Q1 fees down 15% on year

IFR 2227 31 March to 6 April 2018
6 min read
Americas, EMEA

Global fees from M&A advisory, debt and equity underwriting and syndicated lending were US$23bn in the first quarter, down 15% from the first three months of 2017, according to data from Thomson Reuters.

Activity picked up in March to narrow the gap from the strong start seen in 2017, after fees lagged 21% behind a year ago at the end of February.

JP Morgan remains the top bank, after bringing in US$1.56bn in fees from 971 deals across advisory, underwriting and syndicated loans, giving it a 6.8% share of the market, based on data to March 29.

Goldman Sachs ranked second with US$1.3bn of fees and a 5.6% share of global revenues. JP Morgan’s and Goldman’s fees were both down 17% from a year ago.

Morgan Stanley moved up to third from fifth in the first quarter of 2017, and it was the only bank in the top 20 to see a rise in revenues from a year earlier. Its fees were US$1.24bn through March 29, up 4% on 2017 giving it a 5.4% market share.

Bank of America Merill Lynch and Citigroup followed to keep US banks in the top five positions.

Barclays was the leading non-US bank, ranking sixth with US$885m of fees in the first quarter for a market share of 3.9%. It was followed by Credit Suisse and Deutsche Bank.

Japan’s Mizuho Financial jumped to ninth globally from 13th a year ago, after it topped the rankings for fees in Asia-Pacific, where it had a 6% share of fees. That put it ahead of Sumitomo Mitsui, Bank of China and Morgan Stanley in the region.

JP Morgan was the leading bank in the Americas and in Europe, the Middle East and Africa, and also topped fees for arranging bond issues. Morgan Stanley ranked first for equity issuance and BAML ranked first for global loans, according to the data.

Steve Slater

Global Investment Banking Fees - March 2018
Global Investment Banking Fees - March 2018
Managing bank or groupNo of issuesTotal US$(m)Share (%)
​ 1JP Morgan9711,562.006.8
2Goldman Sachs6071,295.805.6
3Morgan Stanley8071,243.405.4
4BAML9301,172.305.1
5Citigroup8721,090.604.8
6Barclays689884.93.9
7Credit Suisse517760.93.3
8Deutsche Bank625747.43.3
9Mizuho Financial849485.62.1
10HSBC722478.22.1
11RBC CM586465.32
12UBS301462.62
13Wells Fargo691442.31.9
14BNP Paribas508427.31.9
15MUFG653375.71.6
16Sumitomo Mitsui698362.11.6
17Jefferies1912881.3
18Bank of China4682571.1
19Lazard60242.31.1
20SG CIB295238.21
Total​11,54522,957.80
Americas Investment Banking - March 2018
Americas Investment Banking - March 2018
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan6671,041.509.1
2BAML693871.47.6
3Goldman Sachs356831.87.3
4Morgan Stanley423830.67.2
5Citigroup5136415.6
6Barclays414559.14.9
7Credit Suisse292478.24.2
8Wells Fargo652409.33.6
9RBC CM464380.33.3
10Deutsche Bank301363.23.2
Total​4,33711,468.10
Asia-Pacific & Japan Investment Banking - March 2018
Asia-Pacific & Japan Investment Banking - March 2018
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Mizuho Financial535329.46
2Sumitomo Mitsui5112514.6
3Bank of China433233.74.3
4Morgan Stanley2622113.8
5Citic556190.93.5
6Citigroup1321763.2
7MUFG3841723.1
8Goldman Sachs104171.63.1
9UBS77165.83
10JP Morgan64148.22.7
Total​4,8935,485.20
EMEA Investment Banking - March 2018
EMEA Investment Banking - March 2018
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan240372.36.2
2Barclays2073035
3Goldman Sachs148292.44.9
4Deutsche Bank2502804.7
5Citigroup229273.54.6
6HSBC267257.54.3
7BNP Paribas240246.84.1
8Morgan Stanley124201.83.4
9BAML145197.13.3
10SG CIB189169.52.8
Total​2,4136,004.50
Global Bonds - March 2018
Global Bonds - March 2018
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan496451.36.4
2Citigroup548412.45.8
3BAML464397.35.6
4Goldman Sachs309385.65.4
5Barclays421336.94.7
6Deutsche Bank370290.44.1
7HSBC508250.83.5
8Morgan Stanley508246.63.5
9Credit Suisse281241.73.4
10BNP Paribas299209.12.9
Total​6,1277,099.9 ​
Global Equities - March 2018
Global Equities - March 2018
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Morgan Stanley129436.48.5
2Goldman Sachs100383.47.5
3JP Morgan93290.55.7
4BAML76237.44.6
5Citigroup82235.94.6
6Deutsche Bank61202.84
7Credit Suisse59182.53.6
8UBS55168.53.3
9Barclays48162.83.2
10RBC CM5795.51.9
Total​1,4395,132.10
Global Loans - March 2018
Global Loans - March 2018
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1BAML360322.96.7
2JP Morgan3152715.6
3Mizuho Financial299244.65
4MUFG429234.14.8
5Citigroup204212.94.4
6Deutsche Bank171183.93.8
7Bank of China89183.93.8
8Barclays186173.73.6
9Sumitomo Mitsui322173.63.6
10Wells Fargo242154.63.2
Total​2,2844,854.30