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The truth about Asian investment banking

February 2009

League tables: Bank consolidation hardens top-10 dominance

Consolidation among investment banks has had a big impact on the equity capital markets league table results in 2008 and will do so again in 2009.


Global ECM volume top 10
Rank Bookrunner parents Deal value $mln No. % share
1 JPMorgan 73,570 179 11.6
2 Goldman Sachs 61,224 126 9.7
3 Merrill Lynch 52,531 135 8.3
4 Citi 49,696 149 7.8
5 Morgan Stanley 47,076 134 7.4
6 UBS 40,269 163 6.4
7 Credit Suisse 32,109 117 5.1
8 Bank of America 28,150 60 4.4
9 Deutsche Bank 25,707 107 4.1
10 Barclays Capital 25,056 52 4.0
Subtotal 435,389 776 68.6
Total 634,409 2,995 100.0
Source: Dealogic
JPMorgan received a boost from its acquisition of Bear Stearns, and Lehman Brothers dropped out of the picture to be replaced by Barclays Capital, a new face in equity capital markets.

Consolidation, as well as the dominance of jumbo deals – 2008 was not short...


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