JP Morgan races ahead as highest fee earner so far this year

IFR 2123 5 March to 11 March 2016
6 min read
Americas, EMEA, Asia
Steve Slater

JP Morgan has raced ahead of its rivals so far this year as the top fee earner from M&A advisory, bond and equity underwriting and corporate loans, according to data from Thomson Reuters.

JP Morgan earned US$732.1m in fees in the first two months of the year, giving it an 8.3% share of the global market. That was down from US$908m in the first two months of 2015, but still well ahead of its rivals.

Morgan Stanley and Bank of America Merrill Lynch have been its closest rivals so far this year, both earning US$617m for a market share of 7.0%.

Goldman Sachs ranked fourth at the end of February, marking a slow start to the year for the firm. Its fees of US$611.8m were well down from the US$1bn earned in January–February 2015. Goldman and JP Morgan had a close-fought battle throughout last year, with JP Morgan just edging out its rival in the end.

JP Morgan, whose investment bank is led by Daniel Pinto, enjoyed a dominant position in its home market, taking 10.9% of fees from the Americas region. Big bond deals it advised on included those from Apple, Johnson & Johnson, Cisco and IBM.

Citigroup rounded out a top five once again dominated by US banks. Britain’s Barclays was the top non-US firm in sixth spot.

BAML ranked first for global bond issues, ahead of JP Morgan and Barclays. JP Morgan topped the fee table for global equities, while BAML earned most fees from corporate loans.

Boutique firm Centerview Partners ranked 22nd in global fee income in January and February, taking an estimated US$78.4m in fees from just four deals, more than many other banks took from over 100 deals.

Centerview has helped on some of the biggest deals of the year, including advising US car parts maker Johnson Controls on a US$16.5bn purchase, drug-maker Mylan on a US$7.2bn acquisition and Xerox’s board on the printer company’s plan to split in two.

Global Investment Banking Fees: February 2016
Global Investment Banking Fees
Managing bank or groupNo of issuesTotal US$(m)Share (%)
​ 1JP Morgan453732.18.3
2Morgan Stanley3726177
3BAML493616.97
4Goldman Sachs277611.86.9
5Citigroup396398.64.5
6Barclays341356.34
7Deutsche Bank291353.24
8Credit Suisse208305.43.5
9Wells Fargo316211.32.4
10UBS132158.81.8
11RBC CM225157.71.8
12BNP Paribas196156.21.8
13HSBC3031261.4
14Mizuho Financial326125.81.4
15Rothschild34119.31.4
16Lazard22114.21.3
17Nomura236106.51.2
18Jefferies8199.41.1
19BMO CM13387.21
20Mitsubishi UFJ19785.71
Total​4,4258,804.20
Americas Investment Banking: February 2016
Americas Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan30851910.9
2BAML363429.29
3Morgan Stanley193377.47.9
4Goldman Sachs146369.57.7
5Citigroup254282.45.9
6Credit Suisse116237.45
7Deutsche Bank161206.64.3
8Wells Fargo300196.84.1
9Barclays194193.24.1
10RBC CM1921453
Total​2,2504,768.40
Asia-Pacific & Japan Investment Banking: February 2016
Asia-Pacific & Japan Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Morgan Stanley14375.55.6
2Haitong Securities1267.65
3Goldman Sachs5866.74.9
4Mizuho Financial22262.54.6
5Nomura14748.13.5
6GF Securities1447.33.5
7Citic1142.63.1
8BAML6440.13
9Sumitomo Mitsui19339.12.9
10Citigroup6237.52.8
Total​1,0491,358.00
EMEA Investment Banking: February 2016
EMEA Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan103190.77.1
2Goldman Sachs73175.66.6
3Morgan Stanley371646.1
4Barclays104150.85.6
5BAML67147.65.5
6Deutsche Bank93137.45.1
7BNP Paribas107104.33.9
8HSBC12383.83.1
9Citigroup8078.82.9
10Rothschild2276.92.9
Total​1,1702,677.80
Global Bonds: February 2016
Global Bonds
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1BAML315196.67.9
2JP Morgan280175.27
3Barclays258163.66.6
4Citigroup284155.96.3
5Deutsche Bank209153.16.2
6Goldman Sachs1891536.2
7Morgan Stanley286148.36
8Wells Fargo20697.43.9
9HSBC23878.73.2
10BNP Paribas11976.43.1
Total​2,5662,486.10
Global Equities: February 2016
Global Equities
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan38143.68.8
2Goldman Sachs2797.16
3BAML2693.15.7
4Morgan Stanley2474.84.6
5Haitong Securities1065.84
6Citigroup2061.33.8
7GF Securities846.92.9
8UBS1745.42.8
9RBC CM19392.4
10Deutsche Bank1538.52.4
Total​4761,626.60
Global Loans: February 2016
Global Loans
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1BAML117128.88.7
2Barclays57100.76.8
3Citigroup7280.15.4
4Wells Fargo9579.25.4
5Deutsche Bank4666.84.5
6Credit Suisse3265.14.4
7JP Morgan9560.34.1
8Morgan Stanley2047.23.2
9Mitsubishi UFJ10843.73
10Goldman Sachs2741.12.8
Total​6121,477.40