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, […]
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 […]
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; […]
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; […]