141.06.2
3BAML3,5353,707.35.5
4Morgan Stanley2,7133,547.05.3
5Citigroup2,9903,049.44.6
6Barclays2,3462,542.73.8
7Deutsche Bank2,0632,321.23.5
8Credit Suisse1,5362,291.33.4
9Wells Fargo2,7271,652.32.5
10RBC CM1,8181,351.22.0
11UBS1,0401,271.81.9
12HSBC2,4531,176.61.8
13Mizuho Financial2,5751,174.91.8
14BNP Paribas1,5981,083.61.6
15Lazard208930.91.4
16Sumitomo Mitsui2,046778.91.2
17Rothschild & Co269770.31.2
18Jefferies746756.01.1
19Mitsubishi UFJ1,994745.31.1
20Nomura1,416677.01.0
Total​44,83166,937.9
Americas Investment Banking: October 2016
Americas Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan2,3793,438.79.8
2Goldman Sachs1,1412,837.38.1
3BAML2,6852,780.18.0
4Citigroup1,8732,014.35.8
5Morgan Stanley1,4482,006.65.7
6Barclays1,4131,690.84.8
7Credit Suisse8751,609.34.6
8Wells Fargo2,5671,545.84.4
9Deutsche Bank1,0971,385.74.0
10RBC CM1,5501,192.73.4
Total​18,32034,940.2
Asia-Pacific & Japan Investment Banking: October 2016
Asia-Pacific & Japan Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Morgan Stanley924790.75.2
2Mizuho Financial1,749711.04.7
3Sumitomo Mitsui1,516467.53.1
4Goldman Sachs386455.23.0
5Nomura835445.72.9
6Citigroup488379.62.5
7Citic1,280368.82.4
8ICBC1,662362.22.4
9Bank of China1,712349.62.3
10JP Morgan292349.12.3
Total​17,57915,266.1
EMEA Investment Banking: October 2016
EMEA Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan756966.75.8
2Goldman Sachs477848.55.1
3Morgan Stanley347749.74.5
4Barclays692747.34.5
5BNP Paribas840679.74.1
6Deutsche Bank668678.74.1
7Citigroup635655.53.9
8BAML496649.93.9
9HSBC881568.03.4
10Rothschild & Co185532.53.2
Total​9,35016,731.6
Global Bonds: October 2016
Global Bonds
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,9121,463.27.0
2BAML2,0271,354.16.5
3Citigroup1,9391,303.26.3
4Goldman Sachs1,214991.34.8
5Morgan Stanley1,990988.54.8
6Barclays1,542952.24.6
7Deutsche Bank1,335877.54.2
8Wells Fargo1,652800.73.9
9Credit Suisse888689.13.3
10HSBC1,754664.23.2
Total​25,72620,782.0
Global Equities: October 2016
Global Equities
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan302952.47.7
2Morgan Stanley272749.66.0
3Goldman Sachs242696.45.6
4BAML222643.65.2
5Citigroup222499.24.0
6Credit Suisse206497.64.0
7Deutsche Bank161363.12.9
8UBS162327.42.6
9Barclays142309.62.5
10RBC CM213256.52.1
Total​4,25512,439.4
Global Loans: October 2016
Global Loans
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1BAML1,129870.36.9
2JP Morgan977755.76.0
3Deutsche Bank450599.74.8
4Citigroup684584.24.6
5Barclays508515.34.1
6Wells Fargo885447.43.5
7Mitsubishi UFJ1,299445.63.5
8Credit Suisse299400.93.2
9Mizuho Financial938395.03.1
10Goldman Sachs315389.73.1
Total​7,85812,611.7
JP Morgan & Chase Co. building in New York