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 costs to the first half of the year – maintained strong cost control, particularly in comp. It’s early days, but after extraordinarily profitable quarters in 2020/21, it’s fair to expect some tightening in comp in 2022. We expect that FY22 bonuses will be 20% down

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