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JPMorgan Chase and TD Bank have won the title for best bank in their respective domestic markets of the US and Canada this year in the Euromoney Awards for Excellence. In addition to their ability to attract deposits and boost market share, both have increased their commitment to lending. They have also invested heavily in digital banking and improved their client experience, as well as demonstrating their commitment to community by increasing small business loans and heavily engaging in CSR.
JPMorgan also won North America’s best bank for wealth management.
CSR, digital innovation and providing execution in difficult markets were the dominant themes in this year’s North American investment banking awards.
In Canada, RBC Capital Markets continued its reign as best investment bank. In every asset class it has an unrivalled market share, and the large global deals that dominated the market over 2015 and early 2016 play to its strengths as a global firm.
It also won the award for best bank for markets in North America – a recognition that it is one of the most trusted banks in the region when it comes to providing liquidity, offering advice and helping clients execute on their trades.
In the US, Bank of America Merrill Lynch (BAML) won the award for best investment bank. When volatility goes up, so does BAML’s market share as it is known for getting deals done and putting its balance sheet to work.
The bank also won awards for the best bank in transaction services and best bank for SMEs in North America.
However, it’s not always the big balance sheet that wins. For investment banks without lending firepower, the volatile markets in 2015 and 2016 have provided an opportunity to be innovative, smart and to lead with advice and execution.
This has played to the strengths of Goldman Sachs, which won best bank for financing, and Lazard, which is best bank for advisory. Goldman, which has always been a leader in equity financing, has made substantial progress in debt financing this year, and Lazard was on a series of high-profile M&A and restructuring deals that closed in 2015 and early 2016.
Two new categories for the region this year became the most competitive, with more banks pitching than in any other categories: North America’s best bank for CSR and best digital bank.
This illustrates a sea change for banks that now are working hard to convince clients and employees both of their value to society and of their staying power in the face of fintech competition.
BBVA Compass deservedly won the award for best digital bank in North America, demonstrating what can happen when a bank embraces disrupters instead of pushing back against them. In CSR, Morgan Stanley received the award in North America for its work on changing the face of impact investing.
About the Awards for Excellence
The main purposes of these changes are: to move away from awards based on individual product categories where other determinants of status and ability are readily available; to focus on banks/investment banks that can demonstrate an ability to deliver the different parts of their firms to meet clients’ needs and adapt to market and regulatory conditions, and to consider candidates for these awards that might not be global in scale, but are truly world class in the way they are run and in the services they deliver to clients.
Euromoney’s award decisions are made by a committee of senior journalists, chaired by Euromoney’s editor, following the receipt of detailed submissions from market participants and extensive year-round research into the banking and capital markets in the region by our editors, journalists and research team. Euromoney’s Awards for Excellence cover more than 20 global product categories, best-in-class awards in all regions and the best banks in close to 100 countries around the world.