This is where you should work, bank by bank, market by market

From efinancialcareers.co.uk
http://news.eFinancialCareers.co.uk/newsandviews_…

This is where you should be working, bank by bank, market by market
4 April 2011
Sarah Butcher

If you aspire to work for a bank that’s the global market leader in your product area, but for some reason are ignorant as to which bank that is, we have the answers.

Derived from figures from analysts at JPMorgan, who last week released a detailed analysis of each banks’ revenues, by product, for 2010 - plus projections for 2011 and 2012, here are the expected market leaders for 2011(excluding JPMorgan), plus their predicted direction of travel.

Advisory, predicted market shares 2011

Goldman Sachs: 28.6% (increasing)
Morgan Stanley: 19.3% (decreasing, slightly)
BarCap: 15.4% (decreasing)
Credit Suisse: 14.0% (decreasing)
UBS: 10.2% (erratic)
Deutsche: 9.4% (decreasing)
BNP Paribas: 2.2% (increasing very slowly)
SocGen: 0.9% (increasing very slowly)

Equity underwriting, predicted markets shares 2011

Goldman Sachs: 21.2% (erratic)
Morgan Stanley: 20.5% (decreasing)
UBS: 18% (increasing)
Deutsche: 12.6% (decreasing)
Credit Suisse: 12.4% (decreasing)
BarCap: 12.5% (decreasing)
BNP Paribas: 1.6% (increasing very slowly)
SocGen: 1.2% (erratic)

Debt underwriting, predicted markets shares 2011

Credit Suisse: 22.2% (stable)
Goldman Sachs: 13.9% (increasing)
BarCap: 13.1% (increasing)
Morgan Stanley: 15.5% (increasing)
BNP: 7.5% (erratic)
UBS: 7.8% (erratic)
SocGen: 3.6% (stable)

Fixed income, structured products group, predicted markets shares 2011

Credit Suisse: 35.4% (increasing)
Goldman Sachs: 14.5% (increasing)
BarCap: 11.7% (stable)
UBS: 6.6% (increasing)
BNP Paribas: 6.4% (decreasing)
Morgan Stanley: 3.7% (erratic)
SocGen: 2.2% (stable)

Credit trading, predicted markets shares 2011

Goldman Sachs: 29.4% (decreasing)
Deutsche: 23.5% (decreasing)
UBS: 18.8% (increasing)
BarCap: 12.0% (increasing)
Credit Suisse: 9.1% (decreasing)
Morgan Stanley: 2.7% (decreasing)
BNP: 2.3% (static)
SocGen: 1.3% (increasing)

FX, predicted markets shares 2011

Deutsche: 27.3% (falling)
Goldman Sachs: 16.2% (increasing)
UBS: 13.4% (increasing)
BNP: 11.8% (stable)
BarCap: 8.1% (increasing)
Morgan Stanley: 9.7% (increasing)
SocGen: 6.9% (stable)
Credit Suisse: 6.6% (decreasing)

Rates, predicted markets shares 2011

Goldman Sachs: 21.6% (falling)
BarCap: 20.9% (increasing)
Deutsche: 14.8% (falling)
BNP: 12.1% (falling)
Credit Suisse: 10.2% (falling/stable)
Morgan Stanley: 9.1% (erratic)
SocGen: 5.4% (erratic)
UBS: 4.2% (increasing)

GEM, predicted markets shares 2011

Barclays: 32.3% (erratic)
Deutsche: 22.4% (falling)
Credit Suisse: 15.0% (stable)
UBS: 9.1% (increasing)
Goldman Sachs: 8.4% (stable)
Morgan Stanley: 5.3% (stable)
BNP: 5.1% (erratic)
SocGen: 2.3% (stable)

Commodities, predicted markets shares 2011

Goldman Sachs: 44.5% (decreasing)
Morgan Stanley: 26.1% (stable)
BarCap: 10.2% (stable)
Deutsche: 10.3% (stable)
Credit Suisse: 2.8% (stable)
BNP Paribas: 2.6% (increasing)
UBS: 2.1% (increasing)
SocGen: 1.3% (increasing)

Equity derivatives, predicted markets shares 2011

Goldman Sachs: 20.5% (stable)
SocGen: 17.8% (stable)
BNP Paribas: 14.5% (increasing, slowly)
Credit Suisse: 11.7% (decreasing)
UBS: 10.2% (increasing, slowly)
Deutsche: 9.0% (stable)
BarCap: 8.2% (falling, slowly)
Morgan Stanley: 8.1% (stable)

Cash equities, predicted markets shares 2011

Goldman Sachs: 31% (falling)
Credit Suisse: 23.8% (stable)
UBS: 17.2% (increasing)
Morgan Stanley: 11.0% (increasing)
Deutsche: 10.5% (falling)
BarCap: 3.9% (increasing/stable)
SocGen: 1.9% (stable)
BNP Paribas: 0.7% (stable)

Prime broking, predicted markets shares 2011

Morgan Stanley: 21.6% (increasing)
Goldman Sachs: 20.7% (decreasing)
Credit Suisse: 18.5% (decreasing)
UBS: 14.0% (decreasing)
BarCap: 12.3% (increasing)
Deutsche: 10.9% (decreasing)
BNP Paribas: 2.0% (stable)

Health warning: Market share figures are relative to other banks listed. They don't include JPMorgan. Nor do they include BAML, RBS or Nomura. Credit portfolios for French banks include financing activities and aren't exactly the same as credit trading at US banks... The figures do, however, give a rough idea of where each bank listed stands relative to the others...

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Woah, very comprehensive, good find and thanks for sharing. This is better than all that arbitrary ranking bullshit that goes on.

I am permanently behind on PMs, it's not personal.
 

Go, go French Banks!!!

Valor is of no service, chance rules all, and the bravest often fall by the hands of cowards. - Tacitus Dr. Nick Riviera: Hey, don't worry. You don't have to make up stories here. Save that for court!
 
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As far as M&A advisory goes, I think a more interesting measure would be advisory fees per analyst. It's no surprise that the bigger banks dominate the field in terms of absolute market share, but it's possible that analysts at elite boutiques are getting deal experience equal to or better than the average bulge bracket analyst. It's really a matter of many deals and many analysts vs. fewer (yet quite large) deals and fewer analysts. Of course, I realize it's probably quite difficult to get such a measure, but I do think it would be insightful for people figuring out where they want to work.

Interesting list, though.

 

I agree, without Citi, JPMorgan, and BAML the list has an inaccurate skew towards Goldman in several product groups.

"Greed, in all of its forms; greed for life, for money, for love, for knowledge has marked the upward surge of mankind. And greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA."
 

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