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Poll of polls 2001: Deutsche Bank and Citigroup on top

Citibank/SSSB and Deutsche are neck and neck in our annual poll of polls compilation of survey results. Deutsche tops the underwriting table again and jumps ahead of both Goldman and Citibank/SSSB to win the advisory section. Citibank/SSSB wins our new internet and transactions processing tables and beats Deutsche into second place in the trading section. Goldman scores strongly in all categories save transactions processing, and JPMorgan Chase is in the top four in all categories except underwriting.

January 1, 2002

This year’s compilation of results reflects changes in the structure of Euromoney’s surveys over the past 18 months. Gone are the bond trading and brokers’ surveys, in comes a new section, transaction processing, covering cash management and custodial services. Brown Brothers Harriman, Mellon Financial Corporation and Northern Trust climb in the overall rankings as a result of their prowess in these markets and HSBC also benefits. State Street rises to 15th position overall because of its custodial capability plus an 8th place in May’s foreign exchange survey. E-commerce related questions have become a consistent theme of Euromoney’s questionnaires and another new section has been added to reflect this. The advisory category has been given heavier weighting and that for trading has been reduced to 10% of the overall scores.

A top tier of mainly universal banks is moving further away from the rest in terms of underwriting and advisory capabilities For the third year in a row Deutsche leads the combined poll results for underwriting. Merrill Lynch slips into third place for this category as Citibank/SSSB’s underwriting scores rise across the board, including overall capital raising (up 37%), bonds (up 27%) and equities (up 78%)

Merrill Lynch (5th overall) heads the equity underwriting and credit research advisory ratings, despite scoring poorly for forex research and trading. Credit Suisse First Boston climbs above UBS Warburg to seventh place overall, with advisory scores 50% up on last year thanks to a strong credit research showing.

Lehman Brothers climbs three places to ninth place overall, boosted by a credit research advisory rating that has more than doubled year on year. Barclays Capital, with a record year for profits behind it, has done well to climb one place to 10th overall, despite the loss from this year’s compiled results of its traditional strengths in bond trading and gilts. Barclays ranks fifth for overall capital raising; has expanded its credit research capability this year and is ranked just outside the top 10 in terms of overall market share in the foreign exchange poll.

Overall results
Jan Jan       Grand total Underwriting Trading Advising Transactions processing Internet
2002 2001   Country Weighting: 1000 350 100 350 100 100
1 1 Deutsche Bank Germany   668.09 240.96 70.62 220.43 68.94 67.13
2 2 Citibank/SSSB US   664.32 223.22 83.52 179.82 93.45 84.31
3 * JPMorgan Chase US   491.31 145.75 62.81 174.47 43.02 65.27
4 3 Goldman Sachs US   441.55 168.96 48.67 179.35 1.43 43.15
5 4 Merrill Lynch US   386.81 193.04 13.66 159.52 0 20.59
6 5 Morgan Stanley Dean Witter US   354.17 147.26 19.28 162.09 0 25.54
7 8 Credit Suisse First Boston US   308.67 104.61 28.4 148.83 0 26.84
8 6 UBS Warburg US   296.05 108.3 28.03 114.32 2.63 42.77
9 13 Lehman Brothers US   174.43 64.79 9.48 79.75 0 20.42
10 11 Barclays Capital UK   154.28 66.22 27.94 44.86 3.42 11.85
11 12 HSBC Group UK   148.83 32.61 14.32 44.75 43.06 14.08
12 10 ABN Amro Netherlands   147.43 64.83 10.44 31.82 9.27 31.08
13 ** Dresdner Kleinwort Wasserstein Germany   133.17 35.35 3.77 60.18 1.43 32.43
14 15 BNP Paribas France   106.58 44 10.83 49.4 2.35 0
15 44 State Street Bank US   57.19 0 15.09 0 37.42 4.68
16 21 Société Générale France   53.31 26.62 1.51 24.98 0 0.2
17 16 Bank of America US   51.8 17.9 15.83 10.7 6.25 1.12
18 17 Royal Bank of Scotland UK   46.64 23.51 13.17 9.41 0 0.55
19 18 Nomura Securities Japan   39.29 37.02 1.17 1.11 0 0
20 71 Northern Trust US   38.63 0 3.73 0 34.9 0
21 67 Brown Brothers Harriman US   38.63 0 1.92 0 36.15 0.56
22 52 Bank of New York US   37.62 0.02 2.88 0.63 31.22 2.87
23 – Investors Bank & Trust US   36.08 0 0 0 36.08 0
24 23 Mizuho Financial Group Japan   34.68 27.49 3.91 2.98 0 0.3
25 72 Mellon Financial Corporation US   34.46 0 0.76 0 33.7 0
 
* JP Morgan 7, Chase Manhattan 9
** Dresdner Kleinwort Benson 14, Wasserstein Perella 103


Underwriting
Jan Jan     Total score Capital raising Bonds MTNs ECP Equities
2002 2001   Weighting: 350 100 100 25 25 100
1 1 Deutsche Bank   240.96 100 66.95 7.99 25 41.02
2 3 Citibank/SSSB   223.22 76.58 69.6 6.31 15.76 54.98
3 2 Merrill Lynch   193.04 48.65 43.2 9.41 0.32 91.46
4 4 Goldman Sachs   168.96 36.04 40.85 8.74 12.94 70.4
5 5 Morgan Stanley Dean Witter   147.26 36.94 43.1 3.77 2.66 60.8
6 * JPMorgan Chase   145.75 61.26 66.58 5.07 4.86 7.98
7 7 UBS Warburg   108.3 35.14 22.66 1.01 13.2 36.3
8 6 Credit Suisse First Boston   104.61 33.33 25.47 1.14 3.24 41.42
9 10 Barclays Capital   66.22 40.54 18.02 0.67 4.68 2.31
10 8 ABN Amro   64.83 23.42 16.67 1.01 1.35 22.37
11 11 Lehman Brothers   64.79 24.32 22.03 3.82 8.01 6.61
12 13 BNP Paribas   44 18.92 18.16 0.54 0.06 6.33
13 15 Nomura Securities   37.02 11.71 17.07 0 0.3 7.94
14 12 Dresdner Kleinwort Wasserstein   35.35 9.01 6.87 0.87 1.9 16.7
15 16 HSBC Group   32.61 17.12 11.65 0.4 0.4 3.04
16 – Mizuho Financial Group   27.49 11.71 11.95 0 0.13 3.69
17 19 Société Générale   26.62 8.11 9.7 0 0.5 8.32
18 26 Royal Bank of Scotland   23.51 11.71 5.82 0 4.36 1.62
19 30 Nordea   19.55 15.32 3.24 0 0.51 0.48
20 22 Bank of America   17.9 9.01 6.77 0 0.29 1.83
 
*JP Morgan 9, Chase Manhattan 14


Advisory
Jan Jan     Total score FX research Risk management Credit research M&A
2002 2001   Weighting: 350.00 87.50 87.50 87.50 87.50
1 3 Deutsche Bank   220.43 63.31 56.97 71.87 28.27
2 1 Citibank/SSSB   179.82 74.94 24.77 43.41 36.69
3 2 Goldman Sachs   179.35 21.13 21.47 49.25 87.50
4 * JPMorgan Chase   174.47 33.12 87.50 0.00 53.85
5 4 Morgan Stanley Dean Witter   162.09 7.79 16.06 75.78 62.46
6 6 Merrill Lynch   159.52 5.53 18.99 79.25 55.75
7 7 Credit Suisse First Boston   148.83 8.64 12.39 78.17 49.63
8 8 UBS Warburg   114.32 20.05 36.33 31.73 26.21
9 11 Lehman Brothers   79.75 0.19 4.13 51.55 23.87
10 ** Dresdner Kleinwort Wasserstein   60.18 7.53 4.95 22.81 24.89
11 18 BNP Paribas   49.40 3.94 0.00 39.36 6.10
12 15 Barclays Capital   44.86 6.23 15.69 22.94 0.00
13 10 HSBC Group   44.75 23.97 6.61 12.33 1.84
14 12 ABN Amro   31.82 10.41 0.00 15.84 5.57
15 23 Bear Stearns   30.16 0.00 4.95 19.57 5.63
16 21 Société Générale   24.98 5.43 8.26 3.62 7.67
17 17 Lazard   23.34 0.00 0.00 0.00 23.34
18 16 Rothschild Group   19.06 0.00 0.00 0.00 19.06
19 13 Bank of America   10.70 5.06 0.00 2.06 3.59
20 28 S-E-Banken   10.06 2.88 6.61 0.57 0.00
 
*JP Morgan 5, Chase Manhattan 9
** Dresdner Kleinwort Benson 14, Wasserstein Perella 71


Transactions processing
Jan     Total score Cash management Custodial services
2002   Weighting: 100 62 37
1 Citibank/SSSB   93.45 62.5 30.95
2 Deutsche Bank   68.94 37.52 31.42
3 HSBC Group   43.06 12.39 30.67
4 JPMorgan Chase   43.02 7.87 35.15
5 State Street Bank   37.42 1.48 35.94
6 Brown Brothers Harriman   36.15 0 36.15
7 Investors Bank & Trust   36.08 0 36.08
8 Northern Trust   34.9 0 34.9
9 Mellon Financial Corporation   33.7 0 33.7
10 Bank of New York   31.22 1.14 30.08
11 Royal Trust   30.98 0 30.98
12 Pictet & Cie   27.35 0 27.35
13 Bank of Bermuda   26.41 0 26.41
14 ABN Amro   9.27 9.27 0
15 Bank of America   6.25 6.25 0
16 Standard Chartered Bank   4.61 4.61 0
17 BSCH   3.77 3.77 0
18 Barclays Capital   3.42 3.42 0
19 UBS Warburg   2.63 2.63 0
20 BNP Paribas   2.35 2.35 0


Internet
Jan     Total score Capital raising Online cash management Forex
2002   Weighting: 100 35 35 30
1 Citibank/SSSB   84.31 20.42 35 28.9
2 Deutsche Bank   67.13 35 8.75 23.38
3 JPMorgan Chase   65.27 35 26.25 4.02
4 Goldman Sachs   43.15 21.88 0 21.27
5 UBS Warburg   42.77 26.25 0 16.52
6 Dresdner Kleinwort Wasserstein   32.43 23.33 0 9.1
7 ABN Amro   31.08 20.42 8.75 1.91
8 Credit Suisse First Boston   26.84 24.79 0 2.05
9 Morgan Stanley   25.54 24.79 0 0.75
10 Merrill Lynch   20.59 20.42 0 0.18
11 Lehman Brothers   20.42 20.42 0 0
12 HSBC Group   14.08 0 8.75 5.33
13 Barclays Capital   11.85 8.75 0 3.1
14 State Street Bank   4.68 0 0 4.68
15 Standard Chartered Bank   3.04 0 0 3.04
16 Bank of New York   2.87 0 0 2.87
17 S-E-Banken   2.42 0 0 2.42
18 ANZ Banking Group   1.77 0 0 1.77
19 Bank of America   1.12 0 0 1.12


Trading
Jan Jan     Total score MTNs ECP Foreign exchange
2002 2001   Weighting: 100 25 25 50
1 2 Citibank/SSSB   83.52 9.38 25 49.14
2 1 Deutsche Bank   70.62 6.25 18.56 45.81
3 * JPMorgan Chase   62.81 6.37 6.44 50
4 7 Goldman Sachs   48.67 9.11 3.79 35.77
5 10 Credit Suisse First Boston   28.4 1.27 6.44 20.69
6 3 UBS Warburg   28.03 2.54 7.58 17.91
7 11 Barclays Capital   27.94 2.65 12.88 12.41
8 6 Morgan Stanley   19.28 4.8 0 14.48
9 18 Bank of America   15.83 0.74 0 15.09
10 34 State Street Bank   15.09 0 0 15.09
11 12 HSBC Group   14.32 2.01 0 12.31
12 8 Merrill Lynch   13.66 6.39 0 7.27
13 13 Royal Bank of Scotland   13.17 1.59 4.92 6.66
14 14 BNP Paribas   10.83 1.69 0 9.13
15 9 ABN Amro   10.44 1.06 0 9.38
16 15 Lehman Brothers   9.48 4.23 3.03 2.22
17 55 Scotiabank   7.97 0 0 7.97
18 45 CIBC World Markets   7.82 0 0 7.82
19 73 Bank of Montreal   7.67 0 0 7.67
20 28 Toronto Dominion Bank   7.47 0 0 7.47
 
*JP Morgan 4, Chase Manhattan 5

Methodology

The scores for this year’s poll of polls were compiled using league tables and Euromoney surveys from 2001, as outlined below. An extended ranking can be found on our website at www.euromoney.com.

Underwriting

Overall capital raising: market users’ votes for best bank at raising capital

– Bonds: issuers’ and syndicate chiefs’ votes for best lead manager for top bookrunner in 10 categories; bookrunner league table of international bonds (source: Dealogic Bondware)

– MTNs: borrowers’ votes for EMTN arrangers; EMTN arranger league table (source: Dealogic MTNWare)

– Euro-commercial paper: users’ votes for ECP arrangers; ECP arranger league table (source: Dealogic CPWare)

– Equities: borrowers’ and syndicates’ views on global coordination, IPOs, privatizations, secondary offerings and block trades; global coordinator and bookrunner league tables of international equities (source: Dealogic Bondware)

Advisory

– FX research: corporate treasurers’ and institutional investors’ nominations for foreign exchange research

– Risk management: borrowers’ views on risk management

– Credit research: investors’ votes for best providers of European credit research

Trading

The trading section has been allocated a lower weighting this year because of changes in the structure of polls Euromoney has conducted in the past calendar year. The current categories are now:

– MTNs: borrowers’ nominations for best EMTN dealers; EMTN dealer league table (source: Dealogic MTNWare)

– Euro-commercial paper: market users’ views on best ECP dealers; ECP dealer league table (source: Dealogic CPWare)

– Foreign exchange: corporate treasurers’ and institutional investors’ votes for the top houses by market share

Transactions processing

– Cash management: corporate treasurers’ nominations for best cash management services allied to global foreign exchange transactions; nominations for best global cash management services overall

– Custodial services: corporate treasurers’ nominations for best global custodian

Internet

– Capital raising: borrowers’ nominations for best website used

– Online cash management: corporate treasurers’ vote for best websites used in relation to cash management services

– Forex: corporate treasurers and institutional investors rate current capabilities for online execution and straight-through processing of forex transactions

Poll of polls was compiled using the following Euromoney polls published in 2001: credit research (April), foreign exchange (May), global financing (September) and cash management (September). League tables cover the period from January 1 to November 30, 2001. We would like to thank Global Investor magazine for permission to use the results of their May 2001 Global Custody Survey to compile the custodial services rating in the transactions processing category.

For further information, please contact Andrew Newby on +44-207-779-8694 or email him at anewby@euromoneyplc.com

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