Wealth / PB Review 1Q24

The aggregated revenue of the banks in this report totalled $41bn in 1Q24, 11% ahead of 1Q23. Revenue growth was driven by $10m+ clients: up 17% y/y, versus a more modest 4% for sub-$10m clients. This primarily reflects strong market valuations – the dominant driver of the healthy growth in Net New Assets – and […]

CIB Review 1Q24

Capital Markets The aggregated revenue of the banks in this report reached $60bn in 1Q24, 3% ahead of 1Q23. Banking/issuance fees benefitted from excellent market conditions, which drove the growth in revenue and productivity. Several banks noted that significant deal volume was brought forward from later in the year. Equities derivatives made a meaningful contribution, […]

Wealth / PB Review 4Q23/FY23

New arrival: AllianceBernstein Private Wealth The FY23 in-scope revenue for banks in this report reached $142bn, 9% ahead of FY22. The growth was driven by net interest income (which jumped 18% y/y, despite a slowdown in 4Q23) and, to a lesser extent, brokerage and discretionary fees. EMEA and APAC outperformed. Operating costs rose faster, however, […]

CIB Review 4Q23/FY23

Capital Markets The banks’ aggregate FY23 revenue topped $195bn, slightly below the prior-year period, mostly due to underperformance by EMEA banks. On a full-year basis, Banking outperformed, partly due to Europeans’ strong DCM fees; in Markets, credit and prime services were the only areas that achieved significant growth. Banks maintained a strict cost discipline, especially […]

Wealth / PB Review 3Q23/9m23

The aggregate revenue of the banks in this report reached $114bn in 9m23 and $39bn in 3Q23, 10% ahead of the comparable prior-year periods. AuM – especially from $10m+ clients – and operating costs, however, grew faster than revenue, depressing pre-tax profit margins and productivity indicators. Reflecting the increased investment from most in-scope banks, UHNWI/GFO segment […]

CIB Review 3Q23/9m23

Capital Markets The banks’ 9m23 operating revenue totalled $154bn; the 4% y/y decline was largely due to EMEA banks’ underperformance. In Banking, weak M&A/Advisory offset strong underwriting fees; and in Markets, Credit and Prime Services revenue grew, while Macro, Commodities and Equity Derivatives declined. AMER banks matched their costs to revenues; EMEA banks, however, did […]

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 2Q23/6m23

Capital Markets UBS postponed the release of its 2Q23 results to 31-Aug-23; the financials shown here are Tricumen estimates. Credit Suisse is excluded from all analysis. The aggregated operating revenue of the banks in this note topped $105bn in 6m23, down 8% y/y. Despite some signs of recovery in DCM bonds and ECM, Banking weakened; […]

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 […]

Wealth / PB Review 1Q23

The 14 banks in this note reported revenue of $38bn in 1Q23, 6% ahead of 1Q22, with growth spread evenly between UHNWI/GFO and lower-end client segments. This is a strong result, but entirely driven by net interest income in high-rate environment; fees declined, especially in brokerage and client-directed/advisory services. A recent survey by Schroders revealed […]