For the second year in succession Deutsche Bank ranks number one in Euromoney's annual survey of the world's biggest and best providers of financial services. Mergers&acquisitions advice remains the only conspicuous Achilles heel for a financial group that has added top place in overall underwriting capability to existing strengths in trading of debt, derivatives and currencies.
Citigroup/Salomon Smith Barney climbs three places to second place after increasing its advisory score by over 40%. Deutsche may have won the foreign exchange poll but Citigroup surpasses it as top foreign exchange research team this year. Citigroup/SSB beats both Deutsche and JP Morgan in liability management, and climbs three places to third position in overall underwriting. Equity underwriting remains a relative weakness but Salomon Smith Barney was third most active international bond underwriter in the year ending November 2000.
Goldman Sachs retakes the third place it last held in January 1998, with big scores for M&A and credit research outweighing lower ratings for overall capital raising, EMTNs and euro-commercial paper. Last year, Morgan Stanley topped the underwriting section but drops this time to fifth place, just behind Citibank/Salomon Smith Barney and Goldman Sachs, which, until the end of November 2000, was the most active underwriter of secondary equity offerings.