Reuters/Denis Balibouse FIRST QUARTER 2012
Global IB Fees Down 14%; Americas Accounts for 56% JP Morgan Retains Top Spot Fees from DCM up 4%; M&A Fees Down 26% Global Investment Banking Fees Total US$17.6 billion, down 14% from first quarter 2011 JP Morgan Retains Top Global Investment Banking Fees Ranking, Citi picks up Wallet Share Financials, Resources and Industrials Account for 64% of Global Investment Banking Fee Pool Debt Capital Markets Fees Account for One-Third of Global Fees; M&A Fees Fall 26% Global Investment Banking Fee Leaders Highlight Differences across Major Asset Classes Fees for global Investment Banking services, from M&A advisory to capital markets underwriting, totaled US$17.6 billion during the first quarter of 2012, a 14% decrease over last year at this time. First quarter investment banking fees in the Americas totaled US$9.9 billion, an 8% decrease from the first quarter of 2011 and accounted for 56% of global investment banking fees. Fees from EMEA companies fell 22% during the first quarter, while fees in Asia Pacific decreased 24% and fees in Japan fell 12% compared to first quarter 2011. JP Morgan topped the global investment banking league table for the first quarter of 2012 with US$1.4 billion in fees, or 7.8% of overall "walletshare". Bank of America Merrill Lynch booked US$1.2 billion in investment banking fees during the first quarter, a decrease of 22% over last year and a loss of 0.7 wallet share points. Fees for Citi increased 8.5% compared to the first quarter of 2011, resulting in a gain of 1.1 percentage points, as the firm moved five spots to third place during first quarter 2012. Investment banking activity in the financials, energy & power, industrials and materials sectors accounted for 64% of the global fee pool during the first quarter of 2012. JP Morgan topped the fee rankings in six sectors during the first quarter, while Bank of America Merrill Lynch registered double-digit wallet share in four sectors, including 15.9% of first quarter investment banking fees in the consumer products sector. Deutsche Bank, bolstered by sovereign debt underwriting, registered a 9.5% share of government and agency underwriting activity, which increased 6.7% over first quarter 2011. M&A advisory fees totaled US$3.9 billion during first quarter 2012, an decrease of 26% over the same period last year, and accounted for 22% of the global fee pool. Fees from debt capital markets underwriting totaled US$5.8 billion, an increase of 4% compared to last year's tally while loan fees improved 3% to US$3.8 billion. Equity capital markets underwriting fees totaled US$4.0 billion during first quarter 2012, registering a 32.6% decrease over the same time last year. Morgan Stanley controlled 7.9% of fees from worldwide completed M&A transactions, a decline of.3 percentage points compared to first quarter 2011, while Credit Suisse moved three spots to rank third for worldwide M&A fees during the first quarter, an increase of 1.2 percentage points. JP Morgan retained the top spot for global debt and equity capital markets fees with 8.0% and 7.2% share, respectively. Bank of America Merrill Lynch moved up one spot to take the top ranking for fees from syndicated lending, with 9.2% market share during first quarter 2012. MEDIA CONTACT: CRITERIA SUMMARY: Americas Europe Asia-Pacific Japan Lauren Herman Clare Arber Thomas Lau Yukiko Matsushima lauren.herman@thomsonreuters.com clare.arber@thomsonreuters.com thomas.lau@thomsonreuters.com yukiko.matsushima@thomsonreuters.com Thomson Reuters Deals Intelligence, a part of Thomson Reuters' Investment Banking division, brings up to the minute market intelligence to our clients and the financial media through a variety of research reports including Daily Deals Insight, weekly Investment Banking Scorecard, monthly Deals Snapshots and our industry-leading quarterly reviews highlighting trends in M&A and Capital Markets. All data is as of 9:00am EST on April 2, 2012 and sourced via Deals Business Intelligence Volumes based on Thomson Reuters' industry-leading Deals content (M&A, Equity, Bonds and Loans) and Freeman Consulting's algorithm for imputing investment banking fees Date periods referred to within based on the effective date for M&A, the issue date for Equity and Bonds and the closing date for Loans Geographies and sectors are based on the nation of headquarters and macro industry of the deal participant's parent - 2 - Source: Thomson Reuters Deals Business Intelligence
Global Investment Banking Fee Trend (US$b) 19.7% CAGR 2004-2007 2.1% CAGR 2008-2012Ann $76.6 Global Investment Banking Fees by Region: First Quarter 2012 (US$m) Global $ 17,556.3 fees -14.4% $44.6 $53.6 $67.4 $48.4 $57.7 $60.4 $54.7 $53.6 Americas $ 9,915.0 fees -8.1% EMEA Japan $ 4,436.1 fees $ 1,024.6 fees -21.9% Asia-Pacific -11.6% $ 2,180.5 fees -24.2% $14.8 $15.1 $19.9 $25.3 $17.2 $11.9 $17.6 $20.5 $17.6 Q1 2004 2005 2006 2007 2008 2009 2010 2011 '12Ann YOY % Δ 15.7% 27.0% 16.8% -35.6% 6.1% 12.0% -3.5% -5.4% Global Investment Banking Fees by Product (US$b) Global Quarterly Investment Banking Fees by Region (US$b) $15.2 $20.1 $26.6 $34.9 $24.7 $8.5 $11.3 $13.2 $15.0 $10.2 $15.8 $8.4 $21.6 $23.3 $11.5 $16.6 $3.9 $3.8 $35 $30 $25 $20 Q1 '12 vs. Q4 '11: Global (+8.8%) Japan (+36.9%) Asia-Pacific (-16.1%) EMEA (+10.1%) Americas (+13.3%) $17.9 $18.6 $23.2 $28.9 $17.2 $27.1 $24.6 $18.3 $4.0 $15 $10 $17.8 $18.7 $24.2 $23.1 $13.4 $18.4 $20.3 $17.0 $5.8 $5 2004 2005 2006 2007 2008 2009 2010 2011 '12YTD Bonds Equity Loans M&A $0 12341234123412341234123412341234123412341 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 '12-3 - Source: Thomson Reuters Deals Business Intelligence
Global Investment Banking Fees by Nation: First Quarter 2012 Fees (US$) / Year-over-Year Change (%) Americas Europe, Middle East & Africa Asia-Pacific & Japan Region Fees ($m) YOY Region Fees ($m) YOY Region Fees ($m) YOY Region Fees ($m) YOY North America $ 9,439-6.7% France & Benelux $ 1,102-25.2% Iberia 312-44.8% North Asia $ 1,195-31.7% South America 290-26.2% UK & Ireland 899-23.2% CIS 123-51.7% Japan 1,025-11.6% Caribbean 109-24.8% Germania 851 7.2% Middle East 103-15.2% Australasia 516-8.2% Central America 77-42.6% Southern Europe 461-10.1% CEE 71-7.6% Southeast Asia 266-25.7% Americas $ 9,915-8.1% Nordic 445-18.0% Africa 70-59.5% South Asia 203-1.3% EMEA 4,436-21.9% AsPac & Japan $ 3,205-20.6% Canada $1.28b / 10.3% United States $8.16b / -8.9% Mexico $71m / -37.4% Finland: $74m / 22.9% Sweden: $195m / -22.9% Norway: $98m / -38.3% Denmark: $59m / -7.3% Neth: $273m / -28.1% UK: $775m / -26.2% Germany: $619m / 4.3% Lux: $192m / -38.3% France: $561m / -18.1% Spain: $293m / -40.4% Switzerland: $208m / 48.3% Italy: $362m / 14.6% India $199m / -1.1% Russia $114m / -51.3% China $782m / -34.8% S. Korea: $150m / -13.2% Japan: $1.02b / -11.6% Hong Kong: $207m / -36.6% Singapore: $59m / -44.8% Malaysia: $79m / 29.3% Global IB Fees First Quarter 2012 $17.6b -14.4% YOY % Brazil $192m / -28.6% South Africa $48m / -64.8% Australia $487m / -6.9% -50% -20% -10% -5% 0% +5% +10% +20% +50% - 4 - Source: Thomson Reuters Deals Business Intelligence
Global Investment Banking: Top Banks - First Quarter 2012 (US$m) Rank Fees Share 2012 YOY Bank Name 2012 YOY 2011 YOY 1 - = JP Morgan $ 1,365.0-15.3% 7.8% -0.1 2 - = Bank of America Merrill Lynch 1,183.6-22.1% 6.7% -0.7 3 5 Citi 918.1 8.5% 5.2% 1.1 4 - = Morgan Stanley 903.0-18.0% 5.1% -0.2 5-2 Goldman Sachs & Co 859.7-25.3% 4.9% -0.7 6 - = Deutsche Bank AG 828.3-19.1% 4.7% -0.3 7 - = Credit Suisse 791.0-19.9% 4.5% -0.3 8-3 Barclays 714.77-30.8% 41% 4.1% -1.0 10 9 - = UBS 569.9-18.3% 3.2% -0.2 10 1 Wells Fargo & Co 490.0 28.1% 2.8% 0.9 11 3 RBC Capital Markets 488.2 58.9% 2.8% 1.3 12 3 HSBC Holdings PLC 366.9 27.6% 2.1% 0.7 13-1 RBS 362.6 2.7% 2.1% 0.3 14-4 BNP Paribas SA 287.3-26.2% 1.6% -0.3 15 1 Mizuho Financial Group 277.4 5.7% 1.6% 0.3 16-3 Nomura 239.6-27.5% 1.4% -0.2 17 1 Sumitomo Mitsui Finl Grp Inc 237.9 15.7% 1.4% 0.4 18 8 BMO Capital Markets 230.9 63.9% 1.3% 0.6 19 6 Mitsubishi UFJ Financial Group 206.9 44.3% 1.2% 0.5 20-3 Jefferies & Co Inc 197.2-18.4% 1.1% -0.1 21 6 TD Securities Inc 184.5 34.6% 1.1% 0.4 22 - = Lazard 161.5 6.6% 0.9% 0.2 23-3 Societe Generale 152.8-16.7% 0.9% 0.0 24-1 Scotiabank-Bank of Nova Scotia 150.4-0.3% 0.9% 0.1 25-6 Credit Agricole CIB 142.6-23.1% 0.8% -0.1 Global Total $ 17,556.3-14.4% Product Mix - First Quarter 2012 Bonds Equity Loans M&A - 5 - Source: Thomson Reuters Deals Business Intelligence
Global Investment Banking: Top Corporate Fee Payers (US$m) IB Fees (All Products) IB Fees By Product (2010-2012*) Top 3 Banks & Share (2010-2012*) Company Name Avg Ann'l 2010 2011 2012* Bonds Equity Loans M&A Top 3 Bank #1 Bank #2 Bank #3 GE $ 255 $ 269 $ 256 $ 47 44.7% JPM (18.5%) CITI (14.8%) MS (11.4%) AIG 203 250 156 50 43.5% MS (15.9%) CITI (15.7%) BOAML (11.9%) PPL Corp 196 252 187-65.7% BOAML (28.0%) CS (28.0%) WF (9.7%) American Intl Assurance Group 174 359 2 30 17.4% CS (5.8%) BOAML (5.8%) JPM (5.8%) Porsche Automobil Holding SE 167 130 219 27 26.2% CS (9.0%) MS (8.9%) HSBC (8.3%) Dai-ichi Life Insurance Co Ltd 158 349 7-78.1% NOM (37.4%) MIZU (29.8%) BOAML (10.9%) BHP Billiton Ltd 150 209 107 22 29.8% BARC (13.8%) UBS (9.0%) SBNS (7.0%) General Motors Co 123 274 4-36.8% JPM (14.1%) MS (13.7%) DB (9.0%) Ford Motor Co 123 126 90 60 33.4% DB (15.7%) JPM (8.9%) CITI (8.8%) Petrobras 119 211 37 20 24.9% BARC (8.8%) ROTH (8.8%) BBRASIL (7.3%) Kinder Morgan Inc 117-110 152 33.7% BARC (14.7%) GS (10.3%) BOAML (8.8%) Chesapeake Energy Corp 115 129 85 44 48.2% JEFF (29.3%) WF (9.8%) MS (9.1%) TEPCO 113 248 4 0 77.2% NOM (49.0%) SMFG (14.6%) DAIWA (13.7%) MetLife Inc 113 176 73 4 43.1% CS (16.2%) DB (14.6%) BOAML (12.3%) HCP Inc 110 151 91 5 49.1% UBS (17.6%) BOAML (16.0%) CITI (15.5%) Health Care REIT Inc 107 55 129 57 53.0% UBS (22.8%) BOAML (16.7%) JPM (13.5%) Enel SpA 107 182 34 24 26.3% INTESA SP (10.2%) UCG (8.5%) JPM (7.6%) General Growth Properties Inc 102 199 16 14 49.3% UBS (22.9%) Miller Buckfire (16.9%) WF (9.6%) INPEX Corp 101 225 2-73.9% NOM (37.6%) GS (20.9%) MIZU (15.3%) Beverage Packaging Hold (SIG) 100 149 75-100.0% CS (71.5%) HSBC (23.5%) ANZ (5.0%) Hewlett Packard Co 99 104 107 11 51.1% BARC (22.5%) MS (16.7%) JPM (11.9%) Linn Energy LLC 98 90 69 61 43.6% RBC (20.2%) CITI (12.1%) BNP (11.4%) Axa SA 97 95 114 7 44.2% DB (16.9%) CS (15.7%) MAQGR (11.6%) The Mosaic Co 96-216 - 81.3% JPM (35.7%) CS (30.3%) UBS (15.2%) HCA Holdings Inc 95 18 195-50.3% BOAML (19.7%) JPM (15.3%) CITI (15.3%) Top 25 Fee Payers 3,237 4,252 2,386 636 25.6% CS (8.9%) BOAML (8.4%) JPM (8.2%) All Others 50,812 50,195 52,248 11,711 20.4% JPM (7.9%) BOAML (6.9%) MS (5.6%) Global Total $ 54,049 $ 54,446 $ 54,633 $ 12,346 19.7% JPM (7.6%) BOAML (6.6%) MS (5.4%) Notes: - Excludes Governments & Agencies, Government Sponsored Enterprises, Financial Sponsors, Banks, Brokerages, Credit Institutions & Other Financials - 2012 volumes through March 31-6 - Source: Thomson Reuters Deals Business Intelligence
Global Investment Banking: Top Banks by Product/Region/Sector - First Quarter 2012 (US$m) By Sector By Product By Region IB Fees (US$m) Top 5 Banks by Fees & Share - First Quarter 2012 2012* 2011* YOY Δ Top 5 Bank #1 Bank #2 Bank #3 Bank #4 Bank #5 Global IB $ 17,556.3 $ 20,510.5-14.4% 29.8% JPM (7.8%) BOAML (6.7%) CITI (5.2%) MS (5.1%) GS (4.9%) Americas $ 9,915.0 $ 10,792.9-8.1% 37.6% JPM (9.8%) BOAML (9.4%) CITI (6.7%) MS (6.0%) CS (5.8%) Europe 4,255.3 5,385.9-21.0% 25.5% DB (6.9%) JPM (6.4%) HSBC (4.4%) BNP (4.0%) UBS (3.9%) Asia-Pacific 2,180.5 2,875.8-24.2% 21.2% UBS (5.3%) JPM (4.6%) GS (4.3%) HSBC (3.7%) DB (3.3%) Japan 1,024.6 1,159.4-11.6% 68.7% MIZU (19.3%) SMFG (19.3%) NOM (13.2%) MS (8.6%) MUFJ (8.2%) MEA 180.8 296.5-39.0% 33.6% BOAML (7.2%) DB (6.9%) MS (6.9%) HSBC (6.4%) CITI (6.1%) Bonds $ 5,849.8 $ 5,613.1 4.2% 34.9% JPM (9.0%) BOAML (7.4%) CITI (6.8%) DB (6.2%) BARC (5.5%) Equity 4,031.8 5,979.2-32.6% 28.3% JPM (7.2%) GS (6.0%) MS (5.4%) BOAML (5.2%) CITI (4.6%) Follow-On 2,752.7 3,451.5-20.2% 29.3% JPM (7.6%) GS (6.5%) MS (5.4%) BOAML (5.0%) CITI (4.8%) IPO 966.5 2,052.2-52.9% 26.6% GUOSEN (6.5%) JPM (6.0%) MS (5.4%) BOAML (4.4%) DB (4.3%) Convertible 312.7 475.5-34.2% 40.1% GS (8.7%) BOAML (8.6%) DB (8.5%) BARC (7.2%) JPM (7.1%) M&A 3,881.2 5,247.6-26.0% 31.0% MS (7.9%) GS (7.2%) CS (5.5%) JPM (5.4%) BOAML (5.0%) Loans 3,793.5 3,670.6 3.3% 33.6% BOAML (9.2%) JPM (8.9%) CITI (6.1%) WF (5.1%) DB (4.2%) Financials $ 5,100.2 $ 6,413.0-20.5% 30.8% JPM (7.9%) BOAML (6.3%) CS (5.7%) GS (5.6%) DB (5.4%) Energy & Power 2,777.0 2,784.8-0.3% 31.9% CS (7.6%) JPM (7.4%) BOAML (5.8%) CITI (5.6%) BARC (5.4%) Industrials 1,980.9 2,042.5-3.0% 24.7% DB (6.3%) JPM (5.8%) SMFG (4.4%) BOAML (4.2%) CITI (4.1%) Materials 1,401.4 1,735.7-19.3% 29.4% JPM (8.5%) CITI (6.1%) BOAML (6.0%) GS (4.5%) BMO (4.2%) High Tech 1,121.9 1,179.8-4.9% 41.4% MS (10.8%) JPM (9.5%) GS (7.5%) CITI (6.8%) BOAML (6.7%) Real Estate 942.4 1,133.7-16.9% 32.6% BOAML (10.3%) JPM (6.8%) WF (6.1%) UBS (4.7%) CITI (4.7%) Govt & Agencies 798.7 748.7 6.7% 31.4% DB (9.5%) HSBC (7.4%) JPM (6.0%) BARC (4.4%) CITI (4.1%) Healthcare 792.4 1,221.1-35.1% 41.8% BOAML (11.0%) MS (9.2%) JPM (8.3%) GS (8.3%) CITI (4.9%) Media & Ent 634.1 657.8-3.6% 41.3% BOAML (10.7%) JPM (8.8%) CITI (8.2%) DB (7.9%) MS (5.7%) Consumer Products 577.6 592.1-2.5% 43.1% BOAML (15.9%) WF (8.8%) JPM (7.3%) MS (7.0%) BARC (4.1%) Telecom 571.1 658.7-13.3% 32.5% JPM (8.6%) BOAML (6.8%) CITI (6.3%) CS (5.5%) BARC (5.3%) Consumer Staples 457.5 806.6-43.3% 31.8% JPM (10.5%) MS (6.1%) GS (5.6%) BOAML (4.9%) BARC (4.7%) Retail 401.0 536.1-25.2% 38.8% JPM (11.3%) BOAML (8.7%) GS (8.5%) LAZ (5.3%) CITI (5.0%) *IB Fees based on the period from January 01 through March 31-7 - Source: Thomson Reuters Deals Business Intelligence
Global Investment Banking: Top Banks by Product (US$m) Global M&A: Top Banks - First Quarter 2012 (US$m) Global Equity: Top Banks - First Quarter 2012 (US$m) Rank Fees Share Client Mix by Region Rank Fees Share Client Mix by Region 2012 Bank Name 2012 2012 Americas EMEA Asia-Pacific Japan 2012 Bank Name 2012 2012 Americas EMEA Asia-Pacific Japan 1 - = Morgan Stanley $ 305-23% 7.9% 0.3 1 - = JP Morgan $ 289-18% 7.2% 1.2 2 1 Goldman Sachs & Co 279-16% 7.2% 0.9 2 5 Goldman Sachs & Co 240-42% 6.0% -0.9 3 3 Credit Suisse 212-5% 5.5% 1.2 3 5 Morgan Stanley 218-35% 5.4% -0.2 4-2 JP Morgan 211-39% 5.4% -1.1 4-2 Bank of America Merrill Lynch 208-50% 5.2% -1.8 5-1 Bank of America Merrill Lynch 195-35% 5.0% -0.7 5 1 Citi 184-23% 4.6% 0.6 6-1 UBS 155-46% 4.0% -1.4 6-2 Deutsche Bank AG 174-36% 4.3% -0.3 7 4 Lazard 150 18% 3.9% 1.4 7 4 UBS 168-16% 4.2% 0.8 8 - = Barclays 133-31% 3.4% -0.2 8-3 Credit Suisse 149-41% 3.7% -0.5 9-2 Deutsche Bank AG 130-38% 3.3% -0.6 9 5 RBC Capital Markets 125 11% 3.1% 1.2 10-1 Rothschild 109-27% 2.8% 0.0 10-7 Barclays 104-57% 2.6% -1.4 11-1 Citi 104-30% 2.7% -0.1 11 7 Nomura 92-46% 2.3% -0.6 12 9 RBC Capital Markets 99 125% 2.6% 1.7 12 17 Sumitomo Mitsui Finl Grp Inc 68 136% 1.7% 1.2 13 6 Evercore Partners 81 40% 2.1% 1.0 13 - = Wells Fargo & Co 67-41% 1.7% -0.2 14 11 BMO Capital Markets 80 119% 2.0% 1.4 14 218 Guosen Securities Co Ltd 63-31% 1.6% 0.0 15-3 Jefferies & Co Inc 76-40% 2.0% -0.4 15 7 Jefferies & Co Inc 59 8% 1.5% 0.5 16 2 Houlihan Lokey 70 19% 1.8% 0.7 16 10 BMO Capital Markets 57 19% 1.4% 0.6 17 44 Moelis & Co 68 441% 1.7% 1.5 17 41 Macquarie Group 48-7% 1.2% 0.3 18-4 Nomura 62-40% 1.6% -0.4 18-6 HSBC Holdings PLC 48 69% 1.2% 0.7 19 n/a Qatalyst Partners 58-1.5% - 19 79 Raymond James Financial Inc 45-8% 1.1% 0.3 20 44 TD Securities Inc 48 306% 1.2% 1.0 20 60 CITIC 42 65% 1.0% 0.6 M&A Total $ 3,881-26% Equity Total $ 4,032-33% Global Bonds: Top Banks - First Quarter 2012 (US$m) Global Loans: Top Banks - First Quarter 2012 (US$m) Rank Fees Share Client Mix by Region Rank Fees Share Client Mix by Region 2012 Bank Name 2012 2012 Americas EMEA Asia-Pacific Japan 2012 Bank Name 2012 2012 Americas EMEA Asia-Pacific Japan 1 - = JP Morgan $ 529 8% 9.0% 0.3 1 1 Bank of America Merrill Lynch $ 350 1% 9.2% -0.2 2 - = Bank of America Merrill Lynch 430-6% 7.4% -0.8 2-1 JP Morgan 336-20% 8.9% -2.6 3 3 Citi 398 21% 6.8% 1.0 3 2 Citi 232 78% 6.1% 2.6 4 - = Deutsche Bank AG 363-12% 6.2% -1.2 4 6 Wells Fargo & Co 194 74% 5.1% 2.1 5-2 Barclays 324-25% 5.5% -2.1 5 2 Deutsche Bank AG 161 26% 4.2% 0.8 6 2 Morgan Stanley 304 7% 5.2% 0.2 6 3 Mitsubishi UFJ Financial Group 159 35% 4.2% 1.0 7-2 Credit Suisse 289-15% 4.9% -1.1 7 1 Mizuho Financial Group 155 28% 4.1% 0.8 8-1 Goldman Sachs & Co 274-13% 4.7% -0.9 8-5 Barclays 154-9% 4.1% -0.6 9 3 HSBC Holdings PLC 225 39% 3.9% 1.0 9-5 Credit Suisse 140-17% 3.7% -0.9 10 3 Wells Fargo & Co 205 58% 3.5% 1.2 10 5 RBS 120 65% 3.2% 1.2 11 - = UBS 190 9% 3.2% 0.1 11-5 Sumitomo Mitsui Finl Grp Inc 118-7% 3.1% -0.4 12-3 RBS 184-11% 3.1% -0.5 12 12 RBC Capital Markets 106 238% 2.8% 1.9 13-3 BNP Paribas SA 164-9% 2.8% -0.4 13 - = Morgan Stanley 76-12% 2.0% -0.4 14 - = RBC Capital Markets 158 33% 2.7% 0.6 14 9 SunTrust Banks 70 107% 1.9% 0.9 15 1 Credit Agricole CIB 83 21% 1.4% 0.2 15-4 BNP Paribas SA 68-36% 1.8% -1.1 16 5 Mizuho Financial Group 75 67% 1.3% 0.5 16-4 Goldman Sachs & Co 67-27% 1.8% -0.7 17 1 Nomura 73 36% 1.3% 0.3 17-3 HSBC Holdings PLC 61-17% 1.6% -0.4 18-1 Societe Generale 72 30% 1.2% 0.2 18 3 UBS 57 49% 1.5% 0.5 19 - = Scotiabank-Bank of Nova Scotia 64 27% 1.1% 0.2 19 13 KeyBanc Capital Markets Inc 51 121% 1.4% 0.7 20-5 TD Securities Inc 56-21% 1.0% -0.3 20 17 BMO Capital Markets 49 155% 1.3% 0.8 Bonds Total $ 5,850 4% Loans Total $ 3,793 3% - 8 - Source: Thomson Reuters Deals Business Intelligence
Global Investment Banking: Top Banks by Region (US$m) Americas Investment Banking: Top Banks - First Quarter 2012 (US$m) EMEA Investment Banking: Top Banks - First Quarter 2012 (US$m) Rank Fees Share Product Mix Rank Fees Share Product Mix 2012 Bank Name 2012 2012 Bonds Equity Loans M&A 2012 Bank Name 2012 2012 Bonds Equity Loans M&A 1 - = JP Morgan $ 968-16% 9.8% -1.0 1 - = Deutsche Bank AG $ 305-21% 6.9% 0.1 2 - = Bank of America Merrill Lynch 931-17% 9.4% -1.0 2 - = JP Morgan 278-21% 6.3% 0.1 3 4 Citi 666 22% 6.7% 1.6 3 10 HSBC Holdings PLC 200 33% 4.5% 1.9 4 1 Morgan Stanley 594-14% 6.0% -0.4 4 1 BNP Paribas SA 175-33% 4.0% -0.7 5 1 Credit Suisse 573-7% 5.8% 0.1 5 5 UBS 174-3% 3.9% 0.8 6-2 Goldman Sachs & Co 561-23% 5.7% -1.1 6 3 Citi 169-24% 3.8% -0.1 7-4 Barclays 507-32% 5.1% -1.8 7 - = Bank of America Merrill Lynch 168-27% 3.8% -0.3 8 1 Wells Fargo & Co 480 29% 4.8% 1.4 8-4 Goldman Sachs & Co 167-37% 3.8% -0.9 9-1 Deutsche Bank AG 430-20% 4.3% -0.6 9-6 Credit Suisse 166-41% 3.7% -1.2 10 1 RBC Capital Markets 394 63% 4.0% 1.7 10-4 Morgan Stanley 165-31% 3.7% -0.5 11-1 UBS 272-21% 2.7% -0.4 11-3 Barclays 158-29% 3.6% -0.4 12 2 BMO Capital Markets 217 62% 2.2% 0.9 12-1 RBS 142-9% 3.2% 0.4 13 - = RBS 193 23% 1.9% 0.5 13-1 Societe Generale 126-19% 2.8% 0.1 14-2 Jefferies & Co Inc 179-17% 1.8% -0.2 14 - = Credit Agricole CIB 100-26% 2.2% -0.1 15 3 TD Securities Inc 152 62% 1.5% 0.7 15 - = UniCredit 94-19% 2.1% 0.1 16-1 Scotiabank-Bank of Nova Scotia 130-1% 1.3% 0.1 16 - = Rothschild 92-7% 2.1% 0.3 17-1 CIBC World Markets Inc 102-12% 1.0% 0.0 17 5 RBC Capital Markets 76 25% 1.7% 0.6 18 3 SunTrust Banks 95 31% 1.0% 0.3 18 1 Nomura 72 2% 1.6% 0.4 19 10 Lazard 94 86% 0.9% 0.5 19 15 Lloyds Bank 62 77% 1.4% 0.8 20-3 BNP Paribas SA 88-13% 0.9% 0.0 20 3 Commerzbank AG 60 5% 1.4% 0.3 Americas Total $ 9,915-8% EMEA Total $ 4,436-22% Asia-Pacific Investment Banking: Top Banks - First Quarter 2012 (US$m) Japan Investment Banking: Top Banks - First Quarter 2012 (US$m) Rank Fees Share Product Mix Rank Fees Share Product Mix 2012 Bank Name 2012 2012 Bonds Equity Loans M&A 2012 Bank Name 2012 2012 Bonds Equity Loans M&A 1 - = UBS $ 115-29% 5.3% -0.4 1 1 Mizuho Financial Group $ 198 5% 19.3% 3.0 2 3 JP Morgan 100 12% 4.6% 1.5 2 1 Sumitomo Mitsui Finl Grp Inc 197 41% 19.3% 7.2 3-1 Goldman Sachs & Co 95-21% 4.3% 0.2 3-2 Nomura 135-36% 13.2% -5.0 4 11 HSBC Holdings PLC 80 74% 3.7% 2.1 4 2 Morgan Stanley 88-14% 8.6% -0.3 5-2 Deutsche Bank AG 73-22% 3.3% 0.1 5 2 Mitsubishi UFJ Financial Group 84 12% 8.2% 1.7 6 5 Citi 69 14% 3.2% 1.1 6-2 Daiwa Securities Group Inc 50-53% 4.9% -4.4 7 3 Bank of America Merrill Lynch 64 1% 3.0% 0.7 7 1 Goldman Sachs & Co 37 9% 3.6% 0.7 8-4 Guosen Securities Co Ltd 64-31% 2.9% -0.3 8 6 Deutsche Bank AG 21 164% 2.0% 1.3 9-1 Macquarie Group 60-22% 2.8% 0.1 9-4 Bank of America Merrill Lynch 20-81% 2.0% -7.0 10-1 Morgan Stanley 56-20% 2.6% 0.1 10 1 JP Morgan 19 39% 1.9% 0.7 11 6 Standard Chartered PLC 55 40% 2.5% 1.2 11 5 Barclays 19 193% 1.8% 1.3 12 14 CITIC 50 65% 2.3% 1.2 12-3 Citi 15-15% 1.4% -0.1 13-7 Credit Suisse 49-42% 2.2% -0.7 13 - = Sumitomo Mitsui Trust Holdings 12 5% 1.2% 0.2 14 31 China International Capital Co 38 135% 1.8% 1.2 14 36 Development Bank of Japan Inc 11 1128% 1.0% 1.0 15 5 Haitong Securities Co Ltd 32-13% 1.4% 0.2 15-3 UBS 9-25% 0.9% -0.2 16 6 Bank of China Ltd 31-11% 1.4% 0.2 16 6 GCA Savvian Group Corp 7 46% 0.7% 0.3 17-5 Barclays 30-48% 1.4% -0.6 17 20 Tokai Tokyo Financial Holdings 6 232% 0.5% 0.4 18 16 Everbright Securities Co Ltd 30 30% 1.4% 0.6 18 n/a Greenhill & Co, LLC 5-0.5% 0.5 19 11 ANZ Banking Group 28 4% 1.3% 0.3 19 13 RBS 5 152% 0.5% 0.3 20 3 Axis Bank Ltd 28-12% 1.3% 0.2 20 14 TD Securities Inc 4 116% 0.4% 0.2 Asia-Pacific Total $ 2,181-24% Japan Total $ 1,025-12% - 9 - Source: Thomson Reuters Deals Business Intelligence
Thomson Reuters Solutions for the Deal Making Community FOR INVESTMENT BANKERS ThomsonONE.com Investment Banking is our flagship desktop solution that combines real-time market data and Reuters news with our world class reference data. It includes access to Recent Deals, Active Acquirers and M&A New Issues terms and conditions. SOLUTION FOR Managing Client Relationships Deal Origination New Issues Pre-Marketing / Roadshows FOR JUNIOR BANKERS (COMING SOON) Thomson Reuters Advanced Analytics for deal making improves efficiency at every step, from screening and targeting, to comparables analysis, building league tables, valuing a company and developing a client pitch book. This set of analytical and presentation tools enables you to undertake all these key tasks without having to leave Microsoft Office. You can also access our key content sets easily to support your analysis. SOLUTION FOR Financial Modeling Customized League Tables Simple Deals screening Valuation analysis and comparable deal screening Full integration into Microsoft Office for on-brand pitch book creation FOR INFORMATION PROFESSIONALS, MARKET DATA, RESEARCH SDC Platinum is the world s foremost financial transactions database, covering new issues, M&A, syndicated loans, private equity, project finance, poison pills, and more. SOLUTION FOR Market Analysis & Trends (Geography, Sector, Asset Class, Deal Type, Deal Size, etc.) Deal Origination (Debt Maturity Analysis, Company Lifecycle including Private Equity) Pitch Creation (Firm Credentials, Representative Acquirors) M&A Targeting (Active Strategic/Sponsor Acquirors, Target Company Screener) Negotiation (T&C Benchmarking) FOR STRATEGY AND PLANNING TEAMS Thomson Reuters Deals Business Intelligence enables you to slice and dice our renowned Deals and Fees data to create ad hoc reports, analyze market trends, benchmark your performance and identify opportunities all within a tool built into your workflow in Excel, saving you valuable time and giving you a competitive edge. SOLUTION FOR Conducting market analysis and identifying trends Benchmarking your performance and monitoring competitors Targeting clients by wallet size and banking relationship Allocating resources more effectively by evaluating and analyzing lost deals Send us a sales enquiry at: financial.thomsonreuters.com/sales Read more about our products at: financial.thomsonreuters.com/products To purchase individual Thomson Reuters Deals or League Table reports, please contact our Thomson Reuters On Demand group: Web: http://financial.thomsonreuters.com/ondemand Email: trondemand@thomsonreuters.com Access unique analysis for free anytime using Thomson Reuters Deals Intelligence website and receive regular updates, delivered direct to your inbox. Go to online.thomsonreuters.com/dealsintelligence Microsoft, Office, Word, Excel and PowerPoint are either registered trademarks or trademarks of Microsoft Corporation in the United States and/or other countries. Copyright 2012 Thomson Reuters. All rights reserved. 48003848 0312.