Reuters/Pauline Askin
GLOBAL INVESTMENT BANKING REVIEW FIRST NINE MONTHS 2015
FIRST NINE MONTHS 2015
GLOBAL INVESTMENT BANKING REVIEW
Global IB Fees Fall 10%; Capital Markets Declines Pull Quarterly IB Fees to 4-Year Low | Healthcare Fees Rise 50% l JP Morgan Takes Top Spot
Global Investment Banking Fees Total US$64.5 billion; Slowest Quarter for IB Fees since 2011; America Fees Down 1%; Europe Falls 25%
JP Morgan Takes Top Spot for Global Investment Banking Fees; Within Top 25, All US Banks See Positive Wallet Share Gains
Healthcare IB Fees Register 50% Increase; Strong Double-digit Percentage Declines for Government & Agencies, Consumer Staples and Energy Financial Sponsor-related Fees Down 26%; Blackstone Group Tops Financial Sponsor Fee Rankings, Goldman Sachs Tops Sponsor-Related Fee Rankings IPOs Pull Equity Capital Markets Fees Down 13%; Debt Capital Markets Fees Fall 15%, while M&A Fees Register 8% Uptick
Fees for global Investment Banking services, from M&A advisory to capital markets underwriting, totaled US$64.5 billion during the first nine months of 2015, a 10% decrease over last year at this time and the slowest first nine months for fees since 2013. Fee during the third quarter of 2015 totaled US$17.4 billion, a 30% decline compared to the second quarter of this year, marking the slowest quarter for Investment Banking fees since the fourth quarter of 2011. Fees from equity capital markets fell 55% compared to the previous quarter, while debt capital markets fees declined 32%. JP Morgan topped the global investment banking league table during the first nine months of 2015 with US$4.66 billion in fees, or 7.2% of overall wallet-share. Goldman Sachs booked US$6.65 billion in fees during the first nine months of 2015 for second place and an increase of 1.3 wallet-share points. The composition of the top ten banks remained nearly unchanged, with RBC Capital Markets moving into the top ten. Within the top 25 firms, not one US-based investment bank saw a decline in wallet share during the first nine months of 2015, while 13 non-US banks saw a combined loss of 2.1 wallet share points. Investment banking activity in the financials, healthcare and energy & power accounted for 51% of the global fee pool during the first nine months of 2015. Bank of America Merrill Lynch topped the fee rankings in five sectors during the first nine months, with 8.7% share in the media and entertainment sector. Fees from deal making in the healthcare sector increased 50% compared to a year ago with JP Morgan commanding 11.7% of all fees booked in the sector during the first nine months. Fees from governments and agencies and consumer staples and energy companies posted strong double double-digit digit percentage declines during the first nine months months. Investment banking fees generated by financial sponsors and their portfolio companies reached $8.7 billion during the first nine months of 2015, a decrease of 26% compared to 2014. Fees generated from leveraged buyouts accounted for 33% of financial sponsor-related fees during the period, while ECM exits accounted for 18% and M&A exits comprised 17% of overall fees. Blackstone Group and related entities generated $379 million in investment banking fees this year, down 47% compared to the first nine months of 2014, while Goldman Sachs collected an industry-leading 8.1% of sponsor-related fees during the period. Dragged down by an 30% decrease in fees from IPOs, equity capital markets underwriting fees totaled US$16.0 billion during the first nine months of 2014, down 13% from a year ago. Fees from debt capital markets underwriting totaled US$16.8 billion, down 15% compared to last year's tally and accounted for 26% of overall IB fees during the first nine months of 2015. M&A advisory fees totaled US$18.6 billion during the period, up 8% compared to the same period last year, and accounted for 29% of the global fee pool, while fees from syndicated loans decreased 19% compared to the first nine months of 2014.
MEDIA CONTACT:
CRITERIA SUMMARY:
Americas
Ilya Hemlin
[email protected]
Europe
Clare Arber
[email protected]
Asia-Pacific Julie Evans
[email protected]
Japan
[email protected]
Yukiko Matsushima
All data is as of 9:00am EST on October 1, 2015 and sourced via Deals Business Intelligence Volumes based on Thomson Reuters' industry-leading Deals content (M&A, Equity, Bonds and Loans) and Freeman Consulting's algorithm for imputing investment banking fees Date periods referred to within based on the effective date for M&A, the issue date for Equity and Bonds and the closing date for Loans
Thomson Reuters Deals Intelligence, a part of Thomson Reuters' Investment Banking division, brings up to the minute market intelligence to our clients and the financial media through a variety of research reports including Daily Deals Insight, weekly Investment Banking Scorecard, monthly Deals Snapshots and our industry-leading quarterly reviews highlighting trends in M&A and Capital Markets.
Geographies and sectors are based on the nation of headquarters and macro industry of the deal participant's parent
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Source: Thomson Reuters Deals Business Intelligence
FIRST NINE MONTHS 2015
GLOBAL INVESTMENT BANKING REVIEW Global Investment Banking Fee Trend (US$b)
Global IB Fees by Region: First Nine Months 2015 (US$m) Global $ 64,478.2 fees -9.8% ▼
3.6% CAGR 2008-2015Ann $103.1 $94.2 $78.6 $66.4
$86.5
$84.5 $76.4
$69.9
$77.1
EMEA $ 15,437.1 fees -24.0% ▼
Americas $ 37,068.5 fees -1.4% ▼
Japan 2,579.0 fees -13.2% ▼
$ $
Asia-Pacific 9,393.6 fees -11.5% ▼
YTD
2007
2008
YOY % ∆ -35.5%
2009
2010
2011
2012
2013
2014
2015 Ann
5.2%
12.4%
-2.8%
1.0%
9.6%
11.4%
-8.2%
Global Investment Banking Fees by Product (US$b)
Global Quarterly Investment Banking Fees by Region (US$b)
45%
$35
40%
$30
35%
25%
27% 24%
20% 15%
$25
31%
30%
15%
27% 24%
27% 24%
22%
21%
15%
20%
27% 23%
26%
$20
20%
$15
14%
$10
11%
10%
Q3 '15 vs. Q2 '15: Global (-29.8%) Japan (+1.3%) Asia-Pacific (-49.0%) EMEA (-34.9%) Americas (-23.8%)
$5
5%
$0
0%
2007
2008
2009
Bonds
2010
Equity
2011
2012
Loans
2013
2014
12341234123412341234123412341234123412341234123
2015 YTD
2004
M&A -3-
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014 2015
Source: Thomson Reuters Deals Business Intelligence
FIRST NINE MONTHS 2015
GLOBAL INVESTMENT BANKING REVIEW
Global IB Fees by Nation: First Nine Months 2015 Fees (US$) / Year-over-Year Change (%)
Region North America South America Caribbean Central America Americas
Americas Fees ($m) $ 35,788 559 428 293 $ 37,069
YOY ∆ 0.3% ▲ -43.9% ▼ -28.4% ▼ -12.7% ▼ -1.4% ▼
Europe, Middle East & Africa Fees ($m) Region YOY ∆ $ 4,491 -11.6% ▼ Southern Europe 4,007 -20.3% ▼ Middle East 2,401 -19.4% ▼ Africa 1,131 -32.6% ▼ CIS 1,077 -30.8% ▼ CEE EMEA
Region UK & Ireland France & Benelux Germania Iberia Nordic
Fees ($m) 1,075 611 346 187 110 $ 15,437
Finland: $307m / -3.8% Sweden: $414m / -31.2% Norway: $177m / -43.8% Denmark: $174m / -44.7%
Canada $3.45b / -15.4%
United States $32.34b / 2.4%
$1.55b $775m $1.84b $1.07b $773m $802m
/ / / / / /
YOY ∆ -8.2% ▼ -13.2% ▼ -8.9% ▼ -30.1% ▼ -22.2% ▼ -11.9% ▼
Russia $121m / -60.6% $121 60 6%
Neth: $1 Neth $1.08b 08b / -14.7% 14 7% UK: $3.60b / -21.2%
Germany: Lux: France: Spain: Switzerland: Italy:
Asia-Pacific & Japan Region Fees ($m) North Asia $ 6,400 Japan 2,579 Australasia 1,760 Southeast Asia 861 South Asia 374 AsPac & Japan $ 11,973
YOY ∆ -51.0% ▼ -28.5% ▼ 9.8% ▲ -44.9% ▼ -59.9% ▼ -24.0% ▼
-16.8% -10.0% -29.2% -25.2% -22.2% -42.3%
S. Korea: $467m / -4.6%
Japan: $2.58b / -13.2%
China $4.87b / -8.4%
Mexico $278m / -10.4%
Hong Kong: $924m / -7.4%
India $368m / -17.6%
Singapore: $305m / -36.1% Malaysia: $236m / -25.0%
Global IB Fees
Brazil $401m / -33.7%
First 9M 2015
Australia $1.61b / -12.6%
$64.5b South Africa $216m / 15.4%
-9.8% YOY % ∆
-50%
-20%
-10%
-4-
-5%
0%
+5%
+10%
+20%
+50%
Source: Thomson Reuters Deals Business Intelligence
FIRST NINE MONTHS 2015
GLOBAL INVESTMENT BANKING REVIEW
Global Investment Banking: Top Banks - First Nine Months 2015 (US$m) Rank 2015 YOY ∆ 1 -= 2 -= 3 -= 4 -= 5 -= 6 -= 7 1▲ 8 -1 1▼ 9 -= 10 1▲ 11 -1 ▼ 12 -= 13 -= 14 -= 15 3▲ 16 -1 ▼ 17 6▲ 18 2▲ 19 -2 ▼ 20 -1 ▼ 21 -= 22 -= 23 5▲ 24 1▲ 25 19 ▲
Bank Name JP Morgan Goldman Sachs & Co Bank of America Merrill Lynch Morgan Stanley Citi Deutsche Bank Barclays C dit S Credit Suisse i Wells Fargo & Co RBC Capital Markets UBS HSBC Holdings PLC BNP Paribas SA Jefferies LLC Mizuho Financial Group Nomura Lazard Mitsubishi UFJ Financial Group Sumitomo Mitsui Finl Grp Inc BMO Capital Markets Credit Agricole CIB Societe Generale Rothschild TD Securities Inc Centerview Partners LLC Global Total
Fees (US$m) 2015 YOY ∆ $ 4,662 -4.6% ▼ 8.9% ▲ 4,650 4,000 -5.6% ▼ 3,756 -7.1% ▼ 3,146 -8.6% ▼ 2,749 -16.5% ▼ 2,542 -12.2% ▼ 21 3% ▼ 2 402 -21.3% 2,402 1,613 -7.3% ▼ 1,461 -14.3% ▼ 1,404 -18.1% ▼ 1,252 -14.3% ▼ 1,012 -20.3% ▼ 941 -9.0% ▼ 3.0% ▲ 818 761 -21.9% ▼ 739 10.6% ▲ 666 -4.7% ▼ 636 -21.2% ▼ 591 -17.1% ▼ 535 -23.5% ▼ 521 -22.4% ▼ 498 10.8% ▲ 484 -12.7% ▼ 473 77.4% ▲ $ 64,478 -9.8% ▼
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Share 2015 YOY ∆ 7.2% 0.4 ▲ 7.2% 1.2 ▲ 6.2% 0.3 ▲ 5.8% 0.2 ▲ 4.9% 0.1 ▲ 4.3% -0.3 ▼ 3.9% -0.1 ▼ 3 7% -0.5 3.7% 05 ▼ 2.5% 0.1 ▲ 2.3% -0.1 ▼ 2.2% -0.2 ▼ 1.9% -0.1 ▼ 1.6% -0.2 ▼ 1.5% 0.0 ▲ 1.3% 0.2 ▲ 1.2% -0.2 ▼ 1.1% 0.2 ▲ 1.0% 0.1 ▲ 1.0% -0.1 ▼ 0.9% -0.1 ▼ 0.8% -0.1 ▼ 0.8% -0.1 ▼ 0.8% 0.1 ▲ 0.8% 0.0 ▼ 0.7% 0.4 ▲
Product Mix - First Nine Months 2015 Bonds Equity Loans M&A
Source: Thomson Reuters Deals Business Intelligence
FIRST NINE MONTHS 2015
GLOBAL INVESTMENT BANKING REVIEW
Global Investment Banking: Top Banks by Product/Region/Sector - First Nine Months 2015 (US$m)
Global IB
2014 $ 71,490.9
By Region
Americas Europe Asia-Pacific Japan MEA
$ 37,068.5 14,427.1 9,393.6 2,579.0 1,010.0
$ 37,602.8 19,108.3 10,616.7 2,970.9 1,192.2
-1.4% -24.5% -11.5% -13.2% -15.3%
By Productt
M&A Bonds Equity Follow-On IPO Convertible Loans
$ 18,571.2 16 835 8 16,835.8 15,976.5 10,125.6 4,491.1 1,359.9 13,094.8
$ 17,239.5 19 757 3 19,757.3 18,432.1 10,361.3 6,395.4 1,675.4 16,062.0
By Sector
IB Fees (US$m) 2015 $ 64,478.2
Financials Healthcare Energy & Power Industrials High Tech Materials Real Estate Consumer Products Retail Media & Ent Telecom Consumer Staples Govt & Agencies
$ 19,099.4 6,890.9 6,673.1 5,841.1 4,858.7 3,866.3 3,335.7 2,636.8 2,540.8 2,479.1 2,453.6 2,130.7 1,672.2
$ 23,476.3 4,583.4 9,006.6 6,823.6 4,469.3 3,896.0 4,075.8 2,570.6 2,323.6 2,973.4 2,183.6 2,828.8 2,279.8
Top 5 Banks by Fees & Share - First Nine Months 2015
YOY ∆ -9.8% ▼
Top 5 31.3%
Bank #1 JPM (7.2%)
Bank #2 GS (7.2%)
Bank #3 BOAML (6.2%)
Bank #4 MS (5.8%)
Bank #5 CITI (4.9%)
▼ ▼ ▼ ▼ ▼
39.0% 27.0% 17.0% 63.4% 26.2%
JPM (9.3%) GS (6.9%) UBS (3.8%)
BOAML (8.5%) JPM (5.8%) GS (3.8%)
GS (8.4%) DB (5.5%) CITIC (3.4%) MIZUHO (15.5%) NOMURA (14.9%) SMFG (14.5%) HSBC (7.5%) CITI (5.3%) BARC (4.7%)
MS (6.8%) MS (4.6%) DB (3.0%) MS (9.9%) DB (4.7%)
CITI (6.0%) BARC (4.2%) MS (3.0%) DAIWA (8.6%) GS (3.9%)
7.7% -14.8% 14 8% -13.3% -2.3% -29.8% -18.8% -18.5%
▲ ▼ ▼ ▼ ▼ ▼ ▼
35.6% 34.2% 34 2% 29.0% 30.1% 24.0% 38.7% 26.9%
GS (11.5%) MS (7.6%) JPM (8.7%) (8 7%) BOAML (7.4%) (7 4%) JPM (6.6%) GS (6.5%) GS (7.5%) MS (7.1%) CITI (5.3%) GS (5.0%) JPM (14.8%) BOAML (8.3%) BOAML (7.3%) JPM (6.3%)
-18.6% 50.3% -25.9% -14.4% 8.7% -0.8% -18.2% 2.6% 9.3% -16.6% 12.4% -24.7% -26.7%
▼ ▲ ▼ ▼ ▲ ▼ ▼ ▲ ▲ ▼ ▲ ▼ ▼
29.9% 41.5% 26.9% 29.5% 39.1% 27.6% 31.3% 29.5% 35.2% 39.4% 42.6% 27.7% 24.3%
GS (7.0%) JPM (6.3%) MS (6.1%) CITI (5.4%) BOAML (5.0%) JPM (11.7%) GS (10.5%) MS (7.5%) BOAML (7.2%) CITI (4.7%) BOAML (6.0%) GS (5.9%) CITI (5.3%) JPM (5.3%) BARC (4.4%) GS (6.6%) JPM (6.6%) CITI (6.0%) MS (5.8%) BOAML (4.4%) GS (9.8%) MS (8.7%) JPM (7.8%) BOAML (7.3%) QATALYST (5.4%) BOAML (6.1%) GS (5.9%) DB (5.8%) JPM (5.4%) CITI (4.4%) MS (8.6%) BOAML (7.2%) JPM (5.9%) GS (5.0%) CITI (4.6%) BOAML (7.9%) JPM (6.9%) GS (5.3%) CITI (4.8%) MS (4.7%) JPM (9.5%) GS (7.9%) BOAML (7.3%) BARC (5.8%) MS (4.6%) BOAML (8.7%) GS (8.6%) JPM (8.5%) CS (7.0%) DB (6.6%) JPM (13.1%) GS (9.3%) BOAML (8.3%) CITI (6.1%) MS (5.8%) BARC (5.0%) GS (4.4%) BOAML (7.9%) CTRVIEW (5.3%) JPM (5.1%) HSBC (5.8%) CITI (4.8%) BARC (4.7%) BOAML (4.5%) JPM (4.5%)
JPM (7.1%) CITI (6 (6.6%) 6%) MS (6.4%) JPM (6.6%) MS (5.0%) MS (6.3%) DB (4.7%)
BOAML (5.4%) MS (5.8%) (5 8%) BOAML (4.9%) BOAML (4.7%) BOAML (4.5%)
CITI (4.1%) GS (5.7%) (5 7%) CITI (4.4%) CS (4.2%) JPM (4.2%) NOMURA (5.1%) CS (4.3%) CITI (4.4%) BARC (4.3%)
*IB fees based on the period from January 01 through September 30
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Source: Thomson Reuters Deals Business Intelligence
FIRST NINE MONTHS 2015
GLOBAL INVESTMENT BANKING REVIEW
Global Investment Banking: Top Corporate Fee Payers (US$m) IB Fees - All Products (US$m) Avg Ann'l Company Name 2013 2014 2015* $ 324 $ GE 294 $ 268 $ 327 242 SoftBank Corp 371 177 117 226 Actavis PLC 204 417 219 Verizon Communications Inc 348 199 56 203 Dell Inc 502 2 55 173 JPMorgan Chase & Co 146 177 151 172 Alibaba Group Holding Ltd 120 343 8 172 Banco Santander SA 99 208 164 168 Altice SA 78 201 182 159 Charter Communications Inc 94 48 293 158 Citigroup Inc 215 161 59 158 Goldman Sachs Group Inc 208 172 55 153 Monte dei Paschi di Siena 1 301 120 150 Telefonica SA 137 208 68 145 Valeant Pharmaceuticals Intl 198 4 195 140 ING Groep NV 211 121 54 134 HFSF 24 343 1 133 Ally Financial Inc 207 110 49 133 Cheniere Energy Inc 146 34 185 132 Frontier Communications Corp 20 90 253 131 AT&T Inc 78 94 187 121 Deutsche Bank AG 43 252 39 117 SunEdison Inc 32 84 205 116 HJ Heinz Co 318 115 Morgan Stanley 97 124 93 Top 25 Fee Payers 4,096 3,988 3,923 3,333 All Others 71,152 67,312 75,546 52,468 Global Total $ 75,247 $ 71,300 $ 79,469 $ 55,801
IB Fees By Product (2013-2015*) Bonds
Equity
Loans
M&A
Top 3 34.9% 47.1% 53.8% 48.4% 57.0% 30.8% 40.5% 37.2% 44 0% 44.0% 58.7% 20.0% 28.0% 34.6% 24.7% 39.0% 38.3% 32.2% 32.3% 21.9% 77.0% 36.5% 23.9% 46.1% 42.0% 31.3% 25.5% 20.7% 19.8%
Top 3 Banks & Share (2013-2015*) Bank #1 Bank #2 Bank #3 JPM (13.1%) CITI (12.0%) CS (9.8%) MIZUHO (19.1%) NOMURA (15.6%) DAIWA (12.4%)
JPM (27.1%) MIZUHO (16.2%) WF (10.5%) JPM (19.9%) MS (15.8%) BOAML (12.7%) BOAML (19.4%) BARC (19.0%) CS (18.6%) WF (11.6%) MS (11.0%) BOAML (8.2%) MS (13.8%) GS (13.4%) DB (13.4%) GS (15.7%) UBS (12.0%) CITI (9.5%) JPM (17 (17.6%) 6%) MS (15 (15.5%) 5%) GS (10.9%) (10 9%) GS (21.2%) BOAML (20.7%) CS (16.8%) GS (7.7%) JPM (6.2%) BOAML (6.2%) MS (12.4%) BOAML (8.8%) CITI (6.8%) UBS (12.7%) MEDIO (11.1%) GS (10.7%) GS (9.3%) UBS (8.0%) MS (7.4%) GS (15.2%) DB (13.3%) MS (10.5%) JPM (14.9%) MS (12.0%) CITI (11.4%) CITI (12.4%) BOAML (10.6%) UBS (9.2%) LAZ (11.5%) CITI (11.3%) JPM (9.5%) MS (8.9%) CS (6.7%) GS (6.3%) JPM (43.3%) CITI (18.0%) BOAML (15.7%) JPM (16.5%) LAZ (14.1%) CITI (5.9%) UCG (8.6%) RBS (8.0%) ING (7.4%) GS (17.8%) BARC (14.3%) MS (14.1%) WF (16.0%) JPM (14.6%) CTRVIEW (11.3%) MUFJ (12.5%) BOAML (11.6%) UBS (7.2%) JPM (10.8%) BOAML (7.6%) GS (7.1%) JPM (7.6%) BOAML (6.7%) GS (6.4%) JPM (7.2%) BOAML (6.4%) GS (6.2%)
Notes: - Excludes Governments & Agencies, Government Sponsored Enterprises and self funded/advisory fees * 2015 volumes through September 30 -7-
Source: Thomson Reuters Deals Business Intelligence
FIRST NINE MONTHS 2015
GLOBAL INVESTMENT BANKING REVIEW Financial Sponsor Fee Trend (US$b)
Top Financial Sponsors by Fees - First Nine Months 2015 (US$m) 18%
$16 16%
$14
16%
16%
15% $12
13%
14%
13%
12%
$10 10%
10%
$8 $6
$13.2
8%
$13.6 $9.8
5%
$4 $5.1
$2
14%
$15.0
8%
$11.2
6% $8.7
$7.9
4%
$3.7
2%
$0
0% 2007
2008
2009
2010
2011
Sponsor Fees (US$b)
2012
2013
2014
2015 Ann
Rank ('15/'14) (1/1) (2/2) (3/5) (4/4) (5/25) (6/6) (7/10) (8/8) (9/15) (10/3) (11/23) (12/46) (13/7) (14/37) (15/9) (16/18) (17/19) (18/34) (19/14) (20/57)
Sponsor Name Blackstone Group LP The Carlyle Group LP CVC Capital Partners Ltd KKR & Co LP Canada Pension Plan Investment
Bain Capital LLC Warburg Pincus LLC TPG Capital LP Onex Corp Apollo Global Management LLC Apax Partners Worldwide LLP Cerberus Capital Management LP
Clayton Dubilier & Rice LLC BC Partners Ltd Silver Lake Management LLC
Cinven Ltd Advent International Corp Madison Dearborn Partners LLC
Permira Advisers LLP Caisse de Depot et Placement
Sponsor Total
Sponsor Fees as % of IB
Fees (US$m) 2015 YOY ∆ -47% ▼ $ 379 -34% ▼ 326 304 -22% ▼ 260 -33% ▼ 247 163% ▲ 225 -37% ▼ 21% ▲ 216 -23% ▼ 202 31% ▲ 169 -59% ▼ 166 55% ▲ 156 177% ▲ 146 -58% ▼ 136 133 97% ▲ 114 -43% ▼ 107 -13% ▼ 103 -13% ▼ 30% ▲ 95 -33% ▼ 94 113% ▲ 89 $ 8,747 -26% ▼
By Activity (First Nine Months 2015) Buyouts
Acq Fin.
Exits
Financial Sponsor Fees by Activity Type (US$b)
Financial Sponsors: Top Banks - First Nine Months 2015 (US$m)
70%
Rank ('15/'14) (1/1) (2/3) (3/4) (4/2) (5/5) (6/6) (7/7) (8/8) (9/11) (10/10) (11/9) (12/12) (13/17) (14/13) (15/14) (16/16) (17/18) (18/25) (19/30) (20/29)
61%
60%
55% 50% 40%
33%
30%
31%
33% 28%
22%
20% 10%
35%
17%
29% 22%
16%
17%
17%
17% 14%
16% 11%
15%
2009
2010
2011
2012
2013
2014
12%
18%
4% 0%
2007
2008 Buyouts*
Exits (M&A & ECM)
M&A Exits
- Financial sponsor fees based on pro rata methodology - Buyouts* include fees from related acquisition financings - Portfolio company activity included if sponsor's holding is estimated at 20+% - Other includes fees from capital raisings by and/or acquisitions of financial sponsors
2015 YTD ECM Exits -8-
Fees (US$m) 2015 YOY ∆ $ 707 -28% ▼ -28% ▼ 623 -26% ▼ 614 558 -37% ▼ -37% ▼ 507 Bank of America Merrill Lynch -35% ▼ Deutsche Bank 495 Barclays 491 -17% ▼ -19% ▼ Citi 448 10% ▲ Jefferies LLC 334 -27% ▼ RBC Capital Markets 232 UBS 199 -45% ▼ -26% ▼ Wells Fargo & Co 176 -1% ▼ HSBC Holdings PLC 125 Nomura 120 -33% ▼ -32% ▼ BNP Paribas SA 116 -18% ▼ Lazard 115 Macquarie Group 111 -11% ▼ 24% ▲ Rothschild 105 19% ▲ Houlihan Lokey 84 SunTrust Banks 84 19% ▲ Sponsor Total $ 8,747 -26% ▼ Sponsor Name Goldman Sachs & Co Credit Suisse Morgan Stanley JP Morgan
Portfolio
Other
By Activity (First Nine Months 2015) Buyouts
Acq Fin.
Exits
Portfolio
Other
Source: Thomson Reuters Deals Business Intelligence
FIRST NINE MONTHS 2015
GLOBAL INVESTMENT BANKING REVIEW
Global Investment Banking: Top Banks by Product (US$m) Global M&A: Top Banks - First Nine Months 2015 (US$m) Rank 2015 YOY ∆ 1 - = 2 1 ▲ 3 -1 ▼ 4 - = 5 2 ▲ - = 6 7 -2 ▼ 8 1 ▲ 9 -1 ▼ 10 - = 11 6 ▲ 12 2 ▲ 13 -1 ▼ 14 -3 ▼ 15 11 ▲ 16 - = 17 -4 ▼ 18 -3 ▼ 19 - = 20 -2 ▼
Bank Name Goldman Sachs & Co Morgan Stanley JP Morgan Bank of America Merrill Lynch Citi Lazard Barclays Deutsche Bank Credit Suisse Rothschild Centerview Partners LLC UBS Evercore Partners Jefferies LLC Qatalyst Partners Houlihan Lokey RBC Capital Markets Moelis & Co Macquarie Group Wells Fargo & Co M&A Total
Fees YOY ∆ 2015 2,129 44% ▲ 1,405 33% ▲ 1,323 17% ▲ 1,000 23% ▲ 757 15% ▲ 724 9% ▲ 633 -10% ▼ 579 3% ▲ 552 -12% ▼ 498 11% ▲ 77% ▲ 473 347 1% ▲ 326 -10% ▼ 320 -12% ▼ 264 110% ▲ 262 -11% ▼ 258 -27% ▼ 204 -40% ▼ 198 -4% ▼ 179 -16% ▼ $ 18,571 8% ▲
$
Share 2015 YOY ∆ 11.5% 2.9 ▲ 7.6% 1.4 ▲ 7.1% 0.6 ▲ 5.4% 0.7 ▲ 4.1% 0.2 ▲ 3.9% 0.1 ▲ 3.4% -0.7 ▼ 3.1% -0.1 ▼ 3.0% -0.7 ▼ 2.7% 0.1 ▲ 2.5% 1.0 ▲ 1.9% -0.1 ▼ 1.8% -0.4 ▼ 1.7% -0.4 ▼ 1.4% 0.7 ▲ 1.4% -0.3 ▼ 1.4% -0.7 ▼ 1.1% -0.9 ▼ 1.1% -0.1 ▼ 1.0% -0.3 ▼
Global Equity: Top Banks - First Nine Months 2015 (US$m) EMEA
Asia-Pacific
Japan
Global Bonds: Top Banks - First Nine Months 2015 (US$m) Rank 2015 YOY ∆ 1 - = 2 - = 3 - = 4 1 ▲ 5 1 ▲ 6 -2 ▼ 7 1 ▲ 8 -1 ▼ 9 1 ▲ 10 -1 ▼ 11 1 ▲ 12 -1 ▼ 1 ▲ 13 14 4 ▲ 15 - = 16 - = 17 2 ▲ 18 -1 ▼ 19 -6 ▼ 20 1 ▲
Bank Name JP Morgan Bank of America Merrill Lynch Citi Morgan Stanley Goldman Sachs & Co Deutsche Bank Barclays Credit Suisse Wells Fargo & Co HSBC Holdings PLC RBC Capital Markets BNP Paribas SA UBS Mizuho Financial Group Credit Agricole CIB Nomura Mitsubishi UFJ Financial Group Societe Generale RBS TD Securities Inc Bonds Total
Fees YOY ∆ 2015 1,456 -1% ▼ 1,250 2% ▲ 1,112 -5% ▼ 970 -10% ▼ 965 -6% ▼ 961 -12% ▼ 897 2% ▲ 747 -18% ▼ 708 9% ▲ 560 -17% ▼ 460 -5% ▼ 437 -11% ▼ 355 -11% ▼ 291 22% ▲ 228 -27% ▼ 219 -23% ▼ 215 -9% ▼ 206 -20% ▼ 206 -53% ▼ 187 -12% ▼ $ 16,836 -15% ▼ $
Share 2015 YOY ∆ 8.7% 1.2 ▲ 7.4% 1.2 ▲ 6.6% 0.7 ▲ 5.8% 0.3 ▲ 5.7% 0.5 ▲ 5.7% 0.2 ▲ 5.3% 0.9 ▲ 4.4% -0.2 ▼ 4.2% 0.9 ▲ 3.3% -0.1 ▼ 2.7% 0.3 ▲ 2.6% 0.1 ▲ 2.1% 0.1 ▲ 1.7% 0.5 ▲ 1.4% -0.2 ▼ 1.3% -0.1 ▼ 1.3% 0.1 ▲ 1.2% -0.1 ▼ 1.2% -1.0 ▼ 1.1% 0.0 ▲
Rank 2015 YOY ∆ 1 - = 2 4 ▲ 3 2 ▲ 4 -2 ▼ 5 -2 ▼ 6 -2 ▼ 7 - = 8 6 ▲ 9 -1 ▼ 10 2 ▲ 11 5 ▲ 12 10 ▲ 13 -3 ▼ 14 14 ▲ 15 5 ▲ 16 2 ▲ 17 9 ▲ 18 59 ▲ 19 330 ▲ 20 74 ▲
Client Mix by Region Americas
Bank Name JP Morgan Goldman Sachs & Co Morgan Stanley Bank of America Merrill Lynch Citi Deutsche Bank Credit Suisse UBS Barclays RBC Capital Markets Nomura Jefferies LLC Wells Fargo & Co CITIC Sumitomo Mitsui Finl Grp Inc Mizuho Financial Group BMO Capital Markets Guotai Junan Securities Cowen & Co China Merchants Securities Co Equity Total
Fees YOY ∆ 2015 1,060 -13% ▼ 1,046 -17% ▼ 1,030 -26% ▼ 789 -21% ▼ 706 -25% ▼ 598 -24% ▼ 590 -27% ▼ 540 -23% ▼ 451 -30% ▼ 350 -21% ▼ 314 -25% ▼ 260 4% ▲ 254 -12% ▼ 247 40% ▲ 189 8% ▲ 184 22% ▲ 180 -14% ▼ 162 46% ▲ 162 64% ▲ 152 87% ▲ $ 15,977 -13% ▼
$
Share 2015 YOY ∆ 6.6% 0.0 ▲ 6.5% -0.3 ▼ 6.4% -1.1 ▼ 4.9% -0.5 ▼ 4.4% -0.7 ▼ 3.7% -0.5 ▼ 3.7% -0.7 ▼ 3.4% -0.4 ▼ 2.8% -0.7 ▼ 2.2% -0.2 ▼ 2.0% -0.3 ▼ 1.6% 0.3 ▲ 1.6% 0.0 ▲ 1.5% 0.6 ▲ 1.2% 0.2 ▲ 1.2% 0.3 ▲ 1.1% 0.0 ▼ 1.0% 0.4 ▲ 1.0% 0.5 ▲ 1.0% 0.5 ▲
Client Mix by Region Americas
EMEA
Asia-Pacific
Japan
Global Loans: Top Banks - First Nine Months 2015 (US$m) Rank 2015 YOY ∆ 1 - = 2 - = 3 - = 4 1 ▲ 5 1 ▲ 6 -2 ▼ 7 1 ▲ 8 -1 ▼ 9 3 ▲ 10 3 ▲ 11 -1 ▼ 12 -3 ▼ 13 -2 ▼ 14 1 ▲ 15 1 ▲ 16 4 ▲ 17 - = 18 5 ▲ 19 - = 20 1 ▲
Client Mix by Region Americas
EMEA
Asia-Pacific
Japan
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Bank Name Bank of America Merrill Lynch JP Morgan Deutsche Bank Citi Barclays Credit Suisse Goldman Sachs & Co Wells Fargo & Co Mitsubishi UFJ Financial Group RBC Capital Markets HSBC Holdings PLC Morgan Stanley BNP Paribas SA Mizuho Financial Group Sumitomo Mitsui Finl Grp Inc Jefferies LLC Credit Agricole CIB SunTrust Banks ING Societe Generale Loans Total
Fees YOY ∆ 2015 961 -20% ▼ 823 -23% ▼ 611 -29% ▼ 571 -15% ▼ 561 -15% ▼ 512 -28% ▼ 509 1% ▲ 472 -20% ▼ 407 -6% ▼ 393 -8% ▼ 390 -14% ▼ 352 -30% ▼ 309 -29% ▼ 281 -19% ▼ 259 -22% ▼ 225 1% ▲ 220 -20% ▼ 218 8% ▲ 196 -27% ▼ 184 -15% ▼ $ 13,095 -18% ▼ $
Share 2015 YOY ∆ 7.3% -0.1 ▼ 6.3% -0.3 ▼ 4.7% -0.7 ▼ 4.4% 0.2 ▲ 4.3% 0.2 ▲ 3.9% -0.5 ▼ 3.9% 0.7 ▲ 3.6% -0.1 ▼ 3.1% 0.4 ▲ 3.0% 0.3 ▲ 3.0% 0.2 ▲ 2.7% -0.5 ▼ 2.4% -0.4 ▼ 2.1% 0.0 ▼ 2.0% -0.1 ▼ 1.7% 0.3 ▲ 1.7% 0.0 ▼ 1.7% 0.4 ▲ 1.5% -0.2 ▼ 1.4% 0.1 ▲
Client Mix by Region Americas
EMEA
Asia-Pacific
Japan
Source: Thomson Reuters Deals Business Intelligence
FIRST NINE MONTHS 2015
GLOBAL INVESTMENT BANKING REVIEW
Global Investment Banking: Top Banks by Region (US$m) Americas Investment Banking: Top Banks - First Nine Months 2015 (US$m) Rank 2015 YOY ∆ 1 - = 2 - = 3 - = 4 - = 5 - = 6 1 ▲ 7 -1 ▼ 8 - = 9 - = 10 - = 11 - = 12 1 ▲ 13 -1 ▼ 14 12 ▲ 15 - = 16 5 ▲ 17 - = 18 4 ▲ 19 -5 ▼ 20 -1 ▼
Bank Name JP Morgan Bank of America Merrill Lynch Goldman Sachs & Co Morgan Stanley Citi Barclays Credit Suisse Deutsche Bank Wells Fargo & Co RBC Capital Markets Jefferies LLC BMO Capital Markets UBS Centerview Partners LLC TD Securities Inc Lazard HSBC Holdings PLC SunTrust Banks Scotiabank Mitsubishi UFJ Financial Group Americas Total
Fees 2015 YOY ∆ 7% ▲ 3,443 2% ▲ 3,146 3,127 15% ▲ 2,536 3% ▲ 2,220 3% ▲ -4% ▼ 1,785 1,687 -12% ▼ -9% ▼ 1,580 1,518 -7% ▼ 1,250 -13% ▼ -7% ▼ 751 557 -18% ▼ 542 -23% ▼ 444 72% ▲ 437 -11% ▼ 420 26% ▲ 9% ▲ 416 400 20% ▲ 399 -28% ▼ 379 8% ▲ $ 37,069 -1% ▼
$
Share 2015 YOY ∆ 9.3% 0.7 ▲ 8.5% 0.2 ▲ 8.4% 1.2 ▲ 6.8% 0.3 ▲ 6.0% 0.2 ▲ 4.8% -0.1 ▼ 4.6% -0.5 ▼ 4.3% -0.3 ▼ 4.1% -0.2 ▼ 3.4% -0.4 ▼ 2.0% -0.1 ▼ 1.5% -0.3 ▼ 1.5% -0.4 ▼ 1.2% 0.5 ▲ 1.2% -0.1 ▼ 1.1% 0.2 ▲ 1.1% 0.1 ▲ 1.1% 0.2 ▲ 1.1% -0.4 ▼ 1.0% 0.1 ▲
EMEA Investment Banking: Top Banks - First Nine Months 2015 (US$m)
Product Mix Bonds
Equity
Loans
M&A
Asia-Pacific Investment Banking: Top Banks - First Nine Months 2015 (US$m) Rank 2015 YOY ∆ 1 1 ▲ 2 -1 ▼ 3 3 ▲ 4 5 ▲ 5 -1 ▼ 6 -1 ▼ 7 - = 8 -5 ▼ 9 -1 ▼ 10 1 ▲ 11 2 ▲ 12 -2 ▼ 13 -1 ▼ 14 5 ▲ 15 12 ▲ 16 19 ▲ 17 8 ▲ 18 -1 ▼ 19 2 ▲ 20 -6 ▼
Bank Name UBS Goldman Sachs & Co CITIC Deutsche Bank Morgan Stanley HSBC Holdings PLC JP Morgan Citi Credit Suisse Bank of America Merrill Lynch Macquarie Group Bank of China Ltd Industrial & Comm Bank China Guotai Junan Securities China Merchants Securities Co Guosen Securities Co Ltd Haitong Securities Co Ltd China Securities Co Ltd China International Capital Co Standard Chartered PLC Asia-Pacific Total
Fees 2015 YOY ∆ 353 -13% ▼ 353 -18% ▼ -8% ▼ 323 286 -10% ▼ 284 -21% ▼ 283 -21% ▼ 272 -23% ▼ 240 -35% ▼ 212 -35% ▼ 201 -23% ▼ 199 -3% ▼ 188 -28% ▼ -31% ▼ 175 174 26% ▲ 161 63% ▲ 147 78% ▲ 145 43% ▲ 140 -2% ▼ 7% ▲ 138 126 -37% ▼ $ 9,394 -12% ▼
$
Share 2015 YOY ∆ 3.8% -0.1 ▼ 3.8% -0.3 ▼ 3.4% 0.1 ▲ 3.0% 0.1 ▲ 3.0% -0.3 ▼ 3.0% -0.3 ▼ 2.9% -0.4 ▼ 2.6% -0.9 ▼ 2.3% -0.8 ▼ 2.1% -0.3 ▼ 2.1% 0.2 ▲ 2.0% -0.5 ▼ 1.9% -0.5 ▼ 1.9% 0.6 ▲ 1.7% 0.8 ▲ 1.6% 0.8 ▲ 1.5% 0.6 ▲ 1.5% 0.1 ▲ 1.5% 0.3 ▲ 1.3% -0.6 ▼
Equity
Loans
Bank Name Goldman Sachs & Co JP Morgan Deutsche Bank Morgan Stanley Barclays Citi BNP Paribas SA Bank of America Merrill Lynch HSBC Holdings PLC Credit Suisse UBS Societe Generale Credit Agricole CIB Rothschild Lazard UniCredit Natixis RBS ING Santander EMEA Total
Fees 2015 YOY ∆ 1% ▲ $ 1,033 -30% ▼ 879 -31% ▼ 843 680 -23% ▼ 652 -26% ▼ -27% ▼ 634 -26% ▼ 590 -25% ▼ 583 545 -24% ▼ 496 -38% ▼ -17% ▼ 487 -32% ▼ 381 -30% ▼ 333 -1% ▼ 330 281 -4% ▼ 252 -36% ▼ -23% ▼ 220 -45% ▼ 209 -39% ▼ 202 169 -35% ▼ $ 15,437 -24% ▼
Share 2015 YOY ∆ 6.7% 1.7 ▲ 5.7% -0.5 ▼ 5.5% -0.5 ▼ 4.4% 0.1 ▲ 4.2% -0.1 ▼ 4.1% -0.2 ▼ 3.8% -0.1 ▼ 3.8% -0.1 ▼ 3.5% 0.0 ▼ 3.2% -0.7 ▼ 3.2% 0.2 ▲ 2.5% -0.3 ▼ 2.2% -0.2 ▼ 2.1% 0.5 ▲ 1.8% 0.4 ▲ 1.6% -0.3 ▼ 1.4% 0.0 ▲ 1.4% -0.5 ▼ 1.3% -0.3 ▼ 1.1% -0.2 ▼
Product Mix Bonds
Equity
Loans
M&A
Japan Investment Banking: Top Banks - First Nine Months 2015 (US$m)
Product Mix Bonds
Rank 2015 YOY ∆ 1 2 ▲ 2 -1 ▼ 3 -1 ▼ 4 1 ▲ 5 -1 ▼ 6 - = 7 1 ▲ 8 1 ▲ 9 1 ▲ 10 -3 ▼ 11 - = 12 - = 13 - = 14 2 ▲ 15 3 ▲ 16 -2 ▼ 17 2 ▲ 18 -3 ▼ 19 -2 ▼ 20 - =
M&A
Rank 2015 YOY ∆ 1 2 ▲ 2 -1 ▼ 3 -1 ▼ 4 - = 5 - = 6 1 ▲ 7 -1 ▼ 8 - = 9 - = 10 - = 11 1 ▲ 12 -1 ▼ 13 1 ▲ 14 22 ▲ 15 - = 16 7 ▲ 17 -4 ▼ 18 -2 ▼ 19 2 ▲ 20 7 ▲
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Bank Name Mizuho Financial Group Nomura Sumitomo Mitsui Finl Grp Inc Morgan Stanley Daiwa Securities Group Inc Goldman Sachs & Co Mitsubishi UFJ Financial Group Bank of America Merrill Lynch JP Morgan Citi Deutsche Bank Sumitomo Mitsui Trust Holdings Barclays Deloitte UBS Development Bank of Japan Inc GCA Savvian Group Corp BNP Paribas SA Lazard SBI Holdings Inc Japan Total
Fees 2015 YOY ∆ 400 -10% ▼ -29% ▼ 384 -17% ▼ 373 -27% ▼ 255 222 -25% ▼ 137 31% ▲ -11% ▼ 131 -28% ▼ 70 44% ▲ 69 21% ▲ 52 39 31% ▲ 35 3% ▲ 29% ▲ 25 23 306% ▲ 24% ▲ 22 18 106% ▲ 16 -41% ▼ 14 -11% ▼ 2% ▲ 11 34% ▲ 10 $ 2,579 -13% ▼ $
Share 2015 YOY ∆ 15.5% 0.6 ▲ 14.9% -3.4 ▼ 14.5% -0.7 ▼ 9.9% -1.9 ▼ 8.6% -1.3 ▼ 5.3% 1.8 ▲ 5.1% 0.1 ▲ 2.7% -0.5 ▼ 2.7% 1.1 ▲ 2.0% 0.6 ▲ 1.5% 0.5 ▲ 1.3% 0.2 ▲ 1.0% 0.3 ▲ 0.9% 0.7 ▲ 0.8% 0.3 ▲ 0.7% 0.4 ▲ 0.6% -0.3 ▼ 0.5% 0.0 ▲ 0.4% 0.1 ▲ 0.4% 0.1 ▲
Product Mix Bonds
Equity
Loans
M&A
Source: Thomson Reuters Deals Business Intelligence
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