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 […]
Wealth / PB Review 2Q23/6m23
UBS postponed the release of its 2Q23 results to 31-Aug-23; the financials shown here are based on Tricumen’s models. Credit Suisse is excluded from all analysis. The aggregated in-scope revenue for 13 banks in this report reached $38bn in 2Q23, +12% y/y. Costs also grew, but at a slower clip, helping the pre-tax profit margin […]
CIB Review 2Q23/6m23
Capital Markets UBS postponed the release of its 2Q23 results to 31-Aug-23; the financials shown here are Tricumen estimates. Credit Suisse is excluded from all analysis. The aggregated operating revenue of the banks in this note topped $105bn in 6m23, down 8% y/y. Despite some signs of recovery in DCM bonds and ECM, Banking weakened; […]
CIB Review 1Q23
Capital Markets The combined revenue of banks in this report reached $59bn in 1Q23, 8% below the prior-year period. There has been no recovery in Banking markets but several banks expressed optimism that volumes will perk up in late 2023: first in M&A/Advisory – which should benefit from institutional ‘dry powder’ – then, sometime in […]
Wealth / PB Review 1Q23
The 14 banks in this note reported revenue of $38bn in 1Q23, 6% ahead of 1Q22, with growth spread evenly between UHNWI/GFO and lower-end client segments. This is a strong result, but entirely driven by net interest income in high-rate environment; fees declined, especially in brokerage and client-directed/advisory services. A recent survey by Schroders revealed […]
CIB Review 4Q22/FY22
Capital Markets: Overview Operating revenue of banks in this note reached $206bn, 12% below FY21. Banking revenue halved on weak ECM and DCM, but Markets advanced 9% y/y, driven by strong macro and, to a lesser extent, commodities and equity derivatives. In view of the uncertain outlook, banks cut overall costs by 4% vs FY21; […]
CIB Review 3Q22/9m22
Capital Markets In difficult markets, banks’ earnings remained weak – weaker, in fact, than was the case in 1H22. In 9m22, the 14 banks in this note reported operating revenue of $154bn, 16% below the prior-year period. Revenue in 3Q22 totalled $46bn, 21% down y/y. Primary/issuance fees halved vs 9m21 and 3Q21 and Equities revenue […]