Morgan Stanley cedes title of chief Goldman Sachs rival

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JPMorgan Chase and Investment Banking Boutique Evercore has united Morgan Stanley as the main competitors of Goldman Sachs in the main Wall Street business of bitter.

Jpmorgan Financial advisory payments caused last year. Including merges and achievements – $ 3.29 billion, while Evercore recorded $ 2.45 billion and Morgan Stanley $ 2.38 billion.

M & A fees are unstable between quarters and even years, as they can run tens of millions and only the transaction is paid in general. But the 2024 payments confirm the shift of the Wall Street contract for the past decade, JPMorgan’s arrival, traditionally lending companies, as well as hall players.

Goldman Sachs: He has long dominated the business of advice on the transactions. Recent data shows that JPMorgan has cemented its position as the second largest ears with Morgan Stanley in 2010.

Last year JPMorgan narrowed Goldman’s gap at least in a decade. In the fourth quarter, it reported $ 1.06 billion consulting payments. Excluding the revenues received from stocks and debts, beating the Goldman for the second time in one year.

Evercore calculated for $ 850 million payments, and Morgan Stanley is only $ 779 million.

M & A remains the product of Crown Jewel in the investment bank with high stakes that attract proportional fees. At the same time, the M & A Board requires only a handful of bankers, unlike prerequisite public offers or bond problems that require staff armies.

“You give advice that is not a product,” said Citizens’ analyst Dinan Ryan on the securities. “And so the fees of transactions were not under pressure, as many spheres within the framework of financial services.”

The change in Wall Street Guard took place because Morgan Stanley focused resources to build wealth management business, where it earns stable payments that are evaluated by investors.

Morgan Stanley was a traditional investment bank blue blood, which revolves from JPMorgan 90 years ago, which separated from the commercial bank. Among its graduates, Joe Perlla, Bob Greenhil, Frank Kwatton and Paul Taubman, each founded well-considered boutique banks.

His Wealth Management Strategy, however, champion former head James Gorman, who Retired by role By the end of 2023. His successor, TED choices, previously ran to the Investment Bank of Morgan Stanley, hoping for the commerce of the company that he will send more resources to them.

“There was a lot of relief that Ted became an executive director than a boy in investment or wealth management,” said Morgan Stanley’s investment bank.

However, the bankers often have been working for years to promote corporate ties, which can give way to the industry’s profitable fees, require long-term devotion banking.

“What deals are there this year, you have earned them three years ago,” said a large investment banks on the big street in Wall Street.

JPMorgan also made great investments in his M & A business, using a wide range of products that offers muscles in profitable advisory mandates.

“At some point, they are much more aggressive” Hey, we are your biggest lender, so you have to provide us with your advisory business, “said Wall Street.

In 2023, the bank told investors that he had provided $ 200 million in his corporate and investment bank to hire “Revenue Manufacturers.” To make Jephorgan’s case, it is known to make known customers who are personally summoned to the customers who have been personally summoned to the Charmorgan case.

“JPMorgan is very consistent and very devoted to the growth in the investment bank,” said Ryan.

Evercore has been among the largest winners in new pieces of boutics that do not offer lending or trade, landing large mandates, including $ 29 billion constellation.

It also expanded its consulting business on corporate M & A private funds and reconstruction, where there is less competition in large investment banks.

“They have done a lot to build their privilege and create themselves as Prime Minister Boutique Investment Bank,” said the Aidan hall, a bruise and Woods analyst.

Other Challenges of Jefferia also used Wall Street’s changes to capture the investment bank. Jeff reported $ 1.8 billion for November of the year, beating Bulge Bracket Bank Bank Bank Bank Bank Bank Bank after a recent rental.