JP Morgan, Goldman, M Stanley grab market share

IFR 2253 29 September to 5 October 2018
6 min read
Americas, EMEA, Asia

JP Morgan, Goldman Sachs and Morgan Stanley have each won considerable market share from rivals for M&A advisory, debt and equity underwriting and syndicated lending so far this year.

JP Morgan remains the top bank for investment banking fees after bringing in US$5.45bn from 3,169 deals through to September 27, according to Thomson Reuters data. That gave it a market share of 7.2%, up 70bp from the same stage of 2017.

Goldman brought in US$4.67bn for a market share of 6.1%, up 31bp from a year ago, when it was also in second place behind JP Morgan.

Morgan Stanley ranks third so far this year, up from fifth at the same stage of last year, after bringing in US$3.96bn in fees to give it a 5.2% share of the market, up 33bp from a year ago.

Global fees from M&A advisory, DCM, ECM and syndicated lending totalled US$76.2bn up to September 27, down 5% from the same stage of 2017, the Thomson Reuters data showed.

The top three banks have won share from US rivals Bank of America Merrill Lynch and Citigroup, which both slipped a place to fourth and fifth, respectively. Barclays has also lost share and slipped to seventh from sixth.

Japanese banks have also gained share this year. Mizuho Financial Group has moved to 12th from 14th, Mitsubishi UFJ climbed to 15th from 17th and Sumitomo Mitsui remained in 16th spot, after each bank gained between 19bp and 29bp in market share.

JP Morgan was the leading bank and Goldman was second in both the Americas and Europe, Middle East and Africa, according to the data. Bank of China topped the fee earners in Asia, followed by Mizuho, Sumitomo and Goldman.

JP Morgan ranked first for fees for global bond issuance, Goldman was just ahead of Morgan Stanley for ECM fees, and BAML was the leading bank for global loans.

Global Investment Banking Fees: September 2018
Global Investment Banking Fees: September 2018
Managing bank or groupNo of issuesTotal US$(m)Share (%)
​ 1JP Morgan3,1695,450.007.2
2Goldman Sachs1,9394,668.906.1
3Morgan Stanley2,5243,961.805.2
4BAML2,9963,839.405
5Citigroup2,7483,500.604.6
6Credit Suisse1,6062,598.503.4
7Barclays2,0632,375.103.1
8Deutsche Bank1,8602,047.602.7
9Wells Fargo2,2321,644.502.2
10HSBC2,2261,527.502
11RBC CM1,7321,523.302
12Mizuho Financial2,5301,422.201.9
13UBS8791,356.001.8
14BNP Paribas1,6261,241.801.6
15MUFG1,9621,166.401.5
16Sumitomo Mitsui2,2031,139.801.5
17Bank of China1,9801,047.901.4
18Jefferies6661,029.001.4
19Lazard216914.21.2
20TD Securities1,274752.31
Total39,28176,178.40
Americas Investment Banking: September 2018
Americas Investment Banking: September 2018
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan2,2313,658.609.6
2Goldman Sachs1,1672,946.507.7
3BAML2,2562,873.007.5
4Morgan Stanley1,3062,554.006.7
5Citigroup1,6572,147.405.6
6Wells Fargo2,0971,524.404
7Credit Suisse9141,482.703.9
8Barclays1,2391,471.803.9
9RBC CM1,4201,260.003.3
10Deutsche Bank8491,050.602.8
Total14,31538,084.00
Asia-Pacific & Japan Investment Banking: September 2018
Asia-Pacific & Japan Investment Banking: September 2018
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Bank of China1,856969.95.1
2Mizuho Financial1,6439094.8
3Sumitomo Mitsui1,573754.74
4Goldman Sachs361665.83.5
5Morgan Stanley829658.63.5
6Citic2,201592.13.1
7JP Morgan240515.62.7
8MUFG1,017510.92.7
9Citigroup4374972.6
10ICBC1,541486.92.6
Total17,12419,008.30
EMEA Investment Banking: September 2018
EMEA Investment Banking: September 2018
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan6981,275.806.7
2Goldman Sachs4161,056.605.5
3Citigroup660856.24.5
4Barclays6148164.3
5HSBC824755.84
6Morgan Stanley394749.23.9
7Deutsche Bank618697.83.7
8BAML445671.43.5
9BNP Paribas762666.83.5
10Credit Suisse434651.33.4
Total8,19719,086.10
Global Bonds: September 2018
Global Bonds: September 2018
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,5651,583.007.2
2BAML1,4611,321.006
3Citigroup1,5881,141.905.2
4Goldman Sachs9561,024.204.6
5Barclays1,221888.24
6Morgan Stanley1,646841.93.8
7HSBC1,483802.43.6
8Credit Suisse868732.13.3
9Deutsche Bank1,1227053.2
10Wells Fargo1,240672.33
Total20,88422,104.10
Global Equities: September 2018
Global Equities: September 2018
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Goldman Sachs3001,277.408.4
2Morgan Stanley3571,261.508.3
3JP Morgan3121,241.408.1
4Citigroup271783.85.1
5BAML214743.24.9
6Credit Suisse194638.94.2
7Deutsche Bank1534533
8UBS148427.82.8
9Barclays141329.12.2
10Jefferies1383052
Total4,17615,273.30
Global Loans: September 2018
Global Loans: September 2018
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1BAML1,2021,035.806
2JP Morgan1,0791,031.306
3MUFG1,289796.24.6
4Mizuho Financial902738.64.3
5Bank of China412660.33.8
6Citigroup737645.13.7
7Wells Fargo844616.73.6
8Sumitomo Mitsui961593.93.4
9Barclays572550.73.2
10Deutsche Bank507518.33
Total7,95117,254.00