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JPMorgan Topples Citi as No. 2 Muni Underwriter in 2022 Rankings

  • Issuance of muni bonds down about 21% from last year’s record
  • JPMorgan has managed about $38 billion of sales this year
Wall Street Is Hiring More and More Bankers Outside London to Cut Costs
Photographer: Jason Alden/Bloomberg

JPMorgan Chase & Co. is the clear winner this year in an increasingly competitive municipal-bond market, encroaching on Bank of America Corp.’s stranglehold on the top slot of underwriting rankings. 

The New York-based bank managed $38.2 billion of long-term state and local government debt as of Dec. 15, or roughly 11% of the overall issuance, according to data compiled by Bloomberg. That marks a nearly 3 percentage point jump from the bank’s share last year, the biggest increase among the 91 managers who have run at least one deal this year, the data shows.