Evolution of sales & trading profitability
The sales and trading operations of the Top 12 banks have, as a group, been profitable in each of the last six years; even the post-‘Crunch’ nadir – reached in 2011 – was only 10% below 2007.
In 2012, banks accelerated their adjustment to the ‘new’ trading environment. Top performers have cut unprofitable/unviable business lines and put in place sales coverage models that reduced costs and boosted cross-selling opportunities.
The Top 12 banks’ profits declined 20% year-on-year in 1Q13; we do not see this as indicative for the rest of 2013.
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