US banks dominate table as fees top US$100bn

IFR 2215 6 January to 12 January 2018
7 min read
Americas, EMEA, Asia
Christopher Spink

A late surge from Morgan Stanley saw the US bank rise one place during December to finish fourth in the final table of investment banking fees for 2017, according to data from Thomson Reuters.

Morgan Stanley rose above Citigroup, but was still left short of Bank of America Merrill Lynch in third position. JP Morgan and Goldman Sachs remained in first and second, the same rankings they had in 2016.

The fees include income from M&A, equity and debt capital markets and syndicated lending. All five big US banks gleaned over US$5bn in fees apiece. In 2016, only the top two managed to do this. JP Morgan’s performance was particularly impressive, seeing its fees rise by 16% to US$6.7bn.

Overall fees across the market rose by 16% to US$103.9bn, a new record.

Of the top five banks, Citigroup saw the biggest market share gain, with its fee pool rising 25%. Morgan Stanley’s performance was below the market average, showing a 12% gain in fees.

However, it just managed to pip JP Morgan to top place in the equity fees table, with US$1.49bn from 489 issues, making it the most prolific bank in this space. Overall equity fees rose 41.5% over the year across the market to US$22bn.

Goldman Sachs showed it had the most profitable franchise across all products, making more per deal, at US$2.09m, than the other top five banks.

Credit Suisse clung on to its sixth position in the overall fees table, stretching its thin lead at the start of December over Barclays, which had finished 2016 marginally ahead of its European rival. Both had market shares of 3.3% in 2017, significantly behind the US banks. Credit Suisse ended the year with fees of US$3.47bn, just US$58m ahead of Barclays.

Deutsche Bank was ranked eighth, the same position as in 2016. It increased its fees year-on-year by 2% to US$2.82bn. However, a late surge in EMEA saw it move from sixth to fourth in that regional table over the last month, leap-frogging BNP Paribas and BAML.

Global Investment Banking Fees: December 2017
Global Investment Banking Fees: December 2017
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan4,3546,698.506.4
2Goldman Sachs2,8485,947.905.7
3BAML4,1595,273.605.1
4Morgan Stanley3,6055,085.904.9
5Citigroup4,1205,032.304.8
6Credit Suisse2,3263,471.903.3
7Barclays3,0643,413.203.3
8Deutsche Bank2,5022,818.702.7
9RBC CM2,3772,144.702.1
10Wells Fargo & Co3,1382,050.802
11HSBC3,0492,011.801.9
12UBS1,2821,928.201.9
13Mizuho Financial3,3101,732.001.7
14BNP Paribas2,2111,693.301.6
15Sumitomo Mitsui2,8891,434.701.4
16MUFG2,5581,341.201.3
17Bank of China2,1421,340.001.3
18Jefferies LLC9121,330.101.3
19US Bancorp1,0801,227.301.2
20Nomura1,9581,159.901.1
Total​56,885103,977.10
Americas Investment Banking: December 2017
Americas Investment Banking: December 2017
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan2,9854,534.608.8
2Goldman Sachs1,7074,113.808
3BAML3,0573,838.807.5
4Citigroup2,5173,296.006.4
5Morgan Stanley1,8583,111.406.1
6Barclays1,8792,351.904.6
7Credit Suisse1,3822,249.604.4
8Wells Fargo & Co2,9371,925.503.8
9RBC CM1,9721,849.003.6
10Deutsche Bank1,2781,403.902.7
Total​20,87651,286.70
Asia-Pacific & Japan Investment Banking: December 2017
Asia-Pacific & Japan Investment Banking: December 2017
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Bank of China2,0151,213.604.5
2Mizuho Financial2,1721,142.904.2
3Sumitomo Mitsui2,1441,039.103.8
4Morgan Stanley1,269942.93.5
5Citic2,566862.33.2
6ICBC1,724695.52.6
7Nomura1,183681.52.5
8Citigroup694655.82.4
9Goldman Sachs497652.92.4
10JP Morgan355562.12.1
Total​24,49227,158.30
EMEA Investment Banking: December 2017
EMEA Investment Banking: December 2017
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,0191,601.806.3
2Goldman Sachs6531,181.204.6
3Citigroup9101,080.504.2
4Deutsche Bank8771,058.404.1
5BNP Paribas1,1201,039.704.1
6Morgan Stanley4841,031.704
7BAML6741,029.604
8HSBC1,161927.23.6
9Barclays866896.13.5
10Credit Suisse615777.93
Total​12,06425,532.10
Global Bonds: December 2017
Global Bonds: December 2017
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan2,3212,204.207.1
2Citigroup2,5481,815.005.8
3BAML2,2071,737.105.6
4Goldman Sachs1,5321,398.304.5
5Morgan Stanley2,4021,371.704.4
6Barclays1,8591,260.804
7HSBC1,9861,067.103.4
8Deutsche Bank1,4341,027.503.3
9Credit Suisse1,194973.23.1
10Wells Fargo & Co1,9009273
Total​29,71431,256.30
Global Equities: December 2017
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Morgan Stanley4891,494.206.6
2JP Morgan4321,476.706.6
3Goldman Sachs3801,379.106.1
4Citigroup3981,133.705
5BAML342923.34.1
6Credit Suisse304863.33.8
7UBS2306332.8
8Deutsche Bank227616.92.7
9Barclays227500.22.2
10RBC CM264417.51.9
Total​6,49222,470.60
Global Loans: December 2017
Global Loans: December 2017
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1BAML1,4091,166.205.3
2JP Morgan1,2951,160.205.2
3US Bancorp6101,040.304.7
4Citigroup938863.83.9
5Bank of China525832.33.8
6MUFG1,567810.53.7
7Mizuho Financial1,093777.23.5
8Barclays798759.23.4
9Credit Suisse612721.43.3
10Goldman Sachs586706.73.2
Total​11,10222,175.10