JP Morgan top dog for DCM, ECM and loans

IFR 2194 29 July to 4 August 2017
6 min read
Americas, EMEA
Steve Slater

US bank JP Morgan has cemented its place as the top investment bank this year by leading the rankings for fees from bond issuance, equity issuance and loan syndication in the first seven months of this year.

The New York-based bank has brought in US$3.8bn in fees from M&A advisory, capital markets underwriting and syndicated lending so far this year, giving it a 6.8% share of the market, according to Thomson Reuters data. Its fees are up 16% from the same stage of 2016.

JP Morgan ranks first in the lucrative Americas region, where it generated US$2.7bn in fees for a 9.4% market share, and in Europe, Middle East and Africa, where its fees were US907m, for a 6.2% share. The top bank in Asia was Sumitomo Mitsui, with fees of US$573m the region and a 4.4% market share.

Although its leading position for DCM and ECM is no surprise, it has also eclipsed rivals on syndicated loans, grabbing 5.6% of the market, the data show.

Global fees from M&A, DCM, ECM and syndicated loans rose to US$56.1bn through to the close of business on July 27, up 12% from the same stage of 2016. All banks in the top 20 showed a rise in fees, ranging from 1% at Wells Fargo to 45% at BMO Capital Markets.

JP Morgan’s nearest challenger remains Goldman Sachs, which brought in US$3.2bn for a 5.8% share of the global market. Goldman ranked second in the Americas with an 8% share.

Bank of America Merrill Lynch made US$3.1bn in fees for a 5.6% share of the global market, and ranked second in loans.

The top three banks occupied the same positions at the same stage of 2016. Citigroup has overtaken Morgan Stanley to take fourth spot with a 5.2% market share, compared with the latter’s 5%.

US banks continue to dominate the rankings. Barclays is the top non-US bank in sixth spot with fees of US$2bn giving it a market share of 3.5%.

Global Investment Banking Fees
Global Investment Banking Fees
Managing bank or groupNo of issuesTotal US$(m)Share (%)
​1JP Morgan2,4923,801.206.8
2Goldman Sachs1,5903,239.705.8
3BAML2,4443,146.605.6
4Citigroup2,3752,909.505.2
5Morgan Stanley2,0402,796.605
6Barclays1,7931,953.503.5
7Credit Suisse1,2981,884.103.4
8Deutsche Bank1,4151,701.703
9RBC CM1,3461,239.702.2
10Wells Fargo1,7911,180.902.1
11HSBC1,7281,171.602.1
12UBS7021,097.702
13BNP Paribas1,270989.11.8
14Mizuho Financial1,793881.81.6
15Sumitomo Mitsui1,582788.21.4
16Mitsubishi UFJ1,415732.81.3
17Jefferies466683.31.2
18BMO CM7776131.1
19Lazard159597.21.1
20Bank of China991591.21.1
Total​29,04756,113.50
Americas Investment Banking
Americas Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,7182,673.209.4
2Goldman Sachs9232,272.808
3BAML1,7932,234.107.9
4Citigroup1,4431,850.706.5
5Morgan Stanley1,0311,763.006.2
6Barclays1,1111,296.704.6
7Credit Suisse7571,232.004.3
8Wells Fargo1,6811,115.803.9
9RBC CM1,1051,076.003.8
10Deutsche Bank725870.73.1
Total​10,92128,376.10
Asia-Pacific & Japan Investment Banking
Asia-Pacific & Japan Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Sumitomo Mitsui1,166572.54.4
2Mizuho Financial1,173569.14.4
3Bank of China913525.24
4Morgan Stanley716455.13.5
5Citic1,1104073.1
6Citigroup360368.52.8
7ICBC696307.52.4
8Mitsubishi UFJ703296.12.3
9Nomura653281.52.2
10Goldman Sachs289273.42.1
Total​12,07613,004.50
EMEA Investment Banking
EMEA Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan602907.36.2
2Goldman Sachs381693.64.7
3Citigroup572690.34.7
4BAML401671.44.6
5Deutsche Bank512632.24.3
6BNP Paribas655614.94.2
7Morgan Stanley295578.53.9
8HSBC680575.43.9
9Barclays5165693.9
10UBS246443.23
Total​6,32814,732.80
Global Bonds
Global Bonds
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,2851,281.907.5
2Citigroup1,4651,045.206.1
3BAML1,235983.55.8
4Morgan Stanley1,372826.34.9
5Barclays1,061743.94.4
6Goldman Sachs868743.44.4
7HSBC1,133646.23.8
8Deutsche Bank807603.33.5
9Credit Suisse676555.33.3
10Wells Fargo999483.82.8
Total​15,46817,020.50
Global Equities
Global Equities
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan249875.46.9
2Morgan Stanley272787.26.2
3Goldman Sachs2097345.8
4Citigroup244669.35.2
5BAML210590.94.6
6Credit Suisse166444.63.5
7Deutsche Bank143432.13.4
8UBS141384.63
9Barclays144335.42.6
10RBC CM165270.62.1
Total​3,47112,758.60
Global Loans
Global Loans
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan798638.45.6
2BAML882613.65.4
3Citigroup545522.44.6
4Mitsubishi UFJ864441.63.9
5Credit Suisse340407.63.6
6Mizuho Financial603401.53.5
7Barclays479398.63.5
8Bank of China295372.23.3
9Goldman Sachs337347.53
10Deutsche Bank397344.83
Total​5,61711,399.20