JP Morgan stretches lead with 7.2% global fee share

IFR 2245 4 August to 10 August 2018
6 min read
Americas, EMEA
Steve Slater

JP Morgan stretched its lead over rivals at the top of fee rankings last month and now has a gap of more than US$650m over its nearest challenger, Goldman Sachs.

JP Morgan has generated US$4.32bn in fees from M&A advisory, debt and equity underwriting and syndicated lending this year through to the end of July, giving it a 7.2% share of the global fee pool, according to data from Thomson Reuters.

Goldman brought in US$3.67bn, giving it a market share of 6.1%. JP Morgan had worked on 2,455 issues, well above Goldman’s 1,539 deals.

JP Morgan’s fees are up 7% from a year ago, when it was the leading bank but had a more modest market share of 6.4%. Its 83bp increase in market share from the first seven months of 2017 is the biggest increase of any of the top 20 investment banks, the Thomson Reuters data show.

Global fees for M&A, underwriting and syndicated loans were US$59.8bn up to the end of July, down 5% from US$63.2bn at the same stage of 2017, the data show. There was a moderate pick-up in activity in July, however, as at the end of June fees were running 7% behind the 2017 level.

US banks continued to dominate and occupied the top five rankings, although both Bank of America Merrill Lynch and Citigroup have lost market share from a year ago.

Credit Suisse is the highest ranking non-US bank in sixth place, followed by Barclays and Deutsche Bank.

Wells Fargo, Mizuho, Mitsubishi UFJ and Jefferies have all nudged up the global rankings, while RBC Capital Markets, UBS and Bank of China have all slipped, the data show.

JP Morgan was the leading bank for fees from both bond underwriting and syndicated loans, while Goldman ranked first for equity underwriting.

Global Investment Banking Fees: July 2018
Global Investment Banking Fees
Managing bank or groupNo of issuesTotal US$(m)Share (%)
​1JP Morgan2,4554,324.87.2
2Goldman Sachs1,5393,667.06.1
3Morgan Stanley2,0253,115.95.2
4BAML2,3532,927.44.9
5Citigroup2,1972,818.64.7
6Credit Suisse1,2802,110.33.5
7Barclays1,6561,980.33.3
8Deutsche Bank1,4991,739.82.9
9Wells Fargo1,7171,270.92.1
10RBC CM1,3871,265.52.1
11HSBC1,7821,261.02.1
12Mizuho Financial1,9541,092.91.8
13UBS6891,030.81.7
14BNP Paribas1,2771,029.91.7
15MUFG1,469903.81.5
16Sumitomo Mitsui1,678885.01.5
17Jefferies521797.21.3
18Bank of China1,421747.61.3
19TD Securities997601.01.0
20Credit Agricole CIB848587.11.0
Total​29,98459,776.7
Americas Investment Banking: July 2018
Americas Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,7262,918.59.7
2Goldman Sachs9142,367.57.8
3BAML1,7652,180.97.2
4Morgan Stanley1,0431,994.56.6
5Citigroup1,3311,706.95.7
6Barclays1,0081,304.14.3
7Credit Suisse7241,187.33.9
8Wells Fargo1,6041,166.93.9
9RBC CM1,1401,031.03.4
10Deutsche Bank717890.73.0
Total​11,07230,172.9
Asia-Pacific & Japan Investment Banking: July 2018
Asia-Pacific & Japan Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Mizuho Financial1,242693.74.9
2Bank of China1,319685.44.8
3Sumitomo Mitsui1,175575.94.0
4Morgan Stanley667544.43.8
5Citic1,567471.13.3
6Goldman Sachs281470.63.3
7Citigroup339419.32.9
8JP Morgan174407.62.9
9Credit Suisse217407.02.9
10MUFG743377.02.6
Total​12,89614,280.9
EMEA Investment Banking: July 2018
EMEA Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan555998.76.5
2Goldman Sachs347828.85.4
3Citigroup532692.44.5
4HSBC659632.64.1
5Barclays478615.14.0
6Deutsche Bank506582.23.8
7BNP Paribas606577.53.8
8Morgan Stanley318576.93.8
9Credit Suisse341516.03.4
10BAML354510.73.3
Total​6,28315,322.8
Global Bonds: July 2018
Global Bonds
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,1931,249.47.3
2BAML1,141984.55.8
3Citigroup1,257938.75.5
4Goldman Sachs732800.64.7
5Barclays975708.34.1
6HSBC1,173646.93.8
7Morgan Stanley1,289632.03.7
8Deutsche Bank877585.63.4
9Credit Suisse675542.43.2
10Wells Fargo954494.52.9
Total​15,96217,104.7
Global Equities: July 2018
Global Equities
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Goldman Sachs2451,041.18.5
2Morgan Stanley284945.37.7
3JP Morgan245901.37.3
4Citigroup213607.84.9
5BAML165563.24.6
6Credit Suisse154525.14.3
7Deutsche Bank119390.13.2
8UBS114327.52.7
9Barclays111300.52.4
10Jefferies106232.31.9
Total​3,43012,307.8
Global Loans: July 2018
Global Loans
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan847863.16.3
2BAML954828.86.0
3MUFG968608.14.4
4Mizuho Financial676558.54.1
5Citigroup606543.14.0
6Wells Fargo654499.53.6
7Bank of China322498.53.6
8Barclays474471.03.4
9Deutsche Bank439457.33.3
10Sumitomo Mitsui700452.73.3
Total​5,89313,716.5