Corporate Finance, DeFi, Blockchain, Web3 News
Corporate Finance, DeFi, Blockchain News

Global Investment Banking Fees Review - First Half 2012

This report looks at fee trends for the top banks and top fee payers globally by asset class, sector activity by product/region and the top banks by region/sector. Highlights follow – full details attached.

Global Investment Banking Fees Review - First Half 2012

- Global Investment Banking Fees Total US$33.6 billion, down 24% from first half 2011; Slowest quarter for IB Fees since 1Q'09

Fees for global Investment Banking services, from M&A advisory to capital markets underwriting, totalled US$33.6 billion during the first half of 2012, a 24% decrease over last year at this time. Second quarter investment banking fees totalled US$15.6 billion, a decline of 14% compared to the first quarter of 2012 and the slowest three-month period for investment banking fees since the first quarter of 2009. Fees in Europe totalled US$7.7 billion, a 38% decrease from the first half of 2011 while fees in Asia Pacific decreased 29% and fees in the Americas fell 16% compared to the first half of 2011.

- JP Morgan Retains Top Global Investment Banking Fees Ranking, Citi, Barclays & RBC Capital Markets pick up Walletshare

JP Morgan topped the global investment banking league table for the first half of 2012 with US$2.5 billion in fees, or 7.4% of overall "walletshare". Bank of America Merrill Lynch booked US$2.1 billion in investment banking fees during the first half, a decrease of 34% over last year and a loss of 0.9 wallet share points. Despite year-over-year percentage decreases, fees for Citi, Barclays and RBC Capital

Markets saw overall walletshare gains compared to the first half of 2011, the only firms to gain share in the top 10. Citi and RBC Capital Markets each moved up two spots, to fifth and tenth, respectively.

- Financials, Resources and Industrials Account for 63% of Global Investment Banking Fee Pool

Investment banking activity in the financials, energy & power, industrials and materials sectors accounted for 63% of the global fee pool during the first half of 2012. JP Morgan topped the fee rankings in nine sectors during the first half, with double-digit walletshare in the consumer staples, healthcare and retail sectors. Deutsche Bank, bolstered by sovereign debt underwriting, registered a 8.0% share of government and agency underwriting activity, which fell 10.9% over the first half of 2011. Morgan Stanley, bolstered by strength in IPO underwriting, captured 10.2% of technology investment banking fees during the half.

- Debt Capital Markets Fees Account for 30% of Global Fees; M&A Fees Fall 24%; ECM down 39%

M&A advisory fees totalled US$9.2 billion during the first half of 2012, a decrease of 24% over the same period last year, and accounted for 27% of the global fee pool. Fees from debt capital markets underwriting totalled US$10.1 billion, a decrease of 9% compared to last year's tally while loan fees fell 20% to US$6.8 billion. Equity capital markets underwriting fees totalled US$7.5 billion during first half of 2012, registering a 39% decrease over the same time last year.

- Investment Banking Fee Rankings Illustrate Dynamic Environment with Significant Walletshare Movement

Goldman Sachs controlled 8.4% of fees from worldwide completed M&A transactions, an increase of 1.0 percentage point compared to first half of 2011, while Credit Suisse moved two spots to rank third for worldwide M&A fees during the first half, an increase of 1.4 percentage points. JP Morgan retained the top spot for global debt and equity capital markets fees with 8.5% and 6.9% share, respectively. JP Morgan also held atop the ranking for fees from global syndicated lending, with 8.0% market share during the first half of 2012, a decline of 1.7 percentage points compared to last year at this time.

Please click here for Thomson Reuters’ Global Fees Review for First Half 2012:

For more information throughout the week follow us on Twitter @Dealintel

Thomson Reuters

Vendredi 6 Juillet 2012