Sector: Capital Markets: Results Review 3Q15 / 9m15
In 3Q15, capital market revenue for 13 banks in this report reached $37bn, 12% below 3Q14; equity revenues grew slightly y/y, but issuance and advisory and particularly FICC dropped. The 9m15 revenue totalled $139bn, 4% below 9m14. Banks maintained tight cost controls, especially in comp & benefits, but – partly due to ongoing litigation charges – […]
Approaches: Future Models in Wholesale Banking (part 1)
Part 1: Macro Business Models In an environment of shrinking margins, capital and liquidity constraints, and efficiency challenges, banks are rethinking their wholesale banking operating model. We see four distinct models emerging, centred around: (1) global universal banking, (2) global investment banking & wealth management, (3) a blend of electronic and high margin business, and (4) regional […]
Sector: Capital Markets: Regions 6m15
This publication is supplementary to our quarterly Results Review; it shows banks’ capital markets quarterly revenue and semi-annual pre-tax profit and productivity dynamics relative to their peers in major regions. The full dataset includes operating revenue, expenses and pre-tax profit at the Level 3 product detail in 7 regions, as well as normalised client segment […]
Sector: Capital Markets: Results Review 2Q15
In 2Q15, Top 13 banks’ capital markets revenue reached $47bn, bringing the 1H15 total to $101bn – exactly in line with 1H14, as Equities revenue compensated for the decline in FICC. Operating expenses totalled $74bn in 1H15, in-line with 1H14. Primary activities and Equities increased expenditure, largely through performance-related comp, but a decrease in FICC […]
Sector: Capital Markets: Regions 1Q15
Capital Markets: Regions 1Q15 This publication is supplementary to our quarterly Results Review; it shows banks’ revenue dynamics relative to their peers in each region and each product area. The full dataset includes operating revenue at the Level 3 product detail, operating expenses and pre-tax profit in 7 regions, as well as client segment revenue […]
Sector: Capital Markets: Results Review 1Q15
Capital Markets: Results Review 1Q15 1Q15 operating revenue totalled $54bn, slightly ahead of $53bn in a prior-year period. M&A, FX and equities put in a strong performance, but this was partly offset by weak DCM loans, credit and mortgages. Operating expenses grew 4%, from $38bn in 1Q14 to $39bn in 1Q15. Much of the increase […]
Sector: Capital Markets Regions: FY14
Capital Markets: Regions FY14 This publication is supplementary to our quarterly Results Review; it shows banks’ revenue dynamics relative to their peers in each region and each Level 2 product area. The full dataset includes operating revenue at the Level 3 product detail, operating expenses and pre-tax profit in 7 regions, as well as client […]
Sector: Capital Markets Revenue & Profitability Rankings: FY14
Capital Markets: Revenue & Profitability Rankings: FY14 This publication combines our operating revenue, operating expenses and normalised Trading VaR and RWA analysis; and displays product-level rankings for players in each product area. All data is reconciled against the published financial statements. Further detail is available on request.
Theme: Rates markets vignettes
Rates markets vignettes Periodically, we compile series of snapshots on markets that have seen interesting developments in recent times. This note includes a selection of such high-level snapshots for Rates markets, with special emphasises on EMEA and Americas.
Banks: Goldman Sachs Liberty Harbour
Goldman Sachs Liberty Harbour (GS BDC Inc.) We originally published this report in Jan-13 (the report is attached). In this update, we note that GS now plans to list the unit on NYSE, as Goldman Sachs BDC Inc (ticker: GSBD). At the end of 2013, GSBDC had net asset value of $575m; GS owns just […]