MS FICC = Sinking Ship?
What's going on at MS? FICC Q3 revenues look appauling at $841 million when every other bank so far (C, JPM, BARC, GS) reported $2 billion+ FICC revenues in the same quarter. Morever, MS even made more revenue in Equities than they did in FICC and I haven't heard of any bank doing that for the last 5 years. Any thoughts on what went wrong with MS FICC this quarter?
would be interested in hearing about this, too.
Read Bloomberg news with more attention - most of their hires are recent, they aren't rolling at full steam yet - this could be one of the explanations. MS is a great franchisee, I don't think the crisis took it away from them (unless they fired their core people in 09).
If you think this quarter's figures are bad, go back to the last 7 quarters' - it's one of the primary reasons why I cannot fathom how so many monkeys around here regard MS as a "top tier" BB (well, it's highly preposterous to suggest they're anywhere near top 3 globally outside commodities).
They are by no means a crap bank, but clearly nowhere close to being top tier - not in FICC anyway...
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bump
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