Fees top 2016 tally with a month to go

IFR 2212 2 December to 8 December 2017
7 min read
Americas, EMEA, Asia
Christopher Spink

The fees brought in by investment banks in the first 11 months of the year, at US$93.6bn, have easily surpassed the US$85bn made in the whole of 2017, according to the latest data from Thomson Reuters.

Fees through to the end of November were 14% above the same period a year ago.

The top three firms last year – JP Morgan, Goldman Sachs and Bank of America Merrill Lynch respectively – remain in the same spots. It appears unlikely those rankings will shift by the end of the year, given the distances between the trio.

JP Morgan has brought in US$6.3bn in estimated fees, which cover fees from M&A, equity and debt capital markets and syndicated lending.

It has a lead of US$846m over Goldman Sachs, which has brought in US$5.5bn. Their market shares stood at 6.7% and 5.8% respectively. JP Morgan has seen an 18% rise in fees this year over a year ago.

Citigroup, which has overtaken Morgan Stanley to occupy fourth place, has had an even more spectacular rise, with a 28% jump in fees to US$4.74bn.

Credit Suisse has been another strong performer, with fees rising 19% to US$3.2bn, putting it just US$18m ahead of Barclays in sixth place.

The battle between the two European banks looks likely to go to the wire. There is then a long gap back to Deutsche Bank in eighth place, with US$2.6bn of fees.

Regionally, the biggest change has happened in Asia-Pacific and Japan. Bank of China has now gleaned over US$1bn of fees there this year, putting it on top of the regional table. Last year it was ninth, after it reaped only US$463m in the whole of 2016. A lot of this growth has come from loans, where the lender is seventh in the global table with US$682m of fees.

Citi’s improvement has largely come from bonds, where it has pipped BAML to second place behind JP Morgan, with US$1.7bn in fees. It has been on a total of 2,346 issues, far more than JP Morgan’s 2,154.

Global Investment Banking Fees
Global Investment Banking Fees
Managing bank or groupNo of issuesTotal US$(m)Share (%)
​ 1JP Morgan4,1616,306.706.7
2Goldman Sachs2,6465,462.205.8
3BAML3,9764,960.705.3
4Citigroup3,8374,741.605.1
5Morgan Stanley3,2434,575.404.9
6Credit Suisse2,1363,176.503.4
7Barclays2,8653,157.603.4
8Deutsche Bank2,2842,593.602.8
9Wells Fargo3,0141,966.502.1
10RBC CM2,1291,902.302
11HSBC2,8281,854.802
12UBS1,1751,781.301.9
13BNP Paribas2,0631,595.301.7
14Mizuho Financial2,9811,540.101.6
15Sumitomo Mitsui2,5611,266.001.4
16Mitsubishi UFJ2,3951,232.801.3
17Jefferies8091,174.501.3
18Bank of China1,9901,171.201.3
19Nomura1,7341,042.001.1
20BMO CM1,299979.21
Total​50,26793,604.60
Americas Investment Banking
Americas Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan2,8954,337.609.3
2Goldman Sachs1,5943,786.308.1
3BAML2,9603,617.907.8
4Citigroup2,3543,121.406.7
5Morgan Stanley1,6812,849.806.1
6Barclays1,7692,175.404.7
7Credit Suisse1,2662,064.104.4
8Wells Fargo2,8331,856.904
9RBC CM1,7731,649.403.5
10Deutsche Bank1,1671,302.502.8
Total​18,23346,596.40
Asia-Pacific & Japan Investment Banking
Asia-Pacific & Japan Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Bank of China1,8601,059.404.4
2Mizuho Financial1,904983.84.1
3Sumitomo Mitsui1,864903.93.8
4Morgan Stanley1,130801.23.3
5Citic2,414796.13.3
6Nomura1,048606.82.5
7Citigroup635601.72.5
8Goldman Sachs454591.92.5
9ICBC1,503589.72.5
10Mitsubishi UFJ1,179493.82.1
Total​22,08623,945.50
EMEA Investment Banking
EMEA Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan9381,498.506.5
2Goldman Sachs6071,084.004.7
3Citigroup8491,018.504.4
4BAML617961.14.2
5BNP Paribas1,011957.54.2
6Deutsche Bank794957.44.2
7Morgan Stanley436924.34
8HSBC1,074861.13.7
9Barclays801836.23.6
10Credit Suisse568703.13
Total​10,42523,062.70
Global Bonds
Global Bonds
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan2,1542,091.307.2
2Citigroup2,3461,696.905.8
3BAML2,0161,626.505.6
4Goldman Sachs1,4211,327.304.5
5Morgan Stanley2,1531,271.004.4
6Barclays1,7281,182.904.1
7HSBC1,8711,017.303.5
8Deutsche Bank1,322973.93.3
9Credit Suisse1,104895.43.1
10Wells Fargo1,690849.62.9
Total​27,30529,184.8​
Global Equities
Global Equities
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan4051,396.606.8
2Morgan Stanley4401,335.706.5
3Goldman Sachs3461,252.006.1
4Citigroup3721,081.805.3
5BAML317871.34.2
6Credit Suisse287830.54
7UBS225619.93
8Deutsche Bank211582.72.8
9Barclays208462.62.2
10RBC CM242387.91.9
Total​5,73720,559.20
Global Loans
Global Loans
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1BAML1,4661,121.105.9
2JP Morgan1,3281,105.505.8
3Citigroup906829.34.3
4Mitsubishi UFJ1,484740.43.9
5Barclays763700.43.7
6Mizuho Financial1,0036973.6
7Bank of China469681.83.6
8Credit Suisse5586803.6
9Wells Fargo1,106603.83.2
10Goldman Sachs554598.43.1
Total​9,44019,122.70