The banks that won and lost in Middle Eastern investment banking last year
Which institutions gained and which diminished in what was a muted year for Middle Eastern investment banking?
As the charts garnered from Dealogic below show, the total pot for investment banking revenues shrunk from $848m in 2008 to $660m last year.
The most obvious winner in 2009 was Credit Suisse, whose participation in the sale of Qatar Holding's Barclays' stake and (along with Goldman) its Volkswagen deal, saw it shoot to the top of the rankings.
Similarly, Morgan Stanley's increased involvement in Middle East M&A deals allowed it to move up the rankings. HSBC (which increased headcount substantially in 2009) continued to dominate the equity capital markets, but much reduced activity in this area saw it slide down the overall positioning from 1st to 4th.
Morgan Stanley has shaken up its Middle East team this year, while other banks to hint at expansion in the region include Bank of America Merrill Lynch and Citi.
Source: Dealogic
