Jan-April investment banking fees down 19%

IFR 2282 4 May to 10 May 2019
7 min read
Americas, EMEA
Steve Slater

There was only a muted pick-up in investment banking last month, which left global fees from M&A advisory, debt and equity underwriting and syndicated lending in the first four months down 19% from a year ago.

Revenues from investment banking stood at US$28.85bn at the end of April, down from US$35.7bn at the same stage of 2018, according to data from Refinitiv.

At the end of the first quarter, fees were lagging 20% below the level of the first quarter of 2018, but several executives and bankers said that after an awful start to the year activity had picked up in March and continued in April.

JP Morgan brought in US$2.11bn in fees in the first four months, down 15% from a year ago, from 1,225 deals compared with 1,483 a year ago, the Refinitiv data showed.

Goldman Sachs ranked second with US$1.86bn in fees, down 9% from a year ago. They were followed by Bank of America Merrill Lynch, where revenues were down 15% from a year ago, Morgan Stanley (down 20%) and Citigroup, which fared best of the top banks with a 7% decline in revenues.

European banks Credit Suisse, Barclays, Deutsche Bank and HSBC filled the next four spots, respectively.

Deutsche was the worst performing bank among the top 13 firms as its revenues tumbled 25% from a year ago. That saw it lose 20bp in market share to 2.78%, as the German bank continues to struggle with its attempt to restructure its investment bank and cut costs.

UBS also had a bad first four months of the year, and slipped to 14th place from 13th a year ago after a 28% drop in fees, the data showed.

Nudging up the rankings were Japan’s Mizuho Financial, which ranked 10th from 12th a year ago after a modest 9% dip in fees.

China’s Citic moved up to 17th from 21st a year ago after a 3% dip in fees, while Canada’s TD Securities ranked 19th from 26th last year, after a 5% revenue rise from a year ago, the only bank in the top 20 to see a year-on-year rise in fees.

Global Investment Banking Fees - April 2019
Global Investment Banking Fees - April 2019
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,2252,113.107.3
2Goldman Sachs7461,864.306.5
3BAML1,1201,520.305.3
4Morgan Stanley9441,455.305
5Citigroup1,0501,452.305
6Credit Suisse579981.73.4
7Barclays846904.63.1
8Deutsche Bank714802.12.8
9HSBC923648.12.2
10Mizuho Financial1,014599.12.1
11RBC CM586579.32
12Wells Fargo & Co818554.31.9
13BNP Paribas645520.81.8
14UBS327467.91.6
15MUFG836458.21.6
16Sumitomo Mitsui7834121.4
17Citic9673371.2
18Jefferies2313081.1
19TD Securities512298.21
20Credit Agricole CIB413293.11
Total​14,92628,852.20
Americas Investment Banking - April 2019
Americas Investment Banking - April 2019
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan8561,549.9010.8
2Goldman Sachs4201,261.508.8
3BAML7901,074.107.5
4Citigroup605834.55.8
5Morgan Stanley435819.25.7
6Credit Suisse310650.64.5
7Barclays492586.24.1
8Wells Fargo & Co765504.13.5
9RBC CM4604913.4
10Deutsche Bank313442.13.1
Total​4,97814,415.40
Asia-Pacific & Japan Investment Banking - April 2019
Asia-Pacific & Japan Investment Banking - April 2019
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Mizuho Financial7244075.4
2Citic963335.14.5
3Morgan Stanley374317.14.2
4Sumitomo Mitsui589304.74.1
5Bank of China710265.93.6
6HSBC350218.62.9
7MUFG511210.22.8
8Goldman Sachs156197.82.6
9Nomura316193.72.6
10Credit Suisse111191.42.6
Total​7,0317,490.30
EMEA Investment Banking - April 2019
EMEA Investment Banking - April 2019
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Citigroup273440.86.3
2Goldman Sachs1724055.8
3JP Morgan253374.55.4
4BAML207327.54.7
5Morgan Stanley135318.94.6
6BNP Paribas307285.14.1
7Barclays248270.13.9
8Deutsche Bank235258.23.7
9HSBC329248.33.6
10UBS118189.12.7
Total​3,0636,946.60
Global Bonds - April 2019
Global Bonds - April 2019
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan684653.66.7
2Citigroup620546.85.6
3BAML595518.25.3
4Morgan Stanley660423.74.3
5Barclays578389.24
6Deutsche Bank495360.33.7
7Goldman Sachs420357.83.6
8Credit Suisse357339.73.5
9HSBC6543053.1
10BNP Paribas405265.82.7
Total​8,3739,821.80
Global Equities - April 2019
Global Equities - April 2019
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Goldman Sachs1004019.1
2Morgan Stanley126385.28.7
3JP Morgan108355.68
4BAML85265.16
5Citigroup932325.2
6Credit Suisse721774
7Barclays55127.62.9
8UBS56127.32.9
9Citic26100.22.3
10Jefferies35861.9
Total​1,4104,425.10
Global Loans - April 2019
Global Loans - April 2019
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan333418.87.1
2BAML382335.15.7
3MUFG563312.95.3
4Mizuho Financial389291.45
5Citigroup261246.94.2
6HSBC2272223.8
7Sumitomo Mitsui363202.83.4
8Credit Suisse98188.93.2
9Barclays168185.93.2
10Wells Fargo & Co248177.43
Total​2,7725,885.00