Bringing it home

31 December 2020 By Richard Beales Follow @richardbeales1

Investment banks led by JPMorgan collected a record $125 bln in fees in 2020. Merger advisory, topped by Goldman, was so-so. The real gold came from selling bonds and equity, partly to meet clients’ pandemic liquidity needs. For bankers, 2021 will probably be less exciting.

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Global investment banking fees reached a record $125 billion in 2020, according to estimates through Dec. 24 provided by Refinitiv. Over a third came from issuing bonds, another quarter each from equity raising and mergers, and the rest from loan origination.

JPMorgan topped the list of fee recipients with an estimated $8.9 billion, followed by Goldman Sachs, Bank of America, Morgan Stanley and Citigroup.

Goldman headed the equity capital markets and M&A rankings, according to separate data from Dealogic, which also estimates the top four payers of fees to investment banks in 2020 as SoftBank Group with $568 million, T-Mobile US with $444 million, Caesars Entertainment and PG&E.

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