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 […]

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 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 […]

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 […]

CIB Review 1Q22

Capital Markets: Overview In aggregate, the banks generated $63bn in operating revenue in 1Q22: 8% below 1Q21, but 26% ahead sequentially. FICC and Equities were broadly stable, but Banking was depressed by weak underwriting fees, across DCM (except high grade bonds) and ECM. Most banks – even those that typically ‘front-load’ comp and bonus accruals […]