AfE 2024
Western Europe is the most competitive region in the world for investment banking. The big five US firms, with the ambition and capability to claim global leadership, all lead transactions for the continent’s biggest companies as well as for US and Asian multinationals acquiring and raising capital in Europe.
The big European banks may have given up on competing with them for domestic business in the US but are more determined than ever to defend their home turf. And the independent investment banks and boutiques are strong in Europe too.
As in the global revenue rankings, JPMorgan and Goldman Sachs tend to command the top two spaces each year in western Europe. But the gap to the chasing pack has been narrowing. Between them, the top two commanded a 23% revenue share in the US in 2023. In Europe, they had just 12.7%.