Citigroup was the leading underwriter last year, grabbing an 8.7% share of the market as it handled $564.7 billion in deals, according to Reuters, citing data from Thomson Financial. In the runner-up position was Lehman Brothers with $420.8 billion in transactions (up from No. 5 in 2004) and Deutsche Bank, which rose from the seventh spot to third with $418.1 billion. Morgan Stanley slipped from second place to fifth, as the result of management changes and the departure of some of its top bankers. Citigroup was tops in fees, besting Morgan Stanley and Goldman Sachs with $1.39 billion, a 10.6% share of the market. "With no apologies to Frank Capra, it was wonderful year for underwriting," Thomson senior researcher Richard Peterson told Reuters. "There's no shortage of demand for money."