Reuters / Baz Ratner FULL YEAR 2017
Global IB Fees Hit Record High Technology Fees Down 10% JP Morgan Tops Rankings Financial Sponsor Fees Up 24% Global Investment Banking Fees Total US$103.9 Billion; Highest Annual Total for IB Fees Since Our Records Began in 2000; Japan Fees Up 50% Stability at the Top of Global Investment Banking Fee Rankings; JP Morgan Retains the Top Spot; the Top Ten Banks Lose a Collective 0.6 Wallet Share Points Financials Fees Accounts for 30% of the Overall Fee Pool; Technology Fees Down 10%; Fees in Consumer Products, Telecoms, and Retail Register Sharp Growth Financial Sponsor Fees Up 24%; Blackstone Group and Goldman Sachs Top the Financial Sponsor Rankings Mergers & Acquisition Fees Up 2%; Debt Capital Markets Fees Up ; Equity Capital Markets Up 42%; Syndicated Lending Fees Up 16% Estimated fees generated by global investment banking activities totaled US$103.9 billion during full year 2017, a 16% increase compared to the previous year and the highest annual total for IB fees since our records began in 2000. Estimated fees in the Americas reached US$51.3 billion, the region s second largest full year total since 2007. Investment banking activity in the Asia-Pacific region totaled US$21.6 billion in fees, a 16% uptick compared a year ago and the region s highest annual total on record. Similarly, fees in Japan hit an all-time high of US$5.5 billion, a 50% increase compared to 2016. JP Morgan retained the top spot in the global investment banking rankings, earning an estimated US$6.7 billion in fees, or 6% of global wallet share. Goldman Sachs and Citi retained the second and fifth rankings, respectively, from last year. Bank of America Merrill Lynch took the third spot, up from fourth last year, while Morgan Stanley fell to fourth. The top five banks, by fees, all registered double-digit growth in IB fees compared to a year ago, accumulating a collective 27% of global wallet share. Fees generated by Financials-related transactions during full year 2017 comprised the largest share of the global fee pool with US$31.6 billion in fees, a 27% increase compared the previous year. Fees generated by transactions in the Technology sector totaled US$7.2 billion, a 10% decrease compared to 2016. Estimated IB fee revenue from the Consumer Products, Telecommunications, and Retail sectors all registered sharp growth compared to a year ago, increasing 35%, 41%, and 38% percent, respectively. JP Morgan topped the fee rankings in the five largest sectors of the year. IB fees produced by financial sponsors and their portfolio companies totaled a collective US$12.2 billion during full year 2017, a 24% uptick compared to full year 2016. Imputed fees from portfolio company activities accounted for 36% of the overall fee wallet, or US$4.32 billion. M&A exits constituted the next largest share with US$4.28 billion in fees. The Blackstone Group took the top spot in the Financial Sponsor rankings, up from third last year, with an 87% increase in fees paid. Goldman Sachs retained the top spot for Investment Banks, earning an estimated US$1.1 billion in fees. The M&A advisory fee pool totaled US$28.1 billion during full year 2017, a 2% increase compared to the last year, and accounted for 27% of the global fee pool. Debt capital markets underwriting generated US$31.3 billion in fees, up compared to the previous year and the highest annual total for DCM on record. Fees from equity capital markets underwriting reached US$22.4 billion during full year 2017, with Follow-On offerings and IPOs constituting 57% and 35% of ECM fees, respectively. Syndicated Lending fees registered a 16% uptick compared to a year ago, contributing US$22.2 billion to global fee pool. MEDIA CONTACT: CRITERIA SUMMARY: Americas Ilya Hemlin ilya.hemlin@thomsonreuters.com All data is as of 9:00am ET on January 2, 2018 and sourced via Deals Business Intelligence Europe Asia-Pacific Eddie Dunthorne Janet Jin eddie.dunthorne@thomsonreuters.com janet.jin@thomsonreuters.com Volumes based on Thomson Reuters industry-leading Deals content (M&A, Equity, Bonds and Loans) and algorithm for imputing investment banking fees Thomson Reuters Deals Intelligence, a part of Thomson Reuters Advisory & Investing division, brings up to the minute market intelligence to our clients and the financial media through a variety of research reports including Daily Deals Insight, weekly Investment Banking Scorecard, monthly Deals Snapshots and our industry-leading quarterly reviews highlighting trends in M&A and Capital Markets. Date periods referred to within based on the effective date for M&A, the issue date for Equity and Bonds and the closing date for Loans Geographies and sectors are based on the nation of headquarters and macro industry of the deal participant's parent - 2 - Source: Thomson Reuters Deals Business Intelligence
Global Investment Banking Fee Trend (US$b) Global IB Fees by Region: Full Year 2017 (US$m) $69.8 $79.3 5.1% CAGR 2009-2017 $96.4 $83.5 $76.1 $77.0 $92.0 $89.9 $103.9 Americas $ 51,281.6 fees 11.1% Global $ 103,922.1 fees 15.6% EMEA Japan $ 25,529.7 fees $ 5,500.4 fees 19.5% 50.4% Asia-Pacific $ 21,610.4 fees 15.7% 2009 2010 2011 2012 2013 2014 2015 2016 2017 YOY % 13.5% -4.0% 1.2% 8.5% 15.4% -4.5% -2.4% 15.6% Global Investment Banking Fees by Product (US$b) 45% 40% 35% 30% 31% 30% 30% 27% 27% 28% 27% 25% 26% 25% 23% 23% 21% 21% 21% 20% 19% 20% 10% 11% 5% Global Quarterly Investment Banking Fees by Region (US$b) $35 $30 $25 $20 $15 $10 $5 Q4 '17 vs. Q3 '17: Global (-2.9%) Japan (-19.0%) Asia-Pacific (-4.5%) EMEA (-5.5%) Americas (+1.3%) 0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 $0 123412341234123412341234123412341234123412341234 Bonds Equity Loans M&A 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017-3 - Source: Thomson Reuters Deals Business Intelligence
Global IB Fees by Nation: Full Year 2017 Fees (US$) / Year-over-Year Change (%) - 4 - Source: Thomson Reuters Deals Business Intelligence
Global Investment Banking: Top Banks - Full Year 2017 (US$m) Rank Fees (US$m) Share 2017 YOY Bank Name 2017 YOY 2017 YOY 1 - = JP Morgan $ 6,701 16.4% 6.4% 0.0 2 - = Goldman Sachs & Co 5,938 14.1% 5.7% -0.1 3 1 Bank of America Merrill Lynch 5,275 16.6% 5.1% 0.0 4-1 Morgan Stanley 5,076 11.6% 4.9% -0.2 5 - = Citi 5,025 24.8% 4.8% 0.4 6 1 Credit Suisse 3,472 18.3% 3.3% 0.1 7-1 Barclays 3,414 6.7% 3.3% -0.3 8 - = Deutsche Bank 2,822 1.7% 2.7% -0.4 9 1 RBC Capital Markets 2,145 20.5% 2.1% 0.1 10-1 Wells Fargo & Co 2,050 1.5% 2.0% -0.3 11 2 HSBC Holdings PLC 2,013 29.3% 1.9% 0.2 12-1 UBS 1,928 18.1% 1.9% 0.0 13 2 Mizuho Financial Group 1,733 23.0% 1.7% 0.1 14 - = BNP Paribas SA 1,694 14.0% 1.6% 0.0 15 4 Sumitomo Mitsui Finl Grp Inc 1,436 48.4% 1.4% 0.3 16 5 Mitsubishi UFJ Financial Group 1,342 42.3% 1.3% 0.2 17 10 Bank of China Ltd 1,332 90.7% 1.3% 0.5 18-2 Jefferies LLC 1,330 29.9% 1.3% 0.1 19-7 US Bancorp 1,202-23.1% 1.2% -0.6 20 - = Nomura 1,160 21.3% 1.1% 0.1 21 4 BMO Capital Markets 1,086 46.4% 1.0% 0.2 22 7 TD Securities Inc 992 49.2% 1.0% 0.2 23-5 Lazard 972 0.1% 0.9% -0.1 24 2 Credit Agricole CIB 942 27.7% 0.9% 0.1 25-2 CITIC 875 9.7% 0.8% 0.0 Global Total $ 103,922 15.6% Product Mix - Full Year 2017 Bonds Equity Loans M&A - 5 - Source: Thomson Reuters Deals Business Intelligence
Global Investment Banking: Top Banks by Product/Region/Sector - Full Year 2017 (US$m) By Region By Product By Sector IB Fees (US$m) Top 5 Banks by Fees & Share - Full Year 2017 2017 2016 YOY Top 5 Bank #1 Bank #2 Bank #3 Bank #4 Bank #5 Global IB $ 103,922.1 $ 89,862.3 15.6% 27.0% JPM (6.4%) GS (5.7%) BOAML (5.1%) MS (4.9%) CITI (4.8%) Americas $ 51,281.6 $ 46,173.3 11.1% 36.8% JPM (8.8%) GS (8.0%) BOAML (7.5%) CITI (6.4%) MS (6.1%) Europe 23,739.3 19,588.6 21.2% 23.6% JPM (6.3%) GS (4.7%) DB (4.3%) BNPP (4.2%) BOAML (4.2%) Asia-Pacific 21,610.4 18,674.8 15.7% 17.6% BofCH (5.6%) CITIC (4.0%) ICBC (3.2%) MS (2.4%) CITI (2.4%) Japan 5,500.4 3,657.8 50.4% 62.9% MIZUHO (18.4%) SMFG (17.4%) NOMURA (10.8%) DAIWA (8.3%) MUFJ (7.9%) MEA 1,790.3 1,767.8 1.3% 26.4% CITI (6.4%) HSBC (5.9%) JPM (5.5%) MS (4.6%) GS (4.0%) Bonds $ 31,251.6 $ 27,221.1 14.8% 27.3% JPM (7.1%) CITI (5.8%) BOAML (5.6%) GS (4.5%) MS (4.4%) M&A 28,077.8 27,656.6 1.5% 31.2% GS (8.8%) JPM (6.6%) MS (6.3%) BOAML (5.2%) CITI (4.3%) Equity 22,417.9 15,843.6 41.5% 28.5% MS (6.6%) JPM (6.6%) GS (6.1%) CITI (5.0%) BOAML (4.1%) Follow-On 12,865.4 10,061.6 27.9% 29.2% GS (6.9%) MS (6.7%) JPM (6.1%) BOAML (4.9%) CITI (4.5%) IPO 7,752.3 4,397.3 76.3% 27.4% MS (6.3%) CITI (6.0%) JPM (5.5%) GS (4.8%) CS (4.8%) Convertible 1,800.2 1,384.6 30.0% 39.6% JPM (14.8%) MS (7.2%) DB (6.2%) GS (5.9%) BOAML (5.4%) Loans 22,174.8 19,141.1 15.8% 22.7% BOAML (5.3%) JPM (5.2%) USBANC (4.6%) CITI (3.9%) BofCH (3.7%) Financials $ 31,567.8 $ 24,881.4 26.9% 26.7% JPM (6.0%) GS (5.5%) CITI (5.2%) BOAML (5.0%) MS (5.0%) Energy & Power 10,949.1 10,760.5 1.8% 27.1% JPM (6.9%) CITI (6.1%) GS (5.0%) BOAML (4.7%) BARC (4.4%) Industrials 10,201.9 8,816.8 15.7% 22.8% JPM (5.3%) CITI (4.7%) GS (4.5%) BOAML (4.2%) MS (4.1%) High Tech 7,155.2 7,969.3-10.2% 34.2% JPM (9.5%) GS (9.1%) MS (6.7%) BOAML (5.0%) CS (4.0%) Healthcare 6,615.8 5,693.4 16.2% 36.4% JPM (10.7%) GS (8.9%) BOAML (6.3%) MS (5.9%) CITI (4.7%) Materials 6,335.0 5,623.1 12.7% 25.4% GS (6.3%) CITI (6.0%) JPM (5.8%) BOAML (3.9%) DB (3.4%) Govt & Agencies 6,108.0 4,852.5 25.9% 18.6% JPM (4.2%) CITI (4.0%) BofCH (3.7%) ICBC (3.4%) HSBC (3.3%) Real Estate 5,785.5 4,897.6 18.1% 26.7% BOAML (6.4%) MS (5.7%) JPM (5.7%) GS (4.7%) CITI (4.1%) Consumer Products 5,421.7 4,031.5 34.5% 25.0% GS (6.0%) JPM (5.9%) MS (4.5%) BARC (4.4%) BOAML (4.3%) Consumer Staples 3,869.2 4,021.1-3.8% 26.8% JPM (6.0%) GS (5.7%) MS (5.3%) BOAML (5.3%) DB (4.5%) Media & Ent 3,350.8 3,610.4-7.2% 33.1% GS (7.8%) MS (7.0%) BOAML (6.9%) JPM (5.8%) DB (5.6%) Telecom 3,284.5 2,327.6 41.1% 32.4% BOAML (7.5%) CITI (7.2%) MS (7.2%) JPM (5.8%) MIZUHO (4.8%) Retail 3,277.7 2,377.2 37.9% 35.0% BOAML (8.6%) GS (7.4%) MS (7.0%) JPM (6.6%) BARC (5.4%) *IB fees based on the period from January 01 through December 31-6 - Source: Thomson Reuters Deals Business Intelligence
Global Investment Banking: Top Corporate Fee Payers (US$m) IB Fees - All Products (US$m) IB Fees By Product (2015-2017*) Top 3 Banks & Share (2015-2017*) Company Name Avg Ann'l 2015 2016 2017* Bonds Equity Loans M&A Top 3 Bank #1 Bank #2 Bank #3 Charter Communications Inc $ 299 $ 491 $ 256 $ 151 55.8% GS (22.8%) BOAML (18.0%) UBS (15.0%) GE 289 425 194 248 44.1% JPM (23.0%) CITI (11.0%) GS (10.1%) Anheuser-Busch Inbev SA/NV 271 265 384 163 32.0% DB (14.5%) BOAML (9.0%) BARC (8.6%) SoftBank Group Corp 229 104 204 378 46.3% MIZUHO (29.3%) SMFG (9.9%) CACIB (7.1%) AT&T Inc 212 187 166 283 28.9% JPM (11.2%) BOAML (9.6%) MIZUHO (8.1%) Japan Post Holdings Co Ltd 200 217-382 57.7% NOMURA (24.8%) DAIWA (20.3%) MS (12.6%) Banco Santander SA 199 192 97 309 32.8% GS (15.3%) UBS (10.4%) CITI (7.1%) Western Digital Corp 198-572 21 82.5% USBANC (68.5%) BOAML (7.6%) JPM (6.3%) Denali Holding Inc 189 22 544-39.4% CITI (13.3%) JPM (13.2%) BARC (13.0%) Toyota Motor Corp 174 274 146 103 60.1% NOMURA (46.6%) MUFJ (7.8%) SMFG (5.7%) Teva Pharmaceutical Industries 156 237 185 46 40.4% BARC (14.6%) GREENHILL (12.9%) MS (12.8%) China National Chemical Corp 153 61 236 162 20.2% CITIC (7.2%) MS (6.7%) HSBC (6.3%) China Investment Corp 152 124 127 204 19.8% HSBC (8.2%) UBS (6.2%) BoComm (5.3%) TransCanada Corp 143 30 304 94 39.2% RBC (13.3%) TD (13.2%) JPM (12.7%) Next Alt SARL 142 210 104 113 43.6% JPM (20.6%) BNPP (12.5%) BARC (10.5%) Actavis PLC 140 421 - - 60.0% JPM (36.0%) MIZUHO (15.1%) WF (8.9%) Cheniere Energy Inc 136 238 87 82 24.6% SG (10.8%) MS (7.0%) MUFJ (6.7%) CVS Health Corp 135 189 25 190 67.8% BARC (37.9%) BOAML (15.5%) GS (14.4%) Credit Suisse Group AG 130 140 104 146 24.1% SANT (9.4%) CITI (8.0%) WF (6.7%) Microsoft Corp 127 141 143 97 39.6% JPM (13.5%) BOAML (13.5%) BARC (12.5%) UniCredit SpA 126 14 21 343 24.3% MS (11.0%) UBS (6.8%) JPM (6.5%) Southern Co 124 97 201 73 41.5% CITI (19.6%) BOAML (11.5%) WF (10.5%) Dell Technologies Inc 123-301 70 38.3% JPM (13.4%) CS (12.8%) RBC (12.1%) Valeant Pharms Intl Inc 120 195-165 46.9% DB (18.1%) BARC (17.6%) MS (11.2%) Verizon Communications Inc 119 60 96 203 31.3% GUGG (11.2%) BOAML (10.3%) JPM (9.9%) Top 25 Fee Payers 4,286 4,335 4,497 4,026 21.3% JPM (8.2%) BOAML (6.7%) GS (6.4%) All Others 76,197 74,383 71,389 82,819 18.8% JPM (6.9%) GS (6.4%) BOAML (5.6%) Global Total $ 80,483 $ 78,718 $ 75,887 $ 86,845 18.0% JPM (6.6%) GS (6.1%) BOAML (5.4%) Notes: - Excludes Governments & Agencies, Government Sponsored Enterprises and self funded/advisory fees * 2017 volumes through December 31-7 - Source: Thomson Reuters Deals Business Intelligence
Financial Sponsor Fee Trend (US$b) $18 $16 16% 16% $14 14% $12 13% 12% 11% $10 10% $8 $15.7 $6 5% $13.4 $12.7 $11.2 $9.6 $9.8 $12.2 $4 $8.0 $2 $3.7 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 Sponsor Fees (US$b) Sponsor Fees as % of IB 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Top Financial Sponsors by Fees - Full Year 2017 (US$m) Rank Fees (US$m) By Activity (Full Year 2017) ('17/'16) Sponsor Name 2017 YOY Buyouts Acq Fin. Exits Portfolio Other (1/3) Blackstone Group LP $ 679 87% (2/4) KKR & Co LP 448 66% (3/2) The Carlyle Group LP 348-4% (4/8) CVC Capital Partners Ltd 321 51% (5/1) Apollo Global Management LLC 278-27% (6/15) TPG Capital LP 260 126% (7/18) Clayton Dubilier & Rice LLC 252 135% (8/31) Bain Capital LP 230 >200% (9/5) Advent International Corp 175-31% (10/17) EQT Partners AB 166 51% (11/10) Vista Equity Partners LLC 158-5% (12/19) BC Partners LLP 147 45% (13/50) Onex Corp 146 >200% (14/61) Fortress Investment Group LLC 142 >200% (15/48) New Mountain Capital LLC 139 >200% (16/12) Cerberus Capital Management LP 135 0% (17/7) Permira Advisers LLP 126-42% (18/13) PAI Partners SAS 111-7% (19/34) American Securities LLC 108 63% (20/25) Warburg Pincus LLC 104 30% Sponsor Total $ 12,184 24% Financial Sponsor Fees by Activity Type (US$b) 40% 35% 30% 25% 20% 10% 5% 0% 22% 33% 35% 18% 17% 17% 17% 31% 18% 14% 29% 17% 12% 32% 21% - Financial sponsor fees based on pro rata methodology - Buyouts* include fees from related acquisition financings - Portfolio company activity included if sponsor's holding is estimated at 20+% - Other includes fees from capital raisings by and/or acquisitions of financial sponsors 36% 35% 19% 16% 2009 2010 2011 2012 2013 2014 2015 2016 2017 Buyouts* Exits (M&A & ECM) M&A Exits ECM Exits 23% 9% 27% 21% Financial Sponsors: Top Banks - Full Year 2017 (US$m) Rank Fees (US$m) By Activity (Full Year 2017) ('17/'16) Sponsor Name 2017 YOY Buyouts Acq Fin. Exits Portfolio Other (1/1) Goldman Sachs & Co $ 1,050 50% (2/3) Morgan Stanley 800 53% (3/7) JP Morgan 770 58% (4/5) Bank of America Merrill Lynch 734 42% (5/2) Credit Suisse 714 25% (6/4) Barclays 564 9% (7/6) Citi 554 13% (8/8) Deutsche Bank 441-5% (9/9) Jefferies LLC 431 22% (10/10) RBC Capital Markets 308 14% (11/11) UBS 301 13% (12/15) Wells Fargo & Co 200 45% (13/12) Rothschild & Co 194 - (14/13) BNP Paribas SA 192 7% (15/18) Nomura 174 40% (16/20) HSBC Holdings PLC 162 35% (17/16) Lazard 161 27% (18/23) BMO Capital Markets 146 40% (19/22) Macquarie Group 141 24% (20/14) Houlihan Lokey 121-17% Sponsor Total $ 12,184 24% - 8 - Source: Thomson Reuters Deals Business Intelligence
Global Investment Banking: Top Banks by Product (US$m) Global M&A: Top Banks - Full Year 2017 (US$m) Global Equity: Top Banks - Full Year 2017 (US$m) Rank Fees Share Client Mix by Region Rank Fees Share Client Mix by Region 2017 YOY Bank Name 2017 YOY 2017 YOY Americas EMEA Asia-Pacific Japan 2017 YOY Bank Name 2017 YOY 2017 YOY Americas EMEA Asia-Pacific Japan 1 - = Goldman Sachs & Co $ 2,464-3% 8.8% -0.4 1 4 Morgan Stanley $ 1,485 65% 6.6% 1.0 2 1 JP Morgan 1,859-2% 6.6% -0.2 2-1 JP Morgan 1,476 32% 6.6% -0.5 3-1 Morgan Stanley 1,757-17% 6.3% -1.4 3 1 Goldman Sachs & Co 1,369 69% 6.1% 1.0 4 - = Bank of America Merrill Lynch 1,448 45% 5.2% 1.6 4-1 Citi 1,125 58% 5.0% 0.5 5 - = Citi 1,220 23% 4.3% 0.8 5-3 Bank of America Merrill Lynch 923 23% 4.1% -0.6 6 1 Lazard 972 0% 3.5% 0.0 6 3 Credit Suisse 863 50% 3.9% 0.2 7 2 Credit Suisse 914 2% 3.3% 0.0 7 7 UBS 633 61% 2.8% 0.3 8 - = Barclays 893-3% 3.2% -0.2 8-1 Deutsche Bank 617 38% 2.8% -0.1 9-3 Rothschild & Co 802-19% 2.9% -0.7 9-3 Barclays 500 24% 2.2% -0.3 10 - = Evercore Partners 731 1% 2.6% 0.0 10 1 RBC Capital Markets 417 26% 1.9% -0.2 11 1 UBS 594 5% 2.1% 0.1 11 5 Nomura 392 31% 1.7% -0.1 12-1 Deutsche Bank 576-3% 2.1% -0.1 12 10 CITIC 369 18% 1.6% -0.3 13 4 RBC Capital Markets 430-5% 1.5% -0.1 13-5 Wells Fargo & Co 314 22% 1.4% -0.2 14 - = Jefferies LLC 426-23% 1.5% -0.5 14 31 Jefferies LLC 306 51% 1.4% 0.1 15 - = Houlihan Lokey 418-22% 1.5% -0.4 15 3 Sumitomo Mitsui Finl Grp Inc 291 99% 1.3% 0.4 16-3 Centerview Partners LLC 358-35% 1.3% -0.7 16 21 Daiwa Securities Group Inc 286 157% 1.3% 0.6 17-1 Moelis & Co 325-32% 1.2% -0.6 17 8 China Securities Co Ltd 267 42% 1.2% 0.0 18 2 BNP Paribas SA 283 8% 1.0% 0.1 18 36 GF Securities 238 33% 1.1% -0.1 19 6 Guggenheim Securities LLC 251 31% 0.9% 0.2 19 17 BMO Capital Markets 236 7% 1.1% -0.3 20 4 Industrial & Comm Bank China 237 22% 0.8% 0.1 20 31 China International Capital Co 227 49% 1.0% 0.1 M&A Total $ 28,078 2% Equity Total $ 22,418 41% Global Bonds: Top Banks - Full Year 2017 (US$m) Global Loans: Top Banks - Full Year 2017 (US$m) Rank Fees Share Client Mix by Region Rank Fees Share Client Mix by Region 2017 YOY Bank Name 2017 YOY 2017 YOY Americas EMEA Asia-Pacific Japan 2017 YOY Bank Name 2017 YOY 2017 YOY Americas EMEA Asia-Pacific Japan 1 - = JP Morgan $ 2,204 30% 7.1% 0.8 1 1 Bank of America Merrill Lynch $ 1,168 3% 5.3% -0.6 2 1 Citi 1,815 16% 5.8% 0.1 2 1 JP Morgan 1,162 11% 5.2% -0.2 3-1 Bank of America Merrill Lynch 1,736 5% 5.6% -0.5 3-2 US Bancorp 1,015-28% 4.6% -2.8 4 - = Goldman Sachs & Co 1,398 14% 4.5% 0.0 4 - = Citi 865 14% 3.9% -0.1 5 - = Morgan Stanley 1,371 12% 4.4% -0.1 5 15 Bank of China Ltd 825 186% 3.7% 2.2 6 - = Barclays 1,261 9% 4.0% -0.2 6 5 Mitsubishi UFJ Financial Group 811 54% 3.7% 0.9 7 3 HSBC Holdings PLC 1,067 41% 3.4% 0.6 7 6 Mizuho Financial Group 778 65% 3.5% 1.0 8-1 Deutsche Bank 1,028 1% 3.3% -0.5 8-3 Barclays 760 6% 3.4% -0.3 9 - = Credit Suisse 973 17% 3.1% 0.1 9-2 Credit Suisse 721 14% 3.3% -0.1 10-2 Wells Fargo & Co 926-3% 3.0% -0.5 10-2 Goldman Sachs & Co 707 13% 3.2% -0.1 11 2 BNP Paribas SA 750 35% 2.4% 0.4 11 3 Sumitomo Mitsui Finl Grp Inc 644 58% 2.9% 0.8 12-1 RBC Capital Markets 726 22% 2.3% 0.1 12 - = HSBC Holdings PLC 608 24% 2.7% 0.2 13-1 Mizuho Financial Group 570 1% 1.8% -0.2 13-7 Deutsche Bank 602-16% 2.7% -1.0 14 - = UBS 502 9% 1.6% -0.1 14-4 Wells Fargo & Co 584 8% 2.6% -0.2 15 - = Mitsubishi UFJ Financial Group 460 26% 1.5% 0.1 15 - = RBC Capital Markets 572 43% 2.6% 0.5 16 1 Bank of China Ltd 434 25% 1.4% 0.1 16-7 BNP Paribas SA 464-2.1% -0.8 17-1 Nomura 432 23% 1.4% 0.1 17 2 Morgan Stanley 463 51% 2.1% 0.5 18 3 TD Securities Inc 415 42% 1.3% 0.3 18 12 Jefferies LLC 357 126% 1.6% 0.8 19 5 Credit Agricole CIB 373 36% 1.2% 0.2 19-1 Credit Agricole CIB 355 14% 1.6% 0.0 20 3 Societe Generale 372 35% 1.2% 0.2 20 4 BMO Capital Markets 354 61% 1.6% 0.4 Bonds Total $ 31,252 Loans Total $ 22,175 16% - 9 - Source: Thomson Reuters Deals Business Intelligence
Global Investment Banking: Top Banks by Region (US$m) Americas Investment Banking: Top Banks - Full Year 2017 (US$m) EMEA Investment Banking: Top Banks - Full Year 2017 (US$m) Rank Fees Share Product Mix Rank Fees Share Product Mix 2017 YOY Bank Name 2017 YOY 2017 YOY Bonds Equity Loans M&A 2017 YOY Bank Name 2017 YOY 2017 YOY Bonds Equity Loans M&A 1 - = JP Morgan $ 4,536 9% 8.8% -0.2 1 - = JP Morgan $ 1,603 42% 6.3% 1.0 2 - = Goldman Sachs & Co 4,113 16% 8.0% 0.3 2 - = Goldman Sachs & Co 1,181 14% 4.6% -0.2 3 - = Bank of America Merrill Lynch 3,840 13% 7.5% 0.1 3 3 Citi 1,081 29% 4.2% 0.3 4 1 Citi 3,296 24% 6.4% 0.7 4 3 Deutsche Bank 1,059 32% 4.1% 0.4 5-1 Morgan Stanley 3,110 13% 6.1% 0.1 5-2 BNP Paribas SA 1,041 14% 4.1% -0.2 6 - = Barclays 2,352 7% 4.6% -0.2 6-1 Morgan Stanley 1,032 19% 4.0% 0.0 7 - = Credit Suisse 2,250 9% 4.4% -0.1 7 1 Bank of America Merrill Lynch 1,030 32% 4.0% 0.4 8 - = Wells Fargo & Co 1,925 2% 3.8% -0.3 8 1 HSBC Holdings PLC 928 20% 3.6% 0.0 9 2 RBC Capital Markets 1,849 21% 3.6% 0.3 9-5 Barclays 897 1% 3.5% -0.6 10-1 Deutsche Bank 1,404-13% 2.7% -0.8 10 2 Credit Suisse 778 61% 3.0% 0.8 11-1 US Bancorp 1,175-24% 2.3% -1.1 11 - = UBS 660 37% 2.6% 0.3 12 - = Jefferies LLC 1,095 34% 2.1% 0.4 12 1 Societe Generale 617 31% 2.4% 0.2 13 1 BMO Capital Markets 1,008 40% 2.0% 0.4 13 2 Credit Agricole CIB 571 27% 2.2% 0.1 14 1 TD Securities Inc 850 41% 1.7% 0.4 14-4 Rothschild & Co 540-19% 2.1% -1.0 15-2 UBS 745-1% 1.5% -0.2 15-1 Lazard 476 1% 1.9% -0.3 16 1 Evercore Partners 650 19% 1.3% 0.1 16 - = UniCredit 456 16% 1.8% -0.1 17-1 Scotiabank 623 13% 1.2% 0.0 17 - = ING 364 14% 1.4% -0.1 18 1 Mitsubishi UFJ Financial Group 579 21% 1.1% 0.1 18 - = Natixis 337 19% 1.3% 0.0 19 1 HSBC Holdings PLC 573 29% 1.1% 0.2 19 - = Santander Global Corporate Bnk 299 10% 1.2% -0.1 20 6 CIBC World Markets Inc 531 33% 1.0% 0.2 20 - = RBS 292 1.1% 0.0 Americas Total $ 51,282 11% EMEA Total $ 25,530 20% Asia-Pacific Investment Banking: Top Banks - Full Year 2017 (US$m) Japan Investment Banking: Top Banks - Full Year 2017 (US$m) Rank Fees Share Product Mix Rank Fees Share Product Mix 2017 YOY Bank Name 2017 YOY 2017 YOY Bonds Equity Loans M&A 2017 YOY Bank Name 2017 YOY 2017 YOY Bonds Equity Loans M&A 1 2 Bank of China Ltd $ 1,202 94% 5.6% 2.2 1 - = Mizuho Financial Group $ 1,014 39% 18.4% -1.5 2-1 CITIC 862 12% 4.0% -0.1 2 1 Sumitomo Mitsui Finl Grp Inc 957 93% 17.4% 3.9 3-1 Industrial & Comm Bank China 694-5% 3.2% -0.7 3-1 Nomura 592 10% 10.8% -3.9 4 1 Morgan Stanley 523 5% 2.4% -0.2 4 1 Daiwa Securities Group Inc 458 83% 8.3% 1.5 5 2 Citi 522 19% 2.4% 0.1 5 1 Mitsubishi UFJ Financial Group 437 150% 7.9% 3.2 6 4 UBS 498 30% 2.3% 0.3 6-2 Morgan Stanley 411-5% 7.5% -4.4 7 9 HSBC Holdings PLC 497 48% 2.3% 0.5 7 - = Goldman Sachs & Co 218 117% 4.0% 1.2 8 5 China International Capital Co 453 25% 2.1% 0.2 8 1 Bank of America Merrill Lynch 147 92% 2.7% 0.6 9-1 China Construction Bank 450 11% 2.1% -0.1 9 1 JP Morgan 126 79% 2.3% 0.4 10-1 JP Morgan 436 9% 2.0% -0.1 10-2 Citi 126 28% 2.3% -0.4 11 1 Credit Suisse 426 2.0% 0.0 11 3 Sumitomo Mitsui Trust Holdings 77 173% 1.4% 0.6 12-8 Goldman Sachs & Co 425-17% 2.0% -0.8 12 - = Barclays 59 75% 1.1% 0.2 13 6 Haitong Securities Co Ltd 392 41% 1.8% 0.3 13 24 Credit Agricole CIB 56 614% 1.0% 0.8 14 1 Guotai Junan Securities 352 4% 1.6% -0.2 14 4 BNP Paribas SA 41 106% 0.7% 0.2 15-1 Deutsche Bank 342 1% 1.6% -0.2 15 2 KPMG 31 40% 0.6% 0.0 16 1 Bank of Communications Co Ltd 334 7% 1.5% -0.1 16-5 Rothschild & Co 30-27% 0.5% -0.6 17 6 China Merchants Securities Co 313 46% 1.4% 0.3 17 5 Development Bank of Japan Inc 29 74% 0.5% 0.1 18 2 GF Securities 302 9% 1.4% -0.1 18 36 Evercore Partners 28 764% 0.5% 0.4 19-8 Agricultural Bank of China 296-21% 1.4% -0.6 19 10 Resona Holdings Inc 25 127% 0.5% 0.2 20-14 China Securities Co Ltd 285-38% 1.3% -1.1 20 4 UBS 24 53% 0.4% 0.0 Asia-Pacific Total $ 21,610 16% Japan Total $ 5,500 50% - 10 - Source: Thomson Reuters Deals Business Intelligence
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