Noob question: according to Thomson Reuters and FT.com, BAML was actually 2nd in IB fees globally during 2011 and top 3 in a number of industries, so why do ppl here have a negative view on BAML IBD?
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I get a sense some of it is about culture and compensation practices. Also, not sure if ECM/DCM or M&A accounts for those fees. Many analysts would prefer M&A deal flow. Also, could be a question about deals per banker since they are a global BB big in size but perhaps not quality. Lot of strong MDs left ML in 08. Not sure. But you're right, kinda perplexing, huh? They do well in those league tables
The B and the A drive the criticism. The M and the L drive the fees.
BAML made a ton of fees (4,925.2) last year, but less than 20% of it was from M&A and more than 25% of it was from loans. Few bankers want to write a credit agreement, most want to spin deals. That is one of the reasons why BAML normally gets heat on message boards like this. That said, you can make one hell of a living as a banker at BAML.
According to the FT, 25% was from M&A.
Overall fees from M&A rank: - GS - MS - JPM - BAML
Pretty interesting.
could u pls post the full stats/table that u are referring to? thanks dude
Here is a link to the 2011 league tables from FT http://markets.ft.com/investmentBanking/tablesAndTrends.asp
As you can see, while BAML is second it generates a LOT more fees from loans and a lot less from M&A than GS and MS.
The numbers I was referring to came from Thompson Reuters end of year report. It is pretty odd that there is a discrepancy, as the FT cites TR as their source. I would guess that the FT is using an old pull and is thus a little bit off.
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