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Opinion

Banking: What Asia league tables tell us as the year draws to a close

Several trends emerge from the year-to-date league tables, and not everyone will like them.

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We looked not only at the staples of investment banking – ECM, DCM and M&A – but also the revenue Dealogic believes banks make from those transactions.

On Monday, Euromoney commissioned year-to-date league tables for banking in Asia: both for Apac, which includes Japan and Australia, and Asia ex-Japan, which does not.

We’ll start out with the disclaimer: yes, we know that these tables do not capture all activity, and miss out, for example, the private deals that are so lucrative for many houses. We recognize that fee calculations even on public deals can be disputed, and that league tables aren’t everything.

Nevertheless, they’re a useful data source, and here are some of the key points that arise:

Goldman’s back, but not on the fees

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Goldman Sachs had a weak year in 2016 and not just because of the fallout from 1MDB: in capital raising and advisory it was trumped by arch-rival Morgan Stanley.

This year it has been on a far stronger footing, particularly in ECM – where it leads in Apac and is the strongest non-mainland house in ex-Japan Asia – and M&A, where it leads the region on any definition.


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