What Was The Total Size Of M&A Deals In Q2 For Major European Investment Banks?

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The second quarter of 2016 saw a sharp improvement in global M&A activity after a slow start to the year. While the total size of global M&A deals announced for Q2 jumped 36% from the figure for the previous quarter, relatively weaker economic conditions in Europe saw deal volumes for the region increase by just 2% according to data compiled by Thomson Reuters. [1] This, in turn, resulted in the largest European investment banks garnering a much smaller share of the global M&A market for the quarter compared to their U.S.-based peers:

IB_QA_EU_M&A_Ann_Share_16Q2

Notably, each of these investment banks reported a greater size of completed M&A deals in Q2 2016 compared to deals announced – something that can be explained by the fact that they were working through the strong pipeline of deals which was announced over previous quarters. That said, U.S. investment banks have a strong grip on the European M&A industry too, as the banks ranked among the top 5 in terms of European M&A deals completed for Q2 2016 were all from the U.S.

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IB_QA_EU_M&A_Comp_Share_16Q2

It should be noted that the largest M&A deals employ many investment banks, so the market share figures in either table are not exclusive.

Among the European investment banking giants, Credit Suisse has been a part of the most M&A deals completed in a quarter for each of the last four quarters. Notably, Credit Suisse’s market share of around 20% for the first half of 2016 is a marked improvement from the 9.6% figure the bank witnessed for full-year 2015. You can see how changes to Credit Suisse’s share of completed M&A deals globally affect our estimate for the bank’s share price by making changes to the chart below.

Notes:
1) The purpose of these analyses is to help readers focus on a few important things. We hope such lean communication sparks thinking, and encourages readers to comment / ask questions on the comments section
2) Figures mentioned are approximate values to help our readers remember the key concepts more intuitively. For precise figures, please refer to the full Trefis analysis for Barclays | Credit Suisse | Deutsche Bank | HSBC | UBS

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Notes:
  1. Investment Banking League Tables, Thomson Reuters Deals Intelligence []