JPMorgan tops investment bank rankings as European rivals suffer
US investment banks are head and shoulders above their European counterparts, according to new research which sees JPMorgan Chase retain its place at the top of the leaderboard ahead of four other Wall Street giants.
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European giants Deutsche Bank and Credit Suisse, which are both currently in mired in restructuring programs, both declined, data from analytics firm Coalition showed, with the rankings based on revenue.
Wall Street banks have surged since November’s election of Republican Donald Trump as President, with the three major US indices quoting record highs in the months that followed.
UK banks Barclays and HSBC occupied seventh and ninth place respectively, retaining their positions from the previous year.
JPMorgan topped the list once again as it gained a significant lead over its competitors in the areas of fixed income, currencies and commodities trading. Revenues from the bank’s investment branches was 11% higher in 2016 than the previous year, at $25.2bn.
Goldman Sachs and Citi followed in joint second place, while Bank of America Merrill Lynch and Morgan Stanley made up the top positions.
German entity Deutsche Bank dropped to sixth position in the league, unhinged by several setbacks which led to the IMF saying last year that it was the single biggest contributor to global systemic risk. The bank was in the news again on Tuesday when it was reported to have played a prominent role in a Russian money laundering scandal.
The report from Coalition said that European banks should improve this year in comparison with 2016’s underperformance.
"European banks had some significant trading underperformance last year, which we don't see repeating," said Amrit Shahani, research director at Coalition. "They should improve, albeit from a low base. We expect them to maintain and build on their market share this year."