JP Morgan tops fee rankings, but size of pie shrinks

IFR 2149 3 September to 9 September 2016
7 min read
Americas, EMEA, Asia
Steve Slater

JP Morgan remains in front of its rivals in terms of fees from M&A advisory, bond and equity underwriting and corporate loans so far this year, according to data from Thomson Reuters.

But overall global fee income is down 26% from a year ago to US$50.5bn, reflecting a fall in M&A activity from last year’s record levels and a slump in equity issuance.

JP Morgan earned US$3.5bn in fees from working on 2,649 deals through to the end of August, giving it a 7% share of the market and ahead of its nearest rival Goldman Sachs, which took a 6.4% share.

Bank of America Merrill Lynch was third with a 5.7% market share, although the 2,747 issues it has worked on is higher than all rivals.

JP Morgan topped the rankings in the Americas with a 9.7% share of the market, and also led in EMEA, where it had 5.8% of the market. It was the leading bank for bonds and equity underwriting fees, and ranked second for income from loans, behind BAML.

The five big US investment banks continue to occupy the top spots for global fee income, largely thanks to their dominant positions in their domestic market, where they held a combined 38.3% share of the Americas market, which accounts for more than half of global fee income.

Barclays has leapfrogged Deutsche Bank to become the top European firm, moving into sixth spot in the global rankings. Barclays ranked third in EMEA, while Deutsche slipped to seventh, as the German bank goes through a period of upheaval as its CEO John Cryan tries to improve profitability.

JP Morgan’s move above Goldman and Barclays’ push above Deutsche are the only changes in fee rankings for the top 13 firms so far this year compared with a year ago, the data showed.

Other banks to gain ground from a year ago included Mizuho Financial (to 14th from 16th), Sumitomo Mitsui Financial Group (to 15th from 19th) and Rothschild (to 19th from 23rd). Firms losing ground include Jefferies, Nomura and Societe Generale.

Global Investment Banking Fees - August 2016
Global Investment Banking Fees - August 2016
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan2,6493,513.307
2Goldman Sachs1,5183,214.106.4
3BAML2,7472,892.705.7
4Morgan Stanley2,0852,664.905.3
5Citigroup2,3272,394.004.7
6Barclays1,8371,890.103.7
7Deutsche Bank1,6391,693.003.4
8Credit Suisse1,1421,597.403.2
9Wells Fargo2,1291,291.102.6
10RBC CM1,4131,033.202
11UBS806991.42
12HSBC1,914894.11.8
13BNP Paribas1,211856.61.7
14Mizuho Financial1,948819.91.6
15Sumitomo Mitsui1,511575.11.1
16Jefferies554560.31.1
17Mitsubishi UFJ1,4525431.1
18Lazard143539.61.1
19Rothschild & Co1995361.1
20Nomura1,089506.91
Total​34,62550,485.70
Americas Investment Banking - August 2016
Americas Investment Banking - August 2016
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,8792,600.109.7
2Goldman Sachs8932,262.908.4
3BAML2,1002,211.708.3
4Citigroup1,4851,630.406.1
5Morgan Stanley1,1391,550.705.8
6Barclays1,1141,239.104.6
7Wells Fargo2,0031,208.204.5
8Credit Suisse6631,134.004.2
9Deutsche Bank8901,031.403.9
10RBC CM1,206919.63.4
Total​14,44826,786.70
Asia-Pacific & Japan Investment Banking - August 2016
Asia-Pacific & Japan Investment Banking - August 2016
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Morgan Stanley687554.74.7
2Mizuho Financial1,299469.14
3Goldman Sachs2873442.9
4Sumitomo Mitsui1,104334.52.9
5Nomura630324.82.8
6Citic1,086321.42.7
7ICBC1,373294.32.5
8Citigroup370294.12.5
9Bank of China1,344293.42.5
10China Securities Co994242.72.1
Total​13,40511,701.30
EMEA Investment Banking - August 2016
EMEA Investment Banking - August 2016
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan564699.25.8
2Goldman Sachs343607.25.1
3Barclays5345754.8
4Morgan Stanley263559.54.7
5BNP Paribas635538.54.5
6BAML372472.83.9
7Deutsche Bank514471.13.9
8Citigroup478469.53.9
9HSBC677415.43.5
10Rothschild & Co135350.82.9
Total​7,07411,997.7 ​
Global Bonds - August 2016
Global Bonds - August 2016
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,4791,099.406.9
2BAML1,5671,047.106.5
3Citigroup1,493960.46
4Goldman Sachs931752.34.7
5Barclays1,215739.84.6
6Morgan Stanley1,529735.54.6
7Deutsche Bank1,088679.74.2
8Wells Fargo1,302647.74
9HSBC1,3474963.1
10Credit Suisse671493.43.1
Total​20,41616,034.30
Global Equities - August 2016
Global Equities - August 2016
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan213609.76.5
2Morgan Stanley2115345.7
3Goldman Sachs178509.75.5
4BAML172471.65
5Citigroup160363.53.9
6Credit Suisse149331.13.5
7Deutsche Bank126306.93.3
8UBS113233.62.5
9RBC CM172220.52.4
10Barclays105198.32.1
Total​3,2509,345.30
Global Loans - August 2016
Global Loans - August 2016
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1BAML882670.86.9
2JP Morgan783562.55.8
3Citigroup556498.25.2
4Barclays407461.34.8
5Deutsche Bank342375.13.9
6Wells Fargo694368.13.8
7Mitsubishi UFJ9233313.4
8Goldman Sachs233325.13.4
9Mizuho Financial712293.53
10Sumitomo Mitsui653262.62.7
Total​5,8029,668.60