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Citi: Taking share in flat markets

Since 2009, after John Havens had to slash headcount and reduce the investment banking business to serve far fewer customers, Citi has been fighting its way back to prominence.

It is the only leading firm that has increased its share of the global investment banking fee pool as measured by Dealogic in each year since 2010. Coming from a low of 4.4% that year, it ranked seventh in the fee tables for 2012, with a market share of 5.1% across debt and equity underwriting, syndicated loans and M&A.

After six months of 2013, it had pushed ahead to fifth, with a market share of 5.7%, just a whisker behind Morgan Stanley in fourth place with 5.9%, still some way behind the big three of JPMorgan (8.9%), Bank of America Merrill Lynch (7.5%) and Goldman Sachs (6.8%), but ahead of Deutsche (5.4%), Credit Suisse (5.1%) and Barclays (4.8%).

Renowned as a FICC firm with a strong debt capital markets capability even in the depths of the crisis, Citi is now gaining share in equity capital markets and M&A.

Jamie Forese, co-president of Citi and head of its institutional client group (the securities and investment banking division)
Jamie Forese, co-president of Citi and head of its institutional client group (the securities and investment banking division)

Jamie Forese, who joined Salomon Brothers in 1985 and has been with the firm ever since, now heading the institutional clients group, which houses all the securities and banking businesses as well as transaction banking, is measured in his celebration of this progress.

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