Fees dip 7% in H1, but JP Morgan bucks gloom

IFR 2240 30 June to 6 July 2018
6 min read
Americas, EMEA
Steve Slater

Investment banking fees fell 7.4% in the first six months from a year ago, and revenues at several banks including Bank of America Merrill Lynch, Citigroup and UBS dropped more than 10%.

Global fees from M&A advisory, debt and equity underwriting and syndicated lending totalled US$50.7bn up to June 28, down from US$54.7bn at the same stage of 2017, according to data from Thomson Reuters.

JP Morgan remained the top bank, bringing in fees of US$3.6bn, up 2% from a year ago. That revenue came from 2,131 deals and gave it a market share of 7.2%, well above the 6.5% it had in the first half of 2017, the data showed.

Goldman Sachs ranked second with fees of US$3bn, down 1% on the year for a market share of 6%. Morgan Stanley jumped to third place thanks to a 3% rise in fees from a year ago to US$2.7bn, compared with fifth in the first half of 2017. It leapfrogged both BAML and Citi, where revenues fell 13% and 14% respectively.

Credit Suisse, Barclays and Deutsche Bank remained the biggest non-US banks. HSBC moved up to ninth from 11th a year ago, swapping places with RBC Capital Markets, where revenues fell 15%. Japan’s Mizuho and Mitsubishi UFJ both saw 17% revenue increases, in contrast to a 15% drop at UBS.

JP Morgan was the leading bank for fees in the Americas with a 9.5% share of the market and in Europe, Middle East and Africa, where it had a 6.6% share. Bank of China ranked first in Asia-Pacific with a 5.1% market share.

JP Morgan led the rankings for fees from bond issuance, while Goldman was first for equity underwriting and BAML topped the fees for syndicated loans, according to the data.

Global Investment Banking Fees: June 2018
Global Investment Banking Fees
Managing bank or groupNo of issuesTotal US$(m)Share (%)
​ 1JP Morgan2,1313,648.07.2
2Goldman Sachs1,2953,040.86.0
3Morgan Stanley1,7182,673.95.3
4BAML2,0352,588.35.1
5Citigroup1,8602,372.74.7
6Credit Suisse1,1061,726.53.4
7Barclays1,4191,718.83.4
8Deutsche Bank1,2671,488.92.9
9HSBC1,5061,084.32.1
10Wells Fargo & Co1,4911,052.12.1
11RBC CM1,2021,031.72.0
12Mizuho Financial1,667955.61.9
13BNP Paribas1,090878.91.7
14UBS590873.51.7
15MUFG1,312819.51.6
16Sumitomo Mitsui1,439774.31.5
17Jefferies437678.11.3
18Bank of China1,206669.71.3
19Credit Agricole CIB718522.41.0
20TD Securities865490.31.0
Total​25,50550,668.7
Americas Investment Banking: June 2018
Americas Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,5042,430.89.5
2Goldman Sachs7711,964.07.7
3BAML1,5361,932.47.6
4Morgan Stanley8751,742.06.8
5Citigroup1,1391,411.85.5
6Barclays8781,119.94.4
7Wells Fargo & Co1,396974.63.8
8Credit Suisse632966.73.8
9RBC CM1,000858.83.4
10Deutsche Bank628754.13.0
Total​9,56625,534.9
Asia-Pacific & Japan Investment Banking: June 2018
Asia-Pacific & Japan Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Bank of China1,119619.75.1
2Mizuho Financial1,044587.54.9
3Sumitomo Mitsui1,015510.34.2
4Morgan Stanley581469.43.9
5Citic1,322409.13.4
6Goldman Sachs241403.33.3
7Citigroup274376.63.1
8JP Morgan137349.52.9
9MUFG678349.12.9
10Credit Suisse179315.92.6
Total​10,91012,070.4
EMEA Investment Banking: June 2018
EMEA Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan490867.76.6
2Goldman Sachs286673.55.2
3Citigroup451584.44.5
4HSBC562573.64.4
5Barclays397545.74.2
6Deutsche Bank426496.73.8
7BNP Paribas509491.23.8
8Morgan Stanley265462.53.5
9BAML308456.23.5
10Credit Suisse297443.83.4
Total​5,23613,063.4
Global Bonds: June 2018
Global Bonds
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,0291,024.66.9
2BAML961855.95.8
3Citigroup1,054800.65.4
4Goldman Sachs619708.14.8
5Barclays822634.94.3
6HSBC1,004582.93.9
7Morgan Stanley1,093539.23.6
8Deutsche Bank733525.23.6
9Credit Suisse591477.93.2
10Wells Fargo & Co800390.42.6
Total​13,46114,772.2
Global Equities: June 2018
Global Equities
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Goldman Sachs208901.78.6
2Morgan Stanley247856.68.2
3JP Morgan208766.07.3
4Citigroup177511.24.9
5BAML140486.04.7
6Credit Suisse127453.34.3
7Deutsche Bank105338.43.2
8Barclays99292.22.8
9UBS92286.02.7
10Jefferies83178.91.7
Total​2,88210,425.0
Global Loans: June 2018
Global Loans
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1BAML857759.66.4
2JP Morgan755744.66.3
3MUFG873548.44.6
4Mizuho Financial590493.44.2
5Bank of China290477.84.0
6Citigroup533463.53.9
7Wells Fargo & Co600453.93.8
8Barclays418412.63.5
9Sumitomo Mitsui625407.13.4
10Deutsche Bank377381.33.2
Total​5,20511,825.8