Let me know if you guys find something different. These are pulled from Thomson One.
Legend: Rank, Name, Deal val total, mkt share, # of deals
TABLE 1: WORLDWIDE ANNOUNCED (2012)
1 Goldman Sachs & Co 717,829.52, 27.6, 433
2 Morgan Stanley 548,356.79, 21.1, 391
3 Barclays 471,371.17, 18.1, 276
4 JP Morgan 444,214.27, 17.1, 285
5 Citi 428,598.35, 16.5, 255
6 Credit Suisse 401,067.22, 15.4, 272
7 Deutsche Bank 379,160.93, 14.6, 246
8 Bank of America Merrill Lynch 351,588.93, 13.5, 224
9 Nomura 220,094.15, 8.5, 211
10 UBS 214,677.89, 8.3, 186
11 Rothschild 213,902.22, 8.2, 305
12 Lazard 202,384.86, 7.8, 260
13 Evercore Partners 141,532.41, 5.4, 123
14 RBC Capital Markets 114,080.06, 4.4, 191
15 BNP Paribas SA 107,659.65, 4.1, 108
16 Centerview Partners LLC 95,948.58, 3.7, 23
17 Jefferies & Co Inc 82,467.61, 3.2, 135
18 HSBC Holdings PLC 70,925.96, 2.7, 93
19 BMO Capital Markets 66,065.64, 2.5, 85
20 VTB Capital 65,630.74, 2.5, 22
21 Greenhill & Co, LLC 65,460.93, 2.5, 47
TABLE 2: US ANNOUNCED (2012)
1 Goldman Sachs & Co 235,483.41, 25.1, 160
2 Barclays 227,185.69, 24.2, 128
3 Morgan Stanley 222,846.25, 23.7, 112
4 JP Morgan 193,936.89, 20.7, 112
5 Credit Suisse 171,876.53, 18.3, 86
6 Citi 152,334.04, 16.2, 89
7 Bank of America Merrill Lynch 136,474.48, 14.5, 116
8 Deutsche Bank 115,040.68, 12.3, 75
9 Evercore Partners 92,892.14, 9.9, 80
10 Lazard 73,561.34, 7.8, 108
11 Centerview Partners LLC 62,921.60, 6.7, 19
12 Jefferies & Co Inc 58,875.24, 6.3, 85
13 UBS 55,577.05, 5.9, 43
14 Greenhill & Co, LLC 51,814.50, 5.5, 25
15 Rothschild 45,133.77, 4.8, 40
16 RBC Capital Markets 38,045.60, 4.1, 78
17 Wells Fargo & Co 36,741.89, 3.9, 58
18 Perella Weinberg Partners LP 36,170.11, 3.9, 22
19 Moelis & Co 34,452.13, 3.7, 72
20 Mizuho Financial Group 31,413.11, 3.3, 10
21 Gleacher & Co Inc 29,476.06, 3.1, 4
Is it me, or did Barclays have a really good year last year? Any thoughts on that and other findings you think are interesting would be very helpful.
Enjoy your Thursday
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Could you post ranking by fees?
rankings by fees
http://hereisthecity.com/2013/01/07/global-investment-banking-top-banks…
All I got are league tables
I thought Wells might be in the 10-15 range, guess not. Maybe next year.
No surprise here.
Daamn Wells needs to catch up
Wells was never known as a M&A shop, it's basically a huge wholesale bank that expanded into IBD mostly for debt/equity CM reasons for its corporate clients (levfin, loans, follow on equity, etc.)
Regarding WF, Makes more sense now with the link to total fees. Looks like they're growing.
Where's Qatalyst Partners? I heard they killed it this year.
Heh, Barclays w/ MS/JPM-tier league table credit and UBS-tier fees.
Good point, but your link shows total bank fees, which explains why BAML is 2nd. Do you have the breakout for M&A?
Something else to consider: the reason why I asked about Barclays is that they were I think 6th in worldwide announced 2011 and 5th for US. Not sure whether a sudden jump is all of a result of them now dropping their hat in a deal to get deal credit. They've been climbing since the LEH deal (I think they were 7th/10th in 2009), so I was curious to know what it is that they're doing that's resulting in this consistent climb up the ranks. Anyone from Barc have any thoughts?
Barclays and Citi both killing it
Would you happen to have tables for the industries?
Would be much appreciated. Thanks
I don't know why people look at total deal value when that number is so misleading. You could be the 4th bank on a deal and get credit for the total deal value when you might have gotten much less of the fee pool. Kind of a stupid metric IMO.
By the way, the league table posted by OP and the league table by fees are not apples to apples. The one posted by OP is total M&A deal value vs total investment banking fees (which will include capital markets, levfin, etc, not just M&A)
Regardless, I think the takeaway is that it pays to be a powerhouse in debt/equity more than M&A. You don't see Lazard, Evercore, or Centerview in the top 15 in the total IBD fee table.
what would benefit the likes of WSO is a fees per head number.
Exactly, fees per head is the only way to really tell
M&A rankings are often a good indicator of a bank's relationships and deal pipeline for not only future M&A assignments but also DCM / ECM related things (provided we are talking about a full-service IB) but are not the most important thing...it may be good for bragging rights but at the end of the day IBD executives are more interested in the actual amount of fee revenue being generated, and there is a lot of money to be made from other products (take ECM for example - in specific coverage groups like Natural Resources, FIG (especially Europe), and Tech, a massive amount of revenue comes from equity issuance)
If we look at the IB fee league table and take into consideration the size of the IBD units (as per the linked article), it seems that RBC, BMO and Jefferies may have quite good fees per head ratios - whether or not this translates into generous bonuses is another matter of course
I reckon advisory shops like Rothschild and Lazard may also have good ratios, but I don't know enough about their headcounts to say for certain
If you were running a business, would you rather have a business that has relatively higher margins, a single product, and much smaller scale or a business that has a diverse product offering and size to hit much higher fee numbers?
These smaller guys are trying to do it to some extent (Laz CapMarkets, Evercore S&T/Research) but they are never going to be able to fully compete.
Out of all the elite boutiques, only LAZ made it to the fee list, not bad though.
Those most impressive name on that list is Centerview and Evercore, moreso Centerview given their size. Those dudes must get PAID.
Did you see it right? Those are by transaction value, check out the Fee ranking if you want to see who gets paid.
Mergermarket round-up for 2012 differs slightly (presumably due to methodological differences). Can't post the link but it's worth a look if you're into comparison.
VTB - For Mother Russia!
No surprises really anywhere.
A breakout by fees would be very helpful, since that's what drives bonuses, indicates whether you lead the deal or not, etc
GS killin it as per usual
You can calc dealflow/fees per partner for most of the public boutiques off of filings (and there are ER guys who do this).
Another interesting metric is avg deal size. Greenhill, centerview and perella weinberg are doing like 20 deals a year and putting up those numbers.
This makes sense - a ton of MDs at these shops were heads of their divisions at BB's so they carried their clients with them. Obviously, these clients will still have needs that only BBs can service (cap mkts, debt), but they'll lean on said partners for "strategic advice", which these shops are happy to provide on massive deals that land them retirement-worthy commissions.
Surprised that Jefferies trumped HSBC.
GS/MS at the top for global M&A.... surprise surprise
Anyone surprised that JPMC dropped and Barclays went up? People have been putting JPMC in the same sentence as GS/MS for M&A the past couple years
Don't worry, it won't last. Barclays will go down soon.
I don't get why Rothschild isn't considered one of the elite boutiques although it outperforms every single elite boutique shop.
But yeah, no surprise at the top obviously. GS and MS are killing it (as usual).
Evercore Partners did really well. I want to see how will they this year.
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