Deutsche Bank has been vindicated, sort of. While a number of investment banks shifted their attention away from fixed income businesses last year, Deutsche’s commitment to all things fixed income currencies and commodities (FICC) has ensured that not only is it number one, it’s gained market share.
Admittedly, Deutsche’s market share only rose by 0.1 percentage points last year, but with a 10.1% share of the total it’s firmly in the top spot according to a new report by Greenwich Associates. Citi ranks second and has “returned to form”, with a 9.6% market share (up from 8.9% last year).
Curiously, Barclays ranks joint second. The British bank might be focusing more on itself as its advisory business under the new strategies, making redundancies, and moving away from non-core business areas, but FICC is still a focus. It “remains one of the largest global players in fixed income”, according to Greenwich Associates. Strangely, Barclays’ fixed income market share actually increased by 0.2 percentage points last year and it’s improved its standing in the US.
If you’re considering which other banks to work for across FICC, Greenwich suggests that J.P. Morgan’s “clear commitment” to the fixed income business makes it a safe bet and that Goldman Sachs is getting better in U.S. rates, treasuries and interest rate swaps. Bank of America Merrill Lynch is the market leader in high yield, it says.
Here are the rankings in full: