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[September 23, 2016]
By Anjuli Davies and Jamie McGeever
LONDON (Reuters) - JPMorgan retained
its place at the top of the global investment bank rankings in the
first half of this year despite a fall in revenues, while Deutsche
Bank's troubles ensured the top five were all U.S. banks, new data
on Friday showed.
JPMorgan's revenue from trading, mergers and acquisitions and other
investment banking activity was $12.5 billion in the six months to
June, down 5.3 percent from the same period a year ago, according to
data compiled by industry analytics firm Coalition.
Deutsche has warned it may need deeper cost cuts to turn itself
around after revenue fell sharply in the second quarter due to
challenging markets and low interest rates. It fell to sixth place
from third, allowing Bank of America Merrill Lynch to move up into
the top five.
Investment banks suffered their worst first half year performance
since the 2008 financial crisis as revenues for the top 12 players
fell 15 percent from the same period a year ago, the data showed.
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Looming U.S. elections, Britain's vote to leave the European Union
in June, near-zero interest rates and worries about China's economy
have spooked markets this year and curbed investors' appetite to
take risks.
Last week, Citigroup said it expects to post better results in fixed
income trading for the third quarter compared with a year ago.
Most of JPMorgan's revenue, some $6.9 billion, was accrued on its
home turf but the $3.9 billion generated in its Europe, Middle East
and Africa (EMEA) operations was enough to dislodge Deutsche from
the top place in that region.
In the same period last year, Deutsche was number one in EMEA with
revenue of $4.3 billion. Its slide to number two, even on its home
turf highlights how difficult a year it has been for Germany's
biggest lender.
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![](../images/092316pics/busine10.jpg)
The logo of Dow Jones Industrial Average stock market index listed
company JPMorgan Chase (JPM) is seen in Los Angeles, California,
United States, in this October 12, 2010 file photo. REUTERS/Lucy
Nicholson/File Photo
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JPMorgan also dislodged Deutsche Bank in the Asia Pacific (APAC region) to take
top spot with revenue of $1.7 billion in the first half of the year. That was 15
percent lower than the $2 billion Deutsche Bank earned in the same period last
year in the region.
JPMorgan retained its crown in fixed income, currencies and commodities (FICC)
trading, its position solidified by its dominance in G10 rates and foreign
exchange trading. The U.S. bank slipped a place to third in the equities
ranking, however.
Coalition tracks Bank of America Merrill Lynch, Barclays, BNP Paribas,
Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Morgan
Stanley, Societe Generale and UBS.
(Editing by Elaine Hardcastle)
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