Awards for Excellence 2017
Recovering profitability and capital as a result of restructuring, better economic growth and less threatening regulatory changes could see the European investment banks push back the Americans. There are already signs that Deutsche Bank is tentatively getting back on the front foot and could regain its position as the continent’s preeminent investment bank. Some European firms have forged an investment banking franchise with a very modern focus on returns instead of revenues.
Yet it is impossible to deny the strength of the US firms in Europe, particularly Goldman Sachs, Western Europe’s best investment bank. Other firms cannot beat its leadership of the most important capital markets mandates and its advisory presence on the region’s key M&A deals.
Goldman grew its market share in both the equity capital markets and M&A league tables during the awards period, according to Dealogic. It came first in M&A, advising on 82 deals, worth a total of almost $400 billion; and came second in ECM behind JPMorgan, bookrunning 71 deals, worth $15 billion in total.
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For a taste of Goldman Sachs’ business in Europe, consider the variety of sectors and geographies and the volume of capital raised in IPOs on which it acted as joint global coordinator: $5.2