JPMorgan Chase & Co. led in global investment banking revenue in the first nine months of the year, with $3.3 billion and a 7.7% market share, according to preliminary data from Dealogic.
Globally, banks took in $43.6 billion in revenue from arranging stock and bond issues, providing merger advice and arranging syndicated loans, Dealogic said. That's a 4% year-over-year increase.
Some of the biggest fee-generating transactions have come in the past two months. Last week's $67 billion stock sale by Petroleo Brasileiro SA of Brazil included a $23 billion portion underwritten by dozens of banks, Dealogic said. Ten banks are also advising on the proposed $43.4 billion acquisition of Potash Corp. of Saskatchewan Inc. by BHP Billiton Ltd., the largest announced deal of the year to date.
Bank of America Corp. moved up to second in the revenue rankings from third last year, with $3.1 billion and a 7.3% share, in part because of its role advising Potash and participation in the Petrobras deal, Dealogic said. Goldman Sachs Group Inc. slipped to third, with $2.4 billion in revenue and a 5.7% share. Goldman was also involved in the Potash and Petrobras deals.
Though the top 10 banks in the rankings made 50% of the revenue, their control over the investment banking business is slipping. Six of the top 10 banks had year-over-year declines in revenue, while four had gains.
B of A's investment banking revenue jumped 17% compared with a year earlier. Barclays PLC's revenue rose 13%, Deutsche Bank AG climbed 9% and Credit Suisse Group gained 2%, according to Dealogic. Despite holding onto the top slot, JPMorgan Chase's revenue slipped 18%.
Outside the top 10, Wells Fargo Securities, a unit of Wells Fargo & Co., had the biggest gain of all, jumping 37%, with revenue of $747 million so far this year. RBC Capital Markets, a unit of Royal Bank of Canada, gained 22%, with revenue of $733 million, Dealogic said.
Investment banking activities in the Americas accounted for 51% of revenue, totaling $22 billion.
