Looking across major banks, what contributes to a larger proportion of the revenue, fixed income or equities? Also, which tends to do better during market upturns and which tend to do better during downturns? Specific numbers would be awesome but general impressions are appreciated as well. Thanks!
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Upturns = usually equities Downturns = usually FI Revenue = bank dependent
it seems during this downturn, because of the failure of so many securities related to mortgages, equities fared better than FICC
FICC is greater than Equities but then this is a given because look at how many things are within FICC. In equities you have cash, flow derivs and exotics. In FICC you have credit, commodities, interest rates, govt debt, currencies, mortgages.
FICC also tends to be a bit more volatile but thats prob because of the crisis.
still trying to decide barcap vs MS?
haha yes I am leverage.... does that imply that FICC has a higher headcount than equities overall(looking generally across the street)? I find that many summer analyst programs take just as many interns for equities as FI, which doesn't make sense if the headcount for FI is bigger, the market for FI is 3-4 times bigger and there are many more products in FI...
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