How Have Equity Underwriting Fees For The Largest U.S. Investment Banks Changed In The Last 5 Quarters?

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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:

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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