Capital Markets: Results Review 1Q15 1Q15 operating revenue totalled $54bn, slightly ahead of $53bn in a prior-year period. M&A, FX and equities put in a strong performance, but this was partly offset by weak DCM loans, credit and mortgages. Operating expenses grew 4%, from $38bn in 1Q14 to $39bn in 1Q15. Much of the increase was due to litigation charges at Deutsche Bank and RBS, which we allocated to front-line product units; excluding these items, most of the banks in this report increased their operating efficiency. In March, a member of the ECB’s Executive Board, Yves Mersch (a central banker by training, without any appreciable commercial banking experience), called for the consolidation in the European banking sector, stating that it would result in efficiency gains. That may be, but we doubt this is a good idea in the current environment, characterised by ever-increasing capital and regulatory requirements, fear of ‘too big to fail’ and country-level protectionism. Elsewhere on the regulatory front, the Fed seems ready to introduce even tougher CCAR stress tests.

1. Sector
1 / 6 11 May 2015
© Tricumen Limited 2015. All rights reserved.
-
Capital Markets: Results Review 1Q15
 1Q15 operating revenue totalled $54bn, slightly ahead of $53bn in a prior-year period. M&A, FX
and equities put in a strong performance, but this was partly offset by weak DCM loans, credit and
mortgages.
 Operating expenses grew 4%, from $38bn in 1Q14 to $39bn in 1Q15. Much of the increase was
due to litigation charges at Deutsche Bank and RBS, which we allocated to front-line product units;
excluding these items, most of the banks in this report increased their operating efficiency.
 In March, a member of the ECB’s Executive Board, Yves Mersch (a central banker by training,
without any appreciable commercial banking experience), called for the consolidation in the
European banking sector, stating that it would result in efficiency gains. That may be, but we
doubt this is a good idea in the current environment, characterised by ever-increasing capital and
regulatory requirements, fear of ‘too big to fail’ and country-level protectionism. Elsewhere on the
regulatory front, the Fed seems ready to introduce even tougher CCAR stress tests.
Operating Revenue (1Q14) (1Q15)
% change share of peer group operating revenue and pre-tax profit (1Q15 / 1Q14)
Notes: (1) Tricumen product definitions throughout. (2) Revenue is post-writedowns, excludes DVA/equivalent and one-offs.
(3) Headcount: Front office full-time equivalent, adjusted for seniority. (4) Pre-tax profit excludes Prop & Principal Investments..
$0.7m
$1.4m
$0.7m
0.5
1
1.5
2
2.5
3
3.5
0.8 1 1.2
$0.7m
$1.3m
$0.7m
0.5
1
1.5
2
2.5
3
3.5
0.8 1 1.2
FICC
Equity
Prop &
PrincInv
Primary
Operating Revenue
(US$bn)
Op't Revenue /FO FTE
Headcount (US$m)
Operating Revenue
(US$bn)
Op't Revenue /FO FTE
Headcount (US$m)
$1.9bn $1.6bn
$12.4bn $13.9bn
$25.4bn
$25.1bn
$13.7bn $13.3bn
0
10
20
30
40
50
60
3m14
-0.3%
-0.3%
0.1%
-0.5%
-0.4%
-0.7%
1.4%
-0.0%
1.1%
1.0%
-1.6%
-0.2%
0.5%
-0.0%
3.2%
1.2%
2.4%
1.3%
-8.7%
3.6%
0.5%
4.9%
1.8%
-12.0%
-0.4%
2.4%
-0.14
-0.12
-0.1
-0.08
-0.06
-0.04
-0.02
0
0.02
0.04
0.06
BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS
mkt
share
gain
mkt
share
loss
Revenue
Pre-Tax Profit

2. Sector
2 / 6 11 May 2015
© Tricumen Limited 2015. All rights reserved.
Primary issuance & Advisory
 In DCM, Europe pared gains seen in 4Q14, though high-yield bond sales had a strong start in
2015, with investors seeking higher yields. In Americas, Japan and MEA fee revenue jumped by
15-40% vs 1Q14. The loan market, however, dropped 35-50% in main regions, with margins
declining even faster than volumes. Only MEA (by far the smallest market) registered a gain in
fees.
 1Q15 was a tough quarter for ECM, as banks proved unable to translate healthy volume growth in
Americas, Europe and APAC ex-Japan into fee gains. Global volumes surged c.20% (led by
Americas), while the banks included in this report grew fee revenue by only 6% vs 1Q14 – largely
due to dearth of IPOs.
 M&A/Advisory volumes strengthened in Americas and APAC ex-Japan vs 1Q14, but were flat in
Europe and declined sharply in Japan. Fees, however, advanced only in Americas; consequently,
all US banks included in this report reported a sharp increase in fees, while European banks
(whose results were also depressed by the strong US dollar) suffered a decline in revenue.
Operating Revenue (1Q14) (1Q15)
% change share of peer group operating revenue and pre-tax profit (1Q15 / 1Q14)
Notes: (1) Tricumen product definitions throughout. (2) Revenue is post-writedowns, excludes DVA/equivalent and one-offs.
(3) Headcount: Front office full-time equivalent, adjusted for seniority. (4) Pre-tax profit excludes Prop & Principal Investments.
$0.8m
$1.9m
$0.4m
0.5
1
1.5
2
2.5
3
3.5
0.8 1 1.2
$0.7m
$1.9m
$0.5m
0.5
1
1.5
2
2.5
3
3.5
0.8 1 1.2
DCM &
Securitisation
ECM
M&A /
Advisory
Operating Revenue
(US$bn)
Op't Revenue /FO FTE
Headcount (US$m)
Operating Revenue
(US$bn)
Op't Revenue /FO FTE
Headcount (US$m)
$2.7bn
$3.5bn
$2.6bn
$2.7bn
$8.4bn
$7.1bn
0
2
4
6
8
10
12
14
16
3m14
-0.1%
-0.9%
-0.1%
1.3%
-0.9%
0.0%
1.2%
0.6%
3.0%
0.5%
-4.4%
0.1%
-0.6%
-0.8%
-2.0%
1.8%
1.5%
-0.4%
-1.3%
1.1%
1.5%
3.2%
-0.4%
-3.2%
-0.0%
-0.8%
-0.05
-0.04
-0.03
-0.02
-0.01
0
0.01
0.02
0.03
0.04
BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS
mkt
share
gain
mkt
share
loss
Revenue
Pre-Tax Profit

3. Sector
3 / 6 11 May 2015
© Tricumen Limited 2015. All rights reserved.
FICC
 FX revenues were strong, with the market benefiting from a strong increase in volatility and client
business. The spot market continued to grow, especially in USD/EUR trading; FX options were also
ahead of 1Q14. Trading in Latin America and APAC, by contrast, was soft. Several banks in this
report sustained positioning losses on SNB’s Jan-15 decision to end the cap on the franc (which
prompted speculation that Denmark might do the same) while others made sizeable gains.
 The short-end rates market continued to be blighted by low interest rates. In the US, cash
markets did well in USTs and TIPS, and swaps advanced relative to 4Q14. In Europe, rate markets
were flat, with a strong 1Q15/1Q14 growth in swaps offset by a fall in government securities.
 In credit, the US high-grade and high-yield bond trading both benefited from investors’ bias, but
single-name and index CDS suffered, pressured by regulations. In Europe and the US, the new
corporate bond trading platform, Bondcube, went live in Apr-15. The platform is a bond-crossing
network and utilises an equities-style trading model instead of the traditional request-for-quote
structure.
Operating Revenue (1Q14) (1Q15)
% change share of peer group operating revenue and pre-tax profit: (1Q15 / 1Q14)
Notes: (1) Tricumen product definitions throughout. (2) Revenue is post-writedowns, excludes DVA/equivalent and one-offs.
(3) Headcount: Front office full-time equivalent, adjusted for seniority. (4) Pre-tax profit excludes Prop & Principal Investments.
$1.3m
$1.0m
$2.0m
$0.9m
0.5
1
1.5
2
2.5
3
3.5
0.8 1 1.2
$1.6m
$1.1m
$1.7m
$1.1m
0.5
1
1.5
2
2.5
3
3.5
0.8 1 1.2
FX
Rates
Credit
Commodities
Operating Revenue
(US$bn)
Op't Revenue /FO FTE
Headcount (US$m)
Operating Revenue
(US$bn)
Op't Revenue /FO FTE
Headcount (US$m)
$2.0bn $1.8bn
$9.8bn
$8.8bn
$8.3bn
$8.3bn
$5.3bn
$6.3bn
0
5
10
15
20
25
30
3m14
-0.2%
0.6%
0.3%
-1.1%
-0.1%
-1.3%
1.0%
-0.1%
0.0%
0.7%
-0.9%
-0.3%
1.3%
4.3%
7.5%
4.3%
11.7%
3.8%
-21.5%
6.1%
2.8%
9.1%
1.4%
0.0%
-1.3%
5.3%
-0.25
-0.2
-0.15
-0.1
-0.05
0
0.05
0.1
0.15
BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS
N/M
mkt
share
gain
mkt
share
loss
Revenue
Pre-Tax Profit

4. Sector
4 / 6 11 May 2015
© Tricumen Limited 2015. All rights reserved.
Equities
 In cash equities, Europe outperformed other regions, with strong performance in both hi-touch and
electronic markets. The US and APAC ex-Japan also enjoyed a strong growth vs 1Q14.
 Relative to 1Q14, flow equity derivatives markets jumped in Americas but declined in APAC, mainly
due to the severe weakness in Korea.
 On the whole, prime services revenues for banks in this report were flat in 1Q15/1Q14. Although
US securities lending grew and there was continued improvement in hedge fund AuM, regulatory
pressures caused many banks to either trim their focus on the business or cull client lists.
Operating Revenue (1Q14) (1Q15)
% change share of peer group operating revenue and pre-tax profit (1Q15 / 1Q14)
Notes: (1) Tricumen product definitions throughout. (2) Revenue is post-writedowns, excludes DVA/equivalent and one-offs.
(3) Headcount: Front office full-time equivalent, adjusted for seniority. (4) Pre-tax profit excludes Prop & Principal Investments.
$0.5m
$0.9m
$0.8m
0.5
1
1.5
2
2.5
3
3.5
0.8 1 1.2
$0.5m
$1.0m
$0.8m
0.5
1
1.5
2
2.5
3
3.5
0.8 1 1.2
EQ Cash
EQ Derv'&
COnverts
Prime
Services
Operating Revenue
(US$bn)
Op't Revenue /FO FTE
Headcount (US$m)
Operating Revenue
(US$bn)
Op't Revenue /FO FTE
Headcount (US$m)
$2.8bn $3.0bn
$5.8bn
$6.6bn
$3.8bn
$4.3bn
0
2
4
6
8
10
12
14
16
3m14
-0.6%
-1.8%
-0.5%
-0.8%
-0.6%
-0.1%
2.8%
-0.2%
1.2%
1.4%
-0.3%
-0.5%
-2.1%
5.1%
-7.0%
-1.8%
-3.3%
0.9%
5.6%
-1.7%
5.0%
2.0%
-1.6%
-1.2%
-0.08
-0.06
-0.04
-0.02
0
0.02
0.04
0.06
0.08
BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS
N/A
mkt
share
gain
mkt
share
loss
Revenue
Pre-Tax Profit

5. Sector
5 / 6 11 May 2015
© Tricumen Limited 2015. All rights reserved.
Revenue dynamics
1Q15 / 1Q14 (Operating revenue, % change, US$, Global Level 1)
Source: Tricumen. Notes: (1) Tricumen product definitions throughout. (2) Arrows show % change in revenue vs peers. Up-
/down-arrows: top-/bottom-quartile. (3) Revenue is post-writedowns, excludes DVA/equivalent and one-offs, as described in
the Company Section.
BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS Top 25% Bottom 25%
Capital Markets: Total +10% -4%
Primary +6% -12%
DCM Bonds +9% -12%
DCM Loans -17% -63%
Securitisation +5% -33%
ECM N/M +13% -4%
M&A / Advisory N/M +41% +10%
Secondary +7% -4%
FX +38% -4%
Rates +12% -2%
Credit N/M -3% -13%
Commodities N/M +4% -16%
EQ Cash N/M +19% -1%
EQ Derv & Converts N/M +24% +2%
Prime Services N/M +9% +2%
Prop Trading N/M N/M N/M N/M N/M +9% -13%
Principal Investments N/M N/M N/M N/M N/M N/M N/M N/M N/M +1% -62%

6. Sector
6 / 6 11 May 2015
© Tricumen Limited 2015. All rights reserved.
About Tricumen
Tricumen was founded in 2008. It quickly became a strong provider of diversified market intelligence
across the capital markets and has since expanded into transaction and corporate banking coverage.
Tricumen’s data has been used by many of the world’s leading investment banks as well as strategy
consulting firms, investment managers and ‘blue chip’ corporations.
Situated near Cambridge in the UK, Tricumen is almost exclusively staffed with senior individuals with
an extensive track record of either working for or analysing banks; and boasts what we believe is the
largest capital markets-focused research network of its peer group.
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given.
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in this report. All reasonable effort has been made to ensure the information supplied is accurate and
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contain margin of error of 10%; for modelled datasets, this margin may be wider.
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© Tricumen Limited 2015. All rights reserved