Fees surge 16% in Jan-Feb, with Goldman in front

IFR 2173 4 March to 10 March 2017
6 min read
Americas, EMEA, Asia
Steve Slater

Goldman Sachs has taken in the highest fees from investment banking in the first two months of 2017, pushing usual top dog JP Morgan into third place.

Fees across the industry in January and February were US$13.3bn, up 16% from a year ago, when banks suffered an awful start to 2016, according to Thomson Reuters data for completed M&A advisory, capital markets underwriting and syndicated lending.

Goldman earned US$953.5m in the first two months, giving it a 7.2% share of the market, the data showed.

Bank of America Merrill Lynch brought in US$905.2m for a 6.8% share and JP Morgan, which has topped the annual investment bank fee rankings for each of the past eight years, brought in US$863.3m for a 6.5% share.

BAML worked on 627 deals, far more than Goldman’s 431 and more than 572 for JP Morgan.

Morgan Stanley and Citigroup followed for fee revenues, keeping US banks entrenched in the top five spots.

Credit Suisse ranked as the highest earning non-US bank in sixth place overall. Bankers said Credit Suisse appears to be recovering from a difficult 2016, especially in the US market, where it bounced back to fourth in the last two months.

The Swiss bank was eighth at the same stage of 2016, and its move higher edged Barclays down to seventh this year and Deutsche Bank into eighth.

RBC Capital Markets has also made ground this year, moving to 10th in overall rankings from 13th a year ago. So too have HSBC (16th to 11th), Evercore Partners (25th to 13th) and Jefferies (20th to 14th). Slipping down were UBS (10th to 12th), BNP Paribas (11th to 15th) and Rothschild (12th to 20th).

BAML generated the most fees in the Americas, while Goldman was the leading bank in EMEA and Sumitomo Mitsui topped the rankings in Asia-Pacific.

JP Morgan was the lead bank for bonds and equity underwriting, while BAML was the leading bank for loans, the data showed.

Global Investment Banking Fees: February 2017
Global Investment Banking Fees: February 2017
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
​ 1Goldman Sachs431953.57.2
2BAML627905.26.8
3JP Morgan572863.36.5
4Morgan Stanley536670.05.0
5Citigroup577653.94.9
6Credit Suisse372611.84.6
7Barclays485570.94.3
8Deutsche Bank402493.43.7
9Wells Fargo & Co435330.02.5
10RBC CM343316.52.4
11HSBC436302.92.3
12UBS182239.11.8
13Evercore Partners31206.41.5
14Jefferies124205.61.5
15BNP Paribas274202.11.5
16Mizuho Financial402191.91.4
17Sumitomo Mitsui344171.91.3
18BMO CM190167.81.3
19Lazard36163.21.2
20Rothschild & Co40152.81.1
Total​6,13113,322.1 ​
Americas Investment Banking: February 2017
Americas Investment Banking: February 2017
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1BAML447642.08.6
2Goldman Sachs238632.38.5
3JP Morgan378629.18.4
4Credit Suisse221465.96.3
5Morgan Stanley276454.56.1
6Citigroup349402.45.4
7Barclays294379.35.1
8Wells Fargo & Co412314.94.2
9RBC CM267274.83.7
10Deutsche Bank213272.83.7
Total​2,5717,448.5
Asia-Pacific & Japan Investment Banking: February 2017
Asia-Pacific & Japan Investment Banking: February 2017
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1Sumitomo Mitsui243121.14.8
2Morgan Stanley184113.94.5
3Goldman Sachs84104.94.2
4Mizuho Financial232102.44.1
5Citigroup8381.13.2
6Nomura16573.02.9
7UBS3863.22.5
8BAML6463.12.5
9Citic10461.12.4
10Haitong Securities4060.02.4
Total​2,2072,525.6
EMEA Investment Banking: February 2017
EMEA Investment Banking: February 2017
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1Goldman Sachs109216.36.5
2BAML117200.16.0
3JP Morgan154191.05.7
4Deutsche Bank138172.35.1
5Citigroup145170.45.1
6Barclays151170.25.1
7HSBC166131.53.9
8Rothschild & Co27125.73.8
9BNP Paribas141117.83.5
10Morgan Stanley76101.63.0
Total​1,4213,348.0 ​
Global Bonds: February 2017
Global Bonds: February 2017
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1JP Morgan327311.97.3
2Citigroup385285.06.7
3BAML322262.16.1
4Barclays293233.95.5
5Goldman Sachs231222.35.2
6Morgan Stanley373210.14.9
7Deutsche Bank238189.24.4
8HSBC331184.24.3
9Credit Suisse191151.93.6
10Wells Fargo & Co248114.62.7
Total​3,5454,272.9
Global Equities: February 2017
Global Equities: February 2017
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1JP Morgan55188.66.3
2Goldman Sachs52183.96.1
3Morgan Stanley64166.55.6
4BAML59151.55.1
5Citigroup57141.24.7
6Credit Suisse47131.54.4
7Deutsche Bank38125.84.2
8Barclays4081.82.7
9RBC CM4277.92.6
10UBS3567.32.2
Total​8232,992.5
Global Loans:February 2017
Global Loans:February 2017
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1BAML201172.88.2
2Credit Suisse98154.57.4
3Deutsche Bank108118.25.6
4JP Morgan151110.15.2
5Goldman Sachs88103.24.9
6Barclays12184.14.0
7HSBC8582.73.9
8RBC CM7581.63.9
9Citigroup10578.23.7
10Wells Fargo & Co13676.23.6
Total​8112,099.8