Investment banking league tables 2024: Goldman, Barclays, Centerview in flux
With the end of Q3 comes a few things: temperatures dropping, leaves turning red, and banks analyzing their performances.
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Although banks aren’t posting their results for a few more weeks, the London Stock Exchange Group (LSEG) has put together its analysis of global M&A figures as well as both debt and equity capital markets (DCM and ECM, respectively) for the first nine months of the year. The results are… Mixed.
Global ECM revenue share by bank, 9M 2024
Some banks definitely ended the quarter on a high note. Barclays, for example, has shot up the rankings in ECM to 6th, a position it hasn’t achieved at any point in the last decade. Barclays said this week that it plans to add £700m in revenues to its investment bank. ECM already appears to be making difference.
Global M&A revenue share by bank, 9M 2024
Boutique bank Centerview Partners is also having a good year. In Q3 Centerview ranked 7th for global M&A deals according to the LSEG, its highest level since at least 2017 and behind just Goldman, JPMorgan, Morgan Stanley, Citi, and BofA.
Global DCM revenue share by bank, 9M 2024
There's less good news at Goldman Sachs. After dropping from 4th to 8th in DCM in 2023, it remained at 7th this year. 4th in 2021 and 2022 is as good as DCM has been for a long, long time at Goldman, which languishes behind universal banks like Bank of America and Citi which are more willing to put their balance sheets to use.
If Goldman wants to improve its DCM revenues, it may need to address its comparative weakness in key issuance areas (most notably in what LSE calls agency, supranational, and sovereign corporate debt) relative to market leaders. The chart below, also from the LSE, suggests it's over-reliant on investment grade corporate credit.
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