Q1 2021: M&A Wrap-Up, Trends, Brief Analysis
Which banks crushed it? Which flopped? My $0.02 below.
Total global M&A deal value grew by 92.5% year-over-year for Q1 2021. Ergo a bank that grew M&A deal value by less than this LOST market share year-over-year and a bank that grew more than this GAINED market share y-o-y.
Source: https://markets.ft.com/data/league-tables/tables-and-trends/mergers-and-acquisitions
Market Share Gainers
Jefferies: Made the Top 10 for global M&A deal value and grew global M&A deal value by over 800% y-o-y. Hats off. Not sure if they had a bad Q12020 or amazing Q12021 - probably both.
Barclays: After getting kicked from the Top 10 in 2020, the bank has come roaring back with 243% y-o-y growth in M&A deal value - growth second only to Jefferies among banks in the Top 10. #1 bank in Consumer Staples fees globally across all products (M&A, equity, bonds, loans). #1 bank in United Kingdom across all products.
Citi: Grew M&A deal value 179%. #1 bank in Africa/Middle East/Central Asia across all products.
Bank of America: BofA / BAML Grew M&A deal value 147%. #1 bank in Real Estate fees cross all products. Also #1 bank in Singapore across all products if anyone gives a ****
J.P. Morgan: While growing M&A deal value 120%, only 51% of it came from Americas, putting them below Citi and BofA and nearly tied with Barclays for Q12021 Americas M&A deal value. Somewhat more lukewarm results, although they did gain market share globally.
Market Share Losers
Morgan Stanley: MS is still a top bank, but grew global M&A by 36% compared to the whopping numbers above.
Credit Suisse: CS also grew global M&A deal value 36%, with only 60% coming from Americas.
Evercore: EVR y-o-y growth was only 31%.
UBS: Kicked from Top 10 after being #7 in 2020.
Lazard: Also kicked from Top 10. Believe they were #9 in 2020.
Neither Here Nor There
Goldman Sachs: Yeah, GS is top, but they grew just in-line with overall deal value growth (92% exactly y-o-y). However, they, JPM, and MS continued to be the top bank in almost every industry across products this quarter except for Barclays (Consumer) and BAML (Real Estate).
Deutsche Bank: DB is remaining in Top 10 for M&A for now, but slightly lost market share y-o-y.
Would love it if someone can provide commentatory on Jefferies. Like OP mentioned, they seemed to have made a big jump in the first quarter and are also the only non-BB in the top 10. Seems like the ECM/SPAC boom seems to have definitely helped them but seems like the bank overall has come a long way in just the past 5-7 years. Would be interested in seeing if this will last as this is a bank that definitely seems to be on a very sharp upward trajectory.
Don't have access to the complete league tables so would also be interested in seeing which specific groups did well.
Don't know a ton about them and don't want to regurgitate what I've seen but there is a lot all over the forum on them.
What's crazy to think about is their average deal size is billions lower than the rest of the banks on the list so they're absolutely cranking and deal teams are probably leaner - those reps have to count for something at the junior level in terms of experience, training, preparation for whatever you do next. Also probably extremely sweaty.
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