In the 48th annual All-America Research Team, the methodology has changed — but not much else has.

JPMorgan Chase & Co. continues its reign as Wall Street’s top research provider, taking first place in a revamped version of the AART, which has two significant differences from prior years. First, respondents’ votes are weighted based on how much they spend on equity commissions, as opposed to their volume of assets under management. Also, voters were asked to rank the top overall firms in each sector, in addition to naming the best individual analysts.

JPMorgan claimed 47 team positions under the new methodology, including 13 first-team positions. Bank of America Merrill Lynch took second place with 42 team positions, while Citi Group rose to third place overall with 39 team positions.

Citi’s move into the top three — displacing 2018 bronze medalist Morgan Stanley — marks the biggest change from last year’s AUM-weighted ranking of Wall Street’s leading analysts. Otherwise, the new methodology results in the same top five firms, plus UBS in a tie for fifth place with Morgan Stanley.

Three other leaderboards — representing two different AUM-weighted rankings, as well as a second commissions-weighted result which values individual analysts over teams — produce similar results, with JPMorgan claiming first place in each one. BofA Merrill Lynch holds steady at No. 2 regardless of how the votes are sliced; however, the bank ties for second place with Citi under the AART’s original methodology.

View all four leaderboards, as well as an article on the results and the full methodology, using the navigation bar at right.