How Have Equity Underwriting Fees For The Largest U.S. Investment Banks Changed In The Last 5 Quarters?
Equity underwriting fees for the largest U.S. investment banks fell from an average quarterly figure of $1.6 billion for 2015 to just $854 million in Q1 2016. The decline mirrored the overall performance of global equity markets, though. Notably, these banks capture around 35% of global equity underwriting fees for any quarter.
Fees (in $ million) | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | Q1 2016 |
JPMorgan | 399 | 452 | 269 | 314 | 205 |
Bank of America | 345 | 417 | 188 | 286 | 188 |
Goldman Sachs | 533 | 595 | 190 | 228 | 183 |
Morgan Stanley | 307 | 489 | 250 | 352 | 160 |
Citigroup | 231 | 296 | 169 | 206 | 118 |
U.S. Top 5 Total | 1,815 | 2,249 | 1,066 | 1,386 | 854 |
Industry Total | 4,855 | 6,546 | 2,892 | 3,988 | 2,387 |
=> U.S. Top 5 as % of Total | 37% | 34% | 37% | 35% | 36% |
See the links below for more information and analysis about the 5 largest U.S. investment banks:
- How Much In Equity Underwriting Fees Did The 5 Largest U.S. Investment Banks Generate In Q1 2016?
- How Have Equity Underwriting Fees For The 5 Largest U.S. Investment Banks Changed Since 2010?
- How Much In M&A Advisory Fees Did The 5 Largest U.S. Investment Banks Generate In Q1 2016?
- How Much In Debt Origination 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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