JP Morgan takes bigger slice of smaller fee pie in first four months

IFR 2132 7 May to 13 May 2016
7 min read
EMEA, Asia
Steve Slater

Fees from M&A advisory, bond and equity underwriting and corporate loans in the first four months of 2016 were down by more than a quarter from a year ago, as several big deals hit the skids and there was a dearth of equity issuance.

JP Morgan kept top spot (after finishing 2015 as the top fee earner), with fee income of US$1.64bn giving it a 7.3% market share, up from 6.8% at the same stage last year, according to Thomson Reuters data.

But it was a bigger slice of a much smaller pie. Global investment banking fees were US$22.49bn as of April 29, down 26% from US$30.2bn at the same stage of 2015. That marked a slight improvement in fees during April, as fees were running 30% below 2015 at the end of March.

Goldman Sachs and Bank of America Merrill Lynch were the next biggest fee earners, both taking in US$1.38bn so far this year to give each a 6.1% market share, the data showed.

BAML has worked on 1,183 deals so far this year, more than any of its rivals. Goldman ranks just 13th in the number of deals, but it has benefited from being on many of the biggest transactions.

JP Morgan was the leading bank in the Americas – where it enjoyed a 10.2% market share – and in Europe. Morgan Stanley took in the most fees in Asia, just ahead of Mizuho.

BAML has the leading market share for global bond issuance and fees from loans, while JP Morgan edges out its rival in fees from equity issuance, the data show (see tables).

Barclays overtook Deutsche Bank as the top ranked non-US bank in sixth place so far this year, with a market share of 3.8%. Deutsche has slipped to eighth.

Rothschild moved up to 15th in the global fee rankings so far this year, up from 22nd at the same stage of last year, after bringing in almost US$300m from working on 88 deals.

Rothschild was one of just five banks among the top 35 firms whose fees were higher at the end of April from a year ago. The others were boutique advisers Centerview and Moelis, and China’s CITIC and Haitong.

Global Investment Banking Fees
Global Investment Banking Fees
Managing bank or groupNo of issuesTotal US$(m)Share (%)
​1JP Morgan1,1621,643.87.3
2Goldman Sachs6581,381.66.1
3BAML1,1831,381.16.1
4Morgan Stanley9081,271.85.7
5Citigroup1,0121,006.94.5
6Barclays777861.43.8
7Credit Suisse498819.03.6
8Deutsche Bank708783.73.5
9Wells Fargo & Co840500.52.2
10RBC CM583497.12.2
11UBS346420.91.9
12HSBC855409.91.8
13Mizuho Financial1,008391.71.7
14BNP Paribas547366.51.6
15Rothschild88297.71.3
16Sumitomo Mitsui758275.61.2
17Nomura499249.21.1
18Mitsubishi UFJ759249.21.1
19Lazard59249.01.1
20Jefferies215222.91.0
Total​14,60022,485.1
Americas Investment Banking
Americas Investment Banking
Managing bank or groupNo of issuesTotal US$ (m)Share (%)
1JP Morgan7721,197.410.2
2BAML8601,023.18.7
3Goldman Sachs370948.18.1
4Morgan Stanley481722.86.1
5Citigroup618631.45.4
6Credit Suisse277590.25.0
7Barclays431531.34.5
8Wells Fargo & Co792469.44.0
9RBC CM489452.73.8
10Deutsche Bank374422.73.6
Total​5,85511,773.0
Asia-Pacific & Japan Investment Banking
Asia-Pacific & Japan Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Morgan Stanley314239.84.9
2Mizuho Financial726229.14.7
3Citic669184.83.8
4Sumitomo Mitsui591164.43.3
5Nomura294146.73.0
6Citigroup166130.22.7
7Haitong Secs74127.32.6
8Goldman Sachs129124.72.5
9Credit Suisse87110.82.3
10Guotai Junan Secs360110.22.2
Total​5,7724,910.5
EMEA Investment Banking
EMEA Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan285355.26.1
2Morgan Stanley116309.15.3
3Goldman Sachs163308.85.3
4Deutsche Bank232297.75.1
5Barclays256294.85.1
6BAML184260.54.5
7BNP Paribas296246.54.2
8Citigroup230245.34.2
9HSBC318221.33.8
10Rothschild58183.63.2
Total​3,1035,801.6
Global Bonds
Global Bonds
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1BAML690502.27.1
2JP Morgan675491.26.9
3Citigroup684430.56.1
4Goldman Sachs432367.25.2
5Morgan Stanley680366.15.2
6Deutsche Bank497349.54.9
7Barclays549344.54.9
8Wells Fargo522250.13.5
9HSBC636226.53.2
10Credit Suisse314198.02.8
Total​8,4897,093.5
Global Equities
Global Equities
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan86287.06.8
2BAML72233.55.5
3Morgan Stanley84228.75.4
4Goldman Sachs72212.05.0
5Citigroup65142.73.4
6Credit Suisse52128.83.0
7RBC CM68117.82.8
8Deutsche Bank52113.12.7
9Citic24107.92.6
10UBS44107.32.5
Total​1,3284,227.1
Global Loans
Global Loans
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1BAML364333.58.5
2JP Morgan307230.55.9
3Citigroup206185.84.8
4Barclays140179.44.6
5Wells Fargo271158.54.1
6Mitsubishi UFJ529152.53.9
7Deutsche Bank117150.33.8
8Mizuho Financial418145.03.7
9Credit Suisse75136.03.5
10Sumitomo Mitsui353127.33.3
Total​2,6043,910.3
JP Morgan Chase corporate headquarters