Bloomberg Markets Reveals the World's Best-Paid Investment Banks

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The Bloomberg 20 Issue Ranks the Banks and Bankers Who Generate Top Results

NEW YORK, March 7 /PRNewswire/ -- Bloomberg Markets, the leading magazine
for financial experts, today unveiled the Bloomberg 20, which ranks investment
banks by deal fees instead of volume. The April issue of Bloomberg Markets,
on newsstands mid-March, also identifies the people who make it happen -- five
key individual M&A advisers, bond underwriters and equity underwriters to
watch in 2005.
The Bloomberg 20 was compiled by Bloomberg Markets based on the total fees
investment banks collected in 2004 for underwriting securities and advising on
mergers and acquisitions worldwide. The data is based on disclosed
commissions and Bloomberg's calculations.

Bloomberg 20 Top Investment Banks

The first annual Bloomberg 20 ranking is as follows:

Company Total Fees, In Millions
1. Citigroup $3,655.7
2. Goldman Sachs 3,605.0
3. Morgan Stanley 3,305.9
4. JPMorgan Chase 2,977.2
5. Merrill Lynch 2,705.5
6. UBS 2,351.8
7. Credit Suisse 2,113.4
8. Deutsche Bank 1,843.0
9. Lehman Brothers 1,607.4
10. Bank of America 981.4
11. ABN Amro Bank 913.6
12. Nomura Securities 743.6
13. RBC Capital Markets 699.9
14. HSBC 673.4
15. Rothschild 618.1
16. Daiwa Securities 602.2
17. Lazard 535.1
18. Wachovia 472.6
19. Bear Stearns 438.3
20. BNP Paribas 424.4

Also in the April issue, Bloomberg Markets identifies those bankers who
are responsible for overseeing much of the fees collected for 2004 and who are
poised for another great year in 2005.

Top 5 M&A Bankers
According to Bloomberg Markets, M&A activity dramatically increased in
2004 to near 2000 levels, and the trend is clearly continuing in early 2005.
Thus far in 2005, there are already over $220 billion of acquisitions in the
works, says Bloomberg Markets, with new deals being announced almost daily. As
M&A activity continues its torrid pace, the April issue of Bloomberg Markets
names the top five M&A bankers to watch in 2005:

Individual Company 2004 Fees Earned, In Millions
1. Jack Levy, Gene Sykes Goldman Sachs $1,517.1
2. Robert Kindler JPMorgan Chase 1,406.6
3. Stephen Munger Morgan Stanley 1,247.2
4. Frank Yeary Citigroup 1,231.6
5. Steven Baronoff Merrill Lynch 839.4

According to Bloomberg Markets, all of the top four M&A adviser firms in
the Bloomberg 20 -- Goldman Sachs, JPMorgan, Morgan Stanley and Citigroup --
collected roughly twice as many fees in 2004 as they did in 2003. Bloomberg
Markets states that JPMorgan saw the greatest increase in market share to 8.6
percent in 2004 from 6.2 percent in 2003, and saw its fees increase to $1.406
billion from $677 million.

Top 5 Equity Underwriters
The IPO returned in 2004, with $133 billion of new stocks underwritten
worldwide, more than doubling 2002's total, says Bloomberg Markets. Although
the recent slump in global equities leaves a question about the continued
strength for the coming year, Bloomberg Markets identified the top five equity
underwriters to watch in 2005:

Individual Company 2004 Fees Earned, In Millions
1. David Solomon Goldman Sachs $1,596.4
2. Tyler Dickson Citigroup 1,427.6
3. Walid Chammah Morgan Stanley 1,390.2
4. James Birle Merrill Lynch 1,317.2
5. James Garvin, Lucinda Riches UBS 1,020.9

According to Bloomberg Markets, Goldman Sachs, the No. 1 firm in global
equity underwriting fees, roughly doubled its 2003 total to nearly $1.6
billion in 2004 from $872.5 million in 2003. It also increased its market
share to 10.9 percent in 2004 from 10.2 percent in 2003, says Bloomberg
Markets. Merrill Lynch, fourth in global equity underwriting fees, also saw
tremendous gains in 2004. Its fees and market share rose to $1.317 billion and
a 9.0 percent markets share from $642.4 in fees and a 7.5 percent market share
in 2003, according to Bloomberg Markets.

Top 5 Bond Underwriters
Sales of new debt securities rose 10.9 percent to $2.86 trillion worldwide
in 2004, and yet underwriting fees actually declined by 9.2 percent to $11.6
billion, says Bloomberg Markets. Since 1999 and the repeal of the 1933
Glass-Steagall Act separating banks, securities firms and insurers, large
lenders have flooded into the business, resulting in a reduction of fees, the
April issue states. In this challenging environment, Bloomberg Markets
identifies the top five bond underwriters to watch in 2005:

Individual Company 2004 Fees Earned, In Millions
1. Chad Leat, Marwan Marshi Citigroup $996.6
2. Carlos Hernandez JPMorgan Chase 809.2
3. Jim Healy Credit Suisse First Boston 713.2
4. Zoe Cruz Morgan Stanley 668.5
5. Richard Byrne Deutsche Bank 576.4

According to Bloomberg Markets, all of the top five global debt
underwriters -- Citigroup, JPMorgan Chase, Credit Suisse, Morgan Stanley and
Deutsche Bank -- collected significantly fewer fees in 2004 than they did in
2003. Citigroup remained No. 1 in this category but also saw the greatest
falloff in fees, dropping to 8.6% market share and $996.6 million in fees in
2004 from 11% of market share and $1.427 billion in fees in 2003.

The entire report on investment banking fees can be found in the April
issue of Bloomberg Markets.

About Bloomberg Markets
Bloomberg Markets is a monthly magazine providing insight into financial
executives, the firms where they work and the companies in which they invest.
Bloomberg Markets has a worldwide circulation of 300,000. Bloomberg Markets is
available for sale at Borders and Barnes & Noble bookstores as well as at
selected newsstands. All users of the Bloomberg Professional service also
receive Bloomberg Markets.

About Bloomberg
Bloomberg is the leading global provider of data, news and analytics. The
BLOOMBERG(R) TERMINAL and Bloomberg's media services provide real-time and
archived financial and market data, pricing, trading, news and communications
tools in a single, integrated package to corporations, news organizations,
financial and legal professionals and individuals around the world.
Bloomberg's media services include BLOOMBERG NEWS(R), the global news service
that includes more than 1,600 journalists in 103 bureaus worldwide; BLOOMBERG
TELEVISION(R), the 24-hour business and financial network produced and
distributed worldwide on 10 separate channels in seven languages; and
BLOOMBERG RADIO(SM), which provides up-to-the-minute news on XM, Sirius and
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In addition, Bloomberg Magazine Group and Bloomberg Press publish magazines
and books for investment professionals. For more information please visit
http://www.bloomberg.com.



SOURCE Bloomberg Markets
Web Site: http://www.bloomberg.com


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