美国投资银行从欧洲竞争对手开展业务

Few bankers like to describe what happened to their firms during and after the crisis years of 2008 and 2009, but Citigroup’s Conor Davis shows no such reticence. His giant bank tottered precariously on the verge of failure in late 2008, was forced to take a $45 billion bailout from the U.S. Troubled Asset Relief Program and subsequently had to sack 50,000 employees worldwide to stay afloat. Those measures were incredibly painful at the time, Davis acknowledges, but they positioned Citi’s European fixed-income business — where he works as a senior executive — to benefit from the market’s recovery.

“在某些方面，危机帮助我们，”银行欧洲，中东和非洲的投资者销售负责人戴维斯说。“我们能够在内部重新组织并获得适当竞争的建筑权。在别人之前，我们被迫这样做。“

戴维斯说，金融压力要求平行中心更加狭窄地将其固定收入业务更加狭窄，因此该银行将拉丁美洲和亚洲的资源传达给欧洲，戴维斯说。在2008年秋天，由于危机全面摇摆，银行开始从欧洲汇率业务中选择性地招聘竞争对手的关键球员，该业务贸易债券及其衍生物贸易。在大约40份雇用中，花旗招募了一位加拿大曾经担任雷曼兄弟控股欧洲固定收入司的加拿大莫尔顿的安德鲁·莫顿，以引领其欧洲汇率。

由于花旗是加强其固定收入的存在，其欧洲竞争对手 - 大多数人在危机的立即避免了避免了大削减的大部分 - 开始将刀带到其运营。在过去的两到三年里，欧洲投资银行一直以大量资金收费，经济状况疲软和监管和政治反对到他们自己的一些不当行为的重要措施。结果一直是欧洲美国投资银行的令人惊讶的，很少有人会预测，当时在美国的金融危机爆发了六年前。

“我并不试着告诉你，我们从绝望的深度到前三四或四个的原因是因为花旗有这些惊人的超级明星，”戴维斯说。“我们当然有很强的人，但毫无疑问的其他银行正在拉回来。”

在由研究公司Greenwich Associates对投资者的最新调查中，CITI在U.K.的巴克莱和德国的德意志银行绑在整体欧洲固定收益中的第三名。该调查是去年冬季进行的，然而，巴克莱宣布将其投资银行工作人员削减季度，并以响应更严格的规定和盈利能力而缩小其固定收入业务。

In the Greenwich survey Citi also ranked third in credit and tied for third place in rates, along with HSBC Holdings and JPMorgan Chase & Co. When Coalition, a U.K. research and analytics firm, began publishing investment banking league tables in 2013, Citi and Bank of America Merrill Lynch were identified as the “two strongest performers” by revenue in both European investment banking and European fixed income, currencies and commodities (FICC).

花旗的成功不是平底锅中的闪光灯。Over the past five years, as Barclays and Royal Bank of Scotland in the U.K., UBS and Credit Suisse in Switzerland and even Deutsche Bank have pared back their investment banking activities, U.S. banks have powered ahead in the European arena in just about every sector, including the all-important FICC and M&A advisory categories.

根据市场研究员Dealogic，2014年JPMORGAN超越了欧洲总投资银行的Deutsche Bank，股权资本市场，债务资本市场，并购咨询和贷款。JPMORGAN在12.56亿美元的费用中提取，市场份额为7.7％，而德意志的费用为1,65.2亿美元，为前四年带领欧洲联赛表。高盛集团的费用排名第三，费用为13.46亿美元，股票6.2％，其次是摩根士丹利（104.6亿美元）和花旗（10.37亿美元）。五大银行中的四个是美国人。相比之下，四年前五大银行的三年是欧洲。

“在总体上，在欧洲银行向美国银行的许多不同投资银行行业的市场份额转变，”伦敦的安永银行和青少年的银行和资本市场的实践领导人说，史蒂文刘易斯说。

可以肯定的是，美国银行的削减是对自己的削减，以应对增加的监管审查和盈利压力。上个月的Bofa Merrill，Citi，Goldman Sachs和JPMorgan报告了第四季度的盈利下降了6.6％至86％，大部分在交易收入中的重大滴下降，特别是在其FICC业务中。JPMORGAN BOSS Jamie Dimon抱怨银行从监管机构抱怨，该监管机构正在追求昂贵的抵押债券的销售到据称的外汇价格的销售额，并使资本要求与新的杠杆比例相同系统重要金融机构的资本附加费。然而，美国银行在Postcrisis年的欧洲同行中繁殖了超过他们的欧洲同行。

The main reason U.S. banks are in the ascendant is that they benefited from an earlier and more aggressive regulatory response to the crisis, bankers and analysts say. U.S. authorities conducted stress tests of major banks in 2009 to ensure they had enough capital to withstand a fresh shock. Those tests prompted a massive round of capital-raising. The Federal Reserve estimates that since 2009 the top 30 U.S. bank holding companies have raised $511 billion in tier-1 capital.

相比之下，迫使银行加强资产负债表的欧洲当局在迫使较慢。欧洲银行权限于2010年和2011年进行压力测试，但他们未能激发市场信心。在几个月内，在2011年的测试中获得成绩，例如，比利时 - 法国银行德国和西班牙的银行有效失败，需要多亿欧元政府救助和强迫西班牙寻求欧盟欧洲稳定机制的援助。直到去年，当欧洲央行对欧元区的银行系统进行全面评估时，情况并没有稳定稳定，促使得分的机构在新资本中筹集数十亿美元。2013年，巴克莱筹集了120亿美元的权利问题和债券提供;去年德意志筹集了99亿美元。

欧洲经济疲软，加剧了欧元区债务危机，也阻碍了欧洲银行相对于美国竞争对手的竞争力。美国消费者在2013年基本上停止了折扣，企业盈利一直处于健康的步伐，资本市场活动 - 债券和股权发行，并兼并 - 强烈反弹;所有这些都帮助银行恢复了他们的盈利能力。欧洲的银行在活动中没有看到如此广泛的升值。Barclays estimates that the return on equity for the investment banking divisions of Europe’s major banks has effectively been halved, from roughly 21 to 25 percent in 2008 to about 10 to 12 percent in 2013. ?As a result, European banks have been pruning their operations more aggressively than their U.S. rivals have. “There has been a conscious decision by a number of European banks to focus their activity on particular aspects of banking and pull out of others,” Ernst & Young’s Lewis says.

最后，美国银行享有规模的优势。他们已成为全球领导者，“全球范围内的可扩展性基础上的”许多固定成本“，”JPMORGAN在伦敦的银行分析师Kian Abouhossein说。欧洲银行从未真正成功地在美国固定收入市场上立足，因此他们从来没有能够达到摩根大该子，花旗和博菲美林等球员等全球优势的水平。

“可扩展性非常重要，因为存在如此多的固定成本，”Abouhossein说。“这是为什么巴克莱，rbs和ubs等玩家，以及在某种程度上信用瑞士的关键原因正在撤退。”

Historically, only Deutsche Bank, Credit Suisse and UBS ever managed to achieve a global presence commensurate with that of Wall Street’s giants. The Swiss banks have been forced to cut back by the Swiss National Bank, which imposed far higher capital requirements than either U.S. or European authorities in a bid to combat the too-big-to-fail problem.

Barclays briefly achieved global scale in a number of key market segments after the bank opportunistically bought the U.S. broker-dealer arm of Lehman Brothers after its bankruptcy filing in September 2008. At its peak the investment banking unit, Barclays Capital, generated 85 percent of the group’s profits. But the architect of Barclays’ investment banking push, Robert Diamond, was forced to resign as CEO in 2012 over allegations that the bank had colluded in efforts to fix Libor, a key lending benchmark. Barclays also was vulnerable because it was more highly leveraged than its U.S. peers: Total assets in 2012 were 23 times tangible equity, compared with 11 times for Goldman Sachs. Diamond’s successor, Antony Jenkins, has been shrinking the group’s investment bank to focus more on commercial and consumer banking (see “巴克莱的萎缩投资银行仍然竞争吗？“）。

“The investment bank is too exposed to volatility in fixed income, currencies and commodities, and the group is too exposed to volatility in the investment bank,” Jenkins told analysts in a May 2014 conference call to explain the investment bank cutbacks. In July, Barclays reported a 49 percent decline in pretax profits at its investment bank for the first half of 2014, to $1 billion.

英国政府在危机期间挽救了78％的股权，苏格兰皇家银行大大减少了其投资银行，完全取消了股票，商品和并购咨询。The bank has slashed its balance sheet by more than half, from $3.7 trillion in assets in 2007 to $1.7 trillion in 2014. Bloomberg reported in January that the bank’s CEO, Ross McEwan, held a series of meetings in Singapore with a view to closing its Asian corporate business, which has 2,000 employees. Any such retreat would be part of a broader effort to shed much of the group’s global investment banking business, cutting costs by a massive $6 billion and refocusing RBS on U.K. consumer and commercial banking.

“It’s entirely likely that Barclays and RBS are making major shifts out of any European presence apart from the U.K.,” says Christopher Wheeler, London-based banking analyst at research house Atlantic Equities.

Switzerland’s big banks are also in retreat. Since becoming chief executive at UBS in September 2011, Sergio Ermotti has cut back the investment bank, slashing its rates and credit businesses, which had posted heavy losses, and focusing on its M&A advisory, equity trading and foreign exchange units. As part of the overhaul, the bank shed 10,000 employees, or more than 15 percent of its staff. In the third quarter of 2014, UBS’s investment bank posted a pretax loss of Sf1.28 billion ($1.5 billion) after taking Sf1.7 billion in litigation charges. Rival Credit Suisse reported that investment bank revenue doubled in the third quarter, to $1.52 billion, boosted by underwriting fees from the中国电子商务巨头阿里巴巴集团举行的IPO。该银行于2013年10月退出了税率交易和商品业务;去年10月，它宣布将其资产负债表削减了680亿美元。

即使是强大的德意志银行(Deutsche Bank)一直在削减其sails. The bank announced in November that it would end its business of trading single-company credit default swaps, one of the most profitable parts of the investment bank business before the financial crisis and an activity that helped fuel the career of Deutsche’s Anshu Jain.

Jain和他的Co-Ceojürgenfitschen本月早些时候在新的一年备忘录中告诉员工，他们将在第二季度发布一个新的战略计划，并表示德意志需要从其长期依赖证券交易转向。他们写道，过去一年是我们部门和我们的巨大变化之一。“欧洲增长的混合前景，低利率和不断变化的监管一直是挑战我们的一些因素，并且似乎坚持”。

It can be difficult to track how much each bank makes from specific activities in particular regions. Banks typically report their revenues and earnings globally by sector and give geographic breakdowns, but they don’t provide geographic results by business lines.

欧洲银行欧洲银行在弗雷曼公司，纽约的并购咨询公司遵循欧洲银行的分析师Jeffrey Nassof估计，欧洲投资银行在欧洲的投资银行费用池中的份额从2007年的62％下降到552014年的百分比。

根据Dealogic，JPMORGAN去年领导了欧洲并购咨询排名，费用4.67亿美元，其次是高盛，4.58亿美元;JPMORGAN还将股票资本市场联盟桌上榜首，费用为5.1亿美元，领先于2摩根斯坦利，3.85亿美元。德意志银行领导债务资本市场排名，费用为5.38亿美元，其次是JPMORGAN，4.36亿美元。Deutsche在欧洲在Indicatical Loans的欧洲排名中排名第一，费用3.52亿美元;2号JPMORGAN有2.28亿美元。

Greenwich Associates determines market share through interviews with bankers and institutional investors in Europe. By this measure, Barclays continued to dominate the fixed-income business last year, although its market share declined to 11.9 percent from 13.3 percent in 2012. Deutsche followed in second place, with a share of 9.7 percent, down 2.2 percentage points from 2012. JPMorgan was third, with an 8.9 percent share, up half a point from 2012, and Citi was No. 4, with 8.6 percent, up 2.4 points from 2012. JPMorgan led in credit while Barclays led in rates.

“欧洲最大的固定收入经销商正在制定指向其最佳客户的新昂贵资本的策略，”格林威奇·兼议会在一项年度调查中表示。“结果：对一个相对较小的优先客户的企业的激烈竞争，以及许多大型经销商的利润较低的客户关系。”

根据Frankfenford，康涅狄格州斯坦福德，总部，总部的市场总监，欧洲银行活动受到最严重的贸易政府债券的业务的据兰斯坦福德。“汇率的收入池已经下降了很多，而且没有多少钱，”Feenstra说。“与此同时，由于资本要求更高，业务成本已上涨。他们只是没有足够的资产负债表，以持有过去的库存。“

Viswas Raghavan, head of EMEA banking for JPMorgan, contends that his bank has been one of the prime beneficiaries of what he calls a flight to quality among institutional clients. “The wallet for investment banking fees has had modest growth, but our share of the wallet has grown much more than that,” Raghavan says.

JPMorgan has bolstered its position in the U.K. market — Europe’s largest for investment banking activities — through its acquisition of Cazenove. JPMorgan bought 50 percent of that firm, famously known as “the Queen’s broker,” in 2005 and acquired the remainder five years later. Last year JPMorgan led the U.K. market with $500 million in fees and a 10.4 percent share, well ahead of Barclays’ $449 million and 7 percent share. Two years earlier Barclays had led with an 8.8 percent share of total fees, compared with JPMorgan’s 6.8 percent.

拉格班一直在招聘狂欢。2014年7月，他偷了多萝卜，从高盛·萨克斯祝福，她工作了20年，成为JPMORGAN的德国欧洲投资银行业负责人。祝福的丈夫，马丁，德国德国德国德国第二大贷方首席执行官。向祝福报告是安东尼ulmer，2014年2月聘请摩根士丹利聘请摩根士丹利，以便在奥地利领导投资银行业。

高盛也在欧洲享受增长。根据本公司10次提交的一份关于美国证券交易委员会的注释，高盛的EMEA收入增长了20％，达到75.5亿美元，于2014年的前九个月，最新的可用时间。

M&A has been the firm’s strong suit of late: Goldman ranked second in M&A advisory in Europe last year, with a 7.9 percent share of fees. Among its major deals, the firm advised Dublin-based Covidien on a$45.9 billion takeover by Medtronicand Switzerland’s Novartis on the $5.1 billion sale of its animal-health unit to Eli Lilly and Co. Goldman has been “at the forefront of risk-taking in a situation where other banks have been a bit less aggressive than we are,” says Gilberto Pozzi, the bank’s London-based head of European M&A.

Lazard has also gained share in European M&A. Kenneth Jacobs, the firm’s CEO, says U.S. banks are doing well because the weak European economy has led to an increase in merger activity between U.S. and European companies. Last year Lazard was one of three banks advising General Electric Co. on its $17 billion acquisition of the energy business of France’s Alstom. New York–based Centerview Partners and Credit Suisse also advised GE on the deal. Lazard advised TRW Automotive Holdings Corp. on a $13.5 billion acquisition by German auto-parts maker ZF Friedrichshafen.

“With the resurgence of larger deals above $5 billion, you’ve seen our market position strengthen,” says Jacobs, whose bank, ranked No. 10 in European M&A advisory in 2012, with $100 billion in deals, shot to fourth place last year, with $342 billion. “To execute on deals of this size, you have to have very strong local teams and be part of a broader effort globally that leverages off of the different geographies and industry groups.”

The big question for American banks and their European rivals is whether the U.S. inroads are cyclical in nature or likely to be permanent. Today’s loser may be tomorrow’s winner, as Citi has so ably demonstrated.

JPMORGAN的ABOHOSSEIN认为，欧洲银行将难以恢复失地。对于废弃某些商业线路的银行，例如瑞银，巴克莱甚至德意志银行退出单公司信贷互换，可能困难。

“History shows that once you exit a business — and we clearly saw that in the technology, media and telecoms crash in 2001 — it is extremely difficult to come back because the hurdle rate of building the business up again is massive,” Abouhossein says.

Adds Atlantic Equities’ Wheeler: “It seems to me that after the crash new regulations and European government issues opened the door for American investment banks to repeat what happened after the Big Bang in the U.K. They came into the European market and became the market leaders.” • •

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