Jan-Feb fees crash 25% from year ago

IFR 2273 2 March to 8 March 2019
7 min read
Americas, EMEA
Steve Slater

Global fees from M&A advisory, debt and equity underwriting and syndicated lending totalled US$11.8bn in the first two months of this year, down 25% from a year ago - further evidence that markets are suffering a hangover from their groggy end to 2018.

Several bankers have said a weak fourth quarter had continued early this year, and industry fees are down US$3.9bn from the US$15.6bn earned in January-February 2018, according to data from Refinitiv.

A US government shutdown stalled capital markets activity in the first six weeks of the year, bankers have said.

Boutique advisory firm Qatalyst Partners bucked the gloom, however, and ranked as the 16th biggest earner up to the end of February with fees of US$167m, compared with US$32m at the same stage last year, the Refinitiv data show.

Qatalyst specialises in the technology sector, and this year it has advised on SAP’s US$8bn completed purchase of Qualtrics and advised an investor group led by Hellman & Friedman that last month agreed an US$11bn deal for Ultimate Software.

JP Morgan was the leading bank in the first two months after bringing in US$811m in fees from 487 deals in January-February. That was down 24% from the US$1.06bn in fees it made a year ago, when it worked on 675 deals, the data showed.

Goldman Sachs ranked second with fees of US$694m so far this year, down 25% from a year ago.

Citigroup was among a handful of banks to make a more resilient start to the year and gained market share. Citi’s fees of US$650m were down a modest 5% from a year ago and moved it to third in the league table, from fifth a year ago.

Also nudging up the rankings were Deutsche Bank, which moved up two spaces from a year ago to sixth, and HSBC, which moved to ninth from 11th.

Moving in the other direction were Morgan Stanley (fifth from third a year ago), Credit Suisse (eighth from sixth) and Jefferies (20th from 14th), the Refinitiv data showed.

Global Investment Banking Fees - February 2019
Global Investment Banking Fees - February 2019
Managing bank or groupNo of issuesTotal US$(m)Share (%)
​1JP Morgan487811.46.9
2Goldman Sachs311694.45.9
3Citigroup425650.35.5
4BAML444648.15.5
5Morgan Stanley4086215.3
6Deutsche Bank339443.23.8
7Barclays384428.33.6
8Credit Suisse233420.33.6
9HSBC408303.52.6
10RBC CM256254.12.2
11UBS139241.22
12Wells Fargo & Co338219.81.9
13Mizuho Financial360206.21.7
14BNP Paribas249206.21.7
15MUFG240169.31.4
16Qatalyst Partners5167.51.4
17Citic395150.11.3
18Credit Agricole CIB165141.31.2
19TD Securities213125.41.1
20Jefferies 95120.81
Total​5,49411,786.30
Americas Investment Banking - February 2019
Americas Investment Banking - February 2019
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan347570.48.8
2Goldman Sachs181465.37.2
3BAML310464.87.2
4Morgan Stanley181427.96.6
5Citigroup251423.26.5
6Credit Suisse117316.34.9
7Barclays224284.84.4
8Deutsche Bank1592694.2
9RBC CM198224.93.5
10Wells Fargo & Co323207.83.2
Total​1,9636,465.20
Asia-Pacific & Japan Investment Banking - February 2019
Asia-Pacific & Japan Investment Banking - February 2019
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Citic394149.75.5
2Mizuho Financial2391124.1
3Morgan Stanley179106.63.9
4HSBC159101.33.7
5ICBC25897.53.6
6JP Morgan51913.3
7Bank of China25489.33.3
8Goldman Sachs7184.53.1
9Nomura12776.42.8
10UBS5376.22.8
Total​2,4562,741.30
EMEA Investment Banking - February 2019
EMEA Investment Banking - February 2019
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Citigroup110168.56.5
2JP Morgan90150.15.8
3Goldman Sachs59144.65.6
4BAML82140.65.5
5Deutsche Bank106130.85.1
6Barclays113117.24.5
7BNP Paribas115113.74.4
8HSBC139106.34.1
9UBS4595.53.7
10Morgan Stanley4986.53.4
Total​1,1392,579.80
Global Bonds - February 2019
Global Bonds - February 2019
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan298330.67.3
2Citigroup283290.86.4
3Deutsche Bank258216.14.8
4BAML261214.54.7
5Barclays295214.24.7
6Morgan Stanley311189.84.2
7Goldman Sachs1991824
8HSBC323159.83.5
9Credit Suisse155142.93.2
10BNP Paribas183129.22.9
Total​3,4884,530.80
Global Equities - February 2019
Global Equities - February 2019
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Goldman Sachs3095.27.1
2Morgan Stanley4591.56.8
3JP Morgan3570.35.3
4BAML26685.1
5Credit Suisse2659.14.4
6Barclays2056.34.2
7UBS22564.2
8Citigroup2552.84
9Deutsche Bank1640.63
10Citic1039.32.9
Total​5241,336.20
Global Loans - February 2019
Global Loans - February 2019
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan107139.47.2
2BAML121114.75.9
3MUFG116103.45.3
4HSBC7594.74.9
5Credit Suisse3193.44.8
6Deutsche Bank46713.7
7Barclays5269.93.6
8Citigroup7669.53.6
9Morgan Stanley2469.53.6
10Mizuho Financial71683.5
Total​6411,933.30