Wealth / PB Review 3Q25/9m25
The aggregate operating revenue reached $11bn in 9m25, 11% y/y. The mass-affluent segment ($200k-$1m) recorded the fastest growth; this was driven by strong transactional revenues, the fastest-growing revenue segment across the peer group. Regionally, AMER and APAC outpaced EMEA. AuM jumped 17% y/y, with several banks in the peer group reporting record net new money […]
CIB Review 3Q25/9m25
Capital Markets Peer group revenues reached $192bn in 9m25, marking a 14% y/y increase. All three core business segments posted revenue gains of 12-15%, with FICC and Equities also delivering over 10% growth in front-office productivity. Operating expenses rose – primarily driven by elevated front-office comp and continued investment in technology – but at a […]
Wealth / PB Review 2Q25/6m25
The aggregate operating revenue reached $42bn in 2Q25, up 10% y/y and only a shade below 1Q25. Year-to-date, revenue totalled $85bn, +10% y/y. Investment management fees, up 12% and 17% y/y respectively, were the key drivers in 2Q25. Contrary to consensus expectations, net interest income grew, albeit very slightly and only due to three large […]
CIB Review 2Q25/6m25
Capital Markets The combined operating revenue topped $62bn in 2Q25, 13% ahead of the strong 2Q24. Year-to-date, American banks outperformed in Banking and Equities, while European banks reported impressive revenue gains in FICC. Partly as a result of (thus far targeted) cost-cutting measures, European banks grew their pre-tax profits faster than Americans; the aggregate pre-tax […]
Wealth / PB Review 1Q25
In-scope operating revenue topped $43bn, 10% ahead of 1Q24. NII declined held up better than expected, and fees – recurrent and transactional – jumped 14-20%. Amid the market turmoil, there has been a marked increase in demand for structured investments, defensive yields and hedging activities, especially for exposure to US$. Regionally, APAC and AMER outperformed. […]
CIB Review 1Q25
Capital Markets In aggregate, banks in this note reported operating revenue of $67bn, 14% ahead of 1Q24. American and European banks reported similar rates of growth, but with notable difference in the revenue mix: the former outperformed in syndication fees and Equities, while European banks grew their FICC revenue faster. Costs also grew, but at […]
Wealth / PB Review 4Q24/FY24
In-scope revenue reached $159bn in FY24, 10% above FY23. Net interest income remained weak, but investment management revenue jumped, driven primarily by discretionary fees. As expected, transactional fees suffered a seasonal slowdown, but still gained almost 20% on full-year basis. Regionally, EMEA and APAC outperformed, particularly in the $10m+ client segment. Following several difficult years, […]
CIB Review 4Q24/FY24
Capital Markets Following a very strong 4Q24, the aggregate FY24 operating revenue topped $220bn, 13% ahead of FY23, driven by the continued surge in Banking/Primary fees, as well as strong growth in Equities and FICC Macro. EMEA-headquartered banks outperformed their AMER counterparts across Banking, Equities and FICC, in all products except DCM Loans, FX and […]
Wealth / PB Review 3Q24/9m24
Operating revenue of in-scope banks totaled $126bn in 9m24, 9% ahead of the prior-year period. The strongest growth was in transaction fees, which were supported by rate cuts and the early optimism regarding the China’s economic stimulus; however, market participants expect a seasonal slowdown in 4Q24. Investment management fees also jumped, with advisory fees outpacing […]
CIB Review 3Q24/9m24
Capital Markets The aggregate operating revenue for the banks in this report topped $169bn in 9m24; 10% ahead of the prior-year period, primarily due to strong recovery in Banking fees. In Markets, strong growth in FICC in 3Q24 – especially in EMEA FX and Credit – offset some of the weakness seen in 1H24. Equities […]