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 dipped 7% vs 9m21. FICC, however, advanced, as strong macro revenue more than offset weakness in spread products. Banks’ reduced their cost base by 11% overall, to $95bn in 9m22. Banking bore the brunt of these initiatives, but Equities and FICC also saw reductions. There

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