Citigroup was overtaken for the first time in 25 quarters (more than six years) as the world's largest underwriter for stocks and bonds, after J.P. Morgan Chase bagged the top underwriter in the first quarter of this year.
According to a report by Thomson Financial, J.P. Morgan Chase arranged US$129.4-billion of offerings, garnering a 10.2% market share, while Citigroup just registered with US$94.7-billion offerrings and a 7.5% market share. At third spot was Deutsche Bank with 7.2% market share at US$91.8-billion offerings.
It was a dismal quarter for the industry, as underwriting volume plummeted 45% and reported fees fell 7%. Although Visa's initial public offering (IPO) in the United States hit a record of US$19.7-billion, still many sectors showed steep declines, especially in fixed-income areas, where many investors have curtailed their buying of the said instruments brought about by the subprime crisis.
Speaking of subprime crisis, Swiss bank UBS had doubled its write-downs, by realizing additional US$19-billion loss on US real estate and related assets. As a result, it registered a US$12.03-billion net loss on the first quarter of 2008.
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