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 […]

Wealth / PB Review 2Q24/6m24

UBS reports late, on August 14th. The bank’s 6m24 performance shown here is based on Tricumen’s early estimates. In-scope banks reported operating revenue of $82bn in 1H24, 8% up y/y; a decline in net interest income was more than offset by investment management (especially discretionary) and transactional fees. Revenue grew across client segments, led by […]

CIB Review 2Q24/6m24

UBS reports late, on August 14th. The bank’s 1H24 performance shown here is based on Tricumen’s early estimates. Capital Markets Banks’ 1H24 operating revenue totalled $114bn – 8% up y/y – largely thanks to a strong 2Q24. In contrast to 1Q24, EMEA banks outpaced their US peers in Banking and Equities (especially Prime Services and […]

Wealth / PB Review 1Q24

The aggregated revenue of the banks in this report totalled $41bn in 1Q24, 11% ahead of 1Q23. Revenue growth was driven by $10m+ clients: up 17% y/y, versus a more modest 4% for sub-$10m clients. This primarily reflects strong market valuations – the dominant driver of the healthy growth in Net New Assets – and […]

CIB Review 1Q24

Capital Markets The aggregated revenue of the banks in this report reached $60bn in 1Q24, 3% ahead of 1Q23. Banking/issuance fees benefitted from excellent market conditions, which drove the growth in revenue and productivity. Several banks noted that significant deal volume was brought forward from later in the year. Equities derivatives made a meaningful contribution, […]

Wealth / PB Review 4Q23/FY23

New arrival: AllianceBernstein Private Wealth The FY23 in-scope revenue for banks in this report reached $142bn, 9% ahead of FY22. The growth was driven by net interest income (which jumped 18% y/y, despite a slowdown in 4Q23) and, to a lesser extent, brokerage and discretionary fees. EMEA and APAC outperformed. Operating costs rose faster, however, […]

CIB Review 4Q23/FY23

Capital Markets The banks’ aggregate FY23 revenue topped $195bn, slightly below the prior-year period, mostly due to underperformance by EMEA banks. On a full-year basis, Banking outperformed, partly due to Europeans’ strong DCM fees; in Markets, credit and prime services were the only areas that achieved significant growth. Banks maintained a strict cost discipline, especially […]

Wealth / PB Review 3Q23/9m23

The aggregate revenue of the banks in this report reached $114bn in 9m23 and $39bn in 3Q23, 10% ahead of the comparable prior-year periods. AuM – especially from $10m+ clients – and operating costs, however, grew faster than revenue, depressing pre-tax profit margins and productivity indicators. Reflecting the increased investment from most in-scope banks, UHNWI/GFO segment […]

CIB Review 3Q23/9m23

Capital Markets The banks’ 9m23 operating revenue totalled $154bn; the 4% y/y decline was largely due to EMEA banks’ underperformance. In Banking, weak M&A/Advisory offset strong underwriting fees; and in Markets, Credit and Prime Services revenue grew, while Macro, Commodities and Equity Derivatives declined. AMER banks matched their costs to revenues; EMEA banks, however, did […]