Capital Markets: Overview Operating revenue of banks in this note reached $206bn, 12% below FY21. Banking revenue halved on weak ECM and DCM, but Markets advanced 9% y/y, driven by strong macro and, to a lesser extent, commodities and equity derivatives. In view of the uncertain outlook, banks cut overall costs by 4% vs FY21; not surprisingly, Banking bore the brunt of cost reductions. Low expectations for bonuses were, generally, met. Donuts were not as common as feared, but in underperforming areas – Banking and, within it, ECM and leveraged finance in particular – bonuses halved vs 2021. Macro, however,