2014 Investment Banks Summary
Tax-Exempt Securities
	Employees	Lead Issues*	Lead No. of Issues	Co-Lead Issues*	Co-Lead No. of Issues	Total Issues*	Total No. of Issues
2013	402	$40,563.2	65	$517,333.3	506	$557,896.5	571
2012	396	29,118.2	74	792,142.0	592	821,260.2	666
% Chg	1.52	39.31	-12.16	-34.69	-14.53	-32.07	-14.26
Tax Exempt
2013	353	$12,845.9	64	$163,312.1	1,026	$176,158.0	1,090.00
2012	330	17,727.1	91	217,314.5	1,293	235,041.6	1,384
% Chg	6.97	-27.54	-29.67	-24.85	-20.65	-25.05	-21.24
*In millions of dollars. As of Dec. 31, 2013. Prepared by B.E. Research.
Source: B.E. Research