AHN Staff
Greenwich, CT (AHN) - A customer survey made by Greenwich Associates among clients of the 9 largest U.S. banks showed JPMorgan Chase & Co. topped the list, beating Goldman Sachs Group.
JPMorgan led in several categories such as large corporate banking, overall fixed income and convertible issuance. Runner-up Goldman was recognized by traders and investors for leading in equity derivatives and portfolio trading.
Wall Street has drastically changed this year following the collapse of Bear Stearns and Lehman Brothers Holdings and the conversion of Goldman and Morgan Stanley to bank holding firms.
According to Bloomberg, JPMorgan outperformed other large American banks during the credit crisis based on its $20.5 billion writedowns, losses and credit provisions since the start of 2007, compared to the $967 billion taken by global financial industry.
Lehman, despite its declaration of bankruptcy and subsequent purchase by Barclays, had a top spot in six categories including overall U.S. fixed income and equity sales. Frank Feenstra, consultant of Greenwich Associates, said in a statement, "Regardless of the circumstances and mistakes that brought the firm down, Lehman Brothers had a series of strong customer businesses that will provide a strong platform for Barclays."
JPMorgan on Monday announced plans to reduce 9,200 jobs at Washington Mutual, which it purchased in September. An initial 4,000 employees will be laid off by the end of January while the remaining 5,200 workers will be removed throughout 2009.
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