JP Morgan, Goldman, M Stanley stretch lead

IFR 2258 3 November to 9 November 2018
6 min read
Americas, EMEA
Steve Slater

JP Morgan, Goldman Sachs and Morgan Stanley last month stretched their lead over rivals for investment banking fees, and have made the most significant gains in market share across the industry so far this year.

JP Morgan brought in US$5.95bn in fees from M&A advisory, debt and equity underwriting and syndicated lending through to the end of October, according to data from Refinitiv. That gave it a 7.0% share of the global fee pool, up 41bp from the same stage of 2017.

Goldman remained in second place on the back of US$5.39bn in fees. That gave it a 6.3% market share, up 54bp from a year ago – the largest increase of any bank.

Morgan Stanley’s fee income of US$4.43bn gave it a 5.2% market share, up 38bp from a year ago. It also lifted it to third from fifth a year ago, leapfrogging Bank of America Merrill Lynch and Citigroup.

Global fees for M&A, underwriting and syndicated loans were US$84.93bn up to the end of October, down 5% from the same stage of 2017.

BAML has lost 21bp of market share so far this year and Citigroup has lost 34bp, the data showed. Barclays and Deutsche Bank also lost share.

Credit Suisse was the highest ranking non-US bank in sixth place with a market share of 3.4%, up 15bp from a year earlier. The Swiss bank last week reported a sharp fall in fixed income and equities revenues in the third quarter, but it outperformed rivals with a 7% increase in revenue from advisory and underwriting (see P&M front page story).

Japan’s Mizuho, Mitsubishi UFJ and Sumitomo Mitsui have all picked up market share and nudged up the league table this year, helped by strength in syndicated loans.

MUFG ranked third for global loans, Mizuho was fourth and Sumitomo was eighth – behind market leaders JP Morgan and BAML.

JP Morgan and BAML were also the top pair for fees from bond underwriting, while Goldman ranked first for equity underwriting, the data showed.

Global Investment Banking Fees: October 2018
Global Investment Banking Fees
Managing bank or groupNo of issuesTotal US$(m)Share (%)
​ 1JP Morgan3,5205,953.57.0
2Goldman Sachs2,2095,392.16.3
3Morgan Stanley2,8094,427.75.2
4BofA Merrill Lynch3,2954,252.35.0
5Citigroup3,0353,862.44.5
6Credit Suisse1,8012,911.93.4
7Barclays2,2992,675.63.2
8Deutsche Bank2,0482,210.62.6
9Wells Fargo2,4541,826.82.2
10RBC CM1,8771,682.82.0
11HSBC2,4601,658.62.0
12Mizuho Financial2,8181,564.41.8
13UBS9531,484.01.7
14BNP Paribas1,8181,405.21.7
15MUFG2,1721,274.11.5
16Sumitomo Mitsui2,4391,219.51.4
17Jefferies7611,165.81.4
18Bank of China2,2191,144.21.3
19Lazard2411,003.91.2
20TD Securities1,417841.01.0
Total43,95084,926.5
Americas Investment Banking: October 2018
Americas Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan2,4964,007.89.4
2Goldman Sachs1,3233,468.88.1
3BAML2,4773,134.07.3
4Morgan Stanley1,4502,891.06.8
5Citigroup1,8272,343.85.5
6Barclays1,3911,703.64.0
7Wells Fargo2,3041,694.24.0
8Credit Suisse1,0331,672.33.9
9RBC CM1,5381,381.93.2
10Deutsche Bank9301,123.12.6
Total​15,96942,670.1
Asia-Pacific & Japan Investment Banking: October 2018
Asia-Pacific & Japan Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Bank of China2,0891,068.85.1
2Mizuho Financial1,840991.64.7
3Sumitomo Mitsui1,745801.13.8
4Goldman Sachs418720.33.4
5Morgan Stanley934695.23.3
6Citic2,481667.33.2
7Citigroup498574.92.8
8MUFG1,133554.22.7
9JP Morgan270546.52.6
10ICBC1,743527.92.5
Total​19,22720,896.8
EMEA Investment Banking: October 2018
EMEA Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan7561,399.26.6
2Goldman Sachs4741,203.05.6
3Citigroup717943.74.4
4Barclays666875.54.1
5Morgan Stanley431841.53.9
6HSBC907806.23.8
7BAML498801.93.8
8BNP Paribas853767.93.6
9Deutsche Bank683758.13.5
10Credit Suisse486726.53.4
Total​9,17321,359.5
Global Bonds: October 2018
Global Bonds
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,7431,602.46.6
2BAML1,6241,420.35.8
3Citigroup1,7511,234.15.1
4Goldman Sachs1,1061,143.64.7
5Barclays1,374951.53.9
6Morgan Stanley1,847938.23.8
7Credit Suisse975840.53.4
8HSBC1,634836.93.4
9Wells Fargo1,387780.43.2
10Deutsche Bank1,242758.83.1
Total​23,43824,398.3
Global Equities: October 2018
Global Equities
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Goldman Sachs3291,393.18.4
2JP Morgan3461,361.98.2
3Morgan Stanley3871,345.68.1
4Citigroup295848.05.1
5BAML241835.15.0
6Credit Suisse208670.34.0
7Deutsche Bank161487.02.9
8UBS161465.92.8
9Jefferies155362.72.2
10Barclays155346.32.1
Total​4,63116,633.5
Global Loans: October 2018
Global Loans
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,1751,165.86.2
2BAML1,2891,114.65.9
3MUFG1,428863.04.6
4Mizuho Financial979791.94.2
5Citigroup817717.73.8
6Wells Fargo909672.03.6
7Bank of China433665.13.5
8Sumitomo Mitsui1,041616.03.3
9Goldman Sachs471598.43.2
10Barclays620589.83.1
Total​8,73618,882.3