LONDON - Goldman Sachs
This year has been another difficult one for banks, as they battled grim investment bank revenues, a mixed economic backdrop and an ever-growing list of regulatory and legal concerns, including record fines over interest rate rigging and probes into alleged foreign exchange market manipulation.
IFR said it has been especially difficult for Goldman because it is a "lightning rod" for the public backlash against the banking industry, but the bank's continued focus on clients had delivered "truly impressive" market-share gains in advisory and financing.
In the IFR awards year, Goldman's share of mergers and acquisitions stood at 39.5 percent in the U.S. and 36 percent in Europe. It ranked first in equity capital markets globally, with market share up to 11.3 percent from 8.4 percent.
The firm advised on several of the year's largest and most complex transactions, including the Vodafone's
Speaking to IFR, Goldman's Chairman and Chief Executive Lloyd Blankfein downplayed the bank's performance.
"Given the context and the legacy issues we're working through, it's hard for me to thump my chest over anything other than maintaining focus where other people have found it hard to maintain focus," Blankfein said.
The awards, to be handed out in January, are among the most coveted in the banking industry.
To be considered for an award, banks must make a pitch, often delivered by its most senior bankers, to the IFR editorial board.
JPMorgan Chase & Co
Goldman also took home the prize for top equity house, while Germany's Deutsche Bank
Deutsche Bank raised more debt for more issuers from more countries than ever before, acting for clients in 70 jurisdictions across 24 currencies and on deals of all types, ranging from high-grade to high-yield, IFR said.
Its complex event-driven deals and work on developing the global credit market won it the loan house accolade, IFR added.
Other winners included Citigroup
U.S. investment bank Houlihan Lokey was named top restructuring adviser thanks to its work on a string of assignments for both creditors and debtors in a relatively quiet period for restructuring.
Issuer of the year went to Volkswagen
IFR is part of Thomson Reuters
(For a full list of winners, click here: http://www.ifre.com/Journals/2013/12/10/j/n/a/Global-RoH-2013.pdf)
(Reporting by Clare Hutchison; Editing by Steve Slater and Elaine Hardcastle)