JPM - 2011E / 2012E Detailed Revenue IB Split (FICC, Eq)
I remember Citi posted a report on the banks overall expected performance (specifically in FICC) a while back. I believe this report by JPM gives a much more updated and detailed understanding into the expected performance of all the major banks in 2011 and 2012.
Link: https://mm.JPMorgan.com/stp/t/c.do?i=5930E-12&u=a_pd_558208.pdfh_-2igf3ms Page 32 of the PDF illustrates 2011E Page 19 of the PDF illustrates 2012E
Here's how they stack up in Revenues: (only focusing on the BB banks)
Fixed Income Markets:
Mortgages:
2011E: 1) BAC 2) C 3) DB 4) CS 5) GS 6) BCS 7) UBS 8) MS
2012E: 1) BAC 2) CS 3) C 4) DB 5) GS 6) BCS 7) UBS 8) MS
Credit Trading:
2011E: 1) GS 2) BAC 3) DB 4) UBS 5) C 6) BCS 7) CS 8) MS
2012E: 1) GS 2) BAC 3) DB 4) UBS 5) C 6) BCS 7) CS 8) MS
FX:
2011E: 1) DB 2) GS 3) CS 4) UBS 5) BAC 6) C 7) MS 8) BCS
2012E: 1) DB 2) GS 3) C 4) UBS 5) BAC 6) MS 7) BCS 8) CS
Rates:
2011E: 1) BCS 2) GS 3) BAC 4) C 5) DB 6) CS 7) MS 8) UBS
2012E: 1) BCS 2) GS 3) BAC 4) C 5) DB 6) CS 7) MS 8) UBS
GEM:
2011E: 1) C 2) BAC 3) BCS 4) DB 5) GS 6) CS 7) UBS 8) MS
2012E: 1) C 2) BCS 3) DB 4) BAC 5) CS 6) UBS 7) GS 8) MS
Commodities:
2011E: 1) GS 2) MS 3) BCS 4) DB 5) C 6) CS 7) UBS 8) BAC
2012E: 1) GS 2) MS 3) C 4) DB 5) BCS 6) BAC 7) CS 8) UBS
Equity Markets
Equity Derivatives:
2011E: 1) GS 2) CS 3) UBS 4) BCS 5) DB 6) BAC 7) MS 8) C
2012E: 1) GS 2) CS 3) UBS 4) DB 5) BAC 6) MS 7) BCS 8) C
Cash Equities:
2011E: 1) GS 2) CS 3) BAC 4) UBS 5) MS 6) DB 7) C 8) BCS
2012E: 1) GS 2) CS 3) UBS 4) BAC 5) MS 6) C 7) DB 8) BCS
Prime Brokerage:
2011E: 1) GS 2) MS 3) CS 4) UBS 5) BAC 6) C 7) DB 8) BCS
2012E: 1) MS 2) GS 3) CS 4) UBS 5) BCS 6) BAC 7) C 8) DB
Great find, will be helpful to a lot of people.
What I find interesting is on page 19 with the global investment banking revenue table, GS is miles ahead of every other BB ( although the table excluded JP Morgan which would have been #2 for revenues)
Morgan Stanley has really taken a hit especially in fixed income.
GS's headcount is almost double many of the other banks.
The report basically indicates that no one on this forum knows what the hell they are talking about.
That was exactly my point in posting this!
Bunch of high school and college kids who think they know everything. I hope this helps answer all those questions about "Which S&T desk and bank is the best" and the sorts.
You can clearly see that each investment bank is stronger in certain areas. The revenues on the GEM desk at HSBC and SocGen's Equity Derivatives desk are far bigger players than nearly all their BB counterparts.
Furthermore, with news coming out that X Bank's FICC / Equity revenues are lower than the market, you can clearly see what area they're lagging behind the market.
As a first time reader couple years ago, I almost believed everything I read in these forums and blogs -- HA! If you can get on any of these desks (for the most part) you should consider yourself a lucky and fortunate person.
Is there a reason why you decide to not include BNP/Socgen/HSBC, etc? It's not like the report focused on 1000 banks, it focused on just the big banks, of which you decided to narrow it yourself for some stupid reason.
On the other hand it recommends buying UBS stock, at a time when the Swiss bank is hemorrhaging talent.
Also, no BAML?
BAC = Bank of American Corporation which is BAML
good post
from what i understand, UBS is not a major player overall in commodities (but strong in precious metals as this goes hand in hand with a strong FX franchise)
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