Fees up 12% on year, spearheaded by JP Morgan

IFR 2208 4 November to 10 November 2017
6 min read
Americas, EMEA, Asia
Steve Slater

Investment banking fees from M&A advisory, capital markets underwriting and syndicated lending in the first 10 months of this year were up 12% from the same stage of 2016, despite a slowdown since mid-year.

Global fees reached US$83.8bn through to October 31, up from US$74.7bn at the same stage of 2015, according to Thomson Reuters data.

JP Morgan remains on top for fees earned, which cover M&A, equity and debt capital markets and syndicated lending. The US bank also ranks first in the Americas and Europe, Middle East and Africa regions, and for global bond issuance and equities.

It has brought in US$5.6bn in global fees from 3,690 deals, giving it a market share of 6.7%, similar to a year ago.

JP Morgan had a 9.2% share of fees in the Americas and 6.6% of fees in EMEA. It was not in the top 10 in Asia-Pacific, however, where the fee table was topped by Bank of China with a 4.6% market share.

US banks remain in the top five spots for global fees, with Goldman Sachs in second with a 5.9% market share, followed by Bank of America Merrill Lynch with 5.3%.

Citigroup has seen the biggest rise in market share among the 20 biggest banks. Its 5.1% share of the market is up 58bp from the same stage of last year, the data showed.

Much of that has been at the expense of Barclays, Deutsche Bank and Wells Fargo, which rank 7-9th for global fees but have all lost over 30bp of market share from a year ago.

Bank of China has moved up to 17th in global fees from 25th a year ago. Its market share has swelled to 1.3% from 0.8% a year ago.

Global Investment Banking Fees
Global Investment Banking Fees
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
​ 1JP Morgan3,6905,607.16.7
2Goldman Sachs2,3684,905.05.9
3BAML3,5594,462.55.3
4Citigroup3,4544,244.75.1
5Morgan Stanley2,9124,110.84.9
6Credit Suisse1,8972,842.73.4
7Barclays2,5462,754.03.3
8Deutsche Bank2,0492,366.22.8
9Wells Fargo & Co2,6911,741.32.1
10RBC CM1,9101,733.72.1
11HSBC2,5561,673.72.0
12UBS1,0481,564.41.9
13BNP Paribas1,8391,371.91.6
14Mizuho Financial2,7021,368.21.6
15Sumitomo Mitsui2,3511,137.21.4
16Mitsubishi UFJ2,1851,088.71.3
17Bank of China1,8031,081.81.3
18Jefferies7271,067.11.3
19Nomura1,5531,024.71.2
20BMO CM1,143860.01.0
Total​45,34483,784.3
Americas Investment Banking
Americas Investment Banking
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1JP Morgan2,5493,831.49.2
2Goldman Sachs1,4223,432.18.2
3BAML2,6553,256.87.8
4Citigroup2,1172,770.16.6
5Morgan Stanley1,5032,582.46.2
6Barclays1,5781,873.44.5
7Credit Suisse1,1171,854.14.4
8Wells Fargo & Co2,5361,648.64.0
9RBC CM1,5911,504.23.6
10Deutsche Bank1,0501,189.62.9
Total​16,29841,707.5
Asia-Pacific & Japan Investment Banking
Asia-Pacific & Japan Investment Banking
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1Bank of China1,684974.64.6
2Mizuho Financial1,746877.44.1
3Sumitomo Mitsui1,719809.73.8
4Citic2,207722.83.4
5Morgan Stanley1,020713.03.4
6ICBC1,356555.82.6
7Nomura942555.42.6
8Citigroup566543.92.6
9Goldman Sachs406488.52.3
10Mitsubishi UFJ1,103423.52.0
Total​20,09521,242.4
EMEA Investment Banking
EMEA Investment Banking
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1JP Morgan8421,372.86.6
2Goldman Sachs548984.34.7
3Citigroup772930.74.5
4Deutsche Bank715865.94.2
5BAML543862.54.1
6Morgan Stanley393815.53.9
7BNP Paribas905815.43.9
8HSBC977785.53.8
9Barclays713754.73.6
10Credit Suisse517644.43.1
Total​9,37320,834.4
Global Bonds
Global Bonds
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1JP Morgan1,9341,873.27.0
2Citigroup2,1441,556.95.9
3BAML1,8161,480.05.6
4Goldman Sachs1,2881,211.94.6
5Morgan Stanley1,9621,175.64.4
6Barclays1,5551,084.44.1
7HSBC1,702931.23.5
8Deutsche Bank1,193873.93.3
9Credit Suisse997829.33.1
10Wells Fargo & Co1,533772.82.9
Total​24,82126,591.1
Global Equities
Global Equities
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1JP Morgan3581,235.86.8
2Morgan Stanley3861,177.16.4
3Goldman Sachs2991,056.15.8
4Citigroup339988.75.4
5BAML291806.04.4
6Credit Suisse245709.33.9
7UBS205542.73.0
8Deutsche Bank194542.63.0
9Barclays188439.42.4
10RBC CM226360.62.0
Total​5,05818,283.5
Global Loans
Global Loans
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1BAML1,292973.25.9
2JP Morgan1,148911.55.5
3Citigroup784728.24.4
4Bank of China431647.63.9
5Mitsubishi UFJ1,359636.93.8
6Mizuho Financial918596.03.6
7Credit Suisse481567.43.4
8Barclays656558.23.4
9Goldman Sachs487546.93.3
10Wells Fargo & Co954501.93.0
Total​8,51616,565.8