Morgan Stanley (NYSE:MS) Top Equity Banker on Pricing, Tops JPMorgan (NYSE:JPM)

It remains to be seen the cost associated with winning the title of top equity banker is worth it to Morgan Stanley (NYSE:MS), as they overcame JPMorgan for the title, but did it by competing on price, which of course generates the question of its impact on margins and earnings.

Included in some of Morgan Stanley's big deals were equity offerings from Citigroup (NYSE:C) and General Motors (NYSE:GM).

Altogether, General Motors helped arrange equity sales of $72.7 billion, accounting for 10.4 percent market share.

The average rate charged by Morgan Stanley was 2.3 percent, the lowest in the segment.

JPMorgan had been the leading equity banker over the last two years.

Morgan Stanley was trading at $27.40, the same as close Wednesday, as of 2:04 PM EST. JPMorgan was trading at $42.01, down $0.15, or 0.36 percent.