After years of being beaten on their home turf by Wall Street banks, Europe’s investment banks are fighting back. Danielle Myles reports.
BNP Paribas, HSBC and Deutsche Bank’s corporate and investment banking (CIB) divisions made gains against the US bulge brackets in Europe last year, bucking the trend of US firms gaining market share across the Atlantic.
This is the key takeaway from data firm Coalition’s 2017 league tables, which rank each regions’ top 12 banks based on revenues from investment banking (mergers and acquisitions, equity and debt capital markets), fixed income, currencies and commodities and equities.
It is in line with Coalition research director Amrit Shahani’s prediction a year ago that European banks would fight back in 2017.
US banks still dominate the top of the Europe, Middle East and Africa (EMEA) table. JPMorgan retained pole position while Morgan Stanley – which held onto fifth place – had among the fastest growing EMEA revenues in 2017.
But Deutsche Bank, which in 2016 shared second place with Goldman Sachs, shrugged off the Wall Street firm to rank a clean second. Goldman now shares third spot with Citi.
There was even more movement in the bottom half of the ranking. BNP Paribas and HSBC, which tied for ninth spot in 2016, leapfrogged Bank of America Merrill Lynch to rank equal sixth. In doing so, the French and UK banks displaced national rivals, Barclays and Société Générale, which now share eighth place.
Once again, the two Swiss CIBs round out the top 12.
All data sourced from Coalition’s regional investment bank league tables is for 2017. Banks with revenues within 5% of each other rank equally.
