Investment banking fees survey: The waiting game
Sep 1, 2012
A disastrous run for equities has taken its toll on overall investment banking fees so far this year. Bankers are holding out for a pick up in the final quarter – market conditions permitting
By Ben Miller
It’s not over till it’s over. But so far, 2012 has proved mildly disappointing for investment banking fees: revenues from equities are down in line with the markets although debt income is holding steady and M&A is on the up.
What happens in September, in particular, will spell out the larger picture for fees this year. Bankers are hoping that an uptick in debt issuance, similar to that seen in the first quarter, will boost DCM revenues.
So far this year, overall fee income appears largely unchanged, with differences in revenues driven almost entirely by the volumes of transactions in each bank’s different business lines. At $1.03 billion through August 17, the total is down versus the $1.35 billion in the corresponding period in 2011 – but not so much as to make catching last year difficult.
“The only fee base that...
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