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Poll of polls 2002: At least Citigroup’s customers still rate it

Citi takes over top position from Deutsche in Euromoney’s annual poll of polls. Deutsche is beaten to second place overall by UBS.

January 1, 2003

FOR ALL ITS regulatory problems, falling share price and worries about lawsuits, Citigroup’s underlying business model works. It emerges as the pre-eminent global banking group, having won most of the categories in most of the major surveys Euromoney conducted in 2002, principally foreign exchange, cash management and capital raising. It was also voted third in terms of overall risk management capabilities and tops all five constituent sub-categories – underwriting, trading, advisory, transactions processing and internet – of this year’s review.

UBS, in second place, has had an even better year than Citigroup. It has achieved the biggest climb – no less than six places in the overall rankings – to compete with Citi for top spot. UBS beat JPMorgan Chase to first place in September’s survey of overall risk management capabilities; came within one-fifth of 1% of Citi’s first-place score in the forex survey and dominated rankings of forex internet research, straight-through processing (STP) and execution capabilities. UBS was the second largest global coordinator of equity issues, and the fourth most active bookrunner in the 12 months ending November 2002.

Deutsche and JPMorgan Chase have not had blindingly good years in terms of Euromoney survey results. Deutsche has slipped to third place in Euromoney’s annual forex survey. JPMorgan Chase was pushed into fifth place overall in the same survey and ranked second among treasurers behind UBS – by the narrowest of margins – for, of all things, overall risk management.

Goldman remains strong in M&A, equities and commercial paper.

Overall
Jan 03 Jan 02 Bank Country Total Under-
writing 		Trading Advising Transactions processing Internet
1000.00 350.00 100.00 350.00 100 100.00
1 2 Citigroup US 709.13 246.23 87.98 239.47 61.16 74.29
2 8 UBS Switzerland 569.77 204.93 68.99 217.64 11.14 67.07
3 1 Deutsche Bank Germany 565.74 230.70 68.82 183.55 33.00 49.67
4 4 Goldman Sachs US 491.94 182.30 54.75 220.30 4.56 30.02
5 3 JPMorgan Chase US 487.86 128.92 50.20 228.05 32.20 48.49
6 5 Merrill Lynch US 391.58 168.94 20.35 150.91 25.06 26.32
7 6 MSDW US 335.87 124.25 30.96 147.53 1.08 32.05
8 7 CSFB US 293.32 106.94 33.47 141.92 3.41 7.58
9 12 ABN Amro Netherlands 206.17 77.95 21.29 59.60 32.20 15.14
10 10 Barclays Capital UK 187.45 84.23 30.81 64.11 3.00 5.29
11 11 HSBC Group UK 173.46 66.42 15.18 61.53 25.36 4.97
12 9 Lehman Brothers US 157.85 58.96 17.04 81.37 0.35 0.13
13 14 BNP Paribas France 152.62 50.73 14.09 78.88 3.96 4.96
14 13 Dresdner Kleinwort Wasserstein Germany 107.76 14.93 12.44 62.97 3.54 13.87
15 16 Société Générale France 105.35 48.60 3.87 33.78 2.13 16.97
16 17 Bank of America US 82.35 8.77 13.86 39.04 15.73 4.95
17 – Bear Stearns US 60.03 4.97 1.60 53.41 0.00 0.04
18 18 Royal Bank of Scotland UK 58.19 14.81 12.67 24.58 1.94 4.19
19 19 Nomura Securities Japan 54.43 44.24 7.29 2.90 0.00 0.00
20 – ING Barings Netherlands 50.90 10.83 5.42 26.30 3.93 4.41
21 15 State Street Bank US 39.25 0.00 5.86 3.61 21.80 7.97
22 – Lazard France 37.39 1.27 0.00 36.12 0.00 0.00
23 – Crédit Agricole Indosuez France 36.11 18.85 4.05 12.28 0.71 0.22
24 23 Mizuho Financial Group Japan 30.40 24.32 4.02 1.37 0.63 0.07
25 – Nordea Finland 29.87 17.60 7.34 2.75 2.10 0.09
Underwriting

Jan  Jan  Bank  Total  Capital  Bonds  MTNs  ECP  Equities  
03  02     350.00  raising
100.00  		100.00  25.00  25.00  100.00 
1  2  Citigroup  246.23  100.00  74.41  3.47  10.42  57.93  
2  1  Deutsche Bank   230.70  77.42  55.63  9.56  11.25  76.84  
3  7  UBS   204.93  81.72  47.46  3.38  5.83  66.54  
4  4  Goldman Sachs  182.30  65.59  25.06  2.99  12.50  76.16  
5  3  Merrill Lynch  168.94  52.69  50.37  8.79  2.08  55.00  
6  6  JPMorgan Chase  128.92  49.46  45.17  2.31  5.00  26.97  
7  5  MSDW  124.25  37.63  36.88  6.15  0.00  43.58  
8  8  CSFB  106.94  29.03  35.55  0.77  1.67  39.92  
9  9  Barclays Capital  84.23  32.26  26.03  1.32  11.25  13.37  
10  10  ABN Amro  77.95  26.88  16.95  1.78  4.17  28.17  
11  15  HSBC Group   66.42  33.33  18.69  1.57  0.00  12.83  
12  11  Lehman Brothers  58.96  22.58  15.27  7.15  0.00  13.96  
13  12  BNP Paribas  50.73  24.73  17.66  1.78  0.00  6.56  
14  17  Société Générale  48.60  15.05  11.26  0.00  0.00  22.28  
15  13  Nomura Securities  44.24  9.68  19.48  0.11  2.50  12.47  
16  16  Mizuho Financial Group  24.32  7.53  14.98  0.07  0.00  1.74  
17  –  Crédit Agricole Indosuez  18.85  7.53  2.12  0.08  0.00  9.12  
18  19  Nordea  17.60  7.53  2.21  0.00  0.42  7.44  
19  –  San Paolo IMI Bank  16.81  6.45  3.36  0.33  0.00  6.67  
20  14  Dresdner Kleinwort
Wasserstein  		 14.93  5.38  7.54  0.30  0.00  1.72  
21  18  Royal Bank of Scotland  14.81  2.15  4.85  0.23  2.50  5.08  
22  –  Daiwa Securities  14.66  4.30  7.85  0.08  0.00  2.42  
23  –  UniCredito Italiano  12.98  6.45  4.38  0.08  0.00  2.07  
24  –  Cazenove&Co  12.40  0.00  0.00  0.00  0.00  12.40  
25  –  HypoVereinsbank  11.28  4.30  5.40  0.17  0.00  1.40  
Trading
Jan  Jan  Bank      Total  MTNs  ECP  FX  
03  02      Weighting:  100.00  25.00  25.00  50.00  
1  1  Citigroup      87.98  21.28  16.70  50.00  
2  6  UBS       68.99  12.21  7.71  49.06  
3  2  Deutsche Bank       68.82  12.50  12.50  43.82  
4  4  Goldman Sachs      54.75  7.79  17.02  29.95  
5  3  JPMorgan Chase      50.20  9.73  14.24  26.23  
6  5  Credit Suisse First Boston      33.47  5.80  6.99  20.68  
7  8  Morgan Stanley Dean Witter      30.96  11.27  3.13  16.56  
8  7  Barclays Capital      30.81  6.67  12.46  11.68  
9  15  ABN Amro      21.29  4.20  1.86  15.22  
10  12  Merrill Lynch      20.35  8.25  7.18  4.92  
11  16  Lehman Brothers      17.04  6.10  5.79  5.15  
12  11  HSBC Group       15.18  4.57  0.00  10.61  
13  14  BNP Paribas      14.09  5.09  0.00  9.00  
14  9  Bank of America      13.86  1.11  1.79  10.97  
15  13  Royal Bank of Scotland      12.67  0.78  1.60  10.30  
16=  –  Dresdner Kleinwort Wasserstein       12.44  1.62  0.80  10.03  
16=  –  S-E-Banken       12.44  0.09  0.00  12.35  
18  –  Royal Bank of Canada      9.91  0.55  0.00  9.36  
19  –  Nordea      7.34  0.00  0.00  7.34  
20  –  Nomura Securities      7.29  6.54  0.76  0.00  
21  –  Bank One      7.19  0.66  0.00  6.54  
22  –  Svenska Handelsbanken      6.40  0.00  0.00  6.40  
23  10  State Street Bank       5.86  0.00  0.00  5.86  
24  20  Toronto Dominion Bank      5.74  0.23  0.00  5.51  
25  –  ING Barings      5.42  0.21  2.13  3.09  
                 
Advisory
Jan Jan Total FX Risk Credit M&A
03 02 research management research
350.00 90.00 90.00 90.00 80.00
1 2 Citigroup 239.47 74.58 55.74 53.98 55.18
2 4 JPMorgan Chase 228.05 39.72 69.83 63.73 54.78
3 3 Goldman Sachs 220.30 37.45 32.47 75.77 74.61
4 8 UBS 217.64 62.93 71.25 52.78 30.68
5 1 Deutsche Bank 183.55 48.68 33.72 75.83 25.32
6 6 Merrill Lynch 150.91 5.38 17.13 78.85 49.55
7 5 Morgan Stanley Dean Witter 147.53 15.42 11.44 67.52 53.15
8 7 Credit Suisse First Boston 141.92 21.11 14.76 67.79 38.27
9 9 Lehman Brothers 81.37 4.92 2.94 46.02 27.48
10 11 BNP Paribas 78.88 9.57 13.77 49.66 5.87
11 12 Barclays Capital 64.11 6.36 22.82 34.93 0.00
12 10 Dresdner Kleinwort
Wasserstein		 62.97 16.50 3.09 36.03 7.34
13 13 HSBC Group 61.53 24.12 19.16 14.50 3.75
14 14 ABN Amro 59.60 18.24 15.92 19.00 6.44
15 15 Bear Stearns 53.41 0.29 0.00 28.40 24.72
16 19 Bank of America 39.04 16.89 6.35 9.30 6.50
17 17 Lazard 36.12 0.00 0.00 0.00 36.12
18 16 Société Générale 33.78 5.75 10.98 13.99 3.07
19 – ING Barings 26.30 1.44 0.92 19.76 4.18
20 – Royal Bank of Scotland 24.58 7.05 7.28 10.25 0.00
21 18 Rothschild Group 20.45 0.00 0.00 0.00 20.45
22 – Commerzbank 18.42 8.50 0.00 9.61 0.30
23 – Crédit Agricole Indosuez 12.28 2.64 8.05 0.00 1.59
24 – CIBC World Markets 11.79 2.74 0.00 3.09 5.96
25 – Standard Chartered Bank 10.23 5.13 5.09 0.00 0.00
Transaction processing
Jan Jan Total Cash Custodial
03 02 management services
Weighting: 100.00 50.00 50.00
1 1 Citigroup 61.16 50.00 11.16
2 2 Deutsche Bank 33.00 22.33 10.67
3= 4 JPMorgan Chase 32.20 16.16 16.04
3= 14 ABN Amro 32.20 16.75 15.45
5 3 HSBC Group 25.36 16.41 8.95
6 – Merrill Lynch 25.06 0.06 25.00
7 6 Brown Brothers Harriman 23.43 0.29 23.14
8 5 State Street Bank 21.80 2.20 19.60
9 7 Investors Bank&Trust 21.43 0.00 21.43
10 8 Northern Trust 18.49 0.00 18.49
11 15 Bank of America 15.73 15.73 0.00
12 11 Royal Trust 13.64 0.00 13.64
13 19 UBS 11.14 10.91 0.23
14 12 Pictet&Cie 8.46 0.00 8.46
15 10 Bank of New York 7.42 0.62 6.80
16 – Goldman Sachs 4.56 4.56 0.00
17 20 BNP Paribas 3.96 3.95 0.01
18 – ING Barings 3.93 3.87 0.06
19 16 Standard Chartered Bank 3.85 3.85 0.00
20 – Dresdner Kleinwort
Wasserstein		 3.54 3.38 0.16
21 – Credit Suisse First Boston 3.41 3.28 0.13
22 13 Bank of Bermuda 3.23 0.00 3.23
23 18 Barclays Capital 3.00 2.89 0.11
24 – Bank One 2.47 2.47 0.00
25 – Commerzbank 2.36 2.36 0.00
Internet
Jan Jan Total Capital Risk management FX
03 02 raising & VAR appraisal
100.00 35.00 35.00 30.00
1 1 Citigroup 74.29 35.00 25.79 13.50
2 5 UBS 67.07 13.13 23.95 30.00
3 2 Deutsche Bank 49.67 35.00 3.68 10.99
4 3 JPMorgan Chase 48.49 10.94 35.00 2.56
5 9 Morgan Stanley Dean Witter 32.05 24.06 7.37 0.62
6 4 Goldman Sachs 30.02 4.38 11.05 14.59
7 10 Merrill Lynch 26.32 26.25 0.00 0.07
8 – Société Générale 16.97 0.00 16.58 0.39
9 7 ABN Amro 15.14 10.94 1.84 2.36
10 6 Dresdner Kleinwort
Wasserstein		 13.87 4.38 0.00 9.50
11 14 State Street Bank 7.97 0.00 0.00 7.97
12 8 Credit Suisse First Boston 7.58 2.19 1.84 3.55
13 13 Barclays Capital 5.29 0.00 3.68 1.61
14 12 HSBC Group 4.97 2.19 1.84 0.94
15 – BNP Paribas 4.96 4.38 0.00 0.59
16 19 Bank of America 4.95 0.00 3.68 1.27
17 – ING Barings 4.41 4.38 0.00 0.03
18= – Bloomberg 4.38 4.38 0.00 0.00
18= – Market Access 4.38 4.38 0.00 0.00
20 – Royal Bank of Scotland 4.19 0.00 3.68 0.50
21 – Crédit Lyonnais 3.68 0.00 3.68 0.00
22 15 Standard Chartered Bank 2.49 2.19 0.00 0.30
23= – American Express Bank 2.46 0.00 0.00 2.46
23= – Westpac Banking Corp 2.46 0.00 0.00 2.46
25 17 S-E-Banken 2.31 0.00 0.00 2.31

  Methodology

The scores for this year’s Poll of Polls were compiled using league tables and Euromoney surveys from 2002, as outlined below.

Underwriting

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

Bonds: issuers’ votes for best lead manager for top bookrunner in 19 categories; bookrunner league table of international bonds (source: Dealogic Bondware)

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

Euro-commercial paper: users’ votes for ECP arrangers

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

Trading

MTNs: borrowers’ nominations for best EMTN and US MTN dealers; EMTN dealer league table (Source: Dealogic MTNWare)

Euro-commercial paper: market users’ views on best ECP dealers

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

Risk management and value-at-risk appraisal: Corporate treasurers’ vote for best websites used.

Foreign exchange: corporate treasurers and institutional investors rate current capabilities for online execution, research and straight-through processing of forex transactions

Advisory

Forex 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.

Poll of Polls was compiled using the following Euromoney polls published in 2002: credit research (April), foreign exchange (May), global financing (September) and cash management (September). League tables cover the period from January 1 to November 30, 2002. We would like to thank Global Investor magazine for permission to use the results of its May 2002 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 E-mail him at anewby@euromoneyplc.com.

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