Banking and Investment

Barclays Overtakes Credit Suisse in Investment Banking

Barclays PLC recently overtook Credit Suisse Group AG in investment banking revenue, a sign that the U.K. bank’s long, frustrated push to be a major player is making progress thanks in part to the troubles of its Swiss rival.

The London-based bank vaulted past its Zurich-based counterpart to be the largest investment bank outside the U.S. in the second quarter of this year with $1.26 billion of investment banking revenue, representing a 4.1% market share, according to Dealogic. JPMorgan Chase & Co. was the top investment bank during the quarter with $3.15 billion of revenue, a 10.1% market share.

Inside Barclays, executives say the collapses of key Credit Suisse clients Archegos Capital Management and Greensill Capital have disrupted the investment banking landscape. This has created a rare opportunity for Barclays to grab market share in the business of advising on takeovers and arranging debt and equity sales for global companies.

A Credit Suisse spokesman declined to comment.

Barclays has gone after its wounded competitor. It recruited several bankers from Credit Suisse, including Tim Devine to advise financial companies, Eric Federman to advise technology and media companies, Ihsan Essaid to co-head mergers and acquisitions advice in the Americas, and Kamal Ahmed to advise semiconductor companies.