Citigroup Inc missed its title as the world's largest underwriter of stocks and bonds for the first time in more than six years, said Thomson Financial.
According to Thomson, Securities underwriting volume fell by 45% from a year earlier to $1.27 trillion, and fees collected by I- banks fell 47% to $5.8 billion.
According to Thomson, Securities underwriting volume fell by 45% from a year earlier to $1.27 trillion, and fees collected by I- banks fell 47% to $5.8 billion.
JPMorgan Chase & Co was the top underwriter in the first quarter. JPMorgan arranged $129.4 billion of offerings, winning a 10.2 percent share.
Citigroup followed with $94.7 billion of offerings and a 7.5 percent share.
Deutsche Bank AG was third, with $91.8 billion of offerings and a 7.2 percent share.
Reported fees fell by 7% to $3.38 billion from $3.65 billion.
Citigroup led in that area with a 15.6 percent share, followed by Bank of America Corp's 8.9 percent and Goldman Sachs Group Inc's 7.8 percent. JPMorgan was fourth.
Wall Street bankers said Citigroup's fall from first place partly reflected a change in strategy by its new management. Citigroup in a statement said it manages its business "for productivity and profitability rather than league table position."
Bear Stearns Cos, a fixed-income specialist that agreed to a takeover by JPMorgan following liquidity problems, ranked 18th in underwriting and 23rd in reported fees.
Merger volume, meanwhile, fell 41 percent worldwide and 56 percent in the United States, Dealogic said last week, suggesting lower need for future bond and loan offerings.
"There was a total contraction in credit," said Richard Peterson, director of capital markets at Thomson. "We don't know if there are more hidden time-bombs. The market is sensing there could be more."
Citigroup followed with $94.7 billion of offerings and a 7.5 percent share.
Deutsche Bank AG was third, with $91.8 billion of offerings and a 7.2 percent share.
Reported fees fell by 7% to $3.38 billion from $3.65 billion.
Citigroup led in that area with a 15.6 percent share, followed by Bank of America Corp's 8.9 percent and Goldman Sachs Group Inc's 7.8 percent. JPMorgan was fourth.
Wall Street bankers said Citigroup's fall from first place partly reflected a change in strategy by its new management. Citigroup in a statement said it manages its business "for productivity and profitability rather than league table position."
Bear Stearns Cos, a fixed-income specialist that agreed to a takeover by JPMorgan following liquidity problems, ranked 18th in underwriting and 23rd in reported fees.
Merger volume, meanwhile, fell 41 percent worldwide and 56 percent in the United States, Dealogic said last week, suggesting lower need for future bond and loan offerings.
"There was a total contraction in credit," said Richard Peterson, director of capital markets at Thomson. "We don't know if there are more hidden time-bombs. The market is sensing there could be more."
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Reuters – Citigroup dethroned in dismal underwriting quarter
Financial Week – Citi finally knocked off its throne as top underwriter
Wall Street Journal – Debt Turmoil Hits Street Stock, Bond Sales
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