How Have M&A Advisory Fees For The Largest U.S. Investment Banks Changed Over The Last 5 Quarters?

+8.30%
Upside
87.96
Market
95.26
Trefis
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MS
Morgan Stanley

M&A advisory fees for the five largest U.S. banks have been around $2.5 billion on average over the last five quarters. As the M&A industry in itself has seen notable fluctuations in the level of activity over this period, their share of total fees has swung between 30% and 42%.

Fees (in $ million) Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016
Goldman Sachs 961 821 809 879 771
Morgan Stanley 471 423 557 516 591
JPMorgan 542 466 503 622 585
Bank of America 428 276 391 408 346
Citigroup 298 258 243 303 227
U.S. Top 5 Total 2,700 2,244 2,503 2,728 2,520
Industry Total 6,366 7,512 7,275 8,234 6,028
=> U.S. Top 5 as % of Total 42% 30% 34% 33% 42%

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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