Reuters/Paul Hackett FULL YEAR 2011
Global IB Fees Down 6%; 2H'11 Fees Fall 30% JP Morgan Retains Top Spot Fees from Lending Up 34%; Capital Markets Down 22% Global Investment Banking Fees Total US$81 billion, down 6% from 2010; Second Half Fees fall 30% from First Half 2011 JP Morgan Retains Top Global Investment Banking Fees Ranking, Picks Up Share Financials, Resources and Industrials Account for 62% of Global Investment Banking Fee Pool Equity Capital Markets Fees Down 25%; Debt Capital Markets Fees Fall 17.8%, Loans up 34% 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$81 billion during full year 2011, a 6% decrease over last year at this time. Fourth quarter investment banking fees totaled US$16 billion, an 8% decrease from the third quarter of 2011 and the slowest three-month period for investment banking fees since the first quarter of 2009. Fees from EMEA companies fell 16% during the fourth quarter, while fees in Japan decreased 20% in Q4. JP Morgan topped the global investment banking league table for full year 2011 with US$5.5 billion in fees, or 6.8% of overall "walletshare". Bank of America Merrill Lynch booked US$4.9 billion in investment banking fees during full year 2011, an increase of 1.3% over last year and the only year-over-year gain among the top five banks. Fees for Goldman Sachs fell 11.3% compared to full year 2010, resulting in a loss of.3 percentage points, as the firm fell one spot to fourth place during 2011. Investment banking activity in the financials, energy & power, industrials and materials sectors accounted for 62% of the global fee pool during full year 2011. JP Morgan topped the fee rankings in nine sectors during full year 2011, while Morgan Stanley collected 9% of fees in the high technology sector, which registered a 1% increase over last year at this time. Deutsche Bank, bolstered by sovereign debt underwriting, registered ed a 7.0% share of government e and agency underwriting activity, ty, which fell 14.5% over full year 2010. 0 M&A advisory fees totaled US$30.1 billion during full year 2011, an increase of 1.8% over the same period last year, and accounted for 37% of the global fee pool. Fees from equity capital markets underwriting totalled US$18.2 billion, a decline of 25% compared to last year's tally while loan fees improved 34% to US$15.8 billion. Debt capital markets underwriting fees totaled US$16.9 billion during full year 2011, registering a 17.8% decrease over the same time last year. Goldman Sachs controlled 6.0% of fees from worldwide completed M&A transactions, a decline of.6 percentage points compared to full year 2010, while Morgan Stanley moved five spots to top the ranking for global equity capital markets fees with US$1.2 billion, despite a 25% decline compared to 2010. JP Morgan retained the top spot for global debt capital markets fees with 8.4% share. Bank of America Merrill Lynch maintained the top spot for fees from syndicated lending, with 8.9% market share during full year 2011. MEDIA CONTACT: CRITERIA SUMMARY: Americas Europe Asia-Pacific Japan Lauren Herman Clare Arber Thomas Lau Yukiko Matsushima lauren.herman@thomsonreuters.com clare.arber@thomsonreuters.com thomas.lau@thomsonreuters.com yukiko.matsushima@thomsonreuters.com Thomson Reuters Deals Intelligence, a part of Thomson Reuters' Investment Banking division, brings up to the minute market intelligence to our clients and the financial media through a variety of research reports including Daily Deals Insight, weekly Investment Banking Scorecard, monthly Deals Snapshots and our industry-leading quarterly reviews highlighting trends in M&A and Capital Markets. All data is as of 9:00am EST on January 2, 2011 and sourced via Deals Business Intelligence Volumes based on Thomson Reuters' industry-leading Deals content (M&A, Equity, Bonds and Loans) and Freeman Consulting's algorithm for imputing investment banking fees Date periods referred to within based on the effective date for M&A, the issue date for Equity and Bonds and the closing date for Loans Geographies and sectors are based on the nation of headquarters and macro industry of the deal participant's parent - 2 - Source: Thomson Reuters Deals Business Intelligence
Global Investment Banking Fee Trend (US$b) 19.2% CAGR 2003-2007 2.1% CAGR 2008-2011 Global Investment Banking Fees by Region: Full Year 2011 (US$m) Global $ 80,984.0 fees -6.0% $115.1 $57.0 $66.7 $77.9 $99.0 $76.0 $76.2 $86.1 $81.0 Americas $ 43,008.2 fees -3.0% EMEA Japan $ 21,817.9 fees $ 3,713.2 fees -2.4% -28.6% Asia-Pacific $ 12,444.7 fees -12.5% 2003 2004 2005 2006 2007 2008 2009 2010 2011 YOY % Δ 17.1% 16.7% 27.0% 16.3% -34.0% 0.2% 13.1% -6.0% Global Investment Banking Fees by Product (US$b) Global Quarterly Investment Banking Fees by Region (US$b) $17.5 $22.4 $29.0 $38.3 $47.7 $6.3 $8.7 $11.5 $13.4 $15.2 $14.6 $17.9 $18.8 $23.2 $29.0 $34.8 $10.3 $17.2 $22.2 $8.4 $27.0 $29.6 $30.1 $11.7 $15.8 $24.3 $18.2 $35 $30 $25 $20 $15 $10 Q4 '11 vs. Q4 '10: Global (-40.2%) Japan (-31.1%) Asia-Pacific (-42.6%) EMEA (-41.5%) Americas (-39.5%) $18.6 $17.7 $18.6 $24.1 $23.2 $13.6 $18.6 $20.5 $16.9 2003 2004 2005 2006 2007 2008 2009 2010 2011 Bonds Equity Loans M&A $5 $0 1234123412341234123412341234123412341234 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011-3 - Source: Thomson Reuters Deals Business Intelligence
Global Investment Banking Fees by Nation: Full Year 2011 Fees (US$) / Year-over-Year Change (%) Americas Europe, Middle East & Africa Asia-Pacific & Japan Region Fees (US$m) YOY Region Fees (US$m) YOY Region Fees (US$m) YOY Region Fees (US$m) YOY North America $ 39,951-2.8% France & Benelux $ 5,296 15.1% CIS 1,151 11.2% North Asia $ 6,881-17.9% South America 1,892-11.8% UK & Ireland 4,943-11.0% Middle East 795-15.3% Japan 3,713-28.6% Caribbean 657-1.1% Germania 3,639 0.2% Africa 564-3.0% Australasia 2,949 13.5% Central America 509 14.6% Southern Europe 3,395-10.3% CEE 338 4.6% Southeast Asia 1,732-10.7% Americas $ 43,008-3.0% Nordic 1,696-11.0% EMEA $ 21,818-2.4% South Asia 883-32.3% AsPac & Japan $ 16,158-16.8% Canada $5.13b / -5.5% United States $34.82b / -2.4% Mexico $465m / 13.6% Sweden: $656m / -9.5% Norway: $462m / -17.4% Denmark: $338m / -22.6% Neth: $1.37b / 12.0% UK: $4.51b / -6.7% Germany: $2.44b / -4.3% Lux: $668m / 9.5% France: $2.89b / 22.9% Spain: $1.53b / -11.2% Switzerland: $1.00b / 9.6% Italy: $1.15b / -1.8% India $863m / -33.2% Russia $1.06b / 28.3% China $4.23b / -24.6% S. Korea: $1.11b / 4.8% Japan: $3.71b / -28.6% Hong Kong: $1.23b / -5.3% Singapore: $522m / -12.7% Malaysia: $413m / -22.6% Brazil $1.17b / -30.7% Australia $2.70b / 11.6% Note: Fee volumes & YOY change displayed for select countries based on 2011 fees from January 01 through December 31 South Africa $366m / 18.0% -50% -20% -10% -5% 0% +5% +10% +20% +50% - 4 - Source: Thomson Reuters Deals Business Intelligence
Global Investment Banking: Top Banks - Full Year 2011 (US$m) Rank Fees Share 2011 YOY Bank Name 2011 YOY 2011 YOY 1 - = JP Morgan $ 5,467.3-2.1% 6.8% 0.3 2 - = Bank of America Merrill Lynch 4,925.2 1.3% 6.1% 0.4 3 1 Morgan Stanley 4,104.3-5.7% 5.1% 0.0 4-1 Goldman Sachs & Co 3,980.5-11.3% 4.9% -0.3 5 - = Credit Suisse 3,429.2-4.6% 4.2% 0.1 6 1 Citi 3,310.1-3.5% 4.1% 0.1 7-1 Deutsche Bank AG 3,224.2-8.3% 4.0% -0.1 8 - = Barclays Capital 28427 2,842.7-2.8% 28% 35% 3.5% 01 0.1 9 - = UBS 2,386.8-14.8% 2.9% -0.3 10 4 Wells Fargo & Co 1,576.0 17.6% 1.9% 0.4 11 - = RBC Capital Markets 1,437.9-0.6% 1.8% 0.1 12 - = BNP Paribas SA 1,424.2 0.3% 1.8% 0.1 13 2 HSBC Holdings PLC 1,274.2 7.7% 1.6% 0.2 14-4 RBS 1,227.6-16.6% 1.5% -0.2 15 1 Mizuho Financial Group 964.3-11.5% 1.2% -0.1 16-3 Nomura 909.6-34.5% 1.1% -0.5 17 1 Jefferies & Co Inc 856.6 14.8% 1.1% 0.2 18-1 Lazard 744.3-13.9% 0.9% -0.1 19 1 Sumitomo Mitsui Finl Grp Inc 728.4 3.0% 0.9% 0.1 20 4 BMO Capital Markets 720.8 20.5% 0.9% 0.2 21-2 Rothschild 706.1-3.9% 0.9% 0.0 22-1 Societe Generale 684.8 2.4% 0.8% 0.1 23-1 Credit Agricole CIB 633.7-2.9% 0.8% 0.0 24-1 Mitsubishi UFJ Financial Group 612.0-4.6% 0.8% 0.0 25 1 Macquarie Group 574.2 3.7% 0.7% 0.1 Global Total $ 80,984.0-6.0% PRODUCT MIX Bonds Equity Loans M&A - 5 - Source: Thomson Reuters Deals Business Intelligence
Global Investment Banking: Top Corporate Fee Payers (US$m) Market Fees (All Products) Market Fees By Product (2009-2011) Top 3 Banks & Share (2009-2011) Company Name Avg Ann'l 2009 2010 2011 Bonds Equity Loans M&A Top 3 Bank #1 Bank #2 Bank #3 AIG $ 319 $ 205 $ 595 $ 157 33.0% MS (15.7%) BOAML (8.7%) JPM (8.6%) GE 251 219 279 254 43.7% JPM (16.9%) CITI (14.6%) MS (12.3%) Gas Natural SDG SA 218 550 78 26 41.0% LA CAIXA (19.7%) UBS (11.9%) BNP (9.5%) Enel SpA 207 399 187 35 22.0% INTESA SP (8.0%) MEDIO (7.2%) JPM (6.8%) ING Groep NV 182 411 81 54 29.1% ING (12.6%) JPM (10.0%) MS (6.6%) Pfizer Inc 181 449 22 72 43.3% JPM (17.0%) BARC (13.6%) GS (12.8%) Porsche Automobil Holding SE 177 205 122 204 27.4% DB (9.4%) CS (9.0%) MS (9.0%) Ford Motor Co 161 266 126 90 36.6% DB (13.9%) GS (12.2%) JPM (10.4%) Rio Tinto PLC 158 369 59 45 44.6% MS (18.7%) JPM (13.3%) CS (12.6%) PPL Corp 148 6 252 187 65.1% BOAML (27.8%) CS (27.7%) WF (9.6%) Gazprom 128 159 117 109 29.2% GAZBK (13.0%) SG (8.6%) JPM (7.6%) Dai-ichi Life Insurance Co Ltd 119-349 7 78.1% NOM (37.4%) MIZU (29.8%) BOAML (10.9%) BHP Billiton Ltd 118 31 209 114 28.2% BARC (12.5%) UBS (8.9%) SBNS (6.9%) EDF SA 117 208 113 30 38.9% BNP (16.6%) BOAML (12.9%) BARC (9.5%) HeidelbergCement AG 113 250 76 14 50.5% DB (18.9%) RBS (16.5%) CMZ (15.2%) Fiat SpA 112 130 62 145 30.5% INTESA SP (11.6%) CS (9.6%) CACIB (9.3%) The Dow Chemical Co 106 225 59 35 49.1% CITI (16.6%) BOAML (16.5%) MS (16.0%) Axa SA 104 103 73 135 34.6% DB (15.9%) SG (10.5%) MAQGR (8.1%) Brookfield Asset Mgmt Inc 102 88 102 114 36.2% CIBC (17.9%) SBNS (9.8%) RBC (8.6%) Cemex SAB de CV 101 217 24 61 39.0% CITI (17.2%) SANT (11.4%) BBVA (10.5%) Hitachi Ltd 97 231 45 14 69.6% NOM (38.5%) MIZU (19.0%) GS (12.1%) HCP Inc 95 35 151 99 47.7% UBS (16.9%) BOAML (16.8%) CITI (14.0%) MetLife Inc 95 35 176 73 40.2% CS (14.6%) DB (13.6%) BOAML (12.0%) General Motors Co 93-274 6 36.6% JPM (14.0%) MS (13.6%) DB (8.9%) Continental AG 90 76 125 69 42.7% GS (21.4%) JPM (11.6%) DB (9.7%) Top 25 Fee Payers 3,593 4,867 3,758 2,144 21.6% JPM (7.7%) BOAML (7.1%) CITI (6.8%) All Others 54,009 47,345 57,436 57,098 86.7% JPM (33.9%) BOAML (29.1%) GS (23.8%) Global Total $ 57,602 $ 52,211 $ 61,194 $ 59,242 18.0% JPM (7.1%) BOAML (5.9%) GS (4.9%) Notes: - Excludes Governments & Agencies, Government Sponsored Enterprises, Financial Sponsors, Banks, Brokerages, Credit Institutions & Other Financials - 6 - Source: Thomson Reuters Deals Business Intelligence
Global Investment Banking: Top Banks by Product/Region/Sector - Full Year 2011 (US$m) By Region By Product By Sector Market Fees (US$m) Top 5 Banks by Fees & Share - Full Year 2011 2011 2010 YOY Δ Top 5 Bank #1 Bank #2 Bank #3 Bank #4 Bank #5 Global IB $ 80,984.0 $ 86,127.4-6.0% 17.9% JPM (6.8%) BOAML (6.1%) MS (5.1%) GS (4.9%) CS (4.2%) Americas $ 43,008.2 $ 44,347.0-3.0% 24.4% JPM (9.2%) BOAML (9.0%) MS (6.1%) GS (5.6%) CITI (5.3%) Europe 20,425.2 20,703.9-1.3% 15.3% DB (5.5%) JPM (5.2%) GS (4.6%) CS (4.3%) BNP (4.1%) Asia-Pacific 12,444.7 14,225.2-12.5% 11.8% UBS (4.5%) GS (4.0%) CS (3.3%) JPM (2.6%) MS (2.6%) Japan 3,713.2 5,203.7-28.6% 46.0% MIZU (18.5%) NOM (14.0%) SMFG (13.5%) DAIWA (9.0%) MS (7.8%) MEA 1,392.7 1,647.6-15.5% 14.3% DB (6.2%) CITI (4.2%) MS (3.9%) JPM (3.5%) BARC (3.3%) M&A $ 30,147.5 $ 29,627.5 1.8% 16.6% GS (5.9%) MS (5.4%) JPM (5.2%) CS (3.8%) BOAML (3.8%) Equity 18,199.0199 24,250.0250 0-25.0% 18.5% MS (6.6%) 6%) JPM (6.1%) BOAML (5.9%) GS (5.4%) CS (4.7%) Follow-On 10,132.1 13,271.3-23.7% 20.0% BOAML (6.9%) JPM (6.8%) MS (6.2%) GS (5.5%) CS (5.3%) IPO 6,789.1 8,713.9-22.1% 16.2% MS (7.0%) GS (4.9%) JPM (4.3%) DB (4.2%) BOAML (4.2%) Convertible 1,277.8 2,264.8-43.6% 23.4% JPM (9.9%) MS (7.0%) GS (6.6%) BOAML (6.5%) CITI (5.6%) Bonds 16,859.8 20,514.3-17.8% 22.7% JPM (8.4%) BOAML (7.8%) DB (6.6%) CITI (6.5%) BARC (5.6%) Loans 15,777.7 11,735.6 34.4% 22.5% BOAML (8.9%) JPM (8.8%) CITI (4.8%) WF (4.6%) CS (3.5%) Financials $ 22,743.0 $ 26,941.2-15.6% 18.1% JPM (6.5%) BOAML (6.0%) GS (5.6%) MS (5.2%) CS (4.7%) Energy & Power 11,999.5 12,482.4-3.9% 17.5% JPM (6.4%) BOAML (5.9%) CITI (5.2%) CS (5.1%) BARC (4.5%) Industrials 7,901.8 8,529.4-7.4% 15.0% JPM (6.4%) BOAML (4.4%) GS (4.2%) CITI (3.8%) MS (3.3%) Materials 7,846.3 7,696.2 2.0% 17.2% JPM (6.4%) MS (5.6%) BOAML (5.2%) CITI (4.7%) CS (3.8%) High Tech 5,256.0 5,206.3 1.0% 21.1% MS (9.0%) JPM (6.6%) BOAML (5.5%) GS (5.4%) BARC (4.9%) Healthcare 4,726.7 4,253.6 11.1% 25.6% JPM (9.3%) BOAML (8.3%) GS (8.1%) MS (6.8%) CS (5.5%) Real Estate 4,059.1 4,108.5-1.2% 19.6% BOAML (8.5%) JPM (5.8%) WF (5.2%) UBS (4.4%) DB (4.4%) Consumer Staples 3,568.8 3,510.5 1.7% 17.9% JPM (6.9%) BOAML (5.6%) GS (5.5%) BARC (3.7%) CS (3.7%) Media & Ent 2,974.6 2,943.0 1.1% 22.1% JPM (7.9%) BOAML (7.2%) DB (7.0%) GS (5.3%) MS (4.8%) Consumer Products 2,751.0 2,915.8-5.7% 18.7% BOAML (7.0%) JPM (6.0%) CS (5.7%) CITI (5.4%) GS (4.1%) Govt & Agencies 2,428.8 2,841.0-14.5% 18.3% DB (7.0%) JPM (6.7%) RBC (4.6%) HSBC (4.4%) BOAML (4.3%) Telecom 2,396.7 2,797.0-14.3% 21.2% JPM (7.9%) BOAML (7.0%) DB (6.2%) MS (6.1%) BARC (5.7%) Retail 2,331.8 1,902.6 22.6% 23.3% JPM (8.7%) BOAML (7.8%) GS (6.8%) MS (5.9%) BARC (4.1%) - 7 - Source: Thomson Reuters Deals Business Intelligence
Global Investment Banking: Top Banks by Product (US$m) Global M&A: Top Banks - Full Year 2011 (US$m) Global Equity: Top Banks - Full Year 2011 (US$m) Rank Fees Share Region Mix Rank Fees Share Region Mix 2011 Bank Name 2011 2011 Americas EMEA Asia-Pacific Japan 2011 Bank Name 2011 2011 Americas EMEA Asia-Pacific Japan 1 - = Goldman Sachs & Co $ 1,792-8% 5.9% -0.7 1 6 Morgan Stanley $ 1,195-24% 6.6% 0.0 2 - = Morgan Stanley 1,636 13% 5.4% 0.5 2-1 JP Morgan 1,107-28% 6.1% -0.2 3 - = JP Morgan 1,564 13% 5.2% 0.5 3-1 Bank of America Merrill Lynch 1,068-14% 5.9% 0.7 4 - = Credit Suisse 1,154 12% 3.8% 0.3 4 4 Goldman Sachs & Co 976-26% 5.4% -0.1 5 - = Bank of America Merrill Lynch 1,146 26% 3.8% 0.7 5 1 Credit Suisse 853-22% 4.7% 0.2 6 - = UBS 1,018 20% 3.4% 0.5 6-2 Deutsche Bank AG 776-20% 4.3% 0.3 7 - = Deutsche Bank AG 857 4% 2.8% 0.1 7-4 Citi 755-18% 4.1% 0.4 8 3 Barclays Capital 763 8% 2.5% 0.1 8 2 UBS 639-39% 3.5% -0.8 9 1 Citi 707-2% 2.3% -0.1 9-4 Barclays Capital 585-2% 3.2% 0.8 10-1 Rothschild 706-4% 2.3% -0.1 10 4 RBC Capital Markets 373-11% 2.0% 0.3 11-3 Lazard 687-16% 2.3% -0.5 11 2 Wells Fargo & Co 304-14% 1.7% 0.2 12 1 Jefferies & Co Inc 445 25% 1.5% 0.3 12 3 Nomura 298-62% 1.6% -1.6 13-1 RBC Capital Markets 374 3% 1.2% 0.0 13 216 Pingan Securities Co Ltd 233-12% 1.3% 0.2 14 2 Nomura 369 22% 1.2% 0.2 14 284 Guosen Securities Co Ltd 224 21% 1.2% 0.5 15 3 Macquarie Group 344 33% 1.1% 0.3 15 6 Daiwa Securities Group Inc 201-3% 1.1% 0.3 16-1 BNP Paribas SA 303-1% 1.0% 0.0 16-5 HSBC Holdings PLC 200-4% 1.1% 0.2 17 - = Evercore Partners 284 10% 0.9% 0.1 17 16 CIBC World Markets Inc 194-4% 1.1% 0.2 18 4 BMO Capital Markets 252 30% 0.8% 0.2 18 11 BMO Capital Markets 177-11% 1.0% 0.2 19-5 Houlihan Lokey 236-28% 0.8% -0.3 19 66 Macquarie Group 173-32% 1.0% -0.1 20-1 HSBC Holdings PLC 228 10% 0.8% 0.1 20 147 Canaccord Genuity 169-23% 0.9% 0.0 M&A Total $ 30,148 2% Equity Total $ 18,199-25% Global Bonds: Top Banks - Full Year 2011 (US$m) Global Loans: Top Banks - Full Year 2011 (US$m) Rank Fees Share Region Mix Rank Fees Share Region Mix 2011 Bank Name 2011 2011 Americas EMEA Asia-Pacific Japan 2011 Bank Name 2011 2011 Americas EMEA Asia-Pacific Japan 1 - = JP Morgan $ 1,411-22% 8.4% -0.4 1 - = Bank of America Merrill Lynch $ 1,400 38% 8.9% 0.2 2 - = Bank of America Merrill Lynch 1,311-22% 7.8% -0.5 2 - = JP Morgan 1,384 61% 8.8% 1.5 3 1 Deutsche Bank AG 1,109-15% 6.6% 0.2 3 5 Citi 758 89% 4.8% 1.4 4-1 Citi 1,089-21% 6.5% -0.3 4-1 Wells Fargo & Co 733 69% 4.6% 0.9 5 - = Barclays Capital 945-21% 5.6% -0.3 5 5 Credit Suisse 556 64% 3.5% 0.6 6 1 Morgan Stanley 907-19% 5.4% -0.1 6-1 Barclays Capital 550 30% 3.5% -0.1 7 1 Goldman Sachs & Co 882-14% 5.2% 0.2 7-3 BNP Paribas SA 528 25% 3.3% -0.3 8-2 Credit Suisse 866-23% 5.1% -0.3 8-2 Mitsubishi UFJ Financial Group 489 18% 3.1% -0.4 9 - = RBS 551-31% 3.3% -0.6 9-2 Deutsche Bank AG 482 16% 3.1% -0.5 10 - = UBS 536-29% 3.2% -0.5 10-1 Mizuho Financial Group 481 34% 3.0% 0.0 11 - = HSBC Holdings PLC 535 1% 3.2% 0.6 11 1 Sumitomo Mitsui Finl Grp Inc 430 40% 2.7% 0.1 12 - = BNP Paribas SA 490-7% 2.9% 0.3 12 6 Morgan Stanley 366 85% 2.3% 0.6 13 - = Wells Fargo & Co 409-17% 2.4% 0.0 13-2 RBS 359 14% 2.3% -0.4 14 - = RBC Capital Markets 395-13% 2.3% 0.1 14 5 Goldman Sachs & Co 331 76% 2.1% 0.5 15 5 Mizuho Financial Group 277 47% 1.6% 0.7 15 1 HSBC Holdings PLC 311 31% 2.0% -0.1 16-1 Nomura 222-18% 1.3% 0.0 16 1 RBC Capital Markets 296 42% 1.9% 0.1 17 - = TD Securities Inc 197-10% 1.2% 0.1 17-3 Credit Agricole CIB 283 11% 1.8% -0.4 18-2 Credit Agricole CIB 177-24% 1.1% -0.1 18-3 Societe Generale 247-1% 1.6% -0.6 19-1 Societe Generale 173-16% 1.0% 0.0 19 1 ING 237 34% 1.5% 0.0 20-1 Jefferies & Co Inc 166-13% 1.0% 0.0 20 1 General Electric Co 236 35% 1.5% 0.0 Bonds Total $ 16,860-18% Loans Total $ 15,778 34% - 8 - Source: Thomson Reuters Deals Business Intelligence
Global Investment Banking: Top Banks by Region (US$m) Americas Investment Banking: Top Banks - Full Year 2011 (US$m) EMEA Investment Banking: Top Banks - Full Year 2011 (US$m) Rank Fees Share Product Mix Rank Fees Share Product Mix 2011 Bank Name 2011 2011 Bonds Equity Loans M&A 2011 Bank Name 2011 2011 Bonds Equity Loans M&A 1 1 JP Morgan $ 3,977 6% 9.2% 0.8 1 1 Deutsche Bank AG $ 1,205 12% 6.1% 1.3 2-1 Bank of America Merrill Lynch 3,864 0% 9.0% 0.3 2-1 JP Morgan 1,112-6% 5.7% 0.4 3 1 Morgan Stanley 2,633-1% 6.1% 0.1 3 1 Goldman Sachs & Co 984 4% 5.0% 0.8 4-1 Goldman Sachs & Co 2,417-12% 5.6% -0.6 4-1 Credit Suisse 918-6% 4.7% 0.3 5 - = Citi 2,300-2% 5.3% 0.0 5 1 Morgan Stanley 860-3% 4.4% 0.4 6 - = Credit Suisse 2,087-3% 4.9% 0.0 6-1 BNP Paribas SA 858-4% 4.4% 0.4 7 - = Barclays Capital 1,914-6% 4.5% -0.1 7 1 Barclays Capital 759 4% 3.9% 0.6 8 - = Deutsche Bank AG 1,615-16% 3.8% -0.6 8 2 Citi 682 7% 3.5% 0.6 9 1 Wells Fargo & Co 1,528 19% 3.6% 0.7 9 3 Bank of America Merrill Lynch 676 26% 3.4% 1.0 10 1 RBC Capital Markets 1,186 4% 2.8% 0.2 10 1 HSBC Holdings PLC 629 9% 3.2% 0.6 11-2 UBS 1,162-12% 2.7% -0.3 11-4 UBS 612-28% 3.1% -0.7 12 - = Jefferies & Co Inc 738 7% 1.7% 0.2 12 1 Societe Generale 589 11% 3.0% 0.6 13 1 BMO Capital Markets 695 20% 1.6% 0.3 13-4 RBS 515-23% 2.6% -0.4 14-1 RBS 525-11% 1.2% -0.1 14 - = Rothschild 497 5% 2.5% 0.4 15 - = CIBC World Markets Inc 503-1% 1.2% 0.0 15 - = Credit Agricole CIB 451-1% 2.3% 0.3 16 3 BNP Paribas SA 486 29% 1.1% 0.3 16 1 UniCredit 376 2% 1.9% 0.3 17-1 TD Securities Inc 440-1% 1.0% 0.0 17 1 ING 359 13% 1.8% 0.4 18-1 Scotiabank-Bank of Nova Scotia 434-1% 1.0% 0.0 18 3 Santander 272 26% 1.4% 0.4 19-1 Lazard 399-4% 0.9% 0.0 19-3 Lazard 268-36% 1.4% -0.5 20 - = HSBC Holdings PLC 373 1% 0.9% 0.0 20 - = Commerzbank AG 241 3% 1.2% 0.2 Americas Total $ 43,008-3% EMEA Total $ 21,818-2% Asia-Pacific Investment Banking: Top Banks - Full Year 2011 (US$m) Japan Investment Banking: Top Banks - Full Year 2011 (US$m) Rank Fees Share Product Mix Rank Fees Share Product Mix 2011 Bank Name 2011 2011 Bonds Equity Loans M&A 2011 Bank Name 2011 2011 Bonds Equity Loans M&A 1 - = UBS $ 557 1% 4.5% 0.6 1 1 Mizuho Financial Group $ 686-26% 18.5% 0.6 2 1 Goldman Sachs & Co 501-2% 4.0% 0.4 2-1 Nomura 519-47% 14.0% -4.8 3 2 Credit Suisse 408-8% 3.3% 0.2 3 - = Sumitomo Mitsui Finl Grp Inc 501-16% 13.5% 2.1 4-2 JP Morgan 327-37% 2.6% -1.0 4 - = Daiwa Securities Group Inc 333-10% 9.0% 1.8 5-1 Morgan Stanley 323-28% 2.6% -0.6 5 - = Morgan Stanley 288-16% 7.8% 1.2 6 - = Deutsche Bank AG 315-27% 2.5% -0.5 6 - = Mitsubishi UFJ Financial Group 253-19% 6.8% 0.8 7 2 Citi 281-4% 2.3% 0.2 7 2 Bank of America Merrill Lynch 147-2% 4.0% 1.1 8 7 HSBC Holdings PLC 270 16% 2.2% 0.5 8 3 Deutsche Bank AG 90-5% 2.4% 0.6 9 4 Macquarie Group 249-2% 2.0% 0.2 9-2 Goldman Sachs & Co 78-71% 2.1% -3.0 10 2 Pingan Securities Co Ltd 240-10% 1.9% 0.1 10 2 UBS 56-34% 1.5% -0.1 11-3 Bank of America Merrill Lynch 238-22% 1.9% -0.2 11-1 JP Morgan 51-63% 1.4% -1.3 12 8 Guosen Securities Co Ltd 226 21% 1.8% 0.5 12-4 Citi 48-68% 1.3% -1.6 13 1 State Bank of India 203-19% 1.6% -0.1 13 1 Sumitomo Mitsui Trust Holdings 24-10% 0.6% 0.1 14-7 CITIC 196-43% 1.6% -0.8 14 4 GCA Savvian Group Corp 21 2% 0.6% 0.2 15 1 Standard Chartered PLC 179-16% 1.4% -0.1 15 - = Shinsei Bank 20 - - 0.5% 0.0 16 1 RBS 178-12% 1.4% 0.0 16-3 Barclays Capital 17-69% 0.5% -0.6 17 5 China Merchants Securities Co 175 29% 1.4% 0.4 17 77 CIBC World Markets Inc 17 1845% 0.4% 0.4 18 14 Barclays Capital 152 52% 1.2% 0.5 18-1 Credit Suisse 17-30% 0.4% 0.0 19-9 Bank of China Ltd 145-48% 1.2% -0.8 19 25 Lazard 15 272% 0.4% 0.3 20-9 China International Capital Co 139-50% 1.1% -0.8 20-1 Resona Holdings Inc 14-15% 0.4% 0.1 Asia-Pacific Total $ 12,445-13% Japan Total $ 3,713-29% - 9 - Source: Thomson Reuters Deals Business Intelligence
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