Information provider Dealogic has released its overview of banks’ performance across M&A, equity capital markets (ECM), debt capital markets (DCM) and syndicated loans in the first quarter of 2014.
Unfortunately, it hasn’t been a great start to the year – global investment banking revenues were at their lowest level since the first quarter of 2010. M&A revenues fell 9% year-on-year, debt capital markets revenues fell 26%, and syndicated loan revenues fell 36%. Combined with the much-heralded decline in fixed income sales and trading revenues, this is leaving investment banks looking a little exposed.
Within investment banking divisions (IBD), only equity capital markets bankers have had a good start to 2014: thanks to booming IPOs, ECM revenues rose 6% year-on-year in the first quarter. That’s welcome, but clearly insufficient to overcome the reduction in M&A activity and debt issuance.
For those who are wondering, Dealogic has also released its ever-popular league tables for the first quarter. If you want to see how your current or prospective bank performed, you can read the report in its entirety by clicking here.
As a prelude, you can also check out the table below. This ranks the top banks in terms of the fees they earn for M&A, ECM, DCM and syndicated loans globally. On aggregate, JPMorgan and Goldman Sachs come out on top. However, there are still a few places to work where one or both rank outside the top three. Goldman Sachs and JPMorgan are not the most prestigious banks to work for everywhere.