Despite what is broadly expected to be a poor second half, 2013 will be looked upon by most large investment banks as being decidedly better than last year. So, who’s stood out? The answer, inevitably, is Goldman Sachs.
Goldman has been named ‘Bank of the Year’ by Thomson Reuters in its annual International Financing Review awards, and also scooped equity house of the year after a “particularly impressive year”, according to the awards judges, which include journalists and analysts.
This is a little predictable, of course, given its reputation for attracting super-competitive bankers, and supposed 'culture of success'. The other interesting fact, though, is that just five banks have shared nine awards between them. Deutsche has cemented its dominance in the fixed income markets by winning bond house, high yield bond house and loan house of the year, while Citigroup has also won two awards.
Boutique firm Houlihan Lokey has won in restructuring – the firm’s traditional cash cow – but has also been hiring in M&A, capital markets and advisory throughout 2013.
Tellingly, though, aside from Citigroup, few of the larger banks to win this year have been associated with any big recruitment sprees in 2013.
Bank of the Year – Goldman Sachs
Bond House – Deutsche Bank
Equity House – Goldman Sachs
Loan House – Deutsche Bank
Structured Finance House – Credit Suisse
Derivatives House – Citigroup
Restructuring Adviser – Houlihan Lokey
Emerging Markets Bond House – Citigroup
High-Yield Bond House – Deutsche Bank