JPMorgan is leading the pack when it comes to Wall Street revenues, according to Dealogic’s preliminary league tables for the first 9 months of the year.
Altogether, global investment banking revenue was down 14% from the same period last year. The only area where revenues were up was in M&A — particularly in healthcare M&A.
League tables are a contentious subject on Wall Street.
Banks use them when pitching for new business, and a good ranking means serious bragging rights. But the league table-data can also be sliced up to make a bank’s performance look better (by narrowing the field very narrowly, for example).
Though they’re based on estimates, these tables are the broadest possible and a closely-watched indicator of who is up and who is down.
Here’s how the banks stacked up this time around.
JPMorgan ranked first for overall investment banking revenue in the first 9 months of the year, with an 8% market share and $4.3 billion in total revenues. It was followed closely by rival Goldman Sachs, with $4.1 billion and a 7.6% share. Bank of America was in third place, with $3.4 billion.
Global investment banking revenue was $US54.3 billion for the first nine months of 2015, which was down 14% compared to the same period last year.
JPMorgan also ranked first for revenue in debt capital markets, with $1.3 billion in revenue and an 8.4% share. Bank of America followed, with just over $1 billion, and Citi raked in $872 million to place third.
DCM revenue fell year-on-year, too, down 12% from the same period last year to $US15.1 billion. Revenue from high-yield bonds dropped $US25% to its lowest level since 2010. On the other hand, investment-grade bond revenue was up.
Guess who ranked first for equity capital markets? JPMorgan again. The bank had a 7.4% share, followed closely by Goldman Sachs and Morgan Stanley.
Equity capital markets revenue was down 15% year-on-year to $US14.2 billion. Within that, IPO revenue was down 31%.
Goldman Sachs was the winner for M&A revenues, completely crushing its rivals with $2 billion in revenues, versus JPMorgan's $1.3 billion and Morgan Stanley's $1.24 billion.
M&A revenue was the one bright spot for the first 9 months of the year. It hit $US16.2 billion, its highest point for that period since 2008. And Goldman was the big winner there.
Breaking it down by sector, revenue from healthcare M&A hit a record high of $US2.8 billion.
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