CIB Review 2Q22/6m22

Capital Markets In 1H22, banks in this report generated operating revenue of $116bn, 7% below 1H21 as a sharp drop in underwriting fees and spread products was only partially offset by strong macro products and equity derivatives. After a tight 1Q22, banks were unable to reduce costs to match a decline in revenue; as a result, pre-tax profit dropped to $45bn, 14% down y/y. In an ominous sign for banks, US senators are reportedly pushing banks to hand over trading data on their activities in Russian debt in an effort to find out whether they or their clients are profiting

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