In the spirit of the 2021 advisory revenue league tables posted, I thought it'd be interesting to see full revenue breakdowns for the IB divisions (to standardize, IB = advisory + equity/debt origination + other) of BBs + RBC and Jefferies. All values are in $M, and asterisks indicate currency conversions were done.
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I think you forgot one...
Here's the full one with Barclays now that they're out.
I think you forgot a bank...
Interesting that the Swiss banks don't split their equity and debt underwriting revenues. Is that a regulatory thing over there or just what they do?
Surprised at Jefferies. Obviously they've been growing quickly and punch above their weight, but I definitely did not know their IB revenues are closer to BofA than UBS (always thought that they were around or just slightly above UBS and DB in terms of revenue).
Jefferies’ performance is pretty impressive once you take into account their headcount is a fraction of everyone else’s. Playing right amongst the mid-BBs in ECM and M&A.
Doesn't that just mean JEF is sweatier?
Jefferies advisory with double the revenues of UBS and CS, and hanging between Citi and BofA, is the biggest surprise IMO. Something the league tables completely don't reflect.
Lord it must suck to be a junior at jefferies with these kind of numbers lmfao
These are meaningless. What are their returns on equity?
DB getting absolutely carried by its balance sheet.
yeah, wow. at a MM and LMAOing hard at these advisory fees
Can someone add IBD head count and revenue / IBD employee?
Honestly pretty surprised that BofA generated so much less revenue from debt underwriting than Citi and MS. I always assumed that BofA's IB would be somewhat financing-driven considering BofA's large balance sheet and CB operations like Citi and JPM.
The above data is way offJust google "dealogic investment banking scorecard" and you'll see bofa was 4th revenue in 2021, just a smidge behind MS and like $2bn ahead of citi
Bruh I'm pretty sure that the data is directly from the banks' FY-21 10-Ks and annual reports. Also Dealogic isn't very accurate - their data is nothing more than educated guesses considering how much revenue, especially advisory revenue, isn't disclosed.
Numbers aren’t right. That’s what happens when analysts try to make league tables using Factset pull or whatever. Anyone ever opened a back up? It’s a total shitshow missing the most obvious deals
I'm pretty sure the numbers are directly from the banks' FY-21 10-Ks and annual reports, so certain announced deals that haven't closed obviously haven't been recognized as revenue yet.
Dude, you keep saying that but how can this be from 2021 10-Ks if they haven't even been released yet?
These numbers are just wrong.
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