The money network:

The money network:

Why crowdfunding threatens traditional bank lending

The truth about Asian investment banking

February 2007

Citigroup



The Champions League of investment banking

How we calculated the investment banking Champions League table

Director of football: Charles Prince
Age: 56
Appointed: 2003
Value added: 0% pa (16th)
Chop rating: 4/5

When, oh when is the share price going to move? Chuck is juggling his senior management team to get results. If it doesn’t work, he could be the next to move on

Head coaches: Michael Klein (43, 2006) Tom Maheras (44, 2006)


Star players:
Klein and Maheras are, respectively, the playmaker and the engine room for Citigroup’s global business. Can they cope with added management responsibility and improve the results?

Rising star: Bill Mills, as head of corporate and investment banking for EMEA, has taken Citi to uncharted heights in the European M&A business, with a huge supporting role from whizzkid apprentice Peter Tague

Weakest link: The longstanding problem of indiscipline appears to have been dealt with. Now it appears that the huge size of the squad is a bit of a problem for Prince, although he might not realize it. The frantic and expensive investment in structured credit is much needed, but incredibly late compared with key competitors


Key transfers 2006:

IN: Michael Raynes (head of global CDO and structured credit, from Deutsche Bank); Marcus Browning (global head of FX trading, from Merrill Lynch)

OUT: Marwan Marshi (global head of fixed income capital markets, to Deutsche Bank); Todd Thomson (global wealth management)


2006 capital markets performance (▼/▲ 2005)

Overall fees: $4,302mln (+13.1%) 2nd (▼1)
DCM: $1,552.2mln (+11.8%) 1st (no move)
ECM: $1,457.4mln (+26%) 2nd (▼1)
M&A: $1,292.9mln (+2.6%) 4th (no move)
FX market share: 10.39% (+2.89%) 3rd (no move)

Rankings 2006:

Return on equity: 19.3% (12th)
Growth of earnings: -7% (16th)
Market cap: $273.7bln (1st)

Champions League position 2006: 4th=
If Citigroup were a Champions League team it would be: AC Milan. One of the undoubted giants of the game, but has not dominated the past decade as its competitors feared, and its major supporters expected

































































Summary table of top banks, with quick links to more related content on euromoney.com

Is the banking boom sustainable?

The investment banking Champions League 2006
Euromoney's unscientific guide to the industry's leading firms
  Click on the firm's name below to read commentary Overall fees RoE GoE Mark cap Total
1 Goldman Sachs 32 16 14 9 71
2 Morgan Stanley 26 11 16 8 61
3 JP Morgan 28 1 15 14 58
4 Citigroup 30 5 1 16 52
4 UBS 22 14 3 13 52
6 Credit Suisse 20 10 11 7 48
7 Merrill Lynch 24 6 10 6 46
8 Barclays 10 14 8 10 42
9 Deutsche Bank 18 8 9 4 39
10 HSBC 8 2 13 15 38
11 Lehman Brothers 16 12 6 2 36
12 BNP Paribas 6 9 7 11 33
13 Bear Stearns 14 4 12 1 31
14 Société Générale 2 15 5 5 27
15 ABN Amro 12 7 2 3 24
16 RBS 4 3 4 12 23
Source: Dealogic, Annual reports, Euromoney


































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