JP Morgan tops H1 fee income as US banks dominate at home

IFR 2140 2 July to 8 July 2016
7 min read
Steve Slater

JP Morgan stormed ahead of its rivals for fees from M&A advisory, bond and equity underwriting and corporate loans in the first half of this year, according to data from Thomson Reuters.

JP Morgan earned US$2.6bn in fees from working on 1,986 deals in the first six months of the year, giving it a 7% share of the market and ahead of its nearest rival Goldman Sachs, which took a 6.4% share.

Goldman recovered from a slow start to the year to take second spot, earning fees of US$2.4bn from 1,138 deals.

Fees across the industry totalled US$37.2bn in the half-year ended June 30, down about 23% from US$48.2bn in the first half of 2015.

JP Morgan, whose investment bank is led by Daniel Pinto, topped the rankings in the Americas with a 9.6% share of the market, and also led in EMEA. It was also top dog for fees from global bonds and equities issuance.

The data show how much the five big US investment banks dominated their domestic market, giving them a strong foundation for their global strength. Each of the five had at least 6% of fees in the Americas, and in aggregate they had a 38.6% share in the region.

In comparison, the top five banks in EMEA had an aggregate market share of 25.8% and in Asia just 18.3%.

Bank of America Merrill Lynch ranked third for global income, taking a 5.8% market share and leap-frogging Morgan Stanley from the year-earlier positions. Citigroup ranked fifth.

Britain’s Barclays was the top non-US firm, taking sixth spot from Deutsche Bank, which slipped to eighth in the first half of 2016, as the German bank went through a major restructuring and pulled back from some areas.

Other banks to gain ground from a year earlier included Sumitomo Mitsui (15th this year, up from 19th in the first half of 2015), Rothschild (18th up from 23rd) and Evercore Partners (22nd up from 33rd).

Global Investment Banking Fees: June 2016
Global Investment Banking Fees
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,9862,598.207
2Goldman Sachs1,1382,396.006.4
3BofA Merrill Lynch2,0802,139.805.8
4Morgan Stanley1,5322,074.005.6
5Citigroup1,7771,816.104.9
6Barclays1,3631,419.903.8
7Credit Suisse8581,309.103.5
8Deutsche Bank1,2191,269.903.4
9Wells Fargo & Co1,560891.42.4
10RBC CM1,068757.82
11UBS608751.82
12HSBC1,452673.31.8
13BNP Paribas950646.11.7
14Mizuho Financial1,521570.61.5
15Sumitomo Mitsui1,174450.41.2
16Lazard115445.81.2
17Mitsubishi UFJ1,152410.81.1
18Rothschild146408.81.1
19Jefferies383404.81.1
20Nomura807366.51
Total25,12737,211.10
Americas Investment Banking: June 2016
Americas Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,4021,915.89.6
2Goldman Sachs6721,695.08.5
3BofA Merrill Lynch1,5951,657.58.3
4Citigroup1,1531,230.06.2
5Morgan Stanley8341,201.86.0
6Credit Suisse511970.84.9
7Barclays822934.14.7
8Wells Fargo & Co1,478832.24.2
9Deutsche Bank662709.33.5
10RBC CM919685.93.4
Total10,45319,985.4
Asia-Pacific & Japan Investment Banking: June 2016
Asia-Pacific & Japan Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Morgan Stanley502410.25
2Mizuho Financial1,000307.53.7
3Citic1,150294.13.6
4Sumitomo Mitsui858259.13.2
5Citigroup273227.92.8
6Nomura468223.62.7
7Goldman Sachs206217.92.7
8Bank of China819188.22.3
9Credit Suisse142187.52.3
10Deutsche Bank162187.52.3
Total9,6688,209.90
EMEA Investment Banking: June 2016
EMEA Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan434548.66.1
2Goldman Sachs264483.15.4
3Morgan Stanley2004625.1
4Barclays399432.34.8
5BNP Paribas494399.94.4
6Deutsche Bank395373.14.1
7Citigroup353358.24
8BofA Merrill Lynch285337.83.7
9HSBC523329.13.7
10Rothschild95246.22.7
Total5,2309,015.80
Global Bonds: June 2016
Global Bonds
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,0667806.8
2BofA Merrill Lynch1,1397476.5
3Citigroup1,117717.56.3
4Goldman Sachs6985825.1
5Barclays887552.54.8
6Morgan Stanley1,107545.14.8
7Deutsche Bank802532.44.7
8Wells Fargo & Co915447.13.9
9HSBC1,031391.53.4
10Credit Suisse492367.63.2
Total14,28611,440.10
Global Equities: June 2016
Global Equities
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan164487.76.7
2Morgan Stanley158411.45.6
3Goldman Sachs128389.15.3
4BofA Merrill Lynch118340.74.7
5Citigroup1182693.7
6Deutsche Bank96258.43.5
7Credit Suisse1122383.3
8UBS81189.92.6
9Citic33173.92.4
10Barclays77164.22.3
Total2,4077,283.60
Global Loans: June 2016
Global Loans
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1BofA Merrill Lynch731527.97.5
2Citigroup451410.55.8
3JP Morgan6223945.6
4Barclays3233485
5Wells Fargo & Co557276.73.9
6Credit Suisse171257.23.7
7Mitsubishi UFJ7612523.6
8Deutsche Bank261251.63.6
9Goldman Sachs177237.33.4
10Sumitomo Mitsui5302273.2
Total4,6397,021.50