In September, Jens Haas, the head of European and Swiss investment banking at Credit Suisse told finews.com that he was still far behind the competition. As it turns out, the top spot in Swiss investment banking in Switzerland is being contested as rarely before.

JP Morgan could overtake the market leader Credit Suisse on its home turf when the year is complete, if «wallet share» is taken into account, according to a recent Deallogic data analysis which takes into account the fees investment bankers generate for their firms through acquisitions, securities transactions, issues, and IPOs.

Top of the Podium

According to the analysis, the US's largest bank earned around $77 million, compared to Credit Suisse's haul of $70.7, followed by Bank of America, Citigroup, and local rival UBS.

The data from Dealogic is open to interpretation. As Credit Suisse explained to finews.com, transactions such as bond placements are counted in the official Dealogic ranking, and on this basis, Credit Suisse continues to lead the Swiss investment bank ranking by a wide margin with revenues of $153.6 million. Other podium appearances were made by UBS and JP Morgan. Dealogic «League Tables» is closely followed by the industry and is of great importance for the prestige of an investment bank and its employees.

IPOs Dry Up

JP Morgan was able to make gains in mergers and acquisitions (M&A) in particular thanks to the support of relatively few, but large deals. The American firm was involved in the sale of the kiosk operator Valora, the sale of a life policy portfolio of the leading Swiss insurer Zurich, and the sale of cement giant Holcim's India business, in a display of its international might.

All this transpired in a very challenging environment for the industry. According to Dealogic, $900 million have been earned in the Swiss market so far this year, the least of any time in six years. Business with IPOs and lending leverage is down substantially, with the only business earning more than in previous years being bond issuance.

Swiss Business Remains Strong

According to industry sources, Credit Suisse's investment bankers are respected in their home market as a leading force for many years, and something that has not changed.

The question now is whether the wide-ranging restructuring of Credit Suisse investment banking will not also set back the local teams. In October, the bank decided the Swiss division would be allowed to maintain its full suite of investment banking services, coming in an environment where the global M&A and the capital markets business will be combined under the CS First Boston brand in the future to sell it in the medium term.

finews.ch has supplemented this report with the Dealogic ranking including its transactions.