More is Less in M&A and DCM

The bank with the most deals is not the most lucrative, at least in M&A and DCM. For example, JPMorgan claims the lion’s share of the LatAm M&A volume, but it is Citi that makes the most money in that sector, Dealogic data for the year to May 15 shows. Likewise, in DCM, ABN AMRO dominates the volume, following its $7.5bn PDVSA bonanza, but the shop that is raking in the biggest fees is also Citi in that sector. Citi has roughly half the volume of ABN’s $8.4bn in proceeds, but three times the revenue of the Dutch bank, at $28m from 25 debt deals, Dealogic data shows. In M&A, it is a similar story, with JPMorgan dominating the flow ($8.7bn in transactions so far), but Citi making the most money ($27m, versus $17m for JPM.) Credit Suisse is second for M&A fees, with $18m, but comes 9th in the volume table, with $3.5bn from 8 deals, Dealogic charts show. The only real correlation is in equities, where UBS comes first for volume ($2.8bn) and also for fees ($81m). Credit Suisse is second in both ($67m from $2.7bn in issues) and Merrill comes third ($35m fees, $1.6bn proceeds.)