BAML takes fees lead after strong January in US

IFR 2169 4 February to 10 February 2017
7 min read
Americas, EMEA
Steve Slater

Bank of America Merrill Lynch knocked JP Morgan off top spot for investment banking fees in January, thanks to a dominant performance in its domestic market where it grabbed more than 10% of the wallet.

In 2016 JP Morgan topped rankings for fees from completed M&A advisory, capital markets underwriting and syndicated lending for the eighth straight year, but it slipped to third in January, according to Thomson Reuters data.

BAML worked on 263 deals to bring in US$436m in fees in January, representing a 7.9% share of the global market, the data showed (see tables).

Goldman Sachs ranked second with 189 deals generating US$365m of fees, or 6.6% of the market.

JP Morgan worked on 251 issues to bring in US$340m, or 6.2% of the market. That was down from its global market share of 6.8% for all of 2016.

Fees across the industry totalled US$5.52bn in the first month of the year, down 1.4% from US$5.6bn in January 2016, Thomson Reuters estimated.

BAML generated US$316m of fees in the Americas, giving it a 10.4% share of the most important region. The Americas accounted for 55% of global fees in the month, the data show.

Goldman was the leading bank in both EMEA (with a 7.6% share) and Asia-Pacific (4.9%).

BAML was the leading fee earner from global loan issuance with a 13.6% share of the market, more than double any rival. JP Morgan brought in the most from bonds and equity issuance.

Morgan Stanley and Citigroup ranked fourth and fifth for global fees in January, keeping US banks in the top five positions.

Barclays retained its position as the leading non-US bank, keeping sixth spot, the same as in all of 2016.

Boutique advisory firm Evercore Partners jumped to 10th for fees in January, up from 25th in January 2016. It advised drugmaker Takeda on a US$5.2bn deal, IT research firm Gartner on a US$2.6bn takeover and the purchase of gas assets by DCP Midstream Partners.

Other firms rising included Lazard (12th from 24th a year ago), Jefferies (14th from 35th) and BMO Capital Markets (18th from 34th).

Slipping from a year ago were UBS (16th from 10th) and BNP Paribas (15th from 11th).

Global Investment Banking Fees: January 2017
Global Investment Banking Fees: January 2017
Managing bank or groupNo of issuesTotal US$ (m)Share (%)
​ 1BAML263435.97.9
2Goldman Sachs189364.56.6
3JP Morgan2513406.2
4Morgan Stanley242306.45.5
5Citigroup278266.94.8
6Barclays2322334.2
7Deutsche Bank185197.53.6
8Credit Suisse159183.63.3
9Wells Fargo178141.82.6
10Evercore Partners20136.22.5
11RBC CM150134.62.4
12Lazard17109.42
13HSBC19896.81.8
14Jefferies6286.61.6
15BNP Paribas12686.51.6
16UBS7880.31.5
17Mizuho Financial16180.11.5
18BMO CM8471.61.3
19Nomura14769.91.3
20TD Securities13068.51.2
Total​2,6895,523.40
Americas Investment Banking: January 2017
Americas Investment Banking: January 2017
Managing bank or groupNo of issuesTotal US$ (m)Share (%)
1BAML18031610.4
2JP Morgan159231.47.6
3Morgan Stanley122224.47.4
4Goldman Sachs952026.6
5Citigroup159155.45.1
6Barclays132139.14.6
7Wells Fargo166136.84.5
8Credit Suisse78131.84.3
9Evercore Partners19129.64.3
10Deutsche Bank89119.43.9
Total​1,1453,038.70
Asia-Pacific & Japan Investment Banking: January 2017
Asia-Pacific & Japan Investment Banking: January 2017
Managing bank or groupNo of issuesTotal US$ (m)Share (%)
1Goldman Sachs4346.64.9
2Nomura8145.44.8
3Haitong Securities2140.24.2
4Morgan Stanley7838.54
5Mizuho Financial8535.93.8
6Sumitomo Mitsui9033.63.5
7China Securities5829.13
8Citigroup3527.62.9
9UBS16262.7
10GF Securities13262.7
Total​917953.4
EMEA Investment Banking: January 2017
EMEA Investment Banking: January 2017
Managing bank or groupNo of issuesTotal US$ (m)Share (%)
1Goldman Sachs51115.97.6
2BAML5598.26.4
3JP Morgan7488.45.8
4Citigroup8483.85.5
5Barclays7979.35.2
6Deutsche Bank6655.63.6
7SG CIB5855.33.6
8Rothschild & Co1054.23.5
9Lazard651.23.3
10BNP Paribas6751.13.3
Total​6621,531.40
Global Bonds: January 2017
Global Bonds: January 2017
Managing bank or groupNo of issuesTotal US$ (m)Share (%)
1JP Morgan174163.87.6
2Citigroup209157.37.3
3BAML159131.46.1
4Morgan Stanley178120.25.6
5Barclays164119.95.6
6Goldman Sachs120105.74.9
7HSBC16582.53.8
8Deutsche Bank13481.53.8
9Credit Suisse10775.73.5
10BNP Paribas93693.2
Total​1,7122,154.0 ​
Global Equities: January 2017
Global Equities: January 2017
Managing bank or groupNo of issuesTotal US$ (m)Share (%)
1JP Morgan2793.27.6
2BAML3263.75.2
3Morgan Stanley2660.84.9
4Citigroup2656.54.6
5Goldman Sachs2155.74.5
6Credit Suisse2152.84.3
7Barclays2748.33.9
8Deutsche Bank1745.23.7
9RBC CM1544.63.6
10Wells Fargo & Co2139.53.2
Total​3451,228.00
Global Loans: January 2017
Global Loans: January 2017
Managing bank or groupNo of issuesTotal US$ (m)Share (%)
1BAML5251.513.6
2Deutsche Bank2224.56.5
3JP Morgan3315.64.1
4Goldman Sachs2214.93.9
5Credit Suisse1714.63.9
6Sumitomo Mitsui27133.4
7Citigroup3512.33.2
8Barclays2911.93.2
9Mizuho Financial1811.53
10Wells Fargo & Co3110.72.8
Total​232377.7