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Corporate broking relationships endure for decades and build deep roots between both individuals and institutions, enabling banks to win outsized revenues from clients they serve. No wonder that a new crop of banks are expanding their ambitions
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Barclays CEO Anthony Jenkins said at the bank’s AGM that its fixed income, currency and commodities (FICC) business “continued to face many of the challenges seen in the second half of 2013 with a significant year-on-year reduction in FICC income, reflecting difficult market conditions and a strong comparative performance for Q1 last year.” -
Goldman Sachs reported its best quarter in investment banking since 2007, with net revenues of $1.78bn, up 13% on the year, while dodging the worst of the FICC downturn which has hit some of its peer group. Goldman reported FICC revenues down 11% on the year to $2.85bn, against declines of 21% at JP Morgan and Credit Suisse, 18% at Citi, and 15% at Bank of America Merrill Lynch.
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Barclays has appointed new heads of banking and markets and confirmed that it would once again review its investment banking strategy.
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The first wave of the big investment banks reported first quarter numbers this week, showing that the promised dive in fixed income trading revenues was no idle warning, writes Owen Sanderson. JP Morgan, Citigroup, Bank of America Merrill Lynch and Credit Suisse all reported first quarter FICC or fixed income numbers down between 15% and 21%, as trading volumes and volatility slumped.
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The European Parliament passed the framework for winding up Europe's banks on Tuesday, ending taxpayer bailouts, according to the law's backers, and nailing down the legal backdrop for the future of banking supervision.
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Bank of America Merrill Lynch reported a 15% year-on-year drop in FICC revenues for the first quarter, once the results of a big writedown last year are stripped out.
