Morgan Stanley and Japanese banks gain ground

IFR 2249 1 September to 7 September 2018
6 min read
Americas, EMEA
Steve Slater

Morgan Stanley has overtaken rivals Bank of America Merrill Lynch and Citigroup to rank third for global investment banking fees so far this year.

Morgan Stanley brought in US$3.5bn in fees from M&A advisory, debt and equity underwriting and syndicated lending through to August 30, giving it a 5.2% share of the global market, according to data from Thomson Reuters.

At the same stage last year Morgan Stanley ranked fifth, behind its four main US rivals, with a market share of 4.8%.

JP Morgan remains in top spot for fees after bringing in US$4.8bn so far this year to give it a market share of 7.2%, up from 6.3% at the same stage of 2017. Goldman Sachs stayed in second, with fees of US$4.1bn and a 6.1% market share.

JP Morgan has worked on 2,766 deals, Goldman has advised on 1,718, and Morgan Stanley has been on 2,243.

Those three banks have gained the most market share of any of the top 20 banks so far this year, largely at the expense of BAML, which ranks fourth for fees, and Citigroup in fifth.

Overall fees from M&A, debt and equity capital markets and syndicated loans totalled US$66.6bn to August 30, down 6% from US$70.7bn at the same stage of 2017, the data showed.

The leading non-US bank is Credit Suisse, which brought in US$2.3bn in fees for a market share of 3.5%. That put it just ahead of Barclays with US$2.2bn for a 3.3% market share.

Outside the top three, the biggest market share gains have been made by Japan’s major banks. Mizuho Financial has moved up to 12th from 14th a year ago and Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group have each moved up one place, to 15th and 16th, respectively.

JP Morgan was the leading bank for fees in the Americas and in Europe, Middle East and Africa, while Mizuho topped the rankings in Asia-Pacific.

Global Investment Banking Fees - August 2018
Global Investment Banking Fees - August 2018
Managing bank or groupNo of issuesTotal US$(m)Share (%)
​ 1JP Morgan2,7664,809.907.2
2Goldman Sachs1,7184,059.106.1
3Morgan Stanley2,2433,452.105.2
4BAML2,6273,282.204.9
5Citigroup2,4243,064.704.6
6Credit Suisse1,4392,328.303.5
7Barclays1,8492,184.203.3
8Deutsche Bank1,6671,844.202.8
9Wells Fargo1,9731,472.702.2
10RBC CM1,5481,408.902.1
11HSBC1,9511,362.302
12Mizuho Financial2,1631,234.301.9
13UBS7731,172.901.8
14BNP Paribas1,4041,114.101.7
15MUFG1,619999.41.5
16Sumitomo Mitsui1,851995.31.5
17Jefferies5939171.4
18Bank of China1,703829.81.2
19TD Securities1,1256751
20BMO CM898645.11
Total33,98966,559.20
Americas Investment Banking - August 2018
Americas Investment Banking - August 2018
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,9703,281.509.7
2Goldman Sachs1,0432,641.207.8
3BAML1,9882,473.507.3
4Morgan Stanley1,1772,258.506.7
5Citigroup1,4881,890.205.6
6Barclays1,1371,380.604.1
7Wells Fargo1,8511,361.004
8Credit Suisse8271,318.003.9
9RBC CM1,2681,162.803.4
10Deutsche Bank793954.62.8
Total​12,60433,755.80
Asia-Pacific & Japan Investment Banking - August 2018
Asia-Pacific & Japan Investment Banking - August 2018
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Mizuho Financial1,373783.54.8
2Bank of China1,590762.24.7
3Sumitomo Mitsui1,295657.84.1
4Morgan Stanley725573.53.5
5Goldman Sachs307532.23.3
6Citic1,920530.83.3
7Citigroup374445.12.7
8JP Morgan200439.92.7
9MUFG807423.12.6
10Credit Suisse236416.92.6
Total14,67616,206.30
EMEA Investment Banking - August 2018
EMEA Investment Banking - August 2018
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan5961,088.506.6
2Goldman Sachs372885.75.3
3Citigroup567729.44.4
4Barclays522722.74.4
5HSBC710667.34
6BNP Paribas656622.53.8
7Morgan Stanley3446203.7
8Deutsche Bank549616.53.7
9Credit Suisse379593.43.6
10BAML3825503.3
Total7,00816,597.00
Global Bonds - August 2018
Global Bonds - August 2018
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,3641,407.507.2
2BAML1,2751,114.805.7
3Citigroup1,3901,016.805.2
4Goldman Sachs834903.44.6
5Barclays1,082782.14
6Morgan Stanley1,437711.63.7
7HSBC1,282704.43.6
8Deutsche Bank993636.83.3
9Wells Fargo1,110609.43.1
10Credit Suisse763601.43.1
Total18,30219,489.00
Global Equities - August 2018
Global Equities - August 2018
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Goldman Sachs2651,122.508.4
2Morgan Stanley3131,041.007.8
3JP Morgan2701,024.707.7
4Citigroup235643.54.8
5BAML186628.54.7
6Credit Suisse171572.34.3
7Deutsche Bank126378.52.8
8UBS126354.42.7
9Barclays125301.22.3
10Jefferies119266.72
Total3,76513,312.50
Global Loans - August 2018
Global Loans - August 2018
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan943970.76.4
2BAML1,058904.16
3MUFG1,037659.74.4
4Mizuho Financial7386294.2
5Citigroup665573.23.8
6Wells Fargo736542.23.6
7Bank of China343521.13.4
8Barclays523516.73.4
9Sumitomo Mitsui770507.83.4
10Deutsche Bank474475.73.1
Total6,60515,138.40