Sector: Wholesale Banking Review 3Q19/9m19

Capital Markets: Summary The banks in this report generated $138bn revenue in 9m19, slightly below 9m18 as Banking, FICC and Equities all declined; only dedicated prop & PI posted modest growth. However, most banks also kept costs under control; the aggregate 9m19/9m18 pre-tax profit declined by a relatively modest 6%. The US banks’ held up […]

Sector: Wholesale Banking Review 2Q19/6m19

Capital Markets: Summary The aggregate 6m19 operating revenue of banks in this report totalled $96bn, 8% below 6m18 mostly due to weak Equities revenue – and pre-tax profit dropped 14%. US banks outperformed their EMEA peers across the board, except in FICC profitability, which benefitted from cost-cutting. The final version of the Volcker Rule – […]

Sector: Wholesale Banking Results Review 1Q19

Capital Markets: Summary The banks in this report reported operating revenue of $48bn in 1Q19, 12% down y/y. This was a difficult quarter, characterised by a rally in govies, flattening of yield curves in the USA and Europe and low volatility in key products; all this led to depressed client activity, especially in January/February. Equities […]

Sector: Wholesale Banking Results Review 4Q18 / FY18

Capital Markets: Overview Based on Tricumen’s new product and headcount definitions The 16 banks’ aggregate capital markets revenue reached $184bn, unchanged from FY17. Operating costs., however, grew 3% y/y, leading to a modest decline in pre-tax profits. Extending the patterns of previous quarters, AMER banks again outpaced European peers on both revenue growth (+4% vs -4%) […]

Sector: Wholesale Banking Results Review 3Q18 / 9Q18

Capital Markets: Overview The 16 banks’ 9m18 capital markets revenue totalled $148bn, 3% ahead of the prior-year period. Pre-tax profit, however, advanced 11%, mostly on equities; primary fees were solid, but FICC declined. The US banks (again) outpaced their European peers, with 5% and 12% increase in revenue and pre-tax profits, respectively. The upcoming bonus […]

Sector: Wholesale Banking Results Review 2Q18 / 6m18

Capital Markets: Overview The operating revenue of Top 16 banks reached $105bn in 6m18, a $6bn y/y increase. Overall, European banks outperformed their US peers in primary/Banking revenues (+4% vs -1%), but American banks reported a 12% y/y increase in sales and trading (to $47bn) versus just 1% for European banks. Pre-tax profits for all 16 […]

Sector: Wholesale Banking Results Review 1Q18

New arrivals: Royal Bank of Canada, Standard Chartered, Wells Fargo Capital Markets: Overview The combined revenue of 16 banks in this report totalled $56bn, 7% ahead of the prior-year period. Equities were the key contributor, helping US banks widen their lead over their EMEA peers in overall revenue and profit. Productivity increased in all major […]

Sector: Capital Markets: Regions FY17

  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 […]

Sector: Wholesale Banking Results Review 4Q17 / FY17

Capital Markets: Overview The banks in this note reported US$169bn of operating revenue in FY17, 3% below FY16, and US$35bn in 4Q17, -10% y/y. Primary revenue grew, but Equities slipped and – crucially – FY17 FICC dropped 10% y/y. A fall in per-head FICC productivity led to renewed ‘rightsizing’ initiatives. Banks (again) matched their costs […]

Sector: Wholesale Banking Results Review 3Q17 / 9m17

Capital Markets: Overview The 13 capital markets banks featured in this note reported 3Q17 revenue of $41bn, 8% below 3Q16. In 9m17, revenue totalled $133bn, unchanged from the prior-year period. Banks’ pre-reporting guidance on 15-20% y/y decline in sales and trading revenue was spot-on; but strong issuance and advisory softened the blow somewhat… … as […]