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Equity Capital Market Recovery Boosts Underwriting Fees To Highest Level Since Early 2015

The 5 largest U.S investment banks generated well over $1.6 billion in equity underwriting fees in Q1 2017 - just under one-third of the total figure for the industry.

IB_QA_US_ECMFees_17Q1

The wallet share for these U.S. banks in the global equity underwriting industry has remained largely constant at around 33% over the last five quarters with the exception of Q4 2016, when the figure fell to 27%. It should be noted here that equity capital market deal volumes have remained depressed since Q2 2015. This, in turn, had a direct impact on the total underwriting fees for the industry - leading the average quarterly equity underwriting fees for these banks in 2016 down to $1.1 billion from more than $2.3 billion for the three-year period 2013-15.

IB_QA_US_ECMFeesChange_17Q1

Total equity underwriting fees for the industry are taken from Thomson Reuters' latest . Figures for individual banks are as reported in their quarterly results.

Total equity underwriting fees for the industry are taken from Thomson Reuters' latest investment banking league tables . Figures for individual banks are as reported in their quarterly results.

The five largest U.S. investment banks compete fiercely in the global equity underwriting industry, with top honors in terms of the highest equity underwriting fees shifting among Goldman Sachs, JPMorgan, Morgan Stanley and Bank of America from quarter to quarter since early 2011. That said, JPMorgan has been able to outperform its peers over recent years, as it garnered more equity underwriting fees than any other bank globally for each of the last five quarters.

See the links below for more information and analysis about the 5 largest U.S. investment banks:

See full Trefis analysis for Goldman Sachs | JPMorgan | Morgan Stanley | Bank of America | Citigroup

View Interactive Institutional Research (Powered by Trefis):

Global Large Cap | U.S. Mid & Small Cap | European Large & Mid Cap

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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