How Have Advisory & Underwriting Fees For The Largest U.S. Investment Banks Changed In The Last Five Quarters?
Total advisory and underwriting fees for the five largest U.S. banks recovered substantially in Q2 2016 from the multi-year low seen in Q1 2016, and was also well above the lukewarm figures seen over the second half of 2015. But it was well below the extremely strong figures for Q2 2015.
| Total Fees ($ mil) | Q2 2015 | Q3 2015 | Q4 2015 | Q1 2016 | Q2 2016 |
| Goldman Sachs | 2,019 | 1,556 | 1,547 | 1,463 | 1,787 |
| JPMorgan | 1,825 | 1,612 | 1,538 | 1,321 | 1,636 |
| Bank of America | 1,580 | 1,327 | 1,311 | 1,203 | 1,454 |
| Citigroup | 1,283 | 937 | 1,125 | 875 | 1,217 |
| Morgan Stanley | 1,440 | 1,181 | 1,214 | 990 | 1,108 |
| U.S. Top 5 Total | 8,147 | 6,613 | 6,735 | 5,852 | 7,202 |
| Industry Total | 24,638 | 18,709 | 21,099 | 16,055 | 20,925 |
| => U.S. Top 5 as % of Total | 33% | 35% | 32% | 36% | 34% |
Notably, these five banks pocket roughly 35% of all investment banking fees globally in a quarter. Citigroup usually has the smallest wallet share among these banks, as it has a smaller presence in the global M&A as well as equity underwriting industries compared to its peers. But strong activity levels in Citigroup’s core focus area of debt origination for Q2 2016 helped the globally diversified banking giant edge ahead of Morgan Stanley this time around.
See the links below for more information and analysis about the 5 largest U.S. investment banks:
- How Much In M&A Advisory Fees Did The 5 Largest U.S. Investment Banks Generate In Q2 2016?
- How Much In Debt Origination Fees Did The 5 Largest U.S. Investment Banks Generate In Q2 2016?
- How Much In Equity Underwriting Fees Did The 5 Largest U.S. Investment Banks Generate In Q2 2016?
- How Much Did The 5 Largest U.S. Investment Banks Make Through Equity Trading In Q2 2016?
- How Much Did The 5 Largest U.S. Investment Banks Make Through FICC Trading In Q2 2016?
- How Have M&A Advisory Fees For The 5 Largest U.S. Investment Banks Changed Since 2010?
- How Have Equity Underwriting Fees For The 5 Largest U.S. Investment Banks Changed Since 2010?
- How Have Debt Origination Fees For The 5 Largest U.S. Investment Banks Changed Since 2010?
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