How Have Debt Origination Fees For U.S. Investment Banks Changed Over The Last Five Quarters?
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:
- How Much In Debt Origination Fees Did The 5 Largest U.S. Investment Banks Generate In Q1 2016?
- How Have Debt Origination Fees For The 5 Largest U.S. Investment Banks Changed Since 2010?
- How Much In Equity Underwriting Fees Did The 5 Largest U.S. Investment Banks Generate In Q1 2016?
- How Much In M&A Advisory Fees Did The 5 Largest U.S. Investment Banks Generate In Q1 2016?
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 Sachs | JPMorgan | Morgan Stanley | Bank of America | Citigroup
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