US banks stretch lead over Europeans

IFR 2277 30 March to 5 April 2019
7 min read
EMEA
Christopher Spink

The dominance of the five major US banks started to show last month. All of them have now taken more than US$1bn in estimated fees this year from M&A advisory, equity and debt underwriting and syndicated lending.

Their nearest competitor, Barclays, has only notched up US$723m according to Refinitiv data. It is followed by fellow European banks Deutsche Bank and Credit Suisse in the global rankings.

The US pack is led by JP Morgan, which has received US$1.46bn from 922 deals, giving it a market share of nearly 7%. That puts it ahead of Goldman Sachs, with US$1.33bn from 544 deals. Both banks remain in the same positions they occupied a year ago.

Next is Citigroup, which has continued its strong start to the year. Its latest major deal was advising Sabic on the approach last week from Saudi Aramco to buy 70% of its shares for US$69.1bn. JP Morgan and Morgan Stanley both advised Aramco.

Citi has seen a 0.1% fall in fees year-on-year, outperforming the overall market, where fees are down 20% to US$21.12bn up to March 28.

That has enabled Citi to overtake Bank of America Merrill Lynch and Morgan Stanley. The latter saw its fees fall 28% to US$1.02bn, putting it in fifth place.

Of the European banks, another falterer is UBS, which has dropped three places to 14th after seeing its fees fall 37% to US$321.8m.

The Swiss bank is 10th for investment banking fees across its home patch of Europe, the Middle East and Africa and has slipped out of the top 10 in Asia-Pacific and Japan, a one-time powerhouse for the bank. It is now 15th in that region.

UBS is also traditionally strong in equity origination, but it has slipped one place over the last month to eighth, as the drought in European activity compared to the US continued. The US banks occupy the top five slots in ECM.

A brighter spot for European banks is in bonds, where Barclays and Deutsche are fourth and fifth respectively, ahead of Goldman and Morgan Stanley.

Global Investment Banking Fees - March 2019
Global Investment Banking Fees - March 2019
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan9221,462.406.9
2Goldman Sachs5441,330.906.3
3Citigroup7761,145.705.4
4BAML8291,137.505.4
5Morgan Stanley6821,016.104.8
6Barclays629723.13.4
7Deutsche Bank529691.73.3
8Credit Suisse413691.53.3
9HSBC686501.62.4
10RBC CM4314332.1
11Wells Fargo617431.12
12Mizuho Financial7014192
13BNP Paribas462408.41.9
14UBS238327.81.6
15MUFG541326.21.5
16Sumitomo Mitsui534277.31.3
17Citic631232.91.1
18TD Securities372211.11
19Credit Agricole CIB303208.51
20Jefferies 167200.61
Total10,46121,117.60
Americas Investment Banking - March 2019
Americas Investment Banking - March 2019
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan6711,053.409.4
2Goldman Sachs322935.18.3
3BAML598840.77.5
4Citigroup473717.36.4
5Morgan Stanley329630.25.6
6Credit Suisse226502.84.5
7Barclays372484.84.3
8Deutsche Bank255412.23.7
9Wells Fargo582395.73.5
10RBC CM341374.33.3
Total3,70811,227.00
Asia-Pacific & Japan Investment Banking - March 2019
Asia-Pacific & Japan Investment Banking - March 2019
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Mizuho Financial474253.85
2Citic628231.54.6
3Sumitomo Mitsui383195.33.9
4Morgan Stanley263193.43.8
5Bank of China463178.83.5
6HSBC2601673.3
7Goldman Sachs114156.43.1
8ICBC416137.62.7
9JP Morgan79134.62.7
10Nomura207126.52.5
Total4,7145,051.20
EMEA Investment Banking - March 2019
EMEA Investment Banking - March 2019
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Citigroup192313.76.5
2JP Morgan173274.45.7
3Goldman Sachs109239.44.9
4BAML146226.44.7
5Deutsche Bank170214.84.4
6BNP Paribas205213.74.4
7Barclays186201.54.2
8Morgan Stanley90192.64
9HSBC232177.23.7
10UBS851332.7
Total2,141 4,839.4 ​
Global Bonds - March 2019
Global Bonds - March 2019
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan507496.76.9
2Citigroup446424.45.9
3BAML427385.75.4
4Barclays435318.34.4
5Deutsche Bank366293.24.1
6Goldman Sachs307284.84
7Morgan Stanley473279.73.9
8HSBC497235.63.3
9Credit Suisse257227.23.2
10BNP Paribas300206.22.9
Total5,830 7,192.4 ​
Global Equities - March 2019
Global Equities - March 2019
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Morgan Stanley97241.58.5
2Goldman Sachs71236.78.4
3JP Morgan72207.97.3
4BAML59185.56.5
5Citigroup63143.25.1
6Barclays391033.6
7Credit Suisse4685.93
8UBS3881.52.9
9Deutsche Bank2464.32.3
10Citic1860.42.1
Total1,0032,832.70
Global Loans - March 2019
Global Loans - March 2019
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan270366.97.8
2BAML298276.95.9
3Citigroup205235.65
4Mizuho Financial243209.94.5
5MUFG330209.24.5
6Credit Suisse80185.94
7HSBC157184.73.9
8Wells Fargo214164.23.5
9Barclays126151.13.2
10Deutsche Bank105150.93.2
Total1,9414,690.60