EMEA slumps to lowest share of global fees

IFR 2162 3 December to 9 December 2016
6 min read
Americas, EMEA
Steve Slater

Investment banking revenues generated in Europe, the Middle East and Africa are down 12% this year and represent less than a quarter of the global fee pool, its lowest share this century.

Fees from completed M&A advisory, capital markets underwriting and syndicated lending in EMEA in the first 11 months of this year were US$18.1bn, according to Thomson Reuters data. That gave the region a 24% share of global fees, the lowest since Thomson Reuters’ regional records began in 2000. It is down from a record 37% share for EMEA in 2008.

Fees in the Americas were US$38.8bn in the year to the end of November, down 17% on the year, to give the region a 52% share of global fees, its lowest for five years. The US alone accounted for 45% of global fees.

Revenues earned in Asia totalled US$17.4bn, up 5% from a year ago and the highest year-to-date total since the Thomson Reuters data began. China accounted for US$8.8bn of that, up 29% on the year and 12% of the global fee pool. Asia’s share of global fees has climbed from 10% in 2001.

Worldwide fees through to the end of November were US$74.3bn, down 12% from the same stage of 2015 and the lowest year-to-date total since 2012.

US banks continue to hold the top five positions for investment banking fees.

JP Morgan remains the leading bank, taking US$5.1bn of fees in the first 11 months of the year (down 10% from US$5.7bn at the same stage of 2015) after working on 3,765 deals for a 6.9% market share, according to the Thomson Reuters data.

Goldman Sachs is its nearest rival after bringing in US$4.7bn in fees for a 6.3% share of the market.

Global Investment Banking Fees: November 2016
Global Investment Banking Fees
Managing bank or groupNo of issuesTotal US$(m)Share (%)
​ 1JP Morgan3,7655,112.16.9
2Goldman Sachs2,2104,656.96.3
3BofA Merrill Lynch3,8914,047.55.4
4Morgan Stanley3,0534,010.05.4
5Citigroup3,3033,407.04.6
6Barclays2,5822,747.83.7
7Credit Suisse1,7102,563.03.4
8Deutsche Bank2,2652,440.53.3
9Wells Fargo & Co2,9791,809.12.4
10RBC CM2,0171,583.72.1
11UBS1,1561,358.71.8
12HSBC2,7091,326.31.8
13Mizuho Financial2,8181,256.01.7
14BNP Paribas1,7591,184.11.6
15Lazard2331,025.71.4
16Jefferies829861.31.2
17Rothschild & Co297856.61.2
18Sumitomo Mitsui2,270821.41.1
19Mitsubishi UFJ2,162793.51.1
20Nomura1,564740.11.0
Total​50,08574,317.1
Americas Investment Banking: November 2016
Americas Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan2,6293,681.39.5
2Goldman Sachs1,2773,163.18.1
3BofA Merrill Lynch2,9823,056.67.9
4Morgan Stanley1,6342,326.36.0
5Citigroup2,0692,276.35.9
6Barclays1,5771,836.34.7
7Credit Suisse9881,781.74.6
8Wells Fargo & Co2,8051,681.94.3
9Deutsche Bank1,2151,435.43.7
10RBC CM1,7221,385.33.6
Total​20,28738,827.3
Asia-Pacific & Japan Investment Banking: November 2016
Asia-Pacific & Japan Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Morgan Stanley1,041857.04.9
2Mizuho Financial1,896743.84.3
3Goldman Sachs420535.13.1
4Sumitomo Mitsui1,681496.42.9
5Nomura932481.22.8
6Citigroup553460.22.6
7Citic1,418437.92.5
8ICBC1,868437.42.5
9Bank of China1,923412.62.4
10JP Morgan330386.02.2
Total​19,86417,412.2
EMEA Investment Banking: November 2016
EMEA Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan8141,044.75.8
2Goldman Sachs522958.75.3
3Morgan Stanley384826.64.6
4Barclays738795.74.4
5BNP Paribas908719.14.0
6Deutsche Bank714707.03.9
7BofA Merrill Lynch530677.93.8
8Citigroup688670.53.7
9HSBC962633.93.5
10Rothschild & Co207590.63.3
Total​10,41718,077.6
Global Bonds: November 2016
Global Bonds
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan2,0621,570.46.8
2BofA Merrill Lynch2,2131,496.66.5
3Citigroup2,1021,420.96.2
4Goldman Sachs1,3161,121.34.9
5Morgan Stanley2,1981,106.54.8
6Barclays1,6871,030.34.5
7Deutsche Bank1,442938.74.1
8Wells Fargo & Co1,790851.33.7
9Credit Suisse968757.83.3
10HSBC1,923716.83.1
Total​28,73023,031.4 ​
Global Equities: November 2016
Global Equities
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan3401,030.97.4
2Morgan Stanley314837.56.0
3Goldman Sachs264751.25.4
4BofA Merrill Lynch247689.85.0
5Citigroup253580.04.2
6Credit Suisse223522.83.8
7Deutsche Bank182389.42.8
8UBS185362.52.6
9Barclays156326.92.4
10RBC CM237312.72.3
Total​4,81613,861.7
Global Loans: November 2016
Global Loans
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1BofA Merrill Lynch1,258983.67.1
2JP Morgan1,107851.66.1
3Citigroup766618.44.5
4Deutsche Bank508589.44.2
5Barclays568551.44.0
6Wells Fargo & Co976491.23.5
7Credit Suisse349479.33.5
8Mitsubishi UFJ1,402469.43.4
9Goldman Sachs368420.33.0
10Mizuho Financial998409.12.9
Total​8,63213,883.8