JP Morgan is losing traction in EMEA, Dealogic data suggests. Preliminary rankings show that the bank has fallen from first to fourth in equity capital market (ECM) revenues year-to-date, with an 8.7% share and US$133 million, and from first to fifth in volumes as a bookrunner, with a 7.4% share and US$8.4 billion.
The bank lost its executive director of global equities to Citi in May.
READ MORE: Citi bumps up Australia and New Zealand markets team
Citi saw the greatest improvement of the cohort, up from sixth to third with US$136 million and an 8.9% share. DNB Carnegie made it onto the table from 12th to tenth, with a 2.4% share and US$37 million in revenues.
Citi’s performance compared to JP Morgan’s may be the result of its poaching key bankers from competitors.
Goldman Sachs (US$154 million, 10.1% share) and Morgan Stanley (USUS$137 million, 9% share) both rose a place to take first and second in revenues for the region.
By volume, the two leaders were followed by BofA Securities and BNP Paribas. Barclays fell from third to eighth place, with US$3.8 billion and a 3.3% share.
Globally, investment banking league tables have remained broadly unchanged year-on-year (YoY).
Aside from a negligible increase in Jefferies’ revenues pushing it above Wells Fargo (with both banks retaining a 2.8% share), rankings by revenue were stable. JP Morgan retained its top spot with an 8.7% share and US$5.9 billion, trailed by Goldman Sachs with a 7.8% share and US$5.3 billion and BofA Securities, with a 6.2% share and US$4.2 billion in revenues.
In equity capital markets revenues, while the top of the table looks familiar – JP Morgan ahead with a 10.8% share and US$1 billion in revenues, Morgan Stanley overtaking Goldman Sachs with a 9.1% share and US$907 million – two banks have broken into the top ten. UBS climbed from 11th to 10th with a 2.3% share and US$227 million, while Cantor Fitzgerald & Co rose from 13th to ninth place, taking a 2.4% share with US$237 million.
The bank saw a significant improvement in its US ECM ranking by revenue, up from 11th to seventh place. Revenues were a reported US$174 million, representing a 3.7% share.
Global ECM volume rankings YTD by bookrunner have seen JP Morgan and Goldman Sachs swap places, taking first and third respectively. The former holds a 10.4% share with US$55.5 billion in volumes, and the latter 8.9% and US$47 billion. Morgan Stanley remains between the two, with a 9.5% share and US$50.7 billion in volumes.
At the other end of the scale, TD Securities jumped nine places to 10th, its 2% market share representing US$10.7 billion in volumes. In the US, it rose from 11th to fifth place. The bank named Bryan Wrapp managing director of investment banking in April.
READ MORE: TD nabs Barclays veteran
Morgan Stanley and JP Morgan remained at the top of the pile for ECM revenues in APAC (ex-Japan), with US$207 million and US$159 million respectively, representing 9.1% and 7% of the market. UBS rose from ninth to third with a 5.2% share and US$118 million.
China-based Guotai Haitong Securities was down from third to fifth.
By volume, Citi fell from first to fifth with US$7.8 billion (4.5% share), replaced by Morgan Stanley, up one place with a 10.3% share and US$18 billion.
HSBC saw significant growth, up 18th to eighth, while Huatai Securities Co rose from 16th to ninth and Guotai Haitong Securities was up from 12th to tenth.
