The banks that won and lost in European investment banking last year
Which organisations gained and were diminished in European investment banking in 2009?
The charts below, derived from figures from Dealogic, suggest a clear loser across the board: Bank of America Merrill Lynch. In 2008 the combined revenues of Bank of America and Merrill Lynch suggested the organisation would have been first for European investment banking revenues; in 2009 it ranked 10th.
However BofA Merrill's demise may be exaggerated. The figures are not comparing like with like given that the two banks were separate organisations in 2008 and had the opportunity to work independently on deals.
The clear beneficiaries across the board were JP Morgan, Credit Suisse, and Goldman - and (surprisingly), RBS and Citigroup.
Lazard also benefited in M&A, while Deutsche Bank (which hired nearly 120 M&A bankers in Europe last year), surprisingly joined BofA Merrill among Europe's M&A losers in 2009.
European investment banking revenue shares (M&A, ECM, DCM, loans), 2008 and 2009
Source: Dealogic
European M&A revenue shares, 2008 and 2009
Source: Dealogic
