Here's the Thomson Reuters Global Investment Banking Fees Review for the year to date.
Global Investment Banking Fees Total US$64.0b, up 8% from First Nine Months 2010; Slowest Quarter for Fees since 2009
Fees for global Investment Banking services, from M&A advisory to capital markets underwriting, totaled US$64.0bn during the first nine months of 2011, an 8% increase over last year at this time.
Third quarter investment banking fees totaled US$16.0bn, a 37% decrease from the second quarter of 2011 and the slowest three-month period for investment banking fees since the first quarter of 2009. Fees from EMEA companies fell 42% during the third quarter, while fees in Japan increased 27% in Q3.
JP Morgan Retains Top Global Investment Banking Fees Ranking
JP Morgan topped the global investment banking league table for the first nine months of 2011 with US$4.3bn in fees, or 6.7% of overall 'walletshare'. Credit Suisse booked US$2.9bn in investment banking fees during the first nine monthts of 2011, an increase of 19% over last year and the largest percentage gain among the top five banks. Fees for Goldman Sachs increased 3.2% compared to the first nine months of 2010, resulting in a loss of .2 percentage points, as the firm fell one spot to fourth place during the first nine months of 2011.
Financials, Energy & Power and Materials Account for 53% of Global Investment Banking Fee Pool
Investment banking activity in the Financials, Energy & Power and Materials sectors accounted for 53% of the global fee pool during the first nine months of 2011. JP Morgan and Bank of America Merrill Lynch topped the fee rankings for the Financials and Energy & Power sectors, respectively. JP Morgan topped the fee rankings in six sectors during the first nine months of 2011, while Goldman Sachs collected 9% of fees in the healthcare sector, which registered a 23% increase over last year at this time.
Debt Capital Markets Fees Fall 9.4%, Equity Capital Markets Fees Flat Compared to 2010
M&A advisory fees totaled US$23.1bn during the first nine months of 2011, an increase of 10.6% over the same period last year, and accounted for 36% of the global fee pool. Fees from equity capital markets underwriting totalled US$15.2bn, on par with last year's tally while loan fees improved 48% to US$11.9bn. Debt capital markets underwriting fees totaled US$13.8bn during the first nine months of 2011, registering an 9.4% decrease over the same time last year.
Global Investment Banking Fee Leaders Highlight Differences across Major Asset Classes
Goldman Sachs controlled 5.8% of fees from worldwide completed M&A transactions, a decline of .7 percentage points compared to the first nine months of 2010, while Morgan Stanley moved five spots to top the ranking for global equity capital markets fees with US$958 million, an increase of 5% compared to 2010. Despite a 10% year-over-year decline, JP Morgan topped the fee rankings for global debt capital markets with 8.6% share. Bank of America Merrill Lynch maintained the top spot for fees from syndicated lending, with 8.5% market share during the first nine months of 2011.
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