Q1 fees up 18% on year; Citi, Barclays jump

IFR 2177 1 April to 7 April 2017
6 min read
Americas, EMEA, Asia
Steve Slater

Investment banking fees from M&A advisory, capital markets underwriting and syndicated lending were up 18% in the first quarter from a year earlier, reinforcing the decent start to the year being cited by bankers.

Global fees reached US$22.5bn through to March 30, compared with US$19.06bn at the same stage of 2016, according to Thomson Reuters data. The first quarter is typically the strongest period and can account for up to one-third of annual revenues, although 2016 was an exception after an awful January and February across the industry.

JP Morgan led the first-quarter rankings with US$1.58bn of fees from M&A, equity and debt capital markets and syndicated lending, giving it a market share of 7%, the data showed.

Goldman Sachs was second with US$1.45bn of fees and a 6.4% share, and Bank of America Merrill Lynch brought in US$1.39bn for a 6.2% share, well ahead of other rivals.

Fees for each bank were up between 28% and 30% from a year earlier.

Bigger jumps in fees were shown by several of their rivals, however. Fees at Citigroup, in fourth, were up 52% year-on-year, and Barclays and Credit Suisse, in sixth and seventh, both saw 55% jumps in fees, according to the data. The lowest growth among major banks was at Morgan Stanley, where fees rose 4%.

The biggest rises in rankings so far this year have been shown by HSBC (11th up from 14th), BMO Capital Markets (16th from 21st), Jefferies (17th from 25th) and Evercore (20th from 32nd).

JP Morgan topped the rankings for the Americas with a 9.1% share of the market there, and in Europe, the Middle East and Africa. Sumitomo Mitsui was the leading bank in Asia.

JP Morgan was the leading bank for fees from bond underwriting; Goldman led for equity underwriting; and BAML led for syndicated loans.

Global Investment Banking Fees: March 2017
Global Investment Banking Fees
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,0431,579.107
2Goldman Sachs7061,447.406.4
3BofA Merrill Lynch1,0761,389.906.2
4Citigroup1,0031,095.204.9
5Morgan Stanley8641,070.704.8
6Barclays799945.44.2
7Credit Suisse5838683.9
8Deutsche Bank658787.63.5
9RBC CM580530.12.4
10Wells Fargo & Co7515172.3
11HSBC727478.32.1
12UBS304459.32
13Mizuho Financial765412.71.8
14BNP Paribas511408.51.8
15Sumitomo Mitsui6643941.8
16BMO CM343318.31.4
17Jefferies190316.91.4
18Mitsubishi UFJ626312.51.4
19Nomura426268.61.2
20Evercore Partners43250.51.1
Total​10,72322,495.1 ​
Americas Investment Banking: March 2017
Americas Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan7161,123.509.1
2Goldman Sachs4181,008.608.2
3BofA Merrill Lynch7941,003.408.1
4Morgan Stanley455736.25.9
5Citigroup625687.15.6
6Barclays502660.45.3
7Credit Suisse347652.65.3
8Wells Fargo & Co712497.94
9RBC CM469470.43.8
10Deutsche Bank337439.63.6
Total​4,38812,374.20
Asia-Pacific & Japan Investment Banking: March 2017
Asia-Pacific & Japan Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Sumitomo Mitsui487310.36.6
2Mizuho Financial486251.95.3
3Morgan Stanley288190.24
4Nomura248150.43.2
5Citigroup1311483.1
6Goldman Sachs125139.83
7Mitsubishi UFJ299137.82.9
8BofA Merrill Lynch104118.32.5
9Haitong Securities73115.52.4
10HSBC201112.22.4
Total​4,0474,732.30
EMEA Investment Banking: March 2017
EMEA Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan2623746.9
2Goldman Sachs163298.95.5
3Deutsche Bank243271.75
4BofA Merrill Lynch179268.25
5Citigroup247260.14.8
6Barclays236249.94.6
7BNP Paribas250234.44.4
8HSBC277199.53.7
9Rothschild52181.53.4
10UBS1071773.3
Total​2,3945,388.60
Global Bonds: March 2017
Global Bonds
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan542526.17.5
2Citigroup607442.16.3
3BofA Merrill Lynch520427.96.1
4Barclays457362.45.1
5Goldman Sachs374348.64.9
6Morgan Stanley5663374.8
7Deutsche Bank390307.54.4
8HSBC514288.94.1
9Credit Suisse302239.43.4
10BNP Paribas304198.62.8
Total​5,7027,059.00
Global Equities: March 2017
Global Equities
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Goldman Sachs91406.37.7
2JP Morgan97383.67.3
3Morgan Stanley115302.45.7
4BofA Merrill Lynch98269.85.1
5Citigroup992655
6Deutsche Bank642404.6
7Credit Suisse69176.13.3
8UBS681552.9
9Barclays67134.42.6
10Sumitomo Mitsui69131.42.5
Total​1,3645,267.7 ​ ​
Global Loans: March 2017
Global Loans
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1BofA Merrill Lynch403314.87
2JP Morgan350297.26.6
3Credit Suisse162226.15
4Mitsubishi UFJ379197.44.4
5Barclays225196.34.4
6Mizuho Financial275188.24.2
7Goldman Sachs163174.43.9
8Deutsche Bank182173.43.9
9Citigroup249166.93.7
10Sumitomo Mitsui263152.13.4
Total​2,0904,489.90