Deutsche Bank and Citigroup on top

Headline: Deutsche Bank and Citigroup on top
Source: Euromoney
Date: January 2002
Author: Andrew Newby

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.

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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