Who won and who lost in Q3?

Third quarter figures for revenues earned in ECM, DCM and M&A are out, and they don't make particularly good reading for the usual suspects. As the graph below (based on information provided by Dealogic) shows, several banks continued their inexorable 2009 decline. Only a few continued their run of good luck.

Banks which have seen their share of investment banking fees decline throughout the year, and for which the process continued in Q3, were BofA Merrill Lynch, Barclays Capital, Citi, and BNP Paribas.

Banks which have seen their share of investment banking fees increase throughout the year, and for which the process continued in Q3, were Credit Suisse, RBC Capital Markets and Mizuho.

UBS broke its run of bad luck last quarter, largely thanks to a stronger showing in ECM. Goldman, JPMorgan and Morgan Stanley, which saw their IBD market shares spike in Q2, thanks also to their strong showing in ECM, fell back.

The most curious participant is Barclays Capital, which has been adding hundreds of people this year, including 69 in M&A, but has seen its overall share of investment banking fees drop from 3.8% to 3.4% over the past three quarters. In particular, BarCap seems to have seen little return on its investment in ECM: its share of ECM revenues was down to 1.6% in Q3, having risen to 2.7% in Q2.

Global investment banking fees (ECM, DCM and M&A), Q1-Q3 2009