Below is a list of the top 10 full-service investment banks. JPMorgan is the world’s largest investment bank based on global investment banking fees (investment banking revenue).
1. JP Morgan Chase & Co. provides investment banking, treasury and securities services, asset management, private banking, commercial banking, and financial services for consumers. The company operates in four segments: Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking, and Asset Management. The firm is one of the world's leading global investment banks, with one of the most extensive client bases in more than 60 countries. JPMorgan Corporate & Investment Bank (CIB) is #1 in Global Investment Banking fees ($6.5 billion, 2014), #1 in the U.S. and EMEA Investment Banking fees and #1 in Global debt, equity and loan syndications. In the third-quarter 2015, investment banking revenue was $1.5 billion and treasury services revenue was $900 million. The business continued to rank #1 in global investment banking fees. In 2015, Global Finance Magazine named J.P. Morgan the Best Investment Bank in the world.
2. Bank of America Merrill Lynch (BAML) is the corporate and investment banking arm of Bank of America Corporation. It is one of the leading providers of wealth management, securities trading and sales, corporate finance and investment banking services. Bank of America ranked No.2 in global investment banking fees ($5.7 billion, 2014). The company generated $1.287 billion in investment banking fees during the third quarter 2015. In 2015, Bank of America Merrill Lynch was named the Best Debt Bank in the world by Global Finance and the Most Innovative Investment Bank for private placement by The Banker.
3. Goldman Sachs is a global investment banking, securities and investment management firm. The company provides a wide range of services to corporations, financial institutions, governments, and high-net worth individuals. It operates in four business segments: Investment Banking, Institutional Client Services, Investing & Lending and Investment Management. The Investment Banking Division is at the front end of Goldman Sachs’ client franchise. The company is ranked first in worldwide announced M&A and first in worldwide equity, equity-related offerings, and common stock offerings. Investment banking fees were $5.6 billion in 2014. Net revenues in Investment Banking were $1.6 billion in the third quarter 2015. The Company’s market capitalization was $80 billion as of December 11, 2015. Goldman Sachs was named the Best M&A Bank in the world for 2015 by Global Finance.
4. Morgan Stanley is a global financial services company that provides its products and services to corporations, governments, institutions and individuals worldwide. The firm operates in the three business segments: Institutional Securities, Investment Management and Wealth Management. The Investment Management segment generates investment banking revenues primarily from the placement of investments in real estate and merchant banking funds. The company is headquartered in New York and has its principal offices in London, Tokyo, Hong Kong and other world financial centers. In 2014, Investment Banking revenue was $5.4 billion. In the third quarter 2015, revenue from investment banking totaled $1.2 billion. Investment Banking is ranked #1 in Global IPOs and #2 in Global Announced M&A. Morgan Stanley was named the Best Equity Bank in the world by Global Finance in 2015.
5. Citigroup is a global diversified financial services holding company with over 200 million customer accounts in 160 countries. Citi's Institutional Clients Group (ICG) provides investment and corporate banking products and services to corporations, governments, financial institutions, and high-net-worth individuals. It is organized into five groups: Capital Markets Origination, Corporate and Investment Banking, Markets and Securities Services, Treasury and Trade Solutions and the Citi Private Bank. Revenue from investment banking, which is part of Citi's Institutional Clients Group, was $4.5 billion in 2014.
6. Deutsche Bank is one the largest bank in Europe by total assets. It was named Best Investment Bank in Western Europe by Global Finance and Euromoney magazine in 2013. Deutsche Bank includes five corporate divisions: Corporate Banking & Securities (CB&S), Global Transaction Banking, Deutsche Asset & Wealth Management, Private & Business Clients and the Non-Core Operations Unit. Corporate Banking & Securities (CB&S) is one of the world’s leading investment banks and fixed income powerhouses. Greenwich Associates ranked Deutsche Bank’s global fixed income business first place based on market share. Investment Banking revenue was $4.3 billion in 2014. The Banker named Deutsche Bank the most innovative investment bank for IPOs and equity raising (2015).
7. Credit Suisse Group is one of the most prestigious investment banks and is one of the largest wealth management firms in the world with total assets under management of CHF 1.294 trillion (9/2015). It operates through two global divisions: Private Banking & Wealth Management and Investment Banking. The Investment Banking division provides securities products and financial advisory services to corporations, governments, institutional investors and high-net-worth individuals. It offers debt and equity underwriting, mergers and acquisitions (M&A), sales and trading, divestitures, prime brokerage, capital raising, investment research and other services. Revenue from investment banking was $3.8 billion in 2014. As of December 11, 2015, Credit Suisse had a market cap of over $40 billion.
8. Barclays Capital is an investment division of Barclays plc. It provides financial advisory, capital raising, financing and risk management services to corporations, governments and financial institutions around the world. In 2013, Barclays was named the best Flow House in Western Europe and North America and the best UK investment Bank by Euromoney magazine. Investment banking fees were $3.7 billion in 2014. Barclays was honored as the Most Innovative Investment Bank for equity-linked bonds (The Banker 2015).
9. Wells Fargo is the largest bank in world by market value and is ranked No. 1, 2 or 3 in the U.S. for most of its products and services. The company has four major business groups: Community Banking, Wealth, Brokerage and Retirement, Consumer Lending and Wholesale Banking. In 2014, Wells Fargo was ranked as one of the largest corporate donors in the US. Global investment banking fees were $2.4 billion in 2014.
10. UBS is a global firm with offices in more than 50 countries. It operates through six business units: Wealth Management, Wealth Management Americas, Retail & Corporate, Global Asset Management, the Investment Bank and Corporate Center. UBS Investment Bank serves corporate, institutional and wealth management clients through two main divisions: Corporate Client Solutions and Investor Client Services. Revenue from investment banking totaled $2.3 billion in 2014.
Following are the leading investment banks in the world ranked by M&A advisory fees.
|Rank||Company||Fees, $m (Q1-Q3 2015)|
|1||Goldman Sachs & Co||2,106.7|
|4||Bank of America Merrill Lynch||963.0|
Source: Financial Times, Bloomberg