How Have Debt Origination Fees For U.S. Investment Banks Changed Over The Last Five Quarters?

-5.22%
Downside
58.63
Market
55.57
Trefis
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C
Citigroup

Debt origination fees for the five largest U.S. banks have been under considerable pressure over the last two quarters due to a marked reduction in activity levels across global debt capital markets. While these banks pocketed around 36% of total debt underwriting fees worldwide over between Q1 and Q3 2015, their share has fallen to 30% over recent quarters.

Fees* (in $ million) Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016
Bank of America 781 887 748 617 669
JPMorgan 820 907 840 602 531
Citigroup 669 729 525 616 530
Goldman Sachs 411 603 557 440 509
Morgan Stanley 395 528 374 346 239
U.S. Top 5 Total 3,076 3,654 3,044 2,621 2,478
Industry Total 8,590 10,579 8,543 8,878 7,640
=> U.S. Top 5 as % of Total 36% 35% 36% 30% 32%

* (Total debt origination fees for the industry include fees from syndicated loans)

See the links below for more information and analysis about the 5 largest U.S. investment banks:

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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 comment 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 Goldman SachsJPMorganMorgan StanleyBank of America | Citigroup

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