The Fiscal Times’ Suzanne McGee writes:
The House of Dimon won the race to be the top investment bank for the first quarter of 2012, according to preliminary data from Dealogic. The competition, of course, is the race to emerge as the top investment bank for the first quarter, a race that the House of Dimon won triumphantly. It won the top spot by generating the largest share of revenue from underwriting equity deals, according to preliminary data from Dealogic, although it ceded top spot to Citigroup (C 0.00%) and Goldman Sachs (GS 0.00%) when it came to transaction volumes.
When it came to the debt markets, JPMorgan Chase grabbed the lead in both the number of transactions in which it was lead bookrunner, and in terms of the revenue it earned from those deals, Dealogic calculated. Not surprisingly, the giant global bank -- one of the biggest post-financial crisis winners -- consolidated its dominance of global capital markets by capturing 8% of global investment banking revenue, with Bank of America Merrill Lynch (BAC 0.00%) trailing behind at 6.2%.
Still, JPMorgan Chase's celebrations may be somewhat muted given the decline in overall underwriting activity across the board. Whether it came to syndicated lending, debt underwriting or negotiating mergers, the pace at which transactions occurred nosedived in the first quarter. True, the stock market may have been on a tear, but investment banking income flagged significantly, according to preliminary data from Dealogic, a worrying sign for profits from the like of Goldman Sachs (GS 0.00%) and Morgan Stanley (MS 0.00%)…..
Overall, global investment banking revenue in the first three months of the year was about $13.8 billion, down 31% from the first quarter of last year and 3% below fourth-quarter levels.
Read all about it at http://money.msn.com/top-stocks/post.aspx?post=0123ac00-3ee8-4600-b2e5-4ac49ccad3e1
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