JP Morgan and Merrill hang on to top spots

BANK of America Merrill Lynch has held on to its second place spot in a global league table of investment banks, Thomson Reuters data showed yesterday.

Despite management troubles in its European business this year that have seen star banker Andrea Orcel decamp to UBS, BAML is still at the top end of the table, boosted by its bonds and loan businesses.

BAML is still second to JP Morgan, however. While Jamie Dimon’s JP Morgan has raked in $1.4bn in fees, BAML has bagged $1.2bn. And Citigroup has moved up five places compared to its ranking last year, having advised on deals that brought in $918m and boosted its “walletshare” by 8.5 per cent.

Goldman has dropped two places to a market share of 4.9 per cent, or $860m, although analysts expect it to post good results for its second quarter next month. Barclays Capital has also fallen three places down the table to eighth place.

For M&A work, Lazard has moved up four places, while Deutsche Bank is the governments’ adviser of choice. DB‚Äątook a 9.5 per cent share of business generated by governments and their agencies, which increased by seven per cent versus the first quarter of 2011.

Although the figures are compiled only from data that is publicly available and are therefore not comprehensive, the tables are closely watched by bankers keeping an eye on their rivals.

And the fees tables give a snapshot of whether banks are generating revenues out of their business. As the volume of business has dropped, bankers report that some dealmakers have been keen to underwrite transactions to keep up relationships, without generating profits from them.

Financials are still generating the lion’s share of fees for advisers as banks scramble to comply with strict new capital requirements.