Global Investment Banking Review

FULL YEAR 2020 | BANKS, SPONSORS & CORPORATES

Global Investment Banking Review

Global Investment Banking Review Full Year 2020 | Investment Banks, Sponsors & Corporates

Global Deals Intelligence Global Investment Banking Fees (US$bil)

GLOBAL INVESTMENT BANKING FEES SET ALL-TIME RECORD, UP 18% FROM 2019Investment banking fees during full year 2020 reached US$127.5 billion, posting an 18% increase compared to full year 2019 and the strongest annual period for global IB fees since records began in 2000. The three largest quarters for investment banking fee activity took place during full year 2020, with the second quarter of the year holding the all-time record with US$35.7 billion in fees. The Americas contributed 52% of all fees generated globally with US$65.8 billion, a 24% uptick compared to 2019 levels and the highest percentage since 2015. Imputed fees in the EMEA region increased 5% to US$27.7 billion during full year 2020, driven by year-over-year gains in Germany and Central Europe. Powered by a 32% increase in North Asia, total IB fees in Asia-Pacific and Japan hit US$33.9 billion with a 20% uptick compared to 2019.

RECORD YEAR FOR ECM AND DCM FEES; M&A FEES DOWN 4%; LOANS FALL 8%Powered by record corporate debt issuance, DCM underwriting totaled a record US$43.0 billion during full year 2020, an increase of 25% compared to full year 2019. Bolstered by a resurgent market for IPOs and record follow-on and convertible bond issuance, ECM underwriting fees increased 78% compared to the full year 2019 and reached an all-time high. Completed M&A advisory fees registered a 4% downtick compared to a year ago with US$31.2 billion in fees globally, the weakest annual period since 2016. Syndicated lending activity reached US$20.7 billion, posting an 8% decline compared to a year ago.

MOST SECTORS REGISTER DOUBLE-DIGIT GAINS IN 2020; ALL-TIME RECORD FOR TECHFees from global Financials-related activity led all other sectors with US$37.0 billion, up 13% compared to a year ago and accounting for 29% of all fees globally. Imputed fees from the Industrials sector totals US$13.4 billion, an increase of 30% compared to a year ago while Technology fees totaled US$11.3 billion, up 33%. The Telecom and Retail sectors registered strong double-digit percentage increases of 99% and 40%, respectively, compared to full year 2019.

KKR AND GOLDMAN SACHS TOP FINANCIAL SPONSOR RANKINGSFinancial sponsors and their portfolio companies generated an estimated US$11.9 billion in fees during full year 2020, registering a increase of 4% compared to a year ago and a two-year high. Fees from exits and portfolio company activity contributed the largest portion of sponsor-related fees at US$8.4 billion, or 71% of the total fee pool. Buyout-related activities produced the next largest portion of fees with US$2.2 billion during full year 2020. KKR & Co took the top spot for financial sponsors with an estimated US$529.7 million in fees paid, a 30% increase compared to a year ago. Goldman Sachs was the top bank for sponsor-related fees, capturing 7.7% of the 2020 wallet, or US$917.4 million in fees. JP Morgan followed closely behind in second place, also with a 7.7% share of the financial sponsor wallet.

TOP FIVE BANKS INCREASE COLLECTIVE WALLET SHARE BY 2.3 POINTS IN 2020JP Morgan maintained the top spot for investment banking fees earned during full year 2020 with US$9.2 billion, retaining its rank during full year 2019 and earning an industry-leading 7.2% share. Goldman Sachs remained in second place with an estimated 6.5% of global wallet share, an increase of 0.9 wallet share point compared to a year ago. BofA Securities took the third spot with US$7.3 billion in fees, while Morgan Stanley and Citi rounded out the top five. Total wallet share captured by the top five banks totaled 30% during full year 2020, up 2.3 percentage points compared to a year ago.

Global Investment Banking Fees - Product Type Composition

$80.3 $76.7 $77.7 $84.2 $97.3 $94.1 $93.2 $109.0 $107.1 $107.8 $127.5$0

$20

$40

$60

$80

$100

$120

$140

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020M&A Equity Bonds Loans

www.refinitiv.com/dealsintelligence/ 1

Quarterly Time Series - Regional Composition (US$bil) Financial Sponsor-Related Fees and Composition

Global Insights Full Year 2020 | Investment Banks, Sponsors & Corporates

Worldwide Investment Banking Fees - Regional Composition (US$mil) Product and Industry Distribution (US$mil)

2020 2019 Top 5 Bank #1 Bank #2 Bank #3 Bank #4 Bank #5Global IB $127,499 $107,762 18% ▲ 30% JPM (7.2%) GS (6.5%) BOFA (5.7%) MS (5.5%) CITI (4.6%)

Bonds $42,975 $34,333 25% ▲ 26% JPM (7.1%) BOFA (5.9%) CITI (4.9%) MS (4.2%) GS (4.0%)Equity 32,621 18,318 78% ▲ 37% GS (9.9%) MS (8.1%) JPM (7.6%) BOFA (5.8%) CITI (5.3%) Follow-On 15,463 9,231 68% ▲ 39% GS (10.1%) MS (8.7%) JPM (8.4%) BOFA (6.5%) CITI (5.2%) IPO 13,802 7,000 97% ▲ 33% GS (8.6%) CS (6.9%) MS (6.7%) CITI (5.4%) JPM (5.3%) Convertible 3,356 2,087 61% ▲ 53% GS (14.1%) JPM (13.2%) MS (11.4%) BOFA (9.1%) CITI (5.7%)M&A 31,194 32,643 -4% ▼ 30% GS (8.2%) MS (6.6%) JPM (6.2%) BOFA (5.0%) LAZ (4.1%)

Loans 20,709 22,467 -8% ▼ 27% JPM (8.3%) BOFA (6.5%) CS (4.2%) MIZUHO (4.1%) SMFG (4.0%)

Financials $37,048 $32,737 13% ▲ 29% JPM (6.6%) GS (5.8%) MS (5.7%) CS (5.6%) CITI (5.2%)

Industrials 13,428 10,352 30% ▲ 30% GS (6.9%) JPM (6.1%) CITI (5.8%) MS (5.8%) BOFA (5.1%)

High Tech 11,326 8,544 33% ▲ 40% MS (9.9%) GS (9.2%) JPM (9.1%) BOFA (6.6%) CITI (4.9%)

Energy & Power 10,616 10,491 1% ▲ 25% JPM (6.2%) BOFA (5.5%) CITI (4.8%) MS (4.6%) BARC (4.3%)

Govt & Agencies 10,093 7,293 38% ▲ 18% BofCH (4.2%) ICBC (3.6%) CCB (3.4%) JPM (3.4%) BoComm (3.2%)

Healthcare 9,427 7,576 24% ▲ 41% JPM (11.0%) GS (8.5%) BOFA (8.0%) MS (7.2%) CTRVIEW (6.1%)

Consumer Products 7,338 5,645 30% ▲ 36% GS (9.7%) JPM (9.0%) BOFA (7.5%) MS (6.1%) JEFF (3.5%)

Real Estate 6,002 6,534 -8% ▼ 27% JPM (6.4%) BOFA (5.5%) MS (5.1%) GS (5.0%) CITI (4.9%)

Materials 5,756 6,099 -6% ▼ 23% BOFA (5.9%) GS (5.2%) CITI (4.8%) JPM (4.6%) CS (3.0%)

Telecom 4,526 2,278 99% ▲ 36% GS (11.7%) JPM (9.8%) CS (4.9%) BOFA (4.7%) CITI (4.6%)

Media & Ent 4,286 4,302 0% ▼ 38% JPM (11.8%) GS (8.4%) BOFA (6.6%) MS (5.8%) CS (4.9%)

Retail 4,043 2,891 40% ▲ 36% BOFA (11.4%) GS (8.7%) JPM (8.4%) CS (3.6%) MS (3.6%)

Consumer Staples 3,610 3,020 20% ▲ 31% JPM (7.7%) BOFA (7.5%) CITI (5.7%) GS (5.7%) MS (4.5%)

Top 5 Banks by Fees & Share - Full Year 2020YOY Δ

IB Fees

By

Pro

duct

By

Sec

tor

$65,819 fees24% ▲

Americas

5% ▲$27,740 fees

EMEA

▲fees$28,440

23%

Asia-Pacific

Global$127,499 fees

18% ▲

Region Fees ($mil) Region Fees ($mil) Region Fees ($mil) Region Fees ($mil)North America 63,360$ 26% ▲ UK & Ireland 7,357$ 0% ▼ Middle East 1,481 -8% ▼ North Asia 22,771$ 32% ▲South America 1,301 -17% ▼ France & Benelux 6,573 4% ▲ Iberia 1,441 3% ▲ Japan 5,500 5% ▲Caribbean 815 30% ▲ Germania 5,442 30% ▲ Africa 672 -3% ▼ Australasia 2,801 9% ▲Central America 343 -11% ▼ Nordic 2,187 -8% ▼ CIS 499 2% ▲ Southeast Asia 1,826 -18% ▼Americas 65,819$ 24% ▲ Southern Europe 1,776 -1% ▼ CEE 312 18% ▲ South Asia 1,042 -2% ▼

EMEA 27,740$ 5% ▲ APAC & Japan 33,940$ 20% ▲

Americas Europe, Middle East & Africa Asia-Pacific & JapanYoY ∆ YoY ∆ YoY ∆ YoY ∆

$0

$5

$10

$15

$20

$25

$30

$35

$40

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q2016 2017 2018 2019 2020

Americas EMEA Asia-Pacific Japan

$8.1 $9.8 $11.2 $12.9 $15.2 $12.5 $10.3 $13.8 $12.2 $11.5 $11.920%

25%

30%

35%

40%

45%

50%

$0

$2

$4

$6

$8

$10

$12

$14

$16

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Sponsor Fees (US$bil) Buyouts Exits (M&A & ECM) Portfolio Co

5% ▲$5,500 fees

Japan


*YOY comparison unless otherwise specified

17 14 128.3 -17%

Industry Total 11,884.8 3%

1.0% 0.1PJT Partners Inc 20 42 117.0

13 16 254.2 75%

1.7% -0.2BNP Paribas SA 16 15 180.5 21% 1.5% 0.2Lazard

1.1% -0.3William Blair & Co 18 19 123.9 5% 1.0% 0.0Wells Fargo & Co

2.4% 1.5Deutsche Bank 12 9 286.0 -21% 2.4% -0.8Evercore Partners 11 20 287.3 163%

139% 1.0% 0.6BMO Capital Markets 19 21 118.4 11%

2.1% 0.9Rothschild & Co 14 13 223.6 32% 1.9% 0.4Houlihan Lokey

4.6% -0.7Jefferies LLC 8 8 430.1 15% 3.6% 0.4Barclays 7 6 546.7 -10%

15 12 204.7 -7%

2.6% 0.2RBC Capital Markets 10 10 294.0 -15% 2.5% -0.5UBS 9 11 307.2 11%

7.0% 0.4Bofa Securities Inc 4 4 724.7 1% 6.1% -0.1Morgan Stanley 3 3 836.4 9%

5.5% 0.1Citi 6 7 591.3 35% 5.0% 1.2Credit Suisse 5 5 656.4 5%

Charter Communications IncAres Management Corp

JP Morgan 2 2 910.5 15% 7.7% 0.8Goldman Sachs & Co 1 1 917.4 4%Investment Bank

Rank2020

Rank2019

Eldorado Resorts IncIndustry Total 21.1%

190.0

204.4199.7195.2190.6190.3

7.7% 0.1

Sponsor Fees 2020 Wallet (US$mil) YOY ∆ Share YOY ∆

CITI (13.8%)CITI (20.3%)

BARC (30.2%)MS (24.5%)LAZ (28.0%)CITI (9.6%)

BofCH (10.7%)GS (21.3%)WF (21.1%)DB (9.6%)

HLHZ (20.5%)

180.1175.2171.3168.8161.6161.4160.3

94,235.1

2020 WalletCorporate NameDeutsche Telekom AG

0.0

1.7%1.6%

7.2%6.5%5.7%5.5%

Intercontinental Exchange Inc

SoftBank Group Corp

Share

-0.3-0.10.2-0.10.2

0.0

T-Mobile US IncPG&E Corp

Volkswagen AGAgricultural Bank of China LtdDanaher Corp

Cellnex Telecom SA

Pfizer IncDelta Air Lines Inc

Brookfield Asset ManagementBoeing Co

General Electric CoUnited Technologies Corp

27%33%12%

7%2%

24%36%26%

-0.10.10.4-0.4

0.3

AT&T IncMcDermott International IncCarnival CorpThyssenKrupp AGFord Motor Co

2.9%

31%

1.8%

26

25

65

1110

9

YOY ∆0.30.90.30.5

(US$mil) YOY ∆

4.6%3.4%

13

12%40%

23%

1.0%0.9%

-0.30.0

1,098.81,002.2

943.5

0.9%0.8%0.7%

1.3%1.2%

Evercore Partners

RBC Capital Markets

0.4-0.2-0.2-0.3

Goldman Sachs & CoJP MorganInvestment Bank

Industry Total

Jefferies LLCUBSMizuho Financial GroupBNP Paribas SA

432

Credit SuisseCitiMorgan StanleyBofa Securities Inc

9,185.1

7,316.0

2019

1511

1624

2021

Wells Fargo & CoDeutsche BankBarclays

23

1615

18

12

10171412

1819

24 34

17

13

14

2122

Industrial & Comm Bank China

23

Mitsubishi UFJ Financial GroupLazardCredit Agricole CIBNomuraChina International Capital Co

HSBC Holdings PLCSumitomo Mitsui Finl Grp IncCITICBank of China Ltd

BlackRock IncFirstEnergy Corp

87

89

Rank2019

1234576

Total IB Fees

3,725.82,531.52,263.62,164.62,098.22,067.52,060.51,967.21,949.91,683.61,521.91,450.7

1.6%27%1.6%1.5%1.5%

1.1%1.1%1.0%

67%-3%

1,282.31,113.0

11%45%-8%24%13%

55%-4%-3%

1,397.21,331.7

18%

0.00.2-0.2

127,499.1

Global Rankings Full Year 2020 | Investment Banks, Sponsors & Corporates

15% 4.1% 0.4

Investment Banks

Financial Sponsors Investment Banks - Financial Sponsor Fees

Corporate Fee Payers

18%11%

8,307.3

2.0%

7,031.05,873.84,386.0

1

Rank2020

Financial SponsorRank2020

Rank2019

Sponsor Fees 2020 Wallet (US$mil) YOY ∆ Share YOY ∆

KKR & Co 1 2 529.7 30% 4.5% 0.9Blackstone Group 2 1 489.7

Hellman & Friedman LLC 5 29 285.8 >200% 2.4% 1.7TPG Capital LP 6 25 285.0 >200% 2.4% 1.6

5 397.8 45% 3.3% 1.0The Carlyle Group 4 4 385.4 27% 3.2% 0.6Apollo Global Management 3

Thoma Bravo LLC 9 16 195.3 45% 1.6% 0.5BC Partners LLP 10 10 189.2 7% 1.6% 0.1

Brookfield Asset Management 7 7 271.5 20% 2.3% 0.3Bain Capital 8 17 239.8 87% 2.0% 0.9

Ares Management LLC 13 12 145.2 -11% 1.2% -0.2Platinum Equity LLC 14 27 140.0 59% 1.2% 0.4

Permira Holdings Ltd 11 6 177.6 -34% 1.5% -0.9Vista Eq Partners Mgmt LLC 12 26 168.1 82% 1.4% 0.6

-32% 1.1% -0.6

Ardian SAS 15 59 139.3 >200% 1.2% 0.9Francisco Partners Mgmt LP 16 89 136.1 >200% 1.1% 0.9

Total IB Fees 2019 - 2020 Wallet ShareTop 3 Banks

Industry Total 11,884.8 3%

Centerbridge Partners LP 19 30 130.4 62% 1.1% 0.4Clearlake Capital Group LP 20 36 128.2 137% 1.1% 0.6

Clayton Dubilier & Rice LLC 17 31 135.6 72% 1.1% 0.5EQT AB 18 9 130.6

2020496.5440.4425.4394.3336.5311.4309.4294.6293.4246.6237.4229.9224.4

Top BankGS (46.4%)

NOMURA (15.5%)GS (19.3%)JPM (24.5%)

SMFG (12.7%)MS (33.9%)

BOFA (10.5%)EVRC (24.2%)JPM (32.4%)DB (15.5%)CITI (17.4%)JPM (13.4%)RBC (12.0%)

FY201919.0

344.50.0

33.5173.5

19.587.2

8.515.610.5

176.4129.0185.2

85.493.522.426.119.6

188.8219.7208.3

0.0167.2

JPM (25.3%)JPM (7.7%)

10.680,939.8

70.1%43.1%42.8%52.5%37.2%86.2%28.4%50.4%63.6%42.4%31.2%32.1%28.5%38.4%53.0%45.7%58.4%52.7%26.5%23.8%49.4%50.9%24.7%52.0%49.2%

Bonds Equity Loans M&A Bonds Equity Loans M&A

Buyouts Acq Fin. ExitsPortfolio Other

Buyouts Acq Fin. ExitsPortfolio Other



Industry Total 42,975.0 25% Industry Total 20,709.4 -8%

Mitsubishi UFJ Financial Group 19 18 540.6 17% 1.3% -0.1 UBS 19 27 268.5 39% 1.3% 0.4UBS 20 17 530.6 5% 1.2% -0.2 Jefferies LLC 20 26 264.8 31% 1.3% 0.4

TD Securities Inc 17 22 571.9 47% 1.3% 0.2 RBC Capital Markets 17 13 404.9 -22% 2.0% -0.4Credit Agricole CIB 18 21 565.6 35% 1.3% 0.1 Societe Generale 18 22 296.5 5% 1.4% 0.2

CITIC 15 16 680.9 25% 1.6% 0.0 Deutsche Bank 15 14 425.6 -18% 2.1% -0.3Industrial & Comm Bank China 16 15 634.2 15% 1.5% -0.1 Credit Agricole CIB 16 18 418.8 10% 2.0% 0.3

Mizuho Financial Group 13 14 823.5 19% 1.9% -0.1 Morgan Stanley 13 16 496.9 3% 2.4% 0.3Bank of China Ltd 14 13 760.5 6% 1.8% -0.3 HSBC Holdings PLC 14 10 472.7 -33% 2.3% -0.8

HSBC Holdings PLC 11 10 999.7 7% 2.3% -0.4 Bank of China Ltd 11 12 624.3 19% 3.0% 0.7RBC Capital Markets 12 12 945.0 27% 2.2% 0.0 Wells Fargo & Co 12 7 497.4 -34% 2.4% -0.9

Credit Suisse 9 7 1,133.7 11% 2.6% -0.3 Mitsubishi UFJ Financial Group 9 3 722.3 -23% 3.5% -0.7BNP Paribas SA 10 11 1,040.4 36% 2.4% 0.2 BNP Paribas SA 10 11 660.2 4% 3.2% 0.4

Wells Fargo & Co 7 8 1,348.2 35% 3.1% 0.2 Citi 7 5 766.0 -12% 3.7% -0.2Deutsche Bank 8 9 1,233.2 24% 2.9% 0.0 Barclays 8 8 748.2 2% 3.6% 0.3

Goldman Sachs & Co 5 5 1,736.6 44% 4.0% 0.5 Sumitomo Mitsui Finl Grp Inc 5 9 832.8 16% 4.0% 0.8Barclays 6 6 1,600.2 32% 3.7% 0.2 Goldman Sachs & Co 6 15 798.4 60% 3.9% 1.6

Citi 3 3 2,095.6 26% 4.9% 0.0 Credit Suisse 3 6 876.6 8% 4.2% 0.6Morgan Stanley 4 4 1,818.1 23% 4.2% -0.1 Mizuho Financial Group 4 4 858.6 -2% 4.1% 0.2

JP Morgan 1 1 3,050.1 41% 7.1% 0.8 JP Morgan 1 1 1,718.1 3% 8.3% 0.9Bofa Securities Inc 2 2 2,526.6 33% 5.9% 0.4 Bofa Securities Inc 2 2 1,347.5 -14% 6.5% -0.5

Industry Total 31,193.8 -4% Industry Total 32,620.9 78%

Debt Capital Markets Syndicated Loans

Investment BankRank2020

Rank2019

Total IB Fees 2020 WalletInvestment Bank

Rank2020

Rank2019

Total IB Fees 2020 Wallet (US$mil) YOY ∆ Share YOY ∆ (US$mil) YOY ∆ Share YOY ∆

RBC Capital Markets 19 16 306.4 -33% 1.0% -0.4 Nomura 19 15 332.1 64% 1.0% -0.1Nomura 20 22 260.7 -6% 0.8% 0.0 Guotai Junan Securities 20 31 315.6 172% 1.0% 0.3

Deutsche Bank 17 13 368.6 -35% 1.2% -0.5 Haitong Securities Co Ltd 17 36 349.1 266% 1.1% 0.5Guggenheim Securities LLC 18 19 347.5 13% 1.1% 0.2 SVB Financial Group 18 27 336.3 133% 1.0% 0.2

Moelis & Co 15 15 596.5 10% 1.9% 0.2 Huatai Securities Co Ltd 15 28 356.1 154% 1.1% 0.3UBS 16 18 451.1 5% 1.4% 0.1 Cantor Fitzgerald LP 16 16 356.1 78% 1.1% 0.0

PJT Partners Inc 13 20 700.0 138% 2.2% 1.3 China Securities Co Ltd 13 20 498.1 179% 1.5% 0.6Jefferies LLC 14 12 679.2 17% 2.2% 0.4 Cowen & Co 14 18 432.6 122% 1.3% 0.3

Rothschild & Co 11 10 723.5 -8% 2.3% -0.1 China International Capital Co 11 13 551.7 108% 1.7% 0.2Barclays 12 7 709.0 -25% 2.3% -0.6 Deutsche Bank 12 12 504.1 78% 1.5% 0.0

Credit Suisse 9 9 843.6 1% 2.7% 0.1 Barclays 9 8 668.4 55% 2.0% -0.3Houlihan Lokey 10 14 826.2 52% 2.6% 1.0 CITIC 10 10 664.8 92% 2.0% 0.1

Evercore Partners 7 8 1,137.5 29% 3.6% 1.0 Jefferies LLC 7 9 938.3 156% 2.9% 0.9Centerview Partners LLC 8 11 901.2 40% 2.9% 0.9 UBS 8 7 817.2 62% 2.5% -0.3

Lazard 5 6 1,280.7 24% 4.1% 0.9 Citi 5 5 1,736.4 108% 5.3% 0.8Citi 6 5 1,275.8 2% 4.1% 0.3 Credit Suisse 6 6 1,532.2 138% 4.7% 1.2

JP Morgan 3 2 1,936.9 -6% 6.2% -0.1 JP Morgan 3 1 2,480.0 63% 7.6% -0.7Bofa Securities Inc 4 4 1,547.9 12% 5.0% 0.7 Bofa Securities Inc 4 4 1,893.9 93% 5.8% 0.5

Goldman Sachs & Co 1 1 2,552.4 -12% 8.2% -0.7 Goldman Sachs & Co 1 2 3,220.0 115% 9.9% 1.7Morgan Stanley 2 3 2,059.6 4% 6.6% 0.5 Morgan Stanley 2 3 2,656.4 85% 8.1% 0.3

Full Year 2020 | Investment Banks, Sponsors & Corporates

Mergers & Acquisitions Equity Capital Markets


Rank2019


Rank2020

Rank2019

Total IB Fees 2020 Wallet (US$mil) YOY ∆ Share YOY ∆ (US$mil) YOY ∆ Share YOY ∆

Global Rankings

Americas EMEAAsia-Pacific Japan






(US$mil) YOY ∆ Share YOY ∆ (US$mil) YOY ∆ Share YOY ∆

YOY ∆ Share YOY ∆Investment Bank

7% 4.2% 0.18% 4.0% 0.1

19% 4.8% 0.6-2%

Americas Europe, Middle East & Africa

Regional Rankings Full Year 2020 | Investment Banks, Sponsors & Corporates


Rank2019

Total IB Fees 2020 Wallet (US$mil) YOY ∆ Share YOY ∆

Asia-Pacific Japan


Rank2019


(US$mil)JP Morgan 1 1 6,685.5 26% 10.2% 0.1Goldman Sachs & Co 2 3 5,638.4 43% 8.6% 1.1

Rank2020

Rank2019

Total IB Fees 2020 Wallet

20% 6.4% 0.8Goldman Sachs & Co 2 2 1,713.7 19% 6.2% 0.7

Citi 5 5 4,011.3 41% 6.1% 0.7Credit Suisse 6 8 2,791.6 36% 4.2% 0.4

Bofa Securities Inc 3 2 5,501.5 28% 8.4% 0.2Morgan Stanley 4 4 4,637.8 38% 7.0% 0.7

Jefferies LLC 9 11 1,716.3 66% 2.6% 0.7RBC Capital Markets 10 9 1,637.8 -4% 2.5% -0.7

Barclays 7 6 2,549.8 20% 3.9% -0.2Wells Fargo & Co 8 7 2,146.7 3% 3.3% -0.7

UBS 13 23 867.6 64% 1.3% 0.3Centerview Partners LLC 14 18 819.8 39% 1.2% 0.1

Deutsche Bank 11 10 1,427.4 17% 2.2% -0.1Evercore Partners 12 14 1,184.1 64% 1.8% 0.4

TD Securities Inc 17 13 766.5 -6% 1.2% -0.4Scotiabank 18 16 706.8 8% 1.1% -0.2

BMO Capital Markets 15 12 817.0 -9% 1.2% -0.5Lazard 16 19 783.3 36% 1.2% 0.1

Americas Total 65,819.2 24%

Mizuho Financial Group 19 22 640.2 20% 1.0% 0.0BNP Paribas SA 20 24 634.3 22% 1.0% 0.0

China International Capital Co 3 6 989.2 70% 3.5% 1.0Morgan Stanley 4 10 855.8 62% 3.0% 0.7

CITIC 1 2 1,513.8 40% 5.3% 0.7Bank of China Ltd 2 1 1,332.1 14% 4.7% -0.4

Guotai Junan Securities 7 15 720.7 62% 2.5% 0.6UBS 8 8 664.1 19% 2.3% -0.1

Industrial & Comm Bank China 5 3 851.4 -3% 3.0% -0.8Goldman Sachs & Co 6 7 807.9 40% 2.8% 0.4

Haitong Securities Co Ltd 11 16 631.5 51% 2.2% 0.4JP Morgan 12 11 622.8 27% 2.2% 0.1

Huatai Securities Co Ltd 9 19 640.9 114% 2.3% 1.0China Construction Bank 10 5 633.4 8% 2.2% -0.3

China Securities Co Ltd 15 27 568.8 184% 2.0% 1.1Citi 16 14 558.1 19% 2.0% -0.1

Credit Suisse 13 12 606.2 24% 2.1% 0.0Bank of Communications Co Ltd 14 9 570.0 5% 2.0% -0.3

Bofa Securities Inc 19 20 454.7 54% 1.6% 0.3China Merchants Bank 20 18 430.4 35% 1.5% 0.1

Agricultural Bank of China 17 13 546.6 12% 1.9% -0.2HSBC Holdings PLC 18 4 494.3 -24% 1.7% -1.1

Asia-Pacific Total 28,439.6 23%

JP Morgan 1 1 1,767.4

BNP Paribas SA 3 4 1,336.6

Bofa Securities Inc 5 5 1,164.7

Barclays 7 7 1,035.0

HSBC Holdings PLC 9

Morgan Stanley 6 6 1,110.8

Citi 4 3 1,204.6

UBS 13

4.3% -0.3

934.0 16% 3.4% 0.3Deutsche Bank 10 8 841.0 -1% 3.0% -0.2

3% 3.7% 0.0Credit Suisse 8 10 942.0 30% 3.4% 0.7

9

14 503.8 -6% 1.8% -0.2Rothschild & Co 14 12 487.3 -20% 1.8% -0.5

Credit Agricole CIB 11 11 746.6 16% 2.7% 0.3Societe Generale 12 13 608.0 12% 2.2% 0.1

Lazard 17 16 415.6 -1% 1.5% -0.1IMI - Intesa Sanpaolo 18 29 400.3 104% 1.4% 0.7

UniCredit 15 15 478.1 7% 1.7% 0.0Santander Corp & Invest Bkg 16 19 421.5 37% 1.5% 0.4

EMEA Total 27,740.0 5%

Mizuho Financial Group 1 1 1,117.0 10%

Natixis 19 18 334.9 6% 1.2% 0.0NatWest Markets 20 20 300.3 2% 1.1% 0.0

Rank2019

Total IB Fees 2020 WalletRank2020

Nomura 3 3 617.1 15% 11.2% 1.0Mitsubishi UFJ Financial Group 4 5 444.7 6% 8.1% 0.1

20.3% 0.9Sumitomo Mitsui Finl Grp Inc 2 2 819.6 -4% 14.9% -1.4

Bofa Securities Inc 7 9 195.1 56% 3.5% 1.1Goldman Sachs & Co 8 7 147.4 8% 2.7% 0.1

Morgan Stanley 5 4 426.6 -6% 7.8% -0.9Daiwa Securities Group Inc 6 6 378.1 8% 6.9% 0.2

Deloitte 11 15 56.2 26% 1.0% 0.2Sumitomo Mitsui Trust Holdings 12 14 52.1 7% 0.9% 0.0

JP Morgan 9 8 109.4 -13% 2.0% -0.4Citi 10 10 99.9 20% 1.8% 0.2

46.6 50% 0.8% 0.3Credit Suisse 16 18 46.3 26% 0.8% 0.1

Barclays 13 16 51.4 17% 0.9% 0.1Plutus Consulting Co Ltd 14 22 50.2 91% 0.9% 0.4

0.7% 0.7BNP Paribas SA 20 24 32.7 47% 0.6% 0.2

KPMG 17 11 45.1 -37% 0.8% -0.6The Raine Group LLC 18 41 40.0 228% 0.7% 0.5

Japan Total 5,500.4 5%

Centerview Partners LLC 19 - 37.3 -

SBI Holdings Inc 15 19




Global Investment Banking ReviewFull Year 2020 | Investment Banks, Sponsors & Corporates

All data is as of 5:00pm ET on January 4, 2021 and sourced via Deals Business Intelligence.

Volumes based on Refinitiv's industry-leading Deals content (M&A, Equity, Bonds and Loans) and algorithm for imputing investment banking fees.

Date periods referred to within based on the effective date for M&A, the issue date for Equity and Bonds and the closing date for Loans.

Geographies and sectors are based on the nation of headquarters and macro industry of the deal participant's parent.

Deals Intelligence, a part of Refinitiv's Investing & Advisory division, brings up to the minute market intelligence to our clients and the financial media through a variety of research reports including Daily Deals Insight, weekly Investment Banking Scorecard, monthly Deals Snapshots and our industry-leading quarterly reviews highlighting trends in M&A and Capital Markets.

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