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 […]